Apr 112013

Gold posted its biggest one-day drop in nearly 2 months on Wednesday after Cyprus was forced to sell most of its gold reserves, but analysts said strong bullion buying by other central banks should underpin the price of the metal.

Investor fears over more gold sales by other debt-stricken euro zone members such as Portugal and Greece sent spot bullion prices down 1.7 percent on Wednesday, within striking distance of a 10-month low.

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 Posted by at 12:58 pm
Apr 112013

The 2012–2013 Cypriot financial crisis is a major economic crisis in the Republic of Cyprus that involves the exposure of Cypriot banks to the Greek Debt Crisis, the downgrading of the Cypriot economy to junk status by international rating agencies, the consequential inability to refund its state expenses from the international markets and the reluctance of the government to restructure the troubled Cypriot financial sector.

On 25 March 2013, a €10 billion bailout was announced in return for Cyprus agreeing to close its second largest bank, the Cyprus Popular Bank (also known as Laiki Bank), levying all uninsured deposits there, and possibly around 40% of uninsured deposits in the Bank of Cyprus (the Island’s largest commercial bank), many held by wealthy citizens of other countries, significantly Russia, who use Cyprus as a tax haven. All insured deposits of 100,000 Euros or less will not be affected.

 Posted by at 12:55 pm
Apr 112013

December 29th, 2011

Noble Energy Inc. said a field off the coast of Cyprus may hold as much as 8 trillion cubic feet of natural gas, the first discovery off the divided island nation.

Results from the Cyprus A-1 well indicate from 5 to 8 trillion cubic feet of gas, with a gross mean of 7 trillion cubic feet, Houston-based Noble Energy said today in a statement. The field covers about 40 square miles (100 square kilometers) and requires additional appraisal drilling before development, the company said.

“The gas discovery in the exclusive economic zone of our country creates great prospects for Cyprus and its people, which we shall seriously, prudently and collectively exploit to serve public interest,” Cypriot President Demetris Christofias said at a press conference in Nicosia today. “Cyprus is coming into Europe’s energy map with prospects of substantially contributing to the EU’s energy security.”

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 Posted by at 12:50 pm
Apr 112013

June 12th, 2011

Cyprus munitions explosion kills 12

The munitions, seized in 2009 from an Iranian shipment to Syria, apparently exploded when a wildfire reached a military base. The explosion leads to the resignations of Cyprus’ defense minister and the commander of the Greek Cypriot National Guard.

Two top officials in Cyprus resigned Monday after a massive explosion of munitions seized from an Iranian shipment to Syria killed at least 12 people in the Mediterranean island nation.

The early-morning explosion in the southern city of Zygi, which was felt for miles around, destroyed a power plant, leveled houses and shattered windows, doors and even the railing of a highway, said witnesses and journalists reached by telephone. Sixty-two people were injured.

The blast at the Evangelos Florakis military base, apparently set off by a wildfire, quickly led to the resignation of the European Union nation’s defense minister, Costas Papacostas, and the commander of the Greek Cypriot National Guard, Petros Tsaliklides.

The ammunition was confiscated in early 2009 from the Cypriot-licensed cargo ship Monchegorsk as it sailed from Iran to Syria, according to the official Cyprus News Agency. The seizure was carried out in line with the U.N. Security Council’s arms embargo on Iran over that country’s nuclear aspirations.

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 Posted by at 12:40 pm
Apr 112013

June 29th, 2011

The government of Cyprus refused to cooperate with the Free Gaza Movement or allow activists to sail from its harbors. The Cyprus Police stated that “anything related to the trip to Gaza is not permitted,” and as a result remaining MPs and activists embarked instead from Famagusta in Northern Cyprus.

 Posted by at 12:35 pm

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