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of which have already been implemented in the bank’s network in Greece. The plan is subject to board approval in April.

Ermes

to

list:

Ermes Department Stores [plans to list on the CSE once the offer of CTC shares to FW Woolworth shareholders is completed. The Group includes Ermes and Debenhams stores, DIY Home Centre, Zako, Next, Adams, Peacocks and Miss Sixty, with Debenhams holding a 10% stake in Ermes since December 2004.

Growth in 2005:

Real GDP growth reached 3.8% in 2005, according to Cystat, exactly in line with Financial Mirror projections made a year earlier. The rate was marginally lower than the 3.9% recorded in 2004. Financial Mirror projections suggested that growth would slow in Q4 as higher oil process took their toll on household budgets.

The Democratc Rally party (DISY) commissioned a study by S Platis Economic Research that found that a defence reform, including cutting military service to 14 months and introducing a professional army, would have a positive impact of CYP 1.1 bln on GDP or CYP 57 mln a year up to 2025.

Defence

reform:

Milosevic dies:

Former Yugoslav dictator Slobodan Milosevic died in his cell in The Hague and took the secrets of the millions he and his cronies laundered through Cyprus companies and banks, to his grave.

cheese in overseas markets.

Blakeney

bullish:

Blakeney Management, the UK specialist on emerging markets, continues to remain bullish on Cyprus and said gains can still be recorded in several sectors, but also called investors to diversify into other low-performing stock titles as well, according to Miles Morland, who said that the market stood at 34% above the 1990 peak.