Cyprus News Agency: News in English (PM), 98-06-24

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

CONTENTS

[01] Cyprus Stock Exchange

[02] EU Commissioner visits Cyprus

[03] Wisconsin adopts resolution on Cyprus

[04] Business centres international conference in Cyprus

[05] German tourists not discouraged from visiting Cyprus

[06] Government, parties on Stephanopoulos' visit

[07] Britain to consider Turkey's request

[08] Cabinet to consider liberalisation bill

Nicosia, Jun 24 (CNA) -- A bill liberalising Cyprus' financial market is expected to be submitted to the cabinet before the House summer recess on July 10, Minister of Finance, Christodoulos Christodoulou said today.

Christodoulou was speaking to the press after a meeting of the island's financial market advisory committee, comprising Cyprus' main social partners.

If necessary, the Ministry of Finance and the Central Bank, will amend the existing preliminary bill to align it, if possible, with the main suggestions expressed at the meeting, Christodoulou noted.

The aim is to table the bill to the House before its summer recess begins on July 10th, he said.

"We have to give a signal to the European Union (EU) that we have made a major step forward", Christodoulou pointed out, adding the liberalisation cannot be implemented on the EU accession day.

There has to be a transitional period, during which the new system will be screened in order to identify possible inadequacies, he explained.

Cyprus' existing financial system, which the island's top economists believe needs to be brought up to date, provides for an interest rate ceiling of 9,0 per cent.

In view of the island's European Union (EU) course, the government has repeatedly expressed their determination to modernise and liberalise the system according to the "acquis communautaire" and international trends.

CNA GG/MM/1998

ENDS, CYPRUS NEWS AGENCY

1500:CYPPRESS:01

[01] Cyprus Stock Exchange

   CSE General Index                          84.49 (-0.76)

   Traded Value            CYP 778,689

   Sectural Indices

   Banks                   CYP   420,114      97.81 (-0.84)
   Approved Investment
   Companies               CYP    37,852      58.82 (-1.59)
   Insurance Companies     CYP    47,702      63.09 (-0.47)
   Manufacturing Companies CYP    49,857      77.88 (-0.03)
   Tourism Companies       CYP    12,983      68.66 (-0.82)
   Trading Companies       CYP    49,800      46.12 (-1.96)
   Other Companies         CYP    33,053      71.11 (-0.56)

CNA AP/1998

ENDS, CYPRUS NEWS AGENCY

1545:CYPPRESS:02

[02] EU Commissioner visits Cyprus

Papoutsis will be received by President Glafcos Clerides and meet House President, Spyros Kyprianou, the chairman and members of the House Committee on Commerce and Industry, and Cyprus' chief negotiator for the accession negotiations, George Vassiliou.

Talks will focus on Cyprus' preparations for EU membership. The Commissioner will address a conference entitled "EU Energy Policy: Challenges for the Applicant Countries" which will be held between 25-27 June in Nicosia. The conference is co-organised by the European Commission's Directorate General for Energy, the Cyprus Ministry of Commerce and Industry and Tourism and the Centre for Renewable Energy Sources.

He will also address the sixth conference of the Twinned Towns of the Mediterranean which begins on June 25.

Commissioner Papoutsis will hold a joint press conference with Minister Nicos Rolandis on Friday.

CNA EC/MM/1998

ENDS, CYPRUS NEWS AGENCY

1600:CYPPRESS:03

[03] Wisconsin adopts resolution on Cyprus

The resolution, which was recently adopted by the Assembly, calls "for the US to support finding a solution to the Cyprus problem" and adds Cyprus "has been divided and occupied by foreign forces since 1974 in violation of UN resolutions".

It noted that there are internationally acceptable means to resolve the situation in Cyprus, including the demilitarisation of Cyprus and the establishment of a multinational force to ensure the security of both communities in Cyprus.

The Assembly resolution also notes that "a peaceful, just and lasting solution to the Cyprus problem would greatly benefit the security and the political, economic and social well-being of all Cypriots as well as contribute to improved relations between Greece and Turkey."

CNA EC/MM /1998

ENDS, CYPRUS NEWS AGENCY

1750:CYPPRESS:04

[04] Business centres international conference in Cyprus

Speakers at the Conference will be distinguished scientists and businesspeople, who will present the successful business centre of the future and express their views on how it would better meet businesses' needs.

The conference is coorganised by the Central Bank of Cyprus, the island's Employers and Industrialists Federation (OEV), one of Cyprus' two main employers' unions, the Cyprus Bar Association, the Cyprus Offshore Enterprises Association and the Institute of Certified Public Accountants of Cyprus.

Speaking today at a press conference to announce the event, OEV Director General Antonis Pierides said the purpose of the conference is to "present and analyse the legal, financial and fiscal parameters of a modern business centre".

It is also to "provide bussinesses participating in a business centre with the necessary information which would help them to ideally position geographically their activities", he added.

Pierides said the conference aims to promote Cyprus' advantages as an international business centre, namely its geographic position at the crossroads of Europe, Asia and Africa, the high quality of its telecommunications system and its highly educated human resources.

In view of the globalisation of the world market, the geographic location of a business is expected to be extremely significant, OEV Director General pointed out.

Pierides noted the conference will coincide with "CyServ '98", Cyprus' main services fair.

Cyprus, with a per capita income of 12,8 thousand US dollars in 1997, began accession negotiations with the European Union in March.

CNA GG/MM/1998

ENDS, CYPRUS NEWS AGENCY

1750:CYPPRESS:05

[05] German tourists not discouraged from visiting Cyprus

A travel advice the German government issued at the end of last week concerning Cyprus does not signal a change in its position, but was in fact a renewal of a previous travel advice, issued in the summer of 1996, which was still valid, he said.

A spokesman for the German embassy here confirmed to CNA Wednesday that the existing travel advice for Cyprus was renewed at the end of last week following media reports about the landing of Greek and Turkish fighters in Cyprus.

"Despite the recent developments in Cyprus, we do not recommend to any tourists to abstain from visiting Cyprus," the new advice notes, according to the spokesman, who also pointed out that the recommendation to tourists not to visit the buffer zone is still valid.

"We have regular travel advice for many countries," he said, and explained the original advice was issued after two Greek Cypriots were killed in the buffer zone by Turkish troops during demonstrations against Turkish occupation in August 1996.

The 1996 advice "remained valid all the time" he explained and stressed that his government "does not tell tourists not to come to Cyprus" as there is no concrete danger to their lives.

Earlier today, Commerce, Industry and Tourism Minister Nicos Rolandis referred to the travel advice from Germany, noting that it considers Cyprus a safe destination.

Turkey sought to heighten tension in Cyprus with retaliatory measures last week to what it considered as provocation when Greek aircraft landed in an air-base in western Cyprus.

Four Greek F-16 and two C-130 were stationed briefly in Cyprus early last week and Turkey responded by sending a number of F-16 and C-130 for two days to the northern part of the island it occupies since its troops invaded in 1974.

CNA MM/AP/1998

ENDS, CYPRUS NEWS AGENCY

1830:CYPPRESS:06

[06] Government, parties on Stephanopoulos' visit

The first official visit of a Greek head of state to Cyprus is "an extremely important event and its obvious symbolism makes this an historic event," the Spokesman said.

"The government calls upon the Cyprus people to display their gratitude and brotherly solidarity with the Greek people, in the person of the President of the Republic of Greece," Stylianides added.

The political parties hailed Stephanopoulos' visit and expressed the conviction that it will be supportive of the strong ties and close cooperation between Cyprus and Greece.

In a written statement, ruling right-wing Democratic Rally (DISY) party welcomes the visit, stressing that Stephanopoulos' presence here proves the close and harmonious cooperation between Cyprus and Greece.

The visit, it adds, is the culmination of Greece's interest and support for the just Cyprus struggle, both in defence matters and on an international level, in Cyprus' EU accession course.

Main opposition left-wing AKEL points out that Stephanopoulos' visit "acquires great importance because it takes place at a very crucial period for the Cyprus problem."

It also stresses that "it strengthens our determination to continue the struggle for a Cyprus settlement based on UN resolutions."

In its own announcement, the Democratic Party (DIKO) notes that the first official visit of a Greek President to Cyprus coincides with "a period of decisive importance on the course of the Cyprus problem."

Stephanopoulos' presence here, it added, "underlines the substantial and decisive support of Greece to the Hellenism of Cyprus and reaffirms the will of Hellenism as a whole to fight for Cyprus' rights."

Socialist EDEK party points out that Stephanopoulos' visit "proves Greece's intention to fulfill its moral, national and contractual obligations towards Cyprus."

EDEK notes that the visit by the Greek head of state should aim to further strengthen the unity between the two countries and "reinforce our defensive power within the framework of the joint defence pact between Greece and Cyprus."

The United Democrats movement note the visit reaffirms Greece's interest and support to the long-standing struggle of Cyprus for a just and viable solution to its political problem and for EU accession.

The movement also stresses that the critical period Cyprus is going through "calls for the utmost unity and consent" and urges that the visit should be used to "send the right political messages to all directions."

The New Horizons party express hope that Stephanopoulos' visit will mark the need for the development of a national strategy of Hellenism as a whole on Cyprus.

It also calls on Cypriot Hellenism to show its appreciation towards Greece, for its support to the struggle of Cyprus.

CNA MCH/AP/MM/1998

ENDS, CYPRUS NEWS AGENCY

1930:CYPPRESS:07

[07] Britain to consider Turkey's request

Turkey addressed itself to the UK, as one of the three guarantor powers (the other two are Greece and Turkey itself) to "act by all possible means to halt this dangerous trend," the spokesman explained.

The spokesman said "we are considering the request from the Turkish government which we received today."

Although Turkey is a guarantor power of Cyprus' independence and territorial integrity it continues to occupy 37 percent of the island's territory since its troops invaded in 1974.

The note was conveyed to the British embassy in Ankara, almost a week after heightened tension in Cyprus, created by Turkey in a retaliatory move, following the arrival to the island of Greek warplanes. Turkey sent in its own aircraft in a show of strength.

All aircraft left Cyprus after a brief stationing. Greek warplanes landed in Paphos air-base on the western coast and Turkish military aircraft in the northern Turkish occupied part of Cyprus.

The spokesman said the note refers to the deployment of Russian anti- aircraft missiles in Cyprus, the arrival of the Greek military aircraft and the construction of a naval base at Zyghi as signs that escalate tension.

Replying to questions, the spokesman acknowledged that tension this week on the island "is not as high as it was the previous week."

He also expressed the view that Britain is already acting in its capacity as a guarantor power in trying to reduce tension and reiterated British opposition to the deployment of the missiles, later this year.

CNA MM/AP/1998

ENDS, CYPRUS NEWS AGENCY

2020:CYPPRESS:08

[08] Cabinet to consider liberalisation bill

Christodoulou was speaking to the press after a meeting of the island's financial market advisory committee, comprising Cyprus' main social partners.

If necessary, the Ministry of Finance and the Central Bank, will amend the existing preliminary bill to align it, if possible, with the main suggestions expressed at the meeting, Christodoulou noted.

The aim is to table the bill to the House before its summer recess begins on July 10th, he said.

"We have to give a signal to the European Union (EU) that we have made a major step forward", Christodoulou pointed out, adding the liberalisation cannot be implemented on the EU accession day.

There has to be a transitional period, during which the new system will be screened in order to identify possible inadequacies, he explained.

Cyprus' existing financial system, which the island's top economists believe needs to be brought up to date, provides for an interest rate ceiling of 9,0 per cent.

In view of the island's European Union (EU) course, the government has repeatedly expressed their determination to modernise and liberalise the system according to the "acquis communautaire" and international trends.

CNA GG/MM/1998

ENDS, CYPRUS NEWS AGENCY

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