Athens News Agency: Daily News Bulletin in English, 99-08-31

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

CONTENTS

[01] Papandreou begins meetings with political leaders on EU financing of Turkey

[02] Montenegro's Djukanovic in Athens talks

[03] 'We just did our job', say triumphant athletes

[04] Greece, Ukraine sign military cooperation agreement

[05] Concert given in Xanthi for Turkey quake victims

[06] Agricultural Bank gets Duty Free Shops shares for resale

[07] Forthnet completes share cap rise for bourse entry

[08] Stocks climb again in high turnover

[09] Bonds drop in profit-taking

[10] Attica Enterprises reports higher H1 profit

[11] Sanyo Hellas shows profit, turnover rise

[12] Interamerican reports H1 profit jump

[13] Barclays Bank opens two new branches

[14] Athens Foreign Exchange

[01] Papandreou begins meetings with political leaders on EU financing of Turkey

Athens, 31/08/1999 (ANA)

Following the meeting, Mr. Papoulias expressed his satisfaction over Mr. Papandreou's leading efforts in providing support for Turkey following the disasterous earthquake.

In regards to the lifting of Greece's veto on the Union's structural funds protocol with Turkey, Mr. Papoulias said "Greece should not be hasty on this issue and make decisions in the haze", adding that it would be better to wait on developments in talks within the Union and decide over the next few months.

He also made clear that humanitarian assistance is separate to funding through a protocol, which demands a political decision.

On his part, Mr. Haralampopoulos said that all moves by the Greek government should be made in relation with Turkey`s actions, adding that humanitarian aid due to disaster is different to funding through protocol agreements.

Papandreou proposal : Mr. Papandreou is to set out to his European Union counterparts in Saariseka, Finland, on Sept. 4, a Greek proposal incorporating the three existing Union regulations for financial aid to Turkey into a new one, also including one regarding assistance for the recent earthquake.

According to sources, the new regulation would have a different legal basis from the previous ones and will place emphasis on the sectors of energy, transport and industry.

Mr. Papandreou has already tentatively discussed the issue with the current president of the Union Council of Foreign Ministers Tarja Halonen and Turkish counterpart Ismail Cem.

PM Simitis to meet former FM : Prime Minister Costas Simitis and Foreign Minister George Papandreou will meet with former foreign minister Theodoros Pangalos in the next few days to discuss views expressed by Mr. Pangalos regarding Greece's stance on the disbursement of European Union aid to Turkey, government spokesman Dimitris Reppas said yesterday.

Mr. Pangalos set out his views on the issue of EU aid to Turkey in an article in yesterday's edition of the Athens daily "Ta Nea".

The article follows recent speculation about whether Greece might lift its objections to the release of EU funds to Turkey.

In his article, Mr. Pangalos clarified that the use of the term "veto" to describe Greece's objection to the release of the funds is incorrect.

Greece's objections, Mr. Pangalos underlines, simply mean that there is no unanimity on the issue.

"When Greece disagrees, it is simply exercising its inalienable and established right of being in the minority," Mr. Pangalos said in the article, adding that there were also countries which, while abstaining, in fact agreed with the minority.

At the most recent EU discussion, Mr. Pangalos said, there were three such countries.

"So why is there talk of a (Greek) veto?" he asks.

Mr. Pangalos said he strongly supported the allocation of humanitarian aid to Turkey following the devastating earthquake which claimed thousands of lives in the neighbouring country.

He said Greece should not only approve such aid but press for it. "

But that is as far as we should go," he said, stressing that any change in policy regarding the release of EU funds to Turkey in general should be "based on positive developments, which no one can claim to have ascertained".

Replying to reporters' questions on Mr. Pangalos' article, Mr. Reppas said the former minister fully supported the government and his views were in no way directed against the government.

The spokesman said the government's position on the issue of EU funds to Turkey had been the result of systematic deliberation and would be presented at the forthcoming Council of Ministers.

"Our policy on EU funds for Turkey will not be a 'blank cheque'. It will take into account the rules of international law," Mr. Reppas said.

Papandreou-Karamanlis meeting : Main opposition New Democracy (ND) leader Costas Karamanlis will meet with Foreign Minister George Papandreou on Thursday, following a request of the latter, party spokesman Aris Spiliotopoulos announced yesterday.

Mr. Spiliotopoulos also reiterated that ND does not agree with lifting Greece's veto on European Union structural funds for Turkey, adding that humanitarian aid to Turkey is a different issue, while the lifting of the veto is a political action and has as a precondition a change of policy by Turkey.

Athens News Agency

[02] Montenegro's Djukanovic in Athens talks

Athens, 31/08/1999 (ANA)

Asked by reporters whether Mr. Djukanovic's visit to Greece might upset relations between Athens and Belgrade, Mr. Reppas replied that he was the president of a republic and it was in this capacity that he had talks with Foreign Minister George Papandre ou and would meet this morning with Mr. Simitis.

"We do not believe that Mr. Djukanovic's presence here constitutes a source of friction in relations between Greece and Yugoslavia," Mr. Reppas said.

Mr. Djukanovic and Mr. Papandreou discussed conditions in the Balkans following the war in Kosovo and focused on relations between Montenegro and Serbia.

The two men discussed possibilities for the upgrade of bilateral relations and closer relations between Montenegro and the European Union.

They also discussed issues pertaining to the democratisation of Serbia and the relations of that country with the rest of the world.

The Montenegrin president expressed his satisfaction over the his talks with the Greek government and the level of relations between Greece and Montenegro.

Following the meeting, Mr. Djukanovic said that "we hope for the re- establishment of our relations with Serbia, based on the platform we have proposed."

Montenegro had proposed a new relationship with Belgrade, which included a separate currency, defence and foreign ministries.

"We do not have secret aims. All we want are listed in the platform. We want to maintain the unity of Yugoslavia, but our relationship with Serbia should allow for the autonomous development of Montenegro," Mr. Djukanovic added.

He also said that Montenegro continued to "live together" with Serbia during the difficult period following the dissolution of Yugo-slavia, but "because of the wrong policy of Belgrade our hopes were not realised. Yugoslavia is closed in a cage, under t he state of dictatorship of one man."

According to diplomatic sources, Greece is expected to request of the next Union Foreign Ministers' Council to partially lift the embargo on Yugoslavia, in efforts to funnel humanitarian aid to that country in order to promote efforts for its democratisation.

Athens News Agency

[03] 'We just did our job', say triumphant athletes

Athens, 31/08/1999 (ANA)

Women's javelin world champion Mirella Tzelili, men's javelin silver medallist Costas Gatsioudis and women's 100 metre sprinter copper medallist Katerina Thanou arrived at Athens Airport and were greeted by family and fans.

Ms. Tzelili summed up the feelings of all three when she said "what we did was just our job. A medal in a world championship is the dream of every athlete."

Greece gathered a total of six medals (two gold, two silver and two bronze), placing it fourth in world ranking, behind the USA, Russia and Germany.

Athens News Agency

[04] Greece, Ukraine sign military cooperation agreement

KIEV, 31/08/1999 (ANA)

Earlier in the day, Mr. Tsohatzopoulos met with his Ukrainian counterpart Alexander Kuzmuk and discussed issues relating to bilateral, European and regional security, including conditions in Kosovo.

Mr. Kuzmuk thanked Mr. Tsohatzopoulos and the leadership of the country for their support in the transportation of the Ukrainian peacekeeping force to Kosovo through Greece.

Athens News Agency

[05] Concert given in Xanthi for Turkey quake victims

Athens, 31/08/1999 (ANA)

All the proceeds from the concert, which was held in both Greek and Turkish, will be handed over on September 17 in a way to be indicated by the Turkish authorities, along with the proceeds from a similar concert to be held in Izmit.

All musicians performed for free at the concert, which was broadcast by Turkish television channels and radio stations.

Athens News Agency

[06] Agricultural Bank gets Duty Free Shops shares for resale

Athens, 31/08/1999 (ANA)

"The Agricultural Bank of Greece is committed to proceeding with the immediate sale of a block or blocks of shares to a group of investors and allocating management of the company to the same investors under terms and agreements it will negotiate," the finance ministry said in a statement yesterday.

The state securities management agency will sell the stock to Agricultural Bank, and the ministry's deal with Agricultural was the result of negotiations, the statement said.

The move follows abortive tenders for the sale of Hellenic Duty Free Shops, which is listed on the Athens Stock Exchange.

Athens News Agency

[07] Forthnet completes share cap rise for bourse entry

Athens, 31/08/1999 (ANA)

It said in a statement that shareholders' equity now totalled 4.6 billion drachmas.

Taking part in the increase with a 12 percent stake was the Interamerican Group.

The remainder went to staff and associates of the company.

Also holding equity in Forthnet are Minoan Lines, the Research and Technology Institute and the Cyprus Development Bank.

Athens News Agency

[08] Stocks climb again in high turnover

Athens, 31/08/1999 (ANA)

The general index soared 1.48 percent to end at 5,220.28 points off the day's highs, and near its record close of 5,224.15. Turnover was 350.071 billion drachmas.

The Banks sector underperformed the market ending 0.55 percent lower while Construction shares remained at the focus of attention with the sector index ending 8.0 percent higher, reflecting limit-up gains in 28 out of the 29 shares in the sector.

Other sector indices ended as follows: Insurance (+4.04 pct), Miscellaneous (+4.20 pct), Leasing (+5.01 pct), Investment (+3.86 pct), Industrials (+2.04 pct) and Holding (+3.56 pct).

The parallel market index for smaller capitalisation stocks rose 4.97 percent while the FTSE/ASE index for blue chip and heavily traded stocks ended 0.06 pct higher at 2,803.65 points.

Broadly, advancers led decliners by 248 to 49 with another five issues unchanged.

A total of 116 shares ended at the day's 8.0 percent limit up.

Naoussa Textiles and Ergo Invest were the most heavily traded stocks, while Lambrakis Press, Naoussa, National Bank, Alpha Credit Bank and Piraeus Bank led the day's turnover.

Autohellas shares rose 99 percent on the first day of trading in the market.

National Bank of Greece ended at 22,995 drachmas, Alpha Credit Bank at 23, 380, Commercial Bank at 28,280, Titan Cement at 34,795, Hellenic Petroleum at 3,235, Intracom at 26,390, Minoan Lines at 7,350, Panafon at 9,080 and Hellenic Telecoms at 6,530.

Athens News Agency

[09] Bonds drop in profit-taking

Athens, 31/08/1999 (ANA)

Electronic turnover was sharply higher at 38 billion drachmas from 8.0 billion drachmas in the previous session and 62 billion drachmas on Thursday.

Of yesterday's total, sell orders accounted for around 36 billion drachmas of the total.

The benchmark 10-year bond was trading around 98.75, showing a yield of 6.50 percent from 6.39 percent in the previous trading day and 6.34 percent on Thursday.

The yield spread over German bunds was 164 basis points from 161 basis points in the previous session and 163 basis points on Thursday.

At the central bank's daily fix, the euro crept down versus the drachma. It ended at 326.430 drachmas from 326.580 drachmas a session earlier.

Also at the fix, the dollar edged down against the drachma but remained high in line with its performance in markets abroad.

The greenback was set at 312.100 drachmas from 312.280 drachmas in the previous session and 312.220 drachmas on Thursday.

Derivatives trade noses up : The number of derivatives trades in the country's new market rose to 680 contracts yesterday in the second day of operation from 602 in the first session, traders said.

Of total trades on the Athens Derivatives Market (ADEX), 529 were September futures, which closed at 2,809.70 after ranging between 2,800.50 and and 2, 835.00 during trade.

The remaining contracts were October futures.

Athens News Agency

[10] Attica Enterprises reports higher H1 profit

Athens, 31/08/1999 (ANA)

Turnover was 12.2 billion drachmas, up 22.6 percent from the first half of 1998, the company said in a statement yesterday.

Superfast Ferries' four ships, which ply the Greece-Italy line, carried 195, 381 passengers, 35.5 percent more than the corresponding period last year.

Trucks were 41.1 percent higher (51,306) and vehicles 34.5 percent up (32, 269).

Superfast Ferries claimed the biggest market share in the Greece-Italy line in passengers and trucks, and the second biggest in vehicles. A total of 35 ferries ply the Adriatic Sea route, it said.

Attica Enterprises has launched an investment programme worth 650 million US dollars, which envisages the building of six new Superfast ferries to be delivered in two stages by 2001, raising its total fleet to 10 ships.

Athens News Agency

[11] Sanyo Hellas shows profit, turnover rise

Athens, 31/08/1999 (ANA)

The parent company's profits rose to 514 million drachmas in the first half from 382 million last year, it said in a statement yesterday.

Athens News Agency

[12] Interamerican reports H1 profit jump

Athens, 31/08/1999 (ANA)

The company said in a statement that premiums totalled 43.6 billion drachmas, up 37 percent on the first half of 1998.

Athens News Agency

[13] Barclays Bank opens two new branches

Athens, 31/08/1999 (ANA)

The new branches are located in Piraeus and Voula, taking the bank's network to 12 branches. Another two are due to open by the end of the year.

Athens News Agency

[14] Athens Foreign Exchange

Athens, 31/08/1999 (ANA)

Parities in Drachmas

Banknotes             Buying  Selling
US Dollar             309.603 316.781
Can.Dollar            207.328 212.135
Australian Dlr        195.647 200.183
Pound Sterling        491.695 503.095
Irish Punt            411.165 420.698
Pound Cyprus          558.794 571.749
Pound Malta           722.896 753.017
Turkish pound (100)     0.064   0.067
French franc           49.366  50.510
Swiss franc           202.140 206.827
Belgian franc           8.027   8.213
German Mark           165.566 169.405
Finnish Mark           54.463  55.726
Dutch Guilder         146.942 150.349
Danish Kr.             43.559  44.569
Swedish Kr.            37.144  38.006
Norwegian Kr.          39.025  39.930
Austrian Sh.           23.533  24.079
Italian lira (100)     16.724  17.112
Yen (100)             278.554 285.012
Spanish Peseta          1.946   1.991
Port. Escudo            1.615   1.652

Foreign Exchange      Buying  Selling
New York              309.603 316.781
Montreal              207.328 212.135
Sydney                195.647 200.183
London                491.695 503.095
Dublin                411.165 420.698
Nicosia               558.794 571.749
Paris                  49.366  50.510
Zurich                202.140 206.827
Brussels                8.027   8.213
Frankfurt             165.566 169.405
Helsinki               54.463  55.726
Amsterdam             146.942 150.349
Copenhagen             43.559  44.569
Stockholm              37.144  38.006
Oslo                   39.025  39.930
Vienna                 23.533  24.079
Milan                  16.724  17.112
Tokyo                 278.554 285.012
Madrid                  1.946   1.991
Lisbon                  1.615   1.652

Athens News Agency

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