Cyprus News Agency: News in English (AM), 97-02-11

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Five more autologus bone marrow transplants are planned

[02] Cyprus fourth investor in Russia

[03] Cyprus Stock Exchange

1315:CYPPRESS:01

[01] Five more autologus bone marrow transplants are planned

Nicosia General Hospital Specialist Physician and Medical Oncologist, Adamos Adamou, told CNA Tuesday that two more autologus bone marrow transplants will be carried out at the "Makarios" Hospital, in Nicosia, at the end of this month and three more will follow in April.

Adamou said a medical team will, in the first place, operate on two young women, aged 28 and 29, who suffer from locally advanced breast cancer (10 or more positive axillary lymph nodes). In both cases, he added, a pre- transplant intensive chemotherapy has been completed.

All transplants will be carried out by a 20-member medical team, headed by Adamou, which also includes three Hematologists, one of them specialised in bone marrow transplants, Immunologists, a Microbiologist specialised in immunosuppressed patients, Hematology technicians, pharmacists specialised in parenteral feeding and microbiology technicians.

Adamou said the team will constantly be in touch with specialists at the Papanikolaou Hospital Hematological Department, in Salonica, Greece, where bone marrow transplants are being carried out. If the need arises, he added, they will immediately make it to Cyprus.

The Cypriot Oncologist said three more autologus bone marrow transplants will be carried by the team, in April, also on women suffering from locally advanced breast cancer.

Autologus are the transplants in which the patient's own bone marrow is being transplanted, after the patient received high-dose intensive chemotherapy - up to 40 times higher than the normal dose to kill even the last cancerous cell.

The bone marrow is being collected so that it will not be affected by chemotherapy and then its being transplanted back to the patient, he explained.

The first successful bone marrow transplant in Cyprus was carried out on November 20, 1996, on a five-year-old girl, whose condition Adamou described as "excellent".

At a press conference, last December, after the first transplant started to function producing satisfactory blood elements, Health Minister Manolis Christofides said the transplant was an important step in the medical history of Cyprus, in terms of scientific, social and economic development.

He added that patients will be spared from going abroad for such treatment, along with relatives, which caused serious family, financial and psychological problems.

The state would save 1.5 million Cyprus pounds (3 million US dollars) a year, he added.

CNA AP/GP/1997

ENDS, CYPRUS NEWS AGENCY

1330:CYPPRESS:02

[02] Cyprus fourth investor in Russia

Nicosia, Feb 11 1997 (CNA) -- Cyprus ranks fourth among countries which have directed funds to Russia, in the first nine months of 1996.

According to the Russian State Statistics Committee, Switzerland gained first place having invested, 968 million US dollars followed by The Netherlands (954 m.), the United States (882 m.) and Cyprus (434 m.). The tiny state of Liechtenstein was placed in 9th position with 74,5 m.

The appearance of certain "small" countries in high positions of the above ranking, provoked comments by Russian financial analysts, concerning the source of the funds, i.e. whether the movement of capital represents pure repatriation of Russian capital, which had been sent abroad.

It is said that this repatriation justifies the fact that foreign investments in Russia were in 1996, three times those of 1995.

Cyprus is today a "base" of Russian-owned offshore companies with more than 2000 companies and 17 banks. It is also regarded as an "entry point" for foreign companies aiming at investing in the Russian market.

One of the main reasons of Cyprus' success in attracting offshore companies, is its tax legislation towards these companies. Their tax rate in the island is 4,25 per cent whereas the corresponding rate in Russia is 35 per cent for companies and 43 per cent for banks.

In view of the significant tax rate differences, the Russian authorities are now seeking a new agreement for the abolition of double taxation, which defines the status of offshore companies in Cyprus.

Cyprus acknowledges the need for a new agreement in light of the political developments in the former USSR and it seems that the two countries, Russia and Cyprus, are close to such an agreement.

Speaking to CNA, the Russian Trade Representative in Cyprus, Valentin Stepanov, said his country welcomes Cyprus' contribution to modernising the Russian economy. He also said that foreign investments are essential to his country's economy since they lead to economic upturn.

Referring to the source of capital moving from Cyprus to Russia, Stepanov said "it is true that Russian business people have transferred funds from their country to various destinations, including Cyprus.

A part of these funds are now returning to Russia, but we are not in position to know the volume of this part." According to the Russian official, the number of Russian-owned offshore companies in Cyprus, is around two thousand.

Stepanov confirmed that negotiations aiming to adapt the "the abolition of double taxation agreement" between Russia and Cyprus, to the new international financial context, are under way.

He said already "we have reached an agreement on two thirds of the clauses."

Answering a relevant question, Stepanov denied that the Russian Federation is seeking a "special status" for Russian-owned offshore companies on the island.

CNA GG/GP/1997

ENDS, CYPRUS NEWS AGENCY

1450:CYPPRESS:03

[03] Cyprus Stock Exchange

CSE All Share Index                    76.20 (-0.34)

Sectural Indices

Banks                                  86.22 (-0.98)
Approved Investment Companies          66.97 (+0.12)
Insurance Companies                    57.20 (+4.97)
Industrial Companies                   73.14 (-0.93)
Tourist Industries                     64.56 (+0.56)
Commercial Companies                   52.29 (-1.02)
Other Companies                        59.30 (-0.30)

Trading Volume                         CYP 577435.565

CNA MM/1997

ENDS, CYPRUS NEWS AGENCY

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