Athens News Agency: Daily News Bulletin in English, 99-03-18

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

CONTENTS

[01] Simitis,Schroeder agree on immediate solution to Commission crisis, disagree on EU funding

[02] Five bilateral agreements signed during Latvian President Ulmanis' visit

[03] Simitis says Euroelections not a `nat'l opinion poll' as PASOK's congress begins today

[04] G. Papandreou briefs Parliament committee on Balkan developments

[05] Japanese royal couple in Greece today

[06] Contract for Hawk system upgrades

[07] Stocks perky on mergers, inflation forecasts

[08] National Bank of Greece, Xiosbank to hold assemblies today

[09] Alpha Leasing to boost share capital by Dr 4.5 bln

[10] Agricultural Insurance performs well ahead of 1999 listing

[11] Delta Informatics shows 52 pct profit jump

[12] Radio Korasidis to hold Dr 6.2 bln share cap rise

[13] Attica Aluminium to become holding company

[14] SEB predicts no change in EMU course following Commission's resignation

[15] Athens Foreign Exchange

[01] Simitis,Schroeder agree on immediate solution to Commission crisis, disagree on EU funding

Athens, 18/03/1999 (ANA)

"European citizens expect a solution to the issue as soon as possible...the problem of the composition of the new Commission will be dealt with during next week's summit in Berlin," Mr. Schroeder told reporters after talks in Athens with Mr. Simitis.

Mr. Simitis said a "solution should be found quickly", underlining that the "EU needs a Commission able to take decisions and give direction".

Mr. Schroeder also praised Greece's progress towards EMU entry, saying: "I am astonished by the fiscal discipline achieved and I congratulate the (Greek) government for it...Indeed, all the criteria set by the Maastricht Treary are fulfilled and everything has been done as it should."

The two men also discussed "Agenda 2000". Speaking on the subject later, Mr. Simitis stressed the significance Greece attributes to the securing of necessary funds to continue the progress begun in recent years. He also noted that negotiations regarding agricultural policy have been concluded in a satisfactory manner for the country, but hinted at a serious divergence of views in those regarding structural funds. "We set out our views, and Mr. Schroeder those of the presidency. We are still at some distance," he said.

The German chancellor stressed the need for "a reasonable compromise among all," adding: "when I say all, I include Greece, too".

"Our decisions must be characterised by solidarity and fairness. All countries must move in that direction for the EU to go forward", he added.

Finally, he said there had been full agreement between the two men on the subject of the procedure to be followed on the selection of the new European Commission president.

Athens News Agency

[02] Five bilateral agreements signed during Latvian President Ulmanis' visit

Athens, 18/03/1999 (ANA)

Mr. Guntis, who arrived in Athens on Tuesday at the head of a delegation of Latvian ministers and business people, also met with PM Costas Simitis, while he is further scheduled to have talks with Parliament President Apostolos Kaklamanis and several opposition party leaders.

Latvian Defence Minister G. Kristovskis and his Greek counterpart Akis Tsohatzopoulos also signed a defence cooperation agreement

Both men held discussions on bilateral issues and the more general situation in the region.

Furthermore, Latvian Interior Undersecretary R. Blukis and Alternate FM Yiannos Kranidiotis signed an agreement abolishing visa requirements between the two countries, an educational affairs agreement, an accord on the return of illegal aliens as well as an economic and technology cooperation accord.

After their private talks, Mr. Stephanopoulos and Mr. Ulmanis chaired a joint meeting of the Greek and Latvian delegations, also attended by Mr. Tsohatzopoulos, Mr. Kranidiotis and Culture Minister Elisavet Papazoi. Mr. Stephanopoulos described Ulmanis' visit as being of "exceptional significance", while the Latvian president expressed hope for further development of north- south relations, and that Greece would serve as a bridge in that direction.

The Greek president reaffirmed the country's support for Latvia's application to join NATO and the EU, adding that the delegations in their talks had expressed the mutual desire for further development of cooperation between the two countries in all sec tors.

Mr. Ulmanis stressed the importance of the education and economic cooperation accords, and put emphasis on the development of bilateral relations, noting the fact that he was accompanied by a group of entrepreneurs on his trip.

The Latvian president is also due to address the Athens Chanber of Commerce and Industry tomorrow on investment opportunities in his Baltic country.

On his part, Mr. Simitis reiterated Athens' support for Riga's plans to become an EU member, saying it would help stability and cooperation.

He was speaking after meeting with Mr. Ulmanis.

"Latvia is making strenuous efforts to meet the criteria for participation in the European Union," the Greek PM told reporters.

"For Latvia, Greece is an important partner" Mr. Ulmanis said. He added he was optimistic about the future of bilateral relations and said Latvia gave particular emphasis to developing north-south relationships in Europe.

Evening reception : Later in the evening and speaking at an official dinner in Mr. Ulmanis' honour, the Greek president said Greece believed in the idea of a "United Europe", as European countries had an important role to play in international affairs, without a disposition of antagonism with the US, but by strengthening their presence on the international scene and accompanied by a common external and security policy.

"The European Union, founded under the pressures and the great problems caused by two world wars can no longer remain only on a common economic policy and monetary union," he said.

Earlier, at a ceremony at the Athens City Hall, Mayor Dimitris Avramopoulos awar-ded the Latvian president the golden medal of valour of the municipality.

President Ulmanis today is scheduled to inaugurate an exhibition of traditional Latvian weaving at the Athens Municipal Cultural Centre.

Kaklamanis : Mr. Ulmanis also expressed his thanks for Greece's support to Riga's efforts to be integrated in Euroatlantic structures after a meeting with Parliament President Apostolos Kaklamanis, who stressed the need for exhanges of parliamentary delegations at all levels. The Latvian president also met with Democratic Social Movement (DHKKI) leader Dimitris Tsovolas .

"We held a very good discussion and exchange of views on developments in United Europe and its enlargement to other countries of central and eastern Europe," Mr. Tsovolas said.

Athens News Agency

[03] Simitis says Euroelections not a `nat'l opinion poll' as PASOK's congress begins today

Athens, 18/03/1999 (ANA)

"Euroelection results are independent...Euroelections are not national elections in which the government is being judged," he was quoted as saying in an interview to the Athens daily "Elefthero-typia". He also said voters will not "see the Euroelections a s a national opinion poll...Citizens do not like petty party politics and personal games."

The PM stressed that PASOK was in need of reform and rejected talk of "a divided party".

"In a large party, and especially in a socialist one, silence and total agreement is not becoming, since it is not a choir."

The premier also said that difference of opinion should not be taken as a "challenge to PASOK's unity or as a danger which leads to fragmentation."

Mr. Simitis discarded the term "internal party opposition" used for those with different opinions and stressed that all those with differing opinions are not an "oppo-sition".

Speaking on the issue of his succession, he said it was premature, adding that it was a non-issue for him, since PASOK's president is elected to a three-year term.

As for the possibility of a new party being created by popular Athens Mayor Dimitris Avramopoulos, Mr. Simitis said it was not an issue concerning PASOK, since as he maintained, its possible founding would be a "product of right-wing (political) break-ups."

Foreign delegations at PASOK congress : In a related development, 37 foreign delegations will be attending the PASOK congress, including groups from Albania headed by Prime Minister Pandeli Majko and the Bulgarian European Left Party, headed by Alexander Tomov.

According to figures released by PASOK, 35.94 per cent of the delegates are between the ages of 45 to 55; 31.26 per cent between 35 to 45; 13 per cent between 55 to 65; 12.4 per cent between 25 to 35 and 5.6 per cent under 25 years of age.

Some 55 per cent out of the more than 5,500 delegates are wage-earners or self-employed, while 37 per cent earn a living from the public sector P 25 per cent are civil servants and 12 per cent are employed in state-owned enterprises.

In addition, of the 5,802 delegates at the congress, 4,183 represent prefectural-level PASOK organisations; 503 represent the party's youth group; 343 represent sectoral organisations; 77 represent expatriate Greeks; 63 represent out-of-district voters; 337 are present central committee members and 295 are former central committee members and former Parliament deputies.

According to reports, PASOK's present executive bureau decided to propose that the central committee regular membership increase to 180, up from today's 150 regular and 30 substitute members, while they also decided to propose that the new executive bur eau be comprised of 11 members, including the president, the party secretary and at least three members without government appointed posts.

Athens News Agency

[04] G. Papandreou briefs Parliament committee on Balkan developments

Athens, 18/03/1999 (ANA)

Mr. Papandreou, who recently returned from a tour of the Balkans, during the "closed-door" briefing reportedly reiterated Athens' standing position for Kosovo's expanded autonomy within the Federal Republic of Yugoslavia.

He also referred to the "particularly positive" climate of his contacts with FYROM's leadership.

"FYROM looks on Greece as a 'par excellence' reliable partner in the Balkans and it is interested in strengthening relations (with Greece) in the political, economic, trade and investment sectors," Mr. Papandreou said, according to the sources.

The Greek FM reportedly noted that Athens is prepared to assist not only FYROM but also the rest of the countries in the Balkans in promoting their relations with the European Union.

Athens News Agency

[05] Japanese royal couple in Greece today

Athens, 18/03/1999 (ANA)

Prince Masahito Hitachi and his wife Hanako, the first Japanese imperial family members ever to visit Greece, will attend a number of cultural events to commemorate the 100th anniversary of the 1899 Greek-Japanese friendship and trade agreement and will meet with Prime Minister Costas Simitis on Sunday.

Prince and Princess Hitachi will be awarded the medal of the City of Athens by Mayor Dimitris Avramopoulos, while they will visit Thessaloniki as well.

Athens News Agency

[06] Contract for Hawk system upgrades

Athens, 18/03/1999 (ANA)

The 153-million-dollar contract, which includes an option for upgrades on an additional Hawk squadron, will be performed at the installations of the Hellenic Aerospace Industry (EAB) and will be completed within 46 months after its effective date.

Athens News Agency

[07] Stocks perky on mergers, inflation forecasts

Athens, 18/03/1999 (ANA)

The general index ended 32.73 points, or 0.91 percent up at 3,630.82 points, its 20th record this year.

Encouraging sentiment was a recent wave of mergers by listed companies and forecasts of a drop in inflation to 3.4 percent in March and below 3.0 percent in April. Turnover was 147.6 billion drachmas and volume 24,023,075 shares.

Sector indices mostly scored gains. Banks fell 0.17 percent, Leasing soared 7.73 percent, Insurance eased 0.33 percent, Investment was 0.07 percent up, Construction surged 4.17 percent, Industrials rose 3.85 percent, Miscellaneous ended 1.25 percent hig her and Holding increased 0.80 percent.

The parallel market index for small cap companies ended 3.73 percent up while the FTSE/ASE 20 index rose 0.02 percent to 2,247.37.

Broadly, advancers led decliners by 192 to 93 with another 8 issues unchanged.

Delta Inform, Panafon, Boutaris and Viosol were the most heavily traded stocks.

Atermon soared 99 percent in its first day of trading on the parallel market.

Newly listed Plesio Computers jumped 30.6 percent followed by Hellenic Bottling, Commercial Invest, Titan Cement, St George Mills, Ideal, Avax, Atemke and Inform Lycos, which all hit the daily 8.0 percent limit up.

Ermis, Xifias, Development Invest, Alysida, Constantinidis, Macedonian Spinning Mills and Benroubi suffered the heaviest losses.

National Bank of Greece ended at 22,800 drachmas, Alpha Credit Bank at 38, 480, Ergobank at 26,100, Ionian Bank at 23,100, Titan Cement at 26,700, Hellenic Petroleum at 2,645, Intracom at 20,805, Minoan Lines at 9,925, Panafon at 8,860 and Hellenic Telecoms at 7,640.

10-year bond prices hit highs, demand robust for drachma : Ten-year bond prices yesterday jumped to all time highs in the secondary bond market and investors vigorously sought drachmas, again driving up the national currency, traders said.

The new 10-year bond was trading at 103.45, posting a yield of 5.83 percent. The previous 10-year issues were trading at 118.35-117.55.

Most bond prices gained an average 40-50 basis points.

Electronic trade was higher at 57 billion drachmas from 39 billion drachmas in the previous session.

The drachma surged in the foreign currency market, prompting the central bank to intervene to curb its ascent through the purchase of around 70 million euros at its daily fix.

The euro was set at 321.200 drachmas at the fix from 321.310 drachmas in the previous session.

Athens News Agency

[08] National Bank of Greece, Xiosbank to hold assemblies today

Athens, 18/03/1999 (ANA)

Xiosbank, a rapidly growing private bank, is also to hold a shareholders' meeting.

Athens News Agency

[09] Alpha Leasing to boost share capital by Dr 4.5 bln

Athens, 18/03/1999 (ANA)

The company's assets last year totalled 67.9 billion drachmas, up 22.2 percent from 1997.

Net profits in 1998 were 4.6 billion drachmas from 4.15 billion a year earlier.

The dividend on 1998 profits is 250 drachmas per share from 500 drachmas in 1997.

Athens News Agency

[10] Agricultural Insurance performs well ahead of 1999 listing

Athens, 18/03/1999 (ANA)

Triantafyllos Lyssimahou, the two companies' chief executive, said that the dividend on 1998 profits would double from last year. New shareholders from a public offering in January would also receive a dividend, he said.

Agricultural Insurance's profits totalled 2.3 billion drachmas, up 20 percent from the previous year's 1.93 billion.

Revenue increased 16 percent and premium income rose 14 percent.

The company plans to expand its activities to Germany, Romania and Serbia.

Agricultural Life's profits almost doubled in 1998 to 1.1 billion drachmas from 600 million in 1997. Revenue rose 13.2 percent.

The company expects a 20 percent increase in its premium income this year.

Athens News Agency

[11] Delta Informatics shows 52 pct profit jump

Athens, 18/03/1999 (ANA)

Delta Informatics, a member of the Alpha Credit Group, also announced it would pay a dividend of 90 drachmas per share, up 73 percent from 1997.

The company expects revenue and pre-tax profits to increase by 20 percent this year.

Equity capital totalled 12.07 billion drachmas, up 116 percent from 1997. The rise reflects a 6.1 billion drachma share capital increase last summer.

Delta Informatics chairman Emmanouil Zografakis and chief executive Andreas Drymiotis, attributed the company's improved results to a 49 percent rise in turnover in credit card sector services and a 132 percent increase in Deltanet's turnover following the entry of Alpha Credit Bank's 393 ATMs into the network.

Mr. Drymiotis was elected as new chairman of the board for the next three years.

Delta Informatics was founded in 1984 and is one of the biggest companies in the information services sector in the country. The company was listed on the Athens Stock Exchange in 1994.

Athens News Agency

[12] Radio Korasidis to hold Dr 6.2 bln share cap rise

Athens, 18/03/1999 (ANA)

The proceeds will be used to aid a rapid expansion of the company's sales network and of its activities.

Radio Korasidis, which is listed on the Athens bourse's parallel market for small cap stocks, is a retailer of electric and electronic goods and mobile phones.

The parent company's 1998 net sales were 37.5 billion drachmas, up 22 percent on the previous year. Pre-tax profits rose by 21.7 percent to 1.83 billion drachmas from 1.5 billion a year earlier.

Athens News Agency

[13] Attica Aluminium to become holding company

Athens, 18/03/1999 (ANA)

Management forecast consolidated turnover of 30 billion drachmas in 1999 and pre-tax profits of 4.8 billion.

Athens News Agency

[14] SEB predicts no change in EMU course following Commission's resignation

Athens, 18/03/1999 (ANA)

He also expressed opposition to the introduction of a 35-hour work week, expressing a view that "the international experience so far has shown that unemployment rose in countries which applied a significant reduction in work time."

Regarding inflation, SEB predicts a downward but fluctuating trend for several months before a substantial drop around the end of the year, noting that industrial production showed particularly strong upward trends in 1998.

Furthermore, Mr. Stratos criticised a national economy ministry statement claiming that "the profitability of entrepreneurial activity has been an inflationary factor in the Greek economy in recent years."

"We feel we are being judged unfairly, as some seem not to realise industry's contribution to growth," Mr. Stratos said.

"Rising profitability is the natural and expected result of improvements in competitiveness," he added.

Athens News Agency Athens 18/03/1999 (ANA)

Ferry boat ticket discounts instituted last June will again come in force on April 1, and range from 10 to 30 per cent in some cases.

All shipping lines, with the exception of debt-plagued DANE, with scheduled routes as well as 95 per cent of ferries servicing secondary lines will participate in the discount programme.

Athens News Agency

[15] Athens Foreign Exchange

Athens, 18/03/1999 (ANA)

Parities in Drachmas

Banknotes             Buying  Selling
US Dollar             290.557 297.293
Can.Dollar            190.464 194.880
Australian Dlr        182.156 186.379
Pound Sterling        471.815 482.754
Irish Punt            404.577 413.958
Pound Cyprus          549.132 561.863
Pound Malta           700.289 729.468
Turkish pound (100)     0.073   0.076
French franc           48.575  49.702
Swiss franc           199.144 203.761
Belgian franc           7.899   8.082
German Mark           162.913 166.690
Finnish Mark           53.590  54.832
Dutch Guilder         144.588 147.940
Danish Kr.             42.870  43.864
Swedish Kr.            35.464  36.286
Norwegian Kr.          37.295  38.160
Austrian Sh.           23.156  23.693
Italian lira (100)     16.456  16.838
Yen (100)             244.409 250.076
Spanish Peseta          1.915   1.959
Port. Escudo            1.589   1.626

Foreign Exchange      Buying  Selling
New York              290.557 297.293
Montreal              190.464 194.880
Sydney                182.156 186.379
London                471.815 482.754
Dublin                404.577 413.958
Nicosia               549.132 561.863
Paris                  48.575  49.702
Zurich                199.144 203.761
Brussels                7.899   8.082
Frankfurt             162.913 166.690
Helsinki               53.590  54.832
Amsterdam             144.588 147.940
Copenhagen             42.870  43.864
Stockholm              35.464  36.286
Oslo                   37.295  38.160
Vienna                 23.156  23.693
Milan                  16.456  16.838
Tokyo                 244.409 250.076
Madrid                  1.915   1.959
Lisbon                  1.589   1.626

Athens News Agency

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