Athens News Agency: Daily News Bulletin in English, 99-07-01

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Greece, Turkey agree to hold talks on several issues

[02] Olympic Airways endorses British management deal

[03] Gov't launches new public debt division

[04] Central bank may order new curbs on consumer loans

[05] Agricultural Bank of Greece gets ready for bourse entry

[06] Labour rights to stay intact in water board sale

[07] Stocks show gains in H1 window dressing

[08] Minoan Flying Dolphins to hold share cap rise

[09] Keranis plans to buy cigarette plant in FYROM

[10] Klonatex gets shareholder OK for syndicated loan

[11] Capital market official blasts bourse speculators

[12] Epiphania-Intertyp to hold rights issue

[13] Athens Foreign Exchange

[14] Stephanopoulos begins official visit to Lithuania

[15] Russian troops destined for Kosovo to travel via Greece

[16] Papadopoulos buried in Athens

[17] Upgrades at Macedonia Airport

[01] Greece, Turkey agree to hold talks on several issues

NEW YORK, 01/07/1999 (ANA - M. Georgiadou)

Foreign Minister George Papandreou made the announcement after two-hour talks with his Turkish counterpart Ismail Cem.

The two ministers met on the sidelines of a UN-sponsored focusing on Kosovo.

"As you are aware, I had the opportunity today, following an exchange of letters between the two countries, to meet Mr. Cem at my own invitation.

"The purpose of this meeting was for us to exchange views on the two letters and explore whether a level of cooperation exists in certain sectors. We decided that separate meetings will take place between senior officials of the two ministries on the issues which we have listed in our letters.

"In these frameworks, provided there is a possibility of cooperation, we will embark on bilateral cooperations on these issues. This will be ascertained in about a month, to enable us to see after the meetings between the senior officials will have taken place," Mr. Papandreou said.

"We also decided that we must strengthen our cooperation at a multipartite level, particularly in the Balkans and the Black Sea. Specifically for the Balkans, in the framework of the Stability Pact, the two countries could cooperate on issues concerning the reconstruction of the Balkans, and on this issue in particular, our two business communities must cooperate," he added.

Replying to a question on terrorism, Mr. Papandreou said:

"We have stressed that all the issues which we have listed are an object of discussion. We, as we have repeatedly stressed, approach the issue of terrorism in the framework of existing treaties, in the framework of our multipartite cooperation and in the framework of our commitments at the Council of Europe for human rights and democratic processes. This does not rule out a discussion, opening on the issues related to organised crime, drug trafficking, illegal immigration and the issue of terrorism."

On his part, Mr. Cem said that he had a "constructive" with Mr. Papandreou, adding that "we have made a step towards the right direction."

"We agreed on separate meetings by our high officials of our ministries on tourism, and how we can work together; on environment; on terrorism and related subjects, such as organised crime, drug trafficking and illegal migration; and on trade," Mr. Cem said.

"The high officials of our two ministries will meet and examine whether there are possibilities to conclude bilateral, even multilateral agreement, on these issues in the framework of a comprehensive cooperation...we both wish these meetings start as soon as possible and we have decided to give orders to our officials to organise these meetings before the end of July 1999," the Turkish FM said.

"Without raising high expectations, without being assertive...I consider this a positive step in the right direction."

Asked specifically about Cyprus, Mr. Cem said they had a "general tour d' horizon" but without serious discussion of topics other than the five he mentioned.

Athens News Agency

[02] Olympic Airways endorses British management deal

Athens, 01/07/1999 (ANA)

The board meeting to debate the contract was interrupted when OA workers protesting the deal occupied company offices.

Resuming the session in the premises of a state-owned bank, the board's members unanimously endorsed the deal, which also gives British Airways an option to buy up to 20 percent of Olympic.

The board's three staff representatives were absent.

A 24-hour general strike by Olympic Airways employees began at midnight and is expected to severely disrupt both international and domestic flights.

The workers called the strike last week to protest the award of management to Speedwing.

A parliamentary committee is expected to approve the new managing director of Olympic Airways, Rod Lynch, tonight.

Athens News Agency

[03] Gov't launches new public debt division

Athens, 01/07/1999 (ANA)

Explaining the division to the country's primary dealers, who bid in auctions for state securities, Mr. Christodoulakis said its purpose was to manage the public debt more efficiently, and at a lower cost.

The department, to be named the Public Debt Organisation, was based on models abroad, he added.

The division's general director is Christoforos Sardelis with Spyros Papanikolaou as deputy general director.

Athens News Agency

[04] Central bank may order new curbs on consumer loans

Athens, 01/07/1999 (ANA)

"Due to the measures taken there was some containment of consumer loans in April and May, but not to the extent that we were seeking," Mr. Papademos told reporters after a meeting with the heads of the country's largest banks. He did not name the possib le measures, or say when they might be introduced.

Inflation seen at 2.1-2.2 pct in June : Mr. Papademos also said that consumer price inflation was likely to drop to 2.1-2.2 percent in June.

Efforts were still needed to bring inflation down to 2.0 percent and then consolidate below that level, he added.

The central bank governor declined to forecast when interest rates would resume their decline.

Athens News Agency

[05] Agricultural Bank of Greece gets ready for bourse entry

Athens, 01/07/1999 (ANA)

The moves would enable ATE to tap more effectively its extensive network in rural areas, governor Petros Lambrou told shareholders yesterday.

"Management's aim is to establish ATE as a credible financial institution and one of the main groups in the banking sector... Among its priorities is the bank's listing on the Athens Stock Exchange in 2001, as already announced," he said.

Mr. Lambrou also announced the creation of a holding company to better exploit the services of companies in which ATE is already a shareholder.

"The bank's capital adequacy is expected to improve markedly through a series of additional measures by the state owner, such as share-convertible bonds and a strategic alliance with a top foreign agricultural cooperative credit institution," he also an nounced.

The group posted zero profits in 1998.

Athens News Agency

[06] Labour rights to stay intact in water board sale

Athens, 01/07/1999 (ANA)

Addressing EYDAP's annual shareholders' meeting, Mr. Verelis said that the part-privatisation would begin on completion of studies being carried out, and talks with unions.

He added that water rates also would remain unchanged. The company's financial results were satistactory but management should improve services in line with customer complaints, Mr. Verelis said.

He also said that EYDAP would be urged to use its expertise abroad, especially in the Balkans.

Athens News Agency

[07] Stocks show gains in H1 window dressing

Athens, 01/07/1999 (ANA)

The general index ended 41.41 points higher at 4,031.64 reflecting gains in the banks sector.

Turnover was 153.120 billion drachmas with 26,877,578 shares changing hands.

The Investment and Holding sectors outperformed the market ending 2.69 and 3.32 percent higher respectively.

Other sector indices ended as follows: Banks (+1.86 pct), Leasing (-1.38 pct), Insurance (-0.36 pct), Construction (-1.90 pct), Industrials (-0.22 pct) and Miscellaneous (+0.77 pct).

The parallel market index for smaller capitalisation stocks ended 1.53 percent lower while the FTSE/ASE 20 index for heavily traded stocks and blue chips jumped 1.81 percent to 2,368.88 points.

Broadly, decliners led advancers by 166 to 122 with another 12 issues unchanged.

Vis, Thessaliki and Lambropoulos were the most heavily traded stocks.

Traders said the increased activity in bank shares was linked to efforts by banks to strengthen their balance sheets.

A total of 24 shares ended at the day's 8.0 percent limit up.

Anezoulakis Bros' share price ended 86.5 percent higher on its first trading day in the market.

National Bank of Greece ended at 20,600 drachmas, Alpha Credit Bank at 20, 300, Ergobank at 33,700, Ionian Bank at 16,100, Titan Cement at 29,000, Hellenic Petroleum at 2,865, Intracom at 20,300, Minoan Lines at 5,550, Panafon at 7,595 and Hellenic Telecoms at 6,750.

Bonds creep up in thin trade : Bond prices in the secondary market gained an average 50 basis points in light trade yesterday with markets in Greece and abroad waiting to hear whether US interest rates will rise.

Electronic trade totalled 19 billion drachmas from 36 billion drachmas in the previous session and 16 billion drachmas on Monday.

The ten-year bond showed a yield of 6.1 percent from 6.15 percent a day earlier.

The yield spread over German bunds was around 160 points from 164 basis points in the previous session and 167 basis points on Friday.

At the central bank's daily fix, the euro edged up against the drachma. It was set at 324,720 drachmas from 324.650 drachmas in the previous session.

Athens News Agency

[08] Minoan Flying Dolphins to hold share cap rise

Athens, 01/07/1999 (ANA)

Athens News Agency

[09] Keranis plans to buy cigarette plant in FYROM

Athens, 01/07/1999 (ANA)

The company told the Athens Stock Exchange in a letter that a contract for acquisition of the plant in Skopje was due for completion in the second half of July.

The buyout was part of a broader strategy of expansion in the Balkans, Keranis said.

Athens News Agency

[10] Klonatex gets shareholder OK for syndicated loan

Athens, 01/07/1999 (ANA)

The five-year loan would be used to raise the share capital of Naoussa Textiles, a subsidiary, by 41.6 billion drachmas.

Athens News Agency

[11] Capital market official blasts bourse speculators

Athens, 01/07/1999 (ANA)

Answering questions on new bourse legislation, Mr. Thomadakis said the market needed a more indicative method of shaping closing share prices.

He said the official close of a stock should be the average of a price fluctuation over 15-30 minutes and not the price of the last transaction, as currently.

Such a measure would enhance protection for investors and give a more accurate picture of the market.

Mr. Thomadakis said he was willing to cooperate with ESHEA, the national journalists' union, to devise a code of conduct on market reporting.

He said that only 10-15 shares, accounting for 0.006 of the market's capitalisation, showed signs of extreme volatility.

Athens News Agency

[12] Epiphania-Intertyp to hold rights issue

Athens, 01/07/1999 (ANA)

The proposal is due to be voted by a repeat general shareholders' meeting on July 14.

The company's chairman, Theodoros Kaloudis, told a shareholders' meeting yesterday that the merger of Epiphania and Intertyp was due to be completed in October, timed to coincide with the operation of its new plant in Athens.

He said Epiphania-Intertyp planned to expand in the information technology and multimedia markets following the acquisition of a majority stake in Neurosoft last January.

Mr. Kaloudis dismissed talk that Epiphania-Intertyp was a takeover target.

Athens News Agency

[13] Athens Foreign Exchange

Athens, 01/07/1999 (ANA)

Parities in Drachmas

Banknotes             Buying  Selling
US Dollar             311.924 319.157
Can.Dollar            211.375 216.276
Australian Dlr        206.272 211.054
Pound Sterling        491.417 502.811
Irish Punt            409.010 418.494
Pound Cyprus          557.742 570.674
Pound Malta           733.734 764.306
Turkish pound (100)     0.068   0.071
French franc           49.107  50.246
Swiss franc           200.949 205.609
Belgian franc           7.985   8.170
German Mark           164.699 168.517
Finnish Mark           54.177  55.433
Dutch Guilder         146.173 149.562
Danish Kr.             43.331  44.335
Swedish Kr.            36.801  37.654
Norwegian Kr.          39.720  40.641
Austrian Sh.           23.409  23.952
Italian lira (100)     16.636  17.022
Yen (100)             257.960 263.941
Spanish Peseta          1.936   1.981
Port. Escudo            1.607   1.644

Foreign Exchange      Buying  Selling
New York              311.924 319.157
Montreal              211.375 216.276
Sydney                206.272 211.054
London                491.417 502.811
Dublin                409.010 418.494
Nicosia               557.742 570.674
Paris                  49.107  50.246
Zurich                200.949 205.609
Brussels                7.985   8.170
Frankfurt             164.699 168.517
Helsinki               54.177  55.433
Amsterdam             146.173 149.562
Copenhagen             43.331  44.335
Stockholm              36.801  37.654
Oslo                   39.720  40.641
Vienna                 23.409  23.952
Milan                  16.636  17.022
Tokyo                 257.960 263.941
Madrid                  1.936   1.981
Lisbon                  1.607   1.644

The ANA will from now on welcome professional half-page or full-page advertisements in its daily English and French Bulletin.

Advertisements will be accepted from embassies, banks, commercial and maritime companies, chambers of commerce, advertising companies, airlines, organisations, professional associations, educational and research institutions in Greece and abroad as well as international bodies.

Also, for a small fee, the above groups may channel their Press Releases (PRs), announcements or photographs - in Greek, English or French - to the ANA's more than 100 media subscribers throughout Greece and Cyprus via the recently introduced ANA on-line

PR's service. For details on and arrangements for the advertising and/or PRs on-line service, please contact the ANA Marketing Department, tel: 6400580, fax: 6400024 between 10:00 a.m. and 2:30 p.m. To Readers of the Daily Bulletin The Athens News Agency (ANA) provides a same-day, around-the-clock-news service in English to keep subscribers up to date on the issues that shape Greece's political and economic scene.

The ANA Special English Service offers diplomats and journalists the latest news through on line (PC & Modem) on the country's foreign and domestic policies, its political parties, trade unions and pressure groups, the economy, industry and transport, and visits by officials from abroad.

For further information, please call Chris Eliou, Director of the Special English Service on 6400560, Ext.613.

You may order subscriptions from George Tsambras, Marketing and Sales Department, on 6400580, Fax: 6400024.

[14] Stephanopoulos begins official visit to Lithuania

VILNIUS, 01/07/1999 (ANA - N. Megadoukas)

Mr. Stephanopoulos is accompanied by Deputy Foreign Minister Grigoris Niotis and a group of Greek entrepreneurs interested in the Baltic country's market.

He will meet his Lithuanian counterpart Valdas Adamkus this morning, while an agreement concerning the return of illegal immigrants to their initial country of entry will is also expected to be signed between the two countries.

According to reports, Mr. Stephanopoulos' talks with his Lithuanian counterpart will focus on bilateral relations, particularly in the commercial, investment and cultural sectors, as well as on Vilnius' desire to join Euro-Atlantic organisations, a proposal Athens Greece supports.

The Greek president toured the medieval Trakai Castle yesterday, while today he will address a meeting between Greek and Lithuanian business people.

Athens News Agency

[15] Russian troops destined for Kosovo to travel via Greece

Athens, 01/07/1999 (ANA)

The source said talks over the use of Greek ports for the Russian troops were nearing an end and the only issue still to be tackled was whether Volos, Thessaloniki or Litohoro would be used as their transit points.

There is a possibility that all three ports will be used; the use of Litohoro is likely in any case as the Russian's will be transporting heavy equipment.

Russian military officials may be in Thessaloniki as of today to prepare for the transports.

Increased traffic at the northern Greek city's port, due to the passage of NATO troops, may force the Russian's to opt for Volos, or both Volos and Thessaloniki.

More than 14,000 soldiers and 7,000 vehicles have passed through Thessaloniki to date.

Athens News Agency

[16] Papadopoulos buried in Athens

Athens, 01/07/1999 (ANA)

Papadopoulos, who along with two other high-ranking officers orchestrated the infamous 1967 coup, was convicted in 1974 of conspiracy and overthrowing democracy. He was given the death penalty along with several other coup protagonists, while their sent ences where subsequently commuted to life in prison.

Supporters chanted slogans used during the ultra-conservative military regime's reign, while several of his co-conspirators eulogised Papadopoulos. He died at the age of 80 in an Athens hospital on Sunday from a heart attack after a lengthy battle with cancer.

Athens News Agency ATHENS NEWS AGENCY ON THE INTERNET You can now find the Athens News Agency's news service on the Internet with a brief review of the main news items, in Greek or English, twice a day (at 11:00am and updated at 4:30pm approximately). Log in to our Internet address: http://www.ana.gr and keep abreast with the latest news from Greece.

[17] Upgrades at Macedonia Airport

Athens, 01/07/1999 (ANA)

The current ILS system will be upgraded from category I to category II at a cost of 3.5 billion drachmas.

One of the primary goals is to sharply reduce the number of flights often cancelled due to fog at Macedonia Airport.

While work is in progress, the transport ministry said, the main runway will be out of operation every Friday, Saturday and Sunday. Although an alternative runway will be used, the schedules of some flights are expected to be disrupted.

Athens News Agency

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article