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Cyprus News Agency: News in English (PM), 98-11-04

Cyprus News Agency: News in English Directory - Previous Article - Next Article

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


CONTENTS

  • [01] Cyprus Stock Exchange
  • [02] Greece - Yilmaz - Occupied areas
  • [03] Cyprus - Tatarstan - Cooperation
  • [04] Motorshow '98 - Opens
  • [05] EU Commission - Cyprus report

  • 1550:CYPPRESS:01

    [01] Cyprus Stock Exchange

    Nicosia, Nov 4 (CNA) -- The Cyprus Stock Exchange (CSE) All Share Index closed at today's stock exchange meeting as follows:
          CSE General Index                          91.49 ( 0.31)
    
          Traded Value            CYP 3,671,550
    
          Sectural Indices
    
          Banks                   CYP   816,044     104.48 (-0.03)
          Approved Investment
          Companies               CYP    96,629      61.83 ( 0.26)
          Insurance Companies     CYP 1,296,706      69.69 ( 1.62)
          Manufacturing Companies CYP   250,392      89.81 (-0.61)
          Tourism Companies       CYP    58,442      71.15 ( 1.38)
          Trading Companies       CYP   457,161      46.51 ( 2.76)
          Other Companies         CYP   303,077      85.37 ( 1.40)
    
    The third column presents the percentage variation of the indices as compared to the last meeting.

    CNA MM/1998
    ENDS, CYPRUS NEWS AGENCY
    1815:CYPPRESS:02

    [02] Greece - Yilmaz - Occupied areas

    Athens, Nov 4 (CNA) -- The Greek Government has described as "illegal" yesterday's visit by Turkish Prime Minister, Mesut Yilmaz, to the northern Turkish occupied part of Cyprus.

    Greek Government Spokesman, Demetris Reppas said the visit "is illegal and one more move which undermines even further any effort to create conditions of peace and stability in the region and to smooth out Greco- turkish relations."

    He said the visit should not be "left unnoticed" and that Turkey should bear the consequences.

    Pointing out that Turkish leaders have repeatedly referred to annexing Cyprus' Turkish occupied areas, Reppas said such a move would be impossible.

    "Turkish Cypriots do not want that. They look more to the European Union for a positive future than they would expect from any association with Turkey," Reppas said.

    "For this reason, I do not believe there is any foundation to this policy which the Turkish officials advocate," he added.

    Referring to the increase of Turkish armaments in the occupied north of Cyprus, Reppas said this is something which should be fully exposed.

    "Turkey, which is responsible for the situation on the island, is increasing its armaments, creating danger for the security of the island," Reppas said and called on Turkey "to conform with international regulations and not to demand what belongs to others."

    Yilmaz yesterday paid a 24-hour illegal visit to the occupied areas, threatening that the self-styled Turkish Cypriot regime, unilaterally declared in 1983, will not relinquish its demands for an autonomous government.

    The illegal regime was set up by Turkish Cypriot leader Rauf Denktash nine years after Turkey invaded Cyprus, occupying 37 per cent of its territory.

    It is recognised only by Ankara while UN resolutions call on all states not to facilitate it in any way.

    CNA KI/EC/MM/1998
    ENDS, CYPRUS NEWS AGENCY
    1830:CYPPRESS:03

    [03] Cyprus - Tatarstan - Cooperation

    Nicosia, Nov 4 (CNA) -- Cyprus and Tatarstan discussed ways to promote bilateral cooperation within the framework of existing cooperation with the Russian Federation.

    The issue was examined today between Finance Minister, Christodoulos Christodoulou and the Minister of Commerce, Industry and Businesses of the Republic of Tatarstan, Mustafaev Nurij.

    Christodoulou said cooperation "will be specialised" and will aim to further involve Cyprus in the region's development projects.

    The two sides will meet again in an effort to achieve a preliminary agreement, the minister added.

    Cypriot interest, he said, focuses on the creation of a hydroelectric plant in Tatarstan, stressing that Tatarstan has significant wealth resources, especially oil reserves.

    On his part, Nurij said they agreed on the fundamental issues of cooperation, adding that soon they will be given the opportunity to reach a more formal agreement to promote cooperation in economic and financial matters.

    He said Cyprus has made great progress in the business field and in the field of services and expressed the hope that Tatarstan will be able to make good use of this progress.

    CNA AA/MM/1998
    ENDS, CYPRUS NEWS AGENCY
    1850:CYPPRESS:04

    [04] Motorshow '98 - Opens

    Nicosia, Nov 4 (CNA) -- With the participation of 42 exhibitors, "Motorshow '98" opened here Wednesday, aiming to attract thousands of visitors during the five day fair.

    In his remarks at the opening ceremony, Commerce, Industry and Tourism Minister, Nicos Rolandis, said "we believe it will attract consumers and especially friends of the automobile industry."

    "There is no doubt that this specialised fair will contribute to boosting the market and developing commerce in general," the minister said.

    The Chairman of the State Fairs' Authority, Demetris Ioannou, said "Motorshow '98" is part of the specialised exhibitions which the authority is promoting to boost the market and inform the public about new products.

    "Motorshow '98... is another big step in promoting specialised exhibitions" which benefit the economy, he said.

    "New horizons open for exhibitors, business people and consumers because they are given the chance to admire the latest achievements in the international automobile industry," he said.

    Twenty-two of the 42 exhibitors are importers of automobiles. Visitors will also have the opportunity to see for the first time new models of international car manufacturers, which have not yet appeared in the Cyprus market.

    Apart from automobiles, 20 exhibitors will present audio systems, spare parts, decorative items and other supplies for cars.

    The Friends of Historic and Old Cars of the Cyprus Motor Car Association will organise an antique car exhibition in a separate pavilion and the Association of Automobile Friends will organise the Tulip Rally on Saturday, 7 November.

    The fair ends on Sunday, 8 November.

    CNA EC/MM/1998
    ENDS, CYPRUS NEWS AGENCY
    2010:CYPPRESS:05

    [05] EU Commission - Cyprus report

    Brussels, Nov 4 (CNA) -- The European Commission believes that progress towards Cyprus' accession to the European Union and progress towards a viable solution of the Cyprus problem will reinforce each other.

    It also notes that Cyprus has made significant progress in adopting the acquis communautaire and it should not face major problems in adopting it.

    The Commission calls on Turkey to contribute actively to solving its differences with neighbouring countries, through peaceful means in conformity with international law.

    In a report, adopted here today relating to progress of candidate countries, the Commission notes that "because of the political situation in Cyprus, the screening exercise does not cover the island as a whole and that the invitation of the Cyprus government to include representatives of the Turkish Cypriot community in the negotiations has not been accepted."

    Turkish Cypriots have turned down an invitation in March this year to participate as full members of the Cypriot negotiating team.

    Noting that the report on Cyprus "confirms the analysis of the 1993 Opinion concerning the economic disparities of the two parts of the island", it says the economy of the Republic has continued to perform relatively well since the Opinion.

    It says in the past two years, "real Gross Domestic Product (GDP) has declined significantly" as agriculture and tourism are facing difficulties because of adverse developments.

    However, it notes that "despite recent fiscal slippage, the authorities are committed to maintain a stable macro-economic environment and a favourable climate."

    The Commission report says that "Cyprus has in recent years lost competitiveness in traditional sectors (industry and tourism)," stressing that there is a need for restructuring of these sectors in view of accession to the EU.

    However, "the importance of the tertiary sector has continued to increase, while efforts have been made to reduce the over-dependence of the economy on tourism."

    At the same time, the report emphasises that the "economic disparity between the northern and the southern part of the island has further increased since 1993", noting that "nevertheless, the integration of the northern part of Cyprus should not raise major economic difficulties."

    Concerning the acquis, the report recalls that "a large number of the instruments required for the progressive adaptation of the acquis are already contained in the Association Agreement and the 1988 Protocol."

    "On the basis of these instruments, Cyprus has made significant progress in adopting the acquis, notably in the context of Customs Union."

    "However, substantial efforts remain to be undertaken in the internal market field", and this accounts in particular for the "offshore sector where financial activities which do not seem to be entirely compatible with the prevailing banking legislation."

    "Maritime transport, telecommunications, justice and home affairs are other areas of particular concern," it adds.

    Concluding on Cyprus, the report says that "in view of the 16 chapters already screened, Cyprus should not face major problems in adopting the acquis. In general terms, its administration seems to be prepared to ensure the correct implementation of the acquis."

    Regarding Turkey, the report says that "a number of anomalies in the way the authorities operate, the persistent violations of human rights and important deficiencies in the treatment of minorities are causes for concern."

    It remarks on the absence of real civilian control over the army describing it "an anomaly" and points out that a "civilian and not a military solution must be found for the particular situation in the south east of Turkey."

    Beyond the resolution of these problems, the report stresses that "it is up to Turkey to contribute actively to the resolution of its differences with certain neighbouring countries through peaceful means in conformity with international law."

    CNA NB/EC/MM/1998
    ENDS, CYPRUS NEWS AGENCY
    CNA ENDS
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