Cheese im­ports frozen, sum­mer book­ing down

Financial Mirror (Cyprus) - - FRONT PAGE -

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

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