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Press: Markets, car sales
February 16, 2009
The major issues in today’s financial press are the course of the markets after the disappointing macroeconomic data for the euro area growth, the drop in car sales across Europe and the impacts of the IT and Telecommunications sector from the global crisis.

The “Economy” inset of newspaper “Phileleftheros” refers to the course of the markets after the disappointing macroeconomic data on the euro area growth. According to the report, the EU27 GDP was negative for the first time in the past 13 years, while the strong European countries entered a phase of recession. The impacts on Cyprus are not intense yet but they will hit significant sectors of economy.

Elsewhere the newspaper reports that according to Alpha Bank Chairman, Yiannis Costopoulos, the bank might suffer losses in the fourth quarter of 2008.

The “Economy” inset of newspaper “Politis” refers to the drop in car sales across Europe. New car sales in January recorded the highest drop in the past two decades (27%). According to preliminary data released by the Union of European Car Makers, the drop in car production is estimated at 15% in 2009, after the slump of 5% in 2008%.

The “Economy” inset of newspaper “Simerini” refers to the impacts on the IT and Telecommunications sector from the global crisis. According to officials of US parent companies, the crisis in the IT sector will last 18 months and therefore many companies have already prepared a plan. The crisis hits the Cypriot IT market too, since many companies do not have liquidity due to the drop in their turnover in the past few months.

The newspaper also highlights that the message of the Finance Ministers and the CB Governors of G7 is “say no to protectionism, yes to stability”.

The “Economy” inset of newspaper “Alithia” refers to the repercussions of the crisis on the island’s economy. According to the report, unemployment hit a four-year high, the tourist arrivals have dropped sharply, while the property sector is moving downwards. The CSE fell 12% in January.

“Alithia” also refers to the new measures for the support of the construction industry.

The newspaper “Haravgi” does not contain a financial inset. (source: Stockwatch, Cyprus)
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