The Cabinet announced the appointment of former Electricity Authority of Cyprus (EAC) director Kikis Ergatoudis to look into the CYP 9.2 mln missing from the authority’s pension fund that were entrusted to Suphire Financial Services. The government also accepted the resignations by EAC chairman George Georgiades and his deputy Andreas Louroudjiades, who resigned in order

The Council of Minister decided to increase the minimum wage by 5% to CYP 362 (EUR 615) effective from April 1, 2005, with retroactive effect. According to the same source, following a six-month probation period, the minimum wage will increase to CYP 385. The above development is expected to weigh negatively on the operating expenses

Could achieve 3.8% for the whole year The economy rebounded in the first quarter of 2005, as growth in gross domestic product (GDP) rose by 3.9% in real terms compared with the same quarter of 2004. This was faster than growth in the fourth quarter, when according to revised data growth slowed to 3.3% year