TTTTHHHHEEEE FFFFIIIINNNNAAAANNNNCCCCIIIIAAAALLLL MMMMIIIIRRRRRRRROOOORRRR TTTTHHHHIIIISSSS WWWWEEEEEEEEKKKK

The battle for control of Universal Bank (USB) took a new turn as company insiders have sold EUR 1 mln in shares, prompting the bank’s main suitor, Aspis, to call on other major stake holders including Universal Life, Schoeller Holdings and Path Holdings to sell, the

reported on May 9, 2007. Sellers include Andreas Georghiou, CEO of Universal Life who is locked in a bitter battle with Aspis for control of USB, the Photiades family, senior staff and board members. The insider-selling led Aspis Holdings CEO Lambros Christophi to suggest that, “if they are selling for their personal interest, then they should also sell the 9.99% stake of Universal Life to us.”

The National Bank of Greece (Cyprus), dogged by the strike declared by the militant bank employees’ union ETYK, has declared a “lockout” at all 20 branches. This follows last week’s decision to walk out of the Cyprus Bankers Association. NBG Cyprus said 180 of its 260 staff

NBG

lock-out:

opposed the union-led strike but could not convince the ETYK leadership to call it off.

The Monthly Portfolio Tracker compiled by John O’Donoghue, Consultant Adviser at Caratfin Ltd., has doubled its money since inception on September 1, 2003, from USD 250,000 to over USD 502,000 in less than four years.

Regional policy Commissioner Danuta Hubner and Employment and Social Affairs Commissioner Vladimir Spidla congratulated Cypriot plans to invest EUR 612 mln over seven years to deliver growth and jobs.

The consumer price index rose by 1.77% year-on-year in April, compared with 1.49% in March, its highest rate of increase since September, driven by a 6.56% spike in the price of food, while healthcare products also rose sharply.

Cyprus Airways and Hellenic Bank signed a loan for 78 mln euros, to help the airline pay off previous loans and improve its finances. Finance Minister Michalis Sarris described the deal as “the beginning of a long effort to improve the economic results of the airline”, while Executive Chairman Kikis Lazarides said that in 2008 the airline

FM

portfolio

doubles:

Cohesion policy:

Inflation climbs:

CAIR loan from HB:

will reverse the negative trend and begin a profitable course.

Veterans who volunteered for the Cyprus Regiment or served in other units of the British Army, called on Britain to consider a pension for their contribution to the war effort. 30,000 Cypriot volunteers enlisted War II, and 10,000 of them served abroad.

A joint venture including Joannou and Paraskevaides (J&P) has won the 25-year BOT contract worth $580 mln for the extension and operation of the new airport in Amman. J&P was disqualified from the final bidding for the BOT contract for a new airport in Larnaca and upgrade the airport in Paphos, a decision that was appealed in the Cyprus courts. The project cost has increased to EUR 600 mln with the government, the operator (Hermes Airports) and the tourism industry at odds over rising costs and fees.

WW II:

J&P wins

Jordan

airport:

in World