08/09/2004 08:14
The major issues in today’s financial press are the state finances, Cyprus Airways, the tourism in the occupied territories, the investigation on the CSE scandal and the amounts due to suppliers by the listed companies of retail trade.
The newspaper “Phileleftheros” reports that the government stands before a tough dilemma, in a time when the trade unions of the public sector insist on pay rises to the civil servants, although the government is committed to adopt the program of fiscal consolidation submitted to Brussels. Things for government have become more complicated, after the publication of fiscal deficit data for January – May 2004, which showed an unexpected improvement.
The “Economy” inset of the newspaper reports that the Investigation Committee has reached the final stages of the investigation on the CSE scandal in 1999-2000.
The newspaper “Politis” highlights that the future of Hellas Jet, subsidiary of Cyprus Airways, does not depend on the finances of the mother company but on Olympic Airlines in anticipation of its possible sale. Cyprus Airways has proceeded to the abolition of certain itineraries and the reduction of the fleet.
“Politis” also reports that despite the slowdown of the growth rate on loans for July, the growth rate of credits in the sector of constructions continued.
The “Economy” inset of newspaper “Haravgi” reports that the state budget has been burdened by 42%, which is the highest rate among the EU member states. According to the report, the employment terms in the civil service are more favourable, while the Finance Minister’s appeal for an understanding on behalf of the trade unions for the pay rises in the civil service does not entail a deprivation of the right of the civil servants.
The “Economy” inset of the newspaper reports that the Labour Body approved the bill that provides for the prohibition of cutbacks from the employees’ salaries.
The “Economy” inset of newspaper “Simerini” refers to PASYXE’s warning on the development of tourism in the occupied territories. Although it does not affect tourism in the free areas at the current stage, this might not be so in the future.
Elsewhere the newspaper refers to the scheduled meeting between the Finance Minister and the Organization for the families with many children to discuss the Minister’s promises that have not been adopted yet.
The “Economy” inset of newspaper “Alithia” highlights that Greek experts will visit Cyprus to evaluate the findings of the Police investigation on the CSE scandal. The Investigation Committee for the CSE has requested a 15-day extension for the presentation of its findings.
“Alithia” also refers to the start of talks for the new structure of the Cyprus Tourist Organization, which aims at adopting a Development Plan. For this reason, the establishment of a sub-committee that will have talks with the Commerce Ministry was deemed necessary.
The newspaper “Financial Mirror” reports that the four listed companies in the retail trade sector have improved their results for the first half of 2004 but continue to owe banks and suppliers £94 million. Orphanides, Chris Cash & Carry, Papantoniou and Papaellinas owed to their suppliers £46.2 million in June, although this has dropped by 8.3%.
Elsewhere the newspaper refers to the study for the establishment of a technological park in Cyprus, which will be ready in October.
The newspaper “Phileleftheros” reports that the government stands before a tough dilemma, in a time when the trade unions of the public sector insist on pay rises to the civil servants, although the government is committed to adopt the program of fiscal consolidation submitted to Brussels. Things for government have become more complicated, after the publication of fiscal deficit data for January – May 2004, which showed an unexpected improvement.
The “Economy” inset of the newspaper reports that the Investigation Committee has reached the final stages of the investigation on the CSE scandal in 1999-2000.
The newspaper “Politis” highlights that the future of Hellas Jet, subsidiary of Cyprus Airways, does not depend on the finances of the mother company but on Olympic Airlines in anticipation of its possible sale. Cyprus Airways has proceeded to the abolition of certain itineraries and the reduction of the fleet.
“Politis” also reports that despite the slowdown of the growth rate on loans for July, the growth rate of credits in the sector of constructions continued.
The “Economy” inset of newspaper “Haravgi” reports that the state budget has been burdened by 42%, which is the highest rate among the EU member states. According to the report, the employment terms in the civil service are more favourable, while the Finance Minister’s appeal for an understanding on behalf of the trade unions for the pay rises in the civil service does not entail a deprivation of the right of the civil servants.
The “Economy” inset of the newspaper reports that the Labour Body approved the bill that provides for the prohibition of cutbacks from the employees’ salaries.
The “Economy” inset of newspaper “Simerini” refers to PASYXE’s warning on the development of tourism in the occupied territories. Although it does not affect tourism in the free areas at the current stage, this might not be so in the future.
Elsewhere the newspaper refers to the scheduled meeting between the Finance Minister and the Organization for the families with many children to discuss the Minister’s promises that have not been adopted yet.
The “Economy” inset of newspaper “Alithia” highlights that Greek experts will visit Cyprus to evaluate the findings of the Police investigation on the CSE scandal. The Investigation Committee for the CSE has requested a 15-day extension for the presentation of its findings.
“Alithia” also refers to the start of talks for the new structure of the Cyprus Tourist Organization, which aims at adopting a Development Plan. For this reason, the establishment of a sub-committee that will have talks with the Commerce Ministry was deemed necessary.
The newspaper “Financial Mirror” reports that the four listed companies in the retail trade sector have improved their results for the first half of 2004 but continue to owe banks and suppliers £94 million. Orphanides, Chris Cash & Carry, Papantoniou and Papaellinas owed to their suppliers £46.2 million in June, although this has dropped by 8.3%.
Elsewhere the newspaper refers to the study for the establishment of a technological park in Cyprus, which will be ready in October.
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