Athens News Agency: Daily News Bulletin in English, 98-05-22

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

CONTENTS

[01] UN confirms inter-communal basis of Cyprus talks

[02] British envoy for Cyprus in Athens, Ankara cancels EU-Turkey Association Council meeting

[03] G. Papandreou meets with Burns to discuss Clinton statements

[04] Royaumont Initiative coordinator Roumeliotis in US for talks

[05] Nigerian community thanks Papandreou

[06] Turkey denies Albright-Cem phone reports

[07] Fatah Movement official speaks at Athens University event

[08] Le Monde,Eleftherotypia host meeting on mass media

[09] Patriarch to begin official visit to Canada

[10] ND statements on Albanians draw fire from gov't opposition

[11] Conference on cultural policies in Montreal

[12] Greek public radio celebrates 60th anniversary since its founding

[13] Improvements announced for Athens Airport

[14] 'Greek Food' event in Strasbourg

[15] EU's 'Citizens of Europe' campaign in Irakleio

[16] Two Greeks arrested in arms haul

[17] Memorial service for Karamanlis

[18] OA considering billion-dollar loan for new planes

[19] Austrian Nat'l Economy Minister Farnleitner in Athens today

[20] Greece has the best quality bathing waters - EU

[21] First-ever Greek-Japanese business forum in Athens

[22] Greek shipowners' delegation meets with European Commissioners

[23] Banner year for tourism on Rhodes expected this season

[24] EOT leases property to Greek-German tourism consortium

[25] 'Thraki '98' exhibition in Komotini

[26] Gov't promises talks with civil servants over strike demands

[27] Kotsovolos gains control of Radio Athine

[28] Greek stocks gain impetus fuelled by blue chips

[29] National Bank of Greece to hold shareholders' meeting Monday

[30] Labour minister criticises striking Ionian Bank staff

[31] Agri-bank mutual funds subsidiary reports 1997 profit jump

[32] Autohellas SA-Hertz posts 25 pct rise in 1997 net sales

[33] Ministry calls int'l tender for underground car parks

[34] Gov't to hike fines for illegal parking in Athens

[35] Tax authorities to check tax returns from previous years

[36] Bank of Attica pre-tax profits increase

[37] 'Toxotis' military exercise comes to an end

[01] UN confirms inter-communal basis of Cyprus talks

UNITED NATIONS 22/05/1998 (Reuters/ANA - M. Georgiadou)

The council view was made clear in a five-line reply that its president, Njuguna Mahugu of Kenya, sent to a letter from Secretary General Kofi Annan outlining the results of a visit that the latter's special adviser on Cyprus, Diego Cordovez.

Mr. Cordovez visited the island from March 17 to 22.

In its letter, the Security Council plenum confirms its strong support for the Secretary General's good offices mission and recent efforts by Mr. Cordovez, categorically stating at the same time that it insists on the inviolable,without any amen-dment,implementation of the world body's relevant resolutions.

Namely, it rejects demands recently made by Turkish Cypriot leader Rauf Denktash as being contrary to the principles of international law and the organisation's Charter, as well as an improper expression of contempt for resolutions taken by the body and the general assembly on the Cyprus issue. It adds that such demands have led to failure of both the Cordovez mission and the initiative by US special presidential envoy Richard Holbrooke.

Cyprus has been divided since 1974 when Turkish troops invaded and occupied the north of the island.

The United Nations has been trying for years to reunite Cyprus as a federation through talks conducted by the leaders of the Greek Cypriot and Turkish Cypriot communities.

The Greek Cypriot leader has always been the president of the internationally recognised government of Cyprus, currently Glafcos Clerides.

The Turkish Cypriots have long been represented by Rauf Denktash, the leader of the Turkish Cypriots.

However, Mr. Denktash told Mr. Cordovez that the picture had changed since Clerides' government, which the Turkish Cypriots do not recognise as representing them, recently began talks for membership of the entire island in the European Union.

Mr. Denktash says any further talks must be based on acknowledging the existence of two separate states in Cyprus - one Greek Cypriot and the other Turkish Cypriot.

Security Council President Mahugu, in his brief reply to Annan, said council members "reiterate their strong support for your mission of good offices for Cyprus and for the efforts of your special adviser on Cyprus, Mr. Diego Cordovez, on the basis of the relevant Security Council resolutions."

All such resolutions call for negotiations on reuniting the divided island to be conducted on an inter-communal basis and do not recognise the existence of a Turkish Cypriot state.

The General Assembly's Fifth Committee preoccupied itself on Wednesday with the economic parameters of peacekeeping forces maintained by the UN in various parts of the world.

On the question of the UN's Peacekeeping Force in Cyprus, it examined reports submitted on UNFICYP's work by the Secretary-General as well as the relevant administration and budget committee, stressing that for the 12- month period from July 1, 1998 unti l June 30, 1999, namely, for the force's new period which the Security Council is expected to renew by June 30, 1998, the amount of US$41.3 million is proposed, decreased by 10.4 per cent, from this year's funds.

The amount will include US$13.8 million dollars and US$6.5 million, respectively, voluntary contributions by the governments of Cyprus and Greece.

Athens News Agency

[02] British envoy for Cyprus in Athens, Ankara cancels EU-Turkey Association Council meeting

NICOSIA 22/05/1998 (ANA)

Sources said Sir David would brief Greek government officials on the visit of British Foreign Secretary Robin Cook to Ankara earlier this week.

Sir David accompanied Mr. Cook on his visit to Turkey.

The British diplomat was also expected to discuss issues related to the EU- Turkey Association Council, a meeting that was later reported as cancelled by Ankara.

Asked by reporters about an EU-Turkey Association Council meeting, government spokesman Dimitris Reppas replied:

"We believe that the Association Council can be heldIand that there is margin for the council to be convened on the basis of the principles and political positions approved by the EU which have already become a legal and political reality for the Community. This reality must constitute the basis for the development of EU-Turkish relations in all sectors and on all levels."

Turkish rejection : ANKARA (ANA - A. Abatzis) - Turkey officially announced yesterday that it would be more preferable for the EU-Turkey Association Council to convene "after conditions have matured."

An announcement by the Turkish foreign ministry stressed that it was ascertained during contacts Mr. Cook had in Ankara that "there is no change in the position adhered to by the EU in Luxembourg", adding that "it is not possible for the EU to reply to all the existing sensitive issues."

The announcement went on to say that "the fact is satisfactory that the EU is seeking ways to overcome the Greek veto. But it is also reality that for the time being there is no result."

According to Ankara, "it would be more preferable for the Association Council to convene after conditions have matured on the part of the EU."

However, the announcement said that Turkey is open to "new proposals" which the EU will make and that "the British presidency's well-intentioned effort is expected to continue."

Ankara is refusing to attend the Association Council for two reasons. It does not accept political conditions to be raised in Turkey's discussion with the EU and, secondly, it has not obtained guarantees that the financial protocol obstructed by Greece will be carried out.

"It is unacceptable for them to propose political conditions in the discussion with Turkey," Turkish officials told the Anatolian news agency.

The officials added that "after the talks that British Foreign Minister Robin Cook had in Ankara, we realised that there are no guarantees to secure funding anticipated by the document on the accession strategy."

Athens News Agency

[03] G. Papandreou meets with Burns to discuss Clinton statements

Athens 22/05/1998 (ANA)

Mr. Burns explained to Mr. Papandreou that as far as the US is concerned no issue exists of a "package" on the issues of the Aegean and Cyprus.

The meeting lasted for 50 minutes and no formal statements were made afterwards.

Speaking to reporters on the issue of relations between the European Union and Turkey, Mr. Papandreou said that on the question of the EU-Turkey Association Council scheduled for May 26 by the EU British presidency, it is questionable whether the Turkis h delegation will appear in Brussels.

"It appears that Turkey does not desire whatever mention of human rights, Kurds, and Cyprus issues or whatever else, being issues existing in EU resolutions. Therefore, it is doubtful even if the Association Council takes place," he said.

In the event that the Turkish delegation goes to Brussels, Greece will insist in its positions and will reiterate verbally its reservations, while its 14 EU partners will present a text which, of course, will not constitute a common position by the 15 a nd will be issued by the Presidency.

Mr. Papandreou said that a failed Association Council is not desirable either for the Presidency or Turkey or for the partners who, one way or another, are not ardent supporters of a substantive rapprochement between Europe and Turkey.

Athens News Agency

[04] Royaumont Initiative coordinator Roumeliotis in US for talks

WASHINGTON 22/05/1998 (ANA - T. Ellis)

The Royaumont Initiative is the European Union's initiative for stability and good neighbourliness in southeastern Europe.

The former minister and Eurodeputy met with the US State Department's adviser on southeastern Europe issues Richard Sifter and Assistant Secretary of State on European Affairs Mark Grossman, as well as several academics and scholars from US research fou ndations focusing on developments in the region. Mr. Roumeliotis was due to leave for New York later in the day yesterday.

Athens News Agency

[05] Nigerian community thanks Papandreou

Athens 22/05/1998 (ANA)

Use Ugbuefi, 31, was killed when he was repeatedly punched in the chest with a spiked knuckle-duster during an altercation with a man at the offices of the Panathinaikos Fan Club in Peristeri. Mr. Papandreou had condemned the attack and had helped with arrangements to fly Ugbuefi's body back to Nigeria for burial. The foreign ministry had undertaken the cost of the flight. Police arrested one man for fatally wounding Ugbuefi and another six people for aiding and abetting. They initially had told police that an Albanian had killed the man. At yesterday's meeting, Mr. Papandreou again expressed his condemnation of the crime, stressing that such incidents of racial violence were unusual for Greece and the Greek people.

Athens News Agency

[06] Turkey denies Albright-Cem phone reports

ISTANBUL 22/05/1998 (ANA - A.Kourkoulas)

Athens News Agency

[07] Fatah Movement official speaks at Athens University event

Athens 22/05/1998 (ANA)

Mr. Hassan was speaking at the opening of a speech in Athens yesterday, at an event organised by the Diplomatic Representation of Palestine and the University of Athens on the occasion of the 50th anniversary of the partition of Palestine.

The Palestinian official expressed a view that strategic realities have changed and that it has been proved that the State of Israel is not the solution to the Jewish issue. He stressed that true peace entailed the effective integration of Israel into the Middle Eastern region, which however, Israeli Prime Minister Benjamin Netanyahu "has not accepted."

The event was attended, among others, by former New Democracy premier Costas Mitsotakis - who said the European Union had not sufficiently mobilised on the issue - political party leaders and representatives, all of whom criticised the failure of the in ternational community to solve the Palestinian problem. Other politicians attending were Parliament Vice- President Panayiotis Sgouridis and PASOK Secretary Costas Skandalidis.

Athens News Agency

[08] Le Monde,Eleftherotypia host meeting on mass media

Athens 22/05/1998 (ANA)

Speakers will include Culture Minister Evangelos Venizelos, Le Monde Diplomatique director Ignacio Ramonet, Eleftherotypia director Serafeim Fyntanidis, and Ioannina University professor Eftychios Bitsakis.

The discussion will be in Greek and French, with simultaneous translation.

Athens News Agency

[09] Patriarch to begin official visit to Canada

ISTANBUL 22/05/1998 (ANA - A. Kourkoulas)

Vartholomeos will visit Yale University, where he will be awarded an honorary doctorate before beginning a six-city tour of Canada.

Canadian PM Jean Chretien will receive the Patriarch in Ottawa, while London, Montreal, Toronto, Vancouver and Winnipeg are also stops in this first-ever visit by an Ecumenical Patriarch to Canada.

Prime Minister Costas Simitis and his wife Dafni yesterday received PASOK cadres, national and local political leaders as well as well-wishers at the Maximos Mansion on the occasion of his nameday.

Athens News Agency

[10] ND statements on Albanians draw fire from gov't opposition

Athens 22/05/1998 (ANA)

New Democracy MPs Apostolos Andreoulakos and George Karatzaferis, during a Parliamentary debate Wednesday on a public order ministry bill on policing Greece's border regions, claimed that criminal activities by illegal immigrants had taken on epidemic proportions.

"Albanians enter and leave the country whenever they plea-se...take them to detention centres; and there are always isolated islands," Mr. Andreoulakos said. Mr. Kounalakis called the two ND deputies' statements a "disgrace" for Parliament and "racist", and called on the House presidium to deplore the comments. Mr. Karatzaferis, who proposed that "proof of income" verification should also be applied to illegal immigrants, retorted that Mr. Kounalakis "read the minutes" of Wednesday's session instead of listening to radio and television reports, adding that the only thing he had requested was that the "proof of income" verification procedures should also apply to illegal immigrants so as to clarify where they got their money.

Mr. Kounalakis replied that such "shameful" statements should be condemned by the entire House.

Reppas condemnation : Government spokesman Dimitris Reppas later condemned Andreoulakos's statements and New Democracy for "not being clear on its policy on such a sensitive issue".

Sources said later that Mr. Andreoulakos would be called to account for his comments about detention centres for illegal immigrants when he meets with the New Democracy's party's MPs' secretary-general Stavros Dimas.

The two are expected to meet today. Sources said that ND leader Costas Karamanlis was "particu-larly disturbed" by Mr. Andreoulakos's position but that no disciplinary measures were being considered.

Athens News Agency

[11] Conference on cultural policies in Montreal

MONTREAL 22/05/1998 (ANA - I. Frangouli)

The Canadian-sponsored conference is the next step to a UNESCO action plan, which was formed during an intergovernmental conference on cultural policies. The goal of the conference is preservation of the cultural heritage of nations, while the issues th at will be discussed include "cultural diversity and development", "the role of civilisation and international relations" and "civilisation and trade".

Athens News Agency

[12] Greek public radio celebrates 60th anniversary since its founding

Athens 22/05/1998 (ANA)

ERA director Yiannis Tzannetakos announced the circulation of a double CD containing speeches and addresses by Greece's most significant statesmen, and taken from public radio's archives. Parliament President Apostolos Kaklamanis will unveil a commemora tive column today at the main entrance of the first radio transmitting premises at Zappeion Hall, where the first programme began broadcasting in 1938.

Athens News Agency

[13] Improvements announced for Athens Airport

Athens 22/05/1998 (ANA)

The six-billion-drachma project includes new loud speaker systems, a hi- tech luggage X-ray system, flight information screens and upgraded facilities for the rapid, safe and effective passenger movement through customs.

Plans also foresee two walkway ramps to allow passengers direct access from their airplane to the terminal, as passengers today are still transported by bus.

Athens News Agency

[14] 'Greek Food' event in Strasbourg

Athens 22/05/1998 (ANA)

The event, entitled "The Greek cuisine in the European Parliament", was organised within the framework of the programme "Special Sign for Greek Cuisine" and the overall effort for promotion of Greek foods abroad.

Athens News Agency

[15] EU's 'Citizens of Europe' campaign in Irakleio

Athens 22/05/1998 (ANA)

The event will be addressed, among others, by Political Spring Euro-MP Katerina Daskalaki.

Athens News Agency

[16] Two Greeks arrested in arms haul

Athens 22/05/1998 (ANA)

At a routine police checkpoint, police searched the car of Anastasios Yiannopoulos, a resident of Athens, and found the 22 rifles and 5,760 rounds of ammunition.

Shortly afterwards, they arrested his alleged accomplice, Dimitrios Kalogerakis, from Iraklion, Crete, who was driving a second car.

The two reportedly told police that they took delivery of the rifles from Albanians at the border and intended to take them to an unidentified Albanian in Athens.

The police believe however that the weapons were destined for Crete.

Athens News Agency Athens 22/05/1998 (ANA)

The European Network of Women Journalists, the Kavala Prefectural Authority and the Kavala Municipality are holding a briefing session on the Europen Union and the Amsterdam treaty tonight at the city's municipal library.

Speakers include Marios Camhis, the director of the Athens European Commission office. The audience is expected to include local school students, parents and teachers.

Athens News Agency

[17] Memorial service for Karamanlis

Athens 22/05/1998 (ANA)

Another memorial service will be held on June 4 and the foundation is organising a series of events to commemorate the life and achievements of Karamanlis later in the year.

Athens News Agency

[18] OA considering billion-dollar loan for new planes

Athens 22/05/1998 (ANA)

OA has also approved two other loans, $25 million and $75 million, respectively, from Japan's Sanwa Bank to cover current operating needs and for a deposit on the 12 planes.

Athens News Agency

[19] Austrian Nat'l Economy Minister Farnleitner in Athens today

VIENNA 22/05/1998 (ANA - D. Dimitrakoudis)

Mr. Farnleitner will meet with Development Minister Vasso Papandreou, National Economy Minister Yiannos Papantoniou, Labour and Social Services Minister Miltiades Papaioannou and Environment, Town Planning and Public Works Minister Costas Laliotis.

He is also expected to brief the Greek leadership on the Austrian presidency's initiatives, which according to press reports will centre around the promotion of EMU as well as employment and energy issues.

The Austrian minister will also discuss cooperation in initiatives in the Balkans and the Black Sea region, while Greece is interested in Austrian support for initiatives in central and eastern Europe, where Austria plays an important role.

It should be noted that Greek exports to Austria decreased by 9 per cent in 1997 for a total of 1.7 billion Austrian shillings, while imports from Austria increased by 7.8 per cent, totalling 3.2 billion shillings.

Athens News Agency

[20] Greece has the best quality bathing waters - EU

BRUSSELS 22/05/1998 (Reuters)

Nineteen out of 20 Greek coastal sites and 18 out of 20 Italian sites were classed as having excellent quality bathing waters in the report, released on Wednesday. Over 17 out of 20 freshwater sites in Ireland and Austria met these standards.

But in general, bathers should head for the sea rather than lakes and rivers this summer if they want to find clean water.

All countries in the 15-nation bloc bar Ireland and Finland recorded better results for sea beaches than freshwater sites.

Britain avoided any potentially unhelpful observations on its freshwater bathing areas by again declining to provide data on any inland sites, though it promised to do so next year.

Results for Sweden and Finland were poor for both coastal and inland sites but this was partly because the EU's newest members did not yet have adequate monitoring systems.

However, Austria, which joined the bloc in 1995 along with the larger Nordic states, had no trouble complying with EU law.

Chillier but nearly as clean as Greece and Italy were the Danish beaches, followed by the Dutch, Spanish and Irish coasts.

Belgium came bottom of the list, with only 20.5 percent of its beaches making the high quality grade, although for the first time 100 percent of coastal sites met minimum standards.

Below that level, the EU considers water to be too polluted with faeces, oil and chemicals to be fit for swimming.

Other laggards included Britain, where over half of beaches failed to qualify as high quality, France, Germany and Portugal.

Several states failed to meet even minimum standards of cleanliness or monitoring. Finland and Sweden came out worst, with 34 and 20.4 percent respectively, followed by Britain, Portugal, the Netherlands, Germany and France.

European Environment Commissioner Ritt Bjerregaard told reporters she was disappointed the quality of Europe's beaches did not seem to have improved much in recent years.

Over 90 percent of coastal areas respected minimum standards requirements, but 20 years after the bathing water law came into force only four fifths had high quality water.

There have been more obvious improvements in the state of Europe's vulnerable lakes and rivers. In 1996, only a third met minimum requirements. By 1997, nearly 80 percent complied.

Ireland and Austria had the most sparkling streams, with Danish, German and Italian inland waters not far behind.

But the Commission hit out at Portugal and Greece, where freshwater quality has deteriorated to the point where over half the inland sites are breaking the law. Spain, the Netherlands, Sweden and France also have problems to solve.

In January the Com mission announced it was pursuing legal action against Belgium, the Netherlands, Italy, Spain and Portugal for infringing EU water pollution laws.

Commission official Bert Van Maele said on Wednesday most of the pollution stemmed from poor waste water treatment and farms.

Athens News Agency

[21] First-ever Greek-Japanese business forum in Athens

Athens 22/05/1998 (ANA)

Among the topics up for discussion was the establishment of a Greek- Japanese economic and commercial chamber.

Addressing the event, SEB President Iason Stratos said Greece's expected participation in EMU, the Olympic Games of 2004 in Athens, and the country's strategic position as a bridge between the EU, the Balkans and the Mediterranean, significantly increas ed its attractiveness for investment.

Greek Investment Centre director L. Valetopoulos told the Japanese delegation that the current period was the most appropriate for investment in Greece, as large infrastructure projects were in the stage of completion and there were conditions of politi cal and economic stability.

2004 Olympic Games organising committee managing director Costas Bakouris referred to the considerable investment oportunities now lying ahead wiht the prospect of the Games.

Greek National Tourism Organisation (EOT) head Nikos Skoulas said an increase in the number of Japanese tourists was expected again this year - as part of the overall 12-15 per cent projected increase - after last year's fall.

The event was attended by Development Minister Vasso Papandreou and National Economy Undersecretary Alekos Baltas.

Keindaren is a private, non-profit economic organisation with 970 companies as members and 123 associations representing all sectors of the Japanese economy. The delegation to Athens was headed by vice-president and president of Asahi Breweries Hirotaro Higuchi.

Athens News Agency

[22] Greek shipowners' delegation meets with European Commissioners

Athens 22/05/1998 (ANA)

During a press conference, Mr. Lyras noted that the EEE delegation met with EU Commissioners Sir Leon Brittan, Neil Kinnock and Padraig Flynn, as well as sector officials for an exchange of views on shipping competitiveness.

They also discussed safety issues and environmental protection, new shipbuilding policies as well as cabotage regulations.

According to Mr. Lyras, the net worth of the Greek merchant fleet stands at US$40 billion, a sector that employs 30,000 on vessels and 15,000 individuals on shore. Mr. Lyras also expressed a hope that conditions and policies will improve, allowing vessels owned by Greek interest to return to the Greek register - an issue of national importance, as he added.

Athens News Agency

[23] Banner year for tourism on Rhodes expected this season

Athens 22/05/1998 (ANA)

Specifically, as of yesterday and until Sunday, 170 charter flights are scheduled. A significant number of tourists are expected to be transported by Olympic Airways.

Tourist officials project tourist arrivals will increase by 18 per cent on Rhodes this season compared to last year.

Athens News Agency

[24] EOT leases property to Greek-German tourism consortium

Athens 22/05/1998 (ANA)

The consortium, Loutra Kyllinis SA, comprising the Grecotel group - the largest hotel management concern in Greece - and TUI, Germany's biggest tour operator, undertakes to invest 13.8 billiion drachmas for building renovations, new facilities of an in tegrated 1,500-bed capacity that will include hydrotherapy and sports installations, a golf course, conference centre, etc.

The 44-year lease will includes an annual lease of 200 million drachmas. The consortium was the only bidder for the project.

Mr. Skoulas expressed his satisfaction with the deal, saying "the contract constitutes the largest to date agreement in the framework of exploiting EOT's real estate holdings."

The government has often repeated its intention to better utilise EOT property, either through a sale or long-term lease of hotels, resorts and thousands of acres of land.

Athens News Agency

[25] 'Thraki '98' exhibition in Komotini

Athens 22/05/1998 (ANA)

Greek businesspeople and handicraftsmen having declared participation come from Athens, Thessaloniki, Komotini, Xanthi, Orestia-da, Chrysoupoli, Kavala, Didimotiho and Trikala.

Foreign participants arrive from Germany, Italy, the US, Britain, Spain, Sweden, Bulgaria and Romania.

Athens News Agency

[26] Gov't promises talks with civil servants over strike demands

Athens 22/05/1998 (ANA)

The strike is timed to coincide with a 24-hour stoppage on the same day called by the General Confederation of Greek Labour, which represents nearly a million workers in the public and private sectors.

Unions are protesting the government's wide-ranging privatisation plan, ordered to shrink the public sector and curb state spending before Greece joins the European Union's economic and monetary union, probably by January 1, 2001.

Mr. Papantoniou said he would meet officials of the ADEDY civil servants union next week and reply to the list of demands submitted yesterday.

The demands are as follows:

• A corrective amount to be paid at the end of the year in order to offset losses incurred by 1998 wages rises agreed with the government; and the repercussions on purchasing power of a 13.8 percent devaluation on March 14 to ease entry into the EU's ex change rate mechanism
• Government acceptance of ADEDY's proposals on employees' rights and obligations, and a new scale of rank in the civil service
• A legal framework for collective bargaining in the public sector
• An end to the privatisation of state services
• Safeguards for labour relations, and no extension of part-time work in the public sector
• A solution to problems of social insurance, and the repercussions of government decisions on the education system that the union claims were made without consultations

Athens News Agency

[27] Kotsovolos gains control of Radio Athine

Athens 22/05/1998 (ANA)

Kotsovolos, which made the announcement yesterday, reported profits of 1.2 billion drachmas on turnover of 47.5 billion drachmas in 1997. It has 29 stores.

Radio Athine, which has 10 retail outlets, posted 1997 profits of 770 million drachmas on sales of 11.8 billion drachmas.

Kotsovolos said in a statement that the two chains' networks would operate independently and remain in direct competition.

Athens News Agency

[28] Greek stocks gain impetus fuelled by blue chips

Athens 22/05/1998 (ANA)

The general index ended 1.06 percent up at 2,573.98 points.

Sector indices scored gains across the board.

Banks rose 0.26 percent, Insurance was 1.58 percent up, Investment increased 0.21 percent, Leasing rose 0.31 percent, Industrials jumped 1.73 percent, Construction ended 1.22 percent higher, Miscellaneous soared 3.58 percent and Holding rose 2.38 percent.

The parallel market index for small cap companies ended 3.22 percent higher.

Trading was moderate with turnover at 62.3 billion drachmas.

Broadly, advancers led decliners by 175 to 61 with another 27 issues unchanged. Intracom, Intrasoft, Sysware, Aloumil, Elve, Flexopack, Macedonia-Thrace Bank of Folli-Follie scored the biggest percentage gains, hitting the day's 8.0 percent limit up.

General Warehouses, Balkan Export, Macedonian Mills and Duty Free Shops suffered the heaviest losses.

National Bank of Greece ended at 52,200 drachmas, Ergobank at 27,000, Alpha Credit Bank at 32,100, Delta Dairy at 4,680, Titan Cement 25,650, Intracom at 17,901 and Hellenic Telecommunications Organisation at 8,995.

In the domestic money market the US dollar lost substantial ground against the drachma following a similar trend in international markets.

Athens News Agency

[29] National Bank of Greece to hold shareholders' meeting Monday

Athens 22/05/1998 (ANA)

On the agenda are a share capital rise of 26.2 billion drachmas and the distribution of free shares from a capitalisation of reserves that shareholders will be asked to endorse.

The last annual general meeting, which was scheduled for May 6, was inquorate.

National Bank of Greece, which is active in the Balkans, is a blue chip on the Athens Stock Exchange.

Its governor, Theodoros Karatzas, announced on Tuesday that the bank had successfully carried out a private placement of 2.5 million shares through bookbuilding to institutional investors at home and abroad.

The price to emerge was 46,900 drachmas a share against 51,995 drachmas on the day of the announcement, when the stock gained 2,245 drachmas.

Athens News Agency

[30] Labour minister criticises striking Ionian Bank staff

Athens 22/05/1998 (ANA)

Mr. Papaioannou said that the decision to sell the bank was final and that the government was seeking participation by workers, who are still on strike, in the privatisation scheme.

He charged the union leaders with pursuing a policy of deadlock that aided neither the bank nor the workers' own interests.

Labour Undersecretary Christos Protopappas said that safeguarding jobs after the bank's privatisation was on the negotiating table, and it would be unfortunate to leave the question open.

Athens News Agency

[31] Agri-bank mutual funds subsidiary reports 1997 profit jump

Athens 22/05/1998 (ANA)

Total assets at the end of 1997 were 525 billion drachmas from 312.8 billion the previous year.Management expects the firm to focus on international and equity funds in 1998. It also plans to upgrade computer operations in order to improve services.

Athens News Agency

[32] Autohellas SA-Hertz posts 25 pct rise in 1997 net sales

Athens 22/05/1998 (ANA)

The company said in a statement that its pre-tax profits rose to 1.4 billion drachmas in 1996 from 1.0 billion in 1996.

Autohellas SA-Hertz also reported a substantial increase in its fleet to 6, 600 in 1997 from 5,500 the previous year. The number is expected to reach 8, 000 by end-1998.

An extraordinary shareholders meeting decided to raise the firm's share capital by 1.7 billion drachmas to finance a fleet renewal and improvements to installations.

Athens News Agency

[33] Ministry calls int'l tender for underground car parks

Athens 22/05/1998 (ANA)

Deputy Public Works Minister Christos Verelis said yesterday the three self- financing garages in Kolonaki Square, Eyiptou Square and Kaningos Square would house 1,350 cars each.

The tender was likely to be completed by mid-September, and the deadline for construction of the garages was three years, Mr. Verelis said.

Athens News Agency

[34] Gov't to hike fines for illegal parking in Athens

Athens 22/05/1998 (ANA)

The bill amending the Highway Code will also allow the public order ministry to use tow trucks belonging to private firms for the removal of illegally parked vehicles. According to traffic police, 20,000 cars are illegally parked every day.

Athens News Agency

[35] Tax authorities to check tax returns from previous years

Athens 22/05/1998 (ANA)

The checks on income and Value Added Tax are expected to be condensed but stringent.

For returns filed in 1987-1992, tax payers will be given the option of a payment based on the number of years tax forms were cleared but not checked, occupation and turnover, the circular said.

If tax payers reject the option, which is contained in a 1992 law, they will be subject to the same checks to be carried out on 1993-1997 declarations.

The checks will be random, and the tax due will also contain fines and charges, payable in installments.

The new ruling applies to amounts less than two billion drachmas. Higher amounts will undergo normal procedures.

Athens News Agency

[36] Bank of Attica pre-tax profits increase

Athens 22/05/1998 (ANA)

During the same period, the bank loans increased by 43.2 per cent, totalling 92.8 billion drachmas. Deposits amounted to 117.7 billion drachmas, an increase of 29.6 per cent. The bank's assets totalled 157.1 billion drachmas, increasing by 36 per cent.

Athens News Agency

[37] 'Toxotis' military exercise comes to an end

NICOSIA 22/05/1998 (ANA/CNA)

Parachutists were dropped from a Greek C-130 personnel carrier early in the morning at the Tersephanou area, in the southeastern district of Larnaca. Warplanes of the Greek Air Force participating in the exercise flew yesterday within the Nicosia Flight Information Region (FIR).

Warships of the Greek Navy also took part in "Toxotis", which concluded yesterday.

It was reported that the exercise aimed at testing the radars and the anti- aircraft systems of Cyprus' National Guard.

Wednesday, four Greek warplanes flew twice over the recently completed military airbase, near the western coastal town of Paphos. The four F-16 fighters left after attacking mock sea targets in the area. The governments of Cyprus and Greece agreed upon a joint defence pact, in November 1993, providing that Greece will come to Cyprus' aid in the case of a new Turkish offensive.

Athens News Agency

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