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NEWS
July 13, 1987 | By Mark de la Vina, Inquirer Staff Writer
Martis Marti was 11 when his family fled their home in Famagusta, Cyprus. Marti, now 24 and majoring in business administration at Glassboro State College, had to grab a week's worth of food and a few changes of clothing one day in August 1974 as Turkish troops approached his village from the north. His family was forced to relocate in the southern part of the Mediterranean island nation when the Turkish forces remained in the north. Like the 200,000 other Greek Cypriots who left their homes in northern Cyprus, Marti and his family tried to lead normal lives in their makeshift home towns in the south.
BUSINESS
April 4, 2013 | By Daniel Wagner, Associated Press
The Dow Jones industrial average closed at a record high Tuesday after reports on auto sales and factory orders provided the latest evidence that the U.S. economy was strengthening. Traders plowed money back into European stocks as the financial situation in Cyprus appeared to stabilize. Health insurers powered the gains a day after the government released revised reimbursement rates for Medicare Advantage plans. The new numbers suggest that funding cuts will be less severe than analysts and companies had feared.
NEWS
November 23, 2012
NICOSIA, CYPRUS - Cyprus is "very close" to signing an agreement with potential creditors for a bailout to support its troubled banks and pay its bills, the crisis-hit country's president said Thursday. President Dimitris Christofias said that the "very limited" number of differences that remain could be bridged "very soon. " The statement was greeted with guarded relief in the country that was hit on Wednesday by another two-notch credit rating cut. Ratings agency Fitch sank Cyprus deeper into junk status amid worries over a weakening economy that the Cypriot finance ministry projected will shrink by 3.5 percent next year.
BUSINESS
March 26, 2013 | By Elena Becatoros and Menelaos Hadjicostis, Associated Press
NICOSIA, Cyprus - The Central Bank of Cyprus says the country's finance minister has decided to order all banks in the country to remain shut until Thursday. The announcement late Monday came hours after the central bank had said all banks except the country's two largest lenders, Laiki and Bank of Cyprus, would open Tuesday morning. Banks have been closed since March 16 to avert a run on deposits as the country's politicians struggled to come up with a plan that would raise enough funds to qualify for an international bailout.
SPORTS
July 27, 2010
Former Villanova guard Reggie Redding has signed to play for Intercollege Etha Engomis, a team in Cyprus. The 6-5 Redding is scheduled to join his new team in about a month, and will be eligible to play in the FIBA Euro Challenge, giving him an opportunity to be seen by teams from various other countries. Redding averaged 7.3 points and 4.7 rebounds as a senior, appearing in 23 games after missing the first 10 because of a violation of the student code of conduct. He is the all-time scoring champion at St. Joseph's Prep, where he accumulated 1,568 points.
BUSINESS
March 30, 2013 | By David McHugh, Associated Press
FRANKFURT, Germany - This week's deal to rescue Cyprus and its banks from financial collapse has renewed fears about Europe's shaky financial system and where trouble might next appear. Many banks have been struggling for more than three years as losses on government bonds and bad loans pile up. Some governments, meanwhile, have taken on more debt trying to prop up their banks, to the point where they needed bailouts themselves. In Cyprus' case, the banking sector became bigger than the government could afford to rescue, seven times the size of the economy.
BUSINESS
March 28, 2013 | By Menelaos Hadjicostis, Associated Press
NICOSIA, Cyprus - Banks in Cyprus are to open for the first time in more than a week Thursday, operating for six hours, but restrictions will be in place on financial transactions to prevent people from draining accounts. Among the capital controls, cash withdrawals will be limited to 300 euros ($383) per person each day. No checks will be cashed, although people will be able to deposit the money into their accounts, according to a ministerial decree released Wednesday. The controls will be in place for four days.
BUSINESS
March 27, 2013 | By Juergen Baetz, Associated Press
BRUSSELS - Europe's leading institutions clashed Tuesday in a rare sign of public discord over what shape future financial rescues will take following the bailout for Cyprus, creating further uncertainty and concern about the safety of keeping large deposits in European banks. In a 10 billion euro ($12.9 billion) bailout deal clinched early Monday, Cyprus agreed to dissolve the country's second-largest bank, inflicting significant losses - possibly up to 40 percent - on all deposits larger than 100,000 euros ($130,000)
NEWS
March 26, 2013 | ASSOCIATED PRESS
NICOSIA, CYPRUS - Cyprus ordered banks to remain closed for two more days over fears of a run by customers trying to get their money out, after striking a predawn bailout deal Monday that averted the country's imminent bankruptcy. The sudden midnight postponement of the much-anticipated Tuesday bank opening by all but the country's two largest lenders was sure to hammer businesses already reeling from more than a week of no access to their deposits. ATMs have been dispensing cash but often run out, and an increasing number of stores and other businesses have stopped accepting credit or debit cards.
BUSINESS
March 20, 2013 | By Steve Rothwell, Associated Press
NEW YORK - Stocks closed lower Monday as investors worried that a controversial proposal to seize money from depositors in Cyprus could set off another bout of anxiety over the euro. The Dow Jones industrial average fell 62.05 points, or 0.4 percent, to close at 14,452.06. It plunged as much as 110 points in the early going, briefly turned positive in the afternoon, then fell back again in the last hour of trading. The Standard & Poor's 500 fell 8.60 points, or 0.6 percent, to 1,552.10.
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NEWS
July 11, 2014 | By Casey Fabris, Inquirer Staff Writer
Vice President Biden made a visit Wednesday night to what he calls his "second city. " Biden made his second visit to Philadelphia in less than a week to talk to the several hundred members of the Greek Orthodox Church whom the city has hosted since Sunday. He addressed more than 1,500 Wednesday at the Grand Banquet for the 42d Biennial Clergy-Laity Congress of the Greek Orthodox Archdiocese of America. The banquet capped the group's conference, held at the Philadelphia Marriott Downtown.
REAL_ESTATE
December 15, 2013 | By Sally Friedman, For The Inquirer
Back in 1978, newlyweds Kathy and George Sideris didn't start married life in a cute, little cottage or apartment. Instead, they lived for two years in an expanded suite at the former Landmark Hotel in Maple Shade, where George was involved in operating the property. "It was a little strange, but we got used to it," explains Kathy, noting that the couple even had a small kitchen, which helped maintain some semblance of home life. But moving into a more conventional home was definitely a priority, and the Siderises got lucky: In Medford, they found a Tudor home that the builder of the surrounding cluster of custom homes had intended to occupy.
NEWS
September 11, 2013 | By Barbara Boyer, Inquirer Staff Writer
Photios and Niki Photoiou, their eyes moist with tears, remained shocked Monday after a quick-moving fire gutted the kitchen of the New Golden Dawn Diner in Maple Shade. A passerby called 911 about 11:30 p.m. Sunday and reported flames coming from the diner on Route 38 East, near Route 73, which had closed for the night. "We lost everything," said Niki Photoiou as employees and customers offered comfort. "We are lost now. We don't know what to do. " Niki Photoiou said they had no insurance.
NEWS
May 30, 2013
Hal McClure, 92, who covered two Arab-Israeli wars after turning a passion for travel and the written word into a career as a foreign correspondent for the Associated Press, died Sunday in Laguna Hills, Calif., after surgery to relieve a blood clot on his brain from a recent fall, said his sister, Virginia McClure. Beginning in the mid-1950s, Mr. McClure spent 21 years overseas for the AP. His first foreign assignment took him to Singapore, and afterward he was appointed correspondent in Malaysia.
BUSINESS
April 4, 2013 | By Daniel Wagner, Associated Press
The Dow Jones industrial average closed at a record high Tuesday after reports on auto sales and factory orders provided the latest evidence that the U.S. economy was strengthening. Traders plowed money back into European stocks as the financial situation in Cyprus appeared to stabilize. Health insurers powered the gains a day after the government released revised reimbursement rates for Medicare Advantage plans. The new numbers suggest that funding cuts will be less severe than analysts and companies had feared.
BUSINESS
March 30, 2013 | By David McHugh, Associated Press
FRANKFURT, Germany - This week's deal to rescue Cyprus and its banks from financial collapse has renewed fears about Europe's shaky financial system and where trouble might next appear. Many banks have been struggling for more than three years as losses on government bonds and bad loans pile up. Some governments, meanwhile, have taken on more debt trying to prop up their banks, to the point where they needed bailouts themselves. In Cyprus' case, the banking sector became bigger than the government could afford to rescue, seven times the size of the economy.
BUSINESS
March 28, 2013 | By Menelaos Hadjicostis, Associated Press
NICOSIA, Cyprus - Banks in Cyprus are to open for the first time in more than a week Thursday, operating for six hours, but restrictions will be in place on financial transactions to prevent people from draining accounts. Among the capital controls, cash withdrawals will be limited to 300 euros ($383) per person each day. No checks will be cashed, although people will be able to deposit the money into their accounts, according to a ministerial decree released Wednesday. The controls will be in place for four days.
BUSINESS
March 28, 2013 | By Matthew Craft, Associated Press
NEW YORK - Investors just can't get past Europe. Renewed worries about the long-running debt crisis weighed on the Dow Jones industrial average Wednesday and held the Standard & Poor's 500 index back from reaching an all-time high. Investors are watching to see whether Cyprus can shore up its banking system. They are also keeping an eye on Italy, where political parties are struggling to form a new government in the eurozone's third-largest economy. The Dow fell 33.49 points to close at 14,526.16, a loss of 0.2 percent.
BUSINESS
March 27, 2013 | By Juergen Baetz, Associated Press
BRUSSELS - Europe's leading institutions clashed Tuesday in a rare sign of public discord over what shape future financial rescues will take following the bailout for Cyprus, creating further uncertainty and concern about the safety of keeping large deposits in European banks. In a 10 billion euro ($12.9 billion) bailout deal clinched early Monday, Cyprus agreed to dissolve the country's second-largest bank, inflicting significant losses - possibly up to 40 percent - on all deposits larger than 100,000 euros ($130,000)
BUSINESS
March 26, 2013 | By Elena Becatoros and Menelaos Hadjicostis, Associated Press
NICOSIA, Cyprus - The Central Bank of Cyprus says the country's finance minister has decided to order all banks in the country to remain shut until Thursday. The announcement late Monday came hours after the central bank had said all banks except the country's two largest lenders, Laiki and Bank of Cyprus, would open Tuesday morning. Banks have been closed since March 16 to avert a run on deposits as the country's politicians struggled to come up with a plan that would raise enough funds to qualify for an international bailout.
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