ANCIIAL MII ROR THII
EasyGroup entrepreneur Stelios Haji-Ioannou was about to take on the board of Stelmar in a multimillion takeover deal, while the 1% rate hike in Cyprus failed to attract new CYP deposits, the Financial Mirror reported in issue 587, on September 22, 2004.
Stelios is taking on the NYSE-listed Stelmar board after the US$677 mln agreed sale of the Greek oil transporter to private equity group Fortress. The Hadji-Ioannou family, that owns 27% of Stelmar, said it had rejected the proposed cash offer.
Rate hike bubble: The 1% rate hike orchestrated by the Central Bank at the end of April failed to generate a substantial increase in CYP deposits, in sharp contrast to a massive rise in foreign currency deposits that account for the bulk of deposits increase from CYP 8.41 bln to 8.57 bln.
Nearly a third of 30.9% of the government’s total spending for 2005 hjas been earmarked to cover civil servants’ payroll costs, which will cost CYP 1.09 bln out of a total spending of CYP