Financial Mirror (Cyprus) - - FRONT PAGE -

Fran­chise frenzy was hav­ing an i mpact on com­mer­cial prop­erty prices, the tax amnesty had raised CYP 25 mln fro state cof­fers and DISY was ask­ing for a month’s ex­ten­sion, while Eurobank was chas­ing re­tail and con­sumer loans, the Fi­nan­cial Mir­ror re­ported in is­sue 597, on De­cem­ber 1, 2004.

Prop­erty prices in the heart of Nicosia are boom­ing with fran­chise op­er­a­tors seek­ing prime lo­ca­tions in the Makar­ios-Santa Rosa tri­an­gle,

Off­shore com­pa­nies were grap­pling with red tape and de­lays that were ham­per­ing new business and rev­enue for Cyprus, while the Telethon raised CYP 120,000 for mus­cu­lar dys­tro­phy, the Cyprus Fi­nan­cial Mir­ror re­ported in is­sue 88, on De­cem­ber 7, 1994.

Grap­pling with gov­ern­ment bu­reau­cracy, in­con­sis­tent ap­pli­ca­tion of reg­is­tra­tions and the ever oc­cur­ring de­lays are among the is­sues fac­ing off­shore com­pa­nies, ac­cord­ing to the 30mem­ber Cyprus Off­shore En­ter­prise As­so­ci­a­tion as well as Le­dra Street pick­ing up. Star­bucks was about to open its sec­ond out­let and the go­ing rate for a pre­mium lo­ca­tion in the heart of the walled city was CYP 3 mln.

Thou­sands of Cypri­ots rushed to beat the De­cem­ber 5 dead­line re­port­ing un­de­clared in­come for 2002 and to qual­ify for a 5% flat tax, with of­fi­cial sources say­ing that more than CYP 500 mln in as­sets and ac­cu­mu­lated wealth had been de­clared, net­ting the gov­ern­ment CYP 25 mln in rev­enue. Those who sub­mit dec­la­ra­tions up to De­cem­ber 31 will pay a flat tax of 6.5% and after that all un­de­clared in­come will be taxed at 40% plus penal­ties and in­ter­est. Op­po­si­tion DISY MP Maria Kyr­i­akou called for an ex­ten­sion, while the whose pres­i­dent John Con­nell re­ferred to cases of in­ter­rupted phone calls and pay­ing VAT on a pet dog.

The Mus­cu­lar Dys­tro­phy Re­search Trust and the Lions Clubs of Cyprus raised CYP 120,000 dur­ing the 3-day Telethon 94 that co­in­cided with sim­i­lar events through­out Europe. Trust Chair­man Michael Zam­pelas and Pa­tron First Lady Lila Clerides, were ac­com­pa­nied on stage by TV celebrity host Roula Koromila and mu­si­cians Ste­fanos Korko­lis and Michalis Violaris. The Cyprus funds will help the work of the Cyprus In­sti­tute of Neu­rol­ogy and Ge­net­ics.

The Cyprus Stock Ex­change Coun­cil, whose term was re­newed for another three months, has re­peated calls for di­a­logue and urged all those with reser­va­tions about the new reg­u­la­tions to come for­ward and air their dif­fer­ences, said its gov­ern­ment es­ti­mates mln.



col­lect CYP 35 to 50

EFG Eurobank Er­gasias, the third largest and fastest ex­pand­ing Greek bank is chas­ing re­tail loans with its Euro Line credit fa­cil­ity through lo­cal re­tail­ers sell­ing mostly elec­tronic and con­sumer goods. Al­ready, a deal has been struck with Ger­manos.

The gov­ern­ment voted in favour of trou­bled Cyprus Air­ways con­tin­u­ing its op­er­a­tions and pro­ceed­ing with a strate­gic plan to cut costs and save the air­line. The company needed CYP 25 mln in con­ces­sions from the trade unions in or­der to sur­vive.

The bud­get deficit is ex­pected to fall to 3.6% of GDP in 2004, com­pared with an ini­tial es­ti­mate of 6.3% ac­cord­ing to the Economist In­tel­li­gence Unit. pres­i­dent Di­nos Pa­padopou­los.

For the first time in eight years the con­struc­tion sec­tor saw a neg­a­tive growth of -4.2% in 1993m, com­pared to a growth rate of 4.9% in 1992 and 4.7% in 1991. The rea­son is the de­creas­ing de­mand for tourist and com­mer­cial projects.

A high-level del­e­ga­tion from the Euro­pean In­vest­ment Bank will be in Cyprus to sign two loan agree­ments worth a to­tal ECU 29 mln. The first is ECU 17 mln (CYP 10 mln) for wa­ter projects in Nicosia and Lar­naca, and the sec­ond is a ECU 12 mln (CYP 7 mln) deal with the Cyprus De­vel­op­ment Bank to help the man­u­fac­tur­ing sec­tor.

Gilles Anouil has ar­rived to take up his ap­point­ment as Head of the Euro­pean Com­mis­sions Del­e­ga­tion to Cyprus, re­plac­ing Jean Pierre Deris­bourg.

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