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CDB scan­dals:

Re­gional hub:

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.

Rus­sia in­vest­ments:



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.

Cyta GSM:

EAC plans un­der­way:

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