Tar­iff wars con­tinue, AArat­ing from Econ­o­mist

Financial Mirror (Cyprus) - - FRONT PAGE -

The tar­iff wars con­tin­ued un­abated with the EU re­ject­ing new levies on dairy ex­ports to the is­land, while the Econ­o­mist gave a ‘AA-‘ rat­ing to the is­land’s econmy in its emerg­ing mar­ket rank­ings, ac­cord­ing to the is­sue 140, on De­cem­ber 13, 1995.

The EU has re­jected Cyprus’ pro­pos­als for new levies on dairy prod­ucts in ad­di­tion to the 8% al­ready agreed, as the gov­ern­ment has to im­ple­ment the EU Cus­toms agree­ment by

No

tax on EU:

Jan­uary 1, as well as the GATT ac­cord that abol­ishes tar­iffs and lifts im­port re­stric­tions. This refers to some 700 tonnes of dairy im­ports and 1,000 tonnes of meat.

Econ­o­mist

rat­ing:

A year af­ter Stan­dard & Poors gave Cyprus an AA rat­ing, the Econ­o­mist Emerg­ing Mar­ket Rank­ings awarded an ‘AA-’ rat­ing, push­ing it to third place in the ta­ble af­ter Sin­ga­pore’s AAA and Tai­wan’s AA+, making it just un­der top in­vestor grade. Cyprus shared the po­si­tion with Por­tu­gal and South Korea and was ahead of Malaysia, Hong Kong, Thai­land and the Czech Repub­lic.

The three bud­gets for 1996 pro­vide for rev­enue of CYP 1.0 bln and ex­pen­di­ture of 1.35 bln, with Fi­nance Min­is­ter Christodou­los Christodoulou say­ing growth is ex­pected at 4.5% of GDP and un­em­ploy­ment at 2.5%. The fis­cal deficit is ex­pected at CYP 168 mln or 4.1% of GDP.

Univer­sal Life plans to team up with a for­eign bank and plans to en­ter the bank­ing sec­tor with a 35% stake in the new ven­ture, said CEO Andreas Ge­orghiou. The in­surer’s mar­ket cap is at CYP 30 mln with CYP 8 mln of re­serves, and a 3.5% stake each in Bank of Cyprus and Laiki Pop­u­lar.

And the GM Ash­ley Spencer and Ex­ec­u­tive Chef Andreas Ge­orghiou said the new

restau­rant was ex­pected to open just be­fore Christ­mas.

1996 Bud­get:

UL seeks bankers:

Fon­tana

Cyprus Hil­ton’s

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