Athens News Agency: Daily News Bulletin in English, 16-07-07

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

CONTENTS

[01] Cosco to invest extra 500 mln euros in Piraeus port

[02] PM Tsipras meets Alibaba president Ma to boost Greek SMEs

[03] ZTE-Forthnet sign cooperation agreement in the presence of PM Tsipras

[04] 'The most ancient cultures meet in an effort for a better future' PM Tsipras tweets from Shanghai Museum

[05] There is a 'deeper need' for Greek, Chinese cultures to begin a dialogue, Baltas tells ANA

[06] Greek PM's visit to China was a huge success, says Ambassador Zhu

[07] President Pavlopoulos meets Lebanese Mouqbel

[08] ND leader Mitsotakis meets ECB chief Draghi

[09] ECB's Draghi stresses need to implement reforms quickly in meeting with ND leader

[10] Racism and abuse of power discussed in meeting with Council of Europe official

[11] EP approves plan for a European Border and Coast Guard

[12] Tax officials to attend seminars on combatting tax evasion in Germany

[13] The new electoral law does not lead to lack of governance, Vitsas says

[14] A new scenery in Greek TV as of spring, Spirtzis says

[15] Greek economy to contract by 1.0 pct this year, IOBE report

[16] Fitch: Capital controls could be relaxed from late 2016

[17] Forthnet signs cooperation agreement with ZTE

[18] Italian railway submits binding offer for TRAINOSE

[19] Foreign investors cut participation in ASE in June

[20] Greece drains 1.625 bln euros in T-bill auction

[21] HFSF executive committee resigns

[22] Piraeus Bank celebrates 100 years

[23] Heracles Cement launches 5.0-mln-euro investment plan in Volos

[24] Inform Lycos completes 4.5-mln-euro investment

[25] Greek stocks end slightly higher

[26] Greek bond market closing report

[27] ADEX closing report

[28] Archaeological Museum of Corinth to reopen refurbished halls

[29] Observatory on Crete to host unique experiment seeking traces of 'Big Bang'

[30] Members of Rouvikonas group raid on Israeli Airlines' offices

[31] Mostly fair on Thursday

[32] The Wednesday edition of Athens'

[01] Cosco to invest extra 500 mln euros in Piraeus port

As he said, Cosco's main priority is investing in the sector of cruise as it has already been in contact with large international cruise companies that are seeking to make the Piraeus port their base.

He also announced the upgrade and expansion of the port so that it can host the largest cruise ship with 4,000 passengers. The aim of the company is to increase cruise tourists to 3 million. The budget of the investment amounts to 200 million euros. The second priority of Cosco is to upgrade the port infrastructure in the first container terminal.

Tsipras expressed his content over Cosco's investment plan and stressed that it is a milestone in the relations of both countries.

"The relations of the two countries are upgraded. Greece and China's strategic plans coincide. Greece, as the first station of the Chinese road in the EU, can turn into a bridge between China and the Western world, between Asia and Europe. Now we can plan the new phase of the two countries' cooperation. We are planning a series of investments and we would like to attract other Chinese companies in Greece," he stated.

[02] PM Tsipras meets Alibaba president Ma to boost Greek SMEs

Alibaba is an online sales platform for small businesses and especially young entrepreneurs interested in start up companies. Its customer base includes 10 million businesses around the world. It offers services from consumer to consumers, businesses to consumers and businesses to business.

The meeting between Tsipras and Ma dominated the expansion of company's activities in Greece, which will give a lot of small businesses the possibility to expand their activities internationally.

[03] ZTE-Forthnet sign cooperation agreement in the presence of PM Tsipras

The Prime Minister was received by the president of the group, which ranks second in the list of advanced technology companies in China.

"Greece has two major competitive advantages: its geographical position and highly skilled workforce. These two advantages make Greece attractive for a strategic partnership with your company," Tsipras said, adding that the investment in new technology adds value, strengthens employment and contributes to GDP growth.

On her part, the president of ZTE said that the company has been activating in Greece for 14 years and that the economic climate in the country has improved significantly over the last year, which has helped ZTE's activities.

The Chinese company is a world leader in telecommunications and the largest listed company of China telecommunications equipment. It annually invests 10 pct of its revenue in research and development. In 2015 it reported revenues of 13.7 billion euros and profits of 85 million euros.

ZTE also signed a memorandum of cooperation with Forthnet in the presence of the Greek Prime Minister for a business cooperation plan regarding the development of new generation networks (NGAs) ultra high speeds.

[04] 'The most ancient cultures meet in an effort for a better future' PM Tsipras tweets from Shanghai Museum

"Visit to the Shanghai Museum. The most ancient cultures meet in an effort for a better future," Tsipras said in a post on the Greek prime minister's Twitter account during the visit.

[05] There is a 'deeper need' for Greek, Chinese cultures to begin a dialogue, Baltas tells ANA

Greece and China are both countries with a long history that stretches back through the ages, though at times there was minimal contact between them, Greece's Culture Minister Aristidis Baltas told the ANA in an interview on Wednesday, noting that this was a significant factor for the Chinese side.

"In this sense, the issues for [China] are not only its own interests in a strict sense, and not just Greece's role for the Silk Road and for China's rapprochement with Europe and the West. There is, I think, a deeper need for the two cultures to launch a dialogue. Because it is necessary, there is a very long past for both with points where there were rudimentary convergences but also points with a mutual lack of knowledge," Baltas said, in an assessment of the Greek prime minister's five-day visit to China.

The effort should now focus on deepening the acquaintance and making it broader so that it also yielded economic results, "which we must look at a bit more strategically and not in the strict sense of this or that investment being made," he added.

Baltas noted that the visit took place at a very good time for Greece and opened up prospects in a great number of areas, with discussions held on multiple levels with the Chinese leadership. Among others, he noted that Prime Minister Alexis Tsipras had extended an invitation to Chinese President Xi Jinping to visit Greece, which was initially accepted in order to further strengthen ties.

Asked whether the agreements signed during the visit will be implemented or whether there was a risk they would be forgotten, as in the past, the minister said the present government's intention was to implement the agreements it signed systematically, keeping in mind the passage of time and the fact that the country's credibility was judged by how well and how quickly it did so.

[06] Greek PM's visit to China was a huge success, says Ambassador Zhu

Speaking to the AMNA from Beijing, Mr Zhu stressed the necessity of a full and prompt implementation of the agreements and the hope that the collaboration with the Greek State will establish Piraeus as the most important port in Mediterranean and the whole Europe.

Asked to comment Mr Tsipras visit, the Ambassador Zhu replied that he thinks "the visit of Mr Tsipras was a huge success. I say this because I really mean it. This is a landmark in the history of our relations, because it coincides with the 10th anniversary of our strategic partnership, but also marks a new beginning for the next decade of our relations".

"I think the meetings were important and the agreements signed are important, but I think the most important outcome of this visit is the signal that we send to each other, that we trust you and we'll invite you as strategic partner. I think that unless we have the mutual understanding and mutual trust everything will go bad. As we Chinese say, if you want to do business with us, first you have to build the foundations of friendship and personal relations. So I'm, very happy as Chinese ambassador, that we share thin common philosophy. This is a personal chemistry between the two business communities and I'm extremely happy that I had participated and witnessed at this hugely successful visit", argued Mr Zhu.

To the question what he expects from now on in terms of the materialization of concrete steps after this visit, Zhu said he wished "the growing up of the follow up of this visit. Because the two sides and leaderships have reached a broad consensus and many agreements are signed. So we must implement them fully, otherwise all these will remain empty words. So, as our Prime Minister has pointed out both sides must further the commitment that we are marching towards a new future. That Chinese investments are coming soon in Greece and we will work together with the Greek side to build the Piraeus Port as the most important one in Mediterranean and also in Europe. And Greece will be an important supporting point of the one belt and one road strategy"

[07] President Pavlopoulos meets Lebanese Mouqbel

"This role is important in at least two fields. The first is the refugee issue," Pavlopoulos said and added:" We must recognize that Lebanon has undertaken a very large burden in what concerns the refugee issue as it has a huge number of refugees in its territory. And we must recognize that the attitude of Lebanon is extremely brave for all the region, but also the entire European Union," Pavlopoulos underlined.

The second field, as the President noted, is addressing the terrorism of ISIS. A terrorism, which - as he said - constitutes crimes against humanity, he added.

On his part, Mouqbel thanked Pavlopoulos for the warm welcome, and stressed the need to address the refugee issue and to combat terrorism. The Deputy Prime Minister of Lebanon also asked for reinforcing the country's troops with special equipment.

[08] ND leader Mitsotakis meets ECB chief Draghi

Mitsotakis met with the president of the ECB Mario Draghi, at the headquarters of the Bank in the German city, in order to present New Democracy's plan for exiting the crisis. He also leveled against the government and Prime Minister Alexis Tsipras when called to comment on the referendum of July 5.

"Today, all Greek citizens pay increased taxes, increased contributions and receive lower pensions as a result of that disastrous period of alleged negotiation that led to the tragic referendum of July 5," he said.

The leader of the main opposition also reiterated the party's request for an investigating committee to find out what exactly happened that period.

The two officials discussed the prospects of the Greek banking system and the economy in general. "I explained to Draghi that a necessary condition for the recovery of the Greek economy is the implementation of structural reforms that will improve the competitiveness of Greece and attract investments, investments that will create jobs, investments that will be able to give a real perspective to young people in Greece who are now frustrated," Mitsotakis underlined.

[09] ECB's Draghi stresses need to implement reforms quickly in meeting with ND leader

The meeting was also attended by Executive Board member Benoit Coeur?.

During the meeting, the ECB recognized that there has been significant progress concerning the implementation of the third program in the last year, which resulted in the bank reinstating the waiver on Greek bonds on June 22, the spokesperson said.

The central bank officials also stressed anew the need to implement quickly and effectively the extensive and ambitious reforms foreseen in the program, as well as take ownership of the measures, in order to promote economic growth and support job creation.

[10] Racism and abuse of power discussed in meeting with Council of Europe official

The two officials talked about fighting racism at a legal level and in practice, the creation of an independent mechanism to investigate abuse of power by law enforcement officials and prison staff, measures to tackle discrimination, implementation of rulings by the European Court of Human Rights, the National Action Plan for Children's Rights and Human Rights, the guardianship of unaccompanied minors and the ratification of international human rights treaties, according to a ministry statement.

The general secretary of transparency and human rights Kostis Papaioannou also participated in the meeting.

[11] EP approves plan for a European Border and Coast Guard

The European Parliament approved with a wide majority on Wednesday a proposal by the European Commission for a European Border and Coast Guard (EBCG) that will manage migration waves better.

This new body will be made up of the restructured and strengthened FRONTEX and the national coast guards of member-states. The proposal was approved with 483 votes in favour, 181 against and 48 absences.

"It is some good news in these difficult political times," Latvian rapporteur Artis Pabriks said during a press conference after the vote. He said the new body is not the only solution for the migration issue and the proper functioning of the Schengen area, but it is however "an important first step".

In a joint statement, First Vice-President Frans Timmermans and Commissioner for Migration, Dimitris Avramopoulos, said:

"The European Border and Coast Guard will ensure a truly collective European management of our borders, based on the principle that security of our common EU external borders is a responsibility shared amongst all EU countries. There should no longer be shortages of staff or equipment for operations at our external borders. The external border of one Member State is the external border of all Member States."

They also added that member-states will keep their sovereignty and national border guards will remain the key actors for managing their borders, but the role of the European Border and Coast Guard will be to work as a safety net.

"In exceptional situations, when a member-state is unable to cope with the situation on its own, the EBCG will be able to step in, drawing on a pool of resources provided by the member-states," they added.

A final vote will follow after some technical modifications have been made.

[12] Tax officials to attend seminars on combatting tax evasion in Germany

According to the finance ministry, the aim of the visit is to train the officials in the area of financial crime, tax audit, tax collection and the use of electronic means, to help combat tax evasion and corruption.

The week-long seminar in North Rhine-Westphalia will be held by highly trained colleagues and will be repeated the week after that for another 25 Greek officials. The delegation will be accompanied by Alternate Finance Minister Tryfon Alexiadis, the general secretary for combating corruption Giorgos Vasiliadis, the general secretary for public revenues Giorgos Pitsilis and the special secretary of financial crimes unit SDOE, Konstantinos Christou.

The delegation will be welcomed by the state's Finance Minister Norbert Walter-Borjans and a joint press conference will be given.

Greek authorities and the tax authorities in the state of North Rhine-Westphalia signed a joint declaration of intentions last January to mutually support action against tax evasion, illegal trade and corruption.

[13] The new electoral law does not lead to lack of governance, Vitsas says

As he said, the new electoral law will restructure the political system and dismissed reports for lack of governance. On the contrary, he said, coalitions and political factions of more general interest with a clear programme are created, giving citizens the opportunity to intervene in the electoral system.

[14] A new scenery in Greek TV as of spring, Spirtzis says

The licensing procedure should have been completed by the end of August and a new landscape on Greek TV will exist in autumn, Spirtzis said in an interview with public broadcaster ERT.

"Out of the 11 companies submitting applications those that meet the criteria will be shortlisted. Tax and social security clearance as well as meeting the necessary standards are prerequisites," he clarified.

Financial News

[15] Greek economy to contract by 1.0 pct this year, IOBE report

IOBE expects private consumption to contract by 1.0-2.0 pct this year, public consumption to fall by 1.5-2.5 pct, investments to decline by 4.0 pct, exports to fall around 2.0-3.0 pct and imports to decline by 4.0-5.0 pct in 2016. The unemployment rate is projected to fall at around 24.7 pct this year, while the inflation rate will remain in negative territory (-0.3 pct).

Private consumption fell 1.3 pct in the first quarter, compared with the same period last year (household consumption -1.3 pct, public consumption -1.5 pct). Investments fell significantly to 0.3 pct in the first quarter, from 14.5 pct last year, while exports fell by 11.3 pct in the January-March period -the largest percentage quarterly fall since 2009- reflecting a 22-24 pct drop in the export of services hit by the imposition of capital controls in the country. Export of goods rose 1.7 pct. Imports fell between 12.5-13 pct in the first quarter.

IOBE said the a successful completion of the first review of the Greek programme lifted uncertainties over the need for additional fiscal measures, the implementation of certain reforms (NPL management, new Privatization Fund), but failed to deliver an agreement on Greek debt restructuring, something that could clearly boost confidence in the sustainability of public finances and Greek economic prospects. A decision by European Central Bank to restore a waiver on accepting Greek bonds as collateral in Greek banks' refinancing activity, will create conditions for a gradual return of deposits in the banking system and allow banks to strengthen their lending ability. However, deposits remained slightly up in May compared with July 2015 as fears of a Brexit had a negative impact on the market.

IOBE said it did not expect any resurgence in investments from government actions in the field of privatizations, while government efforts to achieve fiscal goals were expected to contain primary spending this year.

IOBE said a Brexit was expected to negatively affect Greek exports of goods and services.

[16] Fitch: Capital controls could be relaxed from late 2016

The agency added however, that Greek authorities will possibly want to see further improvements in investor and customer confidence before capital controls are eased. "In our view, the economic and political environment remains fragile and confidence has not yet returned to the financial system. Our standalone viability ratings assigned to the Greek banks remain at 'f'," Fitch said.

[17] Forthnet signs cooperation agreement with ZTE

"Forthnet is the company which brought internet and subscription TV to Greece. Today, through its Nova 3Play service it is the largest provider of home entertainment and communication in the country. The company operates a network of 130 retail units in more than 60 cities around the country servicing more than 20,000 small- and medium-sized enterprises and around 20 pct of Greek households," the company said in an announcement.

ZTE is one of the largest manufacturers of telecom system, mobile devices and integrated solutions company in the world.

[18] Italian railway submits binding offer for TRAINOSE

HRADF said that despite initial interest, the Russian railway company RZD did not make a binding offer.

A previous tender for the sale of TRAINOSE was annulled because of lack of fundamental interest, despite the fact that a number of candidates such as the French railway, a consortium between RZD and GEK Terna and Romanian GFR had expressed initial interest.

A tender for the sale of ROSCO, the Greek rolling stock maintenance company, was annulled as no binding offer was submitted.

[19] Foreign investors cut participation in ASE in June

In June, capital inflows from foreign investors in the Greek market exceeded outflows. Total ATHEX capitalisation closed up at 34.05 billion euros, decreased by 14.6 pct since the previous month. In case that HFSF was not counted there was a decrease of 13.4 pct.

Total turnover was 1.67 billion euros (decreased by 19.3 pct compared to the previous month and decreased by 10.0 pct compared to the same month of the previous year). The total number of securities transferred due to settlement of stock exchange transactions amounted at 2,699,485,298 items - decreased by 11.5 pct compared to last month (3,050,549,223) and decreased by 19.4 pct compared to June 2015 (3,347,975,748).

Foreign investors in June 2016 constituted 55.3% of total turnover. Active investors' Accounts numbers reached 20.36 thousand (previous month: 19.78 thousand) and New investors' Accounts reached 648 (previous month: 636 Accounts).

Transactions value in June 2016 reached 1,665.21 million euros, down 19.3 pct since the previous month when transactions value reached 2,062.79 million. Compared to the same month of the previous year, when transactions value was 1,849.35 million, there was a decrease of 10.0 pct. Correspondingly, the Average Daily Value (ADV) of Transactions in June 2016 was 79.30 million euros, a decrease compared to the previous month (103.14 million) and decreased compared to the same month of the previous year (97.34 million).

[20] Greece drains 1.625 bln euros in T-bill auction

[21] HFSF executive committee resigns

In an announcement, HFSF said the Fund completed last year the third recapitalization of systemic banks and contributed decisively to safeguarding the stability of the Greek banking system within adverse economic conditions. "A successful planning allowed the raising of significant capital from the investment community, both in Greece and abroad, the obtaining -for the first time- of voting rights in banks' equity capital and the prospect of regaining -also for the first time- of part of capital offered through repayment of CoCos," the Fund said.

HFSF also timely and fully completed all commitments envisaged in a memorandum of understanding signed between Greek authorities and its partners. The Fund said the its executive commission submitted its resignation after completing a significant and successful work in order to facilitate future choices that the Fund would play in the Greek banking system and the Greek economy.

[22] Piraeus Bank celebrates 100 years

[23] Heracles Cement launches 5.0-mln-euro investment plan in Volos

The 5.0-million-euro investment project is aimed to boost the competitiveness of the factory in the domestic market and to boost its export activity, while at the same offered evidence of LafargeHolcim Group's confidence in the country.

Heracles Cement factory in Volos is the largest production unit of the Group and one of LafargeHolcim's most significant units. It has more than 450 direct and indirect job positions and has contributed more than 150 million euros to the local community.

[24] Inform Lycos completes 4.5-mln-euro investment

Inform Lycos, is listed in the Athens Stock Exchange since 1994, and it is a leader in print management, security prints and business process outsourcing. The group has also established activities in digital security, operating two production units in Austria and Poland. Its annual turnover was 130 million euros in 2015 and EBITDA was 13 million euros.

[25] Greek stocks end slightly higher

The composite index rose 0.47 pct to end at 529.65 points, after falling as much as 1.28 pct during the day. The Large Cap index rose 0.95 pct and the Mid Cap index eased 0.20 pct. Turnover was a low 36.856 million euros in volume of 91,333,062.

Piraeus Bank (7.69 pct), Alpha Bank (4.41 pct) and Eurobank (3.85 pct) were top gainers among blue chip stocks, while Titan (2.70 pct), Folli Follie (2.49 pct) and Motor Oil (1.54 pct) suffered the heaviest percentage losses of the day. Among market sectors, Banks (4.43 pct) and Travel (2.51 pct) scored big gains, while Commerce (2.49 pct) and Oil (1.49 pct) suffered losses. National Bank and Piraeus Bank were the most heavily traded securities of the day.

Broadly, decliners led advancers by 47 to 38 with another 19 issues unchanged. Selonda (22.5 pct), Elastron (10 pct) and Ekter (9.32 pct) were top gainers, while Alumil (26.75 pct), Progressive (19.64 pct) and Evrofarma (17.73 pct) were top losers.

[26] Greek bond market closing report

In interbank markets, interest rates moved lower. The 12-month rate fell to -0.062 pct from -0.052 pct, the nine-month rate fell to -0.129 pct from -0.117 pct, the six-month rate fell to -0.189 pct from -0.185 pct, the three-month rate rose to -0.293 pct from -0.294 pct and the one-month rate was -0.368 pct.

[27] ADEX closing report

General News

[28] Archaeological Museum of Corinth to reopen refurbished halls

The Ephorate of Prehistoric and Classical Antiquities took the initiative in 2012 to modernize the infrastructure and the exhibition schedules to accommodate tourists and continued to refurbish the southern hall. The museum also added a new exhibition room in the east, which was used as a warehouse until then.

Finds in the six halls date from the Prehistoric Period of the area of Ancient Corinth, the Korakou Hill and the site of Zygouries, and continue to the Geometric, Archaic, Classical and Hellenistic city. The other halls exhibit finds from the Roman, Byzantine and Frankish eras, while one of the rooms holds objects stolen from the Museum in 1990 and delivered back in 2001.

The museum is located in the center of the archaeological site and is considered one of the most historical museums in the Greek periphery, welcoming 160,000 visitors in 2015.

It was built in 1931-1932 on plans of the American architect W. Stuart-Thompson (1890-1968) on the initiative of the American School of Classical Studies to house exhibits unearthed during the excavations in Ancient Corinth. In 1950 it was extended eastwards.

[29] Observatory on Crete to host unique experiment seeking traces of 'Big Bang'

The attempt was announced on Wednesday at the European Week of Astronomy and Space Science EWASS 2016 conference held in Athens, which organised by the Eugenides Foundation in collaboration the European Astronomical Society and the Greek Astronomical Society.

[30] Members of Rouvikonas group raid on Israeli Airlines' offices

The incident took place on June 26, 2016.

Police arrested the ten members of the group

Weather forecast

[31] Mostly fair on Thursday

[32] The Wednesday edition of Athens'

AVGHI: The prosecutor sounds alarm over the Siemens scandal

DIMOKRATIA: Public health system at peril

ELEFTHEROS TYPOS: The list of university entry marks

ETHNOS: University entry marks down

IMERISSIA: Fresh money in banks

KATHIMERINI: Plan B caused political storm

NAFTEMPORIKI: Hot summer in EU

RIZOSPASTIS: Rally on Thursday

TA NEA: SYRIZA against (former) SYRIZA

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