Athens News Agency: News in English, 01-04-04

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

CONTENTS

[01] Venizelos-Cultural Olympiad

[02] Listed Firms-Outlook-Gov't

[03] Foreign Exchange Rates-Thursday

[04] OTE-CosmOTE-Denial

[05] Greece - Turkey - FM Ankara visit

[06] Weather Forecast-Thursday

[07] ASE-close

[01] Venizelos-Cultural Olympiad

Culture Minister Evangelos Venizelos on Wednesday said the agreement on the 2001-2004 Cultural Olympiad will be signed with the International Olympic Committee by the end of April, adding that it primarily deals with economic and sponsorship issues.

Speaking at a press conference, Venizelos announced that the operation of the SA company on cultural heritage has started and will focus on organising and managing the Cultural Olympiad and promoting Greece's cultural heritage.

In addition, company officials have met with all foreign ambassadors with the purpose of promoting the Cultural Olympiad abroad, while all overseas cultural bureaus and the press offices of Greek embassies have been briefed accordingly.

[02] Listed Firms-Outlook-Gov't

The Association of Athens Bourse Quoted Firms on Wednesday called on the government to reduce corporate tax, move swiftly in releasing European Union funds for projects, and aid the maintenance of high growth rates.

"If the government follows a policy of reducing tax brackets for listed firms to levels below 25 percent by the end of 2002 to 2003, it will bring a new, spectacular rise in private investment, mergers and acquisitions, dividend returns, demand for shares etc with immediate positive effects on efforts to combat unemployment in Greece," said the association's president, Ion Steriotis in a statement.

The statement was released after a seminar held by the association entitled 2001 Update.

[03] Foreign Exchange Rates-Thursday

Thursday's buying rates

U.S. dollar 374.244

German mark 172.829

French franc 051.531

Pound sterling 537.486

Irish punt 429.202

Belgian franc 008.379

Luxembourg franc 008.379

Dutch guilder 153.389

Italian lira (100) 017.457

Austrian schilling 024.565

Danish kroner 45.276

Swedish kroner 36.634

Finnish mark 056.852

Spanish peseta 002.032

Portuguese escudo 001.686

Japanese yen (100) 297.754

Swiss franc 221.453

Norwegian kroner 41.315

Cyprus pound 584.236

Canadian dollar 237.904

Australian dollar 182.229

[04] OTE-CosmOTE-Denial

The Hellenic Telecommunications Organisation (OTE), a heavily traded stock on the Athens bourse, said on Wednesday that it had no plans to sell a new stake in its mobile phone subsidiary, CosmOTE.

State-owned OTE was responding in a statement to press reports claiming the contrary.

CosmOTE's ownership remained the same with OTE holding 59 percent and Telenor of Norway and WR Co. Enterprises Ltd together holding 25, percent with the final 16 percent listed on the Athens Stock Exchange and London bourse, the statement said.

[05] Greece - Turkey - FM Ankara visit

Athens pins hopes of a further improvement in Greek-Turkish relations squarely within a ?European framework?, the Greek foreign minister said one day before he travels to Ankara for talks with Turkish leadership.

In statements to reporters in Athens, Greek FM George Papandreou prefaced his comments by saying that trade between the two neighbouring countries has doubled over the past year, while noting that a ?national action plan? unveiled by Ankara recently ?is but a first step in its course towards the European Union.?

Simitis

In a related development, when asked on Wednesday if the Greek governments decision last week to slash defence spending prior to 2004 is a ?message? towards Ankara in light of Papandreous visit, Prime Minister Costas Simitis stressed:

?The decision by the Greek government is a result of developments taken at the political level as well ... which allow us to readjust our priorities.?

[06] Weather Forecast-Thursday

Sunshine is forecast throughout the country on Thursday, turning to cloud in the west and south from late afternoon, and to rain mostly in the west from evening. Early morning mist is expected on the mainland. Winds variable, moderate to strong. In the north, temperatures will range from 2C to 20C; on the rest of the mainland and in the Ionian from 6C to 22C; and in the Aegean islands from 8C to 19C. Sunny in Athens, with temperatures between 9C and 21C. Same in Thessaloniki, with temperatures from 6C to 18C.

[07] ASE-close

Equity prices ended Wendesday's roller-coaster session narrowly higher after testing the 2,900 level during the day on the Athens Stock Exchange.

Traders said the market managed to recover from its day's lows helped by strong buying interest in National Bank and other blue chip stocks, and an improvement in international markets' climate.

Analysts welcomed Wednesday's recovery but said it would need several more sessions to draw any safe conclusions for the market's short-term course.

Technical analysis of the market showed that the general index would find support at the 2,800-2,850 level, the highest level of the index in 1998.

The general index ended 0.03 percent higher at 2,967.58 points, off the day's lows of 2,910.93 points. Turnover was a low 149.1 million euros, or 50.4 billion drachmas.

The FTSE/ASE 20 index for blue chip and heavy traded stocks ended 0.20 percent higher at 1,720.69 points, and the FTSE/ASE 40 index rose 0.42 percent to 358.84 points.

The parallel market index for smaller capitalisation stocks ended at 320.13 points, up 0.57 percent.

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