BR IEF

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BoC-Ack­er­mann.

Share­hold­ers of bailed-out Cyprus’s big­gest bank have elected for­mer Deutsche Bank chief Josef Ack­er­mann as the new chair­man. The vote on Thurs­day came after the Bank of Cyprus passed a Euro­pean in-depth re­view of its

OTE-Eu­tel­sat.

OTE tele­com has se­lected the Eu­tel­sat KA-SAT to de­liver new satel­lite broad­band ser­vice to homes across Greece. The satel­lite broad­band ser­vice will be de­liv­ered along­side OTE’s TV plat­form broad­cast from the Eu­tel­sat 9A satel­lite. The broad­band ser­vice and the TV plat­form will share the same or­bital po­si­tion as KA-SAT.

Rus­sia via Turkey and Bul­garia and most of the rest shipped in as LNG from Al­ge­ria into the Revyt­housa ter­mi­nal near Athens. The coun­try has sought to di­ver­sify sup­plies after it was forced to im­port more LNG and switch a power plant to oil in Jan­uary 2009, when a dis­pute be­tween Rus­sia and Ukraine dis­rupted flows to the re­gion. The Trans Adri­atic Pipe­line, or TAP, will carry Az­eri gas across Greece and Al­ba­nia to Italy from the Turk­ish bor­der. Con­struc­tion on the link with ca­pac­ity of 10 bil­lion cu­bic me­ters (350 bil­lion cu­bic feet) a year is planned to start in 2016, ac­cord­ing to the company, a ven­ture that in­cludes BP Plc and Sta­toil ASA. fi­nances last month. The bank had ear­lier bol­stered its cap­i­tal base by rais­ing 1 bil­lion euros. US bil­lion­aire Wil­bur Ross, who led a group of in­vestors in pour­ing tens of mil­lions into the bank, was elected vice chair­man. Rus­sian Vladimir Strzhalkovsky stays on also as vice chair­man. Bank of Cyprus still faces ma­jor hur­dles – half of all its loans are soured. Po­lice kept sev­eral dozen angry bond­hold­ers who lost money in Cyprus’s multi­bil­lion-euro in­ter­na­tional res­cue deal last year from forc­ing their way into the bank’s head­quar­ters.

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