Athens News Agency: News in English, 09-11-04

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

CONTENTS

[01] Greek cooperative banks report improved 9-month results

[02] Econ sentiment index up in Oct.

[03] Ivanov invites Papoulias to Skopje

[01] Greek cooperative banks report improved 9-month results

Assets totaled 4.546 billion euros, up 18.8 pct compared with the same period in 2008, while saving deposits grew 17.6 pct to 3.597 billion euros and loans rose 6.4 pct to 3.152 billion euros.

Equity capitals grew 6.11 pct in the January-September period to 541.9 million euros, while pre-tax profits fell 10.61 pct to 39.9 million euros, reflecting a cut in profit margins and higher cost of money.

The Association of Cooperative Banks of Greece opened 13 new retail units around the country in the nine-month period, raising their network to 213.

[02] Econ sentiment index up in Oct.

The index jumped to 71.7 points in October, up from 63.8 in September, its highest reading since October 2008, reflecting a significant improvement in demand and supply, with the consumers' confidence index rising to the highest level in two years.

The economic sentiment index in the EU and the Eurozone continued moving upwards for the seventh consecutive month in October to 86 and 86.2 pct, respectively, although both remained significantly lower compared with long-term average levels.

IOBE attributed this advance also to increased expectations created by the new government, a phenomenon systematically recorded in all reports since 1985.

Specifically, business expectations in the industrial sector, along with estimates for current levels of demand and new orders, were moving higher, with inventories rising slightly.

In the services sector, business expectations for demand worsened slightly, while expectations over short-term demand rose.

In the retail sector, business expectations for current sales worsened, inventories fell, but estimates over employment in the sector for the next quarter improved significantly.

In the construction sector, expectations over works remained strongly negative, while forecasts over employment showed a slight improvement.

[03] Ivanov invites Papoulias to Skopje

Ivanov conveyed the invitation to Amb. Alexandra Papadopoulou, who heads Greece's liaison office in Skopje.

The invitation underlined that a visit by Papoulias, the date of which is left open to be decided by the latter, will give a "strong boost" to the strengthening of good-neighbourly relations.

The fYRoM head of state also mentioned that he is "deeply convinced that in bilateral relations of the two neighbouring countries, things that unite us and bring us closer together are more than those that divide us."

Ivanov also expressed hope that Papoulias will accept the invitation.

Caption: ANA-MPA / EPA file photo of fYRoM President of Gjorge Ivanov.

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