T-bills auc­tion launched, casino plans de­layed

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

T-bill auc­tion:

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.

No casi­nos:

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”.





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