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Cyprus News Agency: News in English (PM), 99-03-01

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

From: The Cyprus News Agency at <>


  • [01] Cyprus Stock Exchange
  • [02] CNA - New Director
  • [03] Foreign Minister - European tour
  • [04] UNFICYP - Liaison office - Limassol
  • [05] Cyprus - Moody's - Economy
  • [06] Cyprus - State Department report - Human Rights
  • [07] Greek Cypriot and Turkish Cypriot - Trade Union Forum
  • [08] Cyprus Airways - London

  • 1500:CYPPRESS:01

    [01] Cyprus Stock Exchange

    Nicosia, Mar 1 (CNA) -- The Cyprus Stock Exchange (CSE) All Share Index closed at today's stock exchange meeting as follows:
          CSE General Index                         118.76  ( 1.63)
          Traded Value            CYP 4,978,458
          Sectural Indices
          Banks                   CYP 1,961,744     145.70 ( 1.53)
          Approved Investment
          Companies               CYP   315,846      75.32 ( 2.02)
          Insurance Companies     CYP   125,668      77.45 (-0.04)
          Manufacturing Companies CYP   674,034     109.20 ( 2.74)
          Tourism Companies       CYP   212,930      80.39 ( 1.43)
          Trading Companies       CYP   252,576      52.67 ( 0.59)
          Other Companies         CYP   505,043      92.33 ( 5.20)
    The third column presents the percentage variation of the indices as compared to the last meeting.
    CNA MA/1999

    [02] CNA - New Director

    Nicosia, Mar 1 (CNA) -- Themis Themistocleous, the new Director of the Cyprus News Agency (CNA), assumed office today.

    The new Director was nominated by the CNA Board and appointed by the Council of Ministers.

    Themistocleous was born June 17, 1950 in London. His family was repatriated in 1960 and settled in Famagusta town in 1964, from where the Themistocleous were displaced ten years later when the Turkish troops invaded and occupied Cyprus' northern third, including the tourist resort and port-town Famagusta, on the island's eastern coast.

    In the years 1971 - 1975 he studied Classics and English at the University of Athens, Greece.

    In 1983, he got his MA degree in Communication (Broadcast Journalism) from Stanford University, California, USA. He was a Fulbright scholar.

    In 1992, he got a MBA degree, specialisation in management of services from the Cyprus International Institute of Management, in Nicosia.

    From 1978 to 1998 he attended numerous seminars and courses in Journalism, Broadcast Management and Public Relations, mainly in the United States.

    From 1975 to 1976, Themistocleous worked as executive assistant to the manager of Northrop Corporation Greece.

    Until 1978, he served as a teacher of Greek and English at GC School of Careers, in Nicosia.

    From 1978 to 1999 he served various positions at the Cyprus Broadcasting Corporation (CyBC).

    His last post at CyBC was TV News Editor. He also served as Editor for the Eurovision News Exchange for eight years.

    CNA GP/1999

    [03] Foreign Minister - European tour

    Nicosia, Mar 1 (CNA) -- Foreign Minister Ioannis Kasoulides will meet his counterparts from Germany, Austria and Belgium this month, the Government Spokesman announced today.

    Christos Stylianides said the meetings are part of a government effort to brief foreign officials on its views regarding the Republic's European Union accession course and the Cyprus problem.

    The Foreign Minister's week long tour will begin on March 15. He will first fly to Germany.

    The Spokesman also announced that Germany's envoy for the Cyprus problem Detlev Graf Zu Rantzau will be in Cyprus for meetings on March 8.

    "We believe meetings with Foreign Ministers help in that they understand today's political climate and our strategy for EU accession," he said, expressing the hope that the meetings will also help in achieving some developments in the Cyprus question.

    Negotiations for a settlement in Cyprus stalled because of Turkish Cypriot leader Rauf Denktash's refusal to participate due to the start of accession talks between Cyprus and the EU.

    Denktash said he will only take part in talks if Cyprus withdraws its application to join the Union and his illegal regime in the areas of the Republic occupied by Turkey since 1974, is recognised.

    Stylianides said the Minister's aim is to ensure that the Republic's EU course continues to run smoothly and to remind European officials that a proposal by President Glafcos Clerides to Turkish Cypriots to nominate representatives in the official team negotiating accession still stands.

    He added that at some stage the Turkish Cypriot side must be pressured so that the Cyprus peace talks could restart.

    Replying to questions, he said that whereas procedures for EU accession are running smoothly, the same cannot be said for efforts to settle the Cyprus problem.

    The spokesman also said the government is satisfied with the reply letters sent to Kasoulides by his counterparts from Germany, Holland, Sweden, Italy and Finland, regarding the President's decision not to deploy a Russian-made missile system on the island. He did not disclose the content of the letters.

    The S300 missiles will be deployed in Greece after an agreement between Nicosia, Athens and Moscow.

    CNA MM/MA/GG/1999

    [04] UNFICYP - Liaison office - Limassol

    Nicosia, Mar 1 (CNA) -- The UN peace-keeping force in Cyprus (UNFICYP) today announced it has closed a "small and virtually unused" liaison office in the southern coastal town of Limassol, that was established to assist Turkish Cypriots living in the government-controlled areas of the Republic.

    UNFICYP decided to close the office after discussions with all interested parties, as the Turkish Cypriots did not show an interest in the services it offered.

    According to an UNFICYP press release, the office was set up in December 1996 to provide a constant UNFICYP presence in the town, aiming at providing assistance to the Turkish Cypriot population, and to run services such as Turkish language and culture classes for children.

    "Despite widespread advertising both through the media and by word of mouth, only 11 visits have been made to the office in the past two years, and no children have shown interest in following language and culture classes," UNFICYP says.

    It adds that the decision to close the office was taken following discussions with Turkish Cypriots living in the government-controlled areas, the government authorities and the illegal regime in the areas of the Republic occupied by Turkey since its forces invaded the island in 1974.

    However, it says that UNFICYP "will increase the frequency of its 'southwind' patrols."

    "These patrols visit police stations and welfare offices in Polis, Pafos, and Limassol, and call at Turkish Cypriot homes as required. They also stop at the Turkish Cypriot coffee shop in Limassol - a local meeting place," it explains.

    UNFICYP reassures that it "remains committed to providing all the assistance it can to Turkish Cypriots living in the south and to Greek Cypriots residing in the north."

    It believes "that this new move will result in an improved service, more along the lines of what Turkish Cypriots living in the south actually want."

    Over 650 Greek Cypriots and Maronites have remained in the Turkish- occupied areas of Cyprus, whereas around 350 Turkish Cypriots live in the government-controlled areas.

    CNA MA/GP/1999

    [05] Cyprus - Moody's - Economy

    Nicosia, Mar 1 (CNA) -- Moody's Investors Service says Cyprus' likely accession to the European Union (EU) and the prospects for a renewed strengthening of macroeconomic policy support the country's A2 rating on foreign currency debt.

    According to a Moody's Investors Service press release, in its new report on the Republic of Cyprus the Service "cites the country's likely accession to the EU and the prospects for a renewed strengthening of macroeconomic policy as support for the country's A2 country ceiling on foreign currency debt."

    "In addition, Cyprus benefits from moderate debt servicing requirements and a comfortable liquidity position," the report says.

    Referring to constraints on the rating, the report notes they "include the unresolved friction related to the Turkish-held northern part of the island, which represents a deterrent to private investment."

    "The weak performance of manufacturing in recent years also places greater pressure on the tourism industry and the international business sector to expand, in order to sustain overall economic dynamism and the growth of foreign exchange income," it points out.

    It adds that "the rating outlook is stable, pending the outcome of urgently-needed revenue measures now before the parliament."

    "The Cypriots' aspirations to join the EU shaped economic policies during the early 1990s, yet an incomplete process of tax harmonization also contributed to even larger budget shortfalls in the last two years," the report says.

    "Moody's analysts emphasize that the significant widening of the fiscal and current account deficits since 1995 increases the urgency of the economic reform agenda, especially the proposed hike in the value-added tax rate," it points out.

    "In addition, financial sector liberalization, which is crucial to Cyprus' further integration into the EU, must advance this year with the removal of the interest rate ceiling," the report adds.

    It notes, however, that "the current political environment is more fractious than it has been previously, so approval of important structural reforms that would stabilize the budget and external accounts is not assured."

    "The long-term outlook for Cyprus' creditworthiness is therefore increasingly dependent on the near-term prospects for economic adjustment," the report says.

    Cyprus, along with Slovenia, Hungary, Poland, Estonia and the Czech Republic started substantive accession negotiations with the EU in November 1998.

    CNA GG/MA/1999

    [06] Cyprus - State Department report - Human Rights

    Nicosia, Mar 1 (CNA) -- The government believes that the reference to Cyprus in the US State Department report on human rights should have taken into consideration the fact that the Turkish occupation of part of the island is a de facto violation of human rights.

    In an initial response to the report, which circulated on Friday, Government Spokesman Christos Stylianides dismissed suggestions that the internationally recognised Republic of Cyprus is placed on the same footing as the illegal regime in the areas occupied by Turkey since 1974.

    "The government considers that the continuing occupation of part of the Republic is in itself a violation of human rights and should have been noted in the report," Stylianides said.

    He also pointed out that the reference to the illegal regime in occupied Cyprus is such that it denotes clearly that it is not recognised by the international community.

    The spokesman added that the report refers to the Cyprus Republic, which is internationally recognised.

    "Therefore we do not believe there is any effort to downgrade the Cyprus Republic," he said.

    Stylianides said the Foreign Ministry is assessing the report. The State Department report says there is a generally strong regard for democratic principles in both the government-control and the occupied parts of the Republic.

    CNA MM/MA/RM/1999

    [07] Greek Cypriot and Turkish Cypriot - Trade Union Forum

    Nicosia, Mar 1 (CNA) -- Greek Cypriot and Turkish Cypriot trade unions will organise the 3rd Trade Union Forum at the Ledra Palace Hotel, in the UN- controlled buffer zone in Nicosia, on May 28 and 29.

    The Coordinating Committee responsible for organising the European Union financed Forum met today at the Ledra Palace.

    Speaking to CNA after the meeting, Michalakis Papaefstathiou of Greek Cypriot PEO trade union said the Coordinating Committee will meet again on March 12.

    The Coordinating Committee comprises Greek Cypriot trade unions PASYDY, SEK and PEO, and Turkish Cypriot DEV-IS, TURK-SEN and KTAMS.

    CNA FZ/RM/MA/1999

    [08] Cyprus Airways - London

    Nicosia, Mar 1 (CNA) -- Cyprus Airways (CA) plans to launch two scheduled flights to and from Heathrow Airport, in London, as from March 28.

    According to CA press release, the CY332 flight will be departing on a daily basis from Larnaca Airport at 4.35 am local time and will be arriving at Heathrow Airport at 7.25 am local time. The departure from the British Airport will be at 10 pm and the arrival at Larnaca at 4.25 am.

    At the same time, the normal daily flights of Cyprus Airways will be continued under the code CY326 with the departure time from Larnaca set at 6 pm and with the arrival time at Heathrow arranged at 8.50 pm. The departure time from Heathrow will be at 9.45 am and the arrival at Larnaca at 4.10 pm.

    During the week there will be 21 scheduled flights in total to and from London, since there will also be one flight from Pafos to Heathrow, three from Larnaca to Stanstet Airport and three others from Larnaca to Gatwick.

    CNA DG/GP/1999
    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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