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company, said the sector is suffering from long delays in permits, rampant violation of safety rules by subcontractors, massive increases in cost and ever increasing government taxes and fees.
The stock exchange is undergoing radical changes after splitting into the Main, Alternative and Parallel markets, with the family ownership cap raised from in the Alternative sector 70% to 74.99%, which would deprive strategic investors as the 25% free-float remains. The Parallel cap is then raised to 80% or the maximum 90%.
Real GDP growth is expected at 4% in 2005, up from 3.7% in 2004, with the budget deficit seen at 2.9% of GDP, compared with 4.2% in 2004. The Economist’s EIU projects 3.6% GDP growth in 2005 and 3.0% in 2006.
Unemployment rose to 3.3% in September, from 3.1% a year earlier, but below the 3.6% seen in August. The biggest rise was in construction and the biggest fall in public education, where unemployed teachers were hired in September.
Bank of Cyprus shares closed at a new high of EUR 4.24 (CYP 2.43) in Greece, on four times the volume traded in Cyprus. Since the start of the year, BOCY is up 58%. In other news, commentators were talking about
Germany’s new and first woman
BOCY shares up: