Financial Mirror (Cyprus) - - FRONT PAGE -

the mar­ket. BOCY shares, which are ex­pected to open well bid fol­low­ing the bullish close of the shares on Sopho­cleous at EUR 3.08 or CYP 1.79. In in­tra-day trad­ing a day be­fore, Sopho­cleous marked up BOCY shares to a fresh record high of EUR 3.12/CYP 1.82. The 7-cent gap be­tween the ASE and the CSE is likely to bring re­newed buy­ing on the Cyprus ex­change, fol­low­ing the eu­pho­ria af­ter the EFG Eurobank in­vest­ment re­port fore­cast prof­its at CYP 42.5 mln and pos­si­ble div­i­dends at 304c a share.

Pres­i­dent Tas­sos Papadopoulos said that his gov­ern­ment has drafted a new doc­u­ment with amend­ments to the ‘Green Line Reg­u­la­tions’ that will ben­e­fit the Turk­ish Cypri­ots to pave the way for the im­ple­men­ta­tion of full bi-communal trade. One of the changes is to aban­don VAT and pre­vent sell­ers from reg­is­ter­ing with the Repub­lic’s VAT Ser­vice.

A Li­mas­sol-based train trad­ing com­pany is su­ing BNPI and Swiss af­fil­i­ate BNP Paribas (Suisse) SA for about $170 mln in a case seek­ing dam­ages due to a claim of breach of trust. The bank is deny­ing all charges, fil­ing a coun­ter­claim that al­leges the Black Sea grain com­pany, Mark­Man Ltd., op­er­ated by An­to­nis Toskas and Sergei Pil­i­u­gin, failed in its re­pay­ment obligations to the bank back in 20002002.

Lo­cal mo­bile phone rates are ex­pected to drop by up to 40% while the fixed tele­phony rent is ex­pected to rise by CYP 7-8 per month, as part of a ma­jor cost ad­just­ment that Cyta will an­nounce in the next 15 days. The state-owned telco also an­nounced cost re­duc­tions of up to 77% ion in­ter­na­tional fixed line call rates, with tar­iffs to Greece nd the UK fall­ing by 21-27%.

Cyprus Air­ways Chair­man Con­stanti­nos Loizides has de­fended the de­ci­sion of the Euro­cypria board to pro­vide a CYP 3 mln loan to CAIR’s trou­bled sub­sidiary Hel­las Jet, that is re­port­edly los­ing CYP 1 mln a month.

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