Cyprus News Agency: News in English (PM), 98-07-28

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

CONTENTS

[01] Cyprus - Turkish violations

[02] Egyptian businessmen - Cyprus

[03] Cyprus Stock Exchange

[04] Russian ambassador - Missiles

[05] Cyprus Electricity Authority - Annual Report

1440:CYPPRESS:01

[01] Cyprus - Turkish violations

On these two days two Turkish military RF-4, two C-130, two G-4, one C- 160 and one C-235 entered the northern Nicosia FIR region, in violation of international air traffic regulations, the Cyprus Permanent Mission to the UN told Secretary-General, Kofi Annan, in a letter dated July 23.

According to the letter, signed by Charge d' Affaires Agis Loizou, the two RF-4 flew over the area of Karpasia and the C-235 flew over the area of the cave of Apostolos Andreas, in the eastern tip of the island, before returning to the Ankara FIR.

The two C-130, one C-160 and two G-4, landed at the illegal airports of Lefkoniko and Tympou, in the areas of the Republic occupied by Turkish troops since 1974, before returning to the Ankara FIR.

The ten NF-5s, that had landed at the illegal airport of Lefkoniko on July 18, also protested by the government, returned on July 21.

The mass violations by Turkish military planes occurred during celebrations in the occupied areas of the Republic, on the occasion of the 24th anniversary of the Turkish invasion.

In its letter to the UN the government also notes that these unauthorised intrusions are "in contravention of the provisions of the Security Council resolutions on Cyprus, which state that such overflights increase political tension on the island and undermine efforts towards achieving a final settlement".

CNA MA/GP/1998

ENDS, CYPRUS NEWS AGENCY

1445:CYPPRESS:02

[02] Egyptian businessmen - Cyprus

The Egyptian interest was expressed during a meeting here today between Cyprus Chamber of Commerce and Industry (KEVE) President Vassilis Rologis and a delegation of business representatives from Egypt.

Rologis said afterwards that "Egyptian businessmen are strongly interested in making Cyprus their base through which to have access to the European Union."

According to Rologis, the two sides agreed to have more contacts in the future to help materialise this idea.

The KEVE President said they discussed the possibility of organising a seminar in Cyprus to bring Cypriot and Egyptian businesspeople together.

CNA DG/GP/1998

ENDS, CYPRUS NEWS AGENCY

1425:CYPPRESS:03

[03] Cyprus Stock Exchange

   CSE General Index                          83.48 (-0.02)

   Traded Value            CYP 636,026

   Sectural Indices

   Banks                   CYP   385,577      98.43 ( 0.07)
   Approved Investment
   Companies               CYP    43,711      58.43 (-0.05)
   Insurance Companies     CYP    20,629      57.56 ( 0.68)
   Manufacturing Companies CYP    14,538      76.05 (-0.29)
   Tourism Companies       CYP    30,524      69.09 (-0.48)
   Trading Companies       CYP    31,761      39.62 (-0.58)
   Other Companies         CYP    14,470      70.40 (-0.78)

CNA MA/1998

ENDS, CYPRUS NEWS AGENCY

1500:CYPPRESS:04

[04] Russian ambassador - Missiles

"No self-respecting country will give in to pressure," Mouradov said, after a meeting with Under-Secretary to the President, Pantelis Kouros.

A number of foreign governments have expressed disagreement with a Cyprus government decision to purchase the Russian-made S300, expected to be deployed later this year in a bid to boost the island's air defence, in case of a new Turkish offensive.

"This pressure should stop because it is in flagrant opposition to the rules of international law and the spirit of the existing cooperation between our country and western countries," Mouradov said.

He described pressure exerted as a violation of Cyprus' and Russia's right to develop their cooperation in any field, including military and technical cooperation.

"In order to protect our sovereign rights we should not pay any attention to moves by those who do not want us to develop our cooperation with the Cyprus Republic in the military and technical fields," the Russian diplomat added.

He reminded that Russian President Boris Yeltsin recently reassured President Glafcos Clerides that Moscow would fulfill its obligations stemming from the S300 deal.

Mouradov said Russia is satisfied with its cooperation with the Cyprus government and said he discussed with Kouros cooperation with the Moscow municipality in the economic and cultural fields.

CNA AA/MA/GP/1998

ENDS, CYPRUS NEWS AGENCY

1510:CYPPRESS:05

[05] Cyprus Electricity Authority - Annual Report

Speaking at a press conference to present EAC's 1997 Annual Report, Constantinides pointed out the Authority is very confident of facing competition successfully, in case the government decides to liberalise the electricity market.

Constantinides described the Authority's financial position as "very satisfying", adding that it allows the organisation to finance its "ambitious development plan with its own funds and loans from abroad with favourable terms".

After deducting taxes, EAC's operating surplus in 1997 reached 21,9 million Cyprus pounds, Constantinides noted (one Cyprus pound is equal to 1, 9 US dollars).

He said sales of electricity last year reached 114,8 million pounds, representing a 6,2 per cent increase, compared to those in 1996.

"We are quite satisfied knowing that the EAC is in a position to respond effectively to its mission which is to provide safe, reliable and sufficient electric energy supply to our consumers at the lowest possible prices", EAC Chairman pointed out.

"Our aim is to provide services of a high standard, which will meet the needs and expectations of our customers, paying due respect to the environment and health and safety of the public", he added.

Referring to the Authority's ten-year development plan, he said the new oil-fired power station at Vassiliko, on the island's southern coast, is under construction and its first unit is expected to be operational late next year.

Constantinides praised the skills of the Authority's 1869 employees, saying they constitute its most valuable asset.

Referring to EAC's environmental policy, he said the environment is very vital to the Authority, which has introduced a number of measures in a bid to minimise pollution from its power stations.

The EAC is a state monopoly in electricity supply but in view of Cyprus' European course, there is much speculation over its future.

Cyprus, along with other five countries, started accession negotiations with the European Union in March 1998.

CNA GG/GP/1998

ENDS, CYPRUS NEWS AGENCY

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