Athens News Agency: News in English, 03-11-04

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

CONTENTS

[01] Greece to redirect EU funds to the regions

[02] Greece to be first in EU to implement investor info directive

[03] Turkish warplanes infringe Athens FIR, violate national airspace

[04] Defence minister briefs PM on future structure of armed forces

[05] Foreign Exchange Rates: Wednesday

[06] Weather Forecast: Cloud, rain on Wednesday

[07] Profit taking halts Monday's rally in ASE

[01] Greece to redirect EU funds to the regions

BRUSSELS (ANA/V.Demiris) - Greece is to devote additional funding to growth in the regions under the European Union's Third Community Support Framework package of funds, Finance Minister Nikos Christodoulakis said on Tuesday.

Under a new funding allocation, the government will give an extra two billion euros in coming months to sector and regional development programmes with the process due for completion early in 2004, Christodoulakis told reporters in the Belgian capital.

He was speaking after a meeting with the EU commissioner for regional policy, Michel Barnier.

The funds for reallocation to the regions will be used especially for infrastruture, education, technology, and small and medium sized enterprises, the minister said.

''The new allocation will allow greater equilibrium between the centre and the regions; and 1.6 billion euros of a total 4.6 billion euros for Athens 2004 Olympics infrastructure projects have been directed to the regions,'' he added.

[02] Greece to be first in EU to implement investor info directive

BRUSSELS (ANA/G.Zitouniati) - Greece is to become the first member state of the European Union to implement a draft directive on transparency of information released by quoted companies, Finance Minister Nikos Christodoulakis said on Tuesday.

The directive aims to improve the quality of information given to investors by firms whose stocks are quoted on regulated markets in the bloc, Christodoulakis told reporters after a meeting of EU finance ministers in the Belgian capital.

''In this manner, the confidence of investors will be reinforced concerning the financial position of listed companies, aiding the efficiency of markets,'' he said.

The terms of the draft directive are due to be incorporated into Greek law within a month, the minister added.

[03] Turkish warplanes infringe Athens FIR, violate national airspace

Five formations of Turkish warplanes infringed on Athens' Flight Information Region (FIR) eight times on Tuesday and in three occasions they violated Greek national airspace in the Northern and Central Aegean, press reports said.

In all cases, the 19 Turkish aircraft were recognized and intercepted by Greek jets.

[04] Defence minister briefs PM on future structure of armed forces

Defence Minister Yiannos Papantoniou on Tuesday briefed Prime Minister Costas Simitis on the future structure and organisation of the armed forces, in view of a meeting of the Government Council for Foreign Affairs and Defence (KYSEA) to take place on Thursday.

KYSEA will be called on to approve the planned changes.

These will include a transfer of forces to Evros and the abolition of units in the north where there is no longer any threat, reducing personnel ceilings and creating flexible, powerful and less expensive units.

Papantoniou said the changes would help save significant sums that will then be available for exercising social policy.

[05] Foreign Exchange Rates: Wednesday

Reference buying rates per euro released by the European Central Bank

U.S. dollar 1.156

Pound sterling 0.689

Danish kroner 7.493

Swedish kroner 9.127

Japanese yen 127.4

Swiss franc 1.575

Norwegian kroner 8.298

Cyprus pound 0.587

Canadian dollar 1.545

Australian dollar 1.650

[06] Weather Forecast: Cloud, rain on Wednesday

All parts of the country will see cloud with showers and storms. The west will remain dry. Winds variable, moderate to strong, turning gale force in the Aegean. In the north, temperatures will range from 6C to 16C; in the west from 9C to 20C; and in the rest of the country from 10C to 22C. Temperatures in Athens between 15C and 19C; and in Thessaloniki from 12C to 16C.

[07] Profit taking halts Monday's rally in ASE

Greek stocks eased slightly in the Athens Stock Exchange on Tuesday, succumbing to a late wave of profit taking as the market tried to find new balance levels after Monday's strong advance.

The general index ended 0.33 percent lower at 2,155.94 points, after rising to 2,178.77 points early in the session. Trading was a heavy 163.2 million euros.

The Insurance, Publication and IT sectors suffered the heaviest percentage losses of the day (1.94 percent, 1.72 percent and 1.42 percent, respectively), while the Holding (0.94 percent), Investment (0.60 percent) and Industrial (0.13 percent) sector scored the biggest gains.

The FTSE/ASE 20 index for blue chip and heavy traded stocks eased 0.35 percent, the FTSE/ASE MID 40 index fell 0.78 percent and the FTSE/ASE SmallCap 80 index ended 0.96 percent lower.

Broadly, decliners led advancers by 233 to 84 with another 46 issues unchanged.

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