Athens News Agency: Daily News Bulletin in English, 99-03-11

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

CONTENTS

[01] G. Papandreou takes Athens initiative on Kosovo to Skopje,Tirana

[02] Intracom to seek Wall Street listing

[03] Stocks post new record in robust trade

[04] State revenue rises by 5.26 pct in February

[05] Bank of Macedonia-Thrace plans Dr 80-100 bln share cap rise

[06] Aspis Bank to hold share capital increase

[07] Corinth Pipeworks has Dr 34 bln investment plan

[08] Seafarm Ionian to get Global Finance as shareholder

[09] Athens wants quick conclusion to CAP negotiations

[10] Balkan exports promotion organisations heads meet in Thessaloniki

[11] Christodoulakis meets with Israeli Finance Minister Sheetrit in Jerusalem

[12] Retail sales volume

[13] Athens Foreign Exchange

[14] Armenian FM Oskanian meets with Kranidiotis

[15] Greece, Bulgaria agree on Kosovo initiative

[16] Burns: Claims of leaked NATO secrets to Russia groundless

[17] Gov't denies pressure from Washington

[18] Turkish infringements of Athens FIR

[19] Naumann on possible Greek-Turkish contacts at NATO meeting

[20] Karamanlis meeting with White House chief of staff Podesta

[21] Athens requests information on reports over Turkish ships at Vlore's port

[01] G. Papandreou takes Athens initiative on Kosovo to Skopje,Tirana

TIRANA, 11/03/1999 (ANA)

Speaking to reporters after talks with Albanian leadership, Mr. Papandreou also said an effort was underway to enable the issuing of the statement through a meeting of Balkan foreign ministers in the immediate future.

Mr. Papandreou yesterday began a two-day tour of Balkan capitals to promote a Greek initiative on Kosovo. Earlier in the day he held talks in Skopje, the Former Yugoslav Republic of Macedonia (FYROM), saying a peaceful resolution of the Kosovo crisis was imperative not only to avert the destabilisation of the entire region, but also to project a new image of the Balkans internationally.

His tour continues today in Bucharest, Sofia and Belgrade, where he is due to meet with Yugoslav President Slobodan Milosevic.

In Tirana, Mr. Papandreou held talks with President Rexhep Mejdani, Prime Minister Pandeli Majko and his counterpart Paskal Milo.

In his meeting with Mr. Majko, Mr. Papandreou said the immediate signing of an agreement was necessary at the next meeting between the two sides (the Kosovo Albanians and the Serbs) on March 15, in Rambouillet, Paris.

On his part, Mr. Majko expressed concern and reiterated his government's position on the results of the upcoming meeting which will lead to a substantive agreement.

Mr. Papandreou and Mr. Milo noted the positive steps which have been taken in the direction of an improvement in relations between Greece and Albania, while the issue of a "road axis 8", known as the "Paraegnatia" motorway, was also discussed.

Greece's position was clarified that vertical axes must certainly be included in the road axis 8, and Mr. Papandreou said it was necessary for Albania to be included in the road axis starting in Helsinki and ending in Greece.

The Albanian side stressed readiness for the construction of the motorway to proceed at an accelerated rate.

Skopje visit : SKOPJE (ANA - M. Vihou) - While in FYROM, Mr. Papandreou said the two countries shared identical positions on the solution of the Kosovo crisis.

Mr. Papandreou's talks with the FYROM leadership covered developments in Kosovo, the international community's efforts for the signing of an agreement at peace talks in Rambouillet and the repercussions of the Kosovo crisis for security in the greater region.

He said his first visit to Skopje in the capacity of foreign minister marked a new era in bilateral relations, the objective being for both countries to become an "axis of stability" in the region.

"There is an identity of views regarding the need to create a new image for SE Europe, a European image characterised by cooperation and the settlement of problems by peaceful means," Mr. Papandreou said.

He said a peaceful resolution of the Kosovo crisis was imperative not only to avert the destabilisation of the entire region, but also to project a new image of the Balkans internationally.

Mr. Papandreou said the positions of Greece and FYROM were identical regarding the need for a Kosovo solution within the framework of existing borders and on the basis of European principles and rules.

He said he agreed with a proposal by his FYROM counterpart Aleksandr Dimitrov for a meeting in Skopje on March 15-16 with the participation of the foreign ministers of Albania, FYROM, Bulgaria, Romania and Greece, for the purpose of putting together a joint declaration concerning a settlement in Kosovo.

On a bilateral level, Mr. Papandreou said Greece would support FYROM's accession to Euro-Atlantic structures.

The Greek FM was also briefed by FYROM Prime Minister Ljubco Georgievski on Skopje's new economic measures to facilitate cooperation with Greek businesses, particularly in northern Greece, which Mr. Georgievski described as "an example of the good relat ions and common course towards development and stability in the region".

Mr. Dimitrov said there was not only interest on both sides but also a need for the further development of bilateral relations and the broadening of cooperation, since the two countries had "common strategic and vital interests" in cooperating in all se ctors and creating a new atmosphere in their relations with respect for European principles and rules.

"We are jointly working for peace and security in the region and hope for the success of our common mission," Mr. Dimitrov said.

Athens News Agency

[02] Intracom to seek Wall Street listing

Athens, 11/03/1999 (ANA)

Mr. Kokkalis also predicted that the Athens Stock Exchange will jump to 5, 000 points by the end of the year, anticipating the country's planned entry into the euro zone on January 1, 2001.

Presenting the group's globalisation plans, Mr. Kokkalis also announced that Intracom would acquire a stake in a major telecommunications company in the US, also in 1999.

He said expanding Intracom's activities across the Atlantic was a decision based on the need for further technological cooperation with the United States and geographical expansion throughout the Americas.

Part of the new capital to be raised would be used to expand Intrarom, the firm's Romanian subsidiary, a major player in the country's Romtelecom investment programme.

"Intracom's future in terms of the above cannot be foreseen," Mr. Kokkalis said, adding that the group's successful performance had created needs beyond the domestic market.

Greece's future adoption of the euro and a shift in status of its stock market from emerging to mature were likely to attract new funds from foreign institutional investors, also contributing to Intracom's growth plans, Mr. Kokkalis said.

Intracom's sales in the first quarter of this year rose 72 percent to 25 billion drachmas from 14.5 billion the same period of 1998.

First-quarter pre-tax profits jumped 126 percent to 5.0 billion drachmas, up from 2.2 billion last year.

Mr. Kokkalis said he expected 1999 sales to total 125 billion drachmas and profits 27 billion.

Intracom's 1998 exports totalled 23 billion drachmas and sales 90.7 billion drachmas.

A general shareholders meeting will decide on March 29 on the first share capital increase, to be effected through cash.

Mr. Kokkalis said that the group's research and development department had hired 220 new scientists in 1998, and the group was in the final stage of creating its software development centre in Patras, western Greece, which is due to employ 250 scientis ts in its first phase of operation.

Intracom plans to open another software development centre in Thrace, near the university.

The company also intends to build two new office buildings near its existing headquarters in eastern Attica to house the group's defence programmes department.

Intracom has signed a contract worth 102 million dollars with Raytheon of the US for the production of telecoms components for Patriot missile systems ordered by the Greek armed forces.

Mr. Kokkalis also announced that Intracom would acquire a 20 percent stake in Intrasoft, a member of the Intracom Group, at a discount from its current market price. The deal aims to strengthen the two companies.

He also said that the group was not planning to sell its stake in Panafon, the mobile telephone operator.

Athens News Agency

[03] Stocks post new record in robust trade

Athens, 11/03/1999 (ANA)

The general index ended 0.70 percent up at 3,468.24 points surpassing its previous record of 3,466.95 points on February 15, although it ended off the day's intra-day highs of 3,518 points.

The index recorded its 15th all-time high this year to show a 26.7 percent gain from January 1.

Turnover was 175.8 billion drachmas and volume 34,779,057 shares.

Sector indices scored gains. Construction soared 3.30 percent, Investment was 1.12 percent up, Miscellaneous surged 3.52 percent, Holding jumped 3.40 percent, Industrials increased 1.01 percent, Insurance rose 0.10 percent and Banks ended 0.07 percent u p. Leasing bucked the trend to end 0.23 percent off.

The parallel market index for small cap companies ended 1.33 percent up while the FTSE/ASE 20 index ended 0.25 percent higher at 2,132.78.

Broadly, advancers led decliners by 175 to 111 with another 10 issues unchanged.

Thessaliki, Delta Inform, Atticat and Mytilineos were the most heavily traded stocks.

A total of 47 shares hit the day's 8.0 percent limit up. Among them were Hellenic Sugar, Loulis, Elmec Sport, Sigalas, Ionian Invest, Commercial Invest, Atemke, Aegek, Michaniki and Proodeftiki.

Ellatex, Baby Land, Zampa, Athinea, Etma, Levenderis, Benroubi, Klonatex and Xifias suffered the heaviest losses.

National Bank of Greece ended at 20,400 drachmas, Alpha Credit Bank at 37, 100, Ergobank at 23,810, Ionian Bank at 20,590, Titan Cement at 23,600, Hellenic Petroleum at 2,710, Intracom at 20,100, Minoan Lines at 7,895, Panafon at 8,960 and Hellenic Telecoms at 7,400.

Bond prices rise in brisk trade : Bond prices gained 40-50 basis points in the secondary market fuelled by brighter sentiment at home and market factors abroad.

The new 10-year bond was trading at 102.70, showing a yield of 5.93 percent; the 15-year bond at 102.60 with a yield of 6.22 percent; and a previous 10-year issue at 116.15-116.70.

German bund prices fell and their yields rose, aiding the yield spread with Greek paper to narrow. Electronic trade was robust at 118 billion drachmas from 127 billion in the previous session.

The drachma gained in the foreign currency market. The euro was set at 321.450 drachmas at the central bank's daily fix from 321.600 drachmas in the previous session. The dollar was 293.100 from 295.610 drachmas a day earlier.

In the money market, short-term rates edged up and long-term rates slipped following the central bank's weekly intervention.

The overnight was at 10.00 percent from 9.90 percent the previous session.

Athens News Agency

[04] State revenue rises by 5.26 pct in February

Athens, 11/03/1999 (ANA)

Mr. Drys said that revenue increased by 10.04 percent in the period January- February, sharply higher than an annual target of 5.83 percent, and representing a surplus of 31.5 billion drachmas.

Revenue from Value Added Tax rose 8.5 percent in February and 3.35 percent in the first two months of 1999.

Revenue from tax departments increased 5.37 percent in February, and 11.87 percent in January-February.

Athens News Agency

[05] Bank of Macedonia-Thrace plans Dr 80-100 bln share cap rise

Athens, 11/03/1999 (ANA)

The bank, which belongs to the Piraeus Bank group, would also use the cash for acquisitions and the creation of subsidiaries planned by Piraeus Bank.

Chairman Mihalis Sallas said yesterday that shareholders' approval would be sought in the autumn for the move.

In 1998, the Bank of Piraeus Group showed profits of 30 billion drachmas which Mr. Sallas forecast would double this year.

Athens News Agency

[06] Aspis Bank to hold share capital increase

Athens, 11/03/1999 (ANA)

The bank has called an extraordinary general shareholders meeting on April 2 to approve the plan.

Five billion drachmas will be used to strengthen the bank's capital base and the remaining two billion to develop and modernise the bank's branch network and information technology.

Athens News Agency

[07] Corinth Pipeworks has Dr 34 bln investment plan

Athens, 11/03/1999 (ANA)

Turnover in 1998 was 26.2 billion drachmas, up 30 percent on the previous year. Pre-tax profits were 2.2 billion drachmas, up 16.3 percent on 1997.

The firm is 40 percent owned by the Viohalko Group.

Athens News Agency

[08] Seafarm Ionian to get Global Finance as shareholder

Athens, 11/03/1999 (ANA)

The new capital will be used to aid the firm's growth plans through acquisitions and mergers, increase its fish reserves and improve the group's equipment.

Athens News Agency

[09] Athens wants quick conclusion to CAP negotiations

BRUSSELS, 11/03/1999 (ANA - P. Pantelis)

"New factors have certainly appeared obliging us to adjust the initial amounts in reform, but we must not forget that agricultural income continued to decrease in 1998 as well," he said.

Mr. Anomeritis said he wants all that has been included in the German presidency's compromise proposal on March 3 to continue to hold - containing favourable settlements for Greek agricultural problems and an increase in the Greek milk quota.

The German presidency was expected to table a new compromise proposal last night based on the new bilateral negotiations which will be raised at a Council of farm ministers' plenum.

The Council's German president pointed out that it is the last effort for a compromise solution to be found for revising CAP. If the agriculture ministers fail to agree, the issue will be referred to the foreign and finance ministers or to EU leaders.

Athens News Agency

[10] Balkan exports promotion organisations heads meet in Thessaloniki

Athens, 11/03/1999 (ANA)

He spoke during a meeting yesterday with the presidents of the exports promotion organisations of the Federal Republic of Yugoslavia, Bulgaria, Romania, Albania and Turkey.

Representatives of these exports promotion organisations are participating in a regional centre for promoting exports, created by decision of the leaders of countries in the region following recent meetings. The centre is headquartered in Ankara, while Greece holds the presidency this year.

Referring to the Balkan Centre's targets, the minister said the purpose is "harmonising commercial transaction conditions between countries in the region for the greater development of transactions and to restrict problems."

Commenting on the role Greece can play, Mr. Mangriotis said that "Greece, being the only country which is an EU member-state and which is exercising the Centre's presidency for 1999, has undertaken a leading role because on the one hand it has the know- how, it has the most developed commercial transactions system and will try, with the EU's support, to facilitate the development of economic and commercial cooperation in the zone of southeastern Europe."

Athens News Agency

[11] Christodoulakis meets with Israeli Finance Minister Sheetrit in Jerusalem

Athens, 11/03/1999 (ANA)

"The two ministers stressed the good relations between Greece and Israel and discussed the prospects for expanding existing economic ties, with an emphasis on cooperation in the field of tourism and within the Euro- Mediterranean MEDA programmes," the re lease stated.

"Finally, the two ministers spoke about the Middle East peace process. Mr. Sheetrit thanked the Greek government for its initiatives in organising meetings between Israeli and Palestinian Parliamentarians in Athens," the release concluded.

Athens Naews Agency

[12] Retail sales volume

Athens, 11/03/1999 (ANA)

Athens News Agency

[13] Athens Foreign Exchange

Athens, 11/03/1999 (ANA)

Parities in Drachmas

Banknotes            Buying  Selling
US Dollar            290.755 297.496
Can.Dollar           191.972 196.423
Australian Dlr       185.271 189.566
Pound Sterling       472.013 482.957
Irish Punt           404.892 414.279
Pound Cyprus         549.449 562.188
Pound Malta          700.769 729.968
Turkish pound (100)    0.073   0.076
French franc          48.613  49.740
Swiss franc          199.243 203.863
Belgian franc          7.905   8.088
German Mark          163.040 166.820
Finnish Mark          53.631  54.875
Dutch Guilder        144.701 148.056
Danish Kr.            42.898  43.893
Swedish Kr.           35.813  36.644
Norwegian Kr.         37.325  38.190
Austrian Sh.          23.174  23.711
Italian lira (100)    16.469  16.851
Yen (100)            241.770 247.376
Spanish Peseta         1.917   1.961
Port. Escudo           1.590   1.627

Foreign Exchange     Buying  Selling
New York             290.755 297.496
Montreal             191.972 196.423
Sydney               185.271 189.566
London               472.013 482.957
Dublin               404.892 414.279
Nicosia              549.449 562.188
Paris                 48.613  49.740
Zurich               199.243 203.863
Brussels               7.905   8.088
Frankfurt            163.040 166.820
Helsinki              53.631  54.875
Amsterdam            144.701 148.056
Copenhagen            42.898  43.893
Stockholm             35.813  36.644
Oslo                  37.325  38.190
Vienna                23.174  23.711
Milan                 16.469  16.851
Tokyo                241.770 247.376
Madrid                 1.917   1.961
Lisbon                 1.590   1.627

Athens News Agency

[14] Armenian FM Oskanian meets with Kranidiotis

Athens, 11/03/1999 (ANA)

"Cooperation between Greece and Armenia extends to other fora within the framework of cooperation among the countries of the Black Sea region...," Mr. Kranidiotis said.

Mr. Oskanian said relations between the two countries were "very good", adding that the participation of private Greek companies in Armenia's economic development was "nota-ble".

He said that talks with the Greek side would extend to the situation in Nagorno-Karabakh, the ethnic Armenian-dominated enclave which seeks independence from surrounding Azerbaijan.

Mr. Kranidiotis also referred to cooperation between the two countries within the framework of the Black Sea Economic Cooperation organisation, of which Greece will assume the rotating presidency on May 1.

"We shall be playing an important role as a bridge between the countries of the Black Sea region and consequently, between Armenia and the European Union. Cooperation will extend to telecommunications, transport, industry and commerce," Mr. Kranidiotis said. Mr. Oskanian said Armenia would become a member of the Council of Europe by the end of the year. He added that a tripartite meeting between Greece, Armenia and Iran would be held on Sept. 7-8 this year.

Athens News Agency

[15] Greece, Bulgaria agree on Kosovo initiative

SOFIA, 11/03/1999 (ANA- B. Borisov)

"Despite the difficulties in the Balkans, there is a simultaneous political will for regional cooperation, with a view to solving problems," said Mr. Papandreou at a brief press conference after completing their talks late in the evening.

Athens News Agency

[16] Burns: Claims of leaked NATO secrets to Russia groundless

NEW YORK, 11/03/1999 (ANA - M. Georgiadou)

In response to reporters' questions at the European Studies Center of New York University here, the US envoy said that a joint Greek-American committee established at his own initiative had reached the conclusion after in-depth investigations, including consultations with National Defence Minister Akis Tsohatzopoulos.

He added that he briefed the US Congress on the issue at length last week, with a view to lifting a freeze of US weapons sales to Greece, such as the 'Patriot' missiles and the F-15 and F-16 fighters.

Speaking on the topic of "US-Greek relations today," Mr Burns noted that some three million Greek-Americans constituted the best bridge between the two countries, although Greece was penultimate in the list of European Union countries that absorbed US investment capital. He also referred to very positive economic achievements by the Greek government and expressed confidence that Greece would succeed in achieving entry to EMU, while praising the country's political and military role in the area, describ ing it as the only stabilising force in the Balkans.

"Greece, as an economically developed country, is responsible for maintaining peace in the region," he said, laying particular stress on its contribution to solutions of the Bosnian and Kosovo problems.

Mr. Burns described the Cyprus issue as one of the "thorniest problems" US diplomacy has faced in the last 40 years, saying that he did not see progress soon, due to forthcoming Turkish elections, polarisation in negotiations and unacceptable Turkish Cypriot positions.

"In 1998, the US made great efforts to break the impasse. President (Glafcos) Clerides responded very positively, but, as Mr. Holbrooke stressed last May, the problem is in the Turkish side, in the largely unacceptable terms set by Mr. (Rauf) Denktash," he said.

He further denied that the US exhibited greater favour towards either of Greece and Turkey.

"Our interests dictate that we work towards a reduction in tension in Greek- Turkish relations," he said, adding, in reply to questions, that he did not believe the two countries were either on a threshold of war or wanted a military confrontation.

"Relations are tense, due to the Ocalan affair," he conceded, "but not to the point of causing a confrontation."

Finally, Mr. Burns refused to reply to a question on whether Greece should term the Kurdish Workers' Party a "terrorist organisation".

Athens News Agency

[17] Gov't denies pressure from Washington

Athens, 11/03/1999 (ANA)

"We have not been subject to any pressure," Mr. Reppas said in response to press questions that the US administration was exerting pressure on the Greek government.

Mr. Reppas also denied other reports, namely, that the US had placed a freeze on weapons sales to Greece. "There is no such issue," he said.

The Greek spokesman added that the US special coordinator on the Cyprus issue, Thomas Miller, would be meeting with Alternate Foreign Minister Yiannos Kranidiotis in Athens today.

Mr. Miller will meet with Foreign Minister George Papandreou - who yesterday began a two-day tour of Balkan capitals - in Athens tomorrow.

Asked about main opposition leader Costas Karamanlis's comments during his U.S. trip, Mr. Reppas said:

"There was mistaken handling in the Ocalan affair, the government has no problem in admitting this and Mr. Karamanlis's stance has not added anything new."

Athens News Agency

[18] Turkish infringements of Athens FIR

Athens, 11/03/1999 (ANA)

In all cases, they were intercepted by Greek warplanes.

Defence ministry sources described the Turkish activity as "usual".

Athens News Agency

[19] Naumann on possible Greek-Turkish contacts at NATO meeting

BRUSSELS, 11/03/1999 (ANA - Y. Zitouniati)

However, the NATO official didn't preclude that discussions occurred on the sidelines of the meeting.

"What I can say is that no relative discussion on this issue took place in any official meetings," he said. NATO sources viewed a meeting between the Greek chief of staff with his Turkish counterpart as "very possible" on the conference's sidelines.

The Swedish navy training vessel "Carl-skrona" is scheduled to arrive in Piraeus on March 18. The ship, commanded by Capt. Lennart Stenberg, is 160 metres long, 15.2 metres wide and 4.5 metres deep. It will be open to the public on March 20 and 21 from 5 p.m. to 7 p.m.

Departure date is March 22.

Athens News Agency

[20] Karamanlis meeting with White House chief of staff Podesta

WASHINGTON, 11/03/1999 (ANA - E. Nikolaou/T. Ellis)

During the half hour meeting Mr. Karamanlis briefed the White House official on Greek national issues, the Cyprus problem and Greek-Turkish relations, while emphasising the possibility of closer economic ties between Greece and the United States.

The ND leader later said they had discussed developments in the Balkans and Greek-Turkish relations, but focused on the possibilities for economic cooperation and the impact it could have on stability in the greater region.

Earlier, Mr. Karamanlis had met with US Sen. Olympia J. Snowe (R-Maine) and representatives of various Jewish-American organisations.

Afterwards, he declined to criticise the Greek government while abroad, as he noted, adding: "not because we feel ashamed for the way recent events were handled, but because Greeks are too few in the world to appear split and divided.

"We should confront issues now and in the future united," Mr. Karamanlis said.

The ND leader also referred to the Cyprus issue, saying that "the international community cannot tolerate the illegal Turkish occupation and it is necessary to place all the weight and power on this affair, "the Greek-Turkish relations depend on a viable solution to the Cyprus problem."

Mr. Karamanlis will meet with US Vice President Al Gore today.

Athens News Agency

[21] Athens requests information on reports over Turkish ships at Vlore's port

Athens, 11/03/1999 (ANA)

According to reports, Mr. Robo told Mr. Kranidiotis that the reports have nothing to do with reality and conveyed a message from Albanian Foreign Minister Paskal Milo, according to which there is no question of permission being granted to Turkish ships to dock at Vlore, while the only "involvement" by the Turkish side concerns a construction project at the port.

Athens News Agency

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