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Cyprus Mail: Press Review in English, 99-11-30

Cyprus Mail: Press Review in English Directory - Previous Article - Next Article

From: The Cyprus Mail at <>

Tuesday, November 30, 1999

Market interest at its peak

ALTHOUGH the majority of dailies persisted with Cyprus problem-related lead stories, two bucked the trend by giving prominence to stock market news.

Politis expected investors' interest in the stock exchange to be at its peak, despite the withdrawal of 22 titles from trading. The paper said the absence of the 22 companies would be overshadowed by the return of the two biggest banks -- Cyprus and Popular --- the shares of which had not been traded for two weeks. The banks returned at a time when the share index was on the rise.

The paper also reported that the Co-operative banks were scheduled to set up their own investment company, which would be listed on the Stock Exchange. The co-ops would also set up a brokerage and an insurance firm, which would also be listed on the Stock Exchange.

Alithia reported that the Co-op movement's decision was made in order to stop the continuing flow of tens of millions of pounds from the co-ops to the Stock Exchange via the banks. The new investment company, in which all co-ops would participate, in accordance with the their size, would be called Lefkoniko, and is expected to be the largest of its kind.

The registers for the initial public offering are expected to open on January 1 next year. The news has already changed the mood at the co-ops, with depositors thinking twice about withdrawing their funds, as they would lose out on the preferential treatment that the new company would give co- op customers in the public offering.

Phileleftheros claimed that Turkish side, in order to justify its demand to hold on to more territory, has been claiming that the Turkish Cypriot population has risen drastically. Based on the Turkish calculations, out of a total population of 865,000 Cypriots, the Turkish Cypriot community (including 114,000 settlers) is no longer 18 per cent of the population, but 24.5 per cent (215,000 people).

If the 55,000 Turkish Cypriots who have emigrated abroad were added to the 215,000, then the Turkish Cypriots would amount to 27 per cent of the population, the paper said. The implications could be fatal', bearing in mind that the Turkish side's claims had never been disputed by anyone, the paper said.

To Tharros reported that a number of heads of state have warned Turkey that the immobility in the Cyprus issue was not in the interest of Turkey and especially its desire to be given EU candidate status. This is what reliable political circles told the paper, adding that Turkey ran the risk of losing the EU train.

These circles said that Turkey did not seem ready to make any spectacular moves and declarations, but could make certain discreet modifications to its positions.

Haravghi fired a broadside against Ankara's and Rauf Denktash's regime, which had once again showed its continuing intransigence. The occupation regime, unjustifiably, did not allow an Akel delegation, headed by the party leader, to cross to the north to attend the conference of a Turkish Cypriot party.

The occupation authorities had insisted that the members of the delegations showed their identification papers. The Akel members refused and were turned back. The Akel leader said that the incident revealed the true face of Denktash.

Simerini said that sovereignty would be the key issue during the New York proximity talks. After reports that Washington planned to push for the partial recognition of the pseudo-state through its acknowledgment, the political parties were set to raise the issue at the National Council meeting.

The political parties' main concern would be to safeguard the Cyprus state's sovereign rights, the paper said.

© Copyright Cyprus Mail 1999

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