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Cyprus News Agency: News in English (PM), 97-07-17

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

From: The Cyprus News Agency at <>


  • [01] Cyprus Stock Exchange
  • [02] Cabinet to examine Court ruling on EAC
  • [03] Cyprus stresses need for change in Turkish attitude
  • [04] Government pleased with accession course
  • [05] Russian envoy arrives for meetings on Cyprus peace talks
  • [06] WEU chief arrives
  • [07] Two more foreign banks will operate from Cyprus

  • 1545:CYPPRESS:01

    [01] Cyprus Stock Exchange

    Nicosia, Jul 17 (CNA) -- The Cyprus Stock Exchange (CSE) All Share Index closed at today's stock exchange meeting as follows:
    CSE All Share Index                    74.78 (+0.63)
    Highest: 82.46 (2/1/97)
    Lowest : 73.90 (30/1/97)
    Sectural Indices
    Banks                                  83.43 (+0.68)
    Approved Investment Companies          63.22 (-0.78)
    Insurance Companies                    57.27 (+1.02)
    Industrial Companies                   76.79 (+0.42)
    Tourist Industries                     63.22 (+0.59)
    Commercial Companies                   48.21 (+1.67)
    Other Companies                        60.94 (+0.94)
    Trading Volume                         CYP 465762.794
    * The difference in brackets represents the percentage increase (+) or decrease (-) of the index from the previous stock exchange meeting.
    CNA AP/1997

    [02] Cabinet to examine Court ruling on EAC

    Nicosia, Jul 17 (CNA) -- The Council of Ministers decided today to examine a Supreme Court ruling that a government decision sacking six members of the Electricity Authority of Cyprus (EAC) board was invalid, during its meeting next week.

    Government Spokesman, Manolis Christofides, told his daily briefing Thursday the cabinet will examine the ruling next week, pending legal advice from the Republic's Attorney General.

    In a unanimous ruling yesterday the Supreme Court's full bench said the Council of Ministers had exceeded its authority when it decide to dismiss six of nine EAC board members, last November.

    The ruling follows an appeal by the six against a cabinet decision over an award of two multi-million pound tenders for a new electricity power station in Vasiliko.

    Initially, a House of Representatives watchdog committee had suggested that EAC board had deviated from ethical management. The issue went to the Council of Ministers last November 6.

    The same day the Commerce Minister asked the board to reconsider, an intervention the Supreme Court said was not permitted under the law.

    The then EAC chairman, Polyvios Kolokos, had resigned because, as he said, he had failed to defend the board's credibility. Two other board members, who had disagreed with the majority, also resigned, while the remaining six had sent a letter to President Clerides rejecting charges of mismanagement.

    Two days later, the Cabinet set up an independent inquiry that dismissed the six, supporting this would facilitate its task.

    Reacting to the decision, the six dismissed board members asked the Supreme Court to overturn the decision.

    Two months later the independent inquiry rejected claims of bad management, while months after the new EAC board re-examined the same tenders and reached the same conclusions as the six who had been dismissed.

    According to the Supreme Court's unanimous ruling, the six were fired for reasons other than those set out by the law, and the Cabinet's decision was therefore invalid.

    The six dismissed EAC members are Panayiotis Antoniades, Makis Anastasiou, Renos Prentzas, Aristos Spyrou, Photis Photiou and Andreas Christodoulides.

    The Spokesman said the government "respects" every ruling of the Supreme Court, especially of the full bench, but noted it was the Cabinet's duty to examine the ruling and see what actions are to be taken to comply with it.

    CNA AP/MA/1997

    [03] Cyprus stresses need for change in Turkish attitude

    Nicosia, Jul 17 (CNA) -- Government Spokesman Manolis Christofides has called on Turkey to realise it has to change its attitude if it wants to join the European Union (EU).

    He has also noted that Ankara's threats to annex the Turkish-occupied northern part of the Republic, if accession talks between EU and Cyprus begin, prove that it has no interest in the well-being of Turkish Cypriots.

    "It is time for Turkey to realise that it has to change its way of thinking and attitude, for the sake of its own European course," Christofides told his press briefing today.

    The Spokesman stressed that "Ankara must understand it has to change attitude in relation to its EU policy, as it is audacious."

    He noted Turkey cannot join the EU if it continues to occupy part of Cyprus, violates human rights and murders Kurds.

    Commenting on Turkish threats to annex the areas of Cyprus it occupies since its 1974 invasion of the island, Christofides said "they prove that Ankara has no interest in the well-being and happiness of Turkish-Cypriots, who have the chance to join Europe with us (the Greek-Cypriots)."

    Turkey claims it invaded and occupied 37 per cent of the island's territory to protect the Turkish-Cypriots.

    Asked to comment on a visit to the Turkish-occupied areas of Cyprus by Turkish Deputy Prime Minister, Bulent Ecevit, the Spokesman pointed out "it is common for the criminal to return to the scene of the crime."

    Ecevit was the Prime Minister of Turkey who had ordered the July 20, 1974, invasion of Cyprus.

    Meanwhile, it has been reported that six Turkish navy vessels will visit the occupied areas this week on the occasion of the 23rd anniversary of the Turkish invasion of Cyprus.

    The ships will illegally dock on Friday at the occupied Kyrenia harbour, where they will remain for two days.

    CNA KK/MA/AP/1997

    [04] Government pleased with accession course

    Nicosia, Jul 17 (CNA) -- The Cyprus government is satisfied because the island's course for accession to the European Union (EU) is running smoothly and as efforts to solve the protracted Cyprus problem have been stepped up.

    It has also been pointed out that the American President's Emissary for the Cyprus question, Richard Holbrooke, believes the Republic's EU accession prospect can be a catalyst in efforts for a Cyprus settlement.

    "It is no secret that Holbrooke has helped Cyprus' EU accession course, long ago," Government Spokesman Manolis Christofides said today, noting it is logical for one to expect that the American Emissary is interested to see this continued.

    Asked what the government expects from Holbrooke's tour of European capitals, later this month, Christofides said it would like to have "all obstacles (for Cyprus' accession) removed".

    Pointing out that Cyprus' European course "is developing smoothly" and efforts for a Cyprus settlement are moving on, Christofides stressed that "a lot of caution is needed by all in order to cover the distance towards these two goals."

    The Spokesman added that by December all details regarding accession talks with the EU will be known, as the Intergovernmental Conference (IGC) will formally end in October.

    The EU decided in March 1995 that accession negotiations will begin with Cyprus six months after the end of the IGC.

    Christofides reiterated that a solution to the Cyprus problem will help Cyprus' bid to join the Union, but stressed that even if no solution is reached accession talks will begin.

    The EU "Agenda 2000" stipulates that accession negotiations with Cyprus will begin as agreed and recalls that the Commission issued a positive avis for Cyprus in 1993.

    CNA KK/MA/AP/1997

    [05] Russian envoy arrives for meetings on Cyprus peace talks

    Larnaca, Jul 17 (CNA) -- Russia's special envoy on Cyprus, Vladimir Tchizhov, believes one cannot claim that the first round of direct negotiations on the Cyprus problem have failed, in view of the fact that a second round of talks has been set.

    Tchizhov, who was in Troutbeck, near New York, where direct talks between President Glafcos Clerides and Turkish Cypriot leader Rauf Denktash took place, from July 9 to 12, arrived here today for meetings with the leaders of the two communities.

    Speaking on arrival at Larnaca Airport, the Russian envoy said the purpose of his visit is to continue the meetings he had in Troutbeck with the two sides, listen to their views on the outcome of the first round of talks and exchange views on future steps.

    "The agreement to hold a second round of talks means that the first round was not a failure," Tchizhov told the press.

    The second round of UN-led face-to-face talks between President Clerides and Denktash is scheduled to take place near Geneva, between August 11 and 16.

    Foreign governments' envoys, who were present at the outer circle of the Troutbeck talks last week, will also be present in the next round of negotiations to offer their assistance and be informed on their outcome.

    The Russian envoy said "the UN are proposing a new procedure" in efforts for a Cyprus settlement, noting that "the talks are now based on documents."

    He also said the reaffirmation of a European Union (EU) decision, of March 6, 1995, providing that accession talks with Cyprus should six months after the end of the Intergovernmental Conference, adds a new element to efforts for a solution to the Cyprus question.

    "I can say it adds a new dimension, that of time, because there is a schedule as to when the accession talks will begin," he added.

    He expressed hope that this factor "will push efforts for a Cyprus solution."

    The EU "Agenda 2000" presented yesterday to the European Parliament recalls the positive avis it issued for Cyprus in 1993 and a EU decision to begin accession negotiations.

    Tchizhov said all parties interested in a Cyprus settlement consider the island's EU prospect as an important factor, pointing out to the fact that EU envoys were present at the outer circle of the Troutbeck talks.

    Asked to comment on Ankara's threats to annex the areas of Cyprus it occupies since its 1974 invasion of the island, if accession negotiations begin, the Russian envoy stressed this would be an act violating UN Security Council resolutions on Cyprus.

    He added that Turkey's negative stance on the whole EU issue also has to do with the country's relations with the Union, "with which the Turkish government is not satisfied." CNA MAN/KN/MA/AP/1997


    [06] WEU chief arrives

    Larnaca, Jul 17 (CNA) -- Western European Union (WEU) Secretary-General, Jose Cutileiro, arrived here this afternoon for a two-day "acquaintance" visit.

    Speaking to reporters on arrival, Cutileiro said he came to Cyprus to hold contacts with the "authorities within the framework of the dialogue that we have."

    Replying to questions, the WEU Secretary-General said the "settlement of the Cyprus question is obviously a very important element for the peace of the whole area, and we focus upon the efforts being made under the auspices of the UN."

    Welcoming Cutileiro, Foreign Minister Ioannis Kasoulides noted that during this trip, the WEU official will have the opportunity to get to know Cyprus.

    Kasoulides said Cyprus "has applied to become a member of the WEU and in this capacity is in a dialogue of acquaintance with the WEU."

    Tomorrow, Cutileiro will be received by President Glafcos Clerides. He will then hold separate meetings with Kasoulides and Defence Minister Costas Eliades.

    He will also meet Acting President of the House of Representatives, Nicos Anastasiades, and the House Standing Committees on Foreign Affairs and Defence.

    Tonight, Cutileiro will attend a dinner given by the Foreign Minister, under whose auspices the WEU chief will give a lecture on "Western European Union after Amsterdam and Madrid".

    Earlier today, he will have a meeting with Nicosia Mayor, Lellos Demetriades.

    The WEU Secretary-General will depart from Cyprus on Friday afternoon.

    CNA MAN/EC/AP/1997

    [07] Two more foreign banks will operate from Cyprus

    Nicosia, Jul 17 (CNA) -- The Cyprus Central Bank Governor, Afxentis Afxentiou, today granted two new offshore banking business licences.

    One was granted to the Republic National Bank of New York (Cyprus) Ltd, a wholly owned subsidiary of the Republic National Bank of New York, of the US, and the other to Safra Republic (Cyprus) Ltd, wholly owned subsidiary of Safra Republic Holdings S.A. of Luxembourg.

    Both will carry out banking business from within Cyprus on an offshore basis.

    It is the first time an American bank establishes an offshore presence on the island.

    Both Republic National Bank of New York (Cyprus) Ltd, with consolidated assets of about 52 billion US dollars, and Safra Republic (Cyprus) Ltd, with consolidated assets of about 18 billion US dollars, will operate as "administered banking units".

    They have both entered a management agreement with the Bank of Cyprus Ltd, which will be acting as the "administering bank" and will carry out the day-to-day operations and administrations of the two banks.

    The two new banks will deal only in foreign currencies and transact business only with other offshore and non-resident companies as well as non- resident persons.

    They will be subject to the supervision and inspection of the Central Bank of Cyprus, in addition to the supervision of the US and Luxembourg banking supervisory authorities.

    Their decision to set up units on the island, is considered as another indication of Cyprus' success in attracting prime international banks and financial institutions and of its growing recognition as a reputable offshore financial centre.

    There are currently 28 offshore banking units, three administered banking units (including the above two new institutions) and eight representative offices operating from Cyprus on an offshore basis.

    According to an official announcement, other foreign banks have expressed interest in establishing offshore units in Cyprus and more banking business licenses are expected to be granted by the Central Bank in the near future.

    CNA MA/AP/1997
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