Cyprus Mail: News Articles in English, 00-04-12

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From: The Cyprus Mail at <http://www.cyprus-mail.com/>

Wednesday, April 12, 2000

CONTENTS

[01] CSE boss rubbishes 'manipulation' charges

[02] Cyprus Airways pleads for more help to ease the pain of liberalisation

[03] Villagers’ anger at being ‘boxed in’ by twin motorway plan

[04] Red Arrows accused of ‘driving autistic boy abroad’

[05] Prepare for ivory taxis

[06] Monkey recovering from operation to find girl’s fingers

[07] Rolandis seeks renewable energy revolution

[08] Motorcyclist killed

[01] CSE boss rubbishes 'manipulation' charges

STOCK EXCHANGE boss Dinos Papadopoulos yesterday rubbished claims that the market was being manipulated to drag shares lower, saying the allegations were impossible to substantiate.

Papadopoulos, whose six-year tenure as CSE chairman expires at the end of this month, dismissed rumours sweeping the market for months that one reason for the recent fall in prices was because of dirty games played by powerful brokerages and institutional investors.

"Nobody talked about games when the market was going up. Everyone was talking about how wonderful things were, but there was a clear divorce between logic and economic fundamentals," he told a news briefing.

Papadopoulos was one of a few who expressed reservations at the rally on the market last year, when the benchmark index raked in gains of some 700 per cent.

He and several others who had misgivings were ignored by investors, many of whom are convinced the market fell under pressure because of a bear play.

"We all forgot a basic rule of the market that prices can rise as well as fall... in the final analysis it was nothing more than paying the price for ignoring economic fundamentals last year," he said.

Papadopoulos said he had no intention of running for the position of CSE chairman again. He already has a full-time job at PriceWaterhouseCoopers.

Asked if the council had taken any decisions that he regretted, Papadopoulos said he wished the bourse had been tougher with brokers and firms that deviated from settlement guidelines last year.

"One thing we should not have done was to show the flexibility we showed in settlement delays. We learnt that if we are elastic it causes more problems," he said.

The market closed several times last year under a mountain of unprocessed paperwork and problem transactions when small delays in settlement started snowballing.

And yesterday, brokers were fuming at penalties imposed by the market for discrepancies in settlements. "They should all resign," said trader Nicos Efrem.

But bourse manager Nondas Metaxas was unrepentant. "We don't have the luxury to be flexible," he said.

Meanwhile, stocks ran out of steam yesterday and backtracked 2.34 per cent as most sectors deflated, cutting short a six-session winning streak on high turnover and volumes.

The market closed some 12 points lower at 530.87 points, though the losses were considerably higher at the start of the session with investors seeking to make a hasty exit on the gains of the past days.

The bourse opened with losses, which on occasion edged as high as 3.5 per cent, were trimmed in intraday to as low as 1.5 per cent, but gathered pace again in the closing 20 minutes of the session.

The decline was normal, and expected by traders who had watched the rally of the past five sessions with a measure of anxiety that the bourse could be spiralling out of control again, as it did last year.

"I don't think that this sort of a correction is anything negative," one dealer said.

Turnover was steady at ,37.1 million on almost 10,000 deals. Most transactions were absorbed by the banking sector and companies in the &gt;other= category.

Both sectors came under strong selling pressure after the rally of the past three trading sessions. Other firms ended 2.9 per cent off and banking stocks were 2.6 per cent softer, though that also included a technical adjustment for Universal Savings Bank, which went ex-rights.

In the rest of that sector, Bank of Cyprus led net declines with a 30-cent drop to ,8.60 while Laiki was down 20 cents to ,12.94. Hellenic was off 9 cents to ,3.31.

Wednesday, April 12, 2000

[02] Cyprus Airways pleads for more help to ease the pain of liberalisation

CYPRUS Airways (CY) is demanding more state support in the wake of a government decision to bring forward air transport liberalisation by a year.

The original date for fully "opening up" air transport was January 1, 2003. But the relevant committee decided on Monday to set a new date: January 1, 2002.

Communications Minister Averoff Neophytou made it clear this move was aimed at bringing Cyprus swiftly into line with the EU.

The national carrier is none too pleased with this decision.

CY spokesman Tassos Angeli told the Cyprus Mail yesterday that the carrier wanted the government to help it be ready for the new deadline.

Among the things CY wants are state help in acquisition of new aircraft and to be allowed to manage lucrative airport duty frees for a longer period.

Angeli insisted that the carrier was not asking for anything more in terms of support than EU governments gave their national carriers.

CY does not enjoy a monopoly on flights to and from Cyprus. Some 120 companies already fly to and from Larnaca and Paphos airports but routes to Tel Aviv, London Heathrow and Athens are currently protected by bilateral agreements with those countries’ own national carriers.

And the airline is not the only one unhappy about the ministerial decision.

Main opposition party Akel yesterday described the move as "rushed and mistaken."

"This decision serves the narrow financial interests of certain business circles and goes against the interests of Cyprus Airways and by extension of the public at large," Akel charged in a statement.

The left-wing party said it could not understand why the government was in such a hurry to liberalise when the EU did not require this till 2003.

Akel called on President Clerides to intervene to ensure CY was given time to for "modernisation and better planning."

Neophytou defended the ministerial decision yesterday, saying it was a matter not just of EU harmonisation but "respect towards the Cypriot citizen."

"The Cypriot citizen has the right to choice, and the state has an obligation to offer the Cypriot traveller the choice of how and with what means he travels," the Minister said.

Neophytou called on CY to see liberalisation "not as a threat, but as an opportunity."

Wednesday, April 12, 2000

[03] Villagers’ anger at being ‘boxed in’ by twin motorway plan

THE VILLAGE of Konia outside Paphos is furious at plans that would see it sandwiched between two motorways.

The village is on the path of two highways, one from Limassol to Paphos and the other from Paphos to Polis Chrysochous, which would carve through the centre of the community.

The villagers have received the backing of New Horizons leader Nicos Koutsou.

Work on the final stretch of the Limassol to Paphos highway began a couple of years ago, and the village is still to receive compensation for the land on which the road is being built, New Horizons have said.

"A lot of fields were destroyed and we do not know when we will receive compensation, " Konia mukhtar Lyssandros Agathocleous told the Cyprus Mailyesterday.

But the director of the lands and survey department, Andreas Christodoulou, told the Mail the matter was being taken care of by the department, and, although there had been delays, standard procedure was being followed.

In a month, he said, the issue of the properties would go to the Public Works Department, which would prepare an expropriation plan, so compensation could be paid to the owners in 12 to 14 months’ time.

But Konia feels one motorway is enough, and is vehemently opposed to being on the route of a second.

"We do not accept to be torn apart again. Once was enough. We will be enclaved, like animals, not able to go past the highway. To go to the other side of the village, to work our lands, we will have to go round the highway and drive for three or four miles. It’s ridiculous," Agathocleous said.

"Plus, we have a pollution problem already and with the addition of another highway Konia will be completely poisoned. Not to mention that the village is a tourist resort and if the Minister of Communications goes ahead with the plans to construct the double highway, we can kiss tourism goodbye," he added.

The Minister of Communications, Averoff Neophytou has not yet given a final answer on whether he will go ahead with the construction, Agathocleous said, expressing distrust of the minister’s intentions.

New Horizons leader Koutsou visited Konia two weeks ago and discussed the matter with the head of the village before making public his support for the villagers’ campaign earlier this week, emphasising the pollution risks to village residents.

The party also suggested that the road- building plan served "other interests".

New Horizons said environmental impact studies indicated the road ought to be built north of Konia.

Agathocleous said his village had suggested alternative routes for the motorway. Specifically, he suggested the road should pass from Marathounda, but the government claims the two-mile detour is too great.

The second solution is for the existing highway to be expanded to serve both routes along that particular stretch, while a third suggestion would see the road passing from Paphos Hospital and the Mesoyi road, by-passing Konia altogether.

Wednesday, April 12, 2000

[04] Red Arrows accused of ‘driving autistic boy abroad’

Alexandros Costakis suffers from a severe autism that makes him hypersensitive to high frequency noises. Helicopters are also a problem, but his family says the nine-plane Red Arrow team causes him intolerable pain.

The boy’s mother told Politis newspaper that when the British planes flew overhead, her son would "shout and bash his head against walls and windows. He would look for somewhere to hide from the tortuous sound. He was aggressive."

Since the 1960s, the Red Arrows have spent three months a year training in Cyprus at the nearby British air force base in Akrotiri.

After returning from treatment in the United States last year, Alexandros’ mother told Politis that they had been assured the Red Arrows would not fly in Cyprus again.

A spokesman from the Bases, however, said this was not the case. "No commitment that the Red Arrows will stop flying in Cyprus has been given."

He said the family’s complaints come "completely out of the blue. We have not been contacted by them or their lawyer. Neither did Politis verify their information with us."

The Costakis’ lawyer, Evangelos Pourgourides wants to restrict the team’s flight path to the sea.

"I do not see why the planes have to fly over the city, and if they do, then I don’t see why they have to fly over built up areas, and certainly not over this young boy."

Pourgourides is directing his efforts towards the Ministry of Foreign Affairs and the Ministry of Health, which grant the flight licences. He is not filing legal proceedings against the British bases or the Red Arrows.

Current law allows anyone to fly over Limassol at a minimum height of 1,000 feet. An agreement that the Red Arrows would fly no lower than 2,000 feet was reached last week.

"This is not just a family case, this is a humanitarian issue. The safety of the entire city is at stake", Pourgourides told the Cyprus Mail, confident that a compromise will be found.

The Costaki family has temporarily moved to Athens where Alexandros is being treated for the pain caused by the Red Arrows.

The bases spokesman said "the Red Arrows have never encountered anything else like this in the world."

Wednesday, April 12, 2000

[05] Prepare for ivory taxis

The decision emerged from a meeting held yesterday between Communications Minister Averoff Neophytou and drivers’ organisations to polish out the details of the planned change in colour of all taxis, which will soon be required to have a uniform hue.

Neophytou said they had agreed the taxis should be to be ivory.

The minister added that taxi drivers would not necessarily have to repaint their vehicles, but could fit them with a special coloured membrane, which costs around £240.

Asked when he expected the new colour code to be implemented, Neophytou said the issue was before the Attorney-general, who had to decide whether it required a change in the law or could be enforced as an executive decision.

Neophytou added that the cost of changing the colour would not be subsidised by the state, as it was negligible.

Wednesday, April 12, 2000

[06] Monkey recovering from operation to find girl’s fingers

The operation failed to find the fingers.

According to owner and herpetologist, Nicos Charalambous, who has 20 years experience of animal care, such operations are rarely successful.

"But I wanted it to go ahead for the sake of the little girl and her family", he said. "To reassure them."

Charalambous imported the Rhesus monkey from Bangladesh 10 years ago in 1990, not 15 years ago - as reported yesterday. He stressed that his ownership was then, and remains completely legal, despite subsequent changes to the law that would make it illegal to import such an animal today.

He said he had kept all the necessary documents issued to him by the Veterinary Department and Customs and Excise.

Charalambous, who is a devoted pet keeper, said he was much saddened by the harm caused to the little girl, Sophia Klovoulou.

He said that the Klovoulou family had not announced their arrival, despite the clear notice at the front of his property, which discourages visitors.

"I did not know they were there until Sophia was bitten", he said.

The monkey, called Bobby, suffered a 15cm incision during the operation. The stitches will be removed in two weeks time.

Wednesday, April 12, 2000

[07] Rolandis seeks renewable energy revolution

COMMERCE & Industry Minister Nicos Rolandis said yesterday he was not only creating a Department of Renewable Energy in his own ministry, but was ensuring that state building projects used solar power for their electricity and heat wherever possible.

Rolandis' revelations followed a meeting held yesterday with a delegation of the island's solar-device manufacturers, where he said all agreed the island's future lay in exploitation of both sun and wind to reduce energy costs.

Rolandis said the manufacturers he met "contribute a lot to the energy sector of the economy in the sense that we produce five per cent of our energy requirements through renewable resources," mainly via roof-mounted solar panels to heat water.

"We promote their production as much as possible for exports," he said of his meeting's thrust, adding that one outcome of the meeting was his pledge to consider using his ministry to produce a promotional film to help increase Cyprus's solar device export market share.

"Cyprus and Israel," he noted, "are the two countries where the use of solar energy originated. And for the moment, 95 per cent of the households of Cyprus are covered by this type of energy. We are one of the very highest, if not the highest" country in the world in solar energy use, he added.

"(But) we believe there is room for improvement, and we would like to see this five per cent up to 10 per cent, not only through solar heating, but also through other renewable sources of energy," he said.

Rolandis said he was interested in harnessing wind power as another power- generation source. "I met another group (of businessmen) some months ago regarding this type of energy," he said.

But lest his grasp exceed his reach, Rolandis said, "we want to upgrade the energy section of the Ministry. This is one of my priorities: I'm trying to create a Department of Energy."

"We need it," he said, noting (where) most countries have a Ministry of Energy, here we do not (even) have a full Department of Energy. I've been trying to create a directorship of energy" for some time now, he said.

The solar-cell manufacturers "also requested that, when it came to government construction contracts, that there be at least a general Cabinet decision that, wherever appropriate, renewable sources of energy be used instead of (oil-generated) electricity."

Rolandis said he would notify the Council of Ministers of this proposal, and that should suffice to ensure future government buildings exploit sun and wind where practicable, without the need for any special legislation.

"As a matter of fact," he said, "before I saw them (the manufacturers), I had prepared a memorandum, which will be sent to the Council of Ministers, proposing that whenever the government proceeds with new construction works, we give priority to renewable sources of energy" to heat and electrify them.

Wednesday, April 12, 2000

[08] Motorcyclist killed

Trantas' bike was knocked by the car and into two parked cars before coming to a halt. Police said he was not wearing a helmet at the time of the accident.

© Copyright Cyprus Mail 2000

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