Cyprus Mail

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Cyprus Mail www.cyprus-mail.com

Wednesday, July 11, 2012

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MPs call for highly

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Go-to vamp Eva Green is actually a shy girl at heart

paid civil servants to take a pay cut

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Bank crisis leads BoC chief to quit Island’s biggest lender’s CEO says no co-operation to solve problems By Michele Kambas and George Psyllides

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ANK of Cyprus CEO Andreas Eliades resigned yesterday, citing a lack of coordination in dealing with Europe’s banking crisis as his reason for leaving. In a letter to the chairman of the board on Monday, Eliades said the challenges “we are experiencing throughout Europe are exceptionally difficult, demanding everyone join forces, inside and outside the bank, to be able to tackle them.” “Because what is happening around us proves that this collective mobilisation does not exist… I have taken the above decision, judging that under these conditions I am no longer allowed to perform my duties,” Eliades said. Eliades was chief executive officer for eight years and instrumental in leading the lender’s foray into neighbouring Greece, where it is now heavily exposed to its debt mountain. He said he was leaving with immediate effect. Bank of Cyprus (BoC), the island’s biggest lender, rattled domestic markets by

unexpectedly seeking state financial support just prior to a regulatory deadline to bolster its core tier 1 capital last month. Capital requirements of the island’s second-largest lender, Popular Bank was a key reason for Cyprus requesting an international bailout on June 25. Both banks suffered record losses in 2011 as a result of a write-down in their portfolios of Greek sovereign debt, an impairment agreed by European leaders, including Cyprus’ president, to make Greece’s debt more sustainable. The decision proved costly for the island. As a result, Popular Bank now requires at least €1.8 billion from the state, while BoC Cyprus has asked for €500 million. The bank posted losses of €1.37 billion in its full-year 2011 results after the Greek sovereign debt write-down. For banking insiders, Eliades’ resignation did not come as a surprise. Reports yesterday suggested the Central Bank has also pointed the exit door to other board members. It has been suggested that

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Giant ice telescope hunts for dark matter space secrets

French President Francois Hollande inspects a Guard of Honour at the Foreign and Commonwealth Office in London yesterday. Hollande held talks with Prime Minister David Cameron aimed at smoothing over a slew of recent differences as he made his first official visit to Britain (AFP)

SCIENTISTS are using the world’s biggest telescope, buried deep under the South Pole, to try to unravel the mysteries of tiny particles known as neutrinos, hoping to shed light on how the universe was made. The mega-detector, called IceCube, took 10 years to build 2,400 metres below the Antarctic ice. At one cubic km, it is bigger than the Empire State building, the Chicago Sears Tower and Shanghai’s World Financial Centre combined. Designed to observe neutrinos, emitted by exploding stars and moving close to the speed of light, the telescope is under the spotlight in the wake of last week’s discovery of a particle that appears to be the Higgs boson - a basic building block of the universe. “You hold up your finger and a hundred billion neutrinos pass through it every second from the sun,” said Jenni Adams, a physicist who works on IceCube. IceCube is essentially a string of light detectors buried in the ice through hot water drilling. When neutrinos, which are everywhere, interact in the ice, they produce charged particles that then create light, which can be detected. The ice acts as a net that isolates the neutrinos, making them easier to observe. It also shields the telescope from potentially damaging radiation.


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