Financial Mirror (Cyprus) - - FRONT PAGE -

higher, even faster that in the U.S. The big­gest deal was CYP 21.6 mln for the 100% takeover of Chris Cash & Carry by Car­refour Marinopou­los, fol­lowed by Na­sos Ktorides ac­quir­ing the re­main­ing 30% of Quan­tum Corp. for CYP 3 mln.

New face at BOC:

A decade af­ter Bank of Cyprus launched an am­bi­tious plan to trans­form the cen­tury-old bank into a mod­ern fi­nan­cial group, the new man­age­ment team headed by CEO An­dreas Eli­ades and flanked by Char­i­laos Stavrakis and Yian­nis Kypri an­nounced changes in the way the bank wel­comes cus­tomers, with the motto “The cus­tomer is king”.

The ship­ping in­dus­try has seen two years of very strong growth, thanks to a range of fac­tors, while con­tin­ued strong de­mand from China could mean that the out­look con­tin­ues to be favourable into 2006, but there are plenty of down­side risks, Martin Stop­ford, Di­rec­tor of Clark­sons told the Mar­itime Cyprus con­fer­ence in Li­mas­sol.

Ship­ping Coun­cil Pres­i­dent An­dreas Drous­si­o­tis said he was hope­ful that Tur­key would lift the em­bargo on Cyprus ships and air­craft as early as next March.

Ship­ping prospects:



Prop­erty sales down:

Prop­erty sales de­clined by 29% y-o-y in the first half of the year to CYP 442 mln, due mainly to the in­tro­duc­tion of VAT, higher trans­fer fees, ris­ing cost of con­struc­tion ma­te­rial and the slow­down in the econ­omy and in­come growth.

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