Workers at the Cyprus Cooperative Bank (formerly the Cooperative Central Bank) on Thursday gave their union the green light to take all necessary action, including strikes, as a reaction to the bank’s recent sacking of a number of employees.

In ballots taken across the districts, 99.08 per cent of CCB employees authorised bank workers’ union Etyk to take action as it saw fit.

In a statement, Etyk said its swift response to the bank’s action, which it called arbitrary and unacceptable, had already resulted in suspending the sackings.

The bank’s management recently fired a number of employees who held non-performing loans.

Source: CyprusMail

A new European Wi-Fi network for airline passengers will be launched by the end of June, the companies behind the project said.

German telecoms company Deutsche Telekom and communications firm Inmarsat have teamed up to develop the European Aviation Network (EAN).

Combining around 300 base stations across each country of the European Union with a satellite, the project aims to provide smooth broadband coverage over land and water and across the 28 countries of the bloc.

Until now, European carriers have had to rely on satellite-only systems for onboard Wi-Fi across the region.

Deutsche Telekom and Inmarsat also say the EAN equipment is small, lightweight and easy to install, making it suitable for short-haul planes and low-cost carriers.

The launch customer is IAG, which owns British Airways, Iberia, Vueling and Aer Lingus, but it is not clear when exactly its first flights using the EAN will take place.

“Clearly in the next few months we are hoping the first passengers will get to enjoy the service,” Frederik van Essen, Senior Vice President at Inmarsat Aviation, told an online press conference.

The start of the service was delayed by around six months after setbacks to SpaceX’s launch schedule prompted Inmarsat to turn to Arianespace to send its satellite into space.

Van Essen said he did not expect legal challenges by Viasat , which has complained to the European Commission over Inmarsat’s use of the spectrum, to delay the launch. “We think no merit to claims they are filing,” he said.

More and more airlines are starting to offer Wi-Fi on their planes to meet passenger demand to be connected during flights as well as seek new revenue opportunities.

According to Routehappy, which provides information on flight amenities, 82 airlines worldwide now offer in-flight Wi-Fi, up 17 per cent from last year.

So far, it is mainly larger airlines that have been installing Wi-Fi on board for long-haul flights, while coverage is also widespread in the United States.

But with costs coming down, Routehappy said it was now seeing many smaller airlines start to offer internet on board too.

Inmarsat’s van Essen said the EAN would be suitable for use by low-cost operators. He declined to name any other potential customers, saying he wasn’t allowed to give details of talks.

Lufthansa’s Eurowings started offering internet on short-haul routes this month, using an Inmarsat satellite-based system, while Norwegian Air Shuttle also offers Wi-Fi.

Source: CyprusMail

The Bank of Cyprus management sounded the alarm on Tuesday pointing out the need for cost cuts, as the bank's operating cost structure will be challenged by the need to reduce its non-performing loan book which is among the highest in the EU.

In a circular to the bank’s staff on the occasion of the preliminary results for 2017, obtained by CNA, Josef Ackermann, President of the banks Board of Directors and John Patrick Hourican, the bank’s managing director said the staff must face this reality.

They stated the bank’s achievements in 2017 such as the new lending amounting to €1.6 billion, the €2.2 billion reduction in NPLs and the €6.6 billion since their peak following the 2013 financial in crisis in Cyprus, noting however “the progress we are achieving comes at a significant cost.”

Total provisions against NPLs and loan impairments that amounted to €942 million in 2017 wiped out the bank’s operating profit, resulting in a net loss of €552 million for the year that ended in December 31 2017.

Stating that the balance sheet repair continues, the strong men of Bank of Cyprus said despite the €6.6-billion in NPL reduction “we still have one of the highest levels of non-performing loan levels in the EU.”

“Tackling it will place further pressures on our revenues and challenge our operating cost structures. It is important that we recognize this reality,” they said.

Ackerman and Hourican recalled the bank’s proposal to introduce “a more modern and more transparent pay and grading structures which will correct current imbalances which are unfair for many of our staff,” noting that the discussions with the bank employees’ trade union (ETYK) have not progressed satisfactorily and that the bank sought assistance from the Ministry of Labour in facilitating a better and speedier dialogue.

“The continuation of current practices and the granting of horizontal indiscriminate salary increases will further drive up our cost base whilst at the same time render the Bank less competitive in an increasingly demanding environment,” they noted.

Ackerman and Hourican furthermore said the communicated with the staff to remind them "that the bank’s recovery remains delicate”.

They emphasised that “despite steady progress, we still have extremely high non-performing loans that present a danger to the bank. We have contracting revenues and an unsustainably high cost base.”

“We must collectively take responsibility for the Bank’s rehabilitation and modernization. We must embrace modernization in all aspects of our industry. We must embrace digitization and process re-engineering. We must embrace transparent, fair and modern pay and reward practices,” they concluded.

Source: Stockwatch

The Housing Finance Corporation (HFC) said on Monday it was poised to lower lending rates while also announcing the imminent roll-out of three new financing schemes.

The HFC’s director-general Andreas Georgiou told lawmakers the organisation planned to reduce its lending rates due to competition from the private banking sector.

The organisation would be cutting lending rates during the week, he added.

Meantime the HFC is preparing to unveil three new lending schemes, relating to housing, college studies and renovation works aimed at upgrading buildings’ energy efficiency.

The home ownership scheme will target young couples and will feature an adjustable rate: 2 per cent for the first five years, going up to 2.7 per cent after that.

Officials said the HFC is projected to return to profitability in 2020.

There are currently some €300m in non-performing loans (NPLs) on the HFC’s balance sheet. This figure has remained stable since 2014, officials said.

NPLs account for 46.5 per cent of the HFC’s total loans portfolio.

The organisation’s capital adequacy ratio is 19.38 per cent, higher than the 16 per cent threshold required by regulators.

The HFC was established by the state in the early 1980s to facilitate access to mortgages, particularly to vulnerable groups. It grants loans to families to obtain their first home and to low-income groups on favourable terms.

Source: CyprusMail

Working to disprove the adage “the more originality, the less chance of success in the market,” Fast and Furious came up with a design for all three apartments that highlights the finishing, arrangement and design of the space. They viewed the transformation of the 15o-square-meter-space as a creative endeavor that would show that this “so-called Aesthetics of Capitalism” could co-exist with innovative design.

Two basic concepts underlie the design in all three of the apartments. First is the diagonal arrangement of the two glass rooms in the space: The bedroom and the bathroom. Each of those spaces is enclosed by 4-millimeter thick glass walls that are highlighted with architectural metal framing. The second concept is how the space is defined by the convex corners, even in the kitchen, on the cabinets and on the glass walls.

The diagonal arrangement of the bathroom and the bedroom make the living space seem larger and the angled placement of the sofa and chairs increase the useable space. A glass table and chairs sit in the corner by the bedroom, making the most of a spot that is out of the main flow of the apartment. Repeated use of glass maintains the light and open feeling and is enhanced by the inclusion of lighting inside the cove ceiling. The raised element heightens the space and the lack of hanging fixtures eliminates visual clutter.

Source:Homedit

Source: Architecturebeast

Saipem 12000 drillship, commissioned by Italian energy company ENI, to start drilling operations in block 3 of Cyprus’ Exclusive Economic Zone (EEZ) was halted by five Turkish warships Friday morning while making a new effort to reach Soupia target, which it was unable to fulfill due to Turkish threats.
 
Deputy Government Spokesman Victoras Papadopoulos told the Cyprus News Agency, that after consultations between Italian company ENI and SAIPEM 12000, the captain of the drillship tried once again to drive the ship towards the Soupia  (Cuttlefish) target to conduct its drilling operations.
 
“During its course towards block 3 and the Soupia target the drillship was halted by five Turkish warships and after threats of violence launched (by the Turks) and the threat of a collision with the drillship, despite the courageous and commendable efforts made by the captain unfortunately the drillship was compelled to return back,” Papadopoulos noted.
 
He underlined the determination of the Cypriot government to exercise its sovereign rights in its EEZ as well as the determination of ENI and the captain of the drillship to proceed towards the Soupia target with a view to conduct the drilling operations.
 
This is what exactly happened during the previous time that the drillship was halted by the Turkish warships, Papadopoulos noted, recalling that the previous Turkish NAVTEX expired yesterday. A new NAVTEX which has been issued by the Turks expires on March 10.
 
Papadopoulos said that the whole incident has been video-recorded and the conversations that took place during the incident have also been recorded and will be used at all international fora to which the Republic of Cyprus will denounce the new Turkish provocations and illegal actions, the Deputy Spokesman concluded.

Two weeks ago Saipem had to halt its transfer journey to block 3 of Cyprus EEZ, when it was stopped by Turkish military ships with a notice not to continue because there would be military activities in the destination area.

Cyprus has been divided since 1974 when Turkey invaded and occupied its northern third.

Source: Stockwatch

Special counsel Robert Mueller filed a barrage of new criminal charges on Thursday against two of President Trump's former campaign aides, accusing them of lying to banks to obtain millions of dollars in loans.

Former Trump campaign chairman Paul Manafort and his associate Rick Gates already faced charges over their work for a pro-Russian political faction in Ukraine. In a new indictment revealed on Thursday, prosecutors also charged the men with tax fraud, bank fraud and failing to report overseas bank accounts, which they used to hide millions of dollars in income from U.S. authorities while paying for expensive cars and homes.

The spate of new charges, filed in federal court in Virginia, could intensify the legal pressure on both Manafort and Gates, who have emerged as central figures in Mueller's probe of Russian interference in the 2016 election. 

Prosecutors charged that Manafort and Gates funneled millions of dollars in income from their work in Ukraine into foreign bank accounts, which they then concealed from U.S. tax authorities. Instead, prosecutors said, Manafort "used his hidden overseas wealth to enjoy a lavish lifestyle in the United States, without paying taxes on that income." 

They said more than $75 million passed through the men's offshore bank accounts, and that they laundered more than $30 million of income to conceal it from the U.S. government. 

Prosecutors also said Manafort and Gates obtained more than $20 million in loans by lying about their business income and debts. In one case, they said, the two doctored a financial record to suggest that their consulting business was still making money. In another, prosecutors said Manafort encouraged his son-in-law to falsely tell an appraiser that he lived in one of Manafort's investment properties.

The new charges make no reference to Manafort or Gates's work on the Trump campaign, but the indictment alleges that the frauds occurred during their time with the campaign and continued until January 2017.

One of Gates's lawyers declined to comment on Thursday, citing a gag order issued by a federal judge in Washington. Lawyers for Manafort did not immediately respond to requests for comment. 

Gates's lawyers had previously asked a federal judge in Washington for permission to withdraw from the criminal case there, citing "irreconcilable differences." 

Source: USA TODAY

The land registry is still waiting for local authorities to decide about properties belonging to buyers who have not received title deeds because of problems caused by the sellers.

Head of the department Andreas Socratous told the Cyprus News Agency that they have conveyed around 75 per cent of the cases of so-called trapped buyers to the local authorities and were now waiting for them to issue certificates.

It is part of a process introduced in 2015, granting the head of the land registry the authority to exempt, eliminate, transfer and cancel mortgages and or other encumbrances, depending on the case and under certain conditions.

The law sought to resolve the problems created by the failure to issue title deeds to people who had paid for their property, either because the property was mortgaged by the developer, or the state could not go ahead with the transfer because of outstanding taxes.

Since developers’ land and buildings were counted as assets that need to be offset against their debt to banks, this gave lenders a claim on people’s properties that had been mortgaged by developers.

Socratous said they have processed 28,000 such cases to date, including properties, finished 20 years ago.

“The responsible building authorities must decide,” Socratous said.

Local authorities can issue three types of certificates depending on the condition of the property: one of final approval, one with remarks, and one with a prohibition.

Final approval is issued when the property meets all the criteria; the one with remarks is issued if it has some irregularities but they are not substantial, he said.

A ban is issued when there are serious problems relating to health and safety or there is a violation of the rights of third parties.

“But what the authority must do is identify what case it is and issue the required certificate.”

The land registry will then issue a title deed reflecting the certificate from the local authority, he added.

The government is currently seeking ways to improve the legislation following court decisions that favoured banks largely on the grounds that the buyer’s claim on the property infringed on the contract between the bank and the developer.

The attorney-general subsequently instructed the departments involved to continue implementing the law while appeals were filed at the supreme court, which will have the final say on the matter.

In September however, the Larnaca district court upheld the 2015 law, allowing trapped property buyers to obtain their title deeds irrespective of the developers’ own commitments to banks.

Interior Minister Constantinos Petrides said recently the ministry had prepared a bill which was sent to the Legal Service for processing last October.

“As it transpired from the differing district court decisions, it is a complicated legal issue and due to this an in-depth study is required,” the minister said.

Source; CyprusMail

Amazing Kloof Road House is one of the best houses in the world. Take a look how on of the most recognized South African architects created another masterpiece.

South African architecture office Nico van der Meulen architects keeps pushing the boundaries of “amazing” in architecture. Their latest project, the Kloof Road House, located at the foot of a nature reserve in Bedfordview, Johannesbourg amazed us with the elegance of modern interior while futuristic facade without a doubt placed this amazing mansion among the best houses in the world.

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Source: Architecture best