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Cyprus News Agency: News in English (PM), 97-10-07

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

From: The Cyprus News Agency at <>


  • [01] Cyprus Stock Exchange
  • [02] Maritime Cyprus 1997
  • [03] Greece to assist Cyprus in shipping matters
  • [04] Greek, Turkish Cypriot party leaders meet
  • [05] "Romantica" fire extinguished
  • [06] Cyprus repeats invitation to T/Cypriots for EU talks
  • [07] US envoy hosts business meeting on Cyprus

  • 1520:CYPPRESS:01

    [01] Cyprus Stock Exchange

    Nicosia, Oct 7 (CNA) -- The Cyprus Stock Exchange (CSE) All Share Index closed at today's stock exchange meeting as follows:
    CSE All Share Index                    76.13 (-0.38)
    Highest: 82.46 (2/1/97)
    Lowest : 73.90 (30/1/97)
    Sectural Indices
    Banks                                  86.85 (+0.13)
    Approved Investment Companies          62.80 (-0.54)
    Insurance Companies                    56.18 (-0.97)
    Industrial Companies                   73.86 (-1.81)
    Tourist Industries                     64.80 (+0.03)
    Commercial Companies                   44.29 (-1.90)
    Other Companies                        59.02 (-1.78)
    Trading Volume                         CYP 536150.090
    * The difference in brackets represents the percentage increase (+) or decrease (-) of the index from the previous stock exchange meeting.
    CNA MCH/1997

    [02] Maritime Cyprus 1997

    Nicosia, Oct 7 (CNA) -- A senior shipping official has called on the industry and governments around the world to contribute to the effective implementation of a revised convention on minimum training at sea.

    Addressing a major shipping conference "Maritime Cyprus 1997", Secretary-General of the International Chamber of Shipping, and the International Shipping Federation, Chris Horrocks, wondered whether the IMO Convention on Standards of Training, Certification and Watchkeeping for Seafares (STCW 95), which governs international minimum training standards, will actually improve standards in substance.

    As the Convention was revised in 1995, and the application of the new competence standards does not have to start until August 1998, Horrocks said it was too early to answer this question.

    "Realistically, the world will not be in position to judge whether the Convention has been a success until some time after 2002", he added.

    "The will is there" and "if effort is a measure of whether we are getting there, then real progress is being made", Horrocks said.

    On his part Secretary-General of the International Transport Workers' Federation, David Cockroft, referred to the flag of convenience system and characetrised it as "a system based on lies and hypocricy".

    It is a system under which shipowners are able to hide behind a false nationality, escape their responsibilities to pay taxes, ignore social and safety laws, Cockroft explained.

    He revealed that flags of convenience as a whole accounted for 44 per cent of total losses in merchant shipping, while accounting for only 20 per cent of the world's fleet.

    Cockroft pointed out that the Cyprus flag is characterised as a flag of convenience by the ITF, but he went on saying:"Now I am told that the government of Cyprus has decided to clean up the register. I have been told that you have expanded the number of surveyors and that vessels which do not meet minimum standards will be deleted from the register".

    Martin Stopford, chief executive of the Lloyds Maritime Information Services, said "the tanker market should get another good year in 1998" but warned against the recession that would follow.

    Referring to the containership business, he said it is under pressure and added "I expect the downward pressure on rates to continue."

    Costakis Loizou, president of the "Louis Cruise Lines", talked about the pleasures of cruising, noting that in 1996 the European champions in cruising were the British and the Germans.

    The most interesting developments in recent years in cruising, he said, was the entrance of some tour operators in the Cruise business and the development of short cruises.

    "Despite some limiting factors cruise analysts believe that by the year 2,000 a total of 9 million passengers will travel on 275 cruise ships, making cruising taking only 1.1 per cent of the overall tourist movement," Loizou said. CNA GG/MM/MCH 1997


    [03] Greece to assist Cyprus in shipping matters

    Nicosia, Oct 7 (CNA) -- Greece will assist Cyprus in its efforts to adjust with European standards in shipping, Greek Commercial Shipping Minister reassured today.

    Speaking after a meeting with Acting President of the Republic, Spyros Kyprianou, Stavros Soumakis, said Greece will offer every possible assistance to Cyprus in the field of shipping.

    "I believe that Greece and Cyprus can work to achieve more in this sensitive issue which is affected by what happens throughout the world," Soumakis said.

    Invited to comment on the restrictive measures uinilaterally introduced by Turkey against Cyprus ships Soumakis said he discussed the issue with William O'Neil, Secretary-General of the International Maritime Organisation.

    On his part, Kyprianou said they had a "useful conversation". Cyprus' aim is to strengthen its maritime field which is a fundamental aspect of the Cyprus economy, he added.

    CNA EC/MCH/1997

    [04] Greek, Turkish Cypriot party leaders meet

    Nicosia Oct 7 (CNA) -- The leaders of two political parties on the island agreed today both Greek and Turkish Cypriots must be represented in Cyprus- European Union accession talks Cyprus.

    Dimitris Christofias, leader of main opposition left wing party AKEL, and Mehmet Ali Talat, leader of Turkish Republican Party (CTP), also believe some strong EU powers do not favour Cyprus' membership unless there is a political settlement.

    Speaking after their meeting, they reiterated their conviction that a Cyprus settlement should be reached through peaceful means and lead to a united, bicommunal and bizonal federal Cyprus.

    "A magic formula must be found to allow Greek and Turkish Cypriots to be represented in accession negotiations," Christofias said after the meeting.

    He expressed the hope the Cyprus problem will be solved by the time accession talks are concluded and said he would not object to Turkey's EU membership, though it must not be a precondition for Cyprus' accession.

    Christofias repeated his support for meetings between Greek and Turkish Cypriot party leaders as well as professional and other organisations.

    CNA MM/MCH/1997

    [05] "Romantica" fire extinguished

    Limassol, Oct 7 (CNA) -- The fire on board Cypriot registered cruise liner "Romantica", was extinguished here Tuesday, after burning since early Saturday.

    Fire fighters however remained on the ship to handle possible rekindle of the blaze.

    At the same time, efforts are underway to prevent pollution of the sea from possible leakage of crude oil.

    A police spokesman told CNA today that the fire began from the ship's engine room.

    Around 700 passengers and crew were evacuated to safety on Saturday after fire broke out on the ship in the early hours, 70 nautical miles off Cyprus. The ship was returning to the island from Port Said, Egypt.

    The "Romantica", listing at 20 degrees, has been taken to shallow waters outside Limassol Port to prevent it from sinking.

    Police took statements from the ship's captain and the owners and investigations continue.

    CNA EC/MCH/1997

    [06] Cyprus repeats invitation to T/Cypriots for EU talks

    Nicosia Oct 7 (CNA) -- Foreign Minister Ioannis Kasoulides repeated the government's invitation to Turkish Cypriots to participate in accession negotiations with the European Union.

    Speaking at a press conference after talks with EU foreign ministers in Luxembourg, Kasoulides said "the invitation still stands, despite the fact that the first reaction of the Turkish Cypriot leader was negative."

    The government has asked the Turkish Cypriots to join the Cyprus delegation which will negotiate the Republic's entry to the EU. Talks are due to start in April next year.

    Turkish Cypriot leader Rauf Denktash has called on the EU to halt accession negotiations with Cyprus warning he would not participate in any peace talks for a solution of the Cyprus question.

    The Minister told his EU counterparts Cyprus, as an EU member, could act as a bridge between the EU and East Mediterranean to further develop ties between them.

    Kasoulides said Cyprus is ready to contribute to Albania's economic reconstruction and wishes to contribute to EU involvement towards this goal.

    CNA MM/MCH/1997

    [07] US envoy hosts business meeting on Cyprus

    Nicosia Oct 7 (CNA) -- Cyprus' business and banking systems and its services and facilities to the business community came under scrutiny today by prominent US businessmen, who attended a business lunch hosted by Presidential Emissary Richard Holbrooke in New York.

    Present at the lunch, in honour of Cyprus President Glafcos Clerides, were Finance Minister Christodoulos Christodoulou, the Governor of the Central Bank Afxentis Afxentiou and 16 distinguished Americans.

    Christodoulou described the meeting as "very interesting" and said Americans were given a full briefing about the Cypriot economy.

    "I believe we have laid the foundations to enable American investment in Cyprus to flourish on the island and through Cyprus to the region," he said.

    US businessmen enquired about the local legislation and facilities available to the business and banking sectors.

    CNA MM/MCH/1997
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