Latest News

Support of the economy in Europe

The Head of the European Central Bank (ECB), Mr. Jean-Claude Trichet said there are a number of additional measures to support the economy and the banking sector in Europe that the central bank intends to take.

Speaking at a press conference after a meeting where the decision was made to keep the base interest rate unchanged at 1.5% per annum, Mr Trichet said the ECB in November this year will launch a program of redemption of bonds, secured loans for the total volume of 40 billion euros. The program aims to acquire Central Bank bonds on both the primary and the secondary market. As expected, its volume will be completely exhausted by the end of October 2012. More information about the program will be announced after a meeting of the ECB, which will be held on 3 November  2011.

European central bank will also perform two long-term operations of refinancing banks. In October 2011 the ECB will give to the banks credit for 12 months, in December 2011 – for a period of 13 months. These operations will be conducted in addition to the regular and special operations of ECB's refinancing of the banking sector. Mr Trichet stressed that the central bank will continue to hold the main lending banks as long as necessary, at least until July 2012. As well, Mr. Trichet noted that the support of the European economy has continued growth in emerging markets, low interest rates and a variety of all possible measures to support the financial sector.

By Irina Lelina for Areti Charidemou & Associates LLC

Cyprus in the Top 20 Most Popular Golf Courses in Europe

Cyprus resort Aphrodite Hills Golf is ranked as one of the top 20 most popular golf courses in Europe in accordance with the survey obtained by Albrecht Golf Verlag GmbH on their web-site (220, 000 visitors per month) where golfers from 34 different countries have voted for the most popular courses in Europe. Aphrodite Hills Golf Club was included in the top 20 list with 19th position.

This is a great success for Aphrodite Hills Golf Club because firstly, there are 6,794 golf courses in Europe which have been all included in the survey and secondly because this award is the only one in the golf sector that is not a jury driven award. The votes where given by actual golf players, so to appear in the Top 20 Most Popular Golf Courses in Europe it is a significant event for Aphrodite Hills and Cyprus.

Aphrodite Hills Golf Club was opened in November 2002, it is a magnificent 18-hole championship course, spreading over 6,299 metres and overlooking the place where Aphrodite, the goddess of love, is said to have appeared from the sea. Aphrodite Hills Golf Club was designed by the prominent golf course architect and designer of some of the 100 finest courses in the world Mr Cabell Robinson, one of Europe's top golf course designers.

The golf course also has a dedicated 3-hole Golf Academy and magnificent Clubhouse.

By Irina Lelina for Areti Charidemou & Associates LLC


At London's Court began a hearing of the case, which the British press calls "the battle of the oligarchs" between Mr Boris Berezovskiy and Mr Roman Abramovich.

Despite of the difference in the capitals, Mr Berezovsky (half of billion pounds) and Mr Abramovich (eight and a half billion pounds) - they both once were the owners of the company Sibneft. The company was purchased by the state in the early 90s for over sixty million pounds. In 2000, Sibneft was sold by Mr Berezovskiy to Mr Abramovich, but not just so; it was enforced with threatenings, therefore, not for the money expected. This compulsion is the whole essence of the claims of Mr Berezovskiy to Mr Roman Abramovich and Mr Berezovskiy insists that the compensation price shall be at least three billion pounds.

From 1995 to 2002, Mr Berezovskiy has received from his former partner, quite a few gifts in the form of yachts, paintings and jewellery totalling more than two billion pounds. Even though Mr Abramovich had a good capital to afford to give such gifts, his resale of Sibneft to the State is the biggest deal in Russian history, as valued at almost seven and a half billion pounds.

Today the court will address one of the plaintiffs, Mr Boris Berezovskiy. The Speech by Mr Roman Abramovich is expected in early November.

By Irina Lelina for Areti Charidemou & Associates LLC

Egypt-Israel-Lebanon cooperation with Cyprus

The Foreign Minister of Cyprus Mrs Erato Kozakou Markoullis will pay a visit to Egypt on 2nd of November 2011 in an attempt to make contacts about the natural gas and oil exploration of Cyprus in the exclusive economic zone of the island.

Mrs Markoullis, in her statement to the media last Saturday, said that the delegation of technocrats from Lebanon should be arriving next week in Cyprus for the discussion of the matters related to the exclusive economic zone.  

In Egypt, Mrs Markoullis will meet with the Prime Minister, the Foreign Minister of Egypt and with all the political leaders of the country.

Mrs Markoullis noted that the visit of the delegation from Lebanon was confirmed during a meeting she had with her counterpart from Lebanon in New York. “We have agreed that a delegation of experts will pay Cyprus a visit to discuss all issues regarding our relations and Exclusive Economic Zone.”

Drilling has already started and is being carried out by the American company “Noble Energy”, on the south-eastern coast of Cyprus.

Cyprus has a sovereign right to exploit its natural resources and Greek Cypriots and Turkish Cypriots will benefit from any outcomes that may come from oil drilling.

Cyprus has executed an agreement to delineate the Exclusive Economic Zone with Egypt and Israel in regards to exploiting any possible natural gas and oil reserves in its EEZ. The familiar agreement has been executed with Lebanon.

By Irina Lelina for Areti Charidemou & Associates LLC

English Premier League in the European Court of Justice

British pub landlady Mrs Karen Murphy in the European Court upheld the right to show matches of English Premier League through foreign channels.

Sky TV channels and ESPN could lose the monopoly on broadcasting the Premier League in the UK by end of this trial.

Mrs Karen Murphy, landlady Pub Red White & Blue, was fined 8000 pounds for showing English Premier league football via the Greek Satellite Nova. For connection to the channel Nova she paid every month 118 pounds, while a connection to the TV channels Sky Sports and ESPN, would have been 480 pounds a month.

Mrs Karen Murphy filed with the European Court against English Premier League, which has granted the rights to broadcast matches only via TV channels Sky and ESPN. The European Court ruled that a ban on the broadcasting of foreign channels in a public place is contrary to EU laws. The European Court also ruled that the management of the Premier League can not claim protection of their rights, because games are not the intellectual property of the Premier League.

The Premier League tried to assert their rights, claiming that the Greek channel Nova can only broadcast the games in Greece.

Sky has a monopoly on the games since 1992. Only in 2009 the Premier League has received more than one billion pounds from Sky for the rights to show matches for three years. Now the English Premier League will have to decide how to reallocate the rights to show matches so as not to significantly lose in revenue.

By Irina Lelina for Areti Charidemou & Associates LLC

Areti Charidemou & Associates LLC Law Firm