Athens News Agency: Daily News Bulletin in English, 16-10-05

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

CONTENTS

[01] PM, ministers discuss plans for 4,000 new positions for long-term unemployed in healthcare

[02] PM Tsipras: Those who bet on collapse of revenues have been disproved

[03] PM Tsipras meets with CPC Central Committee member Liu Yunshan; reaffirm volition for further strengthening of strategic cooperation

[04] PM receives high-ranking Chinese Communist Party official Liu Yunshan in Athens

[05] President Pavlopoulos receives CPC Central Committee member Liu Yunshan

[06] President Pavlopoulos says Lausanne Treaty must be fully respected

[07] PM Tsipras in Cairo next Tuesday

[08] FM Kotzias and UK Minister of State Alan Duncan discuss Cyprus, repercussions of Brexit

[09] FinMin Tsakalotos says deal on Greek debt will clear path for investments

[10] Government has to implement its growth plan for growth to be sustainable, says Tsakalotos

[11] Finance ministry rejects reports Tsakalotos questioned Greece's place in Eurozone

[12] Europe must now offer specific short-term measures for Greek debt, Moscovici tells MEPs

[13] Energy minister to attend IGB pipeline event in Sofia

[14] Mitsotakis: Only elections will rid Greece of opportunists who govern the country

[15] President to visit Lemnos on Saturday for 104th liberation anniversary

[16] Greek economy to grow sligthly in 2016, IMF report

[17] Central bank's response as crisis struck averted 'cataclysmic' outcome, Provopoulos tells MPs

[18] Greece to lower minimum transaction limit for tax free purchases

[19] Greek budget revenue surpassed targets by 19.33 pct in Sept

[20] AS Company says turnover up in H1

[21] ERGO says insurance market outlook positive

[22] Greek tourism industry hit by taxation, Louis Hotels CEO says

[23] Housemarket announces successful completion of 40-mln-euro bond issue

[24] Interest rate spread down in August

[25] New hotel to open in central Athens in December

[26] Froneri: a new player in ice cream, frozen food business

[27] Interamerican says group insurance production soared in Jan-Sept

[28] Euromedica returned to profitability in H1

[29] Passenger traffic in Athens airport up 14.6 pct in Sept

[30] Significant rise in tourist arrivals at Rhodes airport in September

[31] Greek stocks end 1.66 pct higher

[32] Greek bond market closing report

[33] ADEX closing report

[34] Panathenaic Stadium: The birthplace of the Modern Olympics

[35] UK police to knock down part of farmhouse in ongoing search for Ben Needham

[36] Thermal springs of Pozar flooded with tourists

[37] Ship owner Karagiorgis released from custody after paying bail

[38] Rise in migrants and refugees' arrivals on Chios

[39] Police arrests 25 persons for antiquity smuggling; operation continues

[40] One Ukrainian sailor killed by unidentified illness, second admitted to hospital on Rhodes

[41] Albanian national alleged to be involved in murder of elderly man arrested

[42] Partly cloudy on Wednesday

[43] The Tuesday edition of Athens' dailies at a glance Politics

[01] PM, ministers discuss plans for 4,000 new positions for long-term unemployed in healthcare

The meeting was held with Minister of State Nikos Pappas, Alternate Health Minister Pavlos Polakis and Alternate Labour Minister for combatting unemployment Rania Antonopoulou.

In statements afterward, Pappas said the target was to conclude the recruitment process by early January, using the money raised so far in the television licences tender. He noted that the priority was to create jobs, especially in sectors where there was the greatest need, such as healthcare and childcare.

Polakis said the health ministry, in collaboration with the labour ministry, will open applications for 4,000 12-month positions in hospitals, healthcare facilities and health ministry-supervised organisations throughout the country. These will be offered under Manpower Employment Agency (OAED) 'social benefit' work schemes and receive the corresponding benefits.

"Our goal is for these people to be working in hospitals by early January, changing the image that greets people at this time, after five years of memorandum destruction," Polakis said. The jobs on offer included 3,000 nursing positions, some 700 hospital staff such as drivers, laboratory technicians and orderlies and 300 for positions within health ministry organisations, he added.

Antonopoulou said that the labour ministry is making every possible effort to return the unemployed to the labour market, such as the recent change of the unemployment benefit to an employment benefit to support new jobs. "This is what we are trying to achieve through our actions...to give the long-term unemployed an opportunity to return to work," she added.

"It is of great importance to us that, as these supportive actions for the unemployed are created, that the jobs created are useful to society, that they cover needs that arise on a local level," she said, noting that there was excellent cooperation with the health ministry on this level.

[02] PM Tsipras: Those who bet on collapse of revenues have been disproved

"It's obvious that all those who bet since July and August on the collapse of public revenues and were celebrating, are now disproved," Tsipras said according to the press release and referred to the steadily decreasing unemployment rate and the exceeded target in public revenues which rose by 812 million euros in September and by 1.4 billion euros in the first nine months of the year.

The meeting chaired by Tsipras was attended by Government Vice-President Yiannis Dragasakis, Finance Minister Euclid Tsakalotos and Alternate Finance Ministers tryfon Alexiadis and Giorgos Chouliarakis.

"Those who invest politically in the failure of the negotiations, they will now have to ... find other ways to continue their scaremongering," he added.

[03] PM Tsipras meets with CPC Central Committee member Liu Yunshan; reaffirm volition for further strengthening of strategic cooperation

In their brief dialogue before the meeting Tsipras welcomed Liu Yunshan to Greece noting that it comes after his visit to Beijing which, as he said "marks a new era in the relations between the two countries in their strategic cooperation. A cooperation that covers the sectors of transport, energy and culture in which we must be very effective and specific and take further steps".

On his part, Liu Yunshan referred to the very good meeting he had with Greek President Prokopis Pavlopoulos earlier on Tuesday adding that "the President is very interested in the cultural exchanges between our countries and for this reason I believe that my visit will promote the further enhancement of the overall strategic - partnership relation between Greece and China".

Referring to his first meeting with Tsipras who hosted a dinner in his honour on Monday evening, Liu Yunshan said "yesterday night was our first meeting and I really felt as an old friend, you are a reliable and good friend of us".

[04] PM receives high-ranking Chinese Communist Party official Liu Yunshan in Athens

A press release from the prime minister's office said the meeting decided on a series of cultural exchanges during Greece-China Cultural Exchange Year 2017 that would include joint film and television productions and translations of Greek and Chinese literature, in addition to other cooperation between the culture industries of the two countries.

They also discussed cooperation in cutting-edge technologies and start-ups, telecommunications and networks, extending Chinese investments in the shipyard sector and air transport, with a direct flight connection between Greece and China.

[05] President Pavlopoulos receives CPC Central Committee member Liu Yunshan

Their meeting focused on the excellent relation between Greece and China, two countries that represent two very ancient civilisations that have highly contributed in the global cultural heritage. Pavlopoulos noted that even today they can defend the three main principles of that necessary in order humanity to proceed and these principles are peace, democracy and justice.

Moreover, Pavlopoulos thanked the Chinese official for the gift (A Chinese bronze vase of the first millennium BC decorated with dragons was unveiled at the National Archaeological Museum of Athens on Monday where it will be exhibited for three months, as part of the celebrations marking the museum's 150th anniversary) to the national Archaeological Museum calling it an invaluable gem of the Chinese civilisation.

On his part, Yunshan underlined that the main aim of his visit is the implementation of the joint agreements and the promotion of the overall strategic and partnership relation between China and Greece, particularly in the field of cultural exchanges between the two countries.

[06] President Pavlopoulos says Lausanne Treaty must be fully respected

"The Treaty of Lausanne, which must be fully respected because it constitutes an integral part of international law, does not only delineate Greece's borders, it delineates the borders of the European Union," Pavlopoulos said.

He criticized the international community's toleration of the continued violations of UN decisions describing it as a "heavy trauma" and noted its indifference for this blows to international law.

Pavlopoulos also said the European Union should not tolerate occupation armies on European soil, noting that this is a blow to European democracy.

[07] PM Tsipras in Cairo next Tuesday

It is the fourth meeting of the three countries. The previous one was held in Athens in December 2015.

[08] FM Kotzias and UK Minister of State Alan Duncan discuss Cyprus, repercussions of Brexit

Discussing the Cyprus problem, the Greek foreign minister had the opportunity to present Greece's positions on the need to abolish guarantees and remove Turkish troops, as well as the necessity for a cooperation mechanism to replace the outdated regime of guarantees. They also agreed to further cultivate cooperation in research, investments and tourism, as well as the launch of consultations and collaboration on Middle Eastern affairs.

Duncan said the UK government intended to honour the result of the British referendum for exiting the EU and wanted to continue cooperating with Greece on a bilateral level.

Kotzias referred to the conclusions of a foreign ministry working team and a interministerial committee to examine the possible repercussions of the UK referendum. He also expressed Greece's steadfast desire to continue cultivating close ties with Britain and to boost bilateral relations, regardless of whether Britain was in the EU or not.

[09] FinMin Tsakalotos says deal on Greek debt will clear path for investments

"I think we have reasonable hopes that by the end of the year we'll have a solution which will create this clear path," the minister said during a meeting of the parliament's sub-committee on Greek debt and its reduction.

He said the short-term measures currently discussed by the European Stability Mechanism (ESM) and the country, the IMF and other countries who implemented an adjustment program concern what can and cannot be done, not so much in reducing debt, but in reducing the risk in managing it.

If the EU doesn't say what it will do with Greece's debt the IMF cannot complete its debt sustainability report and therefore cannot participate in the program, he said, adding that waiting to take action until 2020 is not compatible with demanding that the IMF participates with money in Greece's program. Tsakalotos said that in the end all sides will have to compromise on Greece's debt to reach a solution.

Citing statements by officials and economists that the Eurozone is not working, the finance minister said that one of the reasons is the differences in debt, noting that this means "we cannot have a unified monetary policy". He explained that there has to be a serious discussion on how to change this and discuss Greece's debt in parliament and at a European level.

"We need a very serious discussion on what's wrong with the Eurozone in relation to debt, but which is also linked with the monetary and fiscal policy. I believe we're in a good path for the first question - how will Greek debt turn out and how we'll create a clear path for investments- but we are in the first phase, how the European debt will become sustainable in the framework of the Eurozone and the EU," he continued.

"Europe has a deep problem and we don't talk about this in parliament, or about whether Greece can or cannot survive in such a Eurozone. We don't have clear statements, nor by New Democracy, neither by Mr. (Yiannis) Stournaras and we think it's time to have such a debate," he said.

[10] Government has to implement its growth plan for growth to be sustainable, says Tsakalotos

Speaking at an open event organized by SYRIZA's financial sector and economic policy team, the minister said the mode of operation of the EU's banking system is an issue that will raise political debate in the coming years and all political forces must state their position.

Tsakalotos said the collapse of the European monetary policy is a European problem and reiterated the government's plans to create cooperative banks in various regions of Greece which will operate under new conditions.

He also said the government wants the restructuring of non-performing loans for the long-term, adding that he hoped for a good deal with the country's creditors on Greece's debt by Christmas, which would be good news for potential investors.

[11] Finance ministry rejects reports Tsakalotos questioned Greece's place in Eurozone

According to the press release the minister "never questioned whether Greece can survive in this Eurozone", but simply stated what he had been proposing since SYRIZA was in the opposition: that there should be a discussion on Eurozone's architecture. "He's not questioning the country's path in the euro," the ministry said.

"The issue of Eurozone's architecture has also been raised in his speeches abroad," it added.

[12] Europe must now offer specific short-term measures for Greek debt, Moscovici tells MEPs

Greece had outdone every other EU member-state for the sheer number of reforms carried out simultaneously and it was now time for Europe and the Eurogroup to do their part, presenting specific short-term measures for Greece's debt, European Commissioner for Economic and Financial Affairs Pierre Moscovici told MEPs on Tuesday. This would be legal provided the work on reforms was completed, he said, noting that "we must not be demanding only with Greece."

Addressing the European Parliament plenum about Greece's economic prospects, Moscovici said he had a few "comforting facts" to relay, such as a 0.2 pct growth rate in the last quarter and signs that this trend will continue and grow stronger in 2017. The Commissioner also predicted that a forecast for a 0.5 pct primary surplus in 2016 was "achievable."

Moscovici said that the first review of Greece's programme was partially concluded in the spring, allowing a political agreement for the disbursement of 8.3 billion euros on May 25. One sub-tranche was disbursed in June while the second will depend on the prompt adoption of a number of prior actions by the end of this week, he said.

He noted that the Eurogroup had expressed its satisfaction that Greece was moving in the right direction "and I do the same on behalf of the European Commission."

Talking about the future, the Commissioner said this would hinge on a swift conclusion of the second review, within a reasonable time frame. Greece's Prime Minister Alexis Tsipras and the country's Finance Minister Euclid Tsakalotos should bear in mind that a reasonable time frame meant November, he added.

According to the Commissioner, the success of the second review was a condition for Greece's recovery and for creating the confidence needed to attract investors. "It would be fortunate if a positive signal a can be given for investments in November," he said.

The second review includes the 2017 budget, a framework for the business environment, labour issues and the Privatisation and Investment Fund that is "key to unlocking the Greek economy," Moscovici said.

"We can count on the conclusion of the first review very soon but the devil is often in the details," Moscovici pointed out, adding that there had been limited implementation of the agreements in the past.

"This time we must have positive implementation and, I repeat, the Commission is always on the side of Greece, against Grexit and in favour of finding solutions," he said. This did not mean that the Commission should be soft with Greece, he warned, adding that the Commission was demanding and expected all the ministries to commit fully to the implementation of the programme. "Some ministries are not progressing as they ought," he added.

In the debate that followed Moscovici's speech, several MEPs were unconvinced about the success of the European Commission's policy in Greece and were not especially optimistic about the country's prospects. Among some MEPs there was strong criticism of Greek delays in implementing the agreements.

[13] Energy minister to attend IGB pipeline event in Sofia

Skourletis will meet his Bulgarian counterpart Temenuzhka Petkova, and will then speak at the event. The two ministers will also hold a joint press conference.

[14] Mitsotakis: Only elections will rid Greece of opportunists who govern the country

"Only elections will rid Greece of the obsessive opportunists that govern us. Every day SYRIZA stays in power, Greece weakens, lessens, shrinks. Political change constitutes an urgent and necessary precondition for the country to stand on its feet," Mitsotakis said.

"It is necessary to stop the erosion of the institutions and government authoritarianism. Because to hide their failure, they attempt to muzzle and manipulate critical voices, independent authorities, independent institutions and the media."

[15] President to visit Lemnos on Saturday for 104th liberation anniversary

Pavlopoulos will attend a doxology at the Cathedral of Holy Trinity in Mirina at 10:30, after which he will lay a wreath at the War Memorial.

Financial News

[16] Greek economy to grow sligthly in 2016, IMF report

The Greek economy will grow by 2.8 pct in 2017, up from a 2.7 pct growth rate envisaged in the Greek budget. The IMF, however, predicted a decline in the unemployment rate to 23.3 pct this year and to 21.5 pct in 2017, higher from budget forecasts of 21.5 pct and 20.4 pct, respectively.

The inflation rate will remain in negative territory this year (-0.1 pct), recovering to 0.6 pct in 2017 and to 1.8 pct in 2021. The 2017 draft budget envisages an inflation rate of 0.4 pct this year and 0.8 pct in 2017.

The country's current account balance will be balanced in 2016 and 2017 the IMF said, adding that this balance will be maintained until 2021. Delia Velculescu, the IMF's representative in the quartet of the country's creditors, presenting the IMF's report on September 23 had said that economic growth prospects in Greece remained weak and remained subject to high downward risks, while unemployment was expected to remain at double digit rates until the middle of the century.

[17] Central bank's response as crisis struck averted 'cataclysmic' outcome, Provopoulos tells MPs

"My term coincided with the most serious post-junta crisis, thick with events, major uncertain conditions, with bank liquidity not secure and conditions of panic. My effort was to avert the danger for the country and prevent the gates of hell from opening. I took decisions that saved the country from cataclysm...we avoided the accident that would have led the country to collapse," Provopoulos said during an eight-hour testimony.

On the bank loans given to political parties, he insisted that these followed legal guidelines, with the central bank monitoring that banks had the required capital, but denied knowledge of any individual loans. The loans were legal, though whether they were also a good idea was another matter, he added. The central bank had only intervened in order to ask banks to reclassify some loans as 'high risk' instead of low risk, he said.

Provopoulos blamed the entire political system for the continued economic crisis in Greece, noting that the country had never had a "business plan" and was always too divided to face the problems. When George Papandreou took over the government, the markets gave him time, Provopoulos claimed. When they saw that the response to the crisis was too lackadaisical, they reacted badly with negative results," he said.

"I had warned them that the deficit will exceed 13 pct but they weren't moved," Provopoulos added, noting that the right policy mix could have arrested the country's downward slide in two or three years, restricting the contraction to 15 pct instead of 17 pct of GDP.

On the decision to sell Proton Bank to subsequently jailed businessman Lavrentis Lavrentiadis, Provopoulos defended the Bank of Greece decision to approve the bank's licence. While admitting that the central bank's supervisory service had given a negative recommendation, "expressing some small reservations," Provopoulos pointed out that the final recommendation in favour of the sale was signed by all. He said he had been responsible for the investigation that finally sent Lavrentiadis to jail.

"The Bank of Greece acts as a supervisor on the basis of the law and international rules. You can judge it from the results. The country navigated a storm, a "tsunami" and remained upright. No depositor sustained a loss. This is a major achievement. By exercising appropriate supervision, [the central bank] contributed and averted serious dangers," he said.

[18] Greece to lower minimum transaction limit for tax free purchases

Addressing an event at the Piraeus Chamber of Commerce and Industry, organized by the directorate general of Customs, Pitsilis said that a new Customs Code -to be implemented fully in 2020- will meet the needs of modern international commerce and economic factors related with this activity, such as speed and simplified procedures, reducing and better focusing on controls, more active participation of all related agencies in procedures, reducing customs costs and guarantees. "All these are part of a wider redesigning of the goals and work of Public Revenue agency, which will be fully independent from early next year," Pitsilis said.

[19] Greek budget revenue surpassed targets by 19.33 pct in Sept

The sources said that net revenue surpassed targets by 3.15 pct in the January-September period to 34.826 billion euros, from a budget target of 33.764 billion euros. Tax returns also surpassed targets by 13.75 pct to 2.4 billion euros in the nine-month period from a budget target of 2.1 billion euros.

The sources expressed the ministry's satisfaction over this development which confirmed a smooth execution of the state budget.

[20] AS Company says turnover up in H1

Pre-tax earnings fell 9.9 pct to 1.383 million euros in the January-June period compared with the same period in 2015, while after tax profits fell 18.1 pct to 984,000 euros. The company attributed this development to a decline of gross profit margin by 5.7 pct because of higher import costs and a new commercial policy.

EBITDA fell 14.6 pct to 1.628 million euros in the first half from 1.907 million in 2015.

[21] ERGO says insurance market outlook positive

Kokkalas said ERGO's investment was a vote of confidence to the country's outlook and particularly of the insurance market, although this did not mean that -as in any investment- this was risk-free. He emphasized on the stability prevailing on supervisory level in the Greek insurance market, operating under common European supervisory rules. ERGO managed to rise from the 24th place in general insurance to third place in the last 15 years and its aim was to maintain this leading position, along with producing profits and offering high-level services in competitive prices. Kokkalas said that part of ERGO's investments -more than 1.0 billion euros- will be made in Greece and in particular in the digital sector.

ERGO purchased ATE Insurance from Piraeus Bank in August 2016.

[22] Greek tourism industry hit by taxation, Louis Hotels CEO says

In an interview, Perdios noted that high taxation combined with high social insurance contributions and constant changes in tax legislation were the basic factors of discouraging would-be investors to build new hotels in the country, creating new job positions.

Perdios, CEO in one of the largest hotel groups in Cyprus and Greece, operating 21 hotels (12 in Cyprus and 9 in Greece), said that when a businessman decided to make an investment based on bank borrowing, drafts a 15-year sustainability plan, but with constant changes on tax legislation this plan is annulled.

"How is it possible the state to come and punish tourism with a 24 pct VAT on restaurant services and 13 pct on overnight stay when these rates in other countries are between 5.0-9.0 pct?" Perdios said, adding that Greece has the global originality of imposing taxes on national products, such as wine and ouzo. "You buy ouzo at 2.65 euros per two litres from the supplier and you pay 12.35 euros, of which 9.70 euros goes to state coffers as tax. You punish your country in multiple ways. First, the producer, secondly the consumer and third your own country that goes out of competition," he said.

He said that labour cost in Greece was very high as social insurance cost reached 41 pct when in Cyprus it was 19 pct. "All these are incentives for undeclared labour. In Greece, unfortunately, only large enterprises and group of companies pay the bill at a huge cost for their businesses which deprived them of the ability to move forward with larger investments," he noted.

Perdios said that high corporate taxes (currently at 29 pct) was another wound and stressed: "Are all these incentives for anyone to invest in tourism in Greece?" he asked.

He noted, however, that the outlook for bookings in 2017 is positive for Greece and Cyprus, as the two countries are considered safe destinations.

[23] Housemarket announces successful completion of 40-mln-euro bond issue

A company announcement said its board expressed its warm thanks to investors for their response to the public tender for the listing of the company's shares in the Fixed Income category of the Athens Stock Exchange. Housemarket said the public tender was 1.254 times oversubscribed and that the number of participating investors reached 565.

Euroxx Securities acted as advisor, National Bank, Euroxx Securiities, Investment Bank of Greece and Pantelakis Securities acted as underwriters while RSM Greece as financial advisor and Sardelas Liarikos Petsa Law Firm were legal advisors to the issue.

Trading on the new bonds will begin on Thursday, 6 October, at a starting price of one euro per bond.

[24] Interest rate spread down in August

The central bank, in a monthly report, said that the overall weighted average interest rate on all new deposits remained unchanged at 0.42 pct. In particular, the average interest rate on overnight deposits placed by households remained unchanged at 0.12 pct, while the corresponding rate on deposits placed by non-financial corporations remained almost unchanged at 0.20 pct. The average interest rate on deposits from households with an agreed maturity of up to 1 year remained also almost unchanged at 0.87 pct.

The overall weighted average interest rate on all new loans to households and corporations decreased by 5 basis points from the previous month to 4.96 pct in August 2016.

In August 2016, the overall weighted average interest rates on the outstanding amounts of all deposits and loans remained unchanged. The spread between loan and deposit rates remained also unchanged at 4.49 percentage points, the central bank said.

[25] New hotel to open in central Athens in December

The Wyndham Grand Athens will be housed in a fully renovated building owned by Grecotel Group and which formerly housed Imperial Hotel. The investment will exceed 5 million euros and is expected to boost employment in the area of Keramikos, as 200 people will be employed directly or indirectly.

The company said it is expecting more than 200,000 visitors to stay in the hotel per year.

The Wyndham Grand Athens will be situated on Karaiskaki square (2, Meg. Alexandrou Street), where Zeus International, a company that operates nine hotels across Eastern Europe, is transforming the building.

When renovations are complete, the Wyndham Grand Athens will boast 273 rooms, 2,500 sq. m. of conference and event space, a restaurant, a bar, a spa and an amazing roof-garden of 450 sq. m. with a pool and a 360? view of the city skyline. In addition, the hotel's proximity to the metro and many of Athens' cultural points of interest will make it a destination for business and leisure travellers alike.

"Wyndham Grand hotels are located in some of the world's most sought after destinations, including Shanghai, Istanbul, Doha, Salzburg, Chicago, Orlando and now Athens. This is only our first stop in Greece, as we see opportunities for many of our brands across the country, from city centers such as Athens and Thessaloniki to resort destinations in the Greek islands and mainland," said Dan Ruff, President and Managing Director EMEA, for Wyndham Hotel Group.

[26] Froneri: a new player in ice cream, frozen food business

The two companies will have a 50-50 share in the new company. Froneri, with sales of around 2.6 billion euros, will have activities in 22 countries around the world with a workforce of around 15,000. The company will be based in the UK, with production facilities in Europe, Middle East, Argentina, Australia, Brazil, the Philippines and South Africa.

"Froneri will be based on the strong and successful brands and the experience of Nestle in the "out-of-home" category, combined with the competitive production model and R&R's significant presence in the retail commerce sector," the company said in an announcement.

Luis Cantarell (Nestle Executive vice president, Europe, Middle East & North Africa) will be the chairman of the board of the new company, while Ibrahim Najafi (former CEO of R&R) will be chief executive officer.

[27] Interamerican says group insurance production soared in Jan-Sept

This results reflects mainly the promotion of health insurance programs, based on Interamerican's know-how, organization and modern infrastructure, such as Micro Group Benefit (life and health insurance) focusing on small- and medium-sized enterprises and pension programs, particularly popular among enterprises and workers, the company said.

Interamerican also launched a DoubleBenefit program supporting the development of both group and private insurance contracts.

George Plomaritis, Group and Corporate Business manager in Interamerican, said the company was focusing on further expanding its business in group insurance with new projects and programs.

[28] Euromedica returned to profitability in H1

Turnover -pre rebate and claw back- amounted to 78 million euros in the January-June period, from 82.4 million last year, a decline of 5.3 pct, while parent turnover fell 6.5 pct to 38 million euros.

Euromedica, however, said consolidated EBITDA turned positive in the first half to 11.9 million euros, from a loss of 3.2 million in 2015, while parent EBITDA was a positive 3.8 million euros from a loss of 5.6 million last year.

Excluding rebate and claw back provisions, consolidated EBITDA was 28.6 million euros in the first half, up 90.7 pct from 2015, while parent EBITDA soared 2,378.8 pct to 10 million euros.

[29] Passenger traffic in Athens airport up 14.6 pct in Sept

Domestic passenger traffic grew 14 pct and international passenger traffic rose 15 pct in September, while Greek and foreign travelers rose by 17 pct and 15 pct, respectively.

In the January-September period, passenger traffic amounted to 15.6 million, up 10.2 pct from the same period last year. Both domestic and international traffic grew in the nine-month period, by 12.4 pct and 8.9 pct, respectively, while Greek and foreign travelers rose by 15 pct and 8.0 pct, respectively.

The number of scheduled flights in the Athens International Airport amounted to 148,815 in the January-September period, up 8.1 pct from the same period last year. Both domestic and international flights grew in that period, by 7.9 pct and 8.2 pct, respectively.

[30] Significant rise in tourist arrivals at Rhodes airport in September

This development, despite the fact it was expected, indicates the dynamic of the current tourist season on the island which continues at high rates and in October.

352,019 passengers from foreign countries arrived at Rhodes airport in September (319,221 arrivals were recorded in September 2015).

Most tourists came from Britain followed by Germans, Russians, Swedes, Israelis, Polish and Italians.

The arrivals from Russia and Germany posted a significant increase (approximately 10,000 tourists from both countries) while the arrivals from Belgium were down. Arrivals from Austria and the Netherlands were up in September in comparison with the low percentage in the first months of 2016.

Domestic flights' arrivals were up 20.6 percent in September compared with the same month in 2015.

[31] Greek stocks end 1.66 pct higher

Piraeus Bank (6.72 pct), National Bank (3.80 pct) and Jumbo (3.60 pct) scored the biggest percentage gains of the day among blue chip stocks, while Metka (0.94 pct), Ellaktor (0.78 pct) and Grivalia Properties (0.29 pct) suffered heavy losses.

Among market sectors, Personal Products (3.11 pct), Banks (3.09 pct) and Raw Materials (3.02 pct) scored big gains, while only Chemicals eased (1.16 pct). National Bank and Piraeus Bank were the most heavily traded securities of the day. Broadly, advancers led decliners by 73 to 37 with another 13 issues unchanged. Flexopack (15.83 pct), Dionic (11.63 pct) and Evrofarma (9.95 pct) were top gainers, while Hatzikraniotis (19.57 pct), Sfakianakis (19.07 pct) and Varvaresos (15.15 pct) were top losers.

[32] Greek bond market closing report

In interbank markets, interest rates were largely unchanged. The 12-month rate was -0.064 pct, the nine-month rate was -0.131 pct, the six-month rate rose to -0.202 pct from -0.203 pct, the three-month rate rose to -0.301 pct from -0.306 pct and the one-month rate fell to -0.372 pct.

[33] ADEX closing report

General News

[34] Panathenaic Stadium: The birthplace of the Modern Olympics

Built totally of white Pentelic marble at the exact point of Athens' ancient Athens Stadium, designed by Herodes Atticus, the "Kallimarmaro" as Greeks call it, spreads its glamour even in our days, since it still remains the hosting place of manifold sporting and cultural events. The peak of its irradiation remains the celebration of the Olympic Flame both for the Summer and Winter Games.

But how many know its story? How many actually know that the Panathenaic Stadium may not have been built at all?

The problems started almost immediately after the International Sports Council in Paris took the decision on June 15, 1894 to bestow the first edition of the modern Olympic Games in Athens. Albeit the great enthusiasm and the stirring of the Greek people, the prospect the Athens Organizing Committee not to be able to meet the financial and preparative requirements led the same body to change its mind on October 28 and retreat from assigning the organization to Greece.

According to the historian Byron Davos, "this raised indignation" to the public opinion. "The press and the people embarked immediately on a crusade to convince the committee to respect the initial decision. It took a long struggle to change the opinion of the board, which in a special session embraced again the first decision, "he states in his book "The Olympics 1896 in Athens "(1987).

Of course, the construction of the new stadium had a central role in the performance of the whole organization. According to the initial plans, the Stadium, was arranged on the basis of Herod Atticus designs, was meant to be a temporary construction, made mostly of wood, except of some parts of the arena and the field .The wooden seats would host 10,000 spectators, with a provision for 2,500 seats for the officials. Outside the premises it was scheduled to be constructed "barracks with artistic shows, cafes and restaurants and was planned the leveling of a broad open place", adds the historian.

However, the start of the construction works confronted many other problems. A serious one was the appearance of many proprietors of the terrains on which the Stadium was designed to be built. Urgent law provisions dealt with it, but then other problems had arisen that delayed that construction works. The political situation after reformer prime minister Charilaos Trikoupis' defeat in the elections of 16/04/1895 brought yet more delays in the projects, provoking ironic comments from the New York.

The catalyst for the completion of the Panathenaic Stadium was the generous sponsorship of the Egypt-based Greek magnate George Averof, who donated 585, 000 drachmas. The construction of the Stadium was redesigned on a new basis and new plans.

According to the new blue prints, the Stadium was not supposed to be a temporary construction, merely for the Games, but it would be built entirely of marble, constituting henceforward "a permanent athletic stadium and for the following years." Expressing its gratitude, the committee decided the erection of the statue of Averof in front of the stadium, entrusting the sculpture to professor C. Drossos.

Works in the construction site of the stadium began on 30/06/1895. In parallel with the construction, in situ excavations brought to light the parts of the ancient Stadium, that instead of hindering the progress of the work, it facilitated its shaping in the form we know it today. However, the dark clouds did not leave the horizon, since the current political condition and the delays registered by the observers, and voices multiplied on a new postponement of the Olympics for next year.

Yet on March 25, 1896, although the Stadium was completed only by one third, the Games kicked off and up to the closing ceremony on April 3, more than 50,000 spectators had enthusiastically soared to the stadium. The Athenians joy peaked on March 29 when the first Marathon winner, the Greek Spyros Louis, entered the Stadium, reviving the epic achievement of the ancient runner Fidippides.

Ever since, the Panathenaic Stadium a number of great moments, all of them linked to the recent history of Greece, took place in the Kallimarmaro. The train of circumstances, the generosity and the persistence of some people to the spirit of the Olympic Games and its ideals, contributed that the Stadium is the monument which the visitors still see: not only the image and embodiment of the Olympic Spirit but also of the Peace and Brotherhood thoughout the world. -George-Byron Davos

[35] UK police to knock down part of farmhouse in ongoing search for Ben Needham

The UK police team had launched an excavation on a site adjacent to the farmhouse nine days ago, following up reports that Ben might have been accidentally crushed and then buried by a digger working on the land at that time. Several days of digging with the assistance of experts and archaeologists have so far failed to reveal any evidence in support of this claim, though the discovery of an ancient Roman graveyard led to a brief stop in the work last Friday.

The search is now focused on a room that was added onto the house where Ben's family had stayed in the years following his disappearance. The work will be carried out on Tuesday, using a special machine that is to be transported to Kos. Meanwhile, the search is continuing in the area around the house.

In an announcement on Tuesday, the Kos municipal authority expressed its "active support for the search" and appealed to all sides to let the authorities conclude their investigation for the truth about what happened to Ben. At the same time, it warned against the spreading of "scenarios" that smeared the reputations of families and people that were no longer living, noting that "these do not help the search, especially when there is no proof."

[36] Thermal springs of Pozar flooded with tourists

The foreign visitors arrive daily with buses for a one-day excursion organised by the tourist agents provided that the water of Pozar has become very popular and famous for its beneficial properties.

"We have an outdoor waterfall while new facilities have been built, however, the needs are increasing every day," said the mayor of Almopia Dimitris Binos to Athens-Macedonian News Agency.

4,500 rooms are ready to host tourists from Greece and abroad and the occupancy rates are very high throughout the year, said Binos.

Pozar spa is member of the European Historic Thermal Towns Association (EHTTA)established in 2009 in Brussels.

The network includes 30 thermal bath towns from 13 European countries. The specific towns are characterised by a symbolic architectural heritage and their waters are recognised worldwide for their theraputic properties.

[37] Ship owner Karagiorgis released from custody after paying bail

Karagiorgis, 66, has also been barred from leaving the country and has to appear at his local police station once a week. He was arrested in his house at the southern suburb of Glyfada last week and was held in custody until a request for his extradition to the Netherlands has been examined by Greek courts.

The ship owner has challenged the charges with his lawyer arguing that although Dutch authorities knew his address, they sent the subpoena to a non-existing address.

The extradition request will be discussed in court when the Netherlands send the official file with the relevant request.

[38] Rise in migrants and refugees' arrivals on Chios

The flows to Lesvos remain at low levels while 89 arrivals were reported on Samos in the last 24 hours.

Northern Aegean police said that the number of refugees that have sought asylum in Greece and remain trapped on the islands reached 10,810 on Tuesday.

[39] Police arrests 25 persons for antiquity smuggling; operation continues

According to police the members of the ring are involved in illegal digging, transportation and smuggling of antiquities in Greece and abroad.

Sources said that police has identified 15 more persons that are also involved in the same case.

[40] One Ukrainian sailor killed by unidentified illness, second admitted to hospital on Rhodes

At roughly the same time, the Search and Rescue Coordination Centre informed the Rhodes Coast Guard Authority that a second crew member showing symptoms of serious illness, a 37-year-old Ukrainian, needed to be picked up off the same ship. A Rhodes coast guard rescue vessel immediately set off to pick up this patient and take him back to Rhodes harbour, where an ambulance picked him up and took him to the same hospital.

The Rhodes coast guard has ordered an autopsy, as well as a toxicology report and blood work on the dead man to determine the cause of death.

[41] Albanian national alleged to be involved in murder of elderly man arrested

The suspect is alleged to be involved in the murder of an 82-year old man that took place in the region of Ioannina in 2012.

Weather forecast

[42] Partly cloudy on Wednesday

[43] The Tuesday edition of Athens' dailies at a glance

DIMOKRATIA: State budget of poverty with cuts everywhere.

EFIMERIDA TON SYNTAKTON: There are no left chemicals.

ELEFTHEROS TYPOS: Left chemicals at the pensioners' rally.

ESTIA: Colombia, Viktor Orban and Alexis Tsipras.

IMERISSIA: 2.5 billion-euro additional taxes.

KATHIMERINI: Uproar over use of chemicals in rallies. Tsipras ordered prohibition of chemicals after incident with pensioners.

NAFTEMPORIKI: State budget of uncertainty.

RIZOSPASTIS: Mockery and suppression go hand in hand with the antipopular policy.

TA NEA: Spraying and anathemas.

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