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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?)