Call for higher pro­duc­tiv­ity, U.S. safe ship­ping rules

Financial Mirror (Cyprus) - - FRONT PAGE -

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

Pro­duc­tiv­ity:

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.

Mar­itime clean-up:

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 IPO:

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.

Cruises

Bank

af­fected:

of Cyprus

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