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Press: Collection of €1000 is difficult

29/06/2011 07:47
The major issues in today’s financial press are the government’s difficulties in enforcing the tax of €1000 for the businesses, ERC’s research on the economic sentiment in Cyprus in June and the Central Bank’s data on the banks’ market shares in May.

The “Economy” inset of newspaper “Phileleftheros” refers to the government’s difficulties in adopting the tax of €1000 for the businesses. According to the report, after the problems that have emerged with the state registry data, the government is examining the possibility of being up to the companies to prove via a letter to the Inland Revenue Department that they enjoyed no profits in the past three years.

Elsewhere the newspaper reports that according to CB data, the bank revenues in May 2011 reached €2.05 billion and in two months the sum exceeded €4 billion.

Other headlines:

- OELMEK refuses to contribute to the economy

- POVEK rejects measure of €1,000

- Sentiment slowed down by 2.5 points

- Foreign investments of €2.4 billion in Cyprus in 2010

The newspaper “Politis” reports that under the pressure of the European Council and the Commission, who believe that there is no other way, the Greek MPs are urged today to approve the austerity measures.

The “Economy” inset of the newspaper refers to ERC’s research on the economic sentiment in Cyprus in June. According to it, the indicator fell by 2.5 points in June to 83.9 points from 86.5 points in May 2011.

Other headlines:

- Changes in Madisons – Sun Towers moves out

- Reactions on economic measures become more and more

- Commission battles against fraud – New strategy for the modernization of the budget policies

- Return to growth – In Britain, exports give a boost

The “Economy” inset of newspaper “Simerini” refers to the money that the government needs in paying or refinancing part of its loans. According to figures in the Finance Ministry’s website, €630 million have to be paid in July, while the Ministry will hold road shows in Russia soon to absorb capital from the Russian market. It is reminded that the issue of the 2-year bonds of €700 million will take place today.

The newspaper also highlights that according to OELMEK, the imposition of extraordinary contribution for two years is unfair and it will not be accepted.

Other headlines:

- Unemployment increases – At 7.4% in first quarter of 2011

- Business climate deteriorates

- Preparations for 2nd Limassol Economic Forum

- One in six banks will fail – Stress test

The “Economy” inset of newspaper “Haravgi” reports that the trade unions’ meeting tomorrow, when the trade unions will state their opinion on the government’s proposal for the contribution of €70 million of the employees in the public sector, will be determinant.

“Haravgi” also highlights that the Finance Ministry’s proposals for the pension system are ready.

Other headlines:

- Programs for the support of the unemployed continue

- More inconvenience at the airport

- Signatures for Ayia Napa marina

- No decision for Conference Centre in Limassol

The “Economy” inset of newspaper “Alithia” reports that the government’s effort to concentrate €200 million in two years from the extraordinary contribution of the profitable businesses is outside the targets. According to the report, the number of the inactive companies is big since many companies have been registered by lawyers or accountants so as to be ready in the first demand by their customers.

Elsewhere the newspaper refers to the Memorandum of Understanding signed between OEB and the Institute of Cyprus.

Other headlines:

- Participation in conference in Russia

- Industrial Producer Index down

- Increase in fuel sales - Cystat

- CSE up 3.04%