Cyprus News Agency: News in English (PM), 99-05-03

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

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

CONTENTS

[01] President - Chinese Parliamentarians

[02] Cyprus Stock Exchange

[03] Finance Minister - Interest rates

[04] World Press Freedom Day - Cyprus

[05] EIB chairman - Cyprus

[06] Justice Minister - Commonwealth Conference

[07] US freed soldiers - Yugoslavia - Kyprianou

[08] Cyprus - EU - EIB - Conference

[09] World Dialogue - Conference

[10] Foreign Minister - London - Budapest

1630:CYPPRESS:01

[01] President - Chinese Parliamentarians

"Our visit here is a prelude to your President's visit to China (beginning of June) and visits like this and exchange of delegations will certainly play an important role for the development of bilateral ties," Zhu Kaixuan, chairman of the Committee of Education, Culture, Science and Health of the People's National Congress, said after a meeting with President Glafcos Clerides.

Kaixuan, heading a four-member delegation to Cyprus, also said that cooperation between the two countries will be further strengthened and that mutual friendship is further developed.

During their four-day visit, the Chinese deputies will have meetings with the House President, the Attorney General, the Education Minister and other officials.

They will also tour the ceasefire line, which divides the island since the 1974 Turkish invasion and occupation of Cyprus' northern third, and meet the Dean of the University of Cyprus.

CNA MK/MM/EC/1999

ENDS, CYPRUS NEWS AGENCY

1630:CYPPRESS:02

[02] Cyprus Stock Exchange

      CSE General Index                         126.70 ( 1.62)

      Traded Value            CYP 6,777,848

      Sectural Indices

      Banks                   CYP 3,138,721     162.83 ( 2.01)
      Approved Investment
      Companies               CYP   288,142      73.87 ( 0.92)
      Insurance Companies     CYP    42,250      74.94 (-0.52)
      Manufacturing Companies CYP    62,910      90.74 ( 0.99)
      Tourism Companies       CYP   847,663     100.81 ( 1.31)
      Trading Companies       CYP   217,343      48.19 ( 0.94)
      Other Companies         CYP   461,589      86.99 ( 0.44)

CNA EC/1999

ENDS, CYPRUS NEWS AGENCY

1645:CYPPRESS:03

[03] Finance Minister - Interest rates

His comments come in response to a clear warning by the Chairman of the European Investment Bank Sir Brian Unwin that it is "absolutely essential for Cyprus" to remove the cap on interest rates if it is to qualify for membership of the European Union.

"Sir Brian's opinion has been well known to us. Our intention to liberalise interest rates was expressed when we tabled the bill to the House in time for discussion," he said.

He expressed the hope that the bill will be adopted as soon as possible.

Speaking to the press, Klerides said no-one can guarantee a reduction in interest rates if liberalisation takes place under current economic trends.

"Interest rates may increase because Cyprus cannot determine by itself these rates," he explained.

Replying to questions, he said most measures will be taken before accession to the Union because there are certain risks which Cyprus does not underestimate and must take seriously into account.

CNA AA/MM/EC/1999

ENDS, CYPRUS NEWS AGENCY

1720:CYPPRESS:04

[04] World Press Freedom Day - Cyprus

"We believe in free and objective information because we consider that a citizen who is the recipient of such information is a democratic citizen, " Government Spokesman Costas Serezis said here today, to mark World Press Freedom Day.

Serezis, a journalist himself before his appointment to the post of government spokesman last month, said many journalists are persecuted and referred to the circumstances media representatives have to deal with in Turkey.

He expressed disdain about the death of Yugoslav journalists during NATO bombing in Belgrade.

Interior Minister, Christodoulos Christodoulou, whose ministry deals with press matters, said "the government will continue to safeguard the independence of the press and facilitate them in their duties."

He said three is a gradual but steady progress in the work carried out by the media.

"Their job relates to the rights of man and the rights of society at large and has a lot to do with freedom of speech, correct information and freedom of disseminating information," the minister added.

The Cyprus Union of Journalists organised today a fund raising event to help journalists worldwide who need financial or other assistance.

Union president Andreas Kannaouros said he would be meeting the Attorney General to discuss liberalising the criminal code and the abolition of dangerous provisions in it which prevent public servants from giving information to the press.

CNA MM/EC/1999

ENDS, CYPRUS NEWS AGENCY

1755:CYPPRESS:05

[05] EIB chairman - Cyprus

Sir Brian, currently on a visit here, praised Cyprus for its efforts to comply with the acquis communautaire and said the budget deficit must be tackled as soon as possible through the necessary tax or expenditure measures.

"Cyprus is doing extremely well in meeting the Maastricht criteria as far as the inflation and the public debt targets are concerned," he said after a meeting with Finance Minister Takis Klerides.

The budget deficit, he added, poses a problem but this has to be tackled as soon as possible as it will not get any easier as time goes by.

"It is not for me to prescribe when you do it, the sooner you start, the better because if you do not start, it will be worse next year," he added.

Discussions at the Finance ministry focused on future lending to Cyprus by the EIB and environmental standards, he said, adding that the Bank could finance more than 50 per cent of a project if special costs for environmental reasons are called for.

"Cyprus has to make sure it can meet the EU environmental standards, such as those set for emissions," he said, noting the minister is well aware of all this and is making the right planning for it.

On the liberalisation of the financial sector and the markets, Sir Brian's advice was that it ought to be done "as soon as possible and well before the possible dates for entry into the European Union."

Replying to questions, he said he did not think interest rates would rise if liberalisation takes place.

CNA GG/MM/EC/1999

ENDS, CYPRUS NEWS AGENCY

1815:CYPPRESS:06

[06] Justice Minister - Commonwealth Conference

During the conference, topics relating to justice, human rights and cooperation on judicial issues on an international basis will be discussed, an official statement said.

Ministers will also examine strategies on how to promote the Commonwealth's fundamental values on proper administration, access to justice, abolishing corruption and the legal aspects of technological advancement.

CNA RM/EC/1999

ENDS, CYPRUS NEWS AGENCY

1845:CYPPRESS:07

[07] US freed soldiers - Yugoslavia - Kyprianou

The Yugoslav embassy here issued today a press release in response to various reports in the local media to inform the press that "the President of the House of Representatives of the Republic of Cyprus Spyros Kyprianou was the pioneer of the initiative to free the three Americans for humanitarian reasons."

The press release, signed by Ambassador Ivan Mrkic, said Yugoslavia has seen and continues to look upon this diplomatic initiative by the House President of a friendly country with "infinite appreciation and friendship."

"President Kyprianou was kept informed about everything right from the start, until the three Americans were freed," the Yugoslav embassy said.

It also added that the entire operation to free the US soldiers took place in full knowledge of the House President, "whose efforts we appreciate fully and welcome."

The press release also said foreign correspondents covering the war in Yugoslavia were duly informed by a Foreign Ministry official about this.

It expressed regret that this item of news did not reach the local media here after NATO put the power off in 70 per cent of Yugoslavia during its overnight offensive.

Kyprianou flew to Belgrade in early April in a bid to secure the release of the three Americans. Three days later he returned without the US soldiers and indicated that the continuing NATO bombing hampered his humanitarian effort.

CNA MM/EC/1999

ENDS, CYPRUS NEWS AGENCY

2050:CYPPRESS:08

[08] Cyprus - EU - EIB - Conference

He called on Cyprus to exploit to the full its fundamental strengths as an investment location to gain the most for itself and offer unlimited mobility.

He said a unified European capital market, rivalling that of the US, will over the time have immense economic benefits for the Union.

Addressing a conference on "Cyprus towards the European Union", Sir Brian outlined the contribution of the EIB to European integration and said the Bank has been operating a pre-accession lending facility to help candidate countries cope with their deficiencies in physical, institutional and environmental infrastructure which must be brought up to EU levels.

He called on the private sector to play a greater role not only in the financing of projects but in their planning and management.

Referring in particular to the EIB's role in Cyprus, he said "although the Cyprus economy is well ahead of those of the other applicant countries, there is still a long way to go if Cyprus is to achieve the acquis communautaire in areas such as monetary policy, liberalisation of telecommunications and air transport and energy."

Sir Brian mentioned also the need to change the value added tax and a range of other issues such as employment policies, industrial relations and social insurance.

He said that apart from the current and prospective budget deficit, Cyprus is well up to the mark on the famous Maastricht criteria.

He described the EMU (European Monetary Union) as the most important development in the international monetary system since the break up of the Bretton Wood arrangements and the abandonment of fixed exchange rates.

Commenting on the prospects of a unified capital market, he said "the winners will be those countries or regions which by definition will have unlimited mobility."

Cyprus therefore needs to ensure that it exploits to the full its fundamental strengths as an investment location.

The EIB, he concluded will continue to support and sustain the transition to monetary union and will back the process of enlargement by increasing lending for sound projects in key areas of economic development in candidate countries.

The Executive Chairman of the Cyprus Popular Bank Group, Kikis Lazarides, told the meeting that "all protection of any form must be removed" and said banks will have to take steps to cut costs, raise productivity and boost underlying profitability.

"Strengthening underlying profitability, controlling costs and enhancing risk management capabilities will be the keys to success in a liberalised system," Lazarides said.

The Cyprus banking industry, he explained, will undergo considerable transformation and restructuring in the years to come and said it is necessary to have strategic reorientation and bank consolidation on the agenda.

The meeting, organised to mark the 10th anniversary of the Cyprus Business Guide publication, was chaired by professor Costas Grammenos, of City University, London, who stressed the need for education as "a tool, perhaps the strongest for economic competitiveness."

CNA GG/MM/EC/1999

ENDS, CYPRUS NEWS AGENCY

2100:CYPPRESS:09

[09] World Dialogue - Conference

He said that religions of the world have one thing in common, peace, and predicted that in fifty years from now most of the earth's inhabitants (estimated at nine billion) will be Moslems.

He called for tolerance and said this is the secret behind the maintenance of peace.

Many extremists, he explained, behave the way they do because they know no better.

People seem to respect only what they know, he remarked and hinted that the media inadvertently often throw oil into the fire of fanaticism and religion.

The purpose of the two-day meeting is to seek and discuss common points among the three religions, which in spite of their differences, they all share the same principles of peace, justice, love and tolerance.

During the first day of deliberations, eminent speakers from around the world spoke about religion and globalisation, shared beliefs and values, religion and social order, religion in international affairs and points of convergence and divergence.

Tomorrow, delegates are set to hear views on how the Islam is viewed by Christian, Jews and Muslims, on the role of religious leadership in a politicised world and the dilemma the three traditions are facing, to modernise or to become fundamentalists.

The meeting is organised by the Centre for World Dialogue in cooperation with the Centre for Muslim - Christian Understanding.

CNA SC/MM/EC/1999

ENDS, CYPRUS NEWS AGENCY

2100:CYPPRESS:10

[10] Foreign Minister - London - Budapest

The ceremony takes place in the British capital where the Treaty of London establishing the Council was signed by ten states on May 5th 1949. Today the CoE has 41 members.

Kasoulides will have telephone conversations with British officials involved in efforts to reach a settlement in Cyprus, divided since Turkish troops invaded and occupied 37 per cent of its territory in 1974.

From London the Foreign Minister will fly to Budapest, Hungary, to attend a Committee of Ministers meeting on May 6-7 also to mark 50 years of CoE.

Hungary, the first of the 17 central and eastern European countries to join the Council after the fall of the Berlin Wall, is currently chairing the Committee of Ministers.

CNA MM/EC/1999

ENDS, CYPRUS NEWS AGENCY

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