Athens News Agency: News in English (AM), 99-09-17

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

NEWS IN ENGLISH

ATHENS, GREECE, 17/09/1999 (ANA)

MAIN HEADLINES

• Gov't downplays rumours of new quake, calls for better preparation
• Rampant stocks again post new high
• Futures trade noses up
• Bank of Cyprus nears Athens bourse application
• Miranda Xafa to Salomon Smith Barney/Citibank
• Lambrakis to hold Dr 63.25 bln share cap rise
• Fateful Falcon's 'black box' to be analysed by German lab
• Condolences continue to pour in for Kranidiotis
• Optimism after second round of Greek-Turkish dialogue
• Europarliament endorses resolution on quake relief for Athens
• Catering owner arrested for serving spoiled food to quake people
• Greek teams' UEFA matchups
• Weather
• Foreign exchange

NEWS IN DETAIL

The government yesterday sooth-ed fears among certain segments of the public and press in relation to a vague earthquake prediction by the controversial VAN group of Greek seismologists.

"There is no scientifically proven ability to predict earthquakes," Environment, Town Planning and Public Works Minister Costas Laliotis reacted.

"Nowhere and nobody in the world has been able to document with clarity and accuracy the place, time and magnitude of earthquakes. Greek scientists and researchers have a duty to admit to an undeniable truth, which is valid for Greece and the entire world," the minister noted, in reference to a VAN early warning system prediction of an imminent major earthquake in the Lamia area.

Reports of the VAN prediction caused concern in Lamia and most of central Greece and Attica, where residents are still coming to terms with the effects of the destructive Sept. 7 quake, which killed 135 and left about 50,000 people homeless.

Mr. Laliotis was critical of those, as he said, who spread rumours of an impending earthquake, causing panic and worry amongst the public.

"Fifty percent of Europe's total seismic energy is released in our region and for this reason the state and citizens must get used to this fact and learn to live with earthquakes," he said.

Rampant stocks again post new high

Equity prices yesterday extended their record rally for the fifth consecutive session on the Athens Stock Exchange.

The general index ended 2.27 percent higher at 6,321.31 points, its 52nd record this year, to stand 130.9 percent higher since the start of 1999.

Turnover was heavy at around 565 billion drachmas.

Dealers noted that the market had yet to show a real correction in its unbridled ascent.

During this period the market has jumped from 5,700 to 6,300 points.

Blue chip stocks remained at the focus of attention.

Sector indices ended as follows: Banks (+2.05 pct), Insurance (+3.11 pct), Construction (+4.38 pct), Miscellaneous (+1.47 pct), Leasing (+2.57 pct), Investment (+7.16 pct), Industrials (+2.36 pct) and Holding (+2.73 pct).

The parallel market index for smaller capitalisation stocks ended 4.49 percent higher, while the FTSE/ASE 20 index for blue chips and heavily traded stocks rose 1.65 percent to 3,249.68 points.

National Bank of Greece ended at 26,850 drachmas, Commercial Bank at 30,250, Alpha Credit Bank at 28,706, Titan Cement at 40,500, Hellenic Petroleum at 5,560, Intracom at 29,885, Minoan Lines at 9,650, Panafon at 9,800 and Hellenic Telecoms at 7,850.

Futures trade noses up

Trade on the newly created Athens Derivatives Exchange yesterday edged up to 3.1 billion drachmas from 2.6 billion drachmas in the previous session and 3.3 billion drachmas on Tuesday.

Equity futures on the FTSE/ASE 20 for September ended at 3,208.06 from 3, 174.23 a day earlier; for October at 3,169.50 from 3,131.53; and for November at 3,178.82 from 3,139.76.

Trades in November futures accounted for 1.7 billion drachmas of total turnover.

Bank of Cyprus nears Athens bourse application

The Bank of Cyprus Group is completing the final stage of preparations to seek entry into the Athens Stock Exchange.

Group Chairman Solon Triandafyllidis said yesterday that the percentage of capital destined for Greece was 12 percent of the Bank's entire capital following approval from Cyprus' central bank.

The figure now has be endorsed by shareholders at an extraordinary meeting on October 13 for the issue of 39 million shares.

The main underwriters are National Bank of Greece and Alpha Credit Bank. The adviser for the issue is Alpha Finance.

Miranda Xafa to Salomon Smith Barney/Citibank

Miranda Xafa, an internationally known financial analyst, has been appointed to advise clients of Salomon Smith Barney/Citibank who invest in the Greek market, Reuters news agency reported yesterday.

Ms Xafa, who has worked as an analyst for Salomon Brothers, is to handle Greek investments for the Citi Group spanning fixed-income securities, equities and foreign currency.

She was an economic adviser to former prime minister Constantine Mitsotakis of the New Democracy party, and a candidate in the Euroelections for the Liberals, headed by Stephanos Manos.

Lambrakis to hold Dr 63.25 bln share cap rise

The Lambrakis Journalism Organisation (DOL), which is listed on the Athens bourse, is to raise its share capital by 63.25 billion drachmas.

DOL Chairman Christos Lambrakis told a shareholders meeting that the company's 2000-2003 investment plan included expanding activities into the Internet through alliances with domestic information technology firms.

The first step in DOL's Internet penetration would be the creation of the country's first major portal, due for launch early next month, Mr. Lambrakis said.

Fateful Falcon's 'black box' to be analysed by German lab

German experts will analyse the contents of the Falcon's flight recorder on board the prime ministerial plane to determine why the aircraft went into a deadly plunge that killed Alternate FM Yannos Kranidiotis, his son and four other people Tuesday evening over Bucharest, the government stressed yesterday.

Government spokesman Dimitris Reppas said the black box was already in the hands of a German laboratory, which was of international standing. Also involved in the investigation into the cause of the accident will be a high- ranking member of the US Civil Aviation Authority.

The spokesman said the German lab was chosen over a French or British one to ensure the highest possible level of objectivity.

Condolences continue to pour in for Kranidiotis

French Prime Minister Lionel Jospin sent letters of condolences over Yannos Kranidiotis' death to his Greek counterpart Costas Simitis as well as FM George Papandreou, expressing his deep regret and saying Greece had lost one of its most "remarkable diplomats".

A similar message was also sent to Mr. Papandreou from France's Minister Delegate for European Affairs, Pierre Moscovici, expressing his shock at the death of Kranidiotis, his son and four other persons.

The government of South Africa also expressed its condolences.

A statement issued by the South African Department of Foreign Affairs extended its "heartfelt sympathy and condolences" to the Greek government, Kranidiotis' family, and the families of the other five victims.

Israeli and Palestinian participants of the "Athens Dialogue", which was hosted by the Greek foreign ministry, yesterday expressed their condolences over the death of Alternate FM Yannos Kranidiotis.

Kranidiotis spearheaded the effort to bring together Israeli and Palestinian politicians, opinion makers and academics closer together in parallel efforts to the Mideast peace negotiations.

Optimism after second round of Greek-Turkish dialogue

The second round of Greek-Turkish dialogue was concluded yesterday between high-level delegations from the Greek and Turkish foreign ministries.

A joint announcement issued afterwards by the two delegations stated that meetings between the high-level missions from the foreign ministries of Greece and Turkey to continue the dialogue which has got underway will resume in the second fortnight in October.

The two delegations met for about four hours and exchanged views on issues concerning smuggling, the combatting of organised crime and terrorism.

The two delegations, a statement said, set out their views and ideas which they had expressed during the first round of the talks and decided to reach agreement frameworks where it will be necessary either to proceed with other actions to facilitate co operation in the aforesaid sectors.

The Greek delegation was headed by ambassadors Constantinos Gerokostopoulos and Anastasios Skopelitis, while the Turkish side was headed by ambassador Faruk Logoglu.

Europarliament endorses resolution on quake relief for Athens

The European Parliament endorsed a joint resolution proposal by six political groups yesterday, calling on the EU Commission, the Council and other relevant organisations to examine all possibilities of assisting without delay victims of the devastating earthquake Athens on Sept. 7 and to restore damage caused.

The proposal had been jointly made by Greek Eurodeputies Marietta Yiannakou from the main opposition New Democracy party, G. Katiforis from the ruling PASOK party, Mihalis Papayiannakis and Alekos Alavanos from the Coalition of the Left and Progress, Stratis Korakas from the Communist Party of Greece (KKE) and Dimitris Koulourianos and Costas Bakopoulos from the Democratic Social Movement (DHKKI).

Catering owner arrested for serving spoiled food to quake people

The proprietor of a catering firm was arrested yesterday after spoiled foods were reportedly distributed to quake victims made homeless in the west Athens suburb of Petroupoli. Police said health and sanitation officials had conducted checks on the company's foods following complaints from the deputy mayor of Petroupoli.

Some 290 servings of roast chicken and 662 servings of salad destined to be distributed to quake victims were confiscated by health and sanitation officials.

The name of the suspect was identified as Elisabeth Papadopoulou, while the firm was listed as "Macduck".

Greek teams' UEFA matchups

AEK Athens beat the Georgian team Koutaisi Torpedo 1-0 away in the first game of their UEFA Cup matchup yesterday. AEK, second last season in Greece's first division, scored two minutes before the end of the game with midfielder Akis Zikos.

In another game in Georgia, this time in the capital of Tbilisi, PAOK Thessaloniki all but assured its qualification for the next round by overwhelming Locomotiv Tbilisi by 7-0.

Panathinaikos Athens also won by 1-0 away in its UEFA matchup by beating Nova Goritsa of Slovenia. In two matchups held in Greece, Ionikos Piraeus lost at home from Nantes 3-1 in the first game of their UEFA Cup matchup. In the other game played in Greece, Aris Thessaloniki tied at home with Geneva's Servette 1-1. All the return matches will take place in two weeks.

WEATHER

FOREIGN EXCHANGE

Friday's rates (buying)
U.S. dollar          311.468
Pound sterling       503.380
Japanese yen (100)   299.376
French franc          49.354
German mark          165.525
Italian lira (100)    16.720
Irish Punt           411.064
Belgian franc          8.025
Finnish mark          54.449
Dutch guilder        146.906
Danish kr.            43.559
Austrian sch.         23.527
Spanish peseta         1.945
Swedish kr.           37.458
Norwegian kr.         39.367
Swiss franc          201.996
Port. Escudo           1.615
Can. dollar          210.403
Aus. dollar          201.629
Cyprus pound         561.174
Euro                 323.739

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