Call for higher productivity, U.S. safe shipping rules
The employers federation OEV has called for a higher rate of productivity in order for Cyprus businesses and products to be able to compete in the international market, while the island’s shipping industry has embarked on a clean-up after harsh safety rules imposed by the U.S., according to the issue 159, on April 24, 1996.
Outgoing employers’ federation chairman Michalakis Zivanaris said that the ongoing trade liberalisation, as a result of GATT and EU
customs union, coupled with rising labour costs and competition from the Far East, is forcing Cyprus companies to seek higher levels of productivity through new technology. Addressing the same event, President Clerides said that although Cyprus met the Maastricht criteria, longstanding problems need to be faced, such as low levels of technology and productivity, and high output costs.
The tough drive by the US for safe shipping has landed Cyprus, Malta and Turkey on its blacklist, along with Algeria and Kuwait, raising the US Coast Guard’s watch list to 24 flag-states. Substandard ships pose a range of hazards, including loss of life, goods and the vessels, the USCG said.
Apollo, the investment fund launched by the Cyprus Popular Bank, launched a 6 mln share IPO at 50c each, with the aim of investing in other quoted and private companies at home and abroad.
The lucrative cruise business to Israel and Egypt has seen some, cancellations, following last week’s murder of 17 Greek tourists in a Cairo hotel. Louis said it expected to maintain its previous turnover of 250,000 passengers, while Paradise said its cancellations were mainly from Britain and Germany.
And the introduced a drive-in ATM in Nicosia and plans to open its first “unmanned branch” at the Capital Centre very soon.