Top U.S. Firm Seeks Local Investment
Cyprus Times Front Page
June 25, 2005
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The biggest step towards 'Taiwanising' TRNC will come from the Americans, not by
diplomatic means, but through the economy, is the opinion of some. This is considered a possible outcome because of the US government's encouragement of investment in TRNC.
Bear Stearns Bank, part of Bear Stearns Companies, the biggest American investment firm recently sent a high level delegation to seek investments here in the north. Bear
Stearns has capital of $49,4 billion and property worth a total of $255,9 billion.
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The economic and international standing of the company indicates the importance of the delegation's visit. This company is known to be experts in assessing emerging economies around the world, and many smaller companies follow their lead.
Bear Stearns Companies Inc. is the parent company of Bear, Stearns & Co Inc., an international investment bank and stock broking company based in New York, but with a strong presence in Europe and the UK. Bear Stearns, listed on the New York Stock Exchange, employs 11,000 people worldwide and is one of the biggest US firms in the field of financial services.
Timothy Ash, Director of the Department for Developing Markets, one of the top leaders in this organisation, led the delegation to TRNC last week, indicating the level of interest in TRNC economy.
The visit by the Americans was kept low key to avoid noisy protests from the Greek Cypriots. Ash held important meetings with Turkish Cypriot economic figures as well as
politicians including President Talat and Prime Minister Soyer. The visit began on 11 June and carried on through the 16th. Little is known about the results of these meetings.
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