A NCIIAL MII ROR THIISS WEEK

Financial Mirror (Cyprus) - - FRONT PAGE -

Ce­ment, Hel­lenic Bank, Louis, CTC.

An in­creas­ing num­ber of pri­vate and listed com­pa­nies are pro­ceed­ing with lay­offs ahead of Christ­mas as they drive to cut costs, with the num­ber of un­em­ployed ris­ing sharply in Novem­ber, ris­ing higher than the of­fi­cial fig­ure of 4.2%. Re­dun­dan­cies were re­ported at Laikon Kafekopteion, SFS, CIC and Arab Bank, Cyprus Air­ways ( had plans to sack 170 to 550 peo­ple as part of (yet another) strate­gic plan.

Bond in­vestors de­cided to move into longer-term pa­per dur­ing the week’s mul­ti­ple­bond auc­tion, shun­ning the short term bond and Trea­sury Bills as they at­tempted to lock in higher yields ahead of Cyprus’ en­try into ERM-II and be­fore yields con­verge with those of euro rates. No bids were

Lay­offs

Bonds go long:

con­tinue:

sub­mit­ted for the 2-year bond with a coupon of 5%.

Stan­dard & Poor’s low­ered the Cyprus long-term cur­rency rat­ing to A from A+ on “size­able fis­cal deficits and a rapidly grow­ing pub­lic debt bur­den.” (If only we had lis­tened back then…)

Par­lia­ment ap­proved to ex­tend the par­tial tax amnesty of 6.5% for a fur­ther two months as the gov­ern­ment had al­ready col­lected CYP 50 mln from the 5% tax bracket, with Cypri­ots declar­ing CYP 1 bln in in­come and se­cret funds.

Bosses at the ma­jor su­per­mar­ket chains are con­cerned over the an­tic­i­pated ar­rival of the Ger­man dis­counter Lidl that is re­ported to be plan­ning a net­work of 27 out­lets.

Lukoil and Le­fkari­tis hiked petrol prices by 1 cent to 46.8c a litre for Un­leaded 95, 48.6c for U98 and 45.2c for diesel. Oil had tum­bled to a low of $45 a bar­rel, the big­gest fall since Septem­ber 2001.

S&P down­grade:

Tax amnesty:

Brac­ing for Lidl:

Pump prices:

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