Cyprus News Agency: News in English (AM), 97-02-06

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Top UN envoy warns sides to seize opportunity

[02] Turkish troops open fire

[03] Measures for economic boost announced

[04] Cyprus Stock Exchange

1040:CYPPRESS:01

[01] Top UN envoy warns sides to seize opportunity

Han also noted the lack of trust between the two sides, which he considers, a very important element in the effort for a solution.

Speaking this morning, on his way to Ankara, after a week-long stay here packed with meetings on both sides of the divide, Han said there is ''both opportunity and urgency'' and a kind of time-frame.

''There is a kind of time-frame and we have to take advantage of the remaining few months or we may have to wait for a long time before the situation gets better,'' Han told the press.

He also said ''we must ensure that the window of opportunity is not locked.''

Asked if he had identified any areas of agreement between the leaders of the two sides, Han said ''both recognise the importance and urgency of finding a permanent solution,'' which is a ''good start,'' he added.

However, he noted ''there is still a lot of distance in terms of the positions and in terms of mutual trust, which I think it is very important.''

Invited to assess his contacts, the UN envoy said he arrived here hoping ''to find areas of convergence between the two sides and I think there is some movement, but not sufficient for me to recommend a direct meeting between the two leaders at this time.''

Han pledged to work on finding more areas of convergence during the coming period and then decide what to do.

''I will report to the Secretary-General how far the two community leaders would go in approaching direct negotiations and I will recommend we make further preparations before inviting the leaders for such a direct meeting,'' he concluded.

Han leaves for talks in Ankara and then Athens, in a bid to push the Cyprus peace process forward.

CNA MM/AP/1997

ENDS, CYPRUS NEWS AGENCY

1250:CYPPRESS:02

[02] Turkish troops open fire

Cypriot police spokesman Glafcos Xenos said police were investigating allegations by the Turks that two persons had approached their positions and that the occupation army opened fire against them, with one of them being injured.

United Nations Forces in Cyprus spokesman, Waldemar Rokoszewski, confirmed to CNA that a shooting incident took place in the area last night, but avoided saying from which direction the shots were fired or whether there were any injuries.

Rokoszewski added that the UN is investigating the matter ''with both opposing sides''.

Louroudjina is a Turkish Cypriot village about 20 kilometres southeast of Nicosia.

Cyprus has been divided since Turkey invaded and occupied one third of the island 23 years ago.

CNA MH/GP/1997

ENDS, CYPRUS NEWS AGENCY

1330:CYPPRESS:03

[03] Measures for economic boost announced

''The Cyprus economy remains healthy and steady. The measures we propose cannot produce the best possible results on their own, unless we manage to reverse the negative climate, which is unrealistic,'' Finance Minister Christodoulos Christodoulou, said on Wednesday, after a meeting with the Association of members of the Stock Exchange.

The Minister said the recent unrest and Turkish threats for pre-emptive strike against Cyprus, following a government announcement to purchase Russian anti-aircraft missiles, have created unnecessary anxiety among financial circles.

The measures include a reduction of interest rates by half per cent (from 8,5 per cent to 8 ), to speed up development and infrastructure projects, modify income tax legislation, ask the trade unions to restrain their demands for the renewal of their collective agreements and disburse European Union funds to help local institutions be in line with EU directives.

Christodoulou had also a meeting with the Stock Brokers Association, who submitted to him proposals on measures about public companies' shares for income tax purposes and on administrative issues relating to the operation of the Stock Exchange.

''I would say these proposals reflect their zeal to see the Stock Exchange develop and flourish in the financial market,'' the Minister said.

The Stock Exchange, he added, has ''sound foundations, good prospects for investment.''

CNA MM/GP/1997

ENDS, CYPRUS NEWS AGENCY

1450:CYPPRESS:04

[04] Cyprus Stock Exchange

CSE All Share Index                    77.55 (+0.90)

Sectural Indices

Banks                                  87.84 (+0.87)
Approved Investment Companies          68.40 (+0.80)
Insurance Companies                    55.82 (+0.85)
Industrial Companies                   75.73 (+1.04)
Tourist Industries                     65.49 (-0.30)
Commercial Companies                   55.36 (+5.05)
Other Companies                        59.32 (-1.18)

Trading Volume                         CYP 1000435.652

CNA GP/1997

ENDS, CYPRUS NEWS AGENCY

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