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Cyprus News Agency: News in English (PM), 97-08-12

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

From: The Cyprus News Agency at <>


  • [01] Cyprus Stock Exchange
  • [02] Finance Minister - Chamber of Commerce suggestions
  • [03] Yugoslav bank granted business license
  • [04] Cyprus peace talks resume

  • 1600:CYPPRESS:01

    [01] Cyprus Stock Exchange

    Nicosia, Aug 12 (CNA) -- The Cyprus Stock Exchange (CSE) All Share Index closed at today's stock exchange meeting as follows:
    CSE All Share Index                    75.62 (+0.04)
    Highest: 82.46 (2/1/97)
    Lowest : 73.90 (30/1/97)
    Sectural Indices
    Banks                                  84.77 (-0.02)
    Approved Investment Companies          65.03 (+0.26)
    Insurance Companies                    57.09 (-0.09)
    Industrial Companies                   76.30 (+0.70)
    Tourist Industries                     64.23 (+0.72)
    Commercial Companies                   47.66 (-0.50)
    Other Companies                        59.57 (-1.03)
    Trading Volume                         CYP 227813.070
    * The difference in brackets represents the percentage increase (+) or decrease (-) of the index from the previous stock exchange meeting.
    CNA MCH/1997

    [02] Finance Minister - Chamber of Commerce suggestions

    Nicosia, Aug 12 (CNA) -- An assessment study on how best to deal with a number of suggestions and demands made by the Cyprus Chamber of Commerce and Industry (KEVE) will be commissioned by the Finance Ministry, Finance Minister Christodoulos Christodoulou announced today.

    Speaking after a meeting with KEVE leaders, Christodoulou said one of those suggestions is on how to best exploit KEVE's capabilities on providing consultative services to small and medium companies through a centre financially supported by the government and the European Union.

    According to Christodoulou, the simplification of customs clearance procedures, which are currently considered time consuming and costly, was also discussed.

    The Finance Minister said he has decided to employ the expertise and experience of a distinguished foreign expert on the EU who will instruct public as well as private sector employees on issues relating to the start of accession negotiations between the EU and Cyprus due early next year.

    On tourism-related issues, the Finance Minister said that requests concerning government-imposed rental fees on hotel owners who have built on government land must be examined with understanding by the government, while accelerating measures already decided upon by the Council of Ministers.

    Regarding KEVE's request on removing the manufacturing of high technology products from income tax, the Finance Minister said that "the answer is positive" and "will be satisfied", while relevant legislature on the matter is currently being drafted.

    On his part, KEVE President Vassilis Rologis noted that KEVE's suggestions and demands contribute to the simplification of procedures and the reduction of costs while reducing the role of the state without burdening the government's budget.

    Meanwhile, following a meeting yesterday with the Central Bank Governor and Finance Ministry officials, Christodoulou said, the island's growth rate for this year will reach three percent, while the public debt will be approximately 54 percent of GDP.

    The Finance Minister added that unemployment also for this year will hover around 3,3 to 3,4 percent, while inflation will be around 3,5 percent.

    CNA GG/MH/MCH/1997

    [03] Yugoslav bank granted business license

    Nicosia, Aug 12 (CNA) -- Vojvodjanska Banka AD of the Federal Republic of Yugoslavia was granted today a banking business licence by Central Bank Governor Afxentis Afxentiou to carry with operations in Cyprus on an offshore basis.

    Vojvodjanska will deal in Cyprus only in foreign currencies and transactions with other offshore and non-resident companies as well as non- resident persons.

    The Yugoslav bank's operations within Cyprus will be subject to the supervision and inspection of the Central Bank of Cyprus in addition to the supervision of the Yugoslav banking supervisory authority.

    Vojvodjanska has recently taken over the operations of another Yugoslav bank, Kreditna Banka Beograd dd. Today's granting of a business license will enable Vojvodjanska to assume the operations of Kreditna's Cyprus Offshore Banking Unit which was established in February, 1992.

    Originally established in 1962, Vojvodjanska currently has a wide business operation in Yugoslavia and maintains representative offices in Frankfurt, London and Moscow.

    Vojvodjanska is the second largest bank in Yugoslavia with total assets of approximately 785 million US dollars.

    So far, offshore banking business licenses have been granted to 31 international banks and eight permits have been issued for the establishment of foreign banks' representative offices in Cyprus.

    Other foreign banks have expressed similar interest in establishing an offshore presence in Cyprus and more banking business licenses are expected to be granted in the near future.

    CNA MH/MCH/1997

    [04] Cyprus peace talks resume

    Montreux, Aug 12 (CNA) --

    Please change the last paragraph of CYPPRESS no 3 - title "Cyprus peace talks resume" to read:

    Today, he met Britain's special Cyprus envoy, Sir David Hannay and tomorrow he is scheduled to meet US Ambassador in Nicosia, Kenneth Brill.

    CNA MM/MA/MCH/1997

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