The major issues in today's financial press are the new referral of the law on the for the VAT cut in restaurants from 8% to 5% by President Demetris Christofias, the European Parliament's approval of stricter rules for the operation of the credit rating firms and the government's effort to attract investments via naval tourism.

The "Economy" inset of newspaper "Phileleftheros" refers to the referral of the law for the reduction of the VAT from 8% to 5% in restaurants by President Demetris Christofias. According to the report, the issue will be discussed by the House Finance Committee today at 9.00 am.

Elsewhere the newspaper reports that the sale of products from G/C businessmen to the T/C in the first quarter of the year fell by 50%, within the framework of the green line trade.

The "Economy" inset of newspaper "Politis" refers to the European Parliament's approval of the stricter regulations for the operation of the credit rating firms. According to the report, the new regulations aim at creating transparency conditions, while the level of their independence will be boosted.

"Politis" also highlights that the World Bank announced on Saturday that it will increase its funding for the infrastructure projects to poor countries that are hit by the global recession to $55 billion.

The "Economy" inset of newspaper "Simerini" refers to the government's effort to attract investments via naval tourism. According to the report, the largest project is the construction of an island in Limassol, an attractive destination of tourists, businessmen and investors from Russia and other Eastern block countries.

The newspaper also refers to the European program "EcoLanes" for the development of longer duration gravels.

The "Economy" inset of newspaper "Alithia" refers to Arab Bank's second thoughts for a come back in Cyprus. Arab Bank was considering coming back to the Cypriot and Greek market via the establishment of two offices in Nicosia and Athens of its subsidiary Europe Arab Bank. According to the report, the plans are postponed in view of the prospects of recovery of the global economy.

Elsewhere the newspaper reports that the first tax returns in euros will be submitted by Thursday.