THE cabinet yesterday approved a deal for Cyprus to borrow €2.5 billion from Russia and authorised the finance minister to finalise the loan as soon as possible.“It is a bilateral agreement (between Cyprus and the Russian Federation) starting January 2012,” government spokesman Stefanos Stefanou said."(This deal) opens yet another market for the financing of the Republic of Cyprus in addition to the traditional European market, and creates even more prospects for deeper economic cooperation between Cyprus and Russia," Stefanou said.Cyprus would have to pay off the loan in 4.5 years, paying a 4.5 per cent interest rate, he said, with no strings attached. The interest rate is less than half market rate, Reuters reported... 2 comments

A CIRCLE of opposition appeared to be closing in on President Demetris Christofias yesterday, with all parties repeating calls for his resignation. Government spokesman Stefanos Stefanou warned that opposition DISY’s demand for the president to either step down or call early elections would set a “dangerous precedent”. Christofias has come under severe criticism after refusing to accept the conclusions of investigator Polys Polyviou’s report into the Mari naval base blast, announced on Monday. Polyviou largely pointed the finger of blame at Christofias, saying he had political and personal responsibility for the explosion, which killed 13 people on July 11. ... 8 comments

ANOTHER SEISMIC vessel, believed to be French-owned and hired by Turkey, was yesterday found close to the Akamas peninsula, moving in straight lines around 50 nautical miles west of the island, it transpired yesterday. The ship was spotted on the website marinetraffic.com, which tracks ships’ positions in real-time based on received Automatic Identification System data. According to the ‘Live Ships’ map on the website, the vessel is the Norwegian-flagged Bergen Surveyor, owned by French-based geophysical services company CGG Veritas. ... 3 comments

 A TYPICAL household in Cyprus is estimated to have spent nearly €1,500 on its energy needs in 2009, according to the Statistical Service.An ad hoc survey shows that a typical household in Cyprus is estimated to consume 1,142kgoe (kg of oil equivalent) and to spend an amount of €1.374.Some 44.8 of consumption went on heating, 8.3 per cent on cooling, 5.7 per cent on water heating, 14.0 per cent on cooking and 27.2 per cent on electrical appliances and lighting. A typical household annually consumes 6,288KWh (Kilowatt-hour) of electricity.A KWh refers to the use of electrical appliances that use 1000 watts over an hour of time. A device using 100 watts running for 10 hours equals 1KWh... 3 comments

THE NICOSIA Municipality kicked off its pilot scheme of residential on-street parking permits this week in an effort to solve the notable problem of parking in the city’s inner-walls neighbourhoods.The old-town’s permanent residents will be given a permit to park in allocated spaces on the street, while anyone violating this will incur the usual parking fine. The project is a response to the consistent complaints by old-city residents that there is a lack of parking spaces. Ledra Street’s commercial character and the old-city’s vibrant nightlife have led to a tussle for parking in recent years, and local residents have struggled to find parking in front of their homes... Read on

ACADEMICS will gather at Frederick University in Nicosia tomorrow night to hear the findings of a pioneering study into the oral history of Cyprus since the 1960s.The study, entitled “The Cyprus Oral History and Living Memory Project” brings together a team of qualitative researchers from Cyprus and abroad, including oral history expert research Dr William Ayers, and led by Frederick University’s Nicoletta Christodoulou... 3 comments

FINANCIAL aid of over €2.5 million was distributed to people with special needs and relative institutions by the Radiomarathon Foundation during the year 2010; an increase of approximately €40,000 from the previous year according to the foundation’s management committee.Radiomarathon provides financial aid and support to children up to the age of 18 suffering from any illness and also people with special needs of any age. Its annual October fund-raiser is by far the biggest fund-raising event in Cyprus’ calendar and aims at raising awareness on the issues faced by people with special needs... Read on

CYPRUS IS one of only three countries, along with Romania and Portugal, where its teachers have the potential to double their basic salaries in the course of their career, according to a report by the European Commission’s Eurydice Network for 2009 and 2010.According to the report, in these countries it takes more than 20 years to progress to the top salary scale. Annual gross salaries of full time fully qualified teachers in public schools in Cyprus for all levels of teaching stands at a minimum of €23,646 and a maximum of €51,772, taking around 22 years for a teacher to attain maximum salary.A secondary school head on the maximum salary scale earns over €63,000 in Cyprus. ... 1 comment

THE STELIOS Philanthropic Foundation, founded by Cypriot tycoon Sir Stelios Haji-ioannou to help the families of the 13 victims of the July 2011Mari blast, has managed to raise 84,271.14 euros up to now. Sir Stelios would like to thank everyone for their help and hopes the donations will continue. The Foundation has already distributed €5,600 to each family of the victims.For donations: Marfin Popular Bank Public Co Ltd; Account Name: Stelios Philanthropic Foundation Account Number: 15811040243 - IBAN: CY85003001580000015811040243 - Swift: LIKICY2N... Read on

THE NOMINATING process for the fifth annual Paphos Hearts of Gold award in now underway. The philanthropic award will be presented by the Patron, Paphos Mayor Savvas Vergas, at an event in December.The community-based award is open to all residents of Paphos irrespective of age and nationality and aims to recognise individuals who are extra special in some way.This may include those who have shown tremendous courage and determination in the face of adversity, worked tirelessly within the community or for charities, or simply been a great help and support to neighbours and friends... Read on