A NCIIAL MII ROR THIISS WEEK
World stock and the dollar gained on optimism that the US elections would produce a clear winner between incumbent George Bush junior and Senator John Kerry, while in Cyprus, the earnings season was about to kick off with Bank of Cyprus announcing its 3Q results, the Financial Mirror reported in issue 593, on November 3, 2004.
Nearly 125 mln Americans were expected to go to the polls to choose between President George W. Bush and the Democrats’ John Kerry, an outcome that would set the country’s course on the war in Iraq, the fight against terrorism, the economy and foreign relations. The longest and
The Commercial Bank of Greece (Emporiki) launched its Cyprus operations with two branches, the Cyprus Financial Mirror reported in issue 84, on November 9, 1994, while tender changes for a desalination plant may have been biased and will cost taxpayers more.
Commercial Bank of Greece launched its Cyprus subsidiary operations with Group Chairman Panayiotis Poulis saying it is the only Greek bank on the island with its online system connecting costliest presidential race lurched to a climax with the S&P 500 gaining 0.8% and the DJIA up 0.6% in a day, just as the Dollar edged higher against the euro, with the outcome expected to be clearer than the cliffhanger in 2000.
Bank of Cyprus will kick off the third quarter reporting period when it releases results next week, widely expected to be better than the dismal 9-month figures in 2003 when it reported profits of only CYP 9.79 mln. Analysts will be looking to see if the bank will sustain a rising rate in profits that were up 90% year-on-year in the first half, up at CYP 16.22 mln, but with little hope of a dividend.
The IMF (remember them?) has targeted almost all of the ‘sacred cows’ of Cyprus, calling for all kinds of policies which have before been political no-go areas, including the taxation of the Church and the Cooperative assets, the revamp of Cyprus branches with the Greek network. It was also launching an offshore OBU unit and is cooperating with the Cyprus Development Bank to establish the Investment Bank of Kuban.
Government officials seem to have disqualified the best offer to build an economical and profitable water desalination plant in Dhekelia by changing the terms of the initial tender that favour a more expensive technology. (Ed’s note: so, what else is new?).
Christodoulos Christodoulou, previously Director General of the Ministry of Agriculture, has been sworn in as the new Finance Minister after the unexpected resignation of Phaedros Economides. Christodoulou, 55, assured President Clerides he would make every effort to perform his wage indexation and the corporatisation and eventual privatisation of Cyta and the EAC. The IMF mission’s preliminary conclusions added that given Cyprus’ poor record on meeting budget targets, the credibility of the Cypriot authorities was on the line. If ‘fiscal slippages’ (missing budget targets) persists, they could “place the objective of early euro adoption in jeopardy,” the mission said. (Ed’s note: Strange how nobody ever learns in this country…)
The European Central bank has called for an overhaul of COLA, the inflation-linked wage system bemoaned by all employers, in a report that also shows that wages in Cyprus have outpaced productivity since way back in 1996, thus calling into question union demands for pay hikes.
The economy will expand at a slower pace in 2005, at 4% according to the EC Autumn Forecast, compared to 4.3% predicted by the government, with final growth for 2004 seen at 3.5%, compared to state forecasts of “almost 4%”. duties and carry out government policy for further economic development and the improvement of standards of living… (LOL!)
The star attraction at the Emirates Airlines gala dinner to celebrate the inauguration of of air services between Dubai and Larnaca was none other than heart-throb Demis Roussos, with VIP guest including the airline’s driving force, Sheikh Ahmed Bin Saeed Al Maktoum. The entertainer told his fan crowd that he was on a see-food diet, he would “eat all the food he could see”.
Cyta chairman Michalakis Zivanaris said the Authority needs more autonomy to respond to rapid international developments and not privatisation, by calling for changes in its legal framework. (Ed’s note: Keep walking…)