Athens News Agency: Daily News Bulletin in English, 99-08-27

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

CONTENTS

[01] G. Papandreou briefs Finnish FM Halonen over Greek initiative for support of Turkey

[02] Greek navy chief in Turkey

[03] More aid on the way

[04] Greek-Albanian economic cooperation committee to convene in October

[05] Papazoi: 'Cultural Olympics' to be held in ancient Olympia

[06] New Archbishop of America Dimitrios to be enthroned on Sept. 18

[07] Letters by Greek personalities

[08] To the "Daily Bulletin" subscribers

[09] Economic News

[01] G. Papandreou briefs Finnish FM Halonen over Greek initiative for support of Turkey

Athens, 27/8/1999 (ANA)

Finland currently holds the six-month European Union rotating presidency.

Earlier in the day, Mr. Papandreou briefed the Finnish minister over the Greek proposal P set to be presented at the Council of Foreign Ministers' meeting, scheduled for Sept. 4 in Finland.

According to reports, Mr. Papandreou also contacted Turkish Foreign Minister Ismail Cem over the proposal.

The same reports noted that Mr. Cem thanked Mr. Papandreou for Greece's help to date in confronting the Aug. 17 disaster.

Gov't: No change in financial protocol veto Meanwhile, the Greek government reiterated that its policy concerning the long-standing veto of a European Union financial protocol to Turkey had not changed. Athens insists that Ankara must first improve its human rights record and abandon its often aggr essive stance towards Greece before it considers lifting its veto of the EU funds allocated to Turkey.

Government spokesman Dimitris Reppas stressed, however, that Athens would help to ensure that the EU supports Turkey financially.

He added that the country would also continue to contribute humanitarian aid, medical supplies and rescue teams to its quake-stricken neighbour.

Asked by reporters what the government's stance on the aid issue would be at the Council of Ministers meeting, Mr. Reppas replied that each foreign minister would undoubtedly have something to propose, "as will Greece's foreign minister, too."

"Our position will be shaped after Foreign Minister George Papandreou has completed his round of talks with opposition party leaders," Mr. Reppas added.

On his part, Alternate Foreign Minister Yiannos Kranidiotis said that regarding EU accession, Turkey could not be an exception and that there were no reasons for special treatment.

Mr. Kranidiotis, quoted in a survey published by German daily "Die Woche", stressed that "Greece's assistance to the Turkish people is necessary and goes without saying," adding that "the earthquake and the assistance should not be linked to the issue o f the solution of problems between the two countries. Those should be resolved based on international law and agreements, while the Cyprus problem must be resolved on the basis of UN resolutions and decisions.

"Turkey should focus on overcoming its internal weaknesses and problems and abandon its expansionist designs on Cyprus and the AegeanI"

Finally, in relation to Turkey's EU accession prospects, Mr. Kranidiotis insisted on "the same conditions applying to all states that wish to join the European institutions."

Athens News Agency

[02] Greek navy chief in Turkey

ISTANBUL, 27/8/1999 (ANA - A. Kourkoulas)

The Greek naval chief will remain in Turkey as an official guest until Aug. 29.

Athens News Agency

[03] More aid on the way

Athens, 27/8/1999 (ANA)

Finally, the regional administration of eastern Macedonia and Thrace has begun to collect aid for Turkey.

According to officials, Turkish authorities have already contacted and provided a list of needs for the regional administration closest to Turkey.

Athens News Agency

[04] Greek-Albanian economic cooperation committee to convene in October

Athens, 27/8/1999 (ANA)

The announcement marks a further step in the improvement of bilateral relations following Prime Minister Costas Simitis' one-day visit to Tirana on Tuesday, during which two cooperation protocols were signed.

The ministry said the convening of the economic cooperation committee had been agreed by both countries.

Within the framework of bilateral talks, the ministry added, it had been decided to create new border crossings linking Konitsa and Premeti.

Greece will also provide Albania with 1.5 million US dollars in aid to help shore up the neighbouring country's budget.

Other decisions announced by the ministry include the speeding up of the rate of absorption of a Greek loan to Albania, regarding which Athens has agreed to finance the equipping of the Tirana maternity hospital at a cost of 1.5 billion drachmas.

Some 200 Greek undertakings currently have operations in Albania, representing invested capital of $100 million. In terms of number and size of investments in Albania, Greece ranks second.

Athens News Agency

[05] Papazoi: 'Cultural Olympics' to be held in ancient Olympia

Athens, 27/8/1999 (ANA)

Ms Papazoi, on a two-day visit in the northern Greek city, said the organisation of the first Cultural Olympics, as well as those to follow, will be undertaken by Greece with the support of UNESCO and the International Olympics Committee.

She added that Culture Olympic offices will also be established in Thessaloniki.

Finally, Ms Papazoi said progress has been made in the negotiations for the purchase of the Kostaki collection of Russian avant-garde art, which will be housed in the Thessaloniki Contemporary Art Museum.

Athens News Agency

[06] New Archbishop of America Dimitrios to be enthroned on Sept. 18

Athens, 27/8/1999 (ANA)

Dimitrios stressed that he will attempt to instill a climate of cooperation, unity and peace among the Greek Orthodox faithful of America.

Regarding his relationship with former Archbishop Spyridon, he termed it excellent.

Athens News Agency

[07] Letters by Greek personalities

VIENNA, 27/8/1999 (ANA - D. Dimitrakoudis)

During recent research in Johannes Wolfgang Goethe's collection of 2,000 letters and handwritten documents, Vienna University Prof. Polychronis Enepekidis discovered the letters written by several Greek scholars.

The collection included letters by Adamantios Korai, Ioannis Kapodistrias, Andreas Mustoxidis and Ugo Foskolos; it also included Goethe's traslations of Greek folk songs into German.

Athens News Agency

[08] To the "Daily Bulletin" subscribers

Athens, 27/8/1999 (ANA)

As you are aware, technological developments in the mass media sector are rapid. Today, all the news services are offered online. The "electronic newspaper" supplements, and in many cases replaces, the printed newspaper. Contact via e-mail also affords the ability for direct communication.

These developments, as many others, have also influenced our own work here at Athens News Agency (ANA), which is adapting all its services to the new technology. In the framework of these changes, the "Daily Bulletin" will P as of Jan. 2, 2000 P be conv erted from a printed to an electronic medium for our subscribers.

With this change, our subscribers will: a) receive our news items online, at the moment the news is breaking. b) receive the next day's "Daily Bulletin" on their screens at midnight, with the ability to print it out if they wish or simply view on screen. c) receive the "Bulletin" either via the paid ANA services on the Internet, or via e-mail sent to a subscriber's e-mail address. d) also have the ability, for a small surcharge, to utilise the ANA's English-language data bank, which contains all the news items appearing in the "Daily Bulletin" since 1992.

We believe that these changes, which correspond with the new function of the international and national news agencies, will satisfy subscribers' needs for immediate and credible information. In order to subscribe to this service, you must have a PC and a modem, or an e-mail address.

All who wish to continue receiving our services must prepare for these changes which, as stated, will commence on Jan. 2, 2000.

Takis Mantis, the director of ANA's informatics and telecommunications department, is at your disposal for any technical information on tel: 64.00.560 and 64.00.038.

I sincerely hope all our subscribers will adapt to these necessary technological changes. May we wish you a pleasant summer holiday.

Andreas Christodoulides

ANA General Director

Athens News Agency

[09] Economic News

N. Greek business upbeat on euro zone entry, Balkan reconstruction: Businesses in northern Greece are looking forward to the country's entry into the European Union's euro zone and believe that both the national and regional economy will aid Balkan reconstruction, a leading industrialist said yesterday.

At the same time, businesses in the region feared that an extended pre- election period harboured the risk of a slowdown in economic progress, said Vassilis Takas, president of the Northern Greek Industrialists Association (SBBE).

Mr. Takas was speaking after separate meetings in Athens of SBBE's leaders with Prime Minister Costas Simitis and main opposition New Democracy leader Costas Karamanlis.

"We relayed to the premier concern felt by business that there will apparently be a lasting pre-election period that may lead to some easing of economic policy and a slowdown in the pace of public sector restructuring and private investments," Mr. Takas told reporters.

He quoted the premier as saying during their meeting that policy would remain intact, economic targets would be attained and real economic and social convergence with Europe achieved.

SBBE recommended to Mr. Simitis steps it believed should be taken to help make Thessaloniki the financial centre of the Balkans.

The city should be the venue for management of the national Balkan reconstruction plan, under the aegis of the Macedonia-Thrace Ministry.

In addition, the national economy and foreign ministries needed to delegate some of their jurisdiction over economic policy for the Balkans to the northern ministry, SBBE said.

Representations should be opened in the northern port city of the World Bank, the Balkan SECI initiative's Business Advisory Council, and the Institute of South East European Telecommunications.

The establishment of an international financial services centre and stock market for smaller cap stocks in Thessaloniki should be accelerated, and incentives provided for investments in northern Greece.

Finally, regional industry needed strengthening, especially in Thrace, Epirus and other border areas, SBBE said.

Hellenic Petroleum shows H1 profit jump: Hellenic Petroleum, which is listed on the Athens bourse, yesterday reported consolidated first half profits of 26.1 billion drachmas before tax, up 56 percent on the same period of 1998.

The parent company posted net pre-tax profits of 21.6 billion drachmas, marking a 70 percent rise from the first half of last year, Hellenic Petroleum said in a statement.

Group investments in the first half totalled 27.2 billion drachmas against 9.9 billion drachmas in the same period of 1998, up nearly 300 percent.

Investments in 1999 are expected to total 80 billion drachmas, up from 47.8 billion drachmas a year earlier.

Stocks slump on profit taking: A wave of profit taking halted the market's record rally and pushed equity prices sharply lower on the Athens Stock Exchange yesterday.

The general index ended 1.94 percent lower at 5,122.57 points, reversing an early jump to new intra-day highs.

Turnover was 312.430 billion drachmas with 111,377,218 shares changing hands.

Traders noted that it was the first major correction in the market in the last 17 sessions during which the general index jumped from 4,300 points to 5,200 points. Analysts said the market needed a correction and described the decline as a healthy r eaction by the market.

The Construction sector remained at the focus of interest with five shares ending at the day's 8.0 percent limit up.

Sector indices ended as follows: Banks (-3.66 pct), Leasing (-0.36 pct), Insurance (-1.48 pct), Investment (-2.05 pct), Construction (+3.46 pct), Industrials (-0.37 pct), Miscellaneous (+2.01 pct) and Holding (-2.41 pct).

The parallel market index for smaller capitalisation stocks ended 1.40 percent higher, while the FTSE/ASE 20 index for blue chip and heavily traded stocks ended 3.20 percent down at 2,827.46 points.

A total of 33 shares ended at the day's 8.0 percent limit up, while another four ended at the day's limit down.

Broadly, advancers led decliners by 154 to 133 with another 10 issues unchanged.

Egnatia Bank and Duty Free Shops were the most heavily traded stocks while Egnatia, National Bank, Piraeus Bank and Duty Free Shops led the day's turnover.

Everest's share price shot up 99 percent in the first day of trading in the market.

National Bank of Greece ended at 23,700 drachmas, Alpha Credit Bank at 24, 240, Commercial Bank at 29,500, Titan Cement at 35,540, Hellenic Petroleum at 3,175, Intracom at 24,010, Minoan Lines at 7,300, Panafon at 8,880 and Hellenic Telecoms at 6,570.

Bonds rise again in growing turnover: Secondary market bond prices posted gains for another session in light to moderate trade.

Electronic turnover was sharply higher at 62 billion drachmas from 27.5 billion drachmas in the previous session and 8.0 billion drachmas on Tuesday.

Of yesterday's total, sell orders accounted for 46 billion drachmas.

The benchmark 10-year bond was trading higher than roughly 98.60 a day earlier, showing a yield of 6.34 percent from 6.49 percent in the previous session and 6.57 percent on Tuesday.

The yield spread over German bunds was 163 basis points from 174-175 basis points in the previous session and 177 basis points on Tuesday.

The yield spread dropped as low as 160 basis points during yesterday's session, returning to low mid-July levels.

It rose to 170 basis points in light profit-taking after the close of electronic trade.

At the central bank's daily fix, the euro crept up versus the drachma. It ended at 326.690 drachmas from 326.460 drachmas on Tuesday and Wednesday.

Also at the fix, the dollar edged down against the drachma but remained high in line with its performance in markets abroad.

The greenback was set at 312.220 drachmas from 312,450 drachmas a day earlier and 310.000 drachmas on Tuesday.

Lambrakis to buy into Microland: The Lambrakis Journalism Organisation is to acquire a holding in the Microland computer retailer, the two firms said in a statement yesterday.

Lambrakis will gain 15 percent of Microland, whose main shareholder remains Altec.

The share transaction will be effected in September.

Microland has one of the largest Greek and Balkan networks of retail outlets for computers and digital technology. It plans to open another 80 stores.

Info Quest plans to hold Dr 19.4 bln share cap rise: Info Quest, a listed computer firm, is to boost its share capital by 19.4 billion drachmas in order to extend its holdings in other companies. Around 70 percent of the new cash would be used to buy share capital in high-tech companies, Info Quest said in a statement.

Vehicle registrations rise in July: New vehicle registrations totalled 40, 749 in July, up from 32,919 in the same month of last year, the National Statistics Service said yesterday. Private cars accounted for 30,270 of new registrations while the other 10,479 were motorcycles. The Attica re gion accounted for a major part of new car registrations at 17,655 of the total, up from 13,799 in July 1998.

Banknotes Buying Selling
US Dollar 309.722 316.903
Can.Dollar 206.574 211.364
Australian Dlr 195.608 200.143
Pound Sterling 492.449 503.866
Irish Punt 411.493 421.033
Pound Cyprus 559.885 572.866
Pound Malta 723.173 753.305
Turkish pound (100) 0.064 0.067
French franc 49.406 50.551
Swiss franc 202.204 206.893
Belgian franc 8.034 8.220
German Mark 165.698 169.540
Finnish Mark 54.505 55.769
Dutch Guilder 147.059 150.469
Danish Kr. 43.604 44.615
Swedish Kr. 37.166 38.028
Norwegian Kr. 38.859 39.760
Austrian Sh. 23.551 24.097
Italian lira (100) 16.737 17.125
Yen (100) 278.841 285.306
Spanish Peseta 1.947 1.992
Port. Escudo 1.617 1.654

Foreign Exchange Buying Selling New York 309.722 316.903 Montreal 206.574 211.364 Sydney 195.608 200.143 London 492.449 503.866 Dublin 411.493 421.033 Nicosia 559.885 572.866 Paris 49.406 50.551 Zurich 202.204 206.893 Brussels 8.034 8.220 Frankfurt 165.698 169.540 Helsinki 54.505 55.769 Amsterdam 147.059 150.469 Copenhagen 43.604 44.615 Stockholm 37.166 38.028 Oslo 38.859 39.760 Vienna 23.551 24.097 Milan 16.737 17.125 Tokyo 278.841 285.306 Madrid 1.947 1.992 Lisbon 1.617 1.654

Athens News Agency

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