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FBME Bank damages claim against Cyprus exceed $0.5 billion, spokesperson says

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By Stelios Orphanides

The Paris-based International Chamber of Commerce acknowledges that damages claimed against the Republic of Cyprus by FBME Bank Ltd, the lender which saw its management taken over and its operations placed under resolution and put on sale by the Central Bank of Cyprus in July, may exceed 500 million dollars, a shareholders’ spokesperson said.

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Hughes to be honoured with state memorial

Messages and flowers of tribute to Australian cricketer Phillip Hughes can be seen outside the main gates to the Sydney Cricket Ground

By Nick Mulvenney

The Australian cricketer Phillip Hughes, who died on Thursday after being hit in the head by a ball, will be honoured with a state memorial service.

The service will take place at the Sydney Cricket Ground next week, the same stadium where he suffered the horrific injury on Tuesday.

State memorials are normally reserved for political figures but the New South Wales Premier Mike Baird announced on Friday that Hughes, whose death has triggered a global outpouring...

Arch-rivals’ clash heads weekend fixtures

apoomo

By Iacovos Constantinou

Championship leaders APOEL face arch-rivals Omonia in the weekends top fixture while second placed Apollon travel to the Antonis Papadopoulos stadium to face Anorthosis on Monday. Elsewhere AEK are expected to return to winning ways against Doxa Katokopias while Ermis entertain Ethnikos Achnas.

Despite being eight points clear of Omonia APOEL will have to dig deep to be able to overcome their bitter ‘enemies’ on Sunday afternoon at GSP stadium.

APOEL will be without their captain...

Man City face test of resolve at Koeman’s Saints

Manchester City's Sergio Aguero controls the ball during their English Premier League soccer match against Swansea City at the Etihad stadium in Manchester

By Justin Palmer

With Premier League leaders Chelsea on top form, Manchester City will be hoping their Champions League win over Bayern Munich boosts confidence and re-ignites their title defence when they visit high-flying Southampton on Sunday.

Third-placed City have fallen eight points behind unbeaten leaders Chelsea after 12 games and face a tough test against a Saints side defying the critics who said they would struggle.

City’s Sergio Aguero struck twice in the last five minutes to complete his...

‘Missing persons remains moved to cover mass executions’

Excavtions

Some remains of missing persons have been removed and hidden to cover up mass executions, the Pancyprian Organisation of Relatives of Undeclared Prisoners and Missing Persons has said.

The organisation said that over the past two years less and less valid information is reaching the Committee on Missing Persons (CMP) and the authorities of the Republic, while Turkey continues refusing to cooperate, open its archives and allow access for investigation in areas branded `military zones` in the north.

It said...

Phase one of sophisticated fuel terminal delivered

Zygi petrol terminate

By George Psyllides

VTTV on Friday took delivery of phase one of its fuel terminal at Vassilikos that boasts a storage capacity of 544,000 cubic metres and a jetty, which can service 500 tankers a year.

The €300 million project “considered one of the most sophisticated and demanding construction projects that were ever completed in Cyprus and the wider region, by Cypriot companies,” was delivered by contractors J&P.

“We would like to thank J&P and its subcontractors, for completing successfully...

Looted artefacts returned

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Four frescoes removed from churches in the Turkish occupied north of the island have been returned to the NGO Walk of Truth by a Canadian collector, it was announced on Friday.

According to a statement, Walk of Truth founder and activist Tasoula Hadjitofi approached the collector after she heard they might have information on looted art.

The collector, who wished to remain anonymous, had been following Hadjitofi’s work on repatriating artefacts stolen from churches in northern Cyprus and decided to...

Applications being accepted for mediation in loan restructuring

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By Angelos Anastasiou

The newly-operational Financial Ombudsman’s office started accepting applications by borrowers for the restructuring of non-performing loans, it announced on Friday.

“We will spend the time required to address immediate needs, as well as large numbers of applications – both the staff and the ombudsman are willing to put in as much work as necessary to respond to the public’s needs,” Financial Ombudsman Pavlos Ioannou told the Cyprus News Agency.

The ombudsman is mandated with mediating – but...

Co-ops post €109 million nine-month profit

coops

Co-op banks recorded a €109.5 million nine-month net profit, the Cooperative Central Bank (CCB) said on Friday, as it pledged to continue to support Cypriot households and small businesses.

“The results we are announcing today confirm the soundness and robustness of the co-operative credit sector and the stable upward course it has entered,” CCB chairman Nicolas Hadjiyiannis said.

Net interest income was €305.2 million while operating profits reached €189.4 million.

Customer deposits reached €12.2 billion and loans were slightly over...

Countdown to quantitative easing?

ECB President Mario Draghi

By Stelios Papadopoulos

At a Financial Times banking summit, Vitor Constancio, the European Central Bank’s  vice president, gave a strong hint that the central bank could begin buying sovereign bonds in the first quarter of 2015, should its existing measures to stave off deflation fall short. The ECB is already buying covered bonds and asset backed securities in a bid to swell its balance sheet by 1 trillion euros.

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