Press: EPEY and Ministries’ reports over the peace plan
20/11/2002 8:49
The major issues that dominate today’s financial press are EPEY (investment service providers), the Ministries’ reports over the possible problems that may arise from the UN peace plan, as well as the third quarter results of the Bank of Cyprus Group.
The “Economic” inset of newspaper “Alithia” under the title “Stockbrokers for EPEY on the homestretch” mentions that the new EPEY law prevents investment companies from obtaining a permit over the conduct of activities, the investment advisor provider, the portfolio administration and the orders for share trading. It seems that the new law affects investment companies, which need to entrust their capital administration to EPEY, which is to be audited by SEC.
The report also deals with Dr. Tsimpanoulis’ new law concerning offshore investment advisor provider companies that are to operate legally in Cyprus.
Elsewhere the newspaper quotes that Ministries are to submit their reports over the possible problems that may arise from the adoption of the UN peace plan to the Cabinet.
The “Economy” inset of newspaper “Simerini” under the title “The plan burns energy” refers to the statements of Minister Nikos Rolandes. “The provisions of the Annan plan are opposed to the Community Acquis, as the activities of the Energy sector are allocated to the two component states and not the Central State. We will, therefore, end up having two Energy regulators, unacceptable by the European Union”, Mr. Rolandes said.
Elsewhere “Simerini” points out that EAC’s participation in the Hellas Sat consortium is to be clarified in December.
The “Economy” inset of newspaper “Phileleftheros” under the title “Improved third quarter results” deals with the financial results of the Bank of Cyprus Group. Specifically, the increase of the operating profits of the third quarter to CYP 27.6 million (before the estimates and the results from the disposal and revaluation of investments) improves the feeling of stagnation, as they are higher by 29.2% compared to the second quarter. According to Group’s announcement, this increase is attributable to the increased business in Greece and the administration’s activities to boost profitability by increasing its net interest margin and restraining the operating costs.
Elsewhere “Phileleftheros” highlights that the Chamber of Commerce and the Ministry of Commerce, Industry and Tourism promote a new plan for the boost of industry, compatible to the Community Acquis.
The “Economic” inset of newspaper “Alithia” under the title “Stockbrokers for EPEY on the homestretch” mentions that the new EPEY law prevents investment companies from obtaining a permit over the conduct of activities, the investment advisor provider, the portfolio administration and the orders for share trading. It seems that the new law affects investment companies, which need to entrust their capital administration to EPEY, which is to be audited by SEC.
The report also deals with Dr. Tsimpanoulis’ new law concerning offshore investment advisor provider companies that are to operate legally in Cyprus.
Elsewhere the newspaper quotes that Ministries are to submit their reports over the possible problems that may arise from the adoption of the UN peace plan to the Cabinet.
The “Economy” inset of newspaper “Simerini” under the title “The plan burns energy” refers to the statements of Minister Nikos Rolandes. “The provisions of the Annan plan are opposed to the Community Acquis, as the activities of the Energy sector are allocated to the two component states and not the Central State. We will, therefore, end up having two Energy regulators, unacceptable by the European Union”, Mr. Rolandes said.
Elsewhere “Simerini” points out that EAC’s participation in the Hellas Sat consortium is to be clarified in December.
The “Economy” inset of newspaper “Phileleftheros” under the title “Improved third quarter results” deals with the financial results of the Bank of Cyprus Group. Specifically, the increase of the operating profits of the third quarter to CYP 27.6 million (before the estimates and the results from the disposal and revaluation of investments) improves the feeling of stagnation, as they are higher by 29.2% compared to the second quarter. According to Group’s announcement, this increase is attributable to the increased business in Greece and the administration’s activities to boost profitability by increasing its net interest margin and restraining the operating costs.
Elsewhere “Phileleftheros” highlights that the Chamber of Commerce and the Ministry of Commerce, Industry and Tourism promote a new plan for the boost of industry, compatible to the Community Acquis.
3287.99
1275.09
