Press: Listed companies debts, Church and Tourism on the focus
24/9/2002 9:05
Today’s financial press focuses on the issue of listed company debts, Nikos Rolandes’ revised estimates on tourism reductions during 2002, the taxation of Church’s capital gains, as well as the problems derived from the introduction of Mutual Funds
The “Economy” inset of newspaper “Phileleftheros” refers to listed companies borrowing. Under the title “Listed companies loans reach CYP 1.4 billion” the newspaper mentions that during the first six months of 2002 listed companies borrowing has significantly increased and “ there is a liquidation risk ”. The report also highlights that for several Stock Exchange sectors loans are particularly oppressive. This along with the phenomenon of recession may affect the going concern of many companies.
Thus during the first six months of the year, listed companies’ bank liabilities increased by 6.6%, while at the same time their profits shrunk by 35%.
Elsewhere, the newspaper refers to Central Bank’s Governor, Christodoulos Christodoulou, and his concerns about the increase of inflationary pressures.
The “Economy-Stock Exchange” inset of newspaper “Simerini” focuses on the decisiveness of Legislature to tax Church’s capital gains from the disposal of its property. According to the report, yesterday, the parliamentary committee of Finance has promoted a new legislation. The new legislation supports that the Church should first defray capital gains tax and then transfer its property.
It also stresses that Church owes CYP 6.5 million to the State and that receipts from capital gain taxation reached CYP 29 million on 2000 and CYP 22 million on 2001.
The “Economic” inset of newspaper “Alithia” refers to yesterday’s convention and the talks about the of Church’s capital gains by the State.
The newspaper also mentions that hundreds of citizens are unable to descent legal property on them, as sellers deny paying the specific tax.
Elsewhere, the inset highlights the revised estimates of the Ministry of Commerce, Industry and Tourism on the reduction of tourism. According to new estimates, the reduction on 2002 will reach 12%-13% while these new estimates have been necessary as there has been a dramatic decrease in tourism in August.
The “Economy” inset of newspaper “Phileleftheros” refers to listed companies borrowing. Under the title “Listed companies loans reach CYP 1.4 billion” the newspaper mentions that during the first six months of 2002 listed companies borrowing has significantly increased and “ there is a liquidation risk ”. The report also highlights that for several Stock Exchange sectors loans are particularly oppressive. This along with the phenomenon of recession may affect the going concern of many companies.
Thus during the first six months of the year, listed companies’ bank liabilities increased by 6.6%, while at the same time their profits shrunk by 35%.
Elsewhere, the newspaper refers to Central Bank’s Governor, Christodoulos Christodoulou, and his concerns about the increase of inflationary pressures.
The “Economy-Stock Exchange” inset of newspaper “Simerini” focuses on the decisiveness of Legislature to tax Church’s capital gains from the disposal of its property. According to the report, yesterday, the parliamentary committee of Finance has promoted a new legislation. The new legislation supports that the Church should first defray capital gains tax and then transfer its property.
It also stresses that Church owes CYP 6.5 million to the State and that receipts from capital gain taxation reached CYP 29 million on 2000 and CYP 22 million on 2001.
The “Economic” inset of newspaper “Alithia” refers to yesterday’s convention and the talks about the of Church’s capital gains by the State.
The newspaper also mentions that hundreds of citizens are unable to descent legal property on them, as sellers deny paying the specific tax.
Elsewhere, the inset highlights the revised estimates of the Ministry of Commerce, Industry and Tourism on the reduction of tourism. According to new estimates, the reduction on 2002 will reach 12%-13% while these new estimates have been necessary as there has been a dramatic decrease in tourism in August.
3287.99
1275.09
