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weekly gain of 5% and 56% year-to-date. Deutsche Bank issued a buy signal and a price of EUR 4.72 (CYP 2.70), while Artion Securities set a target of EUR 4.81 (CYP 2.75).
Marios Clerides, Securties and Exchange Commission Chairman, said that the stock exchange “is on the right track” of clearing its house, admitting that stricter regulations were time consuming, but not so much as to kill off the Cypriot bourse, said the man credited with bringing order to the chaos that prevailed after the 1999 boom and bust.
The budget deficit in the second
quarter of 2005 widened to CYP 76.7 mln, compared with 49.1 mln a year earlier, amounting to 3.9% of GDP, estimated at CYP 1.977 bln. With the government aiming for a lower deficit of 2.9% of GDP by the end of the year, the tax amnesty that ended in the first quarter pushed the first half into a surplus.
A fresh attempt to expand and upgrade the marina at Potima in Paphos as “the gateway to the west” will be made this year with a build-operate-transfer (BOT) plan for 1,000 boats and increasing the development area from 15,000 sq.m. to 40,000, while improving the lease from 45 years to 90.
Yiannos and Rea Andronikou of the Suphire Group face 28 counts of misappropriation of the CYP 4.88 mln EAC Staff provident Fund. They were released on CYP 50,000 bail pending a hearing on September 28.