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The Financial Mirror This Week: 10 Years Ago (24/12/2003)

08 January, 2014

The Financial Mirror This Week: 10 Years Ago

Labour crisis over pay hikes, golf craze arrives

Trade unions and employer organisations are headed for a new clash in 2004 with both sides disagreeing on the benchmark for pay hikes, as the CYP continued its steady retreat against the euro and the arrival of golf courses was the new talk of the town, according to the Financial Mirror, issue 547, December 24, 2003.
2004 pay hikes: Trade unions are demanding an increase in the basic pay of 3.1%, while employer organisations insist that all wage rises be based on the rate of productivity, currently at 1.37%.
CYP vs euro: The Cyprus pound continued its mild but steady retreat against the euro on concerns that many are moving their funds abroad ahead of a possible plan to lift the bank confidentiality law.
Golf craze: Plans are underway to develop three more 18-hole golf courses in the Limassol (Pentakomo), Larnaca (Oroklini) and Famagusta (Ayia Napa) districts, in addition to the existing golf courses at Tsada, Secret Valley and Aphrodite Hills.
Surge in Q3 GDP: Third quarter growth was 2.2% year-on-year, up from 0.7% growth in the second quarter y-o-y, despite a 0.5% fall in tourist arrivals and 2.3% drop in retail sales.
PPS highest: The Cyprus purchasing power standard was the highest among the ten new EU acceding countries with GDP per capita at 76% of the EU15 average and 7% ahead of Malta and Slovenia.
Stock Market: The CSE All Share Index continued its retreat to 79.49, down by 0.75% on a weekly basis, and -15.9% from the start of the year, with the FTSE/CySE 20 -12.6%. Nasdaq-quoted Royal Olympic, majority owned by the Louis Group, had seen its shares dive by a whopping 70% over Chapter 11 bankruptcy protection related to a non-payment of loans for the two new vessels, the Olympia Voyager and the Olympia Explorer. Louis was trading on the CSE at 15c, unchanged for the week, but down 7.5% for the year. Bank of Cyprus was trading unchanged at 123c (ASE: EUR 2.16), Cyprus Popular at 105c and Hellenic Bank at 56c. Universal Bank (Yialousa 20 years ago) was at 53c. Market cap: CYP 2.29 bln.
Yukos boss: In international news, former Yukos CEO Mikhail Khodorkovsky was ordered by a Moscow court to remain in jail for three more months pending trial on charges of fraud and tax evasion.