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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.
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.