Bank of Cyprus big depositors could lose up to 60%

Bank of Cyprus depositors with more than 100,000 Euros could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move, officials say.

The central bank says 37.5% of holdings over 100,000 euros will become shares.

Up to 22.5% will go into a fund attracting no interest and may be subject to further write-offs.

The other 40% will attract interest - but this will not be paid unless the bank performs well.

It was known that the wealthiest savers at the Bank of Cyprus would take a large hit from the bailout deal - but not to this extent, the BBC's Mark Lowen reports.

Cypriot officials have also said that big depositors at Laiki - the country's second largest bank - could face an even tougher "haircut". However, no details have been released. 

The officials say that Laiki will eventually be absorbed into the Bank of Cyprus.

The fear is that once the unprecedented capital controls - which are in place for an indefinite time - are lifted, the wealthiest will rush to move their deposits abroad, our correspondent says.

PEFMB re-sounds end to manual payment of petroleum marketers.

Petroleum Equalisation Fund Management Board PEFMB says the Federal Government has stopped the manual payment of transportation claims to petroleum products marketers in the country.

The General Manager Corporate Services of the board, Goddy Nnadi, speaking to newsmen in Lagos said the board stopped the manual payment of marketers’ claims after it launched an electronic claims management solution, nicknamed “Project Aquila”.

Nnadi said that over 200 members of PEFMB staff and more than 1,500 marketers had been trained on the application of the Project Aquila software.

He also said that more than 15,000 petroleum products conveying trucks nationwide have been captured in the Project Aquila website platform.

Nnadi said that the e-payment system would enhance monitoring of distribution of petroleum products across the country.

He noted that distribution of petroleum products was not properly monitored in the past, thereby making it difficult to either confirm or certify deliveries at designated depots or “drop points“.

The general manager urged petroleum product marketers to ensure that their trucks were tagged with the necessary flyers and gadgets to be able to be captured in the project’s software database.

Telecoms operators may reject new interconnect rates

There are indications that telecommunication operators may reject the new set of interconnection rates released by the Nigerian Communications Commission last week.

The new interconnection rates for voice services are targeted at bringing down call tariffs.

The operators are of the view that the asymmetric model adopted by the NCC to arrive at the figures was not competitive.

In telecommunications, the term asymmetric (non-symmetrical) refers to any system in which the data speed or quantity differs in one direction as compared with the other direction, averaged over time.

But the NCC said the review, which would start from April 1, 2013, was agreed on after consultations with various stakeholders.

The termination rates for voice services provided by other operators in Nigeria, irrespective of the originating network, shall be: N4.90 from April 1, 2013; N4.40 from April 1, 2014; and N3.90 from April 1, 2015.

The Corporate Services Executive, MTN Nigeria, Akinwale Goodluck, in a telephone interview with our correspondent, said, “We are studying the determination. The determination is asymmetric. There is still a window for this. I think the ideal thing is for NCC to abolish the asymmetric model.”

The Director, Regulatory and Government Affairs, Airtel Nigeria, Osondu Nwokolo, who also spoke to our correspondent, said Airtel was still studying the review to know how it works.

The spokesperson for another operator, who asked not to be quoted, said they expected the NCC to develop a flat determination rate for all operators.

But the NCC had said the new determination rates, which significantly reviewed prices downwards were informed by the depth of competition in the industry while taking into consideration the position of new entrants and small operators.

For new entrants and small operators, the tariff drop will be by 21.95 per cent come April 1 this year, while for other operators, the drop will be 40.2 per cent, following the new rates.

According to the NCC, a new entrant is a newly licensed operator entering an existing or new market within zero to three years, while a small operator, for the purpose of the determination, is an existing operator with a market share of zero to 7.5 per cent in terms of subscriber base.

The current interconnection rate regulation was implemented through the commission’s Interconnection Rate Determination issued on December 21, 2009.

Since then, the Nigerian communications market has seen tremendous growth in subscriber numbers as well as traffic volumes and available technologies.

In June 2012, the commission appointed Price water house Coopers LLP to undertake a cost study for voice interconnection.

France's Hollande wants 75% tax on rich

French President Francois Hollande made changes to his failed proposal for a 75% top tax rate on Thursday, shifting the burden of payment from individuals to businesses that pay salaries over 1 million euros. 

Hollande, during last year's presidential campaign, proposed a 75% tax rate on individual income above 1 million euros. 

The controversial tax was rejected by France's judiciary. 

Hollande made his new payroll tax proposal on big salaries during a late-night television broadcast.

China orders tougher scrutiny for Apple

Apple is to face "strengthened supervision" from China's consumer watchdogs, according to Chinese state media.

The State Administration for Industry and Commerce SAIC asked trading standards bodies across the country to step up "contract supervision" on the US computer giant.

The move comes as Apple faces a barrage of negative publicity and court cases in China.

"Local governments are required to ... investigate and punish illegal activities in accordance with the law," the paper quoted the SAIC as saying in an official note.

A spokesman for SAIC who declined to be named confirmed the existence of the document but declined to disclose details, the AFP news agency said.

However, users of China's Twitter-like weibos have been split, with some backing Apple and saying state-owned Chinese firms deserved more criticism for poor service.