Cheese imports frozen, summer booking down

The implementation of the new GATT trade rules and increased EU quotas has forced the government to freeze all new cheese import licenses, while tourism prospects also seem gloomy with summer 1996 bookings down 20%, according to the issue 139, on December 6, 1995.

The Ministry of Commerce has frozen all cheese import licenses until new measures are passed through parliament adhering to the General Agreement on Tariffs and Trade (GATT), as

Cheese imports:

and higher quotas for imports from the EU, after Austria and Finland joined the Union, adding 1,200 tonnes to the current quota for a total of 2,440. The EU wants a free levy on cheese imports while Cyprus wants to impose a tax of 8% and 12% from non-EU markets. Andreas Papachristodoulou of Bellapais Suppliers said there were “ample stocks” of cheese to last until the end of January. Turkey is fast gaining ground in the British market as the ideal destination for bargainhunting holiday makers with summer 1996 bookings down 20%, despite government assurances of the opposite. First Choice, Airtours and Thomson were

Tourism down:

raising prices by 8-12% to cover for falling margins and reduced capacity, while Cyprus-specialist Noel Josephides of Sunvil said “large operators taught the public to book the last minute and wait for discounts. But cutting capacity isn’t as easy,” he warned.

The trade deficit in the first nine months of the year increased 14.3% to CYP 607.6 mln, as imports outpaced exports.

The global fund Private Client Portfolio (PCP) has been launched with its management based in Cyprus, according to Caymanbased Ken Paul, who has joined forces with Kevin Mudd of OFS Asset Management, a company that manages in excess of USD 50 mln. The PCP is a dollar-based fund and minimum subscription is USD 5,000 with an initial fee of 6%.

And said it was opening its first unmanned branch in the heart of Nicosia.

Trade

deficit:

PCP Global fund:

Bank of Cyprus