Financial Mirror (Cyprus) - - FRONT PAGE -

branches with a 1.6% mar­ket share on loans and de­posits. Laiki of­fi­cials re­jected that Cen­trobanka’s past an­tics had any ef­fect on the fu­ture. In 2002, se­nior of­fi­cials had been con­victed with set­ting up 586 dummy cor­po­ra­tions for money laun­der­ing.

CAIR moan­ers:

Cyprus Air­ways trade unions once again re­jected the fi­nal draft of a res­cue pack­age sub­mit­ted to the EU ex­ec­u­tive to se­cure a multi-mil­lion loan in the form of state-aid. The plan in­cludes lay­offs and cut­backs of CYP 22.5 mln, while union chiefs in­sisted on no more than CYP 5 mln. On the con­trary, they even pro­posed to hike air fares by CYP 5 per leg in or­der to raise rev­enue by CYP 4.5 mln and mov­ing the head of­fice to Lar­naca to save a fur­ther CYP 5-6 mln.

Un­em­ploy­ment dropped by 854 per­sons to 10,695 or 3.0% of the labour force, but was up 532 com­pared to the year-ear­lier fig­ure due to re­dun­dan­cies in con­struc­tion and trade.

Fitch has reaf­firmed Cyprus’ rat­ings at “A+” for long-term for­eign cur­rency with a ‘pos­i­tive’ out­look, and “F1” for short-term for­eign cur­rency, with the long-term lo­cal cur­rency rat­ing at “AA” with a ‘sta­ble’ out­look.

Lo­cal credit card spend­ing rose by 11% in the Jan­uary-Oc­to­ber pe­riod to CYP 522 mln, with the aver­age spend­ing per trans­ac­tion at CYP 40. To­tal over­seas spend­ing by Cypri­ots in­creased to CYP 94 per trans­ac­tion.

Job­less down:

Fitch rat­ings:

Card spend­ing:

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