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Cyprus News Agency: News in English (PM), 97-10-17

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

From: The Cyprus News Agency at <>


  • [01] Spokesman on Annan
  • [02] Cyprus Stock Exchange
  • [03] EU Commisioner on Turkey's ties with Union
  • [04] Kasoulides on flights
  • [05] Cyprus Airways marks 50th anniversary
  • [06] Credit Swiss fully fledged offshore unit

  • 1525:CYPPRESS:01

    [01] Spokesman on Annan

    Nicosia Oct 17 (CNA) -- The government shares the view of UN Secretary- General, Kofi Annan, that tension in and around Cyprus should be reduced to avoid a confrontation.

    The government also stresses this tension necessitates a speedy resolution of the Cyprus question because the absence of a solution poses danger.

    "The government considers the UN Secretary-General's statement falls within his competencies and rights", Government Spokesman, Manolis Christofides, said at his daily briefing today.

    He also indicated it was about time Turkey stopped being so provocative as it has done in the past few days when it violated repeatedly Cyprus' and Greece's air space and harassed the military aircraft carrying Greek Defence Minister to and from Cyprus.

    Annan expressed "concern" about reports of increased tension in and around Cyprus and the Eastern Mediterranean, following belligerent rhetoric from the Greek and Turkish Cypriot communities, Greece and Turkey.

    The UN chief "strongly urges all parties to act in accordance with recent Security Council resolutions".

    "It is important to note that existing tension warrants a speedy settlement in Cyprus and efforts towards this goal should be intensified as Turkey has now revealed its designs", Christofides said.

    Turkey, he added, has made it clear it does not want a Cyprus solution and stressed it is high time a solution is sought through decisive tactics.

    Annan's comments came after a week long exchange of words of war between Greece and Turkey during the annual military exercises Cyprus' armed forces conducted with the participation of Greek air and naval forces. Turkey responded with repeated incursions into Cypriot and Greek air space.

    "We have the right to carry out army manoeuvres and this is what we did in cooperation with one of the guarantor powers, Greece, which has guaranteed our independence and territorial integrity", the Spokesman said.

    CNA MM/RG/1997

    [02] Cyprus Stock Exchange

    Nicosia, Oct 17 (CNA) -- The Cyprus Stock Exchange (CSE) All Share Index closed at today's stock exchange meeting as follows:
    CSE All Share Index                    76.79 (-0.19)
    Highest: 82.46 (2/1/97)
    Lowest : 73.90 (30/1/97)
    Sectural Indices
    Banks                                  87.75 (-0.32)
    Approved Investment Companies          63.11 (+0.10)
    Insurance Companies                    57.48 (-1.46)
    Industrial Companies                   74.25 (+1.59)
    Tourist Industries                     64.13 (-0.82)
    Commercial Companies                   45.20 ( 0.00)
    Other Companies                        58.05 (-0.33)
    Trading Volume                         CYP 533577.265
    * The difference in brackets represents the percentage increase (+) or decrease (-) of the index from the previous stock exchange meeting.
    CNA MM/1997

    [03] EU Commisioner on Turkey's ties with Union

    Nicosia, Oct 17 (CNA) -- European Union Commissioner for External Affairs, Hans Van den Broek, said Turkey's relations with Greece and its role in the Cyprus problem influence the country's links with the Union.

    In a speech he delivered in Bucharest, titled "On The Road To Enlargement", Van den Broek said the EU is "making considerable efforts to strengthen relations with Turkey and to seek a resolution of the Cyprus question".

    Van den Broek also stressed it is clear that "relations with Greece, as well as its role in the settlement of the Cyprus question and the issue of human rights in Turkey, influence the quality of Turkish relations with the EU".

    He also mentioned "the important geopolitical and strategic factors which favour Turkey's integration into the European family", and pointed out that "the EU's customs union, established in 1995, is a significant step in that direction".

    CNA NB/RG/MM/1997

    [04] Kasoulides on flights

    Nicosia, Oct 17 (CNA) -- Minister of Foreign Affairs, Ioannis Kasoulides, said the Republic's Civil Aviation and the National Guard have "satisfactory technological systems which can provide accurate scientific evidence of violations" of the island's airspace by Turkish warplanes.

    His comments came in response to a statement by a US State Department spokesman that the US is not certain it has the technical capability to confirm that Turkish warplanes harassed a military aircraft carrying Greek Defence Minister to and from Cyprus, in the past few days.

    Kasoulides said Britain made representations regarding flights by two Greek F-16s over British Bases' airspace.

    "The Ministry of Foreign Affairs has requested further details regarding the exact time, height and exact position of the aircraft involved in the incident," Kasoulides said.

    Kasoulides said the Republic of Cyprus, which invited Greek Air Force F- 16s to participate in the recent military exercise on the island, had never intended to create any security or telecommunications problems with the British Bases, the UK has retained since it granted Cyprus its independence in 1960.

    Commenting on reports that Turkish fighters flew over the south coast of Cyprus, Kasoulides said such information exists, but has not been discussed with Britain yet.

    Replying to questions on rising Greco-Turkish tension in the past few days, Kasoulides said "the government does not share the view that there is tension on the island."

    He said the annual military exercises were carried out as usual and pointed out the difference this year was "Turkey's provocations, off Cyprus' coast."

    Kasoulides said this "gave the opportunity to the Greek airforce to prove it is in a position to handle such provocations and proved that the joint defence dogma between Greece and Cyprus is in effect."

    Asked to comment on the upcoming meeting between the Greek and Turkish Prime Ministers in Crete, Kasoulides said Cyprus "is following developments on the relations between Greece and Turkey, regarding Greco-Turkish issues and we are ready to support any move the Greek Government deems necessary, which will have positive effects on Cyprus".

    Regarding Turkish statements that they lifted a ban on flights over Cyprus, Kasoulides said "the Turks have never kept any promise they made to the United States".

    He pointed out that "we unilaterally stated that during the period of the talks, until September this year, we would not invite the Greek Airforce to fly over the Republic of Cyprus", noting that Cyprus kept its part of the deal.

    The US Administration, he said, informed us that the Turkish government promised it would do the same, which it didn't.

    "We are not naive, there was never a moratorium between us (Turkey and Cyprus)", he said, adding that such views prove that the Turkish side is not trustworthy.

    CNA RG/MM/1997

    [05] Cyprus Airways marks 50th anniversary

    Nicosia, Oct 17 (CNA) -- President Glafcos Clerides has called on the national carrier to start operating effectively to meet competition and has praised the company's contribution to the island's number one money making industry, tourism.

    In his address to mark 50 years since Cyprus Airways was set up, the President said "it is high time to plan and implement those measures that will enable Cyprus Airways to operate in the same effective manner as the successful companies they are competing with".

    President Clerides also said Cyprus' national airline needs to become competitive "so as to march along the path of progress and development, ready to face the challenges of the 21st century."

    He furthermore expressed his confidence that with the cooperation of everybody - the Board, Management and staff and the support of the government - the conditions will be created for another successful 50 years.

    "By linking Cyprus with many destinations abroad, Cyprus Airways has set up numerous communication links with many countries which are indispensable for the progress of our country and for keeping abreast with developments in many fields", Clerides stressed.

    He also added that the company's contribution to the tourist industry, the driving force of our economy, is of "decisive importance."

    On his part, the President of the Board of Cyprus Airways Takis Kyriakides said Cyprus Airways can be proud of the 50 years of its life and services.

    He noted the era of certainty and security for Cyprus Airways belongs to the past and added "we will also face this challenge of the new liberalised and competitive environment with the necessary wisdom and the readiness for courageous decisions and radical solutions so as to give Cyprus Airways the necessary tools for surviving and developing".

    As Kyriakides noted the first aircraft Cyprus Airways had back in 1947 were three small Dakotas, with 63 seats in total.

    Today Cyprus Airways has 12 Airbus with a capacity to carry 2,300 passengers and flies to 65 destinations in 23 countries, whereas in 1947 it flew only to 6 destinations in neighbouring countries.

    Kyriakides also said the airline carries more than 1.5 million passengers every year. During its first operating year Cyprus Airways offered its services to 6738 passengers.

    CNA MK/MM/1997

    [06] Credit Swiss fully fledged offshore unit

    Nicosia, Oct 17 (CNA) -- The Governor of the Central Bank of Cyprus, Afxentis Afxentiou today amended the existing banking business licence of Credit Suisse First Boston of Switzerland of the Credit Suisse Group, allowing it to establish a fully fledged Offshore Banking Unit in Cyprus.

    According to a press release, under the amended licence Credit Suisse First Boston (Cyprus) Ltd will proceed to establish physical presence in Cyprus by opening a fully staffed administrative office.

    Credit Suisse First Boston (Cyprus) Ltd will deal only in foreign currencies and transact business only with other offshore and non - resident companies as well as non - resident persons.

    Credit Suisse First Boston (Cyprus) Ltd will be subject to the supervision and inspection of the Central Bank of Cyprus, in addition to the supervision of the supervisory authorities of Switzerland.

    Credit Suisse First Boston (Cyprus) was originally licenced to operate as an "Administered Banking Unit" without having a physical presence on the island, its day to day operations and and administation being vested, on the basis of a management agreement, with another bank in Cyprus.

    CNA MK/MM/1997
    Cyprus News Agency: News in English Directory - Previous Article - Next Article
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