Financial Mirror (Cyprus) - - FRONT PAGE -

The EU lead­ers sum­mit is ex­pected to de­cide on ‘sol­i­dar­ity’ or ‘sui­cide’ when de­cid­ing on the next­term bud­get, with Bri­tain re­ject­ing com­pro­mise and Italy ex­pected to tor­pedo the pro­posal, while in other news, Uni­ver­sal Life’s chief has blocked a takeover deal by Asbis, ac­cord­ing to the is­sue 624, on June 15, 2005.

EU lead­ers for­mally start what will be the most im­por­tant Euro­pean Coun­cil sum­mit in re­cent years, whether it will be a ‘sol­i­dar­ity sum­mit’ of

EU sum­mit:

the widely de­tested the op­ti­mists or the ‘sui­ci­dal sum­mit’ of the pes­simists, depend­ing on at­ti­tudes over the bud­get for 2007-13, given the cri­sis af­ter the rejection of the new EU con­sti­tu­tion by France and Lux­em­bourg.

PM Tony Blair re­jected as ‘un­ac­cept­able’ new pro­pos­als by the EU Lux­em­bourg pres­i­dency to re­solve a dam­ag­ing bud­get dis­pute, fight­ing to main­tain ‘re­bate’ which other EU lead­ers



want to freeze, with Bri­tain los­ing 25-30 bln eu­ros.

Uni­ver­sal Life CEO An­dreas Georghiou blocked the sec­ond largest takeover deal of the year of CYP 16.5 mln by ex­er­cis­ing his right to first of­fer for the 28% stake in the in­surer that Bank of Cyprus wanted to sell to As­pis Pro­nia. Laiki held a 35% stake. The big­gest deal of the year was 100% of Chris Cash & Carry by Car­refour Marinopou­los for CYP 21.6 mln.





Eastern Mediter­ranean Re­sources, the Aus­tralian-owned com­pany prospect­ing for cop­per in Cyprus, east and cen­tral Europe and Asia, listed on the LSE AIM mar­ket rais­ing GBP 2.25 mln from its IPO.

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