‘Privatise SGOs to boost CSE’, HB launches website
A seminar on emerging financial markets heard calls by experts for the government to privatise its utilities in order to boost the fledgling stock exchange and make Cyprus an attractive market, while Hellenic launched its website becoming the third bank on the Web, according to the Financial Mirror issue 185, on October 30, 1996.
Utilities for CSE:
David Bailey of Finsbury Asset Management told the ‘Emerging Financial Markets’ seminar hosted by the employers’ group OEV, the Central Bank and the Association of Commercial Banks that the best way to boost the Cyprus Stock Exchange and attract foreign fund managers is to start privatising state-owned utility companies and list them on the CSE. He said Cyprus should follow the Luxembourg example of listing 10,000 stocks and funds and becoming a regional capital market by the year 2000.
Hellenic Bank became the third Cypriot bank on the Internet with its own website hosted by LogosNet. It includes a weekly CSE report, daily CSE performance and the HBI index. Foreign exchange rates will follow.
Parliament approved a government guarantee for a $50 mln loan to Cyprus Airways, but the carrier was criticised by MPs Kikis Kazamias and Tassos