Elma to merge in­dus­tries, Win­dows 95 is out

Financial Mirror (Cyprus) - - FRONT PAGE -

The owner of Elma Hold­ings plans to merge four lo­cal man­u­fac­tur­ers into an in­dus­trial pow­er­house and to take on in­ter­na­tional com­pe­ti­tion, while across the At­lantic, Bill Gates an­nounced that the DOS and Win­dows 3.1 op­er­at­ing sys­tems would be re­placed by Win­dows 95, ac­cord­ing to the Cyprus Fi­nan­cial Mir­ror is­sue 124, on Au­gust 23, 1995.

Michalakis Ioan­nides, head of the Elma Hold­ings Group, said he was about to bring four sep­a­rate in­dus­tries un­der one roof – Sil­vex, Le­meco Pa­per, Le­meco Socks & Stock­ings, Covot­sos En­ter­prises – to be able to com­pete with im­ports once

Elma merger:

the GATT and the EUCyprus Cus­toms Treaty come into force. With white col­lar jobs ex­pected to go, the merged group is ex­pected to re­port CYP 400,000 in an­nual prof­its.

Win­ter tourism from Bri­tain, the largest mar­ket for Cyprus, is ex­pected to be far be­low 1994 lev­els, while pro­jec­tions for 1996 are even gloomier. With book­ings down about 35%, ma­jor tour op­er­a­tors Air­tours, First Choice and Thom­son were press­ing Cyprus hote­liers to bring own their rates.

Win95 de­but:



Win­dows 95, Mi­crosoft Corp’s new com­puter pro­gramme will make its global de­but this week, in­clud­ing Cyprus, and is ex­pected to rev­o­lu­tionise the per­sonal com­puter mar­ket. The new op­er­at­ing sys­tem is a to­tal re­place­ment for both DOS and Win­dows 3.1 and Mi­crosoft’s goal is to con­vince the es­ti­mated 70 mln users around the world to shift to the new pro­gramme, with 20 mln pack­ages al­ready shipped. The up­grade will cost CYP 90, plus VAT.

The gov­ern­ment in­tends to curb public spend­ing in line with EU in­di­ca­tors, as de­fined by the Maas­tricht Treaty. Fi­nance Min­is­ter Christodou­los Christodoulou said the aim in the 1996 bud­get was to con­trol public spend­ing. The 1995 bud­get es­ti­mated CYP 1.38 bln in spend­ing and CYP 922 in rev­enues.

1996 bud­get:


Cyprus will pro­vide as from Jan­uary 1996 an air link en­abling Pales­tini­ans to travel out of the Gaza and the West Bank with small air­craft, but no cargo.

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