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Cyprus News Agency: News in English (PM), 97-11-26

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

From: The Cyprus News Agency at <>


  • [01] Spokesman on Turkey, EU
  • [02] Credit Suisse First Boston invests in Russia
  • [03] Cyprus Stock Exchange
  • [04] Greek, Turkish Cypriots initiate joint festival
  • [05] Economic challenges must be met, says Chamber chairman
  • [06] Foreign Cyprus envoys meet in Paris
  • [07] EU, UN representatives confer on Cyprus
  • [08] Double taxation accord concluded

  • 1510:CYPPRESS:01

    [01] Spokesman on Turkey, EU

    Nicosia, Nov 26 (CNA) -- The government believes that Turkey's uncooperative position on Cyprus and the European Union have left the country isolated.

    It also welcomed attempts by the international community to persuade the Turkish government to alter this stance.

    "Turkey's intransigence aims at consolidating the division, created after its troops invaded and occupied Cyprus' northern part in 1974, and securing recognition for the self-styled regime in the Turkish occupied areas," Government Spokesman Manolis Christofides said here today.

    Turkey, he added, also seeks to become a member of the European family or have its application for accession approved by the 15 member-states.

    Cyprus and five other applicant countries are set to start membership negotiations next year with the EU. Turkey, which is not included in this list, has reacted strongly to this decision which it considers discriminatory.

    The spokesman noted that the international community does not recognise the present status quo in Cyprus and wants to redress this by creating a bizonal, bicommunal federation.

    Christofides said that Turkey has to respect human rights and help resolve the Cyprus question, the Kurdish issue and its dispute with Greece.

    "We are pleased that efforts by the international community to solve the Cyprus problem are now directed towards Turkey," he added.

    CNA EC/MM/MA/1997

    [02] Credit Suisse First Boston invests in Russia

    Nicosia, Nov 26 (CNA) -- Credit Suisse First Boston (CSFB) through its Cyprus-based offshore banking unit increased its investment in Russia by more than 7 billion US dollars.

    This was confirmed to CNA by Spyros Stavrinakis, Assistant Manager of the Central Bank of Cyprus' Bank Supervision Department.

    CSFB initiated its activities in Cyprus in May 1996, and "began investing in Russia since then, increasing the amounts invested gradually", he added.

    Cyprus has signed a double taxation agreement with Russia, which makes Russian stocks a profitable investment, Stavrinakis explained. Therefore, CSFB's decision to invest in Russia through Cyprus, is a "reasonable move", he noted.

    Richard Holbrooke, who has been appointed US President's Emissary on Cyprus, is one of the vice-presidents of this multinational investment banking giant. He visited Moscow recently.

    Commenting on reports that Holbrooke's appointment is related to his business activities in the region, Stavrinakis told CNA that CSFB is an enormous international organisation, and a public company with thousands of shareholders.

    "Organisations of that size cannot be related to a single person's interests," he noted.

    Stavrinakis quoted the American Manager of the Cyprus-based CSFB offshore banking unit as saying: "Given CSFB's size, Holbrooke may even ignore the existence of its subsidiary on the island".

    CNA GG/GP/1997

    [03] Cyprus Stock Exchange

    Nicosia, Nov 26 (CNA) -- The Cyprus Stock Exchange (CSE) All Share Index closed at today's stock exchange meeting as follows:
    CSE All Share Index                    76.07 (+0.58)
    Highest: 82.46 (2/1/97)
    Lowest : 73.90 (30/1/97)
    Sectural Indices
    Banks                                  88.15 (+0.85)
    Approved Investment Companies          59.43 (+0.25)
    Insurance Companies                    55.55 (-0.02)
    Industrial Companies                   72.54 (+0.21)
    Tourist Industries                     62.21 (+0.48)
    Commercial Companies                   38.92 (-0.18)
    Other Companies                        59.64 (-0.33)
    Trading Volume                         CYP 537283.947
    * The difference in brackets represents the percentage increase (+) or decrease (-) of the index from the previous stock exchange meeting.
    CNA MA/1997

    [04] Greek, Turkish Cypriots initiate joint festival

    Nicosia, Nov 26 (CNA) -- Some 30 Greek and Turkish Cypriot association are holding the first joint event, organised solely by the two communities.

    "The Festival for Peace", to be held on Saturday at the Ledra Palace hotel in the UN controlled buffer zone in Nicosia, is expected to adopt a declaration against war and for a common homeland.

    Speaking at a press conference today, Stephanos Stephanou, representing the Greek Cypriot organisations involved in this venture, said "the festival comes at a time when military activities and armaments are on the increase and increased nationalism poses a grave danger for new conflicts and wars."

    He called on everybody who backs efforts for rapprochement between the Greek and Turkish Cypriot communities, forcibly separated since the 1974 Turkish invasion and occupation of 37 percent of Cyprus' territory, to attend Saturday's fiesta.

    Cemal Ozit, representing the Turkish Cypriot organisations, warned that another war on the island will leave the Cypriots "in tears".

    He also pointed out that neither the Turkish nor the Greek Cypriots are responsible for the present situation on the island.

    Organisers told the press conference they decided to set up a permanent coordinating committee to promote common goals through joint meetings and various functions.

    "Contact between us so far has convinced us that the two communities have joint objectives, common fears and visions," organisers stressed.

    CNA KN/MM/MA/1997

    [05] Economic challenges must be met, says Chamber chairman

    Nicosia, Nov 26 (CNA) -- The Annual General Meeting (AGM) of the Cyprus Chamber of Commerce and Industry (KEBE) opened here today amid calls for adjustment to the emerging international economic realities and a change of attitude in order to meet future challenges.

    Speakers at the AGM also stressed the need to promote Cyprus' bid for membership of the European Union (EU) and ensure upgrading of the island's main industries, including tourism and services.

    KEBE's chairman Vasilis Rologis outlined his proposals aimed at "winning the economic challenge of the 21st century" which invite all sectors of the economy to contribute towards improved economic prosperity.

    "The new era ahead of us will be completely different to the present one because the globalisation of the markets, the use of new technology and economic adjustments offer new opportunities and pose challenges," Rologis said.

    He said Cyprus has to accelerate the pace of economic modernisation and promote the harmonisation process with European norms.

    Referring to tourism, Cyprus' major industry, Rologis called for infrastructure projects such as golf courses, casinos and specialised museums to attract quality tourism.

    He said the Chamber has contributed to overseas investment and now more than 100 Cypriot companies operate in the Balkans with investments that exceed 50 million pounds (about 100 m. US dollars).

    Investments in Greece are estimated at well over 100 m., he added.

    On Cyprus' European aspirations, Rologis stressed that "Cyprus cannot survive without the EU as EU accession is the passport to our political and economic future."

    The Chamber has about 7,000 members locally and maintains close links with more than 2,000 European chambers.

    In his address, President Glafcos Clerides underlined the need for employers and employees to "adjust to global and local economic circumstances and adopt a comparable attitude."

    Lower costs, increased productivity, new trading methods, specialised production and technological advancement are essential elements for success, the President said.

    "Our decision to become a member of the EU is irreversible. We have achieved to a satisfactory degree convergence with the Maastricht criteria to eliminate economic obstacles in our course for European integration," Clerides added.

    He said the government has taken various measures to back the manufacturing sector, including loan guarantees for investment purposes, tax incentives and export promotion programmes.

    Commenting on tourism, the President said the sum of 17 m., the largest amount ever spent so far, was designated for promoting Cyprus as a tourist destination this year.

    Services, he added, is now a "steadily developing economic sector due to the high level of professional services Cyprus offers."

    "We shall also endeavour to enhance offshore activity and establish Cyprus as a business and economic centre in this vital region," the President said.

    CNA MM/MA/1997

    [06] Foreign Cyprus envoys meet in Paris

    London, Nov 26 (CNA) -- Four top foreign envoys involved in efforts to solve the protracted Cyprus problem are meeting in Paris tomorrow to exchange views, the British Foreign Office confirmed today.

    UN Secretary-General's Special Advisor for Cyprus, Diego Cordovez, US Presidential Emissary, Richard Holbrooke, European Union (EU) presidency envoy, Kester Heaslip, and Britain's envoy Sir David Hannay will participate in the meeting.

    Both Cordovez and Holbrooke, appointed earlier this year, visited Cyprus in November for meetings with the leaders of the two communities.

    Cordovez, a former Ecuadorian Foreign Minister, is scheduled to come back to Cyprus immediately after February's presidential elections, to discuss ways to begin negotiations.

    In the summer he chaired two failed rounds of talks between President Glafcos Clerides and Turkish Cypriot leader Rauf Denktash.

    Sir David will have a working dinner with Cyprus Foreign Minister Ioannis Kasoulides, immediately after his return to London tomorrow.

    Britain is one of the three guarantors of Cyprus' independence, the others are Greece and Turkey, since granting the island independence from colonial rule in 1960.

    Sir David is expected to be appointed EU presidency representative for Cyprus in January, when Britain takes over the rotating presidency.

    Cyprus' accession talks with the EU are scheduled to begin in spring 1998, as the Republic is included in the first group of candidate countries to begin membership talks.

    The Turkish Cypriot leader has warned he would not negotiate for a settlement unless the EU revokes its decision to start accession talks with Cyprus.

    He also maintains that Cyprus cannot join the EU until after a solution in Cyprus and not before Turkey becomes an EU member too.

    The EU, on the other hand, wants Turkey to assist efforts for a Cyprus settlement, improve its human rights record and contribute to the resolution of the Kurdish problem.

    Turkey invaded Cyprus in 1974 and continues to occupy the island's northern areas, in violation of UN resolutions.

    CNA KT/MA/MM/1997

    [07] EU, UN representatives confer on Cyprus

    Brussels, Nov 26 (CNA) -- European Union (EU) and UN high ranking officials met here today to discuss the latest developments in the Cyprus peace process and the Republic's EU accession course.

    Hans Van den Broek, EU Commissioner for External Relations, and UN Secretary-General's Special Advisor for Cyprus, Diego Cordovez, agreed to enhance cooperation and contact with a view to achieving a successful outcome of parallel efforts to find a political settlement and conclude Cyprus' accession bid.

    The two men said they hoped next month's EU Summit in Luxembourg will lead to an arrangement that would contribute to a resolution of the Cyprus question.

    Cordovez briefed Commissioner Van den Broek about his meetings in Cyprus last week with the leaders of the two communities.

    Van den Broek arrives on the island on Monday for a two-day visit.

    CNA NB/MM/MA/1997

    [08] Double taxation accord concluded

    Nicosia, Nov 26 (CNA) -- Cyprus and South Africa today signed an agreement to avoid double taxation.

    The agreement was signed in Nicosia by Stavros Epaminondas, head of the Foreign Ministry Economic Division, and South African High Commissioner, David Jacobs, who is based in Athens.

    CNA MA/MM/1997

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