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its programmes and CYP 15 every new subscriber, while the state telco may also take a 25% stake in LTV that may seek dual listing on the Cyprus and the Athens bourses.

Reduced VAT:

Cyprus can request a lower VAT rate from the EU on a small range of labour-intensive sectors, as is the case for all ten new member states up to 2010. These include small repair shops, house renovation, window cleaning, house cleaning, domestic care and hairdressers.

The Athens Stock Exchange has seen about EUR 6 bln of investments in Greek companies channelled through Cyprus, taking

ASE investments:

advantage of the comparatively lower tax rates here. In all, foreign investors took 40% of Greek stock titles, to the tune of EUR 55 bln, with 34% via Luxembourg, 28% from the UK, 11% from Cyprus, 5% from the US, 12% via the Cayman Islands and 5% from Switzerland.

Hoteliers are being offered incentives to upgrade their properties, or face losing their star rating, by a package of measures to encourage investments in facilities, even tearing down some old buildings, according to CTO chairman Photis Photiou and Tourism and Commerce Minister George Lillikas. hygiene sector.

Hotels upgrade:

products

J&P in Libya:

to

Woolworth-Zako:

the

dry-foods

The CYP 6 mln deal by FW Woolworth to take a 55% stake in Zako has given a fresh boost to the mergers and acquisitions market and places Nicos Shacolas firmly on top of the retail sector with similar investments in LemecoSilvex, CTC and Woolworth-Zako stores.

Athens-based J&P (Overseas) has won part of the USD 1 bln development project for Libya’s Murzuk oil fields with palsn to start production next year. The operator consortium includes Spain’s Repsol, French Total and Austria’s OMV.