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Arrivabene replaces Mattiacci at Ferrari


By Alan Baldwin

Marco Mattiacci’s brief reign as Ferrari Formula One principal ended on Monday with the troubled Fiat-owned outfit replacing him with Maurizio Arrivabene, the team’s third boss in nine months.

The Italian joins from sponsor Philip Morris where he held senior positions in marketing and promotions. He is also an independent board member of Juventus soccer club.

Ferrari chairman Sergio Marchionne said in a statement that the team and Formula One needed “a person with a thorough understanding...

Spat deepens between old and new CY chairmen

CY Boss Tony Antoniou

By Angelos Anastasiou

FORMER chairman of the Cyprus Airways board of directors Tony Antoniou blasted his successor Makis Constantinides on Monday, accusing him of misrepresenting reality on issues of critical importance.

Constantinides’ public remarks on an agreement allegedly signed by Antoniou relating to a settlement between Cyprus Airways and Hermes Airports – a private consortium managing the Larnaca and Paphos airports – were rejected by the former chairman.

“A draft agreement had been prepared but never signed because Hermes Airports...

Snow is on its way

Sign of things to come, snow in Troodos (File photo)

AFTER A long, hot summer, winter has finally arrived with the met office on Monday predicting snow in the Troodos area over the next two days.

The main snowfall is expected on Tuesday lunchtime, although the met office did not rule out the possibility of snowfall earlier in the day and even from Monday night. Light snowfall is also predicted for Wednesday.

Tuesday and Wednesday are expected to be cold with temperatures dropping by two to three degrees. Temperatures will...

Emergency drill at Larnaca airport

Larnaca airport

AN EMERGENCY preparedness drill will take place at Larnaca airport next week, the airport’s operators have said.

The drill, which will involve the evacuation of the airport, will start at 30 minutes past midnight on December 4, Hermes Airports said in a statement to the media.

Taking part in the mock evacuation will be civil aviation, the bomb squad, the police’s K9 squad, the fire department, tower control, Cyprus Airways, Larnaca general hospital, Swissport and LGS Handling, CTC-ARI, Cyprus Airports...

Car registrations rise


PRIVATE saloon car registrations increased to 14,453 from 11,136 in the period January to October 2013, recording an increase of 29.8 per cent, according to data released Monday by the Statistical Service.

In October 2014, 1628 saloon cars were registered compared to 1129 in October 2013 and 1458 in September 2014.
Total registrations of motor vehicles increased by 23.0 per cent to 19,050 in the period January to October 2014, compared to 15,486 in the period January to October...

Euro area financial markets less fragmented now, Moody’s says


By Stelios Orphanides

Fragmentation of the financial markets in the euro area declined in the third quarter to the lowest level since the respective quarter of 2010 after it “significantly diminished over the past two years,” as banking conditions in the 28 member currency bloc are normalising, Moody’s Investors Service said.

“Fragmentation is unlikely to decline all the way to pre-crisis levels, as some degree of differentiation in financial conditions across countries is warranted by differences in economic environments and...

Chasing pack keep up pressure on runaway leaders


By Iacovos Constantinou

The gap between the two runaway leaders and the chasing pack was reduced following the Friday night draw between Apollon and APOEL and the subsequent wins of both Ermis Aradippou and Omonia. The gap will be reduced even further (4 points off second place), if AEK Larnaca manage to overcome Ethnikos Achnas on Monday evening.

Ermis Aradippou continued their revival under Cypriot coach Nikki Papavassiliou by defeating Nea Salamina at the Ammochostos stadium.

The only...

Big guns sweat over Champions League progress

Arsenal v Anderlecht

By Mike Collett

There will be plenty of tension in the air in North London on Wednesday when out-of-sorts Arsenal face Borussia Dortmund seeking to qualify from the Champions League group stage for the 15th successive season.

There will be plenty of nerves elsewhere in Europe too as the opening phase of the competition draws to a close with Matchday Five providing the last chance for some clubs to keep alive their hopes of reaching the last 16.

Six teams...

UK Europe minister on working visit

Britian's Minister  for Europe David Lidington

BRITISH Minister for Europe David Lidington, arrives in Cyprus on Tuesday for a working visit.

During the visit Lidington will attend a working dinner hosted by Foreign Minister Ioannis Kasoulides. The agenda of the discussions includes, bilateral relations between the two countries and possible ways for further strengthening the cooperation between Cyprus and the UK, the Cyprus problem, matters related to energy, developments in the region of the Eastern Mediterranean with particular emphasis on Syria and Iraq, as well as other...

Former co-op officials sued for fraud

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By Angelos Anastasiou

THE MANAGEMENT of a cooperative credit institution (CCI) has sued eight former officials for fraudulently funnelling €750,000 from the Cooperative Savings Bank of Bank Employees to inappropriate uses, daily Politis reported on Monday.

A banking meltdown in Cyprus in March 2013 necessitated the recapitalisation of the network of CCIs with €1.5 billion of taxpayer money, and the adoption of a restructuring plan that saw 93 CCIs Cyprus-wide consolidated into a cluster of 18 larger institutions.

New management...

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