Cyprus News Agency: News in English (PM), 98-01-24

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

CONTENTS

[01] Occupation regime released Greek national

[02] Air base ready for operation

[03] Measures to boost Cyprus Stock Exchange

[04] President Clerides flies to Athens

1020:CYPPRESS:01

[01] Occupation regime released Greek national

George Kantarakis, 32, from the Greek island of Santorini, was apprehended by Turkish occupation troops on January 8 in the outskirts of the capital Nicosia.

The UN peace keeping force in Cyprus handed him over to the Cyprus police late Friday afternoon at the Ledra Palace checkpoint, in Nicosia.

The puppet regime in the northern area of Cyprus, occupied since the 1974 Turkish invasion of the island, is still illegally holding another Greek national, Spyros Lilles, since December 21.

Lilles, 24, from Larisa, had strayed into the Turkish occupied areas in the early hours of the morning after a night out drinking.

CNA MA/RG/1998

ENDS, CYPRUS NEWS AGENCY

1345:CYPPRESS:02

[02] Air base ready for operation

The base, expected to be named after late Greek Premier Andreas Papandreou, was officially handed over today to the Defence Ministry, by the construction company.

There was no political representation at the handing over of the base.

Its formal inauguration will not take place until after the presidential elections to be held in the Republic, February 8, the government has announced.

President Clerides has said he would propose to the Council of Ministers to name the base after Papandreou, to honour the late Greek Premier, who had conceived the idea of the joint defence pact between Cyprus and Greece, in 1993, and the construction of the air base.

In statements to "Machi" (Battle) daily newspaper today, President Clerides said when needed Greek military planes will use the base, to protect Cyprus' air space.

He stressed the base belongs to the government of Cyprus and was constructed with state funds, within the framework of the joint defence pact with Greece.

Government Spokesman, Manolis Christofides, has stated that Greece, which has guaranteed Cyprus' independence, would be able to use the base in compliance with its obligations under the 1960 treaties of guarantee and alliance.

Cyprus gained independence from British colonial rule in 1960. Turkey, Greece and Britain guaranteed the island's independence, sovereignty and territorial integrity.

Turkey invaded the Republic in 1974 and has since been occupying 37 per cent of its territory, in violation of numerous UN resolutions calling for the withdrawal of the Turkish occupation troops.

To boost its air defence the government of Cyprus decided in January 1997 to buy the Russian-made S-300 surface-to-air missiles.

The Turkish side has threatened not to allow the S-300 to be deployed here and said it would upgrade the occupation forces when the Paphos base begins operation.

Turkish Cypriot leader Rauf Denktash warned the Turkish side would "break the wings" of any planes taking off from the base.

CNA SS/MA/GP/1998

ENDS, CYPRUS NEWS AGENCY

1300:CYPPRESS:03

[03] Measures to boost Cyprus Stock Exchange

President Clerides was addressing a Cyprus - Greece Stock Exchange Symposium in Nicosia attended by officials, stockbrokers and investors from both countries.

The meeting was organised by the Cyprus Stock Exchange Members Union, in cooperation with the Athens Stock Exchange Members Association and the Cyprus Chamber of Commerce and Industry. The one-day meeting is the under the auspices of Greek Ambassador to Cyprus Kyriacos Rodousakis.

President Clerides pledged three new bills would soon be tabled in the House of Representatives to deal with the measures aimed to upgrade CSE.

Through the first bill offshore companies will be able to invest in CSE listed companies' stocks, without loosing their special tax status while their income from these investments will not be taxed.

The second provides for a 50 per cent decrease in taxes paid by companies seeking to list in the CSE in the next five years, from the day their titles are introduced.

The third bill ensures that the cost of acquisition of newly-listed shares will be partly exempt from tax for four years instead of two years.

The President said the bills were expected to come into force in March and stressed the government was determined to upgrade the CSE.

President Clerides pointed out that the offshore regulations in Cyprus offer Greek businesspeople the opportunity to become more active in eastern Europe, the former Soviet Union republics and the Middle East.

Stressing the importance of the Nicosia meeting attended by some 30 Greek and 170 Cypriot delegates, President Clerides described relations between Cyprus and Greece as better than ever.

Greek Ambassador to Cyprus, Kyriakos Rodousakis, told participants the development of economic and political ties between Greece and Cyprus was more important than ever before because of developments in the region.

He underlined the importance for Greece and Cyprus to have healthy economies and expressed satisfaction with the fact that businesspeople from both countries had realised the advantage of the geographical position of their countries.

During the symposium there will be a review of the results of the Cypriot and Athens Stock Exchanges while companies will have the opportunity to elaborate on their operations.

CSE Chairman, Dinos Papadopoulos, said the main goal is upgrade CSE as a modern stock exchange in the eastern Mediterranean region.

Athens Stock Exchange Members Association Chairman, Panayiotis Contalexis, said in the past few years Athens has attracted foreign investors.

He said efforts were being made to have a modern and flexible stock exchange in Athens.

CNA MA/GP/1998

ENDS, CYPRUS NEWS AGENCY

1430:CYPPRESS:04

[04] President Clerides flies to Athens

The DISI party events will be held later today and tomorrow in the Greek capital.

President Clerides is scheduled to return to Cyprus Sunday evening.

Glafcos Clerides is the DISI founder and its first president until he was elected President of the Republic in February 1993.

Presidential elections will be held in Cyprus on February 8. Seven candidates are contesting the elections, including Clerides, who seeks re- election.

CNA MA/GP/1998

ENDS, CYPRUS NEWS AGENCY

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