Financial Mirror (Cyprus) - - FRONT PAGE -

with the Sha­co­las Group’s Ermes di­vi­sion to fend off com­pe­ti­tion from soon-to-ar­rive Lidl, bud­get stores Mi­gro and Smart, re­tail gi­ant Or­phanides and pre­mium re­tail­ers Al­phaMega, Metro and Pa­pan­to­niou.



The Cyprus Stock Ex­change ended 2015 with a 51.63% gain, its first pos­i­tive per­for­mance in four years, af­ter the 1999 boom and 2004 bust. The mar­ket cap­i­tal­i­sa­tion to­talled CYP 3.33 bln and the best per­form­ing stock was Bank of Cyprus, up 75% in the year to CYP 2.63.



EUR spinoff:


PrimeTel, the EAC’s strate­gic telco part­ner, aims to shake the mar­ket with its Triple Play ser­vice to her­ald the first real chal­lenge to state-owned CyTA in the fixed tele­phony and ADSL-linked home en­ter­tain­ment mar­ket. The aim is to reach 170,000 house­holds, claimed Mar­ket­ing Man­ager Stephanos Stephanou.

The gov­ern­ment plans to spin-off Euro­cypria, the wholly-owned char­ter sub­sidiary of Cyprus Air­ways and con­vert it into a sched­uled air­line in the event that unions re­ject the gov­ern­ment’s lat­est res­cue plan. With the car­rier val­ued at CYP 1520 mln, the deal will also help re­duce CAIR’s debts by an equal CYP 15-20 mln. With a mod­ern fleet of four Next Gen Boe­ing 737-800s, and a fifth de­liv­ery in May, the air­line is headed for net prof­its sim­i­lar to the CYP 2 mln recorded in 2004.

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