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Athens News Agency: Daily News Bulletin in English, 99-10-23

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article

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

CONTENTS

  • [01] Inner cabinet briefed on gov't positions in light of upcoming EU Helsinki summit
  • [02] Foreign ministry on Greek-Turkish dialogue
  • [03] Congressional support for more US pressure on Turkey over Cyprus
  • [04] Police probe whether recent shooti ngs were racially motivated
  • [05] "IOC rep calls for accelerated pace for 2004 projects
  • [06] ESHEA invites Turkish counterparts for talks in Athens
  • [07] Gov't criticises Greek branch's ouster from Medecins sans Frontieres
  • [08] Lord Owen focuses on EU's role, expansion and the Balkans in Athens address
  • [09] Rhodes to build monument to ancient 'Colossus'
  • [10] Stocks drop after jittery week
  • [11] Secondary market bond prices drop
  • [12] 12-month T-bills on auction Tuesday
  • [13] GNTO names winner of publicity campaign tender
  • [14] Despec Hellas to set up Romanian subsidiary
  • [15] General Bank to boost share capital
  • [16] Electronic commerce conference in Thessaloniki
  • [17] Kosmima trade fair opens
  • [18] Athens Foreign Exchange

  • [01] Inner cabinet briefed on gov't positions in light of upcoming EU Helsinki summit

    Athens,Greece,23/10/1999 (ANA)

    Yesterday's inner cabinet meeting discussed strategy ahead of the December EU Helsinki summit, which is expected to decide on whether to give Turkey its long-coveted candidacy status.

    Sources said Foreign Minister George Papandreou told the inner cabinet that a positive stance from Athens on the future of Turkey's relations with the European Union could be based on making it conditional on Cyprus' accession process being unimpeded an d its accession independent of developments on the resolution of the Cyprus problem, as well as Turkey recognising the international jurisdiction of the International Court of Justice at The Hague.

    According to the same sources, Greece will attempt to have these conditions included in the text of conclusions and if this is refused, will use its veto to stop Turkey being placed on the list of candidate countries.

    Government sources said that Greece will not be going to the Helsinki summit "with its veto in its pocket" but to discuss these issues in the hope of drawing the understanding of partners and of maintaining a decisive position where there is no understa nding.

    Government spokesman Dimitris Reppas refused to be drawn on the specifics of yesterday's discussion, saying public statements on the discussion under way would be counter-productive.

    Mr. Reppas said that Greece favoured stepping up EU expansion with the inclusion of countries in the first and second waves. It also, as stated in the past, favoured Turkey's European vocation and an upgrading of relations with the EU on the condition t hat this would be accompanied by positive developments in the Cyprus issue and on a bilateral basis.

    He reiterated that Cyprus' accession course was for Greece a condition that was indispensible and added that the European Union had to create a framework for the development of relations of cooperation in the region which would be imbued with the princi ples and rules of the Community.

    Mr. Papandreou was also reported, by the sources, as saying that Turkey's possible attempt to reopen the Halki Theological School - summarily closed in the early 1970s - and the resumption of bicommunal talks on Cyprus would be considered by Athens posi tive steps but not enough to change its stance at Helsinki.

    Asked about the issue of the Halki Theological School, Mr. Reppas said there had been press reports that Ankara was preparing to allow the academy to reopen but said this was not an issue for Greek-Turkish relations but for the international community.

    Such a gesture however, he added, would be welcome.

    Mr. Reppas said such issues would be discussed by Prime Minister Simitis at the Paris meeting of the Socialist International, which is expected to draw most European socialist leaders.

    Mr. Reppas said that a joint communique from Germany, France, Italy and the Netherlands expressing concern about a Cyprus accession before a resolution of the political problem had prompted "concern" from the government over their stance.

    Noting that Cyprus was 'first in line' when accession talks ended, Mr. Reppas said the island republic could not be held hostage by Turkey.

    Athens News Agency

    [02] Foreign ministry on Greek-Turkish dialogue

    A foreign ministry spokesman referred in his regular briefing of diplomatic correspondents yesterday to the third round of Greek-Turkish dialogue on 'low-level' issues at which both sides tabled two draft agreements. The third round of talks started in An kara on Thursday on the issues of economic cooperation, the environment and tourism and will be continued in Athens on Monday and Tuesday.

    The first meeting on Monday will focus on the issues of culture and multipartite cooperation, while on Tuesday the two delegations of experts and officials will examine issues concerning the citizen's security (combatting organised crime, illegal immigr ation, drugs and terrorism). The foreign ministry spokesman said the Greek side tabled six draft agreements concerning protection for investments, the avoidance of double taxation, cooperation on shipping issues, the security of the citizen, tourism and c ultural cooperation.

    On the other hand, the Turkish side tabled two draft agreements on protection for investments and the security of the citizen.

    The content of these agreements, which are still at a preliminary stage of discussion, is not yet known.

    The third round of talks will take place in Athens on Oct. 25 and 26.

    A meeting of Black Sea Economic Cooperation FMs will be held in Thessaloniki on Oct. 26-27 and on the sidelines of which the foreign ministers of Greece and Turkey will have private talks. The Foreign Ministry's civil leadership will continue its visits

    to European capitals in the near future to brief the governments of European Union member-states on Greek positions in light of the Helsinki summit. Foreign Minister George Papandreou will meet his French counterpart Hubert Vedrine in Paris on Nov. 8, wh ile Alternate Foreign Minister Christos Rokofyllos will leave for Vienna next week, for Copenhagen on Nov. 22, Dublin on Nov. 24 and Lisbon on Dec. 1.

    --- Coalition for the Left (Synaspismos) leader Nikos Constantopoulos will head a party delegation set to conduct a three-day visit to Turkey, beginning on Sunday. During his visit, Mr. Constantopoulos will be received by Turkish President Suleyman Demirel,

    while meetings with Turkish government and party leaders are also scheduled. In Istanbul the delegation will be received by Ecumenical Patriarch Vartholomeos.

    Athens News Agency

    [03] Congressional support for more US pressure on Turkey over Cyprus

    WASHINGTON (ANA) Ð Two high-ranking members of the US House of Representatives yesterday added their names to a strongly worded letter to US President Bill Clinton, urging him to take "new steps, beyond mere incentives, to convince the Turkish government of the need to change the status quo on Cyprus."

    Congress' international relations committee's ranking Democrat, Rep. Sam Gejdenson (D-Conn.), and the foreign operations appropriations subcommittee's ranking Democrat, Rep. Nancy Pelosi (D-Calif.) signed their names to the letter.

    "The people of Cyprus have suffered too long already to endure an indefinite extension of the current situation," it read.

    Just prior to Mr. Clinton's meeting with Turkish Prime Minister Bulent Ecevit in September, he received a letter signed by House Democratic leader Richard Gephardt (D-Mo), House Democratic Whip David Bonior (D-Mich.), and the House Democratic Caucus Cha irman Martin Frost (D-Tex.) and Bob Menendez (D-N. Jersey).

    If the Democrats pick up five more seats in Congress next year and the selection of chairman follows tradition, Mr. Gejdenson would become chairman of the international relations committee.

    Citing Mr. Clinton's decision to elevate the Cyprus problem to the top of the US foreign policy agenda, the signatories of the letter said they would do "whatever we can to support you throughout this new effort in bringing a just and lasting Cyprus set tlement which would bring peace and prosperity to all Cypriots -- Greek Cypriots and Turkish Cypriots alike Ð as well as bringing stability in this volatile region".

    The letter further pointed out that senior officials of the Clinton administration "have repeatedly identified the negative attitude of the Turkish side as the principal obstacle to progress toward a Cyprus solution".

    Athens News Agency

    [04] Police probe whether recent shooti ngs were racially motivated

    Public Order Minister Mihalis Chrysohoidis said yesterday that the possibility of racist motives behind a series of shooting attacks against foreign nationals in Athens this week should be strongly condemned, being alien to Greek society and mentality.

    Earlier, a 23-year-old Athens man reportedly confessed to the attacks, which left two people dead and seven others wounded.

    "The condenmation of all racist phenomena is a given," Mr. Chrysohoidis said, calling on citizens to resist them "as they are actions alien to Greek society and mentality".

    Police said Pantelis Kazakos, a former guard at the state-run Greek Radio Television, was arrested together with Apostolos Apostolou, 22, shortly after police had thrown a cordon around the location in the Kolonos district early yesterday morning where one of the attacks took place. Kazakos reportedly tried to pull a pistol on police when they approached, a 7.65mm pistol, which ballistic tests later traced to the attacks. The shootings began on Tuesday night when a Kurdish refugee was killed and two oth ers injured.

    Police said the two embarked on a second shooting spree between Thursday evening and early yesterday morning, leaving another man dead and five injured.

    The victim was identified as George Udesiani, 43, from Georgia, who died on route to hospital. Four of the injured were all listed in a critical condition in hospital.

    A 25-year-old Ghana national, Tomi Kofi Marcus, was listed in serious condition with a head injury in the intensive care unit at the KAT Hospital.

    Bangladeshi national Tanton Mohammed Tutata, 25, shot in Theatre Square behind the Athens municipality building in central Athens, was in serious condition with a bullet wound to the stomach.

    Nigerian Timothy Abdul, 34, was also in serious but stable condition with three bullet wounds to the stomach.

    A Pakistani, Ahmet Mesar Ekmandi, 33, was found shot and critically wounded in a flat on Liosion street in Athens.

    An Egyptian, Saak Aldiv El Jani, 30, was shot near Keramikos and Thermopilai streets in central Athens.

    During Tuesday's attack, police said, the gunman approached three Kurds as they were walking on Agisilaou street and asked them if they were Kurdish. When they replied in the affirmative, he opened fire against them, firing at least eight shots.

    Kazakos reportedly told police he had committed himself to "killing 10", claiming he was assaulted Monday night by a group of Kurds in Kotzias Square .

    Police found, however, that he had purchased the gun four months ago, while other witnesses claimed he had repeatedly created incidents with foreigners in the past. Apostolou told police that the first man had approached him in Omonia Square and told him to come along "on a mission he had to complete". He told police he was present at the last attack and said he was not fully aware of what was happening as he was under the influence of drugs.

    According to police, there is no evidence at hand that Kazakos is a member of any group and he has not been involved in any criminal activity, according to police records.

    Mr. Chrysohoidis said that if police fears that the attacks were racially motivated were true then the issue was of far greater concern.

    "There are two aspects to the specific incident. One is that there was immediate and effective police intervention with the arrest of the suspect 10 minutes after the final incident," he said.

    "The other aspect should concern us all: if it is what we all fear, that the crimes were racially motivated, then it is reminiscent of racist crimes which occur in countries which are less tolerant towards foreigners," he said.

    "I am certain that democratic citizens condemn racism, but I am not certain that this is enough. I want to address a call to all to isolate those extremist groups which disseminate racist ideas," he said.

    --- KKE --

    The Communist Party of Greece (KKE) in a press release condemned the actions of violance and crimes against foreigners.

    "The roots of this phenomenon should be shought in the social misery of unemployment, the ever expanding drug trade, the economic poverty and the areas of poverty, which are continually expanding," the press release noted.

    The Coalition of the Left and Progress (Synaspismos) "condemns with high anxiety and harshly this first ever seen racist amok of murders against foreigners in the centre of Athens," a party statement read.

    On his part, Archbishop of Athens and All Greece Christodoulos expressed his deepest sorrow for the murders, which he called "despicable and racist".

    He said that the Church denounced such actions along with all of "our peace-loving people, who has proven during its long history its course to live in peace with peoples of other nationalities and religious affiliations...

    Athens News Agency

    [05] "IOC rep calls for accelerated pace for 2004 projects

    A representative of the International Olympic Committee's coordination commission yesterday asked the 2004 committee to step up the pace in awarding and completing projects for the 2004 Olympic Games.

    "In relation to the Olympic Games, procedures awarding contracts have to be stepped up - the competent ministries, too, have to speed up the carrying out of the projects," IOC commission president Jacques Rogge told reporters.

    Mr. Rogge said the cancellation of the government's plans to hold a lottery to finance Olympic Games preparations was of no account.

    "This issue does not concern us. There is the government's commitment, and the personal affirmation of Prime Minister Costas Simitis for adequate financing of the Olympic Games," he said.

    "Above all, Greece must be united ahead of the 2004 Olympic Games. Also there must be concord between the ministries and the organising committee," Mr. Rogge said.

    He said that the Committee's decision to take the organisation of the Barcelona Games as a model was positive.

    "It works excellently. We are also particularly pleased by the fact there has been a tangible improvement in the sector of communications, which is important," Mr. Rogge said.

    He said that the company to undertake the critical area of the Games' radio and television matters would be finalised in December.

    Managing Director of the Games, Costas Bacouris, said a declaration for executives to make up the company would be published next week.

    Mr. Rogge underlined the importance of the areas of security, transport and accommodation for the Games, adding that he believed that Greece would organise these aspects impeccably.

    He said, however, that there were no definite plans on how to accommodate some 20,000 sportswriters expected to cover the Games.

    Athens News Agency

    [06] ESHEA invites Turkish counterparts for talks in Athens

    The Athens Journalists' Union (ESHEA) has invited journalists' associations from Turkey to Athens for talks to further ties between press organisations in the Balkans.

    ESHEA said it had invited delegations from the Istanbul-based Turkiye Gazeteciler Sendikasi (Journalists' Syndicate of Turkey) and Ankara-based Cagddas Gazeteciler Dernegi (Union of Progressive Journalists) for talks in Athens in the first half of Novem ber focusing on professional and institutional matters of common interest.The first two in the series of meetings was held with the Journalists' Union of Serbia last May in Belgrade and the Union of Independent Journalists of Serbia in Athens earlier this

    month. ESHEA plans to hold similar discussions with the journalists' unions of Romania, Bulgaria, Albania, and the Former Yugoslav Republic of Macedonia (FYROM).

    Athens News Agency

    [07] Gov't criticises Greek branch's ouster from Medecins sans Frontieres

    Health Minister Lambros Papadimas yesterday expressed his "surprise" at the news of the expulsion of the Greek branch of Medecins sans Frontieres from the central organisation.

    Mr. Papadimas queried the reasoning behind the decision, which, according to press reports, was related to the Greek branch's decision to offer medical support to Serbs as well during the Kosovo war. "The provision of medical help 'without borders' ca n not be considered a matter of reproach for an organisation awarded the Nobel Peace Prize," Mr. Papadimas said.

    "The Greeks - truly 'doctors without borders' - offered humanitarian aid to their fellow humans under merciless bombardment, acting according to conscience and in accordance with the organisation's charter," he said. The minister said he was certain tha t the international branch would reconsider its stance "putting aside the political dimensions, which in these cases retreat in the face of the most valuable commodity, which is human life".

    He said that the Greek state would continue to stand by "Greek Doctors Without Borders".

    Government spokesman Dimitris Reppas said later that the development was "unpleasant" and was the focus of discussion at yesterday's inner cabinet meeting.

    Mr. Reppas said the international organisation would be asked to reconsider its decision, saying the Greek branch's work had been international recognised. The government has worked effectively with the Greek branch, which must be allowed to continue of fering its valuable services, the spokesman said. Coalition of the Left and Progress party (Synaspismos) President Nikos Constantopoulos sent a letter of protest to the international organisation.

    Athens News Agency

    [08] Lord Owen focuses on EU's role, expansion and the Balkans in Athens address

    Veteran British diplomat Lord David Owen lent his support to the European Union's eventual expansion eastwards, at some point including even Russia and Turkey, as he stressed, during an address at the foreign ministry yesterday.

    The former EU special mediator for Bosnia and foreign secretary, however, emphasised that today's 15-nation bloc will not soon become one nation, "but a union of identifiable nations."

    "No one after Kosovo can see Europe as a single nation. If you did and forced it, consequences would be dire," he said.

    As expected, parallels between Bosnia and Kosovo as well as the entire issue of Yugoslavia's break-up after 1991 often dominated Lord Owen's remarks.

    "Reality is that the Kosovo war provided a devastating insight into how such a single European army, let alone a state, would have acted were it ever to exist...There might have been insufficient will to have ever used force in Kosovo, certainly here in

    Greece the vast majority were against the war. If a European president had authorised air attacks they would have been quickly followed by a bombing pause, as was suggested by Germany and Italy, and as we well know, it would have never have re-started," he said.

    In further analysing Greece's stance during the NATO bombings of Yugoslavia, Lord Owen added: "Greece used the flexibility of NATO's consensus to agree to disagree with other states, and you managed to hold a distinctive critical position on a Balkan is sue while remaining committed to your NATO loyalties."

    He used the same analogy to argue against a qualified majority regime in the EU, stressing that he often fought "as a minority of one" in the EU ministers' councils of the early '90s to prevent the Union from colliding with member-state Greece and recog nising the Former Yugoslav Republic of Macedonia (FYROM) only as "Macedonia" Ð a name Athens vigorously objected to then and now.

    In referring to possible autonomy or even independence for the troubled Yugoslav province of Kosovo, he said strict conditions -- such as an overall settlement of borders among the states that comprised former Yugoslavia, i.e. a swap of Bosnia's territo ry for Kosovo, as well as an initial prohibition over any Kosovo union with Albania -- would have to be agreed upon beforehand. He also stressed that the territorial integrity of FYROM should be guaranteed.

    "FYROM's borders should be sacrosanct," he said.

    In terms of NATO's role, he said the Alliance "has shown us in Europe that those who argued after 1989 that there would be no role for NATO and who then accused NATO of inventing a role in order to prolong its existence have been totally wrong."

    -- Norway's Vollebaek -- Earlier in the day, Norwegian FM Knut Vollebaek, the OSCE's chairman-in-office, defended the organisation's most recent track record in the Balkans and especially in relation to the Kosovo crisis, stressing that he personally urged Yugoslav leader Sloboda n Milosevic to "give something" to prevent an armed conflict only hours before NATO struck Yugoslavia.

    Mr. Vollebaek outlined both the Organisation for Security and Cooperation in Europe's (OSCE) efforts to stabilise SE Europe and Norway's contributions to peace efforts in the region, "1,200 troops serving in KFOR", as he said.

    Asked over question of "proportionality" in the Kosovo conflict, namely, if the dire human rights situation in the troubled province necessitated the virtual obliteration of Yugoslavia's economic base and infracture, he responded that damage was not as extended as he believed on the ground in Kosovo, while raising the rhetorical question of "what if the international community had done nothing (in Kosovo)?"

    In addition, he noted that in talks with Serbian leadership prior to the severe NATO bombings of Yugoslavia, there "was absolutely no willingness (on their part)" and that "all (peace) efforts had been exhausted."

    Conversely, the Norwegian FM maintained that the OSCE is at the forefront now to ensure that the human rights of the non-Albanian residents of Kosovo are respected and that the Serbians of Kosovo are not harassed, particularly after a string of recent a ttacks by ethnic Albanians against the remaining Serbs.

    "The OSCE could have done a good job in Kosovo if President Milosevic had allowed us to," he said.

    Mr. Vollebaek spoke at the Greek foreign ministry's amphitheatre as part of the Fridtjof Nansen Memorial Lecture series. Nansen, one of the first Nobel Peace Prize recipients, was a well-known Norwegian explorer, scientist and philanthropist, among othe rs, in the first quarter of the 20th century.

    Among Nansen's most noteworthy achievements was the effort to resettle several hundreds of thousands of ethnic Greek refugees fleeing Asia Minor and eastern Thrace after the Greek-Turkish war in 1922.

    Nansen is credited with devising the scheme to exchange populations between Greece and Turkey. He also promoted a much-needed League of Nations loan to the Greek government at the time for the relief of refugees arriving in Greece.

    Both addresses were organised by the Hellenic Foundation for European and Foreign Policy.

    Athens News Agency

    [09] Rhodes to build monument to ancient 'Colossus'

    Rhodes does not intend to build a new "Colossus", but a monument inspired by the ancient lighthouse statue dedicated to the new millennium, Rhodes Mayor Giorgos Yiannopoulos said yesterday. He was replying to reporters' questions prompted by several fore ign press reports claiming that Rhodes planned to reconstruct the Colossus, one of the Seven Wonders of the ancient world. Mr. Yiannopoulos said the decision to build the monument had been taken by the Rhodes municipal council on July 28, while the proje ct outline was submitted to the culture ministry on Monday for approval. "The monument will be a contemporary creation of modern artistic expression," Mr. Yiannopoulos said. " "In no instance can we speak of rebuilding the Colossus...The new monument wi ll embody the symbolism of the Colossus, enriched with contemporary ideological content and will express world peace, unity and cooperation among peoples with Rhodes at the epicentre," the mayor said. The Colossus was a huge statue described in historica l records as towering some 32 meters high and completed in 292 BC and made from metal of melted weapons left behind by enemies who unsuccessfully tried to capture the island. It is believed to have been destroyed in an earthquake in 226 BC. The Seven Wo nders also included the statue of Zeus in ancient Olympia, the Pharos lighthouse in Alexandria, the Hanging Gardens of Babylon, the Egyptian Pyramids, Artemis' Temple at Ephesus and the Mausoleum of Halicarnassus.
    Athens News Agency

    [10] Stocks drop after jittery week

    Equity prices ended the last trading session of a highly volatile week substantially lower on the Athens Stock Exchange, reflecting disappointment over a neutral reaction by commercial banks to a half percentage point cut in interest rates by the Bank of Greece.

    Traders said a negative outlook in international markets also discouraged sentiment.

    The general index ended 1.24 percent lower at 5,600.15 points, off the day's low of 5,510.

    Turnover was 382.5 billion drachmas.

    Shares in the Investment and Construction sectors came under heavy pressure with the two indices ending 3.24 and 2.98 percent lower respectively.

    The Miscellaneous and Insurance indices bucked the trend to end 2.02 and 1.36 percent higher.

    Banks fell 0.81 percent, Leasing dropped 2.11 pct, Industrials ended 2.01 pct lower and Holding fell 1.72 percent.

    The parallel market index for smaller capitalisation stocks ended 1.79 percent off, while the FTSE/ASE 20 index for blue chip and heavily traded stocks fell 1.16 percent to 2,794.01 points.

    Broadly, decliners led advancers by 227 to 96 with another three issues unchanged.

    A total of 36 shares ended at the day's 8.0 percent limit up while another seven ended at the day's limit down.

    Macedonian Spinning Mills and ANEK Lines were the most heavily traded stocks.

    National Bank of Greece ended at 21,350 drachmas, Alpha Credit Bank at 22,350, Commercial Bank at 23,495, Titan Cement (common) at 36,100, Hellenic Petroleum at 5,300, Intracom (common) at 14,995, Minoan Lines at 10,185 and Hellenic Telecoms at 7,195.

    Athens News Agency

    [11] Secondary market bond prices drop

    Secondary market bond prices fell again yesterday after gaining around 30 basis points a session earlier.

    Electronic trade totalled 51 billion drachmas from 3.0 billion drachmas in the previous session, returning to levels earlier in the week.

    Of yesterday's turnover, sell orders accounted for 42 billion drachmas of the total.

    The benchmark 10-year bond, which is still trading well below par, had posted an all-time low on Monday, trading at 93.90-94.20.

    Yesterday, the paper showed a yield of 7.18 percent from 7.15 percent a day earlier.

    The 10-year paper's yield spread over German bunds was 180 basis points from between 171 and 172 basis points in the previous session.

    -- Central bank steps in to halt drachma decline -- The drachma dropped against the euro in the domestic foreign exchange market yesterday, prompting the central bank to step in and prop up the national currency.

    The Bank of Greece intervened by selling about 180 million euros from 130-170 million euros a day earlier. At the central bank's daily fix, the euro ended slightly higher versus the drachma.

    The European currency was set at 329.850 drachmas from 329.750 drachmas in the previous session and 329.600 drachmas on Wednesday.

    The dollar finished higher against the drachma.

    At the fix, the US currency was set at 305.650 drachmas from 305.270 drachmas a day earlier and 305.720 drachmas on Wednesday. Athens News Agency

    [12] 12-month T-bills on auction Tuesday

    The finance ministry on Tuesday will auction 60 billion drachmas of 12-month Treasury bills in paperless form.

    The settlement date is November 1, 1999 and the finance ministry will pay a commission of 0.45 percent.

    The ministry will also launch a public offering for tax-free savings bonds in paperless form from Friday, 29 October to Tuesday, 2 November.

    This category of state securities is a new investment product, mainly intended for retail investors.

    They were launched in September 1998 with more than one trillion drachmas of paper sold to date.

    Athens News Agency

    [13] GNTO names winner of publicity campaign tender

    The Greek National Tourism Organisation's board yesterday announced that Nostos, a Greek joint venture, won a tender to run the country's advertising campaign abroad for the 1999-2000 tourist season.

    Nestos comprises BBDO Athens, Leo Burnett and Olympic DDB.

    A total of 10 advertising agencies and joint ventures submitted bids in the international tender.

    Three were from Greece, two from Germany, and one each from Spain, Switzerland and Sweden.

    Athens News Agency

    [14] Despec Hellas to set up Romanian subsidiary

    Despec Hellas SA yesterday announced the creation of a subsidiary in Romania to expand its distribution network to the Balkans in cooperation with the Fourlis Group, one of its shareholders.

    The new company, Despec Romania SRL, will distribute software and other information technology products in Romania.

    The decision was taken in cooperation with Van Dorp Despec Groep NV, Despec Hellas' parent, and Genco Electric Romania SRL, a Fourlis subsidiary.

    Despec Hellas will control two-thirds of the new company's equity capital and Genco Electric Romania the remaining one-third.

    The company is expected to be fully operational by January 1, 2000.

    Athens News Agency

    [15] General Bank to boost share capital

    General Bank yesterday announced that it would raise its share capital by 35-40 billion drachmas in order to increase equity capital to 70-75 billion drachmas by early 2000, and to more than 150 billion drachmas in the next three years.

    George Daskalakis, the bank's chairman, told a press conference that a board meeting on Monday would discuss a proposal to offer free shares to existing shareholders.

    He said that General Bank would follow an autonomous course until completion of the share capital increase.

    Commenting on a recent decision by Interamerican to sell its holding in the bank, Mr. Daskalakis said that all companies owned by the two groups would come under the exclusive ownership of General Bank.

    General Bank reported that earnings totalled 11.4 billion drachmas in the first nine months of 1999 with the aim of reaching 13 billion drachmas for the year, up 213.4 percent compared with 1998.

    Deposits rose to 468.3 billion drachmas (up 60.8 pct), lending rose to 279.2 billion (up 103.3 pct) and assets totalled 614 billion drachmas (up 77.8 pct).

    The Army Equity Fund is the biggest shareholder in General Bank with a 35.65 percent share.

    Athens News Agency

    [16] Electronic commerce conference in Thessaloniki

    THESSALONIKI (ANA) - Macedonia-Thrace Minister Yiannis Magriotis yesterday opened a conference on electronic trade for southeastern Europe.

    Mr. Magriotis welcomed the event, saying it could help to spur governments and other bodies in the region to incorporate digital technology.

    Development Minister Evangelos Venizelos was due to inaugurate the conference but was kept in Athens by bad weather.

    Athens News Agency

    [17] Kosmima trade fair opens

    THESSALONIKI (ANA) - The Kosmima trade fair opened in this northern port city yesterday with around 350 exhibitors from 10 countries exhibiting jewellery, watches, precious stones and trade equipment.

    The trade fair, which is being held at the premises of the Thessaloniki International Trade Fair, runs until October 25. Athens News Agency

    --- A 368-page book entitled "Technical of Alexander the Great" and dealing with issues of technology and finance during the brilliant Macedonian king's era and in his campaigns went into circulation yesterday.

    The book, written by economist Grigoris Zorzos, is part of a five-volume as yet unfinished collection on the period and society of Alexander the Great. It was published with the assistance of the Technical Chamber of Greece (TEE). The book contains deta ils on pacifist movements related to Alexander's campaigns, weapons, order-of-the-day, couriers and construction contracts as well as a plethora of everyday, but little known facts of that period. It outlines a collection of data concerning the economic

    and technical factors in Alexander the Great's campaign, and also makes reference to scientific works written by researchers, historians and economic and technical experts during and after the campaign.

    Athens News Agency

    [18] Athens Foreign Exchange

    Bank of Greece closing ratew of October 22, 1999
    Banknotes           Buying  Selling
    
    US Dollar            303.205 310.235
    Can.Dollar           204.550 209.293
    Australian Dlr       197.334 201.909
    Pound Sterling       508.896 520.695
    Irish Punt           415.472 425.105
    Pound Cyprus         566.710 579.849
    Pound Malta          719.657 749.643
    Turkish pound (100)    0.060 0.062
    French franc          49.883 51.039
    Swiss franc          205.056 209.811
    Belgian franc          8.111 8.299
    German Mark          167.301 171.180
    Finnish Mark          55.033 56.309
    Dutch Guilder        148.482 151.924
    Danish Kr.            44.019 45.040
    Swedish Kr.           37.363 38.229
    Norwegian Kr.         39.382 40.296
    Austrian Sh.          23.779 24.331
    Italian lira (100)    16.899 17.291
    Yen (100)            288.087 294.766
    Spanish Peseta         1.966 2.012
    Port. Escudo           1.632 1.670
    
    Foreign Exchange Buying Selling
    
    New York        303.205 310.235
    Montreal        204.550 209.293
    Sydney          197.334 201.909
    London          508.896 520.695
    Dublin          415.472 425.105
    Nicosia         566.710 579.849
    Paris            49.883 51.039
    Zurich          205.056 209.811
    Brussels          8.111 8.299
    Frankfurt       167.301 171.180
    Helsinki         55.033 56.309
    Amsterdam       148.482 151.924
    Copenhagen       44.019 45.040
    Stockholm        37.363 38.229
    Oslo             39.382 40.296
    Vienna           23.779 24.331
    Milan            16.899 17.291
    Tokyo           288.087 294.766
    Madrid            1.966 2.012
    Lisbon            1.632 1.670
    
    Athens News Agency

    (B.L.)


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