Financial Mirror (Cyprus) - - FRONT PAGE -

Bank costs:

OTEnet, Thun­der­worx and Tele­dome, that said that Cyta’s 75% dom­i­nant po­si­tion and re­duc­tion of rates from 3.9c a minute to 2.4c was aimed at hurt­ing them. Mean­while, the reg­u­la­tor also blocked a re­quest by Cyta to hike the monthly rental fee for fixed tele­phony from CYP 5 to 8, with the fi­nal rate prob­a­bly end­ing up at CYP 7.

Data from the Euro­pean Cen­tral Bank showed that banks in Cyprus have the sec­ond high­est cost rates among the new EU mem­ber states, with the cost to in­come ra­tio at 76.9% com­pared to 63.1% for the ten new mem­bers and 65% av­er­age of the whole EU. The high­est was in Lithua­nia with 77.7%.

Cen­tral Bank data showed that de­posits fell by CYP 71.2 mln in Fe­bru­ary to CYP 13.2 bln, but still at 200% of GDP and mainly in time de­posit ac­counts, mean­ing the bank­ing sys­tem is not yet vul­ner­a­ble to a big run on de­posits if there were a cri­sis.

De­posits down:

Rich List:

Seven Cypri­ots made it into the Sun­day Times Rich List – Chris Lazari (GBP 700 mln), An­dreas Panayiotou (600 mln), Stelis Hadji-Ioan­nou (480 mln), Theo Paphi­tis (135 mln), An­to­nis Yerole­mou (115 mln), and Stephanos and Ste­lios Stephanou (66 mln). Singer Ge­orge Michael also made the list at GBP 65 mln.

Gold­man Sachs said the oil mar­ket may be in the early stages of a ‘su­per spke’ which could push crude to $105 a bar­rel due to global de­mand and in­sta­bil­ity in pro­duc­ing coun­tries. Bench­mark Brent was climbed 61c to $54.90.

Oil at $100?

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