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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.
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?