Cyprus News Agency: News in English (PM), 97-08-12

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

CONTENTS

[01] Cyprus Stock Exchange

[02] Finance Minister - Chamber of Commerce suggestions

[03] Yugoslav bank granted business license

[04] Cyprus peace talks resume

1600:CYPPRESS:01

[01] Cyprus Stock Exchange

CSE All Share Index                    75.62 (+0.04)

Highest: 82.46 (2/1/97)
Lowest : 73.90 (30/1/97)

Sectural Indices

Banks                                  84.77 (-0.02)
Approved Investment Companies          65.03 (+0.26)
Insurance Companies                    57.09 (-0.09)
Industrial Companies                   76.30 (+0.70)
Tourist Industries                     64.23 (+0.72)
Commercial Companies                   47.66 (-0.50)
Other Companies                        59.57 (-1.03)

Trading Volume                         CYP 227813.070

CNA MCH/1997

ENDS, CYPRUS NEWS AGENCY

1645:CYPPRESS:02

[02] Finance Minister - Chamber of Commerce suggestions

Speaking after a meeting with KEVE leaders, Christodoulou said one of those suggestions is on how to best exploit KEVE's capabilities on providing consultative services to small and medium companies through a centre financially supported by the government and the European Union.

According to Christodoulou, the simplification of customs clearance procedures, which are currently considered time consuming and costly, was also discussed.

The Finance Minister said he has decided to employ the expertise and experience of a distinguished foreign expert on the EU who will instruct public as well as private sector employees on issues relating to the start of accession negotiations between the EU and Cyprus due early next year.

On tourism-related issues, the Finance Minister said that requests concerning government-imposed rental fees on hotel owners who have built on government land must be examined with understanding by the government, while accelerating measures already decided upon by the Council of Ministers.

Regarding KEVE's request on removing the manufacturing of high technology products from income tax, the Finance Minister said that "the answer is positive" and "will be satisfied", while relevant legislature on the matter is currently being drafted.

On his part, KEVE President Vassilis Rologis noted that KEVE's suggestions and demands contribute to the simplification of procedures and the reduction of costs while reducing the role of the state without burdening the government's budget.

Meanwhile, following a meeting yesterday with the Central Bank Governor and Finance Ministry officials, Christodoulou said, the island's growth rate for this year will reach three percent, while the public debt will be approximately 54 percent of GDP.

The Finance Minister added that unemployment also for this year will hover around 3,3 to 3,4 percent, while inflation will be around 3,5 percent.

CNA GG/MH/MCH/1997

ENDS, CYPRUS NEWS AGENCY

1610:CYPPRESS:03

[03] Yugoslav bank granted business license

Vojvodjanska will deal in Cyprus only in foreign currencies and transactions with other offshore and non-resident companies as well as non- resident persons.

The Yugoslav bank's operations within Cyprus will be subject to the supervision and inspection of the Central Bank of Cyprus in addition to the supervision of the Yugoslav banking supervisory authority.

Vojvodjanska has recently taken over the operations of another Yugoslav bank, Kreditna Banka Beograd dd. Today's granting of a business license will enable Vojvodjanska to assume the operations of Kreditna's Cyprus Offshore Banking Unit which was established in February, 1992.

Originally established in 1962, Vojvodjanska currently has a wide business operation in Yugoslavia and maintains representative offices in Frankfurt, London and Moscow.

Vojvodjanska is the second largest bank in Yugoslavia with total assets of approximately 785 million US dollars.

So far, offshore banking business licenses have been granted to 31 international banks and eight permits have been issued for the establishment of foreign banks' representative offices in Cyprus.

Other foreign banks have expressed similar interest in establishing an offshore presence in Cyprus and more banking business licenses are expected to be granted in the near future.

CNA MH/MCH/1997

ENDS, CYPRUS NEWS AGENCY

1740:CYPPRESS:04

[04] Cyprus peace talks resume

Please change the last paragraph of CYPPRESS no 3 - title "Cyprus peace talks resume" to read:

Today, he met Britain's special Cyprus envoy, Sir David Hannay and tomorrow he is scheduled to meet US Ambassador in Nicosia, Kenneth Brill.

CNA MM/MA/MCH/1997

ENDS, CYPRUS NEWS AGENCY

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