Cyprus News Agency: News in English (AM), 98-12-05

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

CONTENTS

[01] Cyprus - US - Tourism

[02] Remand order - Murder - Chinese

[03] Cyprus - Russia - Double taxation agreement - Memorandum

1120:CYPPRESS:01

[01] Cyprus - US - Tourism

The issue was examined Friday during a meeting chaired by Minister of Commerce, Industry and Tourism, Nicos Rolandis, with the participation of the board of Cyprus Airways (the island's national carrier), Cyprus Tourism Organisation representatives and ministerial officials.

Participants "examined ways to promote tourism from the US, which is a significant market", an official statement said here Saturday.

Specifically they discussed the possibility of direct flights to the US, although it presents many problems due to high costs, the statement added.

There are also suggestions to include Cyprus in tourism packages with neighbouring countries such as Israel, Egypt and Greece and promoting cruises to the island.

The issue will be further discussed in a new meeting which will decide on the suggestions put forward.

CNA EC/MK/1998

ENDS, CYPRUS NEWS AGENCY

1300:CYPPRESS:02

[02] Remand order - Murder - Chinese

Police told CNA here Saturday that Wang Yang was remanded in custody for eight days by Limassol District Court.

He was arrested yesterday in connection with police inquiries into a double murder earlier this week of two Chinese students.

Wang has allegedly admitted killing Lou Jinhui and Jiang Mingxia, both 23, on Wednesday, together with another person whom he named.

The motive, police said, was theft, and the arrest of the second person in connection with the case is imminent.

Police Chief, Andreas Angelides said yesterday that they have "sufficient evidence which lead us to believe that this case will be solved."

A Chinese woman, Chen Shuai, who was also arrested yesterday, was freed after no incriminating evidence was found against her.

Wang, together with his two murdered Chinese compatriots, were studying at a private college in the southern coastal town of Limassol.

The dead couple were brutally murdered and their bodies dumped in a ravine, in the central Troodos mountain plains.

Police described the crime as one of the "most brutal and vicious" they have had to deal in recent years.

They found in various locations linked to the murder many items, including the tools used to kill the two Chinese students.

According to the local "Cyprus Mail" newspaper, a Chinese Embassy spokesman said they were "greatly shocked by these most brutal killings of Chinese students."

CNA EC/RM/1998

ENDS, CYPRUS NEWS AGENCY

1530:CYPPRESS:03

[03] Cyprus - Russia - Double taxation agreement - Memorandum

The signing of the new agreement was described by Cyprus' Finance Minister, Christodoulos Christodoulou as the "most important event in 1998" for the Cyprus economy.

The agreement, which will be valid for five years, was signed by Christodoulou and Russian Vice Minister of Finance, Alexei Kutrin.

They also signed a memorandum concerning bilateral relations in the field of economy.

The new agreement for the avoidance of double taxation provides for a review of the taxation of profits on dividends which will be calculated in accordance with the 1992 agreements of the Russian Federation with European countries and the US.

It was also agreed that there will be no taxation for profits made from services or profits from interests.

According to the memorandum, "the two sides agreed to make every effort to complete the procedure to ratify the agreement with the aim that it will soon become effective."

During the meeting, which was also attended by delegations from the two ministries, they examined issues concerning cooperation in the fields of commerce and economy.

The two sides agreed that the second Meeting of the Joint Intergovernmental Committee will be held in the first six months of 1999 to discuss the current situation, prospects and ways to promote commerce and trade exchanges.

It will also promote cooperation between the chambers of commerce and industry of the two countries and in the fields of investments and manufacturing.

The two sides will also develop cooperation in the fields of tourism, transport and scientific and technical cooperation.

Furthermore, the Intergovernmental Committee will examine ways to settle the debt of the former Soviet Union to Cypriot companies and improve the legal framework of the cooperation of the two countries.

According to the memorandum, the two sides agreed to speed up the implementation of the provisions of the Protocol of the First Intergovernmental Committee.

Delegations from the two sides ascertained that "economic relations (between the two countries) are progressing successfully and that the number of commercial exchanges is satisfactory".

However, they pointed out that there are prospects to further expand commercial exchanges, based on developing both the commercial and services sectors.

For this reason, they agreed to establish a Russian -Cyprus Business Council.

Furthermore, they reaffirmed the existence of mutual interest to develop and strengthen cooperation in the field of investments.

Christodoulou said "it is a very big day for both countries because after many months of intensive and hard negotiations we have managed to agree and sign a new agreement which frees from double taxation, investments and the profits arising from such investments, between the two countries."

He said the agreement, which constitutes a renewal of the 1982 agreement is "balanced, and reflects the new realities, and serves in the most fair and objective manner the interests of both countries."

Christodoulou said that for the "Cyprus economy the signing of the agreement is the most important event in 1998" because "it safeguards highly significant vital interests".

He said that for the Russian economy, "it is undoubtedly of great significance because it safeguards... the continued investment of billions of dollars through Cyprus, during a time which is decisive" for Russia's economy.

Regarding the memorandum, Christodoulou said it will decisively contribute to increasing the commercial and economic relations between the two countries.

Kutrin expressed the Russian government's satisfaction, noting that the 1982 agreement was reviewed in many sectors and now it fully reflects the Russian economy's situation.

He pointed out that the provisions of the agreement are now more "balanced" and that companies working in Cyprus and Russia will be protected from double taxation.

However, Kutrin noted that not all problems have been resolved. Regarding the memorandum, Kutrin said "we have before us serious targets which we must achieve in the next years."

CNA MK/EC/GP/1998

ENDS, CYPRUS NEWS AGENCY

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