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Press: Run for properties

25/09/2009 07:50
The major issues in today’s financial press are the Finance Ministry’s clarifications on the government’s decision to make the VAT period smaller, the downward trend of Euribor and the drop in property prices.

The “Economy” inset of newspaper “Phileleftheros” refers to the Finance Ministry’s clarifications on the government’s decision to make the VAT period smaller. According to the announcement, 85% of the turnover of the 81 biggest companies that were selected to pay the VAT earlier than the others in Cyprus is sold in cash. DISY Vice President, Averof Neophytou said that the proposal is wrong and illegal.

Elsewhere the newspaper reports that DISY and DIKO submitted a number of proposals yesterday that include measures against unemployment.

Other headlines:

- Movable securities in a simple way – EU directive

- FINMIN meeting in Cyprus for the crisis

- Properties: Effort to bring the British back

- CCCI stresses the ambiguities

The “Economy” inset of newspaper “Politis” refers to the downward trend of Euribor. According to the report, the Euribor goes down since June, while in mid July it dropped below 1%. At the current stage, it has been reduced to 0.749%. The analysts support that this drop is attributable to the redundant liquidity, the inflation and the mild recovery.

“Politis” also highlights that the House Institution Committee dealt with the voluntary retirement from the public sector in the 45th year of age.

Other headlines:

- Need for stricter patterns – RICS Cyprus strict for the island’s capital market

- Successful CSE road shows in London – Interest in the Cyprus capital market and the economy

- FINMIM supports decision on VAT – It will boost the public finances amid the crisis

- Proposals for appointments – From DISY and DIKO

The “Economy” inset of newspaper “Simerini” refers to the drop in property prices. According to figures released by the Chairman of Land Developers’ Association, Lakis Tofarides, the property prices in urban areas have declined 10%, while the summer residences have dropped 30%-40%.

The newspaper also reports that Limassol will host the Summit of the Commonwealth Finance Ministers from September 30 to October 2.

Other headlines:

- Prospectuses have passport – New proposal by the Commission simplifies prospectuses

- Young unemployed – DISY proposals to government for unemployment-economy

- Converting Cyprus into a country of charlatans – Neophytou’s statements for VAT – FINMIN answers

- Small gains in the CSE – General index at +0.22%

The “Economy” inset of newspaper “Haravgi” refers to the delay in the issue of title deeds. According to Interior Minister, Neoclis Silikiotis, who spoke at the 5th Land Development Conference yesterday, five bills have been submitted to the Legal Service, which must be approved by the end of the year.

“Haravgi” also refers to the Finance Ministry’s clarifications for the government’s decision tp hasten the VAT collection from the big companies.

Other headlines:

- DIKO proposals for unemployment

- Successful road shows by the CSE

- Regulation of terms of employment in leisure centers – Employers react for salaries, ATA, transparency in the payment of units and the penalties

- Promotion of Cypriot civilization is necessary

The “Economy” inset of newspaper “Alithia” refers to the measures proposed by DISY and DIKO to tackle increasing unemployment due to the crisis.

Elsewhere the newspaper refers to the road show of the CSE in London.

Other headlines:

- Prices drop in city centres - Properties

- Summit of Commonwealth Finance Ministers - Limassol

- Dispute between govt. and opposition for VAT

- Open letter of DOE to G20 - OEB