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The bank on Wednesday announced after-tax profits of EUR 31 mln for the second quarter, which added to the EUR 29 mln in the first, gives a first half figure of EUR 60 mln, a significant turnaround from the EUR mln losses it reported in the final quarter of The bank raised its provisions for loan impairments in the first half by EUR Total loans dropped to EUR 9.

Non-performing loans rose in June rose to EUR 7. Executive Chairman Nicolas Hadjiyiannis said that the Cooperative sector will implement a month strategic plan to manage its NPLs, starting from September, and that a US firm has been recruited to support the implementation of the plan and to transfer best practices and international expertise. Overall expenditure fell 3. According to the first half results announcement, Bank of Cyprus strengthened its capital position in the second quarter, with its Common Equity Tier 1 capital CET1 ratio increased by basis points to During the second quarter it also deleveraged its balance sheet by a further EUR 1.

The other problem the bank is struggling with is the huge portfolio of non-performing loans NPLs , with the first foreclosure actions only reported this month after parliament delayed the relevant legal framework and insolvencies bill for nearly a year. In order to support the recovery of the Cypriot economy, the bank has introduced new lending schemes and other initiatives to support local businesses, creating the conditions to help boost domestic economic activity. Through specific, deliberate and welltimed actions we are delivering a stronger, more focused institution capable of supporting the recovery of the Cypriot economy.

I expect that it will take a few more quarters of GDP growth for NPLs to stabilise and subsequently improve and reduce. Until then, some volatility may remain. In fact, according to the RICS index, residential real estate prices increased during the first quarter by 0. This is good news because moderate house price inflation will aid the real estate recovery, which in turn will fuel further GDP growth and create jobs.

In this context, I very much welcome the recent tax incentives announced and implemented by the government. As a result of those initiatives we have already received a number of initial expressions of interest from potential investors. There is pent-up demand, mortgage rates and real estate prices are attractive and many clients believe that now is a good time to get back into the market, especially given the tax incentives.

The bank said that liquidity remains strong as its total cash and deposits with banks were maintained at EUR 3. The total gross loans amounted to EUR 4. Profit from discontinued operations was drastically reduced from EUR This resulted in a loss per share of Artopolis Ltd, Fashionlink S. RCB Bank opens 5th branch, one more to go Limassol-based RCB Bank, one of four systemic banks in Cyprus that passed the ECB stress tests last October with flying colours, has opened a new branch in Nicosia, raising the total network to five, while it also plans to open one more soon.

The new branch is located on the central Limassol Avenue at the entrance of Nicosia and will provide services to both local retail and corporate clients, with the benefit of all branches operating at the more business-friendly hours of 9am to 5pm, despite labour agreements forcing other banks to roll down their shutters by 3pm In July, RCB announced it was opening two new branches, one in Nicosia on 28th October Avenue in Engomi, and one in Limassol on Kolonakiou street in Linopetra.

The bank also operates a branch in Luxembourg. Since , Otkritie has also had a presence in Cyprus through its financial services and brokerage firm, Otkritie Finance Cyprus Limited. Loss per share dropped to 1. Limni has obtained written approvals by the Ministerial Council, through which it was encouraged to proceed with the development.

The loss attributable to shareholders for the first six months of , reached EUR , from EUR , in the same period last year. The company has minor revenues from agricultural activities, while operational expenses relate to the maintenance of the immovable property. The bids ranged from EUR 1, to EUR , and all offers were from Cypriot nationals, as opposed to previous issues that attracted non-EU foreign investors, keen to pump in at least EUR , to secure a residence permit or about EUR 3 mln to qualify for citizenship.

The reason for the drop was the reduction in the average 6-year yield to 2. Bids for the tenth series for October will open from September 1 to 18 and will be issued on October 2. The retail bond offer, that is restricted to individuals and supposed to have a monthly cap of EUR 10 mln, with the aim of raising EUR mln a year, has to date raised EUR mln for the government that has only this year returned. The interest rate for the series had been adjusted downwards by 0.

The annual coupon rate when the series was first launched in May started from 2. In July, the ESI had dropped to a year-low of The Economics Research Centre of the University of Cyprus said that the climate change was driven by mainly positive responses to the monthly survey with a dose of optimism for current and future prospects among business, households and the economy in general.

On the other hand, the climate in the retail sector and manufacturing worsened, due to lower sales in the past quarter. However, the forecasts for increased activity in the retail sector suggest an improvement. The marginal drop in the manufacturing sector confidence is linked to reduced orders and a negative outlook for future orders in the next quarter. Unemployment up in July Unemployment was slightly higher and reached The euro area seasonally-adjusted unemployment rate was This is the lowest rate recorded in the euro area since February The EU28 unemployment rate was 9.

This is the lowest rate recorded in the EU28 since June Among EU member states, the lowest unemployment rates in July were recorded in Germany 4. Compared with a year ago, the unemployment rate in July fell in 23 member states, increased in three and remained stable in Belgium and Romania. The largest decreases were in Bulgaria The biggest increases were registered in Finland 8. The central government posted fiscal deficit of EUR 69 mln, or 0.

According to the consolidated accounts and administered funds on a cash basis, released by the Ministry of Finance, the central government presented a primary surplus the balance excluding interest payments of EUR mln compared to a EUR mln surplus in January-July Revenue for the first seven months of the year declined by 2.

Revenue from taxes declined by 1. Revenue from income tax accelerated by 2. Revenue from other direct taxes dropped Indirect taxes for January-July this year saw a marginal reduction of 0. Revenue from excise duty rose by 0. VAT revenue increased by 2. Revenue from other indirect taxes slumped Contributions to Social Security rose by 3. Public sector wages and salaries reached EUR Expenditure for goods and services declined by 2.

Social security payments in the seven months of declined by 4. Social pensions rose by 0. Capital expenditures declined by 4. The discussion of the bill was completed on Tuesday and the bill will be brought before the plenary where it is expected to be passed unanimously, according to portal Stockwatch.

During the committee meeting the government submitted a revised version of the bill which includes the majority of suggestions by political parties. On the other hand, the Democratic Party DIKO will submit an amendment which provides that the repayment of transfer expenses be made in 12 equal, interest-free.

Another 14, properties refer to cases where land developers initiated the procedure for issuing title deeds voluntarily. For 12, cases, a procedure for issuing a title deed has started by the director of the Land Registry including 8, cases for which plans are prepared. For some of the 20, remaining cases, developers will initiate the procedure for issuing title deeds, while for another number of property units the director of the Land Registry will initiate a procedure for issuing titles.

The side stands have the seats that sell the fastest, said a spokesperson for the organisers. Hotels, that are partners together with all the Paphos municipalities in the non-profit company that hosts the opera each year, are also selling tickets directly through their own reservation systems as many are offering short-stay packages, with lavish opera-themed dinners and transfers.

Other hotels are offering a single night bed and breakfast rate, including opera tickets, starting from EUR 59 per person. The most popular nights for the opera, that accommodates 7, people over the three-day event, are the premier on Friday September 4 and on the Saturday, with the Sunday event regarded as a more relaxed and performance.

Coming out of the economic crisis, corporate ticket buyers are also returning this year to complement the main sponsors Ministry of Culture and the Cyprus Tourism Organisation, as well as forex company Banc De Binary. Paphos Mayor Fedonas Fedonos, ex-officio President of the board of the organiseing company, said that in the past 17 years, Paphos and Cyprus have left their own mark on the cultural map of Europe, highlighted by the fact that the town has been designated as Cultural Capital of Europe for The first in an occasional series of what I believe to be the best recipes Cyprus has to offer — what could it be other than….

Not surprising, I suppose, because, as every Italian housewife has her own recipe for a Bolognaise Sauce, so it seems every Greek home, restaurant or taverna has its variation of Moussaka. Is there a proper, classic, way to make it?

Maybe not, but I like to think so. Firstly, I believe the meat used should be lamb, minced — Cyprus taverna keepers, please note! I would think that of the hundreds of times I ate Moussaka outside of my home the meat used was pork. Secondly, the meat should be the main ingredient. Here are three examples…. This included several trays of bubbling golden topped Moussaka, lots of roast potatoes and various salads.

Vegetables to the fore in this one! Not very appealing. No potatoes here. A thin layer of potatoes cooked al dente and then sliced, as a base, then further layers of meat sauce and sliced cooked aubergine. Frankly, I am happy to leave out the potato and increase the amount of meat sauce. I also like my aubergine peeled, sliced thinly and cooked through. The best way to do this is to brush the slices with olive oil and grill them on both sides until they start to brown.

My most memorable Moussaka was a few years back when Mary and I played host to some young Japanese TV show prize winners on a world tour, with an accompanying TV crew. Heat a heavy medium-large non stick frying pan. Put the diced Pancetta or fatty bacon into the pan, stir-fry to melt the fat. Add the lamb, season with the chillies, oregano and garlic and brown well on all sides.

Sprinkle with salt, cook for about 30 seconds and then lift the meat out with a slotted spoon and set aside 5. Add the oil to the pan and heat. Lift out the mushrooms and set aside with the lamb. Pour in the wine and vinegar and boil briskly until the liquid has nearly all evaporated. Add the diluted tomato paste to the pan with the flour. Cook, stirring constantly, for 2 minutes or so. Sprinkle with some salt. Return the lamb and the mushrooms to the pan and cook, covered, until the lamb is very tender, about minutes.

Go to www. The Chinese economy is slowing and the slowdown will touch the rest of the world. Data from the carefully followed Caixin research agency confirmed this. Fitbit fends off Apple to retain lead in worldwide wearables market Despite the arrival of strong competitors such as Apple and Xiaomi, Fitbit has retained the lead in the global wearables market in the second quarter of The maker of fitness tracking devices shipped 4.

Speaking of added functionality, Apple managed to sell 3. Between April and June, Source: Statista. But it was down from The first of. No matter what the reason, the Chinese government has started to scramble to support its stock market and what seems to be a sharp dive in the fortunes of its flagging private sector.

Unless those efforts take hold soon, the IMF view is right. Trainloads of migrants reach Austria and Germany, as EU asylum system collapses Trainloads of migrants arrived in Austria and Germany from Hungary on Monday as European Union asylum rules collapsed under the strain of a wave of migration unprecedented in the EU, according to EurActiv. In line with EU rules, an Austrian police spokesman said only those who had not already requested asylum in Hungary would be allowed through - but the sheer pressure of numbers prevailed, and trains were allowed to move on.

His wife held their sick baby daughter, coughing and crying in her arms, at the Vienna station where police stood by as hundreds of migrants raced to board trains for Germany. Khalil said he had bought train tickets in Budapest for Hamburg where he felt sure of a better welcome after traipsing across the Balkans and Hungary.

Late on Monday, a train from Vienna to Hamburg on which migrants were travelling was met in Passau, Germany, by police wearing bullet-proof vests, according to a Reuters witness. Police entered the train and migrants were asked to accompany them to be registered.

About 40 people were seen on the platform. Merkel, whose country expects some , migrants this year, said the crisis could destroy the Schengen open borders accord if other EU countries did not take a greater share. That will be a central. She said Germany must speed up the vetting of asylum applications, build more centres for new arrivals and ensure that the costs of tackling the crisis were fairly shared between the federal government, states and municipalities.

She stopped short of singling out other European countries for refusing to take on refugees but made clear that it was important for the bloc to reach agreement soon on a common asylum policy that spread the burden more widely. But it is far from certain her view will prevail when EU ministers hold a crisis meeting on September Britain, which is outside the Schengen zone, says the border-free system is part of the problem, and a bloc of central European countries plans to oppose any binding quotas.

Refugees who managed to board the trains heading west on Monday mixed with well-heeled business travellers and tourists, some of whom were angry over the delays to their journey. Austrian authorities have stopped hundreds of refugees and arrested five traffickers along the highway from Hungary where the abandoned truck was found near the Hungarian border.

Interior Ministry official Konrad Kogler denied the clampdown, which includes increased checks on the eastern borders, violated the Schengen accord on free movement. Mohammad al-Azaawi, 18, from Syria, said he had abandoned his engineering degree and fled the country after being wounded by a car bomb. He showed reporters scars on his stomach. The family had had to sell their house to raise the money.

The European Union could soon fund and set up new reception facilities for asylum-seekers in Hungary as it is already doing in Italy and Greece, Migration and Home Affairs Commissioner Dimitris Avramopoulos said on Monday.

Hotspots will serve in part to bolster national efforts to process requests for refugee status. They have also been promoted by Germany, France and other wealthier states to help ensure their southern neighbours register and fingerprint those arriving, rather than allow them to head north unchecked. Greece has seen a surge in the number of refugees arriving by rubber dinghies from Turkey, with aid agencies estimating about 2, crossing over daily in August, mostly from conflict-ridden places such as Syria, Iraq and Afghanistan.

The numbers of migrants being picked up by the coastguard have been rising steadily over the past week and the figures for the past three days are at the higher end of those seen this summer, a coastguard official said. All interceptions of migrant boats in Greek waters are classified as coastguard rescues even if the vessels are not in any danger or need any help. After a hiatus of a few days last week, Greek authorities resumed ferrying Syrian refugees to the mainland by ship on Saturday and the latest group of 2, refugees arrived at the port of Piraeus earlier on Monday.

Most of them are expected to make their way to the border with Skopje as part of their journey into northern Europe, suggesting larger crowds could amass at the. Tensions peaked at the Greek side of the border last month when Macedonian police. Overwhelmed authorities later gave up and have since allowed refugees to cross over. Hungary - which has been scrambling to reinforce borders to cope with the migrant influx - plans to tighten migration laws this week and set up holding camps near Serbia.

More than , people have crossed the Mediterranean this year, including nearly , arriving in Greece and , in Italy, according to the UN High Commissioner for Refugees. An average of 1, migrants crossed into Greece daily in July, with the number topping 2, daily in August, Kyrousis said.

The arrivals in recent days were continuing at the higher end of levels seen this summer, with 4, people arriving on the island of Lesbos on Saturday alone, he said. Like Macbeth, policymakers tend to commit new sins to cover up their old misdemeanours. Judged by this standard, the eurozone, comprising 19 established democracies, lags behind the largest non-democratic economy in the world. In the early s, the traumatic breakdown of the European Exchange Rate Mechanism only strengthened the resolve of EU leaders to prop it up.

The more the scheme was exposed as unsustainable, the more doggedly officials clung to it — and the more optimistic their narratives. The last five years of economic policymaking in the eurozone have been a remarkable comedy of errors. The list of policy mistakes is almost endless: interest-rate hikes by the. How can European policymakers get away with it?

After all, their political impunity stands in sharp contrast not only to the United States, where officials are at least accountable to Congress, but also to China, where one might be excused for thinking that officials are less accountable than their European counterparts. Chinese officials may not be answerable to a democratically elected parliament or congress; but government officials do have a unitary body — the sevenmember standing committee of the Politburo — to which they must account for their failures.

Time after time, the EU rejected and denigrated common-sense policies. No follower of Ronald Reagan would quarrel with my plan. The EU, on the other hand, demanded — and imposed — increases in all three tax rates. Yanis Varoufakis, a former finance minister of Greece, is a member of parliament for Syriza and Professor of Economics at the University of Athens. The turbulence of the international markets will not destabilise the European economy, Pierre Moscovici said on Tuesday. The French Commissioner said that the Chinese and Russian authorities were making significant efforts to ensure stability.

Last May, the Commission predicted growth in the eurozone of 1. I am convinced that the recent developments on the financial markets, which are still in process, will not destabilise the European economy. September 20, when Alexis Tsipras will attempt to form a more centrist, europhile majority government. Instead of the government taking radical steps to solve the root of a problem it is happy to resort only to half measures to fix some of the old problems. I am referring to the bill tabled by the government to protect trapped real estate buyers.

We as an association fully support the content of such a bill, to protect those who have or are willing to fulfill their obligations towards developers but cannot obtain a title. The problem arises because banks or the tax department are blocking the transfer of titles to the buyers when the developer has overdue liabilities.

Blame the past It is true that bad practices of the past are plaguing the real estate sector and the state is trying to solve them now by adopting half-measures. Why do we say this? The reason is that if the bill wins the vote of the parliament this coming Thursday it will not solve.

There are currently thousands of properties without a title deed. The bill will do nothing to help the thousands of owners who bought and paid for their property without knowing when the title will be issued. As the procedures and legislation stand now, people buying properties do not know if they will ever obtain a title deed. The fact is that title deeds are not issued on time.

A lot of things take place between the day a sales contract is signed and the day titles are issued. The longer the time that lapses, the bigger the problems. Let us not forget the numerous cases of foreigners, especially British expats, who wanted to sell their properties after but could not do so as they had no title deeds. In order to solve this problem the day the developer delivers the keys into the hands of the buyer must be the same day the title is issued and transferred in the name of the buyer.

This is the best policy and is followed internationally, in. Project Engineers To be able to achieve this it is vital that checks are carried out by the authorities during the construction of a building. We might also need to involve the engineers responsible for the construction who will verify compliance to the rules and regulations.

The Ministry of Interior must be the one to design the new procedures. We can offer our experience and expertise. Do not get me wrong; we applaud the spirit of the tabled bills, to solve problems created over the years. However, most importantly we must adopt simple new practices and avoid the existing ones short-circuiting the whole system. More simply put, title deeds must be delivered to the buyer on the same day of the delivery of the property, to avoid problems in the future.

Aristo Developers says 1, title deeds are ready Aristo Developers announce that more than 1, property owners were informed in August that their title deeds were ready. The company said that these title deeds, relating to properties worth a total EUR mln, are free from any encumbrances and are available for immediate transfer. Thus, even if these properties had paid their mortgages or loan in full, and had been blocked at the Land Registry as being linked to other Aristo projects, they are no.

Following the recent incentives announced by the government of zero or reduced transfer fees, Aristo Developers has called on its customers to take advantage of this opportunity and proceed to obtain their title deeds without further delay.

Regus Limassol moves to new address Zilli opens menswear store at Limassol Marina Premium menswear store Zilli has just opened its first outlet in Cyprus, making the Limassol Marina property the latest in its network of 62 stores across 21 countries. The House of Zilli was born in when Alain Schimel bought a small specialist leather workshop in Lyon. Five decades later, creativity, experience and outstanding materials are responsible for the iconic collections of leather jackets, coats, suits, shirts, footwear, knitwear and denim, all of which have confirmed Zilli as the craftsmen of modern luxury.

Audemars Piguet watches are the next highly anticipated arrival in the series of luxury shops at the Marina where luxury apartments are ready to move into and the first exclusive villas with private berths or direct access to the beach have just been delivered to their owners. For information call 25 or visit www. Regus has moved its business centre in Limassol to a new address, Victory House on the central Makarios Ave.

The new centre offers ample parking for customers and visitors, a business lounge, virtual office, day office, meeting rooms and hot desk services, videoconferencing services and 24 hour access to the facilities. For information visit www. Leptos Estates has given a complete facelift and relaunched its website www.

The new website is the result of 6 months of planning and development by the Leptos team and WebTheoria Ltd. Leptos Estates was established 55 years ago and is now the leading property developer with a land bank of prime locations in Cyprus and Greece. To date, the company has delivered more than 25, homes and has offices and sales representatives in 75 countries.

Is the lowest bid the best offer? This may not be wrong, but is it in the public interest? So, we end up with a system where whatever the experience of a tenderer, outsourcing work to our own area of property development or real estate, all kinds of bids are submitted with a difference range from EUR 1, up to 5, This huge difference, as an indication, especially in cases that result in the courts, such as expropriation, feasibility studies, etc.

In a recent case, the difference from our bid of EUR 3, to the successful bidder one-man office with a history of two years was a mere euros. The case eventually ended up in court, where we as defendants appeared on behalf of the owner and our colleague represented the expropriation authority. The outcome is still pending, but in courts, apart from expert and scientific knowledge, a huge part of the argument is based on impression the witness will give the court. This reminds me of the notorious assessment of the premium property opposite Hilton hotel for the Qatari project where we submitted a bid and won for EUR 5,, while the other bidders put in for 20, Do they adopt or reject it at will?

Perhaps, the best way is for tenders to first consider the basis of experience and knowhow, and at the second stage to opt for the cheapest bid. Looking to find the most suitable solution, the regulations for tenders are not feasible because the Tenders Council will raise objections. In the case of the Qatar investment, and to the credit of then president Demetris Christofias who was harshly critical of the system, the whole deal was up in the air because of oppositions and.

The other party may have failed to convince the Tender Board, but on the other who paid for the whole delay? The whole deal may have eventually gone belly up for other reasons, but imagine what would happen if we had all been in agreement and the transaction failed because of our own appeals and objections process. In the past, we have also been assigned environmental impact studies which are often dished out in a haphazard way, to which ETEK here we agree with them argued that the quality of the reports should seriously be taken into consideration.

This is where we need ETEK to stand firm in its interventions to the state or public services and a system where the non-runner up tenderer would indeed have the right to protest, but not to stop the whole procedure that would cause further unnecessary delays. The problem is particularly obvious in architectural competitions where work stops because of these procedures such as the Paphos.

Plot Area: sq. Building Height: 24 meters Max. The growth of the Cyprus economy and the implementation of such projects should be the primary goal, especially in view of the current economic situation and perhaps a change should be introduced in the law to award the lowest tenderer some form of compensation if the cheapest bid was initially disqualified for other valid reasons. It is not fair that the process is constantly one-sided to the detriment of the state.

Further education in all matters is necessary. However, the recent comment by Transport and Communications Minister Marios Demetriades regarding the new project for a national museum in Nicosia was the worst. Asked how the cost of the project will be reduced from EUR 70 mln to 50 mln, as estimated by quantity surveyors, he was completely negative undermining the profession, while to the question of who will undertake the task in the planning and oversight stage, up until the final tender is awarded, and if someone will monitor or follow up on the decision, he had no response.

So, this project is crucial project of monumental importance for tourism and revenue inflow to the capital, will probably never be implemented unless there are changes in attitudes or otherwise. This is a market correction, not a market meltdown dramatic selloff during the final hour of trading on Tuesday. Investors remain on the back foot as ailing equities markets around the world continue to cause uncertainty with fund managers.

Friday, August 21 and Monday, August 24 hit global bourses incredibly hard, but by Tuesday, August 25, European markets erased much of the losses and U. However, in the final trading session on Tuesday, U. It is clear that China is staring down a barrel. On the first day of last week the Shanghai stock market plunged 8.

Analysts are highly sceptical about that figure and many believe that the true figure could be half that. Despite the interest-rate cut, the Shanghai Composite ended the day on Wednesday, August 26 some 1. The Shanghai Composite dropped to an 8-month low on Wednesday on the back of bearish sentiment among investors and traders. Highly erratic trading activity characterised the Chinese bourses, with the Shenzhen. Composite plunging 3. The negative sentiment in Chinese equities is somewhat surprising given the strong gains posted by Chinese insurers and banks whose stocks rallied on the back of rate cuts.

One of the biggest problems facing China is capital flight. Since the economic slowdown and currency devaluation, international investors have been pulling their money out of China, or earmarking funds for other investment opportunities — notably U. European markets managed to recoup some of their losses for the day after opening lower. But the good news is that U.

That coupled with geopolitical crises have fuelled the uncertainty and volatility with major currencies. Economic weakness in China has led to a global commodities meltdown with prices of oil, copper, precious metals and other produce dropping significantly. Massive capital flight from BRICS countries and other emerging market economies has seen these currencies depreciate at an unprecedented rate.

We cannot discount the fact that global GDP is declining, as evidenced by the dramatic appreciation of the USD against a basket of currencies. Long-term loans in USD are now markedly more expensive and emerging market currencies are coming under tremendous pressure. These trends are commonplace among emerging market economies. But equities are a long-term investment and stock markets invariably go through many cycles.

Note that this column does not constitute financial advice. Markets are waking up to further signs of economic weakness in China following another PMI contraction overnight from Monday. What does the data mean for the PBoC? The central bank is going to remain under intense pressure to continue reinvigorating economic momentum with this including the heightened possibility of more interest rate cuts, loans available for banks and probably further Yuan devaluation.

What is the threat to the global economy with China slowing down? The greatest risk is that exports and basically trade relations with China are set to decline. As peculiar as this might sound, China can actually handle slower economic growth because the economy is in a transitional stage where it is trying to diversify from any particular sector and build a domestic reliance.

The problem with this is that those economies which are dependent on trade with China will have to handle the fallout from this, which ultimately will mean less trade from China. The central bank is refraining from talking down the currency on such a regular basis, and the major reason is because it is fully aware that the currency will decline anyway with the China risks continuing.

Australia is a major trading partner with China, meaning that the Australian economy is naturally going to face downside pressures with the China economy continuing to show weakness. The comments from BoE Governor Mark Carney over the weekend that the UK economy is somewhat protected from global shocks was a likely attempt to raise investor sentiment towards the Pound and UK markets, while also preventing the FTSE from further losses.

The sharp bounce in commodities like WTI will allow some of these EM currencies to begin recovering sharp losses, with economies linked to commodity exports noticing an improvement in investor sentiment. Bearing in mind that it was the Malaysian Ringgit that was punished the most throughout the late summer months, this could also be the currency which benefits and welcomes an opportunity to recover losses.

In the longer term there are still risks ahead such as the fallout of declined China trade and increased inflation pressures, but WTI continuing to rally will at least allow the USDMYR to target 4. The Indonesian economy is heavily reliant on commodity exports, so it is natural to expect the sentiment towards both the Indonesian markets and Rupiah to improve following the sharp gains in WTI.

Indonesia is still at risk to further downside pressures when you take into account that GDP forecasts are already missing expectations and that China is a major trading partner for Indonesia, however the improved investor appetite for oil still represents a welcome opportunity for the Rupiah to recover some losses.

While India is far more protected than other emerging markets when it comes to downside pressures and is actually impressing investors when it comes to its economic performance in , the Indian Rupee still hit a fresh two-year low above 66 against the USD last week. They speak Cypriot, not Greek. They love the old country as it was and few love it as it has become. They merit their jobs and papa is a rolling stone, not a civil servant who invites his entire family to work in his ever expanding government department.

And guess what? The attorney-general supported him. It is not part of any proper study. You have to convince the population that it is in their interests and make it possible for them to do something. It is an expression of prissiness in food. Garnishing is the biggest waste of time there is in the kitchen. News Review Banks error TOP BANKERS conceded on Monday that bank staff may have committed mistakes and omissions in their effort to push high-yield securities on ordinary investors who have since seen the value plummet as a result of the Greek debt haircut.

Hot weather TUESDAY marked the second consecutive day temperature records were broken this year, with the temperature hitting 44 degrees Celsius in Nicosia - an increase of one degree from Monday when people started being admitted to hospital, unable to cope with the weather. On Wednesday night a year-old woman died from heatstroke. Although she had several health problems a post mortem on Thursday said heatstroke was the cause of death.

Malas got 95 per cent of all votes while the remaining 5. He said regardless of any reactions, the years through His cousin, businessman Nicos and other members over the need who was also arrested in con- to review the force. The suspect has not been charged with any crime. The majority of Greeks live in Nicosia — 12, — with Famagusta being the least popular area for them with a meagre living there. Pay delays BUILDING contractors are due millions of euros in payments for jobs carried out for the state, with some reporting deliberate delays in inspecting the work in order to postpone payment further.

There are much darker and more sinister reasons behind our reluctant appeal for help. We have been the victims of an international conspiracy and it must be the truth because our comrade president said so. He made this shocking revelation while speaking on Wednesday night to a gathering of the relatives of the missing.

The markets are the big thieves of the universe. That is the reality; they want to subjugate entire peoples under their exploitation and their control. This is happening. Because there are expediencies. Why is Greece suffering to the degree she is suffering today? Because, beyond the Greek responsibilities there are expediencies. Because there were expediencies internally and there are expediencies externally which are related to interests of classes and people.

In fact, now that we have the EU presidency he has a moral obligation to alert EU governments and citizens to the dangers posed by the international conspiracy, before it is too late. He needs to give names or at least identify the social class behind the expediencies. The biggest conspiracy-buster in the history of the Republic, the late Spy Kyp, did not only name conspirators, he had them arrested and charged; if they were foreign he would immediately have them deported.

He may have been a nut-case but he had balls. Tof, in contrast, is a calculating commie who came up with the international conspiracy to shift blame from himself for the austerity measures that will be imposed. Not even the unions, for the sake of which he destroyed our economy, were willing to bail the government out.

They have supposedly engineered many historical events with the aim of setting up the New World Order which Akelites regularly refer to. We all know how the comrade feels about all these organisations. Everything is falling apart for the comrade, whose government cannot even raise the half a billion it requires in the next couple of months for maturing government. There have been mixed messages from the government with regard to the loan.

Government spokesman Stef-Stef said on Friday that no word had been received from Moscow regarding the loan. How did he know all this considering the government had not received word from mummy Russia about the loan? The man really has a nerve. Everyone knows that the restructuring of the Central Bank was carried out by the AKEL Central Committee, which did not even give time to the new governor to evaluate his senior management team, and thus maintain the pretence that he had take the decisions.

The Pasecha comrades must be big fans of Panicos. This ridiculous association said it would investigate the matter and report deputies and political parties, found to have been rude to the Professor. It also said it would explore the possibility of reporting the deputies to the European Commission, the ECB and the European Parliament, presumably for crimes against mediocrity.

He apologised personally and on behalf of his predecessor Andreas Eliades, who showed not a hint of contrition for wrecking the bank in his letter of resignation. There was even a picture of a young Fuhrer, sporting long 70s sideburns outside the court house with a group of men with moustaches, who were supposedly Eoka B members that he was representing. The Association failed to mention also that in the seventies he had horrible sideburns, the most compelling reason not to vote for him.

The chairman of the Resistance Fighters Elias Kyriakides, a former Limassol police chief, was merely following orders in urging people not to vote for Nik through Haravghi. He never uses the term when addressing Erato Kozakou Markoulli. SHE IS not the only member of the negotiating team that is completely out of touch with the real world.

Her colleague Shiarly was convinced that the Troikans would not impose punitive austerity measures. Did his boss not inform him that we are the victims of an international conspiracy and the big thieves of the universe who want to subjugate people under their exploitation and control, at the end of the night, will not give a damn about our sensitivities? A man walks past a street art caricature of Portuguese football player Eusebio at the Lisbon airport subway station.

People hold portraits of victims of the terrorist bombing attack against the Argentine Israelite Mutual Association institute 18 years ago AFP. Lifestyle Spoiled for choice: The Gaggle says single women should use their existing male friends to judge what sort of man they really desire. The Gaggle is of course!

Their aim? Essentially, Massa seems to mean pretty much any interaction with someone you might fancy after a few drinks. Chitchat at a party. The networking coffee with an attractive contact. You get the drift. Well, duh. But I have a bigger com-. But the aim of The Game seems to be conquest and revenge, not intimacy or even sexual pleasure. Guess what saves him? Yep: the right woman. None of us want to be out there really.

As it is written by a single woman in her late twenties, I suppose that I a single woman in my twenties am the target audience. But it all feels a little too complicated, frankly. These days, the battle of the sexes lies between the book covers. As Rosamund Urwin reads the latest bag-a-man manual, Nick Curtis studies the pick-up artist handbook which even celebrities are using to raise their game plaint here.

Ninety-nine per cent of the time a silly email and God, I send a few or a bit of drunken party chat is just badinage - a welcome distraction from penning a piece about a poorly written dating book, say. Now Massa. Massa seems to love a generalisation, so men in the Gaggle are put in 10 boxes. Squelch your way through its sticky pages and you can pull any woman, apparently.

Well, yippee for him. The method that Strauss learned at the groins of. To illustrate how easy it is to bed even the hottest, richest girls, Strauss shows how these techniques worked to a greater or lesser degree on Britney Spears, Paris Hilton, Courtney Love and a Playboy Playmate of the Year. Most of the PUA Pick-up. Now my face also resembles a shocked white bubble. You can see why. Felicia is also bubble-headed and clad in evening dress and jewels, standing beside a neoclassical column.

Another wealthy woman, Ika, looks on blankly from across. His smooth, idealised likenesses are somehow of their time; very Noughties. I certainly set about trying to make people look their best because I want the picture to look good. No soul? He smiles wryly. In person, Opie has no sharp edges - his voice is classless, his face blankly handsome. He talks happily about their home life with his three other children, Elena, 19, Imi, 16, and Padmini, nine, as well as their cats, Gainsborough and Reynolds, and a guinea.

He shows me upstairs into a high-ceilinged room above his studio where he keeps his treasures: a late Egyptian funerary mask, a framed, prominent black and white photograph of his late mother, and paintings by the 17th- and 18th-century mid-ranking masters Cornelius Johnson and John Vanderbank, purchased from the dealer Philip Mould.

But you can see how the shading on these faces has informed the way I do shading in my work. Maria Socratous on some stand out meals. The accompanying tapas bore no resemblance to the local Cypriot meze, which is often too heavy. Tapas are tiny portions of a great range of appetisers which are not meant to satisfy your hunger. The white-flesh flat peach, which the Spaniards call Paraguaya and is also known as doughnut peach, is sweet and very juicy Cochinillo Asado.

Whether as a snack or after a meal, a Paraguaya is delicious. This strange looking fruit can add to any meal or drink. The calamares — fried baby squid - was a big success as was the tortilla de patatas — a type of thick potato and onion omelette cut in small squares. Seasoned green olives are always present with drinks and seafood, such as. Or to pound ground lamb with turmeric, mint and yoghurt, as my dad does.

I would like to say for the record, I give my son perfectly good food. I feel pangs of guilt, however, when I realise my son is a fussy eater only when presented with. Growing up, my older brother Peyvand and I had friends, twins called James and Paul, who would come round to our house to play.

The boys found pita breads so fascinating that they ate them without any topping — this was well before pita became a supermarket staple. Nowadays in London you can get all the ingredients for Persian cooking from the myriad Iranian and Middle Eastern shops; in the old days, though, aunts and uncles would visit from Iran. There is g g, endless chopping, stirring and chant-ing to be done..

For Iranians the world over, the home is a veritable hub of social life. Ours was, anyway. Back in the Eighties my parents, who arrived in the UK in but ended up staying for political reasons. Home-made relishes and jams Fresh homemade pies Kolios Wines. Exiles like to make sense of being in exile and for us this meant copious amounts of food and sub-zero vodka, which Iranian kebabs are designed for. Even today my father frequently springs. Endlessly cooking for hordes of people was not a skill I wished to acquire.

Now, though, for the sake of my aubergine-loving son, I have started. Spatula in hand I am. I am getting quite good. I make lamb shank with dill and broad bean rice which my son devours without even enquiring about pudding. Let us not forget that you can also pick up the now well-known Kolios wines. Kolios Winery was founded in and is the only winery on the island that offers such an array of wines and services. The range of wines produced by Kolios are among the best on the market.

The tastes of summer Dipal Acharya samples the best new foodie hotspots in the Mediterranean this summer East is East The stunning Porto Montenegro development in this tiny Balkan state continues to draw in the smart set thanks to its high-fashion boutiques, mega-marina and, most recently, Mitsu —.

For those with a sweet tooth, the puddings are a must. Ciao Balearic If you like your clubbing with a side of Italian chic, then Ibiza is the place for you this summer. The food is classic Italian, such as tagliani with Parma ham, the house speciality. Lebanese Restaurant Welcome to Fanous, modern Lebanese dining with flair. Come experience the sensational food, superb wine menu and evening live entertainment.

Culturally, music and dance play an important part of the Lebanese lifestyle. At Fanous, we express and celebrate this through our evening live entertainment. Fanous offers the excellent selections of celebrated Lebanese cuisine, fine wine and exquisite cocktails, but also the beautiful culture-infused atmosphere for a one of a kind dining experience complemented by the evening live entertainment including the famous belly dancing performances.

The Restaurant as a stylish and contemporary Arabic restaurant, Fanous is one of the most exciting and thriving in the Nicosia restaurant scene. We offer our guest the ideal combination of comfort and Arabic Charm. Whether you love juicy chicken or mouthwatering lamb that falls off the bone Fanous is the place for you. Our expert chef creates modern Lebanese culinary masterpieces with a twist of the Mediterranean. Come and be dazzled by taste, sight and sound Fanous Lebanese Restaurante Email: info fanous.

A GOOD pickle is the culinary equivalent of a good accessory: a bright, bold adornment that, however small, still packs a punch. Growing up in London, we would grab roast chicken sandwiches and spend the afternoon in Greenwich Park. My experience as a veteran picnicker has taught me that pickles always make an excellent addition to the hamper.

Pour the pickling liquid over the top. Pour the cool pickling liquid over the top. Eat within two days. Blanch for 1 minute in boiling water. Drain and add to the preserving jar. For over 12 years, her customers have been. So now her deli-delights are presented in ermal picbeautiful, easy-to-carry thermal g cutlery, nic hampers incorporating sses and crockery, condiments, glasses that indispensable wine bottle luded a opener!

What a hese wine waste! So I have found these glass holders that you push into the ground, almost like a stake. A job for the men! Sausage rolls and a selection of mini sandwiches, not forgetting the chilled Pinot Grigio Blush!

GOURMET - This gives the foody lover the chan chance to try our platters of hams, chee cheeses and salamis, anti-pasti nibbl nibbles and dips, stuffed breads. Iced G Gazpacho soup, with a selection of breads. This will g give you a few and you can choices a add more if you pop always a opposite into the shop s Papantoniou Chlorakas. Papanto further information For furth Tel: 26 9. Another specialty of the tavern is Kleftiko lamb slow cooked in a clay oven, which is available daily.

Moustakallis Restaurant is. Another specialty of the tavern is Kleftiko lamb slow cooked in a clay oven, which is available daily expect since Moustakallis is also the butcher in town. Elegant dining in a casual, intimate atmosphere featuring great service, the best Cyprus and international food. A temple to taste.

A shrine to freshness and quality. It is exciting, seductive, a thrill for the senses. Combining local ingredients with techniques and foods from around the world, the dynamic menu features. Visit Moustakallis Restaurant for excellent food at reasonable prices. Moustakallis Restaurant Polis Chrysochous. Tel: 26 , Fax: 26 , email: moustaka cylink.

The menu is select, offering a variety of exciting and tasty dishes without being over-burdened by too many choices and fantastic combinations! The salads are fun and fresh,. We physically could not try them all in one go, but the few desserts we did try left us wanting more. The Crispy Apple Cake is unlike any apple dessert you have ever tried before. The ap-. Delightful Desserts Strictly speaking still food, but the desserts deserve a. Next time - and there most certainly will be a next time - we are going.

The restaurant itself is almost entirely surrounded by water imbuing the whole experience with an aura of calm and relaxation as you are invited to sit back and enjoy the view. From romantic ballads played on the violin on Mondays to the more upbeat Latin rhythms of DJ Havana on Sundays, diners can really make a night out of it, combining delicious food with great music and the perfect location.

But the best advice would probably be to visit La Brezza and let the restaurant speak for itself A proper fry up was available and you could also sample the traditional bugatza in different variations, sweet and savoury. A taste of summer Continued from page 21 fresh anchovies in vinegar, mussels in breadcrumbs or marinated clams, which add a gourmet touch to tapas. Just north of Madrid in a place called Segovia we enjoyed Cochinillo Asado, roast suckling pig, feet included, with a crisp, fatty outside that is perfect for those who like pork rind,.

More recently in Cassandra-Chalkidiki, north-east Greece, we enjoyed an action-packed few days. The landscape is quite breathtaking as the area is quite hilly and lush in vegetation and combines narrow strips. Most days the day would start with an active swim very early in the morning followed by a scrumptious breakfast at Ammos Restaurant.

The food display was amazing and it was up to you how healthy you wanted it to be. One of the food stations was packed with seasonal fruit while fresh Greek yoghurt. Animal rights activists fought for the law because they detest the way foie gras is made: farmers force-feed ducks or geese to fatten their livers. The restaurant owner, Ray Tang, and its general manager, Maureen Donegan, reasoned that the restaurant can legally ignore state law because the Presidio, now managed mostly as a national park, has remained federal property even after being decommissioned by the Army.

Businesses on federal property must adhere to federal regulations, which trump state ones, they say. Tang and Donegan timed their event for Bastille Day — the French national day - hired a publicist and sent out a press release. The trust has yet to state its legal position. Enforcement of the foie. Others have tried to work around the ban. Fifty kilometres away in Mountain View, California, Chez TJ restaurant was serving foie gras without listing it on the menu.

Tang ordered enough foie gras for 57gramservings. After a day working off such a large breakfast, a stop at Bousoulas white-washed beach bar perched on the hills overlooking the sea was. A bike ride to the marina before dinner was the excuse needed for dining at the different tavernas and restaurants.

While we enjoyed the best the Mediterranean had to offer, a friend swears by everything Moroccan, the people, landscape, culture, local cuisine, you name it. Of course the meal is accompanied with the traditional fresh mint tea and then followed by corne de gazelle — a crescent-shaped sweet made from almonds and orange blossom water. Just the thing to get us out of our comfort zone.

Opie grew up in Oxford, exploring the Ashmolean and staring at the outsize heads in front of the Sheldonian Theatre. There was also work such as This Is Kiera, in which Kiera amounted to nothing more than the outline of two pert buttocks. But that phase is long gone. Being happily married has calmed him. Far too noisy and you end up feeling bloated. My father was not a rich man by any means, not good at making investments. I do it for fun and because there are some things I want to try out.

I was imagining what it would be like to produce a lavatory sign for every single individual, not just men and women. And then I started doing that for faces… A logo for everyone in the world. They were too small for the system I was working with.

The mundane apocalypse is at hand. Does he feel persecuted? He shows me a print by the 19th-century Japanese woodblock artist Hiroshige. I think turning people into beautiful squiggles is, to him, part of being in love with the world. I want to draw them. The Bank said that although progress was made at the latest European Council, there are still concerns about debt levels in several EU countries. What is quantitative easing QE? When interest rates are too low to be cut any more, a central bank can opt to pump money directly into the economy.

The institutions selling the assets then have new money in their accounts which they can lend to businesses and individuals. This boosts the money supply and should feed into the wider economy. When the bank buys bonds, it reduces the supply in the economy and so increases the demand for new bonds. This makes it cheaper for businesses to borrow money for longer-term investments, as long-.

Tel: term interest rates also get pushed down. How much QE has the Bank of England done? The Bank believes it does. While there is no way to quantify it, it is more than likely that the UK economy. The BoE responded to this in May, with deputy governor Charlie Bean saying that since QE had raised share prices, it had a neutral impact on a pension fund. Monetary Policy committee colleague David Miles also claimed that the end result of QE is more money in the wider economy.

Sellers of government bonds tend to use some of the money they get from the BoE to purchase other assets, such as corporate bonds and shares. As demand for such assets increase so does their price. Is anything different this time? The QE programme will be working alongside other recently announced measures by the BoE and Treasury. A new Funding for Lending Scheme is about to be launched, and there are plans to ease liquidity regulations on banks. The BoE believes these measures, together with reduced pressure on house-.

What about the Eurozone? Its deposit rate was also cut from 0. President Mario Draghi did however hint that the Bank has more weapons ready to help the Eurozone. Blevins Franks specialises in providing personalised wealth management advice to British expatriates living here in Cyprus, and could help you review and plan your investments in the current economic climate. For advice on an investment strategy designed around your objectives and circumstances, speak to an experienced wealth manager like Blevins Franks.

To keep in touch with the latest developments in the offshore world, check out the latest news on our website www. The company, which has been burning through money at a rate that would clean it out in a couple of years, managed, however, to cling on to more of its cash reserves in the second quarter than the market had feared, giving its battered shares an 18 per cent boost. The shares had fallen around 80 per cent since February when the company announced its shift to the largely untried Microsoft Windows phone operating system.

Sales of its new Lumia phones, which run the Mi-. Nokia reported a secondquarter net loss of 1. It held net cash of 4. Details showed that advance royalty payments of million euros accounted for most of the lower fall in its cash position. We would prefer to have a second option to Windows. Nokia had placed all its bets on Windows phones as it lags behind Apple and Samsung in the smartphone wars.

EU trade with China is likely to reach a record of billion euros this year. For the past two years, local companies have been challenged with deteriorating business conditions, which caused many of them to freeze or cut salaries, and in some cases even reduce staff and increase the workload on those who have kept their jobs. The morale of the existing employees is at the moment at its lowest level, which in turn negatively affects the business, creating a vicious circle.

Is it possible that local companies are ignoring one good opportunity that the crisis has delivered? With unemployment on the rise, many young people realise that their chances of getting a job will improve considerably if, apart from a degree, they can also acquire some work experience.

So they seek internships. The interests of both an intern and an educational institution are clear, but what about a company? Why does it make sense to encourage internships? In other words, how can an intern add value? In countries like the US and the UK, internships are nothing unusual.

Promoted by universities and often supported by government, unpaid internships are an attractive proposition for businesses. Companies in the US and the UK are making good use of such an opportunity, and here is why. By using an intern you get a chance to test out new ideas with minimum or no cost. Interns may take a certain load off your regular employees, though it is important to maintain the right balance between creative tasks and routine duties.

Internship should be a valuable educational experience for the intern. Hosting an intern provides you with a pair of fresh eyes. Very often simple obvious things can make a difference, but over time we may lose the ability to notice them. In such a case a fresh opinion of an intern-outsider can be very helpful.

Most young people have advance experience in browsing internet. Finally, having an intern will be healthy for the overall mood of your employees since a typical intern is a young, enthusiastic individual who is keen to make a good impression. You will be pleasantly surprised to have this unexpected source of positive energy and optimism among your staff.

The general idea is that the internship well-known business school as CIIM is one is a training experience as opposed to just easy shortcut of how to start. The employer Programme, olga ciim. It does not mean that the company is not allowed to hire its interns later after the internClassroom Assistant Required ship is over. This in fact often happens. Instead, it means that unpaid internLittle Stars Montessori Nursery School in Nicosia ships generally should not be used by the employer as seeks experienced Classroom Assistant a trial period for individufor toddler classes.

If that is the case, the internship should be paid. Only applicants with valid work permits need apply. There is every indication that internships represent an excellent opportunity Please email CV to info littlestars. Hosting interns will help you refresh. Rights of purchaser on undivided plot THE division of a piece of land into various separate plots constitutes an important procedure which is subject to town-planning restrictions on the land, the requirements set by the law on immovable property and the approval of the Director of the Land Registry.

Where the land is co-owned, the written consent of all is required until the completion of the division, as well as their agreement on the share each one will receive. The purchase of co-owned land or part of it which is to be divided does not constitute a secure transaction, since it is subject to the full completion of the division. Any such agreement is not legally enforceable until the division is made and in case does not happen, the agreement becomes void.

The rights of a purchaser are not perfected and cannot be ascertained since they are subject to the completion of the division and the issue of the separate title deed. The issue is to be resolved through the application of the legal principle of a contingent contract and not through the doctrine of frustration. A contingent contract is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen.

Moreover, according to the law of contract, a contingent contract to do or not do anything if an uncertain future event happens cannot be enforced by law, unless and until that event has happened. If the event becomes impossible, such a contract becomes void. A sales contract was entered into and signed by one of the co-owners with a pur-.

In the process of a local inquiry, one of the co-owners refused to sign the required documents from the Land Registry, withdrawing his consent for the division. Under the circumstances, the division of the land became impossible and the vendor informed the purchaser that, according to the above term, the contract became void and legally unenforceable.

The purchaser did not accept the termination and requested the transfer of the share without success. The dispute ended up in the District Court which decided in favour of the vendor, issuing an order for the return of the deposit and the deletion of the sale contract from the Land Registry books.

The Supreme Court upheld the aforesaid decision stating that the agreement depended on the division - an uncertain future event and in case the division became impossible, the agreement would have been void. As to whether the vendor took reasonable steps to make the division possible, the Court was of the opinion that the vendor as a co-owner did his best to persuade the other co-owners to consent.

The true intention of the parties was that the division of the land preceded its transfer to the purchaser. The general rule is that for a simple house development, the site must have access from a public road not less than four metres wide, the applicant must be a Cypriot coming from the same village, living there for some time, to use the property for his own use and provided he owns no other property capable of housing development. So, what is the value of the house? From: www. The problem was realised by the SBA who, after negotiating with the Cypriot authorities, have agreed that both should come up with an expansion plan for the concerned villages.

This was one and a half years ago, but now it seems that the SBA has changed its mind. So, in the area south of the Limassol-Ypsonas road there are numerous building developments, ranging from factories and stores to houses, all provided with public roads and services — yet most without permits. The complaints of locals have started to surface with recent gatherings for the Phasouri area and the surrounding villages. There is even a law suit for damages against the British Government running to several millions, the outcome of which is as yet unknown.

Keeping our ear to the ground, we understand the affected villages are getting together to organise themselves into a pressure group. It is best that the situation is revised, to an extent, as soon as possible. The Cyprus government not wishing to enter into dispute with the British government, stipulates that these are sovereign based areas and as such it cannot do much.

We suggest the following for those who want to listen to some form of. Notwithstanding the treaty of independence, our opinion is that locals do not feel the SBA is British government owned, save the actual military bases themselves and even for this there is doubt. A little give and take we say and we hope that the SBA and the Cyprus government are listening. Russia has an answer: Move it, or at least part of it.

President Vladimir Putin has not yet announced his views on the matter and could yet veto any move. But nothing can be ruled out in a country that has moved its capital before, the last time less than a century ago. We want things to be better but they always turn out the same. It would also coincide with his efforts to focus more on developing trade and political ties with China. The proposal to move thousands of bureaucrats and their headquarters to an area outside Moscow that is now a wasteland came from Dmitry Medvedev before Putin took over from him as president in May.

His plan has now been sent to the Kremlin and its fate lies with the president. A document cited by Kommersant newspaper said a. The money would not come from the federal budget but from loans to be covered by selling the buildings freed up in Moscow.

Some experts say the real cost of building the infra-. Putin has not publicly expressed an opinion on the project but sources close to. They now share the skyline with the golden domes of churches and the square monolithic apartment blocs built in the Soviet era. Many experts say Moscow is paying the price of poor urban planning. There are precedents. Peter the Great stripped Moscow of its status as capital after more than years when he gave the title to St Petersburg in , hoping that being closer to western Europe would help Russia modernise.

Communist leader Vladimir Lenin decided to move the capital back to Moscow in March , after the Bolshevik Revolution. But one Moscow expert who opposes the plan and declined to give his name said the battle for construction contracts would be sure to lead to corruption and the new federal city would not be a pleasant place to live or work. We have all seen ugly signs of damp, even in our wonderful climate here in Cyprus. Damp can cause all sorts of problems. It is not enough to scrape it off and paint over it!

Damp has legs and it will spread and come out elsewhere in your property — unless it is treated at the source. It costs nothing to get your property fully checked from the foundations and upwards. It is worth having a FREE inspection; if you do have damp in your home it can cause serious problems to the respiratory system, affecting your breathing and in some cases even leading to bronchitis!

Damp is not always visible to the naked eye, so get the FREE inspection and rest assured it can be solved, at the source and it will not cost you the earth to. This will act as a complete waterproof barrier and protect your home for years to come. It is not always enough to just paint your. The preparation combined with the correct application of the best product available will be your best insurance to keep your home watertight as well as cooler in summer and warmer in winter, due to the Thermo qualities.

Last but not least have your roof checked. A rubberised membrane is the answer to no leaks and to have the security of a waterproof barrier. Send your classified by fax or email and pay by credit card, cheque or cash. Nicosia - email: classified cyprus-mail. You are requested to cast your vote by logging on to a link at www. This is an opportunity for each of you to have an impact on world events.

Get as many Greek Orthodox, other Orthodox and Christian friends of yours to sign the petition and make history. AA could be the answer. Call to speak to an AA member. Al - Anon is for family and friends of those with a drinking problem. Call Nicosia 99 for more information and details of meetings. We offer. A great way to release tension and stress at the same time exercise your body, made for all ages and genders.

Find out more information on www. Personalised Clinical Pilates by Physiotherapists in Nicosia. Individual assessment and supervision of exercises. More info on For information look at www. She is adorable and is very sensitive and at risk at the shelter. Please help us save her life! All our fosters are full at the moment!! Various breeds and sizes. Will only be given to responsible dog-lovers. Adoption contract and medical package obligatory. Nicosia area. For info , , Telephone or Free estimates!

Special offers now available. For a quote call Rickys Cleaning Services on all areas rickyscleaningservices gmail. Curtains, Roman blinds, Vertical Blinds need to be surveyed. Collection Service available. We also do repairs. Also keeps your home warmer in winter. And all legal matters. Nicosia centre. For info Selling at very low prices for clearance. Tel: Partial sea views, near to electricity and water supplies. Ideal for the construction of apartment building or 1 or 2 large houses.

Bargain price. Call: New MOT, taxed until end of year. Central locking. CD player. Alloy wheels. Excellent condition throughout. Mike www. The condition of the car is excellent. For information call Please note tel nos. Contact number: Ideal for families or couples, for long or short holidays. The two rooms are very comfortable and can be rented together or separately at the special rate of euros per week each. Call Andreas on or Dimitris on Stainless steel appliances, washing machine.

Sky satellite tv. Covered parking. Can be rented furnished or not. From a Cypriot - with 20 years experience in a kindergarten - looking after infants and children at her house in Nicosia. Available in aprox. THE house is unfurnished. For many more properties with photos visit our website at www. All claims against the assets of the Company must be made in writing and include the claim amount, basis and origination date.

The deadline for submitting claims is 23rd November 3. Any claims that are not received by the company prior to the date set forth above will not be recognized. All claims and payments must be sent to P. New luxury 2 bedr apartment with nice view, sq. New luxury modern 3 bedr apartment,sq.

New luxury 2 bedr apartment with central heating independent, full ac, fully modern nicely furnished and equipped, big. Visit smaller ports than larger cruise ships, stop at a taverna for lunch, then hop back onboard for a snorkelling stop in the afternoon — this truly is an experience like no other!

New luxury spacious 3 bedr quality apartment, sq. In front of the house is a car port for 2 cars but has additional space for another 3 or 4 cars. For viewing, please knock on off. For further details, please call or after pm. Solar water heater, power shower. Italian kitchen. Fully equipped. Unfurnished, euro pcm Tel Security system, cabling and server room ready. Fully Furnished.

Opposite sea, swimming pool, tennis court, and security gate. Beautifully furnished throughout. Larnaca District. Quote TLL Please call us for a free valuation. Over rental properties in the Larnaca district at the most competitive rates! Flexible contracts available. Call for further information quoting Ref. In a quiet cul-de-sac, available unfurnished or furnished. Solar panels and pressurised water system. A great villa in a fabulous village. Will accept pets. Offering fantastic views of the sea.

Fully furnished with modern furniture and satellite broadband. Modern furniture with new appliances. Good sea views. Located in a fabulous village. A must see! Fully furnished with all appliances. This complex offers a lovely communal pool area and security barrier entrance. Close to amenities, a great central location.

Fully furnished washing machine etc. Covered veranda, and undercover designated parking. Phone Euro per month 3. Near Cynthiana Beach hotel and close proximity to Coral Bay. Overlooking the sea and metres from beach. AC in bedroom. Fully furnished with good furniture. Private drive for off street parking. Situated in the sought after residential area of Tala. Offering a peaceful setting with covered veranda and.

Euro per month - ono. And a 1 bed new apt, attractive and spacious, furnished with S. A lovely home with character. Master with ensuite. Large storage room. Covered veranda, garden with mature plants, private pool offering sea views. Off street parking.

Rental price includes pool cleaning. Covered veranda, private drive for off street parking. Situated in a quiet residential area. Guest wc. Beautifully furnished with quality modern furniture. Shutters to all windows.

Roof terrace with sea views. Fully enclosed garden with storage shed, covered barbeque area and private pool offering lovely views. A must to see! Spacious living rooms, all bedrooms with modern en-suites. Open plan living area. Stairs to 3 additional bedrooms and bathroom. Doors out to large roof terrace with views. Outside parking for 3 cars, large swimming pool, BBQ and water feature.

Landscaped gardens. Euros Open plan living area and dining area. Guest WC. Family bathroom. Large balcony, offstreet parking. Fitted kitchen, utility room. Parking, Swimming pool and landscaped garden areas. Very quiet area. Open plan living area with dining space. Fitted kitchen, 2 double bedrooms. Set in a rural setting the property enjoys privacy with no immediate neighbours.

Stairs to. Doors out to large covered verandah with panoramic views. Large gardens. Pool and parking. TALA - 5 bed, 3. Very large property with open plan living area. Fitted kitchen, storage cupboard, guest WC. Ideal for dual living. Electric gates and garden areas. Parking for several cars. Set in pretty location. Pool, landscaped gardens and parking. Available furnished or unfurnished. Consists of 3 large rooms 1 small.

Nicosia General Drug Law Enforcement Unit Narcotics Helpline Located in quite area. Building recently plastered and painted. Italian Kitchen, big verandas, big storeroom and convenient parking.

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The energy it calls for is similar to that of the hunter in the mountains, or the bouncer at the door of the club: not a fixed routine but a constant tension, an alertness, a fearlessness, a readiness to deal with whatever should suddenly erupt. Right at the end, as a special favour, he takes off his shades, just for a moment or two, then smiles and goes back to scanning the sea for swimmers in peril.

I say goodbye — but, before heading back to Nicosia, change my clothes in the car and go for a quick swim in the beautiful, warm August surf. Seems rude not to. The post Leading lifeguard is a man of the sea appeared first on Cyprus Mail. After having brought the village of Kalopanayiotis back to life, one of its leading sons has now been charged with advising the president on an ambitious plan to rejuvenate mountain communities.

Our interview with Yiannakis Papadouris begins where most other interviews end — at around the one-hour mark, when I switch off my tape recorder. This is where he comes into his own, this rather stocky, year-old man with the penetrating voice and thick glasses. This is where his vision unfolds all around us, with himself as voluble tour guide. Like all mountain villages, Kalopanayiotis has an ageing population and very few children live there.

The local school closed a decade ago, and — despite the recent transformation — has yet to re-open. The restaurant is doing well, reports the manager — but is there really enough tourism in a small village to sustain all these places? Despite an influx of EU funds, this is still a work in progress. And of course all the other mountain resorts are much, much worse.

If you go to Pedoulas, you start crying. Simply put, the government has its work cut out, the decline and depopulation of mountain areas being a decades-old problem. Yiannakis — a man who likes to talk in numbers and concrete examples, as befits a civil engineer — recalls his primary-school days in the s: when he entered school, there were pupils, when he left six years later there were He himself left in his teens, and spent almost 40 years living abroad before coming back and running for community leader.

Why did he do it? There are other examples of local lads turned wealthy benefactors, to be sure — but why him? So why come back? A sense of duty may have been involved; after all, his dad was also community leader, back in the 60s. But an even bigger factor, I suspect, may be simply that Yiannakis thrives on projects and micro-managing. I soon realise, however, that the tour is as much for his own benefit as it is for mine.

We pause for a beer at the restaurant in Casale Panayiotis, and he calls the waitress over and chides her — gently, but firmly — for not having brought us an ice-cold glass. His style is avuncular, never angry, but he does get involved. Sometimes my fellow employees complained to me that I interfered too much. His girls largely grew up with their mother, he admits, and blames himself for their un-fluent Greek. So I think it worked for the best. One, perhaps unfortunate side effect is a lack of other interests.

Even when he travels for pleasure his mind keeps ticking, on the lookout for new ideas. He likes to move around, dividing his time between here and Dubai, tinkering with his lifestyle as he does with everything else. How will such an active, dynamic man cope with working alongside civil servants not to mention the mukhtars of small mountain villages on the Troodos plan?

What about the fear that a government — especially this government — tends to confuse development with developers, though? Is the plan just to build a lot of villas, like in Paphos? Legislation needs to change, he explains; different criteria have to apply in the mountains. I hope his message gets through, I say earnestly. See that wall over there?

I designed it. See that painting on the wall? It shows what the building was like before we refurbished it. Good morning, Mr. Thank you, Mr. All in all, Yiannakis Papadouris is good company: down-to-earth, candid, outspoken. He looks around at the steep paths and huddled homes of Kalopanayiotis. His village, in more ways than one.

The post One man and his village appeared first on Cyprus Mail. The street is narrow and busy, and a car will occasionally slow down, its driver shouting something out to Haig Indjirdjian — sometimes asking for directions, sometimes a friend calling out a greeting, sometimes a possible customer.

A man in the last-named category asks if Haig has any old wooden Coca-Cola boxes. Haig answers in the negative, and the man drives on. So I burned them all! There are three small shops, but only one contains antiques. That shop is now boarded up, and has been turned — along with its neighbour — into a warehouse and workshop filled with boxes of hooks, screws and bushings, servicing the watch-repair business Haig carries out in addition to selling antiques.

Watches are the family business, the Indjirdjians having imported and fixed them for almost a century; Haig himself trained at Rolex in Switzerland, back in the day. They too, it appears, are among the clowns and incompetents who make his life a misery. We should note at this point that talking to Haig is great fun, this irascible year-old being a sober version of the angry guy you meet in a bar, the one who has theories on everything and a cutting quip to make about everyone.

Am I lying? We talk about lazy teachers, venal doctors, civil servants in general. Well-known names — Nicos Shacolas, Demetris Christofias — get bandied about. The man drives on; Haig chuckles darkly again. His dad graduated from the English School, and was classmates with Rauf Denktash whom he knew by his birth-name, Rauf Raif. Haig himself studied antique restoration in Switzerland, and thought about emigrating there after the invasion. No government of thieves to support.

Haig looks at me sourly. You work, you fight for your country, you do this, you do that. And what do you get for appreciation? And some people, just because they have a tongue five metres long, what you make in a year, they make in a month. I see his point, as we stand on the pavement in the mid-August heat. The old town is neglected. The answer is none, of course.

Is that all, after 45 years? I used to live in a house, a proper house. He gets up early and comes to the shop, just to see a bit of life. What does he do for fun? It was a paradise. In three minutes, the minister was outside! Why keep voting for the same gang of crooks? Is he even worth the dirt in my nail? Like the guy in the bar, you want to keep buying him rounds and listening to his stories. Still, he does seem to run into more than his share of chicanery and foolishness.

It almost makes you wonder if unhappy energy attracts more bad fortune, turning itself into a self-fulfilling prophecy. At least he has his treasures, the sundry antiques he loves to hoard. The items in the shop are just a sample; he has many more stored away. A life, above all, of making plans, and thinking about what comes next. I mean, it has to be done, you know? Fashion — i. She looks a bit like a student now, to be honest, a languid, unaffected young woman with big green eyes and a thin, noncommittal mouth, decked out in pink T-shirt and faded white beach shorts.

How does she usually dress when in Paris? Completely normal, I think. Most of the time a shirt and jeans. Marianna is no bimbo, despite all the stereotypes that may come to mind about working in fashion. I mean, like, we are super-independent now. And I think it ended, a bit, because of that. For a fashion designer, even the question of materials is an eco-quandary. Finding a job that fulfils you.

Finding love on your own terms. Trying to save the Earth, or at least not mess it up even further. The post Young fashion designer on the path to fulfilment appeared first on Cyprus Mail. With conservative parents and pushy peer pressure, the number of weddings taking place in Cyprus shows no sign of slowing down.

Needless to say, this is high season. Lily Papadopoulou had not one but two weddings to co-ordinate on Saturday, one more on Sunday in the picturesque village of Tochni then a two-parter during the week, church service and a cocktail party on Thursday followed by the dinner on Friday.

The office is small but designed to look bigger, with wall-length mirrors and a partition of potted ferns hiding the outside world behind their fronds. By their weddings shall ye know them. Both weddings were on the lavish side, at least for those days. Still, it goes without saying that neither wedding came with a planner, such a thing being entirely unknown at the time.

The closest we had in Nicosia was a florist named Angelina who also helped out with the venue, says Lily. She and Rena were pioneers, and even now — when other wedding planners, or self-proclaimed wedding planners, have come out of the woodwork — their role is often misunderstood in Cyprus.

What they actually do is far more onerous, a case of top-down planning from flower arrangements and wedding invites — they work with an in-house florist and graphic designer — to running power cables and looking after overseas guests. Markets work by supply and demand — and the rise of wedding planners is partly in response to some couples becoming more ambitious, and demanding something more imaginative on their special day.

Everything different, for us, is a challenge. One couple wanted a donkey so she had one brought down from a donkey farm, garlanded with flowers for the big day. Another bride — staying with the equine theme — asked to ride to church on a horse, like an Amazon, to be met by her groom at the entrance and coaxed off her mount with a bouquet of flowers.

Alas, the horse got skittish and refused to play along, necessitating a delay while Lily and Rena tried to find a replacement horse — which of course had its own problems, since the bride had taken riding lessons on that particular horse and felt a bit insecure on some random steed. Being thrown off a horse on your wedding day would indeed be memorable. Things go wrong occasionally; just last week, the groom fainted dead away in the middle of the ceremony was it the heat?

What happened with the groom who had a panic attack? And of course there are also those couples where you sense something not quite right in the dynamic. Around one in three marriages in Cyprus currently end in divorce. The whole institution is tottering badly. Some couples genuinely believe in the sanctity of marriage.

But conservative peer pressure and pushy parents also have a lot to do with it. Sounds about right. Cyprus society is, after all, quite conservative, and parents do wield disproportionate influence over the lives of their grown children. She has no hobbies to speak of, nor other passions.

She seems sociable, personable, obviously very good at what she does, and perhaps a bit conventional. The divorce rate is going up all the time, I note glumly; maybe their work will start going down soon. Ayias Mavris street in the centre of Ayia Napa is a street full of bars though also, incidentally, the street where the Town Hall is located.

There they are, the signs and shopfronts and enticements to drunken youth which have stood the town in good stead for several decades now. His desk is piled high with papers, so much so that we head to a narrow conference table for the interview. Yiannis talks fast, and mostly about Ayia Napa. Noise pollution is no laughing matter, he chides, vividly comparing its effect to milking a cow — i. Does he really think he can manage without them? So we set out a strategy in and we started the implementation of this strategy, meaning it was time to upgrade Ayia Napa, plus to upgrade the nightlife of Ayia Napa because it does not represent what we believe is sustainable for the city.

You need to have experiences. Things to see, things to do. Our monastery is about to be turned into an archaeological museum. Things to do! We basically want to transform Ayia Napa into a town of experiences, of parks and monuments. And landmarks. Not just the sun and the sea. In , we had , arrivals in Ayia Napa.

The investor plans to turn it into the finest marina in the Mediterranean. Various thoughts flicker through my head at the close of this impressive presentation. The second, heretical thought is that no tourist is seriously going to come to Ayia Napa to see sculptures and visit museums — but Yiannis, predictably, has statistics to bolster his case. It also discourages Brits from coming at all: only 8. The resort already caters to plenty of other demographics: 1, weddings a year, football teams coming down for winter training, senior citizens, families.

And why not? We come to Ayia Napa for the sculpture park, congratulations! The park contains sculptures by artists from all over the world, he informs me. A 2,seat amphitheatre is due to be built soon, depending on funding. The marina should be ready by next year. Roads in the centre of town will be upgraded.

CCTV will be installed. How uncritically can we take Yiannis Karousos? His account of life in Napa does seem slightly too rosy. His metaphor of milking a cow seems oddly appropriate. Does the centre of Ayia Napa have a character? They knocked down everything — they pulled down all the old houses, on the altar of money.

They destroyed them, back in the 80s. Did you know the mediaeval aqueduct ran right through the middle of Ayia Napa? That kind of tourism — a human connection that had nothing to do with money — is never coming back. Is he nostalgic? And then what? Maybe an MP? Or even higher? What does Aras Gibieza think about climate change? Is he a dog person or a cat person? I do acro-tricks. He was never in a gang, but he knows about racing.

He knows how it feels to be racing the famous Brno circuit in the Czech Republic, with its 1. We should also mention that Aras Gibieza will be 29 next month, meaning he was barely 17 years old in He started young. Actually, he started very young. On his sixth birthday, young Aras asked his mum for a motorcycle helmet.

I made a wheelie after one week. I was riding scooters for six years, then, when I was 16, I got my first real bike. I was, like — I was the kid with the passion. Maybe because I put a lot of work into it. His life, at almost 29, is an enviable one. Was he good at school? Did it actually change his life?

If something bad happened, [at least] it would happen doing the thing I love. There are other skills too, of course. All driving is a form of control, harnessing the mechanical beast, but stunt riding takes it to a fine art, enjoining control not just in general but moment-by-moment. Anything else? Any message to the world? The post Stunt rider popping award-winning wheelies appeared first on Cyprus Mail.

To be fair, some things could stand to be upgraded. We speak, of course, of Romylos Pub in Nicosia, founded in by Panayiotis Kyriakou and officially the CTO confirms it the oldest still-functioning pub on the island. But I was thinking of my family, my wife after all these years.

At the moment I have no plans, just to relax. He must really like to talk, I venture. I might sit down, and there might be 20 people having a conversation — I just sit and listen. If someone asks me something, I answer. This, I suspect, this sturdy unexcitable quality, was precisely what prompted an Indian princeling to offer the young Cypriot a job in his London casino, all those years ago.

The story begins in Yerolakkos, the now-occupied village just outside Nicosia where he was born, the son of a shepherd. Panayiotis was the second of eight siblings, and the family was by no means rich — so he emigrated in his early 20s, moving to London where he worked in construction and as a house painter.

He soon graduated to running his own place in north London — then, when casinos became fully legal in , applied for a licence to open a big casino and betting shop in the West End. He built a house in Yerolakkos — it was going to be the first house in the village with central heating — sending money to his brother to build it. The whole family sailed back in July , first the kids, then Panayiotis himself; he arrived on the day of the invasion — and of course never even saw the Yerolakkos house, let alone lived in it.

And here we are. I always worked very honestly. The pub never had a bad name — because you heard a lot about pubs in those days, when they had women, selling women and so forth. Here, never! I never allowed such things. The years have indeed passed quite smoothly. Because of my manner, whatever. They never messed with me. Not there, not in Cyprus. That, more or less, is the crux of the matter when it comes to Panayiotis Kyriakou.

He plays it safe; even his low-key, laconic persona is a function of playing it safe. Kyriakos graduated from the English School, and is now in financial services; his older sister Diamanto has a job at the Foreign Ministry. It is indeed a museum, its subject being 80s ephemera.

The pub was buzzing in those days, the 11am opening being a particular attraction — because those were the days when Cyprus was teeming with offshore companies, most of them staffed with Brits whose job was to keep an eye on things and send the occasional fax. This was pre-internet, and of course it was also pre-Starbucks and Costa Coffee; from late morning, Romylos was packed with underemployed expats with a taste for Keo and nowhere else to go. Then came the exodus, of course.

Then came the smoking ban, which hit the place hard despite the addition of a small balcony. Whatever the reasons, traffic has definitely slowed at Romylos. Will he return as a customer? I leave him behind the bar, fiddling with the nozzle on a beer keg, his year-old frame bent double as he shows the new owner how to deal with the problem. A man in his element. The post Pub owner calls time on a life behind the bar appeared first on Cyprus Mail. With shows that bring together discipline and freedom and dancers showing differing grades of stillness, one Cyprus-born dancer has taken the world by storm.

Maria Hassabi stands silently in the Point Centre for Contemporary Art in Nicosia, a few hours before the opening of her first-ever solo exhibition in Cyprus the exhibition runs till October A ground-floor room is hosting a screening of clips, shown on a loop, from her recent performative works Staging and Staging: Solo 2 — but the video playback is having some technical problems, so she stands in a corner of the room watching patiently as the techies try to make sense of it. Suddenly she raises her arms to heaven, as if embarking on a yoga exercise, then, in the same flowing, unostentatious move, bends over, placing her hands on the floor — then continues the move, having now stretched her calf muscles, by crouching down low, just a couple of inches from the floor, and holding that pose, hunkered down comfortably and watching the men work.

I actually know Maria personally; I knew her family well though mostly her two older brothers when we were both children. Some artists like nothing better than to chat companionably and often pretentiously about their work, others just do it. Does she ever lose her temper?

She speaks with a mainland-Greek accent, having spent more time in Athens than Cyprus in recent years, and its rather snappish rhythm adds to her edge. She has an exhibition coming up in a few hours. Slowness and stillness are disturbing in themselves, messing with our sense of lifelike rhythm. Do we cherish movement as a proof of being alive?

Does she use that subtext in her work? So is that the point? Where does it come from, this impulse? She was born in November and went to CalArts, the California Institute of the Arts, in , having finished high school at That edge again!

Plastic also won her the Bessie in , for Outstanding Production. Was she surprised to win? I hated all of them! Stress, it would be nice if it was less. In the end, what holds Maria Hassabi together may be the exact same thing that tends to pull her apart: her work, with its constant strains and challenges, and joys and triumphs.

Friends reminisce, and she draws a blank. The past grows fuzzy; the now is everything. We hug, after all these years, and I leave her to do what she does best: fix the pink tape on the railing, and try to figure out what those techies are doing. The taste for adventure and a world that was larger-than-life led one woman to lead a life in film.

I imagine Kathleen McInnis rescuing strays, or swiftly intervening if a man berates a child in the street. She also used to own a cheese-and-wine shop, called Brie and Bordeaux. The story she tells is of a skiing accident in the mountains around Seattle, after which she started leaving notes for customers — including the occasional movie review — in the window of her cheese-and-wine shop, and became inadvertently known as a film journalist. Kathleen laughs uproariously, which she does quite often.

I live close to the ground. You see what I mean about rescuing strays. She lived with a man for four years, and settling down seemed a real possibility. But right now, I feel like all my filmmakers are my kids instead. The taste for adventure and a world that was larger-than-life came from Grandma, or perhaps it was passed down genetically.

The opinionated streak may have come from growing up in a household of strong-willed people. Her expansive quality — the way she dominates a room — is a function of that, and can rub certain people the wrong way. Kathleen laughs again. And I was right! A longer pause. Who are taught that aggression is how you move forward in the business. Who are taught to dismiss anything that wastes their time — and, by default, women waste their time.

Will any of them even play outside their respective countries, and perhaps a handful of big markets? Everyone seems to want Hollywood films nowadays, I suggest. The only filmmakers with whom she never — or seldom — works are her fellow Americans. I like to help the other ones. Is it all part of rescuing strays? I imagine her hiking one of her favourite pastimes up a high jagged mountain, climbing over rocks and other obstacles, climbing all the way to the top — then just standing there and laughing at the sky, uproariously.

A walk on the Troodos with Sophocles Markides is much more than a stroll along steep and winding nature paths. It is a walk through the history of the country he loves with equal amounts of passion and, let it be said indeed, it must be said , exasperation. Bounding along the familiar trails, he enthuses about the scenic contours, clearly a source of great pleasure and serenity to this complex and multi-faceted man.

His love of nature and landscape is infectious but stray from the topic of the great outdoors and into the world of pettifogging bureaucrats and the sky will darken and the storm clouds will gather. Sophocles does not suffer fools gladly and in his view bureaucrats and politicians mostly fit that category.

Ironic this, given that late in life, the now year-old Sophocles became the mukhtar of Fikardou, the unique mountain village transformed in the late s by the Department of Antiquities into an open-air museum, full of original 18th-century stone-built dwellings. Sophocles Markides was born into a prosperous Nicosia family, one of two children, privileged and, by his own admission, somewhat spoiled.

His father launched into business in his early twenties and by had set up the Cyprus Transport Company, which was the largest non-public sector employer on the island with more than 1, employees. Sophocles attended the Pancyprian Gymnasium during turbulent times when his parents were active in Eoka to the extent that the family home was raided frequently. At one point his mother was jailed for 18 months. Sophocles himself became a member of the Eoka youth movement.

In the spring of , he was arrested and taken to the police station. Instead, he was hustled away to the airport, put on a plane and sent to Greece. Once there he found himself enrolled in the Anavryta Classical Lyceum with its exclusive intake of the sons and heirs of the Athenian elite.

However, year-old Sophocles, showing the stubbornness that was to become a signature characteristic, was unimpressed. I wanted to go back to Cyprus and fight in the mountains. Finally a friend convinced him to stay, arguing that there was no need for him to go back to Cyprus just then. Once he reached the sixth form, he qualified for even greater privileges since it was part of the curriculum for the top class literally to dine every fortnight at the palace with the royal family.

His favourite was Princess Irini. Despite such heady outings, it was a tough school and he benefited from its emphasis on the responsibilities of duty and leadership. I thought everyone was well off. The school taught us humanity, the need to help and lead, to be compassionate and civil, considerate of others, not condescending. After graduation Sophocles read economics at the City University of London, taking his degree in Back in Cyprus, he came first among applicants for a position with the government planning bureau, took up the think tank post and found himself answering direct to the President.

He married the next year and worked in government until , when he left Cyprus to pursue a PhD. He never got to finish it because he was called back to Cyprus to help with the family business. Everything is very disconnected. A friend there said there was no plan in Kyrenia either, just chaos. He was released from military service in October , but as his wife and two children were in the UK and the house was empty, he headed off to the family-owned hotel in the Troodos.

Seeing that many government houses in the vicinity had been vacated, Sophocles broke in and he commandeered some empty hotels to accommodate the hordes of refugees who had been huddling under trees in the cold. The British base in Troodos helped with blankets.

In January , Sophocles was the recipient of an official letter from the district office in Limassol, accusing him of damage to government properties and of housing refugees who he must now remove from said premises. Never has. They are bunch of liars. With a touch of relish, Sophocles admits that he likes to challenge the system.

They passed a law to capture crooks in the government and local authorities. But then when they send me a form to fill in and the currency stated on it is British pounds — not euros! The form has since been modified to euros and an eager Sophocles looks forward to his day in court. He says he has won many cases and spent considerable sums in taking such actions. But why? You have to try. I take on people within the system who make wrong decisions be it the president, ministers, whoever.

If somebody is wrong, they have to be removed. It is usually people who do wrong — the actual law is good but implementation is wrong. Like the law on local government — something that is very close to me as a mukhtar. Sophocles and family lost access to friends and properties in the north after the events of For years he and wife were looking for a place in the mountains.

Twenty years later, thanks to a friend who lived nearby, they were introduced to Fikardou and there they found what they were looking for, literally, a property perched on a peak. An architect friend helped build a home making sure not to spoil the mountain or the stone walls lining the plot.

Not long after arriving in the village, Sophocles was asked to join the village council and he agreed principally to help the then mukhtar, Yiannakos, a local taverna owner, with administration. Five years on and he was asked to be the new mukhtar, a post he reluctantly accepted, conditional on Yiannakos agreeing to be part of the council.

These days there are only three permanent residents in the village proper, while some 50 people live in the immediate hinterland. Among EU member states, the lowest unemployment rates in July were recorded in Germany 4. Compared with a year ago, the unemployment rate in July fell in 23 member states, increased in three and remained stable in Belgium and Romania.

The largest decreases were in Bulgaria The biggest increases were registered in Finland 8. The central government posted fiscal deficit of EUR 69 mln, or 0. According to the consolidated accounts and administered funds on a cash basis, released by the Ministry of Finance, the central government presented a primary surplus the balance excluding interest payments of EUR mln compared to a EUR mln surplus in January-July Revenue for the first seven months of the year declined by 2.

Revenue from taxes declined by 1. Revenue from income tax accelerated by 2. Revenue from other direct taxes dropped Indirect taxes for January-July this year saw a marginal reduction of 0. Revenue from excise duty rose by 0. VAT revenue increased by 2. Revenue from other indirect taxes slumped Contributions to Social Security rose by 3. Public sector wages and salaries reached EUR Expenditure for goods and services declined by 2.

Social security payments in the seven months of declined by 4. Social pensions rose by 0. Capital expenditures declined by 4. The discussion of the bill was completed on Tuesday and the bill will be brought before the plenary where it is expected to be passed unanimously, according to portal Stockwatch. During the committee meeting the government submitted a revised version of the bill which includes the majority of suggestions by political parties.

On the other hand, the Democratic Party DIKO will submit an amendment which provides that the repayment of transfer expenses be made in 12 equal, interest-free. Another 14, properties refer to cases where land developers initiated the procedure for issuing title deeds voluntarily.

For 12, cases, a procedure for issuing a title deed has started by the director of the Land Registry including 8, cases for which plans are prepared. For some of the 20, remaining cases, developers will initiate the procedure for issuing title deeds, while for another number of property units the director of the Land Registry will initiate a procedure for issuing titles.

The side stands have the seats that sell the fastest, said a spokesperson for the organisers. Hotels, that are partners together with all the Paphos municipalities in the non-profit company that hosts the opera each year, are also selling tickets directly through their own reservation systems as many are offering short-stay packages, with lavish opera-themed dinners and transfers. Other hotels are offering a single night bed and breakfast rate, including opera tickets, starting from EUR 59 per person.

The most popular nights for the opera, that accommodates 7, people over the three-day event, are the premier on Friday September 4 and on the Saturday, with the Sunday event regarded as a more relaxed and performance. Coming out of the economic crisis, corporate ticket buyers are also returning this year to complement the main sponsors Ministry of Culture and the Cyprus Tourism Organisation, as well as forex company Banc De Binary. Paphos Mayor Fedonas Fedonos, ex-officio President of the board of the organiseing company, said that in the past 17 years, Paphos and Cyprus have left their own mark on the cultural map of Europe, highlighted by the fact that the town has been designated as Cultural Capital of Europe for The first in an occasional series of what I believe to be the best recipes Cyprus has to offer — what could it be other than….

Not surprising, I suppose, because, as every Italian housewife has her own recipe for a Bolognaise Sauce, so it seems every Greek home, restaurant or taverna has its variation of Moussaka. Is there a proper, classic, way to make it? Maybe not, but I like to think so. Firstly, I believe the meat used should be lamb, minced — Cyprus taverna keepers, please note!

I would think that of the hundreds of times I ate Moussaka outside of my home the meat used was pork. Secondly, the meat should be the main ingredient. Here are three examples…. This included several trays of bubbling golden topped Moussaka, lots of roast potatoes and various salads. Vegetables to the fore in this one! Not very appealing.

No potatoes here. A thin layer of potatoes cooked al dente and then sliced, as a base, then further layers of meat sauce and sliced cooked aubergine. Frankly, I am happy to leave out the potato and increase the amount of meat sauce. I also like my aubergine peeled, sliced thinly and cooked through. The best way to do this is to brush the slices with olive oil and grill them on both sides until they start to brown.

My most memorable Moussaka was a few years back when Mary and I played host to some young Japanese TV show prize winners on a world tour, with an accompanying TV crew. Heat a heavy medium-large non stick frying pan. Put the diced Pancetta or fatty bacon into the pan, stir-fry to melt the fat.

Add the lamb, season with the chillies, oregano and garlic and brown well on all sides. Sprinkle with salt, cook for about 30 seconds and then lift the meat out with a slotted spoon and set aside 5. Add the oil to the pan and heat. Lift out the mushrooms and set aside with the lamb. Pour in the wine and vinegar and boil briskly until the liquid has nearly all evaporated. Add the diluted tomato paste to the pan with the flour.

Cook, stirring constantly, for 2 minutes or so. Sprinkle with some salt. Return the lamb and the mushrooms to the pan and cook, covered, until the lamb is very tender, about minutes. Go to www. The Chinese economy is slowing and the slowdown will touch the rest of the world. Data from the carefully followed Caixin research agency confirmed this.

Fitbit fends off Apple to retain lead in worldwide wearables market Despite the arrival of strong competitors such as Apple and Xiaomi, Fitbit has retained the lead in the global wearables market in the second quarter of The maker of fitness tracking devices shipped 4. Speaking of added functionality, Apple managed to sell 3. Between April and June, Source: Statista.

But it was down from The first of. No matter what the reason, the Chinese government has started to scramble to support its stock market and what seems to be a sharp dive in the fortunes of its flagging private sector.

Unless those efforts take hold soon, the IMF view is right. Trainloads of migrants reach Austria and Germany, as EU asylum system collapses Trainloads of migrants arrived in Austria and Germany from Hungary on Monday as European Union asylum rules collapsed under the strain of a wave of migration unprecedented in the EU, according to EurActiv.

In line with EU rules, an Austrian police spokesman said only those who had not already requested asylum in Hungary would be allowed through - but the sheer pressure of numbers prevailed, and trains were allowed to move on. His wife held their sick baby daughter, coughing and crying in her arms, at the Vienna station where police stood by as hundreds of migrants raced to board trains for Germany.

Khalil said he had bought train tickets in Budapest for Hamburg where he felt sure of a better welcome after traipsing across the Balkans and Hungary. Late on Monday, a train from Vienna to Hamburg on which migrants were travelling was met in Passau, Germany, by police wearing bullet-proof vests, according to a Reuters witness. Police entered the train and migrants were asked to accompany them to be registered.

About 40 people were seen on the platform. Merkel, whose country expects some , migrants this year, said the crisis could destroy the Schengen open borders accord if other EU countries did not take a greater share.

That will be a central. She said Germany must speed up the vetting of asylum applications, build more centres for new arrivals and ensure that the costs of tackling the crisis were fairly shared between the federal government, states and municipalities. She stopped short of singling out other European countries for refusing to take on refugees but made clear that it was important for the bloc to reach agreement soon on a common asylum policy that spread the burden more widely.

But it is far from certain her view will prevail when EU ministers hold a crisis meeting on September Britain, which is outside the Schengen zone, says the border-free system is part of the problem, and a bloc of central European countries plans to oppose any binding quotas. Refugees who managed to board the trains heading west on Monday mixed with well-heeled business travellers and tourists, some of whom were angry over the delays to their journey.

Austrian authorities have stopped hundreds of refugees and arrested five traffickers along the highway from Hungary where the abandoned truck was found near the Hungarian border. Interior Ministry official Konrad Kogler denied the clampdown, which includes increased checks on the eastern borders, violated the Schengen accord on free movement.

Mohammad al-Azaawi, 18, from Syria, said he had abandoned his engineering degree and fled the country after being wounded by a car bomb. He showed reporters scars on his stomach. The family had had to sell their house to raise the money. The European Union could soon fund and set up new reception facilities for asylum-seekers in Hungary as it is already doing in Italy and Greece, Migration and Home Affairs Commissioner Dimitris Avramopoulos said on Monday.

Hotspots will serve in part to bolster national efforts to process requests for refugee status. They have also been promoted by Germany, France and other wealthier states to help ensure their southern neighbours register and fingerprint those arriving, rather than allow them to head north unchecked. Greece has seen a surge in the number of refugees arriving by rubber dinghies from Turkey, with aid agencies estimating about 2, crossing over daily in August, mostly from conflict-ridden places such as Syria, Iraq and Afghanistan.

The numbers of migrants being picked up by the coastguard have been rising steadily over the past week and the figures for the past three days are at the higher end of those seen this summer, a coastguard official said. All interceptions of migrant boats in Greek waters are classified as coastguard rescues even if the vessels are not in any danger or need any help. After a hiatus of a few days last week, Greek authorities resumed ferrying Syrian refugees to the mainland by ship on Saturday and the latest group of 2, refugees arrived at the port of Piraeus earlier on Monday.

Most of them are expected to make their way to the border with Skopje as part of their journey into northern Europe, suggesting larger crowds could amass at the. Tensions peaked at the Greek side of the border last month when Macedonian police. Overwhelmed authorities later gave up and have since allowed refugees to cross over.

Hungary - which has been scrambling to reinforce borders to cope with the migrant influx - plans to tighten migration laws this week and set up holding camps near Serbia. More than , people have crossed the Mediterranean this year, including nearly , arriving in Greece and , in Italy, according to the UN High Commissioner for Refugees.

An average of 1, migrants crossed into Greece daily in July, with the number topping 2, daily in August, Kyrousis said. The arrivals in recent days were continuing at the higher end of levels seen this summer, with 4, people arriving on the island of Lesbos on Saturday alone, he said.

Like Macbeth, policymakers tend to commit new sins to cover up their old misdemeanours. Judged by this standard, the eurozone, comprising 19 established democracies, lags behind the largest non-democratic economy in the world. In the early s, the traumatic breakdown of the European Exchange Rate Mechanism only strengthened the resolve of EU leaders to prop it up.

The more the scheme was exposed as unsustainable, the more doggedly officials clung to it — and the more optimistic their narratives. The last five years of economic policymaking in the eurozone have been a remarkable comedy of errors. The list of policy mistakes is almost endless: interest-rate hikes by the.

How can European policymakers get away with it? After all, their political impunity stands in sharp contrast not only to the United States, where officials are at least accountable to Congress, but also to China, where one might be excused for thinking that officials are less accountable than their European counterparts. Chinese officials may not be answerable to a democratically elected parliament or congress; but government officials do have a unitary body — the sevenmember standing committee of the Politburo — to which they must account for their failures.

Time after time, the EU rejected and denigrated common-sense policies. No follower of Ronald Reagan would quarrel with my plan. The EU, on the other hand, demanded — and imposed — increases in all three tax rates. Yanis Varoufakis, a former finance minister of Greece, is a member of parliament for Syriza and Professor of Economics at the University of Athens.

The turbulence of the international markets will not destabilise the European economy, Pierre Moscovici said on Tuesday. The French Commissioner said that the Chinese and Russian authorities were making significant efforts to ensure stability. Last May, the Commission predicted growth in the eurozone of 1. I am convinced that the recent developments on the financial markets, which are still in process, will not destabilise the European economy. September 20, when Alexis Tsipras will attempt to form a more centrist, europhile majority government.

Instead of the government taking radical steps to solve the root of a problem it is happy to resort only to half measures to fix some of the old problems. I am referring to the bill tabled by the government to protect trapped real estate buyers. We as an association fully support the content of such a bill, to protect those who have or are willing to fulfill their obligations towards developers but cannot obtain a title. The problem arises because banks or the tax department are blocking the transfer of titles to the buyers when the developer has overdue liabilities.

Blame the past It is true that bad practices of the past are plaguing the real estate sector and the state is trying to solve them now by adopting half-measures. Why do we say this? The reason is that if the bill wins the vote of the parliament this coming Thursday it will not solve. There are currently thousands of properties without a title deed. The bill will do nothing to help the thousands of owners who bought and paid for their property without knowing when the title will be issued. As the procedures and legislation stand now, people buying properties do not know if they will ever obtain a title deed.

The fact is that title deeds are not issued on time. A lot of things take place between the day a sales contract is signed and the day titles are issued. The longer the time that lapses, the bigger the problems. Let us not forget the numerous cases of foreigners, especially British expats, who wanted to sell their properties after but could not do so as they had no title deeds. In order to solve this problem the day the developer delivers the keys into the hands of the buyer must be the same day the title is issued and transferred in the name of the buyer.

This is the best policy and is followed internationally, in. Project Engineers To be able to achieve this it is vital that checks are carried out by the authorities during the construction of a building. We might also need to involve the engineers responsible for the construction who will verify compliance to the rules and regulations. The Ministry of Interior must be the one to design the new procedures.

We can offer our experience and expertise. Do not get me wrong; we applaud the spirit of the tabled bills, to solve problems created over the years. However, most importantly we must adopt simple new practices and avoid the existing ones short-circuiting the whole system.

More simply put, title deeds must be delivered to the buyer on the same day of the delivery of the property, to avoid problems in the future. Aristo Developers says 1, title deeds are ready Aristo Developers announce that more than 1, property owners were informed in August that their title deeds were ready. The company said that these title deeds, relating to properties worth a total EUR mln, are free from any encumbrances and are available for immediate transfer.

Thus, even if these properties had paid their mortgages or loan in full, and had been blocked at the Land Registry as being linked to other Aristo projects, they are no. Following the recent incentives announced by the government of zero or reduced transfer fees, Aristo Developers has called on its customers to take advantage of this opportunity and proceed to obtain their title deeds without further delay.

Regus Limassol moves to new address Zilli opens menswear store at Limassol Marina Premium menswear store Zilli has just opened its first outlet in Cyprus, making the Limassol Marina property the latest in its network of 62 stores across 21 countries. The House of Zilli was born in when Alain Schimel bought a small specialist leather workshop in Lyon. Five decades later, creativity, experience and outstanding materials are responsible for the iconic collections of leather jackets, coats, suits, shirts, footwear, knitwear and denim, all of which have confirmed Zilli as the craftsmen of modern luxury.

Audemars Piguet watches are the next highly anticipated arrival in the series of luxury shops at the Marina where luxury apartments are ready to move into and the first exclusive villas with private berths or direct access to the beach have just been delivered to their owners. For information call 25 or visit www. Regus has moved its business centre in Limassol to a new address, Victory House on the central Makarios Ave.

The new centre offers ample parking for customers and visitors, a business lounge, virtual office, day office, meeting rooms and hot desk services, videoconferencing services and 24 hour access to the facilities. For information visit www.

Leptos Estates has given a complete facelift and relaunched its website www. The new website is the result of 6 months of planning and development by the Leptos team and WebTheoria Ltd. Leptos Estates was established 55 years ago and is now the leading property developer with a land bank of prime locations in Cyprus and Greece.

To date, the company has delivered more than 25, homes and has offices and sales representatives in 75 countries. Is the lowest bid the best offer? This may not be wrong, but is it in the public interest? So, we end up with a system where whatever the experience of a tenderer, outsourcing work to our own area of property development or real estate, all kinds of bids are submitted with a difference range from EUR 1, up to 5, This huge difference, as an indication, especially in cases that result in the courts, such as expropriation, feasibility studies, etc.

In a recent case, the difference from our bid of EUR 3, to the successful bidder one-man office with a history of two years was a mere euros. The case eventually ended up in court, where we as defendants appeared on behalf of the owner and our colleague represented the expropriation authority. The outcome is still pending, but in courts, apart from expert and scientific knowledge, a huge part of the argument is based on impression the witness will give the court.

This reminds me of the notorious assessment of the premium property opposite Hilton hotel for the Qatari project where we submitted a bid and won for EUR 5,, while the other bidders put in for 20, Do they adopt or reject it at will? Perhaps, the best way is for tenders to first consider the basis of experience and knowhow, and at the second stage to opt for the cheapest bid.

Looking to find the most suitable solution, the regulations for tenders are not feasible because the Tenders Council will raise objections. In the case of the Qatar investment, and to the credit of then president Demetris Christofias who was harshly critical of the system, the whole deal was up in the air because of oppositions and. The other party may have failed to convince the Tender Board, but on the other who paid for the whole delay? The whole deal may have eventually gone belly up for other reasons, but imagine what would happen if we had all been in agreement and the transaction failed because of our own appeals and objections process.

In the past, we have also been assigned environmental impact studies which are often dished out in a haphazard way, to which ETEK here we agree with them argued that the quality of the reports should seriously be taken into consideration.

This is where we need ETEK to stand firm in its interventions to the state or public services and a system where the non-runner up tenderer would indeed have the right to protest, but not to stop the whole procedure that would cause further unnecessary delays. The problem is particularly obvious in architectural competitions where work stops because of these procedures such as the Paphos.

Plot Area: sq. Building Height: 24 meters Max. The growth of the Cyprus economy and the implementation of such projects should be the primary goal, especially in view of the current economic situation and perhaps a change should be introduced in the law to award the lowest tenderer some form of compensation if the cheapest bid was initially disqualified for other valid reasons.

It is not fair that the process is constantly one-sided to the detriment of the state. Further education in all matters is necessary. However, the recent comment by Transport and Communications Minister Marios Demetriades regarding the new project for a national museum in Nicosia was the worst. Asked how the cost of the project will be reduced from EUR 70 mln to 50 mln, as estimated by quantity surveyors, he was completely negative undermining the profession, while to the question of who will undertake the task in the planning and oversight stage, up until the final tender is awarded, and if someone will monitor or follow up on the decision, he had no response.

So, this project is crucial project of monumental importance for tourism and revenue inflow to the capital, will probably never be implemented unless there are changes in attitudes or otherwise. This is a market correction, not a market meltdown dramatic selloff during the final hour of trading on Tuesday.

Investors remain on the back foot as ailing equities markets around the world continue to cause uncertainty with fund managers. Friday, August 21 and Monday, August 24 hit global bourses incredibly hard, but by Tuesday, August 25, European markets erased much of the losses and U. However, in the final trading session on Tuesday, U. It is clear that China is staring down a barrel.

On the first day of last week the Shanghai stock market plunged 8. Analysts are highly sceptical about that figure and many believe that the true figure could be half that. Despite the interest-rate cut, the Shanghai Composite ended the day on Wednesday, August 26 some 1. The Shanghai Composite dropped to an 8-month low on Wednesday on the back of bearish sentiment among investors and traders. Highly erratic trading activity characterised the Chinese bourses, with the Shenzhen.

Composite plunging 3. The negative sentiment in Chinese equities is somewhat surprising given the strong gains posted by Chinese insurers and banks whose stocks rallied on the back of rate cuts. One of the biggest problems facing China is capital flight.

Since the economic slowdown and currency devaluation, international investors have been pulling their money out of China, or earmarking funds for other investment opportunities — notably U. European markets managed to recoup some of their losses for the day after opening lower. But the good news is that U.

That coupled with geopolitical crises have fuelled the uncertainty and volatility with major currencies. Economic weakness in China has led to a global commodities meltdown with prices of oil, copper, precious metals and other produce dropping significantly. Massive capital flight from BRICS countries and other emerging market economies has seen these currencies depreciate at an unprecedented rate.

We cannot discount the fact that global GDP is declining, as evidenced by the dramatic appreciation of the USD against a basket of currencies. Long-term loans in USD are now markedly more expensive and emerging market currencies are coming under tremendous pressure. These trends are commonplace among emerging market economies.

But equities are a long-term investment and stock markets invariably go through many cycles. Note that this column does not constitute financial advice. Markets are waking up to further signs of economic weakness in China following another PMI contraction overnight from Monday. What does the data mean for the PBoC? The central bank is going to remain under intense pressure to continue reinvigorating economic momentum with this including the heightened possibility of more interest rate cuts, loans available for banks and probably further Yuan devaluation.

What is the threat to the global economy with China slowing down? The greatest risk is that exports and basically trade relations with China are set to decline. As peculiar as this might sound, China can actually handle slower economic growth because the economy is in a transitional stage where it is trying to diversify from any particular sector and build a domestic reliance.

The problem with this is that those economies which are dependent on trade with China will have to handle the fallout from this, which ultimately will mean less trade from China. The central bank is refraining from talking down the currency on such a regular basis, and the major reason is because it is fully aware that the currency will decline anyway with the China risks continuing. Australia is a major trading partner with China, meaning that the Australian economy is naturally going to face downside pressures with the China economy continuing to show weakness.

The comments from BoE Governor Mark Carney over the weekend that the UK economy is somewhat protected from global shocks was a likely attempt to raise investor sentiment towards the Pound and UK markets, while also preventing the FTSE from further losses.

The sharp bounce in commodities like WTI will allow some of these EM currencies to begin recovering sharp losses, with economies linked to commodity exports noticing an improvement in investor sentiment. Bearing in mind that it was the Malaysian Ringgit that was punished the most throughout the late summer months, this could also be the currency which benefits and welcomes an opportunity to recover losses.

In the longer term there are still risks ahead such as the fallout of declined China trade and increased inflation pressures, but WTI continuing to rally will at least allow the USDMYR to target 4. The Indonesian economy is heavily reliant on commodity exports, so it is natural to expect the sentiment towards both the Indonesian markets and Rupiah to improve following the sharp gains in WTI. Indonesia is still at risk to further downside pressures when you take into account that GDP forecasts are already missing expectations and that China is a major trading partner for Indonesia, however the improved investor appetite for oil still represents a welcome opportunity for the Rupiah to recover some losses.

While India is far more protected than other emerging markets when it comes to downside pressures and is actually impressing investors when it comes to its economic performance in , the Indian Rupee still hit a fresh two-year low above 66 against the USD last week.

While the sentiment towards India is robust, it is the threat from the central bank that it might not yet have concluded monetary easing, despite already acting on more than one occasion this year, that is restricting the currency from recovering losses. For information, disclaimer and risk warning note, visit: www. However, this rediscovered stability does not reflect any market belief that the renminbi is now appropriately valued following its modest fall.

As we see it, the central bank has three options: 1. Continued intervention to maintain exchange rate stability. If successful, the PBOC could scale back its interventions, allowing the renminbi more leeway to float freely. The risk for the PBOC would be if its interventions fail to overcome depreciation expectations.

Cease intervention and allow a sizeable devaluation. A large one-off move could have the merit of curtailing expectations for further depreciation. However, the costs entailed by such a strategy would be considerable. Moreover, a big one-off devaluation would inflict severe damage on the balance sheets of those Chinese companies, including many state-owned enterprises, which have borrowed in US dollars without hedging their exchange rate risk.

Scale back intervention and allow a gradual depreciation. Chinese policymakers prefer to move gradually whenever possible. Both interest rate liberalisation and capital account opening were pursued one step at a time, and when the consensus argued that the renminbi was deeply undervalued, the central bank only allowed a gradual appreciation.

A gradual depreciation now would avoid inflicting a major shock on the economy, and so would be politically acceptable. However, there would be risks. Each strategy has risks. The best outcome for the PBOC would be if its interventions allayed depreciation expectations and renminbi buyers re-emerged. However, that looks farfetched. Of the other two options, a gradual depreciation looks more likely than a one-off devaluation, not because of its economic merits, but because it is politically more acceptable and because experience argues for a gradualist approach.

The risk is that it will just reinforce depreciation expectations. What the PBOC really needs at this point is a weaker US dollar, but that of course, is beyond the reach of its policymaking. Disclaimer: This information may not be construed as advice and in particular not as investment, legal or tax advice.

Depending on your particular circumstances you must obtain advice from your respective professional advisors. Investment involves risk. The value of investments may go down as well as up. Past performance is no guarantee for future performance.

Investments in foreign currencies are subject to exchange rate fluctuations. Now the Fund is forecasting 3. In the eurozone, growth in the latest quarter was underwhelming. Japan has returned to negative territory.

Brazil and Russia are in recession. World trade has stalled. True, there are bright spots: India, Spain, and the United Kingdom are beating expectations. Africa is doing well. But, overall, it is hard to deny that the global economy lacks momentum. And in part, it is because growth is not unconditionally desirable: Citizens may be better off with a little less of it, and more clean air.

But many countries are still poor enough. According to the Global Startup Ecosystem Ranking , the number of female entrepreneurs is now significantly higher than in previous years. Even so, it is much lower than the number of men starting new businesses. When it comes to the top global cities for female entrepreneurs, four of the top ten are in the United States. So there must be something else holding growth back.

There are essentially two competing explanations. Its key premise is that the equilibrium interest rate at which demand would balance supply is currently below the actual interest rate. This seems paradoxical, because interest rates are close to zero in most advanced economies.

But what matters is the real rate of interest, that is, the difference between the market rate and inflation. Aggregate economic balance may require a negative real interest rate; but with inflation at an alltime low — the IMF expects it to be negative this year and next in the advanced economies, and zero in the emerging economies — this is not feasible.