A NCIIAL MII ROR THIISS WEEK
Moody’s plans to set up a credit rating service subsidiary in Cyprus to cover the wider eastern Europe, Middle East and central Asia, the Cyprus Financial Mirror reported in issue 86, on November 23, 1994, while foreign direct investments in Cyprus reached a whopping(!) CYP 100 mln according to Central Bank data.
Moody’s credit rating agency has registered a wholly-owned subsidiary, Moody’s Interbank Credit Services Ltd., and will very soon start operations from the island. The office will be involved in the research and rating of banks, corporate and sovereign debt of the region. Existing rating agencies with a base on the island are Capital Intelligence and the Bank Research Eastern Europe (BREE).
The Central Bank has approved 514 applications from foreigners to invest on the island with a capital injection of CYP 100 mln, while the cost of projects is estimated to have reached CYP 200 mln in the 19891993 period. season. Cyta plans to change its billing system for mobile telephony to a perminute basis, boosting free SMS from 30 to 100 a month, the monthly rental cut from CYP 2 to CYP and calls from 4.8c a minute to 3.9c.
Laiki Bank doubled its net profits in the first nine months of the year on income increase, mild rise in expenses and lower provisions for doubtful debts. Core profits before provisions reached CYP 59.8 mln, up 23.2% from the same year-earlier period.
The Cypriot economy is CYP 187 mln larger and Cypriots little richer according to statistics, that also show there is more government spending and less private spending. GDP at current prices rose to CYP 6.802 bln in 2003, higher than the
Michael Zampelas, chairman and managing partner of the accounting firm Coopers & Lybrand Ioannou Zampelas & Co., has been reelected fro a second 3-year term to the right-man board 6.614 bln under the previous methodology. Thus, GDP per capita was CYP 9,512 in 2003, up from 9,249 before.
The government is seeking to riase up to CYP 180 mln in new financing from the local capital markets through multiple 2, 5 and 10-year bonds at 5-5.75% and 13 and 52-week Treasury bill auctions.
Lawyers for a Serbian businessman are considering suing the directors of the Popular Bank and past directors of a Yugoslav company involved in the illicit dealings of Slobodan Milosevic and his cronies through Beogradska Banka. The deal involves cotton trades outside UN sanctions that were conducted in the name of Antexol Ltd., appearing to be controlled by the law firm of Tassos Papadopoulos & Co. of Coopers & Lybrand Europe. Announcing the news were a panel of partners including Dinos Papadopoulos, Nicos Nicolaides, Antonis HajiRoussos, Michael Zampelas, Phidias Pilides, Costas HadjiConstantinou and Kyriakos Fiakkas.
Philiki Investments & Finance reported a 15% increase in pre-tax losses to CYP 50,000 in 1993 compared to a CYP 44,000 loss in 1992 due to poor performances by the brokerage subsidiaries Imperial Eurobrokers and Philiki Estates and the slow Cyprus OTC market.
Two bottle-nosed dolphins arrived and are taking part in research at the Ayia Napa Marine Park. They are under the supervision of five scientists from the Russian Academy of Sciences and are researching communications between dolphins and interaction with humans.