TTTTHHHHEEEE FFFFIIIINNNNAAAANNNNCCCCIIIIAAAALLLL MMMMIIIIRRRRRRRROOOORRRR TTTTHHHHIIIISSSS WWWWEEEEEEEEKKKK
Cyta will charge other service providers, while it also came under fire for stalling on approving Cyta’s fixed and mobile rates in order to give areeba a bigger foothold in the market.
Real GDP growth in 2004 recovered to 3.7% from 1.9% in 2003 and above government estimates. Private consumption, which accounts for two thirds of the economy, grew 6.1% having seen a meagre rise of 1.9% in 2003. Cystat data showed spending was concentrated on new cars which surged after the steep cuts in excise duties, and on furniture and household items.
A parliamentary debate heard that after the conclusion of the intergovernmental conference in the middle of 1996, drastically improved chances of membership within about five years.
New regulations on the establishment of the official stock exchange aim for more disclosure and transparency which will boost investor confidence and attract more players in the market, said Yiannis Kypri, president of the Cyprus Association of Public Listed Companies (Sydek).
US Ambassador Richard Boucher said that the men and women who represent American products in Cyprus and the offshore companies have an important role to play in future the Cyprus Development Bank has been rocked by multiple scandals involving deals made by its previous General Manager that resulted in CYP 20 mln in losses in 2003, as well as a dubious involvement in the shares of AremisSoft and a dispute with Bank of Piraeus.
Cyprus is among the top main foreign investors in Russia with Cypriot investment reaching USD 2 bln, while bilateral trade is rather moderate, said Ambassador Andrey Nesterenko.
Provident fund managers and investor groups were running for cover from the fallout of Suphire Securities that mismanaged CYP 11 mln from EAC staff fund assets, while other firms were quickly cutting their ties to the ill-reputed firm. Cyprus-US economic relations and in the long-term development of the Cyprus economy. He was presenting the 3rd annual awards for excellence to local companies and American firms based on the island and said that after the new GATT trade tariffs agreement that the future lies in Cyprus’ potential role as a regional hub.
Cyta launched its CYTAGSM digital mobile phone system with subscribers now able to make or receive calls while travelling overseas to some countries. Annual subscription costs CYP 120 plus a fixed CYP 25 fee and the cost of local calls at 5.7c a minute from 7am to 8pm and 4.1c at night.
The EAC development plan until 2003 will cost CYP 785 mln and will include two new 37.5MW gas turbines at Moni and a new oil-fired power station to be built at Vassiliko with two 120MW units, raising output capacity to 720MW.
EAC plans underway: