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Cyprus banks re-open; limits on transactions
People wait outside a branch of Bank of Cyprus in Nicosia, Cyprus, Thursday, March 28, 2013. Cypriots get their first chance to access their savings in almost two weeks when the country?s banks reopen Thursday - albeit with strict restrictions on transactions - after being closed due to the country?s acute financial crisis. Lines were starting to form outside banks Thursday morning ahead of the official opening for six hours at noon (1000 GMT). (AP Photo/Petros Karadjias)
People wait outside a branch of Bank of Cyprus in Nicosia, Cyprus, Thursday, March 28, 2013. Cypriots get their first chance to access their savings in almost two weeks when the country?s banks reopen Thursday - albeit with strict restrictions on transactions - after being closed due to the country?s acute financial crisis. Lines were starting to form outside banks Thursday morning ahead of the official opening for six hours at noon (1000 GMT). (AP Photo/Petros Karadjias)
People wait outside a branch of Bank of Cyprus in Nicosia, Cyprus, Thursday, March 28, 2013. Cypriots get their first chance to access their savings in almost two weeks when the country?s banks reopen Thursday - albeit with strict restrictions on transactions - after being closed due to the country?s acute financial crisis. Lines were starting to form outside banks Thursday morning ahead of the official opening for six hours at noon (1000 GMT). (AP Photo/Petros Karadjias)
People wait outside a Coop Bank branch in Nicosia, Cyprus, Thursday, March 28, 2013. Cypriots get their first chance to access their savings in almost two weeks when the country?s banks reopen Thursday - albeit with strict restrictions on transactions - after being closed due to the country?s acute financial crisis. Lines were starting to form outside banks Thursday morning ahead of the official opening for six hours at noon (1000 GMT). (AP Photo/Philippos Christou)
People wait outside a Coop bank branch in Nicosia, Cyprus, Thursday, March 28, 2013. Bank branches across the country were being replenished with cash, and are scheduled to open for six hours at noon (10:00 GMT). Systems were frozen pending the official noon opening. (AP Photo/Philippos Christou)
People wait outside a Coop bank branch in Nicosia, Cyprus, Thursday, March 28, 2013. Bank branches across the country were being replenished with cash, and are scheduled to open for six hours at noon (10:00 GMT). Systems were frozen pending the official noon opening. (AP Photo/Philippos Christou)
NICOSIA, Cyprus (AP) ? Banks in Cyprus reopened to customers for the first time in nearly two weeks Thursday, albeit with strict restrictions on transactions, after being closed to prevent people withdrawing all their savings during the country's acute financial crisis.
Large lines had formed outside the banks ahead of the opening of banks for six hours from noon. Systems were frozen ahead of the start of business, and guards from a private security firm reinforced police outside some ATMs and banks in the capital, Nicosia.
Branches of the country's troubled second-largest lender, Laiki, didn't open on time due to a delay in the bank's computer system. Laiki spokesman Costas Archimandrites said there had been an initial issue with the bank's system but that 80 percent of branches had opened after about half an hour.
At one branch in central Nicosia which was still shut nearly an hour later, an employee emerged from the bank and pleaded for patience with the line of about 50 people. Most waited calmly, although some began to complain about being made to wait.
Banks in Cyprus have been shut since March 16 to prevent people draining their accounts as politicians scrambled to come up with a plan to raise enough funds for Cyprus to qualify for 10 billion euros ($12.9 billion) in bailout loans for its stricken banking sector. An initial plan that would have seized up to 10 percent of people's bank deposits was soundly rejected in Parliament, leaving politicians struggling to come up with an alternative.
The deal was finally reached in Brussels early Monday, and imposes severe losses on deposits of over 100,000 euros in the country's two largest banks, Laiki and Bank of Cyprus. Laiki will be broken up, with its good assets being absorbed by Bank of Cyprus. The exact amounts of the losses have not yet been officially announced.
Although the banks have opened, customers are severely limited in what transactions they can carry out. Capital controls, imposed to prevent worried savers and businesses rushing to withdraw all their money, include limiting cash withdrawals to 300 euros ($383) per day per person and limiting payments abroad to 5,000 euros.
No checks can be cashed, although they can be paid in, and people leaving the country can only take up to 1,000 euros, or the equivalent in foreign currency, with them in cash.
The restrictions will be reviewed daily and are initially in place until next Wednesday, the decision published by the Finance Ministry states.
In Nicosia, one 70 year-old pensioner who only gave his name as Ioannis arrived at the bank some two hours ahead of the scheduled opening time.
"I had to come this early, I came from my village 20 kilometers away, what do they want me to do, keep coming and going?" he said.
____
Elena Becatoros in Nicosia contributed.
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Swarming robots could be the servants of the future
Mar. 28, 2013 ? Swarms of robots acting together to carry out jobs could provide new opportunities for humans to harness the power of machines.
Researchers in the Sheffield Centre for Robotics, jointly established by the University of Sheffield and Sheffield Hallam University, have been working to program a group of 40 robots, and say the ability to control robot swarms could prove hugely beneficial in a range of contexts, from military to medical.
The researchers have demonstrated that the swarm can carry out simple fetching and carrying tasks, by grouping around an object and working together to push it across a surface.
The robots can also group themselves together into a single cluster after being scattered across a room, and organize themselves by order of priority.
Dr Roderich Gross, head of the Natural Robotics Lab, in the Department of Automatic Control and Systems Engineering at the University of Sheffield, says swarming robots could have important roles to play in the future of micromedicine, as 'nanobots' are developed for non-invasive treatment of humans. On a larger scale, they could play a part in military, or search and rescue operations, acting together in areas where it would be too dangerous or impractical for humans to go. In industry too, robot swarms could be put to use, improving manufacturing processes and workplace safety.
The programming that the University of Sheffield team has developed to control the robots is deceptively simple. For example, if the robots are being asked to group together, each robot only needs to be able to work out if there is another robot in front of it. If there is, it turns on the spot; if there isn't, it moves in a wider circle until it finds one.
Dr Gross said: "We are developing Artificial Intelligence to control robots in a variety of ways. The key is to work out what is the minimum amount of information needed by the robot to accomplish its task. That's important because it means the robot may not need any memory, and possibly not even a processing unit, so this technology could work for nanoscale robots, for example in medical applications."
This research is funded by a Marie Curie European Reintegration Grant within the 7th European Community Framework Programme. Additional support has been provided by the Engineering and Physical Sciences Research Council.
Video: http://www.youtube.com/watch?v=3e12RicAy1Q
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The above story is reprinted from materials provided by University of Sheffield, via EurekAlert!, a service of AAAS.
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Source: http://feeds.sciencedaily.com/~r/sciencedaily/~3/t0u6bm1TWas/130328125325.htm
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