T-bills auction launched, casino plans delayed
The first primary treasury bills auction is set to take place for CYP 8 mln, paving the way for liberalisation of the financial sector, while the government held back on plans to introduce casino and marina licenses as political parties were using the plans as pawns in an election year, according to the issue 144, on January 10, 1996.
The first primary T-bill auctions will take place for CYP 8 mln and will follow twice a month for 13-week and 90day paper, in addition to the regular repo auction by the banks, on the way to steady liberalisation of the monetary system, as during the year the interest ceiling law will also be lifted.
The longdelayed decisions on the licensing of new casinos and marinas are being used as pawns by leading political groupings and are prolonging the death of the flourishing tourism industry, say local businessmen. Any decision will not be announced until after the parliamentary elections, as all towns want to have a casino and a marina each. Favoured to win the casino license is the Cyprus Tourism Dev. Co., majority owned by the state that operates the Cyprus Hilton, while Limassol officials say they want the right to build a marina for at least 1,000 berths.
The recent wave of mergers and acquisitions spilled over from the stock market to the private sector, with the accountancy firms of Price Waterhouse and Costouris Michaelides announcing their merger has been finalised. The new firm will be the third largest with 140 staff and partners, after Coopers & Lybrand and KPMG.
Cyprus Airways Chairman Vassilis Rologis announced CYP 5 mln in profits and a reduction in debts as he unveiled the airline’s future plans based on the blueprint called “Towards the 21st century”.