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Protection of Competition on its planned merger with Cyprus Cement in order to commit a record EUR 125 mln for a modern cement production line.

The Louis Sea Diamond, which was evacuated after the vessel struck rocks while approaching the Greek holiday island of Santorini, sank early on Friday, 15 hours after the accident occurred and the ship began listing and taking on water. Some 1159 passengers and 391 crew were rescued, but two passengers from France, a 45 year-old man and his teenage daughter, are still missing. Six members of the crew, including the ship’s captain, have been held by the Greek authorities pending a full investigation.

The European Commission has set out charges on Cyprus and eight other member states which joined the EU in 2004 for the build-up of surplus stocks of agricultural products prior to accession. They will have to pay EUR 41.1 mln into the EU budget, but will be allowed four years. Cyprus is the least offender and will pay EUR 115,000 for a build-up of rice stocks.

Cypriots gambled about CYP 31.5 mln or EUR 54 mln over the Internet in 2006,

Sea Diamond

Rice surplus:

sinks:

Online gambling:

according to data provided by JCC Payment Systems, of which CYP 28 mln were bets on horse and dog racing, while the remainder was waged at casinos, most of which ended up in the occupied north.

PrimeTel milestone:

PrimeTel, the alternative telco, announced that the number of its subscribers now exceed 5,000. Last week the Financial Mirror had reported that PrimeTel is preparing to become a public company in anticipation of a flotation on the CSE.

GB Airways flights: British Airways franchise partner GB Airways has increased its summer service from Paphos to reach a total of 19 weekly flights to London and Manchester. One-way fares to London Gatwick and Manchester currently start at CYP 50 plus taxes for travel between April 15 and June 29. After that regular fares start from CYP 60 plus taxes.