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Financial Mirror (Cyprus) - - FRONT PAGE -

Athens stock agree­ment to com­pa­nies record­ing the first profit since 2000. The listed com­pa­nies recorded a CYP 160 mln turn­around re­vers­ing CYP 155 mln in losses in 2003 into CYP 6 mln in prof­its for 2004. Of th­ese BOC, Laiki, Louis, Aristo and Vas­si­liko ce­ment ac­counted for CYP 80 mln.

Cyprus is opn course for the euro with pre­lim­i­nary re­sults for 2014 show­ing a large drop in the bud­get deficit to CYP 306 mln or 4.2% of GDP, com­pared to the year-ear­lier 6.3% of GDP. This makes the tar­get of reach­ing a deficit of 2.9% of GDP in 2005 more achiev­able than it did six months ago.

The heads of ex­changes reached set up a com­mon the Cyprus and a broad based or joint trad­ing plat­form which will go into op­er­a­tion in the fourth quar­ter of 2005.

The yield on 10-year bonds fi­nally broke be­low 6% to 5.89% fol­low­ing sig­nals that in­vestors are con­fi­dent Cyprus will en­ter ERMII shortly which will al­low rates to con­verge with those of the eu­ro­zone. A 10-year bond auc­tion the pre­vi­ous week saw the CYP 40 mln of­fer over­sub­scribed, help­ing to lower the yield from pre­vi­ous bonds at 6.17%.

Cyprus Air­ways cabin crew (re­mem­ber them?) called off a strike when the com­pany re­called 22 re­dun­dancy no­tices for chief ste­wards with an av­er­age com­pen­sa­tion of CYP 22,000 each, while lay­offs of 123 ground staff had con­cluded smoothly. The air­line an­nounced losses of CYP 33.5 mln for 2003 (so, what else is new?)

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