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telecoms provider, is preparing for a flotation on the Cyprus Stock Exchange. Managing Director Hermes Stephanou said the final decision will also depend on the intentions of the Electricity Authority of Cyprus (EAC), which has an option to buy up to 40% of PrimeTel. PrimeTel is 93%-owned by Teledev East, the telecom multinational active in Russia, which so far has invested CYP 10 mln in the Cyprus project. The main shareholders are Francoudi & Stephanou and Pericles Manglis Group, the Tseriotis family, the Cyprus Development Bank and Alco Products.
Central Bank Governor Christodoulos Christodoulou said he will sue daily Phileleftheros for libel following the publication of claims that he and his family members have been racking in excess of CYP 2 mln a year from Cyprus banks through the part ownership of a bank training programme company.
Less than a year before Cyprus’ entry to the EU’s Economic Monetary Union (EMU), the euroadoption campaign has taken its first blow as a poll has found that 51% of Cypriots oppose the adoption of the European currency.
Christodoulou
No EMU:
EIU
cuts
to
sue:
forecast:
The Economist
Intelligence Unit (EIU) revised down Cyprus’ growth forecast for 2007 to 3.4% (from 3.6% previously) and to 3.6% in 2008 (from 3.8%), primarily owing to quarterly growth in the fourth quarter, which was slower than expected.
No change
Areeba
in GDP:
Cyprus GDP in the first quarter of 2007 is not expected to show any change, according to the statistical model developed by the Intercollege School of Business . Specifically, GDP will reach CYP 1.88 bln (EUR 3.21 bln).
share:
South Africa-based MTN Group revenue increased by 49% to 52 bln rand driven mainly by the acquisition of Investcom LLC, owner and operator of Areeba Cyprus, and increased subscriber numbers. The alternative mobile phone operator in Cyprus reported a total of 76,000 subscribers as at the end of December 2006.