Cyprus News Agency: News in English (PM), 97-02-21

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

CONTENTS

[01] Cyprus Stock Exchange

[02] UN permanent five to discuss Cyprus issue

[03] Clerides on views of European countries

[04] EU presidency fails to reach compromise

[05] House President sends condolences to China

[06] Bank of Cyprus:1996 substantial profit increase

[07] Cypriot elected Patriarch of Alexandria

1530:CYPPRESS:01

[01] Cyprus Stock Exchange

CSE All Share Index                    76.99 (-0.30)

Highest: 82.46 (21/1/97)
Lowest : 73.90 (30/1/97)

Sectural Indices

Banks                                  87.73 (-0.08)
Approved Investment Companies          65.33 (-1.24)
Insurance Companies                    58.59 (-1.89)
Industrial Companies                   72.64 (+1.27)
Tourist Industries                     63.40 (-0.83)
Commercial Companies                   53.36 (-2.66)
Other Companies                        57.82 (-0.67)

Trading Volume                         CYP 536227.706

CNA MM/1997

ENDS, CYPRUS NEWS AGENCY

1840:CYPPRESS:02

[02] UN permanent five to discuss Cyprus issue

Muratov, whose country has proposed the meeting, said Russia's permanent representative to the UN briefed the other four permanent representatives about a recent tour to Nicosia, Athens and Ankara by the Head of the 3rd Directorate for European Affairs at the Russian Foreign Ministry, Vladimir Tchizhov.

Asked to comment on press reports that Turkey has invited Russia to enter into long-term military cooperation in return for cancelling its arms deal with Cyprus, Muratov said "there is no chance that this very important deal will be cancelled."

Cyprus has recently signed a multi-million dollar deal for the purchase of Russian-made surface-to-air missiles, to be deployed on the island in about 16 months' time.

Muratov dismissed press suggestions that the critical reaction of western countries to the missiles deal is somehow related to NATO enlargement to the East.

He also said this type of attitude towards Russian-Cypriot relations indicates that countries who wish to see NATO expand are not that friendly disposed.

Muratov said Russian non-participation in discussions on NATO expansion is "dangerous" for the region, and could lead to a worsening of the situation.

The Russian ambassador paid a courtesy call on Friday to Communications and Works Minister, Adamos Adamides.

Adamides said they reviewed all areas of cooperation between his Ministry and Russia and that decisions were taken on ways to promote cooperation.

CNA AP/MM/1997

ENDS, CYPRUS NEWS AGENCY

1920:CYPPRESS:03

[03] Clerides on views of European countries

"European countries seem to be in line on certain points: they agreed the time is ripe to try and settle the problem, they maintain that efforts should be coordinated and they believe there must be sufficient preparation before direct negotiations begin to ensure their success," the President said on his return from Athens.

Referring to US moves to facilitate a settlement, President Clerides said "no specific views have been expressed and no proposals made, but various questions were asked to hear our own views."

He noted "the British may be more advanced in this respect, because the ten points British Foreign Secretary Malcolm Rifkind presented during his visit here in December gave an indication of their way of thinking."

Rifkind outlined his views on the fundamental aspects of the Cyprus question through ten elements, which, he said, "offer the best basis for making progress."

He backed, among other ideas, a federal Cyprus, the principle of political equality, the idea of international guarantees, the creation of genuine mutual confidence between the Greek and Turkish Cypriot sides and the view that Cyprus' accession to the European Union should benefit all the people of the island.

Europe, President Clerides said, has not yet shown its intentions on the substance or the various aspects of the Cyprus problem, he said.

Asked to outline Germany's role in these efforts, the President replied "Germany has not submitted any specific plan on a settlement on Cyprus. It has made some enquiries but these are not suggestions."

Replying to questions, President Clerides said he had no information about a breakthrough in a UN-sponsored dialogue between the National Guard and the Turkish occupation troops.

The UN proposals, put forward to the two sides, envisage the extension of the unmanning agreement along the cease-fire line, the removal of loaded weapons where the two sides are in close proximity and the definition of a code of conduct for soldiers serving in the area.

The President of the Republic said reports about a cabinet reshuffle were "inaccurate."

CNA AP/MM/1997

ENDS, CYPRUS NEWS AGENCY

1945:CYPPRESS:04

[04] EU presidency fails to reach compromise

As a result of Greece's refusal to accept the proposed text, EU Foreign Ministers will meet on Monday to discuss the issue in a final effort to reach an agreement prior, to the EU-Cyprus Association Council meeting, scheduled for Tuesday.

Greece's Permanent representative to the EU, Pavlos Apostolides, made it clear to the Dutch presidency he could not accept a certain phrase in the text which referred to an EU wish to see all Cypriots involved, as soon as possible, in the accession process.

This is the first time, since the EU-Cyprus structured dialogue began in 1995, that an attempt is made to include such a phrase in a joint statement by the 15 member-states.

The EU - Cyprus Association Council said in June 1995 that the EU's "sole interlocutor" is the government of Cyprus.

Political observers believe that the possible inclusion of a text, similar to the Dutch proposal, could be interpreted in a way that would mean that Turkish Cypriots join in the accession process in an independent and non-specified manner.

Observers also consider that some member-states may argue that Turkish Cypriot participation should be seen as a precondition for the start of accession talks, scheduled to begin six months after the end of the Intergovernmental Conference.

Cyprus applied for EU membership in 1990. It signed an association agreement with the European Community in 1972 and a customs union agreement in 1987.

CNA NB/AP/MM/1997

ENDS, CYPRUS NEWS AGENCY

2000:CYPPRESS:05

[05] House President sends condolences to China

Kyprianou expresses "deepest sympathy" to the government, the National Popular Congress and the people of China for the loss of one of the greatest political leaders of this century.

Den Xiaoping, Kyprianou adds, was a prioneer and tireless worker for change and progress and his personal seal on the political and socio- economic life in China has marked all generations.

The Chinese and world history can now note the passing away of a great political leader.

CNA MK/MM/1997

ENDS, CYPRUS NEWS AGENCY

2020 :CYPPRESS:06

[06] Bank of Cyprus:1996 substantial profit increase

This increase "is considered satisfactory, taking into account the slowdown in economic activity during 1996," said here today the Chairman of the Board of Directors, Solon Triantafyllides, who was speaking at a press conference on the 1996 results of the Bank of Cyprus Group.

After the provision for bad and doubtful debts of 12,6 million pounds, and after the deduction of taxes, net profit rose to 24,2 m. compared with 23 m. in 1995, marking 5,4 per cent increase.

"The above results enable the Group to continue its policy of paying an annual dividend of 18 per cent. The Board of Directors of BOC (Holdings) will propose a final dividend of 12 per cent over and above the interim dividend of 6 per cent, which was paid out in 1996," Triantafyllides said.

In 1996 the Group announced its capital raising programme, in order to strengthen its capital base by 75 m. The first part of the programme was concluded with the issue of 50 m., 6,75 per cent of Subordinated Convertible Bonds which was oversubscribed.

The second part of the Group's capital raising programme will take place in May 1997, with a rights issue of 25 m.

As a result of the Subordinated Convertible Bonds issue, the Group's Capital base reached 252,3 m. in 1996, an increase of 23 per cent.

Referring to the economy, Triantafyllides said under certain assumptions 1997 could be a "satisfactory year" and said that the artificial tension in the region left "tremendous impressions" on the economy and created anxiety among Cypriots and financial circles.

He called for an "immediate and coordinated campaign" to reverse this situation and convince everybody there is no danger for perilous developments in Cyprus.

Excess liquidity in the banking sector, he said, is a remarkable development in 1997 and added that interest rates are expected to fall in March.

CNA GG/MM/1997

ENDS, CYPRUS NEWS AGENCY

2025:CYPPRESS:07

[07] Cypriot elected Patriarch of Alexandria

The Holy Synod of the Alexandria Patriarchate elected Papapetrou from a short-list of three metropolitans, from an original seventeen bishops and archbishops from around Africa.

Papapetrou who was until now the Metropolitan of Cameroon and Western Africa speaks English, French and Arabic and has represented the Patriarchate of Alexandria at numerous ecumenical meetings.

The new Patriarch succeeds the late Parthenios, who died while on holiday on the Greek island of Amorgos in July last year at the age of 77.

CNA MK/MM/1997

ENDS, CYPRUS NEWS AGENCY

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