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Tuesday, 19 November 2024
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Cyprus Mail: News Articles in English, 00-11-25Cyprus Mail: News Articles in English Directory - Previous Article - Next ArticleFrom: The Cyprus Mail at <http://www.cyprus-mail.com/>CONTENTS
[01] Rain blamed for watered-down police dieselFUEL suppliers yesterday blamed rainwater for watered-down fuel found to have caused engine malfunctions in police vehicles two years ago. According to the Auditor-general's 1999 report, issued earlier this week, police mechanics in 1998 found that malfunctions in the engines of police vehicles were due to the poor quality of diesel fuel used. Samples of the diesel were sent to the state laboratory, which found that there was water in the fuel, the report said. Petrolina, the company which provided the fuel in 1998, and still does so today, said yesterday that it had been an isolated incident. Akis Lefkaritis told the Cyprus Mail that it was probably rainwater that had seeped into the tanks. He added that there had only been one case in 1998, and it was not a regular phenomenon because the tanks were secure. "No one adulterates fuel," Lefkaritis said. Among the measures then suggested to police by the Finance Ministry to deal with the problem was the sample testing of fuel in the presence of a company representative. But, according to the Auditor-general, sample testing had been carried out only for a few loads of fuel. The police yesterday said they were looking into the issue. The Auditor-general's report also revealed that the government had until 1993 been paying $2,280 per radio for police two-way- radios. The Justice Ministry told the Cyprus Mail yesterday that when the government invited tenders for communications systems at the time, Motorola was the only company to fulfil the conditions and specifications. The police installed the Motorola system and consequently had to buy all parts and accessories from the company because other types were not compatible. The ministry yesterday assured that everything had been carried out according to proper procedures. But after a suggestion by the Auditor- general, who determined that the prices paid were too high, a special committee had been appointed to find a way out of the "monopoly" that the police depended upon. The committee suggested replacing the whole telecommunications system with a more modern one, which would be compatible with other types. According to the Auditor-general's report, this would have saved the government £700,000 in the next five years, compared to the cost of expanding the old system. The tender board adopted the suggestions and in 1998 invited tenders for the procurement of new radio systems. According to the report, in the 1998 competition, Motorola offered the same radios bought in 1993 for $2,280, at $800 per radio. The board awarded the tender to a different supplier, who offered radios at $320. The ministry said the difference in price for the same Motorola radios was due to technological advancements.[02] Government `still looking' for alternative CSE siteINTERIOR Minister Christodoulos Christodoulou said yesterday the government intended to keep its eyes open for a new site to house the Cyprus Stock Exchange (CSE), which has just completed its move to the IMC building. The government has come under heavy fire over the move from Nicosia Mayor Lellos Demetriades and the Technical Chamber ETEK, who say the CSE should be located near the city centre, not on the outskirts of the capital. The case is currently before the Supreme Court as part of an action brought by Demetriades. Christodoulou yesterday tried to play down the issue by saying the cabinet decision in favour of the IMC was only a temporary arrangement and that the government believed the CSE should be located within the city centre. The cabinet decision last month gave the CSE permission to use the building for five years. "There is a secondary decision which provides that the Finance Minister and the Interior Minister will keep monitoring the developments on finding a permanent site for the CSE in the area of the former GSP stadium in central Nicosia," Christodoulou said. "Every six months, a report will be submitted to the Cabinet so that it is informed of the progress of the project until the licence for the IMC is reviewed." ETEK president Nicos Mesaritis yesterday called on the government to keep its word on the issue and to show some consistency. "We think the government's reputation is at stake here," he said. Mesaritis warned that the move could create a northern and southern Nicosia and take the heart of the capital away from the Green Line. "The government needs to convince people that it will fulfil its promise and to assure people that the city centre will be protected," he said. The CSE began its new operations at the IMC on Thursday and, despite a few minor glitches and complaints, the session went smoothly, other than the index itself falling. Brokers and investors said they were pleased to have more space away from the cramped former building on Grivas Dighenis Avenue.[03] Investment companies `holding out'SHARE PRICES lined up for another beating yesterday, almost across the board, as 138 companies lost ground compared only 22 which gained slightly as the index plunged another 2.44 per cent.Pessimism was evident from the start of trading when the index opened at 557, five points down on Thursday's close plummeting almost immediately and gaining no ground whatsoever throughout the remainder of the session. The all-share index closed at 255.2 points on a low volume of £13.3 million. The usual suspects dominated the day's trading, Bank of Cyprus (BoC), Laiki, GlobalSoft and Sharelink, which made up the bulk of volume. Low-profile Hellenic Bank also made it into the day's most active list with a volume of over £1 million but the share shaved off four cents to close at £1.29. The banking sector suffered a 2.42 per cent loss but was not the hardest hit of the day. Trading, manufacturing and constriction ended over three per cent in the red while Technology, led by losses on GlobalSoft went more than four per cent under. GlobalSoft dropped a whopping 28 cents to close at £5.45. The two main banks fared little better. Laiki slid nine cents to end at £5.70 but BoC had another bad day, losing 15 cents to close at £4.66 on a volume of £2.2 million. In Athens the share dropped only 25 drachmas, or 0.85 per cent, ending at 2, 915 (£4.87) while the remainder of the Greek market sustained a 1.87 per cent loss and the banking sector 1.6 per cent. The only notable gainers on the CSE yesterday were Liberty Life Insurance adding 19 cents to end at £1.80 and Glory which closed 16 cents up ay £5.44. "It's the same old story," said one Nicosia broker. "What happened today was nothing unexpected. The same negative psychology is there and we expect further falls." The broker said it's still a mystery why the investment companies are holding out. "Are they expecting a bigger falls before they come in?" he said. "People seem to have lost all their trust now and things are looking very bad in Greece." The broker said the prognosis is not good. "We need to see a volume of £20- 25 million a day for three days in a row to ensure an increase in share prices," he said. "I don't think we will see that any time soon because we are nearing the end of the fiscal year. I think things are going to continue as they are. I'm sure of that." The CSE analyst yesterday blasted the government for acting too late. "They passed a few laws that have done nothing whatsoever and it is business as usual in the Ministry of Finance," he said. "Well, guess what? It is worse than before. Investors and related parties are stupefied and comfortably numb with the whole situation so we are not hearing a lot these last few days. They have given up and are trying to think of more pleasant stuff because if they keep thinking about the CSE and their investments, chances are they will go mad. Talking about mad brings us to today's session..." [04] Three more immigrants arrestedBy a Staff Reporter THREE more Syrian immigrants were yesterday remanded in custody for three days by the Famagusta district court, suspected of illegal entry into the island. A fourth Syrian was remanded in custody for eight days on Thursday after he was arrested near Cape Greco. The three remanded yesterday are thought to have been with the first man when he was arrested on Thursday but managed to escape at the time. Police said the Syrians' destination had been Larnaca, where the former employer of one of the men had been waiting for them. It is thought the four were brought to Cyprus by a fishing boat, which headed back for Syria after dropping them off. Last week, 45 illegal immigrants, among them six women and 13 children, were arrested in the Cape Greco area. Interior Minister Christodoulos Christodoulou yesterday said thousands of immigrants from neighbouring Middle Eastern countries were expected to flood the island or use it as a point of transit to mainland Europe. He said he planned to have meetings in Syria and Lebanon to discuss the matter, possibly in December.[05] Mutual funds will have to waitA BILL to expand the powers of the Securities and Exchange Commission will be submitted to the House by the end of the month, Finance Committee chairman Marcos Kyprianou said yesterday. Kyprianou was speaking to reporters after a closed session of the Committee, which met to discuss issues relating to the stock market such as the Commission, the takeover of investment companies and the establishment of mutual funds. But Kyprianou said the framework to allow mutual funds would not be put in place until the powers of the Securities and Exchange Commission had been expanded. "It would be criminal to pass a bill on mutual funds before passing the bill on the jurisdiction of the Securities and Exchange Commission," he said. Mutual Funds are considered an easy and inexpensive way for an individual to make money from stocks and bonds, without buying them directly. An investor does not have to have expert knowledge of the market nor does he have to pay high commission fees in order to make money with minimal risk. The Cyprus Stock Exchange (CSE) has been keen to add the availability of mutual funds to the market. A mutual fund is a corporation that pools large sums of money from thousands of individual investors. They are generally run by an individual or a team of professional money managers who invest the money into stocks, bonds and other securities. Money is made when the stocks, bonds, or other securities increase in value, issue dividends or make interest payments. When investing in a mutual fund, the income you make is the result of income received from dividend paying stocks, and interest from bonds. Kyprianou said mutual funds would be good for the Cyprus economy but the proper legislation would first have to be in place. But even before that, he said that the powers of the Securities and Exchange Commission must further be defined so that proper control could be exercised over mutual fund operations. "By the end of the month we will have a bill on the Commission," Kyprianou said. "The Commission will be granted more power of intervention so that it can directly intervene where there are problems." He said the new powers to be granted to the Commission were in line with EU harmonisation and the acquis communitaire, but that the House had made some small adjustments to "adapt to the realities of Cyprus". Kyprianou said the Committee had also expressed its concern yesterday over the recent buying out of investment firms. "Buyouts make it more difficult to exercise control over companies on the stock market," he said. No decisions have been take by the Committee on the issue, Kyprianou added.[06] `Industrial waste polluting Limassol sea'By a Staff Reporter LIMASSOL residents' health is at threat from the dumping of industrial waste in Limassol waters, AKEL deputy Yiannakis Thoma claimed yesterday, pledging to raise the issue before the House Environmental Committee. Thoma said the dumping of thousands of tones of industrial waste east of the new Limassol Port was unacceptable. "The sea's color has changed with the waste having formed a marsh in the area, which smells foul, and that puts residents' health on the line as they run the risk of getting infected," he said. He also lashed out at the Agriculture and Environment ministry for having allowed factories to dump their waste in the sea, saying: "It raises questions about the ministry's handling of serious matters such as this." The issuing of such licences was unacceptable, said Thoma, who argued that industrial waste should end up with other waste in the town's sewage system. "It seems though that the first choice proved less costly and was preferred despite the problems and dangers it carries, " he said. Thoma said the existing situation was an offence to Cyprus' culture, citing the fact that many tourists, as well as Cypriots, swam in the Limassol sea."The State, as well as Limassol Municipality, have an obligation to intervene and put an end to the situation." Cyprus Mail 2000Cyprus Mail: News Articles in English Directory - Previous Article - Next Article |
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