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Cyprus Mail: News Articles in English, 00-11-24

Cyprus Mail: News Articles in English Directory - Previous Article - Next Article

From: The Cyprus Mail at <http://www.cyprus-mail.com/>


CONTENTS

  • [01] Investors grumble over IMC facilities
  • [02] Bourse down after break
  • [03] Twenty Turkish jets over Cyprus
  • [04] `Dud Slovak guns being dumped with the National Guard'
  • [05] Travel agent hits back at government criticism of Istanbul trip
  • [06] Government hopes Denktash will return to the talks
  • [07] British expert insists Cyprus beef is safe
  • [08] Unions strike against CoLA
  • [09] More illegal immigrants on the loose, police say

  • [01] Investors grumble over IMC facilities

    IT WAS meant to be the start of a new era in spacious, state-of-the-art surroundings. But when the Cyprus Stock Exchange reopened yesterday at its new IMC premises on the outskirts of Nicosia, it was business as usual, with the index on the slide and investors complaining about the facilities. There was considerable irritation on the investors' floor that the writing on the computer monitors was so small it was impossible to read the latest prices without craning necks and crowding to the front. The murmurs of disapproval among the investors crowded in the ground floor room worsened as the index plunged below the previous trading day's close. Another six terminals were blank because they still had not been wired up. But they were hanging so low that critics were quick to brand them a safety hazard, lest anyone hit their heads on the sharp corners. Investor Andreas Charitou said there had been a delay in applying for the electric transmitting system, which was consequently running at just a third of its power. And he added investors were still waiting for a central registry system that would give them direct access to the system. "Therefore, we won't be dependent on the brokers. Two or three brokerages already offer an online service. Why can't we have this here? With ISDN lines and one or two computers in the room as well it would be much better. It would stop the unfair exclusivity that brokers have," he said. Formal complaints were made to the Investors' Association and the CSE authorities. One observer said the new place was nothing on the old one. "It was like a coffee shop before. It was smaller and better. To tell you the truth I've heard quite a lot of bad comments," he said. But PR executive for Hermes International Stavros Elias liked the new building, and thought it wouldn't be long before the CSE took over the rest of the space. "I'm not sure these people even care," he said of the investors. "They just care whether the index will go up. As long as they make money, they'll be happy," he said. But the index put in a dismal performance yesterday, closing 1.02 per cent down on the back of a feeble £11.59 million in volume. Some 123 stocks lost value, opposed to just 46 that notched up minor gains. Despite the huge second floor given over to the CSE, stockbrokers still seemed to be battling for space. The offices were bunched up in one section of the open plan area. While there was plenty of space at the back, brokers and secretaries were still squeezing along a tight corridor next to the hub of activity. There were insufficient chairs. Several brokers were reduced to perching on drawers to sit at their computers, in one case, two to a drawer. George Karagiorgis, head of the Hellenic Bank;s brokerage division, said yesterday his firm alone was still waiting for five new computers before it could do its work properly. He was nonetheless upbeat about the situation. "The move has been carried out terribly efficiently and the transfer has gone OK. There haven't been any serious problems and when the new computers come next week, we'll be fine," he said. The mood at the top was one of satisfaction and optimism. The director general of the CSE, Nondas Metaxas yesterday told the Cyprus Mail that he was delighted to be at the IMC. "We are very pleased that we're finally here. It's an extremely modern premise and we are now ready to implement our development programme. We are very optimistic that our institution will see better days," he said. Meanwhile the Supreme Court yesterday heard the case against an application of appeal against the CSE move made by Nicosia mayor Lellos Demetriades. Demetriades maintains that the IMC Building and the CSE failed to process the move through the proper channels. He also argues it is wrong to move a national institution outside the city centre. But his criticism of the location was not shared by any of the brokers or investors who spoke to the Cyprus Mail yesterday. "If you look at London, then no one part of it is the `centre'," said one. "Different areas have different focuses," he added. "The distance is not a problem. The building brings us prestige and it's more accessible to Larnaca and Limassol," said one investor. Another broker added that it was just a matter of getting used to a different drive to work in the morning.

    [02] Bourse down after break

    THIS WEEK'S three-day break in trading failed to lift the market out of the doldrums when the bourse reopened in its new premises yesterday. Gains, which followed last week's huge losses on Monday and Tuesday, did not inspire investors to keep up the momentum resulting in losers outpacing gainers by 123 to 46 yesterday while 38 companies remained unchanged. One broker said it was because the last two or three sessions were not based on economic fundamentals but rather on the psychological effects resulting from the boost Bank of Cyprus (BoC) engineered by handing out new investment loans to staff. BoC stocks soared for three days in a row while the rest of the index continued to slump but the overall picture presented was a positive one based on trading in a few chosen stocks. Yesterday the all-share index closed at 261.5 points, a drop of 1.02 per cent. Although trading open on a higher note than Friday's 2.67 close, optimism soon fell and took the index with it. Volume hit a low £11.5 million as selling ruled the day. All sectors except construction and fish farms sustained losses ranging from 0.45 per cent in the financial sector to 4.01 in the trading sector. The banking sector fell 0.48 per cent as heavy trading in bank stocks led the way. BoC, which dragged the market up last week with a bout of buying, slid back seven cents yesterday to close at £4.81 on a volume of some £2 million. In Athens BoC shares have managed to remain stable during the CSE break and yesterday registered no change, closing at 2,980 drachmas (£4.98) with 70,000 shares changing hands. The general ASE index fell by 1.42 per cent and the banking sector by 1.23 per cent. Back on the CSE, Laiki shares which usually takes their lead from the performance of BoC, added eight cents yesterday to close at £5.79 on a volume of £1.75 million. Elsewhere, GlobalSoft, the third most active share of the day after the two banks, lost 12 cents to end at £5.73. The three stocks accounted for over 40 per cent the total volume of the day. Broker Demos Stavrides told Cyprus Mail they had expected a small drop yesterday due to the recent instability in the Greek market. "Bank of Cyprus is doing okay and it's stable," he said. "But the remainder of the Greek market is worrying." Stavrides said the current low level of trading on the CSE is mainly due to and apparent lack of interest by investment companies. "They have £430 million to invest and they are not doing so. This is worrying," he said. Stavrides said that out of yesterday's £11 million volume, investment companies accounted for only £4 million. The fact they are not investing makes no sense," he said referring to the low prices on the market. "Of course if we study some analysis, we can see that most of them are inexperienced and can't cope so they are afraid to enter the market and are sitting back to wait and see what will happen," he added. Stavrides said small investors were disappointed with yesterday's session and it appeared the index was in for a further downslide in the coming days.

    [03] Twenty Turkish jets over Cyprus

    AN UNPRECEDENTED 20 Turkish air-force fighters taking part in the Toros 2000 exercise yesterday violated Cyprus airspace. A Defence Ministry spokesman said 20 F-16s flying in pairs bombed targets near Kormakitis in the north west of the island, while two navy frigates patrolled the sea area. The planes then flew over the occupied Kythrea, where they were joined for the final phase of the exercise by two more F-16s, which have been stationed in Lefkoniko since Wednesday. On Tuesday night, six F-16s carried out night raids, hitting ground targets with live fire. Defence Minister Socratis Hasikos yesterday said the National Guard was monitoring the situation closely, but that the TOR-M1 anti-aircraft missile system had not locked on to the F-16s. During the National Guard's Nikiforos exercise, the TOR-M1s locked on to two Turkish jets flying over the island, something described as an act of war by Turkish Cypriot leader Rauf Denktash. The event caused jubilation amid sections of the local media, which declared the Turkish planes had turned back after their cockpit systems warned them they were being targeted by missiles. But according to military analysts, the short range of the TOR-M1 - kill range is12 kilometres -- limits its ability to tackle planes flying out of range and capable of releasing long range, stand off missiles such as the HARM and Popeye systems, which currently serve the Turkish air-force. HARM missiles - High speed Anti- Radiation Missile - are aimed at suppressing enemy air defence (SEAD) and can be released from around 50 kilometres, while the Israeli-made Popeye could hit targets at a range of around 75 kilometres. In theory, the TOR system could stop the stand-off missiles, said strategic analyst Aristos Aristotelous, but that depended on the extent of the attack - planes, missiles, electronic warfare, etc. Aristotelous said the TOR was a good system but that air defence was a complex issue and Cyprus "had a long way to go". "It needs a lot of work. It's not like before but it still needs work," he added.

    [04] `Dud Slovak guns being dumped with the National Guard'

    A BATCH of artillery pieces of dubious reliability ordered by the Greek Defence Ministry have been earmarked for delivery to the National Guard, a Greek defence magazine has reported. According to the monthly magazine, Strategiki (Strategy), Greece in May signed an agreement to procure 12 155mm self-propelled Slovak-made Zuzana guns. Strategiki claims the guns were destined for Cyprus in accordance with an agreement between the two countries to deploy the Russian-made S-300 missiles to Crete instead of Cyprus. Greece has agreed to pay Cyprus £91 million, which had been already paid to Russia for the missiles, Strategiki said. The magazine claims the money would be returned in the form of military aid, the Zuzanas being part of that aid. But according to the magazine, the Slovak-made gun is unreliable, to say the least, suggesting there were better options for Cyprus in the international market. Last February, when the reports first emerged, Greek newspaper Pontiki published the results of an investigation that appeared to substantiate the reports that the gun was problematic. Quoting a report drawn up by a committee of Greek officers who had watched a demonstration of the weapon, Pontiki said all but one of the rounds fired failed to hit the target - or did not discharge at all because of malfunction. At the time, Pontiki said, the Slovak army was not even using the gun, Greek officers' questions concerning the system were not answered, and the unit's fire control centre was still under development. Despite the findings, which according to the newspaper would have been enough to scrap the project, procedures for its acquisition continued and a committee was sent to assess the gun anew. The findings of the second committee apparently mirrored the first assessment, including misfires. The gun was also unable to use a variety of ammunition - the specifications said the gun should be able to use all modern NATO ammunition - effectively limiting its range compared to other systems. But the newspaper said Greece went ahead with the deal and purchased the gun, saying its "operational capabilities have been confirmed". The paper charged that having realised they were useless, Greece decided to dump the Zuzanas on Cyprus. The Defence Ministry was yesterday unavailable for comment on the issue.

    [05] Travel agent hits back at government criticism of Istanbul trip

    THE NICOSIA travel agent organising a trip to Istanbul at Christmas yesterday hit back at the government and the press for their hostile attitude towards his holiday plan. The matter first came to public attention earlier this month when Tsangaris Tours advertised the last remaining places on the package tour in two Greek newspapers. Some 40 people signed up for the holiday. Interest was so strong that Christodoulos Tsangaris said he was planning a second visit for spring 2000. The government issued a statement on Tuesday warning that Cypriot passport holders were barred from entering Turkey on a tourist visa. But Tsangaris flew back from Athens yesterday, after handing in the visa applications for his group to the Turkish Embassy. It is his fifth visit to the embassy, and he has been assured that the necessary arrangements can be made once he has made all the bookings. The Turkish Embassy confirmed to the Cyprus Mail last week that Cypriots were eligible to visit Turkey, provided they flew in with a visa. The Foreign Ministry on Tuesday expressed its fear that Cypriots could be left stranded in case of accident or emergency, because there is no Cyprus Embassy in Turkey. But Tsangaris interpreted the government's intervention as tantamount to an attempt to restrict the movement of free citizens. "What do you mean, if there is an accident? Is the Cyprus Government always going to send an ambulance if someone is hurt abroad?" he wondered. He said none of the 40 participants had decided to cancel their holiday. "Most of them have called me and told me that I have their support. They fear nothing from the Turks, but instead they are frightened from people in Cyprus who are writing and shouting about it," he said. Tsangaris expects to hear whether the visa applications have been granted by the Embassy in Athens within 10 days. He said insurance would be finalised after that, but said the local company he dealt with had raised no objections to insuring a Greek Cypriot party bound for Turkey.

    [06] Government hopes Denktash will return to the talks

    THE GOVERNMENT said yesterday it hoped the Turkish Cypriot side would take part in the sixth round of UN-led proximity slated for the end of January in Geneva. The message came on the eve of Turkish Cypriot leader Rauf Denktash's departure for Turkey to discuss his participation in the next round. Government Spokesman Michalis Papapetrou told his daily press briefing yesterday that the only way to find a settlement in Cyprus was through a dialogue under UN auspices. He confirmed that the Greek Cypriot side would be in Geneva, provided that nothing came up until then to force President Glafcos Clerides to reassess his position. Tension has arisen in the past two weeks over Turkey's relations with the EU -- which has inserted a call to Ankara to support the settlement talks in its latest assessment of Turkey's accession bid -- and on Cyprus` participation in a future European army. Denktash warned again yesterday that if the Greek Cypriot side pursued its present course and was accepted into a EU army, he would break off all contact. "In the event that the EU accepts, there will be no reason whatsoever to talk to the Greek Cypriots and we will break off our relations by increasing the wall between us," he said. Denktash is also angry at a non-paper that UN chief Kofi Annan gave the two sides during the fifth round of talks in Geneva earlier this month. Papapetrou said the government hoped the Turkish Cypriot side would return to the negotiating table in January, although there hadn't been any change in Turkey's stance on the Cyprus problem. Referring to Denktash's talks in Ankara, Papapetrou said: "We are waiting for their decision. We expect and hope that Denktash will come to the negotiating table as this is the only way for a settlement to the Cyprus question to be reached, under the UN aegis." Papapetrou said the Greek Cypriot side was looking forward to the dialogue and believed this was the only way a settlement could be found. UN special envoy Alvaro de Soto, the mediator in the ongoing proximity talks is due on the island on December 3 for a two-day visit when he will have contacts with both sides.

    [07] British expert insists Cyprus beef is safe

    By a Staff Reporter

    A BRITISH expert has said Cyprus beef is free from all risks of BSE contamination and is perfectly safe to eat. His words of reassurance come in the midst of a frenzy of media scare stories about the menace could lurk in the island's herds. According to yesterday's Politis, there are fears that bull sperm imported to Cyprus from France could have introduced the BSE virus in local cattle. An agreement drawn up between Cyprus and France in 1998 has brought over 22,000 sperm samples to the island. The last French sperm injected into Cyprus cows was in 1999. BSE is thought to spread through feeding meat and bone feed to cattle. But Dr Roger Dawson, Secretary General of the UK Animal Health Distributors, who is currently in Cyprus, said cattle here was fed exclusively on vegetable materials, grain, soya and crop products. Cyprus banned the use of meat meal for cattle in 1990, a practice not stopped in the UK until 1996. Cyprus has adopted precautionary measures against BSE for a number of years. The government announced on Wednesday that calf exports to Lebanon and Israel had reached 20,000 over the last four years, citing increased demand as a validation of safe beef in Cyprus. Dawson recommended this month that the UK Food Standards Agency halt beef imports from EU countries, where there is doubt about the content of cattle feed. He blamed the recent outbreak of BSE fear on "the stupidity of the French and Germans in carrying on feeding meat and bone meal to their livestock, while continuing to ban the import of British beef." Meanwhile Alithia newspaper went public with reports that some 15 to 20 flocks of sheep were in quarantine after cases of scrapie, the ovine equivalent of BSE, had been detected. But Dawson dismissed scrapie as harmless to humans. "Sheep in many countries have had scrapie for centuries. It has never passed to human beings," he said. British sheep are still under scrutiny to ensure no strand of BSE has passed from British cattle to British flocks. "It is a reasonable precaution, but it doesn't mean that sheep are any less safe than they have been for centuries," he affirmed. Both the Veterinary Department and the Agriculture Minister, Costas Themistocleous, who is abroad, were yesterday unavailable for comment. The government intends to buy a testing system from Ireland to facilitate mass testing of all cattle under the age of 30 months, in keeping with the latest EU policy regarding the problem.

    [08] Unions strike against CoLA

    TWELVE trade unions representing semi-government workers at the island's ports and airports yesterday staged a three-hour strike to protest changes to the Cost of Living Allowance (CoLA). Services to the public were not affected. Strikers included some Cyprus Airways (CY) pilots and engineers, but no flights were affected. A company source said the strikers had made arrangements to ensure services would not suffer. The strike lasted from 11.30am to 2.30pm. Around 50 people marched to the House of Representatives in Nicosia, where a letter of protest was presented to House President Spyros Kyprianou. The strike was part of a series of measures being organised by left-wing umbrella union PEO to protest against what they call the annihilation of CoLA, the six-monthly index-linked allowance added to wages to cover inflation. The unions are demanding a return to the system that existed before the government removed consumer tax increases from the CoLA calculation in 1999. "Our position is based on the fact that this arrangement will scrap CoLA," a statement from the union said. "It has already deducted 1.95 per cent from the allowance and not only this, but the government's decision goes back on social agreements without the consent of all the social partners that signed the deal." PEO said the government's position was negative and offensive to the majority of working people and their trade unions, and vowed to continue their battle with further measures. "The escalation of measures is not our choice. We are forced to do this because of the stubbornness of the government," the union said.

    [09] More illegal immigrants on the loose, police say

    By a Staff Reporter

    POLICE were yesterday looking for 14 Syrian illegal immigrants believed to have arrived on the island by boat on Tuesday night. One of the Syrians was arrested, and yesterday appeared before the Famagusta district court sitting in Paralimni. Investigating officer Tassos Vassiliou told the court that the 25-year-old suspect, Khaled Lotfi, was arrested near Cape Greco on Wednesday afternoon. Vassiliou added that three more men were with Lotfi but managed to escape despite a police chase. The suspect claimed that only the four of them had arrived at Cape Greco on a fishing boat at midnight on Tuesday. Police, however, refuted this claim, citing information suggesting the illegal immigrants actually numbered 15. Vassiliou told Judge Yiasemis Yiasemi that the Syrians' destination was Larnaca, where the former employer of one of the men had been waiting for them. Police said they had testimony that the employer was to provide the men with food and lodging. At this point, the suspect interjected: "Lies, lies: everything the investigating officer said are lies." Lotfi was remanded in custody for eight days. Last week, 45 illegal immigrants, among them six women and 13 children, were arrested in the Cape Greco area. The influx has prompted the government to take immediate measures for reinforcing the coastguard, which in recent weeks has been stretched to the limit.

    Cyprus Mail 2000


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