Athens News Agency: Daily News Bulletin in English, 98-07-29

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

CONTENTS

[01] Gov't: Recent Greek-US tension 'a brief interlude which is already over'

[02] Worldbasket Greece '98 opens in Athens

[03] Kaklamanis receives president of visiting Greek expatriate group

[04] SAE's Athens cites importance of Greek-US relations

[05] Belgrade conditionally accepts proposal to increase EU observers in Kosovo

[06] Illegal fishing by 9 Turkish vessels reported off Hios

[07] Kranidiotis talks with Ethiopian counterpart Tekeda Alemou

[08] MPs' 'sources of wealth' statements released

[09] Euro-MP Tsatsos concludes 3-day visit to Albania

[10] Medical supplies transported to Tirana Military Hospital

[11] Onassis Foundation grants 56 research grants, scholarships for '98- '99

[12] Full-scale prosecutor's investigation over arsons,land grabbing

[13] European Union approves gov't restructuring plan for Olympic Airways

[14] Gov't rejects outcome of tender for Hellenic Duty Free Shops

[15] Gov't expects urban transport management contract to be signed in Sept.

[16] National Bank of Greece posts Dr 55.3 billion H1 profit, up 63 pct

[17] Greek stocks end flat, brush off failed tender after early slump

[18] European Popular Bank opens new branch in Thessaloniki

[19] Annual sales for Mytilineos

[20] New Banca Bucuresti branch

[21] Four passenger jets to join Cronus fleet

[22] Commission says Greece, several EU states failed to apply domestic market directives

[01] Gov't: Recent Greek-US tension 'a brief interlude which is already over'

Athens 29/07/1998 (ANA)

Government spokesman Dimitris Reppas added, however, that although relations between the two countries were good, there was room for further improvement. T Mr. Reppas clarified that his meeting on Monday with US ambassador in Athens Nicholas Burns had been scheduled and concerned the safeguarding of intellectual property rights.

He said though that they had briefly referred to the recent tension in bilateral relations, both agreeing that "the high tones" should be tempered.

Foreign Minister Theodoros Pangalos late last week provoked continued criticism by the US State Department when he charged that US President Bill Clinton's election campaign promises concerning a solution to the Cyprus problem had proved to be a "gross lie".

Commenting on Greek press reports speculating that Mr. Pangalos might be replaced, Mr. Reppas underlined that he would remain in his post "because people and leaderships are chosen by the Greek people alone".

On the high tone of Mr. Pangalos' remarks, the spokesman said each minister or official had his own idiosyncracies and "God forbid if everyone was the same".

Mr. Pangalos himself also appeared to be playing down the significance of the recent diplomatic stand-off.

"Greek-American relations will not remain stagnant. There will be positive developments in the next few days," he said after last night's top-level meeting chaired by Prime Minister Costas Simitis and also attended by Defence Minister Akis Tsohatzopou los and Defence Undersecretary Yiannos Kranidiotis."

The foreign minister refused to go into details on the consultations underway for a restoration of the climate of bilateral relations with the US.

He said there was no discussion of the tension of the last few days, but rather on Greek-Turkish relations, the Cyprus problem and defence policy issues.

He added it was quite likely he would meet US ambassador Nicholas Burns in the next few days.

Mr. Tsohatzopoulos on his part said "we are going through a period in which we must send the correct messages in all directions," and let it be understood that the Greek government was not prepared to back down from its declared positions on Cyprus and Greek -Turkish relations.

The Greek minister added that the meeting tackled the country's armaments programme "in combination with other initiatives," and that Greece's role as a stabilising force in the region stood intact.

Ankara threatens retaliation following Pangalos' comments regarding consulate : ANKARA (ANA - A. Abatzis) - The Turkish foreign ministry yesterday threatened to retaliate against what it called Athens' efforts to hinder the activities of the Turkish consulate in Komotini, Thrace.

The announcement, citing Foreign Minister Theodoros Pangalos' sta-tements during his tour of Thrace, noted that it is not "possible not to face with worry such expressions about the General Consulate (of Komotini), which performs its duties based on int ernational treaties and represents a neighbouring country."

On Sunday, Mr. Pangalos warned personnel affiliated with the Turkish consulate to restrict themselves to their "well-meaning duties and not to create problems in the harmonious co-existence of Christian and Moslem residents in Thrace."

Mitsotakis calls for responsible foreign policy : Main opposition New Democracy honorary president and former pri-me minister Constantine Mitsotakis yesterday called for a responsible Greek foreign policy.

Speaking to the press after meeting with the Cypriot ambassador to Athens Christodoulos Pashardis, Mr. Mitsotakis said that "we are going through a difficult phase that I believe will be properly handled, but our foreign policy certainly needs self-cont rol and a sense of responsibility".

The former prime minister said that unity and a uniform policy were required and "above all we should not forget that the main target of Greece is to join the Economic Monetary Union (EMU).

To secure a place there is not merely an economic objective but mostly a political target. This major priority should never be neglected not even in our foreign policy".

Athens News Agency

[02] Worldbasket Greece '98 opens in Athens

Athens 29/07/1998 (ANA)

"It is with great joy and still greater satisfaction for Greece's internationally recognised potential for organising major sports events that I declare open the 13th World Basketball Championship," he said.

The event was also greeted by Athens Mayor Dimitris Avramopoulos, outgoing International Basketball Federation (FIBA) president George Killian and Culture Minister Evangelos Venizelos.

The games begin tonight. Greece's first match is with Canada at 10 p.m.

Athens News Agency

[03] Kaklamanis receives president of visiting Greek expatriate group

Athens 29/07/1998 (ANA)

An exchange of views was made on latest developments over the Cyprus issue, combined with recent statements by US officials concerning the defensive Russian-built S-300 missiles which, it was stressed, create a negative climate on Greek positions for in ternational public opinion which in turn encourages Turkish aggressiveness.

"Unfortunately, my reservations on the role of the US have been confirmed which I had set out to US Ambassador Mr. Burns last February, as well as to US Parliamentarians who visited me: the US is not convincing that it is indeed a third party in Greek-T urkish (relations). It appears as the guardian and protector of Turkey rather than what it wants, at least as it says, its role to be. Namely, to be the third party wishing to offer its good offices," Mr. Kaklamanis said.

Mr. Kaklamanis also stressed the significance of Cyprus' accession to the EU, adding that whatever Turkish moves against the accession process will not produce results but on the contrary will bring Turkey up against Europe.

On his part, Mr. Dollis stressed the great importance attached by the organisation to relations between Greece and Europe and the US from the point of view of a new foreign cultural policy and stressed the need for the better planning and coordination of Hellenism's efforts for the promotion of the country's just national causes.

Athens News Agency

[04] SAE's Athens cites importance of Greek-US relations

Athens 29/07/1998 (ANA)

Mr. Athens, who was speaking after a meeting with Athens Mayor Dimitris Avramopoulos, was asked by reporters to comment on the latest barrage of strong-worded exchanges between Foreign Minister Theodoros Pangalos and US officials.

Asked to comment on Mr. Pangalos' proposal to Greek-Americans to shift their financial support from US politicians and parties towards a fund for the Greece's defence spending, Mr. Athens said:

"We cannot stop supporting US politicians, if we really wish to have friends in a range of issues - not just for Greece and Cyprus - but also for issues of concern to us in the US..."

Responding to another question as to whether the Greek-American community is satisfied with developments in the Cyprus issue following pledges by US politicians, the SAE president said:

"We are worried, we are not at all satisfied. And I think that this was what the (Greek) foreign minister also wanted to say...We, ourselves, are not happy. But what can we do? If we push for a point, the doors will close and will never open again. The do ors shoud remain open so that we can exert pressure," Mr. Athens stressed.

Athens News Agency

[05] Belgrade conditionally accepts proposal to increase EU observers in Kosovo

Athens 29/07/1998 (ANA)

The message was conveyed to Foreign Minister Theodoros Pangalos by Foreign Ministry Secretary General Pavlos Apostolidis, upon his return from Belgrade where he met with Mr. Milosevic.

The Yugoslav president told Mr. Apostolidis that police forces in Kosovo have been ordered not to attack, but as a matter of fact they were obliged to respond to provocations and to protect the lives and economic activities of citizens in Kosovo.

Mr. Milosevic also noted that the Yugoslav forces have the ability to control the borders so as to stop the infiltration of terrorists from Albania.

Greece has notified the European Union Austrian Presidency on the meeting between Mr. Milosevic and Mr. Apostolidis in light of a visit to Belgrade by the EU troika headed by Austrian Foreign Ministry Secretary General Mr. Rohan.

The letter from Prime Minister Costas Simitis to Mr. Milosevic sets out the Greek government's positions on the crisis in the Serbian province of Kosovo, government spokesman Dimitris Reppas noted yesterday.

In the letter, delivered to Mr. Milosevic on Monday, Mr. Simitis reiterated that an end must be put to hostilities in Kosovo, military forces withdrawn, observers sent to the province and political talks begun immediately, Mr. Reppas added.

The letter was seen as a follow-up to an initiative launched during a recent visit to Tirana by Mr. Pangalos.

During Mr. Pangalos' visit, Albanian Foreign Minister Paskal Milo asked his Greek counterpart to use Greece's influence in Belgrade to de-escalate tension in Kosovo.

Athens News Agency

[06] Illegal fishing by 9 Turkish vessels reported off Hios

Athens 29/07/1998 (ANA)

According to the same sources, two coast guard patrol boats rushed to the area and called on the skippers of the fishing boats to depart.

Five boats obeyed the order, while the remaining four moved closer to the patrol boats and left only after warning shots were fired, reports state.

Athens News Agency

[07] Kranidiotis talks with Ethiopian counterpart Tekeda Alemou

Athens 29/07/1998 (ANA)

Mr. Tekeda briefed Mr. Kranidiotis on developments in the Horn of Africa region, and specifically on relations between Ethiopia and Eritrea and the situation in Sudan. Mr. Kranidiotis assured Mr. Tekeda of Greece's support over relevant decisions by the UN Security Council.

The two officials had the opportunity of confirming the excellent level of bilateral relations between Greece and Ethiopia in the wake of Mr. Kranidiotis' visit to Addis Ababa last February. In this framework, the enlargement of exchanges between the two countries was agreed in various sectors such as telecommunications,taining and developmental aid.

Athens News Agency

[08] MPs' 'sources of wealth' statements released

Athens 29/07/1998 (ANA)

The leaders of the two main parties, ruling PASOK and the main opposition New Democracy, recorded among the largest estates.

Prime Minister and PASOK president Costas Simitis in 1997 declared a total income of 44,608,683 drachmas, while his bank accounts, including bonds and treasury bills amounted to approximately 62 million drachmas.

Main opposition ND leader Costas Karamanlis declared a total income of 82, 176,549, while his bank accounts total about 215 million drachmas, part of which are joint accounts with his parents.

Communist Party of Greece (KKE) leader Aleka Papariga is among the "poor" of Parliament, with a total income of 2.57 million drachmas, while her parliamentary remuneration for the last fiscal year of 21.5 million drachmas was donated to KKE.

Coalition of the Left and Progress (Synaspismos) leader Nikos Constantopoulos' declared income amounts to 26,631,094 drachmas and his savings are in the region of 61 million drachmas.

Democratic Social Movement (DHKKI) leader Dimitris Tsovolas' income in 1997 rose to 27,415,636 drachmas. His bank accounts amount to 17.3 million drachmas.

Meanwhile, the president of the relevant committee which examined the deputies' income and assets statements, Loukas Apostolidis, said the committee ascertained that no further administrative or judicial investigation was required into the validity of a ny of the statements.

However,he said that the relevant law appeared to be insufficient.

Athens News Agency

[09] Euro-MP Tsatsos concludes 3-day visit to Albania

TIRANA 29/07/1998 (ANA - P.Haritos)

He met with a number of Albanian officials including President Rexhep Mejdani, Minister of Legislative Reform Arben Imami, Democratic Party leader Sali Berisha, Conference for Security and Cooperation in Europe ambassador Dan Everes and Council of Europe supervisor Andreas Papakonstantinou.

Prof. Tsatsos' contacts here centred on Greece's assistance for the completion of a task to draft the Albanian Constitution, and to examine any existing differences by political parties on constitutional provisions.

Special emphasis on the Greek professor's views and remarks was given by the press in Tirana, with even pro-opposition papers promoting Mr. Tsatsos' proposal to Mr. Berisha for submission of his own alternatives for secondary issues in the constitution, such as the president and the prime minister's responsibilities, etc.

He told ANA that the Greek experts committee working on the issues had done a very good work.

The result of the committee's work was a high quality constitution, he said, adding that even though political forces had certain differences, these were not major.

Mr. Tsatsos also underlined that Greece transmitted its expertise on the issue to Albanian officials but also gained a lot in terms of the experience of creating a constitution for a country that is building its parliamentary democracy for the first time.

Athens News Agency

[10] Medical supplies transported to Tirana Military Hospital

Athens 29/07/1998 (ANA)

The GEA announcement noted that the aid will be used to activate an outpatient clinic of the Albanian military hospital.

Furthermore, a team of eight airforce doctors went to the hospital last Sunday and will remain there until July 31 to train personnel in the use of the new equipment.

Athens News Agency

[11] Onassis Foundation grants 56 research grants, scholarships for '98- '99

Athens 29/07/1998 (ANA)

In the category "Academics, University Professors and Researchers", the Foundation awarded 30 research grants to foreign scientists, academics and researchers.

The recipients are from Albania, Armenia, Britain, Bulgaria, Canada, Germany, Georgia, Hungary, Israel, Italy, Pakistan, Poland, Romania, Russia, Turkey, the United States, Ukraine and Uzbekistan. They entail a stay of one to six months for research in Greece.

In the category "Teachers of the Greek Language", the Foundation awarded five scholarships to foreign teachers from Australia, Georgia, India, Hungary and Romania. They will stay two months in Greece for post-graduate training in Greek schools and educat ion departments of Greek universities.

In the "Post-Graduate Students" category, the Foundation awarded 21 scholarships to foreign post-graduate students from Albania, Armenia, Austria, Belgium, Bosnia-Herzegovina, Bulgaria, China, France, Egypt, Georgia, Greece, Mexico, Russia, Spain, the Ukraine for post-graduate studies or doctoral theses abroad. These include a stay of six-12 months in Greece in order to collect researdh material.

Athens News Agency

[12] Full-scale prosecutor's investigation over arsons,land grabbing

Athens 29/07/1998 (ANA)

He also ordered the probe to investigate possible tolerance, inertia, procrastination or even assistance offered to arsonists by civil servants.

The investigation has been assigned to four prosecutors, and it is the first time it is being launched on such a scale.

The reports, carried by several Athens dailies, refer to organised criminal activity against the public interest by professional arsonists-land encroachers, who with the direct assistance of public servants enclose forest areas burned by fires in the past, subsequently building luxury residences on the sites.

Meanwhile, government spokesman Dimitris Reppas has dismissed charges of a lack of coordination and personnel in fighting the recent spate of forest fires, stressing that the same number of fire-fighters were mobilised as last year.

He described the mobilisation as "satisfactory", adding that critics ignored the fact that the number of fires this year was much higher than in any other year, saying it was abetted by extremely high temperatures and strong winds.

He said the probe so far did not rule out arson, but it would be premature to say anything before it was completed.

Tzoumakas lashes out, critics respond : Meanwhile, Agriculture Minister Stephanos Tzoumakas lashed out against forestry officials in an interview with the daily "Ta Nea", describing them as "gangsters", a "phenomenal syndicate" and "a para-state organisation".

He accused them of negligence in the collection of data that would help the ministry in its decisions regarding forest protection. He also referred to the existence of rackets involving forest directorates and regional authorities.

Responding, forest officials threatened to sue the minsiter, while former New Democracy party leader Miltiades Evert called on Mr. Tzoumakas to produce the evidence he bases his allegations on.

Democratic Social Movement (DHKKI) leader Dimitris Tsovolas described the minister's allegations as unacceptable, and ascribed responsibility to the prime minister himself.

Communist Party secretary general Aleka Papariga reiterated her call for an emergency session of the plenum of Parliament to discuss the problem of forest fires.

More fires : Meanwhile, fires continued to blaze in several regions yesterday, and authorities urgently evacuated six villages in the greater Corinth region as a forest fire raging out of control for four days approached the yards of the first homes.

The villages Limni, Vouliagmeni, Panagitsa, Makrolea, Skalona and Flebouro have been put on general alert to tacke the fire, which has burned thousands of stremma of forestland and brush.

Twenty-five fire engines and 90 firemen, assisted by the villagers, have been fighting a losing battle with the blaze, which has several fronts extending over 12 kilometres and was burning out of control.

Meanwhile, a fire near Spathovouni village in Corinth was contained after all-night efforts by 11 fire-engines and 40 firefighters, assisted by two fire-fighting planes and a military C-130 dropping fire-retardant liquid.

At the same time, two of Greece's most wooded mountains, Taygetos and Olympos, were still blazing and the mountainsides were almost completely denuded. Land-based firefighters were battling the blaze at Krania, on Mt. Olympus, alone as the fire was in a n inaccessible region, while 5 fire eingines and 20 firemen, assisted by 2 firefighting planes, were battling the blaze at Rovania on Mt. Taygetos.

A two-fronted blaze at Harokopio and Chrysokelaria in Messinia was placed under control after burning forest and farmland and five fire-engines and 15 firefighters were still battling the blazes, while in the Kuvela area of Messinia a fire was still ra ging for the third day as 50 firefighters and local residents were clearing strips of land to prevent its spreading.

Another fire was also burning at Aliveri, in Evia, in an inaccessible area, and 20 firefighters and a Chinook helicopter were battling the blazes.

Papariga tours fire-ravaged areas : Communist Party of Greece (KKE) Secretary General Aleka Papariga visited the areas of Perahora and Aigialeia yesterday which have been ravaged by forest fires over the past few days.

She reiterated her party's request to hold an extraordinary Parliamentary plenary session for an off-the-agenda debate on the problem of forest fires.

"It is unacceptable that the government is not implementing KKE's specific request and is referring it to Parliamentary processes. The government must reply immediately and its reply must be positive," she said.

Athens News Agency Athens 29/07/1998 (ANA)

Defence Minister Akis Tsohatzopoulos yesterday attended the one-day "Aegean- Cyprus-Mediterra-nean" conference in Thessaloniki.

The conference kicked-off a cultural series of events aboard the tank carrier "Samos", where ancient Greek plays will be staged.

A premiere took place yesterday at Thessaloniki port with Euripides' play "Cyclops" for an audience comprising both Navy personnel and civilians.

Athens News Agency

[13] European Union approves gov't restructuring plan for Olympic Airways

BRUSSELS 29/07/1998 (ANA - P.Pandelis)

The EU's executive Commission is today due to ratify the plan, which takes immediate effect, with no further debate at its last meeting before the summer holiday, the source said.

According to a Commission-sponsored study by Deloitte Touche of the UK, the government's plan is realistic and could lead Olympic Airways to profitability even within 1998, despite strikes and go-slows early in the year.

The study forecasts that if targets are met, then the company could post profits of 20 billion drachmas in 1999.

The streamlining plan, which comes in the wake of a failed revitalisation attempt in 1994, allows 21.8 billion drachmas in state aid to OA for release in two instalments.

The first instalment of 12 billion drachmas is for immediate disbursement. The second tranche of 7.8 billion drachmas may be given between March and June 1999 following an evaluation of progress made in restructuring.

Also allowed under the plan is a state guarantee of US$ 378 million for fleet renewal and modernisation.

But the Commission ruled that a 75-billion-drachma plan for OA's transfer to a new airport being built for Athens at Spata cannot be subsidised by more than 30-35 billion drachmas.

In addition, any payment would be classified as compensation for operational expenses, and not as state aid.

Finally, the government relinquished its claim to have 13.2 billion drachmas (11.2 billion drachmas plus two billion in interest) for a voluntary retirement scheme classed as state aid.

The sum was released under OA's first revitalisation plan, and will now be returned to the state.

The streamlining plan spans 1998-2002, replacing the original 1994-1997 arrangement that fell flat. Financial results at the end of 1997 and early in 1998 have been taken into account.

In April 1996, the Commission froze the first plan following major deviations from targets.

Under the latest revitalisation formula, the state again is barred from taking part in staff and route selection.

Private-sector criteria will be applied to marketing, fiscal and payroll policies.

The endorsed plan also includes a wage freeze, alignment of working hours with international standards, staff cuts in permanent and seasonal staff, the abolition of selected allowances and a new marketing policy based on market criteria.

The measures were incorporated in law earlier this year.

Athens News Agency

[14] Gov't rejects outcome of tender for Hellenic Duty Free Shops

Athens 29/07/1998 (ANA)

A new tender through the Athens Stock Exchange would be held in the autumn as the bids in Monday's sale attempt were unsatisfactory. Privatisation should be profitable for the state, Mr. Papantoniou told reporters.

To quell fears of a possible failure in tenders for other firms the government plans to sell, he said that two abortive tenders had preceded the successful sale of Cretabank, which had attracted high bids. EFG Eurobank is expected to be officially decla red the winner in the bank's sale.

In the tender for Hellenic Duty Free Shops, the bourse accepted two bids from companies abroad.

Submitting a bid of 93 billion drachmas was Faresco of France leading a consortium whose members were Sarandis SA and Papaellinas SA of Greece, both cosmetics firms.

The second bid at 156 billion drachmas was made by an unnamed US company that is still being set up and was not accompanied by a letter of guarantee.

Thirty five percent of the target company's stock would have gone to the State Securities Enterprise and eight percent to workers.

Rejected on the spot by bourse authorities was a conditional offer by Karre of the Netherlands.

The firm said it would have offered 96 billion drachmas for Hellenic Duty Free Shops if research into the company had not continually revealed fresh deficits.

Athens News Agency

[15] Gov't expects urban transport management contract to be signed in Sept.

Athens 29/07/1998 (ANA)

The meeting was attended by Transport and Communications Minister Tassos Mantelis, Labour Undersecretary Christos Protopapas and Finance Undersecretary Nikos Christodoulakis and focused on the economic aspect of the programme on restructuring and modern ising transport organisations.

Mr. Papantoniou said that it was decided at the meeting that the debts of urban transport organisations will be written off, including debts owed by EAS (492 billion drachmas). All the debts together exceed the amount of 900 billion drachmas.

The implementation of a major economic programme totalling 130 billion drachmas was also approved.

Mr. Mantelis said that the renewal of the fleet will include the purchase of 750 buses, as well as another 100 which will run on natural gas, 190 trolley buses and 120 HSAP trains.

Athens News Agency

[16] National Bank of Greece posts Dr 55.3 billion H1 profit, up 63 pct

Athens 29/07/1998 (ANA)

The bank said in a statement yesterday that provisions were 21.6 billion drachmas against 18 billion drachmas in the first-half of 1997.

Additional provisions in the rest of 1998 are expected to be 30 billion drachmas.

The first-half jump in profits was attributed mainly to progress in a modernisation plan and portfolio revitalisation in loans and holdings.

In addition, the rise was aided by containment of the rate of increase of operational spending to the same level as in the first-half of 1997, the statement said.

Athens News Agency

[17] Greek stocks end flat, brush off failed tender after early slump

Athens 29/07/1998 (ANA)

The Athens general share index ended 0.07 percent higher to finish at 2, 729.34 points. The FTSE/ASE 20 index gained 0.35 percent, ending at 1, 661.09 points.

Summer-season trade was light with turnover edging up to 48.1 billion drachmas from 42.2 billion drachmas in the previous session.

National Economy and Finance Minister Yiannos Papantoniou said that the government had rejected Monday's tender to sell the remaining 80 percent of listed Hellenic Duty Free Shops because the two bids accepted were too low.

But the company's stock plunged, ending at the lower daily volatility limit of eight percent at 4,720 drachmas.

Sector indices closed mixed. The heavily weighted banking sector gained 0.93 percent, Leasing dived 1.63 percent, Insurance inched up 0.22 percent, Investment nosed up 0.62 percent, Industrials shed 0.64 percent, Construction rose 0.84 percent, Holding dropped 0.93 percent, and Miscellaneous slipped 0.09 percent.

The parallel market index for small cap companies finished 0.11 percent lower.

Of 265 stocks traded, declines led advances at 125 to 123 with 17 shares remaining unchanged.

The day's biggest percentage gainers finishing at the upper daily eight percent volatility limit were Shelman, Katselis, Pouliadis, Nikas, Aspis Pronia, General Trade and Avax.

The day's biggest percentage losers were Hellenic Duty Free Shops, Athinea, Ippotur, Vioter, Athina, Bank of Central Greece (preferred and common), Mosholios Chemicals, General Warehouses and Remek.

National Bank of Greece ended at 52,600 drachmas, Ergobank at 30,800, Alpha Credit Bank at 29,700, Ionian Bank at 16,700, Commercial Bank of Greece at 28,095, Delta Dairy (common) at 3,725, Intracom (common) at 12,800, Titan Cement (common) at 23,455, Hellenic Petroleum at 2,740 and Hellenic Telecommunications Organisation at 8,000 drachmas.

Athens News Agency

[18] European Popular Bank opens new branch in Thessaloniki

Athens 29/07/1998 (ANA)

Creation of the branch, which offers the full range of products and services, is part of the bank's strategy of expansion in the country's north due to increasing demand, the statement said.

The branch's director is Alekos Dimitrakopoulos.

Athens News Agency

[19] Annual sales for Mytilineos

Athens 29/07/1998 (ANA)

Due to the recent devaluation, profits and sales will increase by at least 14 per cent since 96 per cent of sales are carried out in US dollars. International sales are estimated at 65-70 per cent of turnover and the target for 2000 is for 90 per cent of turnover to come from international sales.

The company's administration said that the company has participated in tendering called by the Romanian Denationalisation Organisation for the country's second biggest mining company. The Mytilineos company offered 19 million dollars compared to 16 mill ion dollars in the next offer made by a big multinational company.

The Mytilineos company will increase its share capital by 16.2 billion drachmas by issuing 8 new shares for each 10 old ones at the privileged price of 1,000 drachmas. The company's old shareholders will also receive 2 new shares free for every 10 old ones.

Athens News Agency

[20] New Banca Bucuresti branch

Athens 29/07/1998 (ANA)

Banca Bucuresti began operation in 1995 and currently has a network of nine branches throughout Romania.

Apart from the Alpha Credit Bank which controls the group, the bank's shareholders are the Leventis group, Papastratos, Argyrometallevmaton and Varytinis and the European Development Bank.

Athens News Agency

[21] Four passenger jets to join Cronus fleet

Athens 29/07/1998 (ANA)

Cronus' leadership, which has been scheduling flights from Athens and Thessaloniki to Munich, Stuttgart, Cologne, Dusseldorf, Frankfurt, Paris and London over the past three years, said it will use its fourth aircraft for new European destinations as well as on domestic flights.

Athens News Agency

[22] Commission says Greece, several EU states failed to apply domestic market directives

BRUSSELS 29/07/1998 (ANA - P. Pantelis)

The European Commission has sent an avis, the second phase in the recourse process, to Greece, Belgium, Denmark, Ireland, Italy, Luxembourg and Portugal for failing to implement directive 9 of 1996 concerning legal protection for the data bank.

The directive harmonises protection to copyright inside and outside electronic networks. It is considered crucial for the information superhighway and should have been applied as of Jan. 1, 1998.

At the same time,Cronus is negotiating the purchase of two new Boeing 737- 700s direct from the Seattle manufacturer. The aircraft are expected to be delivered in 2001.

The development ministry has earmarked investment projects in the tourism sector budgeted at 2.56 billion drachmas. The amount concerns a total of 109 projects.

Athens News Agency

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