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Cyprus News Agency: News in English, 11-08-03

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] UCY - BLAST - IMPACT

  • [01] UCY - BLAST - IMPACT

    The explosion at the Naval Base ``Evaggelos Florakis``, which resulted to the destruction of Cyprus` main power station of Vassilikos, will lead to the decrease of the island`s GDP at around 2,4% on an annual basis. This is stated in a report prepared by the Economics Research Center of the University of Cyprus entitled ``Explosion at Mari: Cost and policy conclusions``.

    In the report it is noted that the reduction of GDP at 2,4% does not include the loss of capital for the Electricity Authority Cyprus (EAC), the loss of prosperity for households and the negative impact on the expectations and the natural environment. It is also stated that unemployment is expected to rise by 1%.

    The University of Cyprus` report states that retail trade has suffered the most from the reduction of electricity power.

    It is estimated that EAC revenue will be reduced on an annual basis - July 2011 - July 2012 - by 26-65 million euro due the decrease of power sale while its expenses will rise by 130 - 190 million euro due to the increase of production cost.


    A 48-year-old British suspect for the usurpation of Greek Cypriot properties, occupied since the Turkish invasion of the Cyprus in 1974, will be extradited on Wednesday to Cyprus and will be brought before Nicosia District Court on Thursday.

    Police Spokesman Michalis Katsounotos has said that the suspect, who was arrested under a European Arrest Warrant issued by Cypriot authorities, will be handed over to Cyprus Police officers who are already in London after a decision taken by the British authorities to extradite him in relation to a case of usurpation of Greek Cypriot properties in Cyprus Turkish occupied areas.

    Katsounotos said the suspect of conspiracy to commit felony and misdemeanor, illegal possession, distribution and use of property belonging to another person, obtaining money by false representations and other similar offenses relating to illegal exploitation of G / C properties located in the occupied areas.

    He noted that these offenses were committed during 2004 and 2005 at the occupied village of Klepini in Kyrenia district.


    Unemployment in Cyprus reached 19.3% in July, the Statistical Service of the Republic of Cyprus announced Wednesday.

    The unemployed persons, registered at the District Labour Offices on the last day of July 2011, reached 27.314 persons.

    Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed for July 2011 decreased slightly to 27.871 persons in comparison to 27.935 in the previous month.

    According to the Statistical Service, in comparison with July 2010, an increase of 4.415 persons or 19.3% was recorded, which was mainly observed in the sectors of trade (an increase of 1.178 unemployed persons), construction (an increase of 870), public administration (an increase of 347), manufacturing (an increase of 328), transportation and storage (an increase of 318), accommodation and food service activities (an increase of 288), as well as to newcomers in the labour market where an increase of 732 unemployed persons was recorded.

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