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Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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