Athens News Agency: News in English (PM), 99-09-02

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

NEWS IN ENGLISH

Athens, Greece, 02/09/1999 (ANA)

MAIN HEADLINES

• Gov't vows to stamp down on stock manipulation
• Olympic Airways launches drive to attract customers
• Stocks hit new record led by blue chips
• British Hellenic Chamber to hold energy conference
• Gasoline prices to drop this week
• In-house training gets underway
• PM Simitis pledges support to farmers
• PASOK to celebrate founding anniversary
• Greetings from Clinton
• Greece's Diamantopoulou seen positively by Europarliament
• Kranidiotis: Greece wishes greatest possible EU quake-aid to Turkey
• Turkish businesses acknowledge Greek help
• Southern NATO wing activated in Larissa
• Train derails near FYROM border
• Weather
• Foreign Exchange

NEWS IN DETAIL

National Economy and Finance Minister Yiannos Papantoniou pledged yesterday that market authorities would step up controls on stock manipulation and rumour-driven trade, mostly in marginal shares. "The rise in stocks of non- existent firms cannot be explained," Mr. Papantoniou told reporters during a presentation of a comprehensive legal code for the capital market that is destined for parliament.

The Athens Stock Exchange and Capital Markets Commission were studying the enforcement of measures that included monitoring the transactions of companies with a wide share base whose stock displayed sharp fluctuations, and then notifying investors.

According to sources, the Athens bourse has compiled a list of around 20 companies it will be watching especially closely for inordinate fluctuations, especially increases to the daily eight percent upper volatility limit.

Among punitive measures being considered are suspending trade for several days in stocks exhibiting peculiar behaviour including a spate of limit-ups or rises based on rumours of their performance.

Olympic Airways launches drive to attract customers

Olympic Airways has launched an aggressive sales campaign to regain its position in the international market with reduced fares to major European destinations for the period September-November.

Speedwing, the UK firm which recently took over Olympic's management, is also considering special offers on domestic routes.

OA's new manager, Rod Lynch, plans to increase the number of daily flights to New York from one to two and merge flights with low demand.

The new management also plans to overhaul the national carrier's fleet and hire more aircraft technicians.

Stocks hit new record led by blue chips

Equity prices jumped to new records yesterday led by strong buying interest in blue chip stocks in the banking and industrial sectors.

The general index surged 3.19 percent to end at 5,371.57 points after briefly breaking the 5,400 level. It was its 44th record close this year.

Technical analysts said the market was moving towards the 5,600 point resistance level.

Turnover was heavy at 429.301 billion drachmas with 50,366,670 shares changing hands.

Traders said investors were active buyers in marginal stocks despite a warning by National Bank of Greece Governor Theodore Karatzas over the dubious health of a large part of the group.

British Hellenic Chamber to hold energy conference

The British Hellenic Chamber of Commerce is holding a conference on deregulation of the Greek energy market on October 12 at the Intercontinental Hotel, it said in a statement.

The object of the conference is to inform analysts and investors on the opportunities in Greece, and the impact of liberalisation.

Speakers from Greece and abroad will take part.

Gasoline prices to drop this week

Retail prices of gasoline and heating oil are to drop for the next seven days, effective today, according to weekly indicative rates released by the development ministry.

In the prefectures of Attica and Thessaloniki, the price of unleaded gasoline is suggested at 206.20 drachmas per litre, down 1.10 drachmas a litre from the previous week, the ministry said.

The indicative rates are based on global oil prices.

In-house training gets underway

A government project to provide in-house training for 20,000 workers in the private sector and 30,000 in the public sector is due to begin immediately.

The decision was signed yesterday by Labour Minister Miltiades Papaiouannou.

The private sector project is budgeted at 17 billion drachmas and the public sector project at 15 billion drachmas.

PM Simitis pledges support to farmers

Prime Minister Costas Simitis said yesterday that the aim of the government was to restructure rural Greece and provide support to farmers. Mr. Simitis was speaking after chairing a meeting at which final decisions were taken concerning measures to strengthen the agricultural sector.

"It is the government's aim to improve the living conditions of farmers in order to provide them with a better standard of living," Mr. Simitis said.

The prime minister announced that the government was earmarking the sum of 9.5 trillion drachmas for the period 2000-2006 to guarantee farmers' incomes and ensure agricultural development.

He said the funds were from the Common Agricultural Policy (CAP) and the 3rd Community Support Framework and would be allocated for agricultural aids, price support and investments.

In 1999, the premier added, 7,000 investment projects have been approved compared to 2,600 in 1994.

PASOK to celebrate founding anniversary

Ruling PASOK party will celebrate the 25th anniversary since its founding by late Andreas Papandreou on Saturday, September 11.

The celebrations for the September 3, 1974 foundation of the party, will include a speach by PASOK President and Prime Minister Costas Simitis, a video presentation, and a photographic exhibition of the 25-year history of the party.

Mr. Simitis in a message in light of the anniversary said "PASOK 25 years later is united and decisive.

"Resolved to win again in the next elections the trust of the Greek people and in this way to proceed even further and to complete the restructuring policies, which we have begun," Mr. Simitis added.

"Those processes, which have led us to an already sizeable modernisation of society and economy," Mr. Simitis said.

Greetings from Clinton

The president of the Greek Archbishopry Council John Katsimatidis has conveyed a message of friendship to the Greek government on behalf of US President Bill Clinton whom he met last weekend.

Mr. Katsimatidis, who is expected to accompany Mr. Clinton on his November visit to Greece, will meet with the new Archbishop of America, Dimitrios, today.

Greece's Diamantopoulou seen positively by Europarliament

The European Parliament's Social Affairs Committee will maintain a positive stance toward Greek candidate European Commissioner Anna Diamantopoulou.

According to reports the candidate Commissioner for Social Affairs, who underwent a three-hour question-answer session with members of the committee, was widely accepted.

A relevant press release of the European Popular Party (EPP) commented on the satisfaction of the largest group of Eurodeputies for Ms. Diamantopoulou's responses.

Kranidiotis: Greece wishes greatest possible EU quake-aid to Turkey

Greece, as all the rest of the European Union member-states, wishes for the greatest possible Union aid to Turkey, in efforts to confront immediately the huge problems caused by the destructive earthquake of Aug. 17, Al ternate Foreign Minister Yiannos Kranidiotis said here yesterday.

Following a meeting with EU Foreign Affairs Commissioner Hans Van den Broek, Mr. Kranidiotis said that talks, with both the commissioner and diplomats of the EU member-states, indicate the reaching of a total agreement regarding Union funds to Turkey in light of the quake.

Turkish businesses acknowledge Greek help

The Turkish section of the Greek-Turkish Business Cooperation Council yesterday decided to reactivate.

An announcement of the Foreign Economic Relations Council in Istanbul expresses its satisfaction over the actions of support and solidarity of the Greek people, the Greek businessmen and the Greek government, as well as the material and non-material aid provided following the August 17 earthquake in northwestern Turkey.

The council has ceased unilaterally all activity following the arrest of Kurdistan Workers' Party (PKK) leader Abdulah Ocalan in Kenya last February.

The announcement also noted that following the meeting of the Greek and Turkish foreign ministers in New York on June 30, bilateral relations improved, conditions which lead to the council to reactivate.

Southern NATO wing activated in Larissa

The NATO flag was raised yesterday at the NATO sub-headquarters in Tyrnavos, Larissa, northern Greece, one of the four southern NATO sub-headquarters activated yesterday.

The official ceremony for the event, at least for the Tyrnavos headquarters, is scheduled for October 5 with the attendance of national leadership and NATO representatives, while the NATO representation level will be determined during a special meeting with the Greek General Staff leadership.

Final staffing for the Tyrnavos headquarters is forecast at 453 commissioned and non-commissioned officers, while 815 individuals are employed there today upon activation, of whom 50% are Greeks.

The activation of the Tyrnavos headquarters coincides with the first large air-naval exercise to be conducted early December at the Southern NATO Wing.

Train derails near FYROM border

A freight train transporting KFOR armoured vehicles from Thessaloniki to Skopje, was derailed at 2.00am yesterday at a distance of five kilometres from the border with the Former Yugoslav Republic of Macedonia (FYROM), police said.

According to police sources, five of the train's coaches slipped off the rails which probably gave in under the train's weight, and tipped over at some point while crossing the valley of the Axios river.

Police said that there were no injuries among the eight Belgian soldiers escorting the military equipment aboard the train.

WEATHER

FOREIGN EXCHANGE

Thursday's rates (buying)

(M.S.)

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