You are here

Press: Electricity Authority of Cyprus and Hellas Sat

25/11/2002 09:13
The major issue that dominates today’s financial press is EAC’s stake in Hellas Sat consortium, expected to be approved by EAC’s Board of Directors.

The “Economy” inset of newspaper “Phileleftheros” deals with the Organization of Housing Finance and the housing loans assigned in 2001. Specifically, according to Organization’s annual report for 2001, the housing loans assigned in 2001 reached 2,447 worth CYP 89.9 million against 1530 loans worth CYP 50.8 million in 2000. Loans soared from CYP 253.7 million to CYP 298.2 million or 21.7%, while according to preliminary data, during the first ten months of 2002, 1912 new housing loans worth CYP 71.1 million were approved, with the total assets (until October 2002) reaching CYP 436.8 million, deposits CYP 337.5 million and loans CYP 338.7 million. The interest rate of the loans assigned by the Organization is 6.25%, and they are repayable off in 20 years time.

Elsewhere the newspaper quotes the speech of the Finance Minister, Takis Klerides, on the occasion of the visit of the Greek Finance Minister, Nicos Christodoulakis, in Cyprus.

The newspaper “Simerini” highlights that the Audit General – in her annual report over the Customs Department in 2001 – has spotted revenues losses due to major delays and inability to control the department, holding up as an example the duty free administration system of Larnaca and Paphos Airports by Cyprus Airways.

Elsewhere the newspaper refers to POBEC? and its satisfaction with regard to Commerce Ministry’s decision to cease special offers and illegal discounts, mostly seen during holidays.

The newspaper “Alithia” under the title “EAC says yes to space program” mentions that EAC’s Board of Directors and the political head of the Ministry of Commerce, Industry and Tourism “are completely satisfied” with the briefing of Hellas Sat held in November 18. The Board is expected to approve EAC’s stake in Hellas Sat consortium (soon to be presented for approval at the Ministers Cabinet) ahead of the imminent satellite launching from Canaveral Cape.

Elsewhere “Alithia” points out that the unemployment fund deficit has reached CYP 9.4 million.