A NCIIAL MII ROR THIISS WEEK

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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