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Revolutionary invention in Cyprus

Worldwide attention has been attracted by Cyprus in regards to a revolutionary research energy programme on a concentrated solar power (CSP) desalination plant, which could resolve energy and water supply problems of Cyprus.

The programme looks towards the usage of solar energy to simultaneously produce electricity and desalinated water, potentially to produce up to 5 million extra liters of fresh water per day in accordance with the description of the British Science Museum.

The programme, whose studies were managed by The Cyprus Institute in the village Pentakomo, has been funded by the European Commission, under the EU 7th Framework programme. Research began in November in the year 2008 and its final reports were made in June 2010.

The concentrated solar power is achieved with the usage of strategically placed mirrors, which reflect and concentrate sunlight into a central receiver. This transforms solar energy into thermal energy and is stored. Afterwards this thermal energy is used for the producing of steam and electrical energy through the steam turbines.

Meanwhile the energy concentrated by the photovoltaic receivers is used to warm seawater, as a result separating it from salt through evaporation.

Many scientists have been waiting for such combination of the two processes as it is seen as the answer to many flaring issues faced by the world, such as the energy crisis and drought.

By Irina Lelina for Areti Charidemou & Associates LLC

Cyprus will be the wealthiest country in Europe?

The Professor of Chemical and Bio molecular Engineering at Cullen College of Engineering of Houston University Mr Michael J. Economides underlined that after the exploration and drilling of natural gas Cyprus will be the wealthiest country in Europe.

In his statement Mr Economides said that there are indications for substantial natural gas reserves within Exclusive Economic Zone of Cyprus.
He said that reserves in Block 12, where drilling is under way, are 50 times more than in gas deposit of Israel “Leviathan”.  Also Mr Economides added that an institution must be set up to coordinate all activities in regards to the financial exploitation of the natural gas.
During the conference Mr Economides said that the financial exploitation of the natural gas in Exclusive Economic Zone of Cyprus will raise the per capita income by 70% during the next ten years and that the island will be the wealthiest country in Europe. He added that hydrocarbons will carry on being the main energy source and there will be no any other alternative solutions in the foreseeable future.
American company “Noble Energy”, whose drilling rig is already in place at the southern coast of Cyprus, has started drilling in Exclusive Economic Zone of Cyprus. Noble Energy has the franchise to explore for hydrocarbons in south of Cyprus, known as Block 12

By Irina Lelina for Areti Charidemou & Associates LLC

EU standards at airports in Cyprus

The Minister of Communications of Cyprus Mr Efthymios Flourentzos recently visited the main airport of Cyprus, Larnaca, with a target of getting a first-hand view of operation of the airport where he made his speech.

He said that the safety and security in airports of Cyprus is working on high level and in accordance with the EU standards.

 “I’ve visited the baggage area where there is a very high level of security and there is no reason for concern,” Mr Flourentzos noted. He said that the security regulations met those set by the European Commission. 

Mr Flourentzos stressed that the efforts of the authorities was to try and predict the probability of anything going wrong and dealing with it ahead of time.

The minister also met with officials from the airport operator Hermes and the Civil Aviation Department.

“Larnaca and Paphos airports play an important role in the economy, they are where people come and go from Cyprus,” he added.

Mr Flourentzos underlined that the airports are always on the list of priorities of the Ministry.

After the meeting the head of the Hermes board Mr Iakovos Iakovou presented a map of Cyprus in 1877 to Mr Flourentzos.

By Irina Lelina for Areti Charidemou & Associates LLC

Europe Moves Closer to Bigger Bailout Fund

Europe moved closer last Friday to adopting a bigger bailout fund to assist countries harassed with debts, with Austria the latest country to approve its expansion to $593 billion.

Austria became the 14th of the 17 countries that use the euro currency that need to approve the expanded fund before it can be of effect. Approval from Austria came as some financial experts are considering the fund will have to be even larger, probably several trillion dollars in size, to cover possible future bailouts of weaker government before they get into a full-blown crisis.

Parliament of Cyprus has approved giving new powers to the Euro zone bailout fund.  Germany also approved the new powers of the fund last Thursday.

In regards to the new aid for Greece, the opinion of the governing coalition in the central European nation has divided by reason of attempts of Greece to avoid a default on its bailout from last year.

The Prime Minister of Greece Mr George Papandreou met last Friday in Paris with President of France Mr Nicolas Sarkozy. Mr Papandreou is carrying on his push across European capitals to get the approval from international creditors for Greece to receive $11 billion part of its $159 billion bailout.

By Irina Lelina for Areti Charidemou & Associates LLC

Euro Money Market Survey 2011

Last Friday the European Central Bank (ECB) published the results of the “Euro Money Market Survey 2011”, which shows the major developments in the euro money market in the second quarter of the year 2011 in comparison with the second quarter of 2010.

The survey of this year used a constant panel of 105 banks wherever longer-term comparisons are made, also it  included information provided by the full panel of banks, which was consist of 170 banks. The results showed the following:

Aggregate turnover in the euro money market increased by 15%, after three years of decreases.

In the unsecured market, the cash borrowing of the banks on the panel increased by 26%, while their lending contracted by 5%.

The secured market remained the largest segment, with aggregate turnover increasing for the second year in a row by 10%.

The percentage of secured market transactions that were cleared by central counterparties in the second quarter of 2010 was revised upwards to 51%. This share remained quite stable at 50% in the second quarter of 2011.

In percentage terms, the most significant increases were recorded in cross‑currency swaps, where turnover increased by 68% and overnight index swaps, where turnover increased by 42%.

By Irina Lelina for Areti Charidemou & Associates LLC

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