The two major issues that dominate today’s financial press are the entanglement of the CSE President, Pavlos Savvides, in a CSE company investigated by the SEC and the visit of IMF experts in Cyprus to evaluate the island’s economy.

The “Economy” inset of newspaper “Simerini” under the title “Investigations in Avacom Net Services” mentions that the SEC investigates possible misleading information in company’s prospectus. According to the report, Avacom Net Services announced a number of activities to be taken up by the company, as well as its participation in trading companies for the use of their products and services in the e-commerce. “However, according to company’s announcement in the annual report and the accounts for 2001, the amount of CYP 13.4 million derived from the new issue and listing was mainly used to finance related companies."

Specifically, the company had lent the amount of CYP 8.8 million to Avacom Computer Services, whose president at that time was Pavlos Savvides.

The “Economy” inset of newspaper “Phileleftheros” under the title “Critical evaluation by the IMF” deals with the visit of IMF experts to Cyprus and highlights the importance - according to the Ministry of Finance – of the specific fact. The newspaper also quotes the SW exclusive report that “The Economist (EIU) sees GNP’s growth at 1.7%”.

The “Economic” inset of newspaper “Alithia” under the title “EU subsidies demand farmers’ organization” mentions that by the end of November the monopolizing regime of all distribution and trading Boards of agricultural products are to be abolished and reversed into local groups-organizations ahead of Cyprus harmonization with the European equis.