Cyprus News Agency: News in English (PM), 98-09-07

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

CONTENTS

[01] National Council - Discussion to continue

[02] Central Bank - German Offshore Bank

[03] Finance Minister - Ambassador of Russia - economic relations

[04] Indian delegation - Cyprus - economic co-operation

1450:CYPPRESS:01

[01] National Council - Discussion to continue

The National Council, the top advisory body to the President on the Cyprus problem, began discussing a proposal by the Turkish Cypriot side for the establishment of a confederation of two states in Cyprus, already rejected by the government and the political leadership.

Government Spokesman Christos Stylianides announced after the meeting that the discussion on how to react to the proposal will continue tomorrow.

The proposal, put forward by Turkish Cypriot leader Rauf Denktash last week, was criticised by the five permanent members of the UN Security Council, who noted it was contrary to Council resolutions on Cyprus. They also recalled that the peace effort in Cyprus aims at establishing a federation.

"All but one of the political party leaders today outlined their positions on the issues discussed, which focused on Denktash's proposal for confederation and our reaction to it," he said.

Stylianides refrained from elaborating until the political leaders conclude their discussions.

He said the President informed the political leaders on his meetings in South Africa last week, on the sidelines of the Non-Aligned Movement summit, including a meeting with UN Secretary-General Kofi Annan with whom he discussed the Turkish proposal and latest developments in Cyprus.

Invited to comment on press reports that some countries are encouraging Denktash, the Government Spokesman said "we were expecting a more forceful and condemning stance from many countries."

However, he said the government hopes and will try to secure a more condemning position at a later stage.

CNA RG/MA/MM/1998

ENDS, CYPRUS NEWS AGENCY

1700:CYPPRESS:02

[02] Central Bank - German Offshore Bank

According to an official announcement, after the license given today the number of offshore banks operating from within Cyprus rise to 33, whereas five other foreign banks maintain Representative Offices in Cyprus.

DePfa Banke is considered among Europe's most active banks as regards public sector financing and is ranked as the fifteenth largest bank in Germany.

It will operate from within Cyprus as an offshore unit with a capital base of 100 million US dollars and will deal only in foreign currencies and transact business only with other offshore and non-resident companies as well as non-resident persons.

DePfa will be subject to the supervision and inspection of the Cyprus Central Bank in addition to the supervision of the Federal German Supervisory Office.

According to the announcement other foreign banks have expressed a similar interest to establish an offshore presence in Cyprus and more banking business licenses are expected to be granted in the near future.

CNA MA/MCH/1998

ENDS, CYPRUS NEWS AGENCY

1835:CYPPRESS:03

[03] Finance Minister - Ambassador of Russia - economic relations

Christodoulou was speaking after a meeting with the Russian Ambassador to Nicosia, Georghi Muratov, who expressed optimism about the progress made towards the renewal of the treaty for the avoidance of double taxation between the two countries.

Christodoulou said he discussed with Muratov the issue of the renewal of the treaty, noting that the history of relations between the two countries shows that "an agreement can be reached, even on the most difficult isuues".

He explained that the issue of taxation of interest of investments is still to be resolved, adding however "it would be inconceivable not to reach an agreement promoting the two countries' interests".

Finance Minister said his Russian counterpart's visit to Cyprus could take place in October instead of this month due to political developments there.

The issue of the double taxation treaty was scheduled to be the main part on the agenda of the Russian Minister's visit here.

Christodoulou said that in view of a possible postponement of the Russian Minister's visit, it was decided in today's meeting that talks on the double taxation treaty could go ahead between ministry officials from the two countries.

On his part Muratov said "there is no stalemate" on the issue of the renewal of the treaty, adding the two countries' positions are already "very close to each other".

It is a matter of time to reach an agreement which would promote the two countries' interests, he pointed out.

According to Christodoulou, 20 billion US dollars are invested in Russia through Cyprus yearly.

CNA GG/MCH/1998

ENDS, CYPRUS NEWS AGENCY

1940:CYPPRESS:04

[04] Indian delegation - Cyprus - economic co-operation

The three-member strong Indian delegation will hold meetings with Minister of Commerce, Industry and Tourism Nicos Rolandis and the Permanent Secretaries of both the Ministries of Agriculture, Natural Resources and Environment and of Communications and Works.

The agenda of the talks includes the existing relations between the two countries and the search for ways to strengthen them in the fields of trade, industry, tourism, transport and agriculture.

CNA GG/MCH/1998

ENDS, CYPRUS NEWS AGENCY

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