Athens News Agency: News in English, 00-03-08

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

CONTENTS

[01] Soccer Cup-AEK-Olympiakos

[02] Central Bank-Monetary Report

[03] Greece-euro zone-event

[04] Interest Rates-Cuts-National Bank of Greece

[05] Weather Forecast-Thursday

[06] Foreign Exchange Rates-Thursday

[07] Soumakis-Shipping-Stock market

[08] Truck - Fatalities - Crash

[09] ADEX-close

[10] ASE-close

[01] Soccer Cup-AEK-Olympiakos

AEK Athens beat Olympiakos Piraeus 3-0 in a second-leg quarter-final match played for the Greek Soccer Cup at AEK's Nikos Goumas stadium in Athens on Wednesday night and qualified for the semi-finals. The first leg between the two teams had ended in a 1-1 draw.

Nikolaidis (27), Kopitsis (41) and Petkov (48) scored AEK's goals.

Ionikos and Panionios have already qualified for the semi-finals, while the fourth team will be decided on Thursday when Kalamata plays at home with OFI Crete. OFI had won the first leg 1-0.

[02] Central Bank-Monetary Report

Bank of Greece Governor Lucas Papademos on Wednesday urged wage and price restraint in 2000 in order to combat a resurgence in consumer price inflation triggered by soaring oil prices globally.

After submitting a central bank monetary report to parliament, Papademos told a news conference that price rises in fuel could also carry through into the price of finished goods.

[03] Greece-euro zone-event

Prime Minister Costas Simitis and National Economy and Finance Minister Yiannos Papantoniou will address an event at the Zappeion Mansion in Athens on Thursday on the occasion of Greece's official application to join the euro zone.

Greece submits its application on Thursday.

The course of the consumer price index was announced on Tuesday, the levels of which are within the boundaries set as a prerequisite for Greece's entry into the euro zone.

The other criteria (public debt, public sector deficit) have already been met, on the basis of the economic performances achieved over the last years.

[04] Interest Rates-Cuts-National Bank of Greece

National Bank of Greece on Wednesday was the first commercial lender to cut its customer rates after the central bank lowered key short-term money market rates earlier the same day.

State-run National, which is the country's largest bank, reduced its savings deposit rate by 50 basis points to 6.50 percent.

It cut its loan rates by up to 75 basis points. The bank's floating-rate housing loan fell to 10.25 percent and savings housing loan rate to 9.40 percent.

[05] Weather Forecast-Thursday

Sunny weather is forecast throughout the country on Thursday, turning to cloud in the north towards evening. Limited early morning visibility in some areas.

[06] Foreign Exchange Rates-Thursday

Following are indicative foreign exchange buying rates for commercial banks released by the central bank for the next working day.

Thursday's rates (buying)

Euro 330.901

U.S. dollar 346.020

[07] Soumakis-Shipping-Stock market

Greek government authorities have not yet finalised plans to allow merchant shipping companies' listing on the Athens Stock Exchange, Merchant Marine Minister Stavros Soumakis said on Wednesday.

"We are interested in protecting investors and to list credible shipping companies in the market," he said.

A committee by national economy and merchant marine ministries is discussing ways to allow shipping companies, operating ocean-going vessels, to be listed on the ASE.

Shipowners react to government proposals covering the maximum accepted age of vessels (15 years), demanding a higher age limit.

According to shipping sources, the draft legislation also envisages that six, at least, ocean-going ships of 3,000 tons each should be fully owned by shipping companies during the period of submitting listing applications. Shipping companies' equity capital should be a minimum 10 billion drachmas, fully payable.

The Greek legislation certifies as an ocean-going vessel, any vessel registered in an international ship registry recognised by the Greek state and can be used directly for dry, bulk or liquid cargo charters.

[08] Truck - Fatalities - Crash

Two people were killed in a freak traffic accident on Wednesday along the main Athens-Thessaloniki highway when a truck tire was hurled into the opposite lane straight into another truck, following the first vehicle�s collision with a separating concrete barrier.

Police said the drivers of two south-bound cars were killed when both their vehicles collided with an overturned trailer being hauled by the second truck, as its driver lost control of the rig when it was struck head-on by the flying tire.

Additionally, a container loaded onto the overturned trailer (of the second truck) landed on the opposite lane, resulting in a collision involving another four north-bound vehicles, although no serious injuries were reported from that collision.

The ?domino effect-like? accident occurred outside the Gritsa township in north-central Greece, south of Thessaloniki.

The victims were identified as Katerini resident Nikolaos Andreou, 42, an air force officer, and 69-year-old Christos Gerasimidis.

[09] ADEX-close

Derivatives prices ended lower on the Athens Derivatives Exchange on Wednesday following losses in the two benchmark indices of the market.

The FTSE/ASE 20 ended 0.64 percent lower while the FTSE/ASE 40 dropped 4.49 percent.

A total of 3,012 contracts were traded in the FTSE/ASE 20 market, worth 19.1 billion drachmas. The March expiring contract ended at 2,778 points, the May contractr at 2,818 and the June contract at 2,812 points.

Turnover in the FTSE/ASE 40 index totalled 3.1 billion drachmas with 1,127 contracts traded. The March expiring contract ended at 710.50 points, the April contract at 736 and the June contract at 770 points.

[10] ASE-close

Equity prices plunged to their lowest levels since December 1999 pushing the general index below the 4,900 level on the Athens Stock Exchange on Wednesday.

Trade was extremely nervous with share prices on a free-fall course, following big losses in international markets. Dealers said investors ignored a decision by the Bank of Greece to cut interest rates by 75 basis points.

The general index ended at 4,868.13 points, down 1.48 percent, but sharply off the day's lows of 4,724.25 points. Dealers said selective buying helped the index to recover a big part of its earlier losses.

The FTSE/ASE 20 index for blue chip and heavy traded stocks ended at 2,743.72 points, off 0.64 percent, while the FTSE/ASE 40 index ended 4.49 percent lower at 717.61.

Turnover was a moderate 234 billion drachmas.

The parallel market index for smaller capitalisation stocks ended at 986.53 points, off 7.98 percent.

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