Confidence is returning to the Cyprus banking system as the gap separating deposits from loans reached €2.9bn in November, its narrowest value since March 2013, the month in which the banking crisis culminated in a bail-in, official data shows.

In November, total deposits fell by €96.4m to €49.2bn compared to the month before after increasing by €335.1m in October, the Central Bank of Cyprus said.

Total loans rose in November by €32.6m in a month to €52.1bn after falling by €110m in October.

The above changes indicate an apparent reversal in the overall deposits inflows and deleveraging of recent years, they are the result of calculations based on the European Central Bank’s (ECB) methodology which includes in addition to the overall flows, also the impact of reclassifications, re-evaluations and exchange rates.

The decrease in deposits in November was mainly on a €264.2m drop in the amounts held in the bank accounts of other financial intermediaries to €5.9bn, compared to October, the central bank said. This drop was more than offset by a monthly €130.8m increase in deposits of non-financial corporations to €11.6bn, the highest since August 2013, a sign of improved cash flow in the real economy. Household deposits fell by €14.3m to €28.7bn.

The increase in loans was mainly on €87.5m in fresh credit extended to corporations in November which as a result rose to €21.2bn, the bank supervisor said. It was partly offset by €32.7m in loan repayments by households and €21.2m repayments by other financial intermediaries which reduced their balance to €21.6bn and €8.6bn respectively.

Source: CyprusMail

An open sea vessel is expected to arrive today at the Larnaca Port, in the framework of an agreement between the Republic of Cyprus and the State of Israel, in accordance with contractual obligations and for the conduct of appropriate customs controls.
 
According to a press release, the official ceremony for enlisting the vessel in the National Guard will take place on January 15, at the Evangelos Florakis Naval Base.

Source: Stockwatch

Hellenic Bank, Cyprus’ third largest lender, said that it agreed to sell Norway’s B2Holdings ASA €145m of loans as part of its strategy to reduce its delinquent loan portfolio.

The deal, subject to regulatory approval, affects 1,977 facilities extended to 1,158 borrowers and “is not expected to have a material impact on the income statement and capital position of the bank due to existing provisions taken against these assets,” the bank said in a statement on the website of the Cyprus Stock Exchange on Tuesday.

The completion of the agreement which is “at arm’s length” and affects “predominantly non-retail secured and unsecured exposures” will reduce by 6.2 per cent the bank’s non-performing loans seen at €2.3bn at the end of the third quarter of 2018, the bank said.

“The transaction is consistent with the bank’s strategy of ‘fixing’ the balance sheet and at the same time it is in line with the European Central Bank (ECB) and International Monetary Fund (IMF) guidelines on the management of non-performing loans,” Hellenic Bank said.

“In addition to organic reduction of the problematic portfolio, the bank remains focused on accelerating the de-risking of its non-performing exposures through portfolio disposals and other transactions”.

Hellenic Bank which posted an after-tax loss of €17.8m in the first nine months of 2017 and is struggling with a 55.7 per cent non-performing loans mountain, did not announce the price of the transaction. The coverage ratio of the bank’s non-performing loans with provisions was at the end of September 61.4 per cent.

A source at Hellenic said that part of the non-performing loans the bank agreed to sell to the Norwegian company’s subsidiary B2Kapital Cyprus Ltd were already terminated.

Hellenic’s agreement is the second transaction of this type and comes after the change in legislation as part of Cyprus’ adjustment programme terms. It also follows a May 2017 agreement between Bank of Cyprus and Cyprus Development Bank involving less than one seventh of the deal announced on Tuesday.

Source: CyprusMail

THE term due diligence refers to the process usually initiated by the purchaser of an immovable property or a business, through which the interested party or entity requests and obtains information, documents and assurances as to the status of the property in issue but also regarding the seller himself.

Although underestimated at the beginning of the negotiations, this preliminary inquiry is crucial and it is wise to be followed properly by prudent buyers who are eager to avoid any unpleasant surprises or obstacles which may lead to a lengthy and costly litigation battle.

The ambit of the due diligence process is wide enough to cover a whole range of issues which need to be examined, including but not limited to the legal status of the property, the financial standing of the seller, any tax liabilities owed by the seller to the Commissioner of Taxation and other local, governmental or public authorities, the tax aspect of the deal, the authority of the seller to dispose of the property and the potential need for the purchaser to acquire permits or consents by the Government or any other governmental body.

The well-known problems leading to the passing of the relevant legislation regarding the purchase of immovable property, its registration in the buyer’s name free of any encumbrances, the issuance of the separate title deeds, the legality of buildings and other similar issues signify the importance and value of following the due diligence process strictly.

Before purchasing an immovable property, the potential purchaser must carry out due diligence in order to ascertain its status, any obligations or encumbrances burdening it, any tax liabilities owed by the vendor with regard to the property in issue and proceed with caution to avoid any future complications.

When choosing the property suitable to buy, the purchaser should obtain a valuation of the asset and conduct a search at the Land Registry to find out whether the property is subject to any mortgages, memos or other encumbrances or restrictions. Moreover, he must inquire into whether any prohibitions affect the vendor, either bankruptcy or an interim order, or whether he has any tax liabilities. In the event the property is an old building, it may be listed or rented by a statutory tenant; a field may be affected by compulsory acquisition or requisition or even by land consolidation.

He is also advised to visit the Town Planning and Building Authority to verify the prospects for the development of the property, whether it is affected by any planning scheme and its building density. In the event that the property constitutes a house or an apartment under construction, the purchaser must be provided with a copy of the town planning and building permits or if it is a property without a separate title deed, to ask for a copy of the aforesaid permits, the division permit and a copy of the architectural plans.

In case the property is mortgaged or subject to a memo or any other prohibition, the purchaser must not proceed with its purchase unless the vendor proves that he is able to make the necessary arrangements and have them extinguished so that the property is free at the date of the transfer. The signing of a sale contract must follow the due diligence and only upon transfer should the payment of the purchase price be made.

The deposition of the sale contract at the Land Registry is not adequate and does not protect the purchaser who may find himself in a difficult position if the vendor is unable to meet his obligations and make the transfer of the property.

Nevertheless, it is of utmost importance for the sale contract to be deposited immediately, since any delay may create problems to the purchaser, such as the registration of encumbrances in the meantime having priority over the sale contract. When a property is to be purchased from a person not being its registered owner, but instead from a purchaser under a sale contract, the potential purchaser should confirm that the person selling the property lodged his sale contract at the Land Registry and that he does not owe any money to the original vendor, who must declare that he has made arrangements to pay the relevant capital gains tax, if any. Provided that the aforesaid requirements are met and the relevant tax release certificate is obtained, the sale can be effected through an assignment agreement, on which the signatures of the assignor and the assignee must be certified. The above underline the significance of obtaining professional advice before engaging into the process of purchasing immovable property.

Source: CyprusMail

Lebanon and Cyprus aim to deepen cooperation, according to the new ambassador of Lebanon to Cyprus, Claude El Hajal, who said Nicosia would give assistance to Beirut in the field of exploration and exploitation of hydrocarbons as ties develop further.

In an interview with the Cyprus News Agency, the ambassador said that Lebanese were investing in real estate in Cyprus, in the hotel industry, and in the banking sector. She also said that the trilateral cooperation between Lebanon, Cyprus and Greece aimed at contributing to regional peace.

Lebanon was grateful for the unconditional support of Cyprus for its sovereignty and territorial integrity, El Hajal said and thanked the Cyprus for its support and efforts in overcoming the recent crisis in Lebanon.

She said the government had resumed its work and was preparing for the parliamentary elections in May 2018, following a policy of distancing itself from all regional conflicts and maintaining internal harmony.

Asked about the latest developments in the Middle East, El Hajal described the statement by the US President to recognise Jerusalem as the capital of the state of Israel, as a devastating blow to peace efforts.

Referring to bilateral relations, the ambassador said: “Lebanon and Cyprus are neighbouring countries with a shared history which dates back to Phoenician times, and we continue to work together to enhance the relations on all levels,” El Hajal said.

She mentioned the recent visit by Lebanese Minister of Defence Yaacoub Sarraf to Cyprus when a Memorandum of Understanding was signed on cooperation in the field of forest fire fighting.

“Cyprus also promised to help Lebanon build a search- and-rescue centre to respond to emergency off its coastline. Our aim is to continue to strengthen and deepen our cooperation,” she added.

Cyprus was also committed to giving assistance in the field of exploration and exploitation of hydrocarbons in the Eastern Mediterranean and also hosts the Unifil Maritime Task Force which has been patrolling the region and helping the Lebanese navy to monitor its territorial waters.

El Hajal said Cyprus was already helping the Lebanese Army and that over the period 2015-2017 had provided ammunition worth over €20 million, the last tranche of which was delivered in October.

Trilateral meetings between Lebanon, Cyprus and Greece, she said were fruitful and aimed to promote common interests, while contributing to regional peace. The next one will be held in the coming months.

“We are already reaping the fruits of closer cooperation in the fields of counter – terrorism cooperation, military and security cooperation, refugee and migration issues, energy, economic cooperation, cross investment, Lebanon EU relations, tourism, agriculture, maritime transport, cooperation on environmental issues including forest fire fighting and cooperation on cultural issues,” the ambassador said.

Asked about President Nicos Anastasiades’ willingness to undertake initiatives for promoting stability in Lebanon, the ambassador said that Cyprus was committed to assisting and was supporting Lebanon within the EU.

Source: CyprusMail

One of the major concerns about Bitcoin and other cryptocurrencies was whether they would be considered legitimate forms of payment by businesses and other entities. Traditionally, financial institutions and retailers did not recognize Bitcoin. These past negatives are no longer true. Chicago Board Options Exchange (Cboe) has launched Bitcoin futures with the ticker symbol XBT. Retailers such as NewEgg, Dell, Overstock, and TigerDirect accept bitcoins as a method of payment.

This article will discuss how Bitcoin has become a legitimate investment through the acceptance of financial institutions as a financial instrument and retailers as a means of payment. Additionally, it will help to explain what is ethereum and other cryptocurrencies available.

The announcement of the start of Bitcoin futures on the Cboe created a huge new demand for Bitcoin as many investors saw Bitcoin becoming a legitimate investment. For those not knowledgeable on futures contracts, a futures contract is an agreement to buy or sell a particular asset at a later date. Bitcoin futures on the Cboe mean that investors can make an investment on the future price of Bitcoin through a regulated exchange where Bitcoin must follow the regulations of trading.

Bitcoin is listed by the symbol XBT and allows an investor to obtain economic exposure to Bitcoin without a digital wallet. Even though the listing on Cboe is the largest step that led to Bitcoin becoming a legitimate financial instrument, there were additional intermediary steps that led to the listing. Forex brokers over the last few years have created platforms to trade Bitcoin. Some names of the forex brokers that have Bitcoin trading are FXTM, Plus500, and AVA Trade. These Forex brokers have regulations on them as well from regulators such as Central Bank of Ireland, IFSC, CySEC, and ASIC that shows Bitcoin as a legitimate investment.

One of the other major issues with Bitcoin was that bitcoins were not accepted as a means of payment due to legal concerns and other factors. Bitcoin has become an accepted means of payment for large companies such as OverStock and Dell. What is great about Bitcoin is that it is also accepted as a means of payment worldwide without having to pay fees such as a converting currency fee or a credit card fee. Bitcoin can be used to buy a flight in Latvia through AirBaltic and can also be used to buy coffee in the Czech Republic through the Prague espresso bar Bitcoin coffee. There are many examples of Bitcoin being used worldwide.

Even though Bitcoin has the highest market capitalization and was the first cryptocurrency, there are many other digital currencies that have been and are being developed that have great use. Litecoin and Ethereum are the two largest competitors to Bitcoin. Litecoin and Ethereum are considered to be generally faster and cheaper versions of Bitcoin. However, Litecoin and Ethereum do not even have close to the same levels of use as Bitcoin. There are other digital currencies that are in the process of being developed that have more particular uses.

For example, Zcash offers a lot of features for E-commerce and Siacoin offers a lot of features for cloud storage that are not available in Bitcoin, Litecoin, and Ethereum. The fact that there are so many new projects with real-world usage shows that digital currencies are here to stay and are a legitimate investment option.

Many investors believed that Bitcoin was just a fad product. Currently, the fact thatBitcoin value is surging and the currency is being used as a financial instrument and method of payment shows that Bitcoin is a legitimate investment option. Also, the fact that there are many new projects involving cryptocurrency shows that there will be many new developments.

Source: CyprusMail

THE Saipem 12000 deepwater drillship has arrived at the target in block 6 where later this week it is scheduled to commence drilling an exploratory gas well.

Energy minister Giorgos Lakkotrypis tweeted on Wednesday: “Saipem 12K, welcome to #Cyprus #EEZ. Calypso awaits… Best of success @ENI and @TOTAL.”

The drillship has been leased by the consortium of ENI and Total which have the licence for block 6.

It arrived at the target site, dubbed ‘Calypso’, around 11pm on Tuesday, slightly ahead of schedule. Reports said that during its final stretch, the vessel approached block 6 from the south, heading northward into Cypriot waters from Egypt’s exclusive economic zone (EEZ).

The final approach route may have been a tactical manoeuvre to avoid complications with the Turkish navy patrolling the eastern Mediterranean.

Turkey, which does not recognise the Republic of Cyprus, claims that block 6 partially falls within the outer limits of its continental shelf in the eastern Mediterranean.

According to daily Phileleftheros, after the Saipem 12000 had entered the Republic’s Search and Rescue (SAR) Area of Responsibility, a Turkish warship was spotted at a considerable distance. The Turkish vessel made no contact or attempt to intercept the drillship.

The operations in block 6 are expected to wrap up by early February 2018, after which the drillship will almost immediately head to block 3 – also licensed to ENI – for another exploratory drill. The target in block 3 is codenamed ‘Soupia’ (cuttlefish).

Also on Tuesday, the Turkish research vessel Barbaros Hayreddin Pasa set a course for the Cypriot EEZ.

The Marine Traffic website does not report a precise destination for the Barbaros.

Meanwhile, a drillship leased by Turkey was on Wednesday making its way through the Mediterranean.

At the time of writing, the DeepSea Metro II was just clearing the southern coast of Sicily. The vessel’s destination is Istanbul, with an estimated time of arrival there of December 31.

Turkish government officials have repeatedly made noises about plans to drill for gas in the eastern Mediterranean – without specifying where.

ENI have previously carried out two unsuccessful drills in their block 9 Cyprus concession, in late 2014 and early 2015.

In the summer of 2017, an exploratory well drilled in block 11 (ENI and Total) came up with approximately half a trillion cubic feet (tcf) of natural gas, deemed not commercially viable.

To date, the Aphrodite field in block 12 is the only commercially exploitable play with an estimated 4.5 tcf of natural gas.

In the summer of 2018, the consortium comprising ExxonMobil and Qatar will be drilling two exploratory wells in their block 10 license.

Source: Cyprusmail

Apple Inc defrauded iPhone users by slowing devices without warning to compensate for poor battery performance, according to eight lawsuits filed in various federal courts in the week since the company opened up about the year-old software change.

The tweak may have led iPhone owners to misguided attempts to resolve issues over the last year, the lawsuits contend.

All the lawsuits – filed in U.S. District Courts in California, New York and Illinois – seek class-action to represent potentially millions of iPhone owners nationwide.

A similar case was lodged in an Israeli court on Monday, the newspaper Haaretz reported.

Apple did not respond to an email seeking comment on the filings.

The company acknowledged last week for the first time in detail that operating system updates released since “last year” for the iPhone 6, iPhone 6s, iPhone SE and iPhone 7 included a feature “to smooth out” power supply from batteries that are cold, old or low on charge.

Phones without the adjustment would shut down abruptly because of a precaution designed to prevent components from getting fried, Apple said.

The disclosure followed a Dec. 18 analysis by Primate Labs, which develops an iPhone performance measuring app, that identified blips in processing speed and concluded that a software change had to be behind them.

One of the lawsuits, filed Thursday in San Francisco, said that “the batteries’ inability to handle the demand created by processor speeds” without the software patch was a defect.

“Rather than curing the battery defect by providing a free battery replacement for all affected iPhones, Apple sought to mask the battery defect,” according to the complaint.

The plaintiff in that case is represented by attorney Jeffrey Fazio, who represented plaintiffs in a $53-million settlement with Apple in 2013 over its handling of iPhone warranty claims.

The problem now seen is that users over the last year could have blamed an aging computer processor for app crashes and sluggish performance – and chose to buy a new phone – when the true cause may have been a weak battery that could have been replaced for a fraction of the cost, some of the lawsuits state.

“If it turns out that consumers would have replaced their battery instead of buying new iPhones had they known the true nature of Apple’s upgrades, you might start to have a better case for some sort of misrepresentation or fraud,” said Rory Van Loo, a Boston University professor specializing in consumer technology law.

But Chris Hoofnagle, faculty director for the Berkeley Center for Law & Technology, said in an email that Apple may not have done wrong.

“We still haven’t come to consumer protection norms” around aging products, Hoofnagle said. Pointing to a device with a security flaw as an example, he said, “the ethical approach could include degrading or even disabling functionality.”

The lawsuits seek unspecified damages in addition to, in some cases, reimbursement. A couple of the complaints seek court orders barring Apple from throttling iPhone computer speeds or requiring notification in future instances.

Source:CyprusMail

Bitcoin extended its recovery in holiday-thinned trading on Tuesday, rising 10 percent to be up more than a third from last week’s lows of below $12,000.

Bitcoin, the world’s biggest and best-known cryptocurrency, fell nearly 30 percent at one stage on Friday to $11,159.93 and, despite a late recovery, had its worst week since 2013. At 0445 GMT on Tuesday, it was quoted around $15,049 on the Luxembourg-based Bitstamp exchange.

The digital currency had risen around twentyfold since the start of the year, climbing from less than $1,000 to as high as $19,666 on Dec. 17 on Bitstamp and to over $20,000 on other exchanges. But it has posted heavy declines since.

While bitcoin investors and analysts believe the decline in its value was a natural correction after a heady run-up in prices, there have been further warnings from market regulators and central banks.

“There is no right current price which would reflect the right current valuation,” said Andrei Popescu, Singapore-based co-founder of COSS, which describes itself as a platform that encompasses all features of a digital economy based on cryptocurrency.

“Taking profit is right, while buying into a long term projection is also right. You don’t have to be right in this market, just less wrong than the rest,” Popescu said.

Shmuel Hauser, the chairman of the Israel Securities Authority, said on Monday he will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange.

Singapore’s central bank last week issued a warning against investment in cryptocurrencies, saying it considers the recent surge in their prices to be driven by speculation and that the risk of a sharp fall in prices is high.

Prices of rival cryptocurrencies, which slid along with bitcoin last week, have also recovered, with Ethereum, the second-biggest cryptocurrency by market size, quoted around $771, up from Sunday’s low of $689 but still far from highs around $900 hit last week.

Source: Cyprusmail

While we all know what we are doing at Christmas time there are rather more surprising facts about the season than you might imagine. ALIX NORMAN on all you ever needed to know about Christmas…

We all know that Santa’s reindeer are actually female. You’re also probably aware that Bing Crosby’s White Christmas is the best-selling record of all time. But did you know the cunning engineers behind the Voyager probe planned the mission so that no major planet passes would coincide with Christmas? Or that there’s a village in Peru where residents settle their grievances on December 25 with a series of public fist fights?

So, while you’re waiting for the turkey to cook (or the guests to arrive, this being Cyprus) here’s a host of interesting Christmas facts. And, later on, when the dinner table chat runs dry (or it looks like family fisticuffs are imminent, and you need a quick change of subject), you’ll have a wealth of conversational catalysts…

PRESENT FORM
Firstly, a few frivolous financial facts. Because though the season ought to be about goodwill to all men (women don’t need goodwill, just a timely finger on the sellotape and a tidy supply of wine) we’re all secretly wondering how much we can save by regifting that hideous photo frame / crappy candle / out-of-date spa set. Such tribulations are not, however, cause for concern in Santa’s grotto. According to the Forbes Index of Wealthiest Fictional Characters, old St Nick tops the list, with a net worth of infinity (far beyond actual Rich List number one Bill Gates and his roughly 90 billion – bet he doesn’t regift!). In fact, Father Christmas could easily afford all 364 presents in the Twelve Days of Christmas – at a cost, according to the PNC Wealth Management Christmas Index, of approximately €30,000 in 2017. Interestingly, the ‘true love’ in the song is actually the Catholic Church’s code for God: the partridge being Christ, the two turtle doves the Old and New Testaments, and so forth. But, taken literally, it’s the swans-a-swimming that really set you back, their unpredictable breeding cycle ostensibly makes for an exceedingly uncertain supply…

Every year, Amazon reveals its list of most-wanted kids’ Christmas presents. In 2017, the Vtech Kidizoom Flix Playset (a sort of digital imaginary friend) tops the tables, closely followed by the Anki Cozmo (a mechanical sidekick), and the LEGO Boost Construction Toy (a robotic addition to a perennial favourite; apparently almost 28 sets of LEGO are sold every second during the season!). If you snapped up all three for your lucky little progeny, you’d be shelling out roughly €480. In fact, the cheapest item on the list is the €30 Pie Face Sky High Game (a toy which promotes seasonal peace by inviting public derision), a favourite with the generous Brits who spend, in total, €85 billion each Christmas – by far the highest amount in Europe.

PAST TIMES
Historically speaking, Christmas was rather cold. The reason we think of a white Christmas is all to do with weather cycles. During the time Christmas was becoming a big thing – the 16th to 19th centuries – the planet was undergoing what’s known as a Little Ice Age, with global temperatures several degrees lower than today, hence more snow. Today, the odds of a white Christmas are just 1 in 10 in England and Wales. In Scotland, it’s a little more likely, at 1 in 6. Here in Cyprus, unless you’re holed up in the higher reaches of the Troodos mountains or hire a snow machine, the probability is nil.

During WWII, the US playing card company Bicycle presented a pack of cards to every prisoner of war in Germany one Christmas. A nice gesture, and not as redundant as it might seem: when soaked, the cards revealed an escape route. Being a fairly common occurrence in the camps, the decks aroused no suspicion.

But it’s claimed they prompted over 300 escape attempts, more than 30 of which were successful.

In 1965, Jingle Bells was the first song broadcast from space, with Gemini 6 astronauts giving their best rendition on December 16. But it was originally written not for Christmas, but for Thanksgiving. In a similar vein carolling, which began in Britain, was originally called wassailing and had nothing to do with money: it was all about toasting your neighbours and wishing them a long life.

ROUND THE WORLD
Back to Santa for a moment. Once you factor in the international date line, Father Christmas would have 34 hours to deliver all his presents. Assuming he visits 800 million nices and none of the naughties, it’s entirely possible to get the job done, as long as the sleigh could travel at 99.999999% the speed of light. You can, of course, follow this progress via the NORAD ‘Santa Tracker’, which provides live online updates (https://noradsanta.org/). But did you know this much-loved institution came about completely by accident? In 1955, a Sears ad ran a phone number for kids who wanted to speak to Santa about their potential presents. But a numerical misprint directed the little hopefuls to the hotline for one Colonel Shoup, Director of Operations for the US Continental Air Defence. Bemused staff were ordered to play along, giving updates on Santa’s flight coordinates, and an annual tradition began!

While Christmas is observed in almost every country around the world (the Japanese traditionally eat KFC for Christmas lunch; Iceland has 13 different Santas, with names such as Spoon Licker, Door Sniffer and Meat Hook; in Poland, spiders are revered during the month of December), it’s Columbia which can lay claim to perhaps the best celebration of all time. In December 2010, the Colombian government strung jungle trees with lights. These lit up when local FARC guerrillas walked by, and banners pleading for peace became visible. Due to the campaign (which later won an award for marketing excellence) a total of 331 guerrillas laid down their arms and re-entered society… A true Christmas miracle!

TRADITIONALLY SPEAKING
Ever wondered where Christmas trees and stockings originated? Well, the former come from Germany, where the custom of bedecking branches eventually morphed into the decoration of whole trees, generally with coloured paper, apples and candles. The latter is also European: Dutch legend has it that St Nicholas dropped the dowry money for the daughters of an impoverished gent down the chimney: the coins fell into stockings drying by the fire, saving the girls from a life, hem hem, on the streets.

The Scandinavians are also responsible for the whole milk and cookie thing – leaving a little something out for Santa being a Norse tradition – though it’s the French who gave us ‘noel’ (an abbreviation of les bonnes nouvelles, or the good news), and the Greeks (you probably know this) who started the Xmas trend, X or ‘chi’ being a shortened form of the word Christ. Christmas pudding comes from the UK (where it was originally a soupy concoction of raisins and wine – ugh), while both Santa’s lively livery and Rudolph’s (who was almost called Reginald) luminous nose emerged in the States, both a nod to marketing campaigns.

As for more current traditions, the hideous idea of the Elf on the Shelf (if you don’t know what this is, count yourself lucky) stems from a 2004 children’s book written by American Carol Aebersold and her daughter Chanda Bell. Almost as bad is the Facebook data which suggests the two weeks before Christmas is the most popular break-up time of the year – probably at the point where you you’ve shelled out for something sparkly from Tiffany’s and realise your other half is about to counter with a recycled Christmas card…

REASON FOR THE SEASON
Lastly, the real reason for the season. And here, it seems, we may be mistaken in much of what we believe. Various theologians suggest that Jesus wasn’t born on December 25, but sometime in September between 6BC and 30AD. The wise men are never actually enumerated in the Bible (nor are they referred to anywhere as ‘men’, merely ‘magi’), and astronomers have suggested that their guiding light – the Star of Bethlehem – was either a passing comet or the planet Uranus. Similarly, there’s no Biblical reference to angels singing – herald the birth they did, but the actual phrase was, pre-translation from the ancient Greek, more probably praising in prose. And while the stable was likely a spare room, the supporting menagerie we know from nativity scenes is never actually mentioned – most of the animals were added to the story later as symbolism; apparently only the sheep were really present.

Nevertheless, the whole miracle and subsequent wonders are, indeed, the real reason for Christmas. A fact worth remembering, perhaps, in an age when it’s all Santa this, presents that, and who drank all the eggnog? Peace and goodwill to all men (even the drunken uncle passed out under the table by noon) is the order of the day, so do your best… Christmas does only come round once a year!

Source:Cyprusmail