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Casino in Cyprus?

Last week, the Finance Minister of Cyprus Mr Kikis Kazamias said that the Cyprus government is working on a bill that would allow the opening of casinos. This is a very important statement, and contradicts to the previous government`s policy.
"We have to keep pace with the times and take into consideration the public interests, - emphasized Mr Kazamias. - The aim of the government is to develop a legislative framework that will protect society. We can`t afford to ignore the sector that could supplement public funds with significant funds."
The General Director of the Association of Hotel Owners, Mr Zacharias Ioannides believes that the change has occurred in the views of the Government, only for the best. Mr Ioannidis is not only actively supporting the establishment of casinos in the tourist areas, but also insisted that the authorities have completed the project within three months. Hotel Owners' Association also supports by the Association of tourism industry, which believes that the opening of the casino will contribute to the development and other types of tourism.
Chairman of the Board of Directors of the Cyprus Tourism Organization, Mr Alecos Oruntiotis believes that the report prepared by the organization in 2008, contains all the specific recommendations that are needed for the successful launch of the project in Cyprus.

CTO offered to form a special regulatory authority that would focus on the activities of a casino, and also conduct a number of specific measures for the protection of the population. Presumably, all casinos will be organized by a type of resort with its own set of services.

By Irina Lelina for Areti Charidemou & Associates LLC

Optimism at the meeting of G20

As a result of meetings in Paris of the finance ministers and central bankers G20 identified measures to ensure the stability of the global financial system and stimulate global economic growth.

"We, the finance ministers and central bank governors G20, met in a time of heightened tensions and the high risks for the global economy" - the document says. G20 emphasizes that these problems is an urgent need to resolve to restore confidence in the financial system to ensure its stability and a solid global economic growth.

G20 agree on the reform of European economic governance, as well as looking to the positives for the implementation of past decisions to increase efficiency and flexibility of the European Financial Stability Fund (EFFS).

Moreover, G20 is waiting for the agreed decisions of the European Council, the meeting is due to be held on October 23, 2011 and there will be offered a plan to overcome the current problems in the Eurozone.

Finance Minister of Germany Mr Wolfgang Schaeuble said the new package will provide long-term solution to the problems of Greece with increased investment from the private sector.

"We have heard in Paris from our European colleagues are encouraging things about the comprehensive plan to combat the crisis on the continent," - said U.S. Treasury Secretary Mr Timothy Geithner after meeting of G20.

The meeting in Paris of finance ministers and central bankers G20 was the final stage of the preparation to the financial summit of G20 to be held in Cannes, 3-4 November 2011.

By Irina Lelina for Areti Charidemou & Associates LLC

Gold deposits in Cyprus

The Canadian company Northern Lion Gold Corp., Which conducts searches for precious metals in Cyprus, found deposits of gold and copper mines in the area of Anglezidis which is in Larnaca.
The company drilled only seven wells and three of them contented 0,14-0,33 grams of gold per ton. The Gold mine lies close to the surface and, most likely, is horizontal.
"These results confirm the company's confidence that the auriferous resources of Cyprus are seriously undervalued," – it was noted in a statement of Northern Lion Gold Corp. The company also conducts research in the area of ​​the mountain range of Troodos. Northern Lion Gold Corp. is very optimistic about the results of recent researches that are regularly held in the framework of project Agios Nikolaos in Cyprus. The company president Mr John Lando said that the company are happy with the results of researches for the presence of gold deposits on the island. Studies show that on average one ton of rock has 4.5 grams of gold at a depth of 28.6 meters. Northern Lion Gold Corp is planning to conduct the familiar research for the presence of silver.
According to foreign experts, the mountains of the island of Cyprus could be the largest gold deposits. Northern Lion Gold Corp has studied the area of ​​57 square kilometers in area of ​​the mountain Troodos and confirmed not only the presence of gold, but the presence of other metals. Earlier company Geotech Airborne from Malta, conducted a special measurement of the assessment of the geological potential of Cyprus and it was stated in the company`s report that the land of Cyprus has a wealth of gold potential.

By Irina Lelina for Areti Charidemou & Associates LLC

EU-Russia aviation summit 2011

Last Thursday the EU–Russia aviation summit, took a place in St. Petersburg, Russia, with a target of enhancement of political, technical and industrial co-operation between Russia and the EU in the aviation industry. The two parties have a huge potential for reinforcement of cooperation in the aviation sector which would generate substantial benefits for both partners.

“The EU and Russia have so much to gain from closer cooperation in the aviation sector, both in relation to safety, industrial cooperation, air traffic management, sustainable growth and investment”, said Commission Vice-President Mr Siim Kallas.

The summit, was jointly organised by the European Commission and the Russian Ministry of Transport, it was opened by Vice-President Mr Siim Kallas, Minister of Infrastructure of Poland Mr. Cezary Grabarczyk, representing the Presidency of the Council of the EU, and Mr Igor Levitin, Minister of Transport of the Russian Federation. The European delegation included 150 representatives from airlines, airports, aerospace industries, service providers, national governments, the European Commission and all key EU institutions in the sector of aviation. In total, 300 delegates attended the aviation summit.

Air transport between the Russian Federation and the EU has gone up incredibly over the last five years (+10% a year for passengers). The EU is the largest international aviation market of Russia. More than 40% of all Russian passenger traffic is concentrated towards EU destinations.

By Irina Lelina for Areti Charidemou & Associates LLC

Major projects to modernize the port of Limassol

Several major projects for modernization of the port of Limassol shall be implemented in the next few years. Most of the port`s buildings will be renovated, the facades of buildings will be upgraded as well as new facilities will be built. According to the management of Limassol port, a new building will be erected for the accommodation of passengers; the berths will be refitted, the new equipment and computer technology for more efficient control over the passage of vessels will be installed. As a result of these projects the port of Limassol will become more suitable for the reception of passenger cruise ships. Also, it is expected to increase the volume of goods that are unloaded and stored in the port of Limassol.

One such project has already passed the stage of implementation. Extending the platform from 300 to 800 meters and the construction of the new platform will begin shortly. This decision was agreed at the last meeting of the Council of Port Authorities. The new platform will allow the port of Limassol to perfectly cope with the demands of foreign shipping companies and to receive the largest vessels.

By the end of October 2011 the tender will be announced. Construction work is scheduled for early 2012 and will last for two years. The budget of this project is estimated at 32 million euros, 60% of the project will be financed from EU structural funds.

By Irina Lelina for Areti Charidemou & Associates LLC

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