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Financial Mirror (Cyprus) - - FRONT PAGE -

The prospects for eq­uity prices seem very good de­spite a some­what mar­ket con­sol­i­da­tion, two lead­ing bro­kers said, while Hel­lenic Bank an­nounced saw prof­its rise and said it might ex­pand to Greece, ac­cord­ing to the Cyprus Fi­nan­cial Mir­ror is­sue 101, on March 8, 1995.

The prospects for fur­ther gains in the stock mar­ket are good, if not ex­cel­lent, de­spite the re­cent con­sol­i­da­tion and slight drop in stock prices ac­cord­ing to bro­kers Neo­phy­tos Neo­phy­tou of Im­pe­rial Euro­bro­kers and Theodou­los Chalaram­bides of Laiki In­vest­ments. But the mar­ket lost its re­cent mo­men­tum as the mar­ket needed drained CYP 3 mln for the con­ver­sion of partly paid shares, while an on­go­ing labour dis­pute over COLA could spell trou­ble for the econ­omy.

The ex­pected ap­point­ment of in­de­pen­dent in­spec­tors at the world’s largest ports will dramatically im­prove the qual­ity of the Cyprus mer­chant fleet and im­prove the im­age of the world’s fifth largest flag, said Dr Phe­don Ni­co­laides, Gen­eral Sec­re­tary of the Cyprus Ship­ping Coun­cil. Asked by par­lia­ment if the bud­get of CYP 500,000 was not too high, Ni­co­laides told MPs that it was a wor­thy in­vest­ment in re­turn for CYP 50 mln in earn­ings.

A tight-lipped Hel­lenic Bank Chair­man Paschalis Paschalides told a brief­ing of bro­kers af­ter re­leas­ing a 16% rise in prof­its to CYP 5.06 mln that new ac­tions over the next six months may in­clude an en­try into Greece, launch of new prod­ucts and some new strate­gic agree­ments. Paschalides also played down ru­mours of a need to raise fresh cap­i­tal.

Bri­tish Prime Min­is­ter John Ma­jor said that fur­ther en­large­ment of the Euro­pean Union will bring in Cyprus and Malta, as well as some cen­tral and eastern Euro­pean states, with the PM adding that “we can now fore­see the date when there may be up to 25 or 27 mem­bers of the EU.” Mean­while, Gov­ern­ment Spokesman Yian­nakis Ca­soulides said that ac­ces­sion will begin six months af­ter the con­clu­sion of the 1996 EU in­ter­gov­ern­men­tal sum­mit, a change from the orig­i­nal doc­u­ment tat stated that talks “can start” af­ter that date.

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