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its insurance business, mainly through organic growth. With a network of 80 agents it ranked fourth in property insurance in 2005 and third in liability, with the overall portfolio of AIG well diversified between motor (25%), property and liability risk.
The airports at Larnaca and Paphos face the risk of becoming twice as expensive than other Mediterranean leisure-based airport if a CYP 6 hike in air passenger duty planned by Hermes Airports goes through on April 1, according to the International Air Charter Association (IACA). During a joint House committee session, Transport Minister Haris Thrasou said the charges are planned to rise by CYP 7.69 from April until November 2007, but added that there was no need for such a big fuss because CYP 2.50 of that will end up in government coffers.
Mitsides Public Company Ltd, Cyprus’ leading flour and pasta manufacturer, distributor and exporter scored a massive success during its initial public offering on March 19-22 as the issue to the public was oversubscribed 5.35 times. The company had offered 1.808.304 shares at CYP 0.85 or EUR 1.4655 each, of which 1.26 mln (CYP 1.08 mln) were offered to institutional investors and
Airports expensive:
Mitsides
IPO:
542.961 shares (CYP 461.117) to the public, aiming to raise a total of CYP 1.5 mln (EUR 2.6 mln) to finance a modernisation and expansion plan both in Cyprus and abroad.
Tax
revenue
No to euro:
up:
Inland Revenue reported a 39% YoY increase in tax revenue during the first two months of 2007 to CYP 167.9 mln compared to CYP 120.8 mln in the same period a year ago. The better tax collection follows a bumper year for tax receipts during 2006 which surged 33% to CYP 888.2 mln from CYP 667.2 mln in 2005, mostly due to revenue from capital gains tax from sales of property.
A majority of voters polled in the 12 states which have joined the European Union since 2004 oppose the adoption of the bloc’s common euro currency and would vote against any such move in possible national referenda.