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Cyprus Mail: News Articles in English, 99-07-20Cyprus Mail: News Articles in English Directory - Previous Article - Next ArticleFrom: The Cyprus Mail at <http://www.cynews.com/>A:hover {color: #800000; font-family: Arial; font-weight: bold} Tuesday, July 20, 1999CONTENTS
[01] Louis IPO oversubscribed 50-fold, attracting £500mRed-hot market leaps up 7.45 per centBy Hamza HendawiLOUIS CRUISE Lines' Initial Public Offering has been oversubscribed by more than 50-fold, attracting about £500 million in what exceeded even the wildest market dreams.Louis Managing Director Stelios Kiliaris told the Cyprus Mailyesterday that about 20,000 applications for shares were received by brokerages and banks during a four- day period ending last Thursday when the registers were open for the £9.5- million IPO."A decision has already been made by Louis that shares will be given to applicants on pro ratabasis. No maximum and no minimum," said Kiliaris. "We think this will be about 1.7 per cent, but we still don't have the final figures.""Our target remains unchanged; for the share to be traded during the first week of August," he said.The pro ratasystem means that applicants who sought to buy, say, £1,000 worth of shares at 40 cents apiece will get 42, or about £17 worth.This will naturally disappoint thousands of investors who had their hearts set on making a quick profit from the island's largest company IPO to date. But traders say their disappointment may trigger a flood of funds into the market. Much of the money Louis will refund to investors, they say, could find its way to the market, with many trying to snap up Louis shares while they are still affordable in their early days of trading.Beside the IPO, Louis has made a private placement worth £8.95 million with investors and is expected to rank sixth on the stock market in terms of capitalisation.If present conditions in the Cyprus Stock Exchange remain unchanged, Louis Cruise Lines will hit a red-hot market that refuses to be talked down, take a breather or get caught in a downward correction.Yesterday, the market had one of its best days to date, soaring by an astonishing 7.45 per cent to end the day at an all-time high, the sixth record close in as many sessions. The all-share index closed at 202.86 and volume was worth a very impressive £22.73 million, one of the highest this year.The banks were by far the day's biggest winners. The Bank of Cyprus rose by a staggering 62 cents to close at £8.51, while the Popular Bank raked in 28 cents to close at £4.57. The Hellenic Bank appreciated by 67 cents to close at £6.30, crossing the six-pound threshold for the first time.Warrants of the Bank of Cyprus and Popular Bank rose by 51 cents and 43 cents to close at £5.40 and £6.08 respectively.On the whole, the banks, excluding warrants, attracted a total of £5.54 million and their sector's sub-index rose by 7.90 per cent, only to be outdone by the indices of the ‘ other’ companies sector, 9.21 per cent, and Trading companies, 9.18 per cent.The tourist sector was strong again yesterday, with Salamis Tours Holdings up 25 cents at £1.63, and Amathus up 24 cents at £2.36.Lordos Hotels Holdings appreciated by 16 cents following news over the weekend that a long-running and acrimonious labour dispute between the company and workers at two Larnaca hotels had been ironed out. The share closed at £1.09.A:hover {color: #800000; font-family: Arial; font-weight: bold}Tuesday, July 20, 1999[02] 19 SBA boat people granted refugee statusBy Anthony O. MillerNINETEEN boat people were yesterday formally granted refugee status by Britain and released after nine months’ detention on the British Sovereign Bases."At the moment, all they have been given is refugee status," SBA spokesman Captain Jon Brown Brown told the Cyprus Mail. "We are hoping that the Republic of Cyprus will recognise that refugee status" and arrange for welfare and work assistance for them."Their status is one thing," Attorney- general Alecos Markides said. "I don't think, however, the Republic has any obligation under the Treaty of Establishment or International Law in respect of these people."The 19 were among 75 boat people who landed on the shores of RAF Akrotiri last October 8 in a crowded, leaking boat. Nine were deported, and 66 remained in SBA housing, pending review of their refugee applications."The Home Office made the initial determination of refugee status" for the 19, based on the recommendation of the UN High Commissioner for Refugees (UNHCR), Brown said.Refugee status "means legally we can no longer keep them in detention and they have been released," he said. "They are going to Dhekelia (Garrison) in the short term, where they will be housed and fed and given a small amount (of cash) for support."The 47 denied refugee status remained detained in the SBA's Episkopi Garrison, pending deportation, Brown said. They can appeal their rejection within 15 days to the UNHCR in Nicosia.Any favourable UNHCR recommendation would still have to be approved by the SBA commander, Brown said, adding: "Once that decision is made, that's it.""We're hoping (those rejected on final appeal) would return to their country of origin," he said, "but obviously there may be some difficulties... for instance, sending Iraqi Kurds back. This is something we're discussing with the Cyprus Immigration Department."Six women and 13 men were among the 19 granted refugee status, including one Algerian, four Iraqis, one Iraqi Kurd, nine Iraqi Yezidis, two Palestinians and two Syrian Kurds.Of the 47 rejected, 10 were females and 37 were males, including four Egyptians, two Ethiopians, three Iraqis, 30 Iraqi Kurds, one South Sudanese, six Syrian Kurds and one Turkish Kurd.Brown said the SBA is "talking with the Republic of Cyprus about the longer-term plans" for the 19 refugees, because some want to stay in Cyprus, and the Bases lack the social and welfare services available in Britain."What will happen to them in the end is very much a matter for the UNHCR, who will take the lead in identifying a permanent country for resettlement," he said.That country could "possibly" be Britain, Brown said, but he quickly added none of the 19 refugees was automatically eligible to go to Britain, since "the SBAs are what is known as dependent territories: there is no immigration union between the SBA and the UK."While the 19 refugees stay at the Dhekelia Garrison, "they are free to go into the Republic... there's nothing we can do to stop them legally," Brown said.Welfare Department Director Loulla Theodorou said the 19 refugees could apply for welfare benefits, and social workers would direct them to the Labour Ministry to apply for work permits."Nobody can prevent applications from being filed," Markides said. "On the other hand, whether or not the applicant has a right in law is an entirely different matter, and I do not think in this particular case they have a right in law" to such help."Whether the Republic, in exercise of her own policy or her own free will, decides to co-operate in any way whatsoever -- that is another matter," Markides said.When the 75 boat people first arrived, Markides insisted they were the sole, sovereign responsibility of Britain under the 1960 Treaty of Establishment, which ended Cyprus's British colony status and ceded the bases in perpetuity to Britain as sovereign territory.British authorities in Cyprus initially disputed Markides' claim, but later assumed the food, shelter, medical and educational needs of the boat people, while bilateral talks ensued to try to settle their fates.A:hover {color: #800000; font-family: Arial; font-weight: bold}Tuesday, July 20, 1999[03] Clerides looks ahead to ‘most important initiative ever’By Andrew AdamidesPRESIDENT Glafcos Clerides yesterday said that neither side on Cyprus was blameless for the current situation, but that the coming months would see the most important initiative ever on the Cyprus problem.In a televised address marking the 25th anniversary of the coup and the Turkish invasion, he drew attention to the plight of both the Greek and the Turkish Cypriots. He said large numbers of Turkish Cypriots have been "forced out" of the occupied areas by the conditions there and the import of settlers from mainland Turkey.Both communities have made mistakes in the past, as "instead of co-operating and working to consolidate and develop the Republic of Cyprus, we clung to attitudes which undermined it and brought about the opposite result".Clerides said the Greek Cypriots had learned from the coup, and now understood that there must be "absolute respect" for democratic institutions and a tolerance for opposing views.Passions, hatreds and other extremist positions should have no place in our political life, the president said.As a result of this, a solution needs to establish a climate of trust which will benefit all inhabitants of the island.Referring to the relative positions of the Greek and Turkish sides on the island, Clerides said that all official governments on the island, past and present, had shown goodwill and made concessions, but the Turkish side had remained intransigent, and had recently been forced by the succession of international initiatives to reveal its true policy on Cyprus -- that it wanted recognition for the so-called Turkish Republic of Northern Cyprus and a confederal solution later, if this was what the Turks wanted.In the coming months UN Secretary-general Kofi Annan will invite both sides to the negotiating table and this is the most ambitious initiative ever taken on Cyprus, Clerides said, pointing out that it enjoys the support of the international community, the UN security council, the EU and the G8 countries.And in spite of the repeated Turkish statements against the initiative, the international community has "made it perfectly clear" that the status quo is unacceptable and a solution must be found."I want to believe that the international community will not deviate from its efforts." he added.But he also rebuked those countries "which from the very beginning could have put a stop to the unacceptable Turkish position", and added that any country with power over Turkey could still do this, even belatedly, if they were serious about finding a Cyprus solution.He reiterated that the government will not accept any deviation from UN resolutions on any Cyprus solution and repeated his invitation to the Turkish Cypriots to join Cyprus’ EU bid, which he described as something which will benefit "both communities equally".A:hover {color: #800000; font-family: Arial; font-weight: bold}Tuesday, July 20, 1999[04] Government imposes (and breaks) National Council blackoutPERSISTENT press leaks have prompted the National Council to impose a media blackout on its sessions, Government Spokesman Costas Serezis said yesterday.In future, not even the day or time for meetings of the advisory body would be made public, he vowed. The National Council is made up of the leaders of all parliamentary parties and convenes periodically to chew over the Cyprus problem with President Clerides. "During the workings of the last National Council, a member, not belonging to the government, proposed that National Council meetings be totally secret, that no announcements be made. He went even further, saying there should not even be any announcement of forthcoming meetings," the spokesman said. "This position was applauded." Serezis said this was why he had made no statements after the last meeting of the council on Friday. Saturday's Haravghinewspaper carried a story suggesting the advisory body had discussed possibilities for a "diplomatic offensive" on the national issue. Serezis said this was exactly the kind of leak the council wanted to avoid. Speculation about National Council discussions is a favourite topic for the Greek language press. The spokesman then proceeded to violate the new secrecy rule himself by revealing that the council on Friday discussed the possibility of inviting the leaders of non-parliamentary parties to attend meetings. A:hover {color: #800000; font-family: Arial; font-weight: bold} Tuesday, July 20, 1999[05] Recognition a must, says EcevitTURKISH Prime Minister Bulent Ecevit has said that efforts to end tension on the island would be fruitless if the international community did not recognise the breakaway regime in the north.Ecevit, who is due in the occupied areas today, told Turkish state television late on Sunday that it was time for the rest of the world to join Turkey in acknowledging the ‘Turkish Republic of Northern Cyprus’.It was Ecevit who ordered the 1974 invasion. To mark his visit to the north and the 25th anniversary of the invasion, six Turkish warships arrived in the occupied areas on Sunday.The fleet is made up of a submarine, assault ships and a frigate."Twenty-five years have passed and the child has grown into a robust youngster. However unwilling some countries are to acknowledge this truth, it is alive and undeniable," Ecevit said.He said today's anniversary marked the birth of the ‘TRNC’ and that any chance of a federation in Cyprus was lost when the government applied to join the EU.The United Nations is soon to launch a fresh effort, backed by the G8 big powers, to restart talks between the two sides. But the Turkish side says it will not return to talks unless they are held on the basis of two states.Ecevit said the effective existence of two separate states on the island had put an end to intercommunal fighting and secured peace between the ethnic Greeks and Turks of Cyprus."There is no such thing as a Cyprus problem," he said. "From the point of view of Turkey and the Turkish Republic of Northern Cyprus, the problem has long been solved. And if the Greek Cypriots do not delude themselves, they must accept that the problem has been solved for them too."A:hover {color: #800000; font-family: Arial; font-weight: bold}Tuesday, July 20, 1999[06] CY probe into day of delaysBy Jean ChristouCYPRUS Airways yesterday launched an investigation into a series of flight delays on Sunday which affected hundreds of passengers bound for Amsterdam and Paris.CY chairman Takis Kyriakides said the investigation would be carried out as quickly as possible.Some 600 passengers were left stranded in Cyprus and abroad when three flights were grounded because of technical faults.The delays were compounded when they resulted in cabin crew exceeding their scheduled roster time and subsequently refusing to fly. Replacements could not be found.Sunday’s early morning Amsterdam flight was delayed for eight hours, and passengers to Paris were only flown out yesterday.The aircraft which was to have made the Paris run had been due to arrive from Salonica but failed to do depart from Greece, causing a crisis at Larnaca airport. Many passengers missed their connecting flights in France.On Sunday while technicians worked to repair both aircraft, the airline's management were in Lesbos for the launch of the new Cyprus Airways weekly air link with the Greek island.Speaking on his return from Lesbos yesterday Kyriakides said the problem was clearly technical at first, but later concerned absentee staff who said they were ill."What I can say is that all arrangements were made to minimise the impact on passengers," he said. "We could not secure replacements in time."He stressed that this is peak season for the airline and that delays do happen.The pilots' union Pasipy on Sunday denied that the grounding of the aircraft was linked to a work to rule by pilots and cabin crew. Cyprus Airways pilots are currently in dispute with management over promotions and embarked on strike action last month.Chris Christodoulou, president of Pasipy, strongly criticised management for being in Lesbos and allegedly leaving passengers stranded."They should be here to deal with the problems of passengers," he said.Yesterday Christodoulou said the problems were clearly of a technical nature and he ruled out any suggestion that the delays had been deliberately exacerbated by the airline's unions."Is it perhaps all a game, blackmail to make us shut up? Are we perhaps as a union saying things they don't want to hear?" he asked. "Do they want a captain to take up a plane he does not feel safe to fly in?"Pasipy has asked the government for a public enquiry into management practices at the airline. The union says that when delays do occur it is management's fault because there are not enough standby crews available.A:hover {color: #800000; font-family: Arial; font-weight: bold}Tuesday, July 20, 1999[07] Strike hits hospital labsBy Athena KarseraSTATE hospital labs were yesterday paralysed when some staff staged a 24-hour strike.Nurses and technical staff belonging to the public servants’ union Pasidy allowed only a skeleton staff to handle emergency and out-patient testing.They took the action in an attempt to force the implementation of a Finance Ministry agreement to reorganise and modernise state hospital labs.The union president for the sector, Zoe Sideras, yesterday told reporters that conditions in the labs had not changed since the 1930s, but the government called the strike action "premature and inexcusable"."It's important to underline that our proposals (for reorganisation and modernisation) should also save a considerable amount of money," Sideras said, adding that the obstacles to the proposal ’s implementation were legal issues "that can easily be solved provided the Finance Ministry shows the necessary goodwill."Sideras said that changes were necessary to enable Cyprus labs to compete with those in Europe, and called on the government to conform with the lab workers' demands "to avoid escalation of the action and further inconvenience to the public".Government spokesman Costas Serezis said that the Finance Ministry considered the strike to be premature and uncalled for. He told his daily press briefing there had been no delay in the process of solving the legal problems."The ministerial committee (appointed to examine the issue) and the technical workers discussed the issue on June 2 and decided that there were certain legal issues that required consultation from the Legal Services and that discussion would continue after this. The result of this consultation was presented to the committee very recently and the committee planned to convene soon to discuss the issue, but not under the threat or implementation of strike action."Serezis said the Finance Ministry could not understand why Pasidy had decided to strike "when the problems could have been solved easily and without inconveniencing the public".Health Minister Christos Solomis yesterday apologised to patients for the inconvenience caused by the strike. He was speaking during the presentation of two new dialysis machines to Larnaca hospital.Lab staff staged a strike earlier this year, but called off their action when the government agreed to implement their demands for reorganisation and modernisation.A:hover {color: #800000; font-family: Arial; font-weight: bold}Tuesday, July 20, 1999[08] Probe into reports of money launderingTHE government is probing reports that Cyprus has become a haven for Bulgarian money launderers.The investigation began after Bulgarian press reports that Bulgarian companies are laundering cash through Cyprus via offshore companies here. The Bulgarian Finance Ministry is reported to have complained.Newspapers called Cyprus a haven for the crime, saying launderers can take advantage of laws here which all but prevent police from examining offshore companies’ finances and that the government turns a blind eye to the crime as offshore companies are good for Cyprus’ economy.Government Spokesman Costas Serezis said yesterday that Cyprus takes all appropriate measures against all money- laundering cases brought to its attention, and pointed out that the government has been commended for its action in this area.He denied that there had been an official complaint from Bulgaria about money-laundering and that even though unconfirmed press reports were not solid enough evidence, the Cyprus consul in Sofia, Argyro Antoniou, had nevertheless been asked to investigate.A:hover {color: #800000; font-family: Arial; font-weight: bold}Tuesday, July 20, 1999[09] President has full confidence in ‘ freebie’ ministerBy Charlie CharalambousPRESIDENT Clerides has full confidence in besieged Defence Minister Yiannakis Chrysostomis, despite his admission that he accepted lavish hospitality from an arms manufacturer.Government Spokesman Costas Serezis yesterday attempted to defuse the row over the minister's freebie when he said that other state officials and politicians have all-expenses- paid trips as well."In the past, parliamentary delegations and ministers have been hosted by various companies," Serezis said, and made it clear that Chrysostomis was in no danger of being sacked."The President has complete confidence in the integrity of the defence minister and knows of his good character which Chrysostomis showed during his many years as a Supreme Court judge," Serezis told his press briefing yesterday.When pushed on the matter Serezis could not say whether President Clerides had been aware that the minister’s delegation attended last month's Paris Air Show courtesy of Swiss arms firm Oerlikon."It's not possible for the president to know everything about the activities of his ministers," he said.Chrysostomis stepped into a fresh storm when Politisnewspaper claimed the minister had spent a week in Paris running up a £10,000 bill (including accommodation and free lunches) at Oerlikon's expense.It reported that the joint manufacturer of the Aspide anti-aircraft missile system picked up the tab for the minister and his eight-strong delegation.Chrysostomis said the offer came after he had struck a deal with Oerlikon to buy Italian-made Aspides at £4.5 million below the asking price and could therefore not be construed as bribery."I acted in the belief that what I did was correct," the former judge said yesterday.Oerlikon reportedly offered to foot the bill for the entire delegation when the minister balked at the high prices of a week in Paris."I want the Cypriot people to understand that we didn't put this money in our pockets," said Chrysostomis.He argued that the country benefited from his dealings with the arms firm because of the savings he negotiated on the Aspide missiles."I am surprised about the criticism when I have done much to resolve serious problems," Chrysostomis said.[10] British soldier remanded as rape suspectBy Charlie CharalambousA BRITISH soldier stationed at Dhekelia garrison was yesterday remanded in police custody suspected of raping a 16-year-old English tourist. Private Glenn Steven Chambers, of the 2nd Battalion, the Royal Anglian Regiment, was remanded for six days by a Larnaca district court in connection with Sunday's alleged attack. The incident allegedly took place at an empty beachside restaurant near Oroklini, Larnaca, at around 4am, after the two met in a nearby pub. According to the girl's statement, the two started kissing at the restaurant and then the suspect wanted to have sex. "She said no, and then he took his trousers down and forcibly raped her twice without a contraceptive according to the police complaint," investigating CID officer Christos Andreou told the court yesterday. Andreou said the 21-year-old suspect "denies raping the girl but said she consented to intercourse". After the incident the teenager was taken to Larnaca general hospital for a medical examination where doctors said she was in a state of shock and had suffered injuries. The British military police handed Chambers over to Cyprus police on Sunday after an arrest warrant was issued. "If he committed such an offence then we will not tolerate it and hope the full force of the law comes into swing," British Bases spokesman Rob Need said yesterday. As part of the investigation police will carry out DNA analysis, take 25 statements and request witnesses who saw the couple at the pub to come forward. A:hover {color: #800000; font-family: Arial; font-weight: bold} Tuesday, July 20, 1999[11] ‘Trial within a trial’ verdict todayTHE criminal court in Nicosia is today expected to give its verdict on a ‘trial within a trial’ in the Hambis Aeroporos murder case.The contentious evidence is a statement suspect Zoe Alexandrou gave to police after her arrest in connection with the December 16 murder. Her lawyer, George Georgiou, claims the statement was not made voluntarily. The prosecution disagrees.Both sides presented their final arguments to the court yesterday.Hospital cleaner Alexandrou, 51, and her brother -- 43-year-old cabaret owner Sotiris Athinis -- have pleaded not guilty to charges of conspiring to murder 36-year-old Hambis Aeroporos.Hambis's suspected killers are 35-year-old waiter Prokopis Prokopiou, policeman Christos Symianos, 35, and Kinezos, 33. All three initially pleaded not guilty to murder, but last Tuesday Prokopiou unexpectedly confessed to the killing before the court, adding that Symianos and Kinezos were innocent.Prokopiou will be sentenced at a later stage.Hambis was gunned down by two hooded hit-men as he drove from Ypsonas into Limassol on the morning of December 16. The killing was seen as part of an ongoing feud between suspected underworld figures.The high-profile murder trial was moved to Nicosia for fear of reprisals against the suspects, and is being conducted under heavy police guard.© Copyright Cyprus Mail 1999Cyprus Mail: News Articles in English Directory - Previous Article - Next Article |