Cyprus News Agency: News in English (PM), 97-10-22

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

CONTENTS

[01] Cyprus Stock Exchange

[02] New US Documentation Centre opens

[03] US stresses need for constructive activity

[04] Bank of Cyprus six-monthly results

1555:CYPPRESS:01

[01] Cyprus Stock Exchange

CSE All Share Index                    76.82 (-0.32)

Highest: 82.46 (2/1/97)
Lowest : 73.90 (30/1/97)

Sectural Indices

Banks                                  87.81 (-0.42)
Approved Investment Companies          62.67 (-0.13)
Insurance Companies                    56.93 (+0.16)
Industrial Companies                   74.28 (-0.58)
Tourist Industries                     64.65 (-0.19)
Commercial Companies                   44.56 (-0.74)
Other Companies                        59.24 (+0.89)

Trading Volume                         CYP 452828.852

CNA MA/1997

ENDS, CYPRUS NEWS AGENCY

1810:CYPPRESS:02

[02] New US Documentation Centre opens

"This is really a big step because we move from the old technology of books and paper to modern technology and information access," Brill told guests at the centre.

New technology, he said, would give access to information available in libraries in the US and other locations.

"This truly opens new business for people in Cyprus through the ADC," he added.

CNA MM/MA/1997

ENDS, CYPRUS NEWS AGENCY

1730:CYPPRESS:03

[03] US stresses need for constructive activity

Holbrooke has said the US made a mistake in not accepting that Turkish aircraft harassed the plane of the Greek Defence Minister last week and called Turkey's act "unacceptable."

"Dick (Holbrooke) expressed his views very clearly but I think that we all want to move on from this and start engaging in constructive activity," Kenneth Brill told the press today.

The US, he said, wants to "promote a negotiating process and get people to focus on the core political issues and not on military activities."

He warned that military talk "is not good for Cyprus either economically or politically."

"It is time for very serious work and time to take advantage of some of the opportunities that are out there, particularly next year," the ambassador said.

He said Holbrooke is "determined on finding a way to move the Cyprus issue forward in a constructive political sense and coming towards a settlement."

Replying to questions, Brill said the Presidential Emissary will tell Turkish Cypriot leader Rauf Denktash at their forthcoming meeting in the US that "we need to focus on how to find a way ahead."

The ambassador said the US considered there was a moratorium of flights over Cyprus, which ended with the overflights during the annual military exercise Cyprus conducted with the participation of the Greek armed forces.

Turkish aircraft repeatedly violated Cyprus' and Greece's air space during the manoeuvres held October 10-14.

The government of Cyprus announced unilaterally earlier this year there would be no military flights over the island until September, to help efforts for a settlement to the Cyprus problem.

The government was informed by the US that Turkey had made similar promises to them.

"We think that frankly the situation was better then than it is now," the ambassador said.

Tension was heightened last week following the Turkish violations and the harassment of a Greek C-130 carrying the country's Defence Minister during his trip to and from Cyprus.

CNA MM/MA/1997

ENDS, CYPRUS NEWS AGENCY

2000:CYPPRESS:04

[04] Bank of Cyprus six-monthly results

"Operating profit reached 22.1 million Cyprus pounds (one pound is about two US dollars), compared to 20.1 m. for the corresponding period of 1996, an increase of 10,2 per cent," he said presenting the Group's results.

Pre-tax profit reached 16,8 m. compared to 15,2 m. in 1996, he said and noted that 1997 results were "significantly better than expected."

Conservative estimates, he added, indicate that the Group's operations in Greece currently have a capitalisation value of about 100m.

Outlining the Bank prospects for 1998, Triantafyllides said he expects the year to run smoothly provided there will be no uncertainty in the political front.

"I would expect the Group's profits to record a satisfactory increase," he added.

He said a report by the international office "Salomon Brothers" says the Bank compares favourably with big private banking institutions in Greece.

The Bank operates 10 branches in Greece, set up ABC Factors jointly with Alpha Credit Bank, introduced private banking and in early 1997 the Bank of Cyprus leasing was formed.

The chairman said the Bank intends to operate representative offices in Moscow and Belgrade, the first time the Group ventures into areas where there is no Cypriot or Greek community.

Triantafyllides called for the liberalisation of interest rates and foreign exchange and added "we believe that state interventions in many sectors must be minimised."

CNA MM/MA/1997

ENDS, CYPRUS NEWS AGENCY

CNA ENDS

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