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Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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