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The most powerful people of the planet 2011

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Published on Tuesday, 08 November 2011 06:25

Forbes, an American business magazine, published a list of the most powerful people in the world in 2011. In the magazine's list this year included 70 people - politicians and public figures, businessmen and celebrities, capable, according to the rating, to personally influence the course of human history. Among them are politicians, executives, business owners, religious leaders, military as well as representatives of the criminal world.

Forming the annual ranking of powerful people, Forbes takes into account the four main indicators of power. Firstly, the number of people under the leadership of a person, in the case of a country's leader is the population of the state, if the head of the company - number of employees. Secondly, financial resources, which might be managed by the person involved in the rating. Thirdly, the leadership in certain field of activities. Fourthly, to get into the rating a person must be actively using their powers in the previous year.

According to Forbes, the most powerful man in the world in 2011 is the U.S. President Mr Barack Obama. Despite the current political weakness, the impact of Mr Obama in 2011 increased again after many achievements in foreign policy. In second place in the ranking - the Prime Minister of Russian Federation Mr Vladimir Putin, who recently announced his intention to return to the presidency in 2012. The authors of this rating have placed the President of China Mr Hu Jintao in third position.

In the top ten rating also includes the following persons: German Chancellor Angela Merkel, Microsoft founder Bill Gates, Saudi King Abdullah Bin Abdul Aziz Al-Saud, Pope Benedict XVI, head of the U.S. Federal Reserve Chairman Ben Bernanke, Facebook founder Mark Zuckerberg and the Prime Minister of Great Britain, David Cameron.

By Irina Lelina for Areti Charidemou & Associates LLC

Cyprus beaches in the top rankings of EU

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Published on Tuesday, 08 November 2011 06:20

Ayia Napa and Protaras beaches were ranked among the top European beaches at a voting, held by a famous European tourism website “Trip Advisor”. Ayia Napa beaches are on the first place and Protaras beaches third among the beaches of Europe.

“Twenty three beaches of Protaras and Ayia Napa were awarded the Blue Flag, something that proves the high standard of quality of those beaches” - the Secretary of the Famagusta Chamber of Commerce and Industry Mr Iacovos Hadjivarnavas underlined.

Mr Hadjivarnavas noted that approximately one third of the tourists who visit Cyprus, stay in hotels in the area of Famagusta.

The main reasons which the tourists prefer Ayia Napa and Protaras for their holidays are the very clean waters, the high grade beaches, the welcoming people and the quality of the services provided by the area`s tourism industry.

At the same time, Mr Hadjivarnava stressed that more infrastructure works have to be done in the area of Famagusta, with the target to attract the tourists and to further improve the level of services provided.

Mr Hadjivarnava specifically indicated to marinas and golf courses of Protaras and Ayia Napa. He pointed out that private strategic investors shall undertake those works.

By Irina Lelina for Areti Charidemou & Associates LLC

Strengthening the banking system of Cyprus

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Published on Tuesday, 08 November 2011 06:22

According to the Minister of Finance of Cyprus, Mr Kikis Kazamias the appropriate measures to support the banking system shall be taken in order to strengthen the real economy of Cyprus and other EU countries.

After his return from Brussels, the Minister of Finance of Cyprus expressed concern about the financial crisis for banks in Cyprus, adding that similar disturbances in the banking system and financial markets are distinctive not only for Cyprus, but for all countries in the Eurozone.

Mr Kazamias was quite optimistic and confident that EU member states are able to develop a competent strategy to support the stability of their banking systems. In regards to the status of banks of Cyprus, Mr Kazamias said that all efforts should be directed to support them.

In the near future plans of Cyprus Minister of Finance are the meeting of finance ministers of the euro zone and participation in the meeting of the EU Economic and Financial Affairs (ECOFIN). As a result of an extraordinary emergency summit of leaders of the EU on 26 October 2011 it will be adopted a long term plan to resolve the debt crisis.

At the same time, government spokesman, Mr Stephanos Stephanou said that the government in the cooperation with the Central Bank of Cyprus shall take measures to support the banking system of Cyprus, which will be made to the extent possible in the case of potential problems that may arise in connection with events in Greek economy.

By Irina Lelina for Areti Charidemou & Associates LLC

Milan Court sentenced the former head of Central Bank of Italy

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Published on Tuesday, 01 November 2011 10:17

On Monday, the court sentenced the former head of Milan's central bank Banca dItalia Italy, Mr Antonio Fazio to three and a half years imprisonment in a scandalous case of trying to acquire the bank Banca Nazionale del Lavoro (BNL) by the Italian insurance group Unipol in 2005. In addition, based on the verdict, Mr Fazio, who headed the Central Bank of Italy from 1993 to 2005, must pay damages to the treasury amounting to 1 million euro.

Scandal surrounding the proposed sale of BNL, which involved many senior bank officials and politicians, erupted in 2005 when it became known that the Central Bank of Italy lobbied the interests of the insurance company Unipol on the sale of BNL. This deal has not been performed and then BNL was purchased by French BNP Paribas.

In addition to the former manager of the Central Bank of Italy, Milan court sentenced the former head of Unipol, Mr Giovanni Consort to three years and ten months of prison and a fine of 1.3 million euro, as well as nine others, each of which received a 3.5 year imprisonment and to pay a fine of 900 thousand euro. Also Milan court ordered the insurance group Unipol to pay a fine of 720,000 euro.

In May 2011 the Court of Milan also acknowledged the former head of the central bank of Italy guilty of fraud in the sale of the bank Banca Antonveneta and sentenced him to four years in prison and fined him 1.5 million euro. This was the first event in the history of Italy, when the court issued a guilty verdict in a criminal case with respect to the head of the Central Bank of the country.

By Irina Lelina for Areti Charidemou & Associates LLC