TTTTHHHHEEEE FFFFIIIINNNNAAAANNNNCCCCIIIIAAAALLLL MMMMIIIIRRRRRRRROOOORRRR TTTTHHHHIIIISSSS WWWWEEEEEEEEKKKK
market switched after BOC shares recorded steep losses in Greece. BOC closed 2.8% lower at CYP 1.79 ahead of results of about CYP 40.5 mln, when shares were trading steady at EUR 3.143.16 or CYP 1.83-1.84 in Greece. The 3.8% plunge on Laiki (CPB) stocks was even more surprising after the Popular Bank had announced exceptionally good results, plus a 3c dividend, with the stock ending at CYP 1.28 on the CSE. Most other stocks followed the downward trend, despite profits, with Louis down 0.95% at 20.8c and Hellenic Bank retreating 1.5% to 38c.
Louis Cruise Lines is to resume its onetime popular itinerary to the Holy Lands after an absence of four years with four to five cruises planned for the year, while a 3-day cruise will combine Egypt and Israel. Chairman Costakis Loizou said that the Group plans to hoist the Greek flag in order to launch cruises from Piraeus to Constantinople to avoid the Turkish embargo on Cyprus-flag vessels.
A decade ago crude oil prices had surged to $50 a barrel as colder-than-normal weather in the U.S. and Europe boosted demand, while speculation that a falling U.S. dollar would boost global fuel consumption also helped oil rise. The OPEC cartel was discussing a possible output cut in March, but Saudi Arabia said it would maintain a surplus of 2 mln bpd to meet unexpected world demand.
The government ahs raised CYP 112 mln from the one-off tax amnesty for the declaration of secret amounts until the end of December 2002. This means that CYP 2.25 bln of funds or sources of income were declared on the initial 5% flat rate and 6.5% postamnesty window.