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UN Passes Law of the Sea Treaty with Overwhelming Majority - Turkey Votes No

The UN General Assembly has adopted the Law of the Sea Treaty by an overwhelming majority of 153 votes for and one vote (Turkey) against.

Colombia, Venezuela and El Salvador abstained from the vote.

Casino Resort Expected to Bring 500,000 Additional Tourists

The government has received interest from 13 casino operators interested in building a casino resort in Cyprus, which is expected to bring an additional half-a-million tourists to the island, said the Cyprus News Agency (CNA).

Oil Prices Continue to Fall - Analyst Opinion

oil pricesby Jameel Ahmad, Chief Market Analyst at FXTM

The major talking point on the currency markets is again centred on the falling oil prices, with both Brent and Crude falling to fresh six-year lows. In just over one day, Brent has declined from $50.70 to $47.38, while Crude has plunged from $47.73 to $44.86.

Although the overpowering supply and demand equation is already heavily-weighted in favour of the bears, the scales were further tipped in the same direction when industry forecasters announced they were lowering 2015 forecasts. This just renewed selling pressure on the commodity, where a floor remains to be in sight. It appears that Crude is on its way to $42, a level that many see as psychological support.

New Paphos Mayor Pledges No Corruption

pafos mayor Newly-elected Paphos Mayor Fedonas Fedonos (DISY) pledged a corruption-free and transparent administration, after former mayor Savvas Vergas (AKEL) was forced to step down amid separate bribery allegations in a land deal and sewerage works.

The candidate supported by AKEL, EDEK and DIKO - Aristos Vassiliades - registered barely 27 percent in the polls, a signal that the public highly disapproves of former Akelite Savvas Vergas' conduct. Almost 47 percent of voters abstained in another sign of public disapproval.

Wil de Boer's picture

Thought for Today - What Thoughts Do You Think First?

When you honestly look at your own emotions like your anger and frustrations you will find all kind of destructive beliefs you have about your life.

Cyprus Airways Shuts Down - Passenger Advice

cyprus airways shutdownCyprus Airways flights were terminated immediately after today's decision by the European Commission that over 100 million euros in state aid given to the airline would have to be returned to Cypriot taxpayers, as the funds had breached EU anti-competition rules. There are plans to start a new private airline company which could hire former Cyprus Airways employees, said Finance Minister Haris Georgiades, who added that the carrier only had 10 percent of the market.

Cyprus Airways Could Shut Down if European Commission Demands Repayment

marios demetriadesIf the European Commission decides that Cyprus Airways has to repay 31.3 million euros in state aid, the operation would have to be suspended, said Communications and Works Minister Marios Demetriades.

"The government will try until the last minute to get a positive response from the European Commission, but is prepared for any eventuality," said the minister.

If the European Commission's decision is negative, there are contingency plans to cover any connectivity issues, said Mr. Demetriades. Meanwhile, bidders for loss-making Cyprus Airways Aegean Airlines and Ryanair have filed applications for local operator licenses, he said.

UN Envoy To Visit Cyprus Amid Increased Tensions Over Natural Gas Rights

barth eide cyprusUN envoy Espen Barth Eide is to visit Cyprus for two days on the 13th of January, amid increased tensions with Turkey over oil-and-gas rights around the island.

The purpose of the visit is to talk to Greek-and-Turkish Cypriot leaders Nicos Anastasiades and Dervis Eroglu and get their views on the impasse in reunification talks, says a statement from the UN. He will use the meetings to inform the UN Security Council during a meeting on January 26th. Mr. Eide has urged the leaders to focus on re-starting the talks, said the UN.

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