Athens News Agency: Daily News Bulletin in English, 99-08-18

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

CONTENTS

[01] Greece joins efforts to provide help to Turkish quake victims

[02] Derivatives market ready for launch on Aug 27

[03] Home News

[04] US Congresswoman in Athens in view of Clinton's upcoming visit

[05] OA talks strike good note

[06] Economic News

[07] Athens foreign exchange

[01] Greece joins efforts to provide help to Turkish quake victims

Athens, 18/8/1999 (ANA)

The Hellenic Air Force despatched three C-130 cargo airplanes with humanitarian aid, two mobile units with eleven doctors and medical supplies, a 25-man-strong Emergency Task Force with full equipment and sniffer dogs especially trained to locate those trapped under the rubble.

The mission included Greek seismologists who will consult with their Turkish counterparts.

The team was headed by Civilian Protection Secretary General Dimitris Katrivanos, who said that all ministries in Athens are on stand-by to despatch more assistance wherever required.

Following a request of the Trukish foreign ministry, the Greek government decided to send to Izmit, Turkey two firefighting airplanes and a helicopter to combat the fire at the city's oil refinery, which broke out following yesterday's earthquake.

The aircraft will depart for Turkey today, while further assistance is expected to be directed toward the areas hit by the quake over the next few days.

Greece's political and party leaders sent messages of condolences and support to the Turkish government.

President of the Republic Kostis Stephanopoulos sent a telegram of condolences to his Turkish counterpart Suleyman Demirel for the devastating earthquake that shook the neighbouring country yesterday.

"I was deeply shaken by the tragic news of the tremendous earthquake that hit your country, causing so many fatalities and so much grief" the telegram said, adding that "on behalf of the Greek people and from me personally, I would like to extend to you r Excellency my sincere condelences and my deep feelings of compassion towards the families of the victims".

National Defence Minister Akis Tsohatzopoulos in a letter to his Turkish counterpart stressed that Greece is at the disposal of the neighbouring country with any assistance required to face the big problems that have ensued.

Prime Minister Costas Simitis sent a telegram of condolences to his Turkish counterpart Bulent Ecevit in which he expressed the Greek government's willingness to provide all possible help to alleviate the suffering of the quake victims.

Government spokesman Dimitris Reppas said Mr. Simitis sent the telegram to Mr. Ecevit as soon as he had been informed of the tragic consequences of the earthquake.

An Interior Ministry statement said the General Secretariat for Civil Protection was in constant contact with the Turkish embassy in Athens and was ready to provide any assistance which may be requested.

Foreign Minister George Papandreou expressed condolences to the victims of the devastating earthquake during a telephone conversation with his Turkish counterpart Ismail Cem.

Mr. Papandreou also expressed Greece's undivided support for the neighbouring country and said Greece would help Turkey for as long as it may be necessary.

Thanking Mr. Papandreou, Mr. Cem said Greece's support "at this difficult moment" was particularly important, especially regarding Greek know-how in extricating any survivors from the ruins of buildings.

During a meeting earlier in the day with Turkish Ambassador in Athens Ali Tuygan, Alternate Foreign Minister Yiannos Kranidiotis expressed his readiness to assist earthquake-stricken Turkey, while at the same time voicing his sympathy to the government and the quake victims and their families.

Diplomatic sources said the Turkish envoy "warmly thanked the Greek minister, but did not immediately reply whether it accepts the assistance offer, saying he would do so after contacting his government".

The earthquake, which measured 7.5 on the Richter scale, was centred near the northwestern industrial city of Izmit, some 90 kilometres east of Istanbul, and had been predicted at a seismological conference in Thessaloniki two years ago.

Seismology professor Vasilis Papazahos said that the quake, which could activate more faults in the region, originated in the known Anatolia fault which cuts through the northern part of Turkey all the way to the Aegean sea.

Athens Observatory director George Stavrakakis said that the seismic activity of the northern Aegean fault has not registered any changes to this moment, adding that Greece should be on alert, since the possibility of the particular fault being activate d in the medium term (from six months to one year) is not precluded.

Seismologist Gerassimos Houliaras said that "the 40-seismograph-strong network monitoring and registering all seismic activity in Greece, the Balkans and the Mediterranean region, has not registered any alarming information for Greece thus far".

Athens Mayor Dimitris Avramopoulos appealed to all Athenians to donate foodstuffs, clothing, medical supplies and tents which will be sent to the quake victims within a week.

Mr. Avramopoulos also instructed the competent services of the municipality to implement a plan for the despatch of humanitarian aid to Turkey.

He also sent a telegram to his Istanbul counterpart expressing his support for the quake victims.

Athens News Agency

[02] Derivatives market ready for launch on Aug 27

Athens, 18/8/1999 (ANA)

The newly created Athens Derivatives Market (ADM) is gradually to increase the number of products it offers, moving by the end of 2000 into interest rate futures on the three-month Athibor and benchmark 10-year bond.

It also will offer options on the FTSE/ASE-20 index and stocks by the same deadline.

"Our objective is to phase in operation of the new market so that Greek investors may familiarise themselves with it," ADM president Panayotis Alexakis said yesterday. The market is also open to players from abroad.

Complementing the Athens Stock Exchange, the ADM will provide an opportunity for gains and also act as a hedge for fluctuations in the bourse.

Trading will take place on Monday to Friday from 10.30 to 14.00 hours.

Mr. Alexakis forecast that transactions would initially total around 5,000 futures contracts a day.

He added that the impact of the bourse's daily eight percent volatility limit on the derivatives market would be minor.

In addition, the Capital Markets Commission was considering expanding the eight percent band, and then gradually abolishing it.

Athens News Agency

[03] Home News

The two men discussed bilateral and regional issues, including immigration, labour relations for the Albanian nationals in Greece, economic cooperation and Greece's support for Albania's economy. They also discussed in detail the course of disbursement of the 20-billion-drachma loan of Greece to Albania, the 1.5-million-dollar grant of Greece to the Albanian budget, and Greek aid for the construction of the new Albanian National Theatre. -Deputy Defence Minister Dimitrios Apostolakis yesterday met with the Chief of the Israeli navy Rear Admiral Alex Tal, who is on an official visit in Greece at the invitation of his Greek counterpart George Ioannidis. They discussed issues concerning the n aval forces of the two countries. The Israeli ambassador in Athens Ran Curiel and Mr. Ioannidis were present at the meeting.

Athens News Agency

[04] US Congresswoman in Athens in view of Clinton's upcoming visit

Athens, 18/8/1999 (ANA)

Ms Maloney, a Democrat elected in New York, said she was happy about President Bill Clinton's upcoming visit to Greece and called it a proof of friendship between the two peoples.

She stressed that in cooperation with other members of the Congress she was going to work hard for a fair solution to the Cyprus problem and peace in the region.

Ms Maloney also visited President of the Republic Kostis Stephanopoulos.

Athens News Agency

[05] OA talks strike good note

Athens, 18/8/1999 (ANA)

They also discussed and agreed on the new collective labour agreement.

Meanwhile it was announced that the European Union will respond on September 16 on the development plan submitted by Mr. Lynch for OA.

Athens News Agency

[06] Economic News

Athens, 18/8/1999 (ANA)

The general index ended 0.11 percent up at 4,889.65 points, off the day's high of 4,914 points and off its low of 4,834 points. It was the 40th record closing this year.

Stocks in the parallel market for smaller capitalisation shares and the main market's Holding sector led the day's advance.

The Bank of Greece's share price hit the day's 8.0 percent limit up following several limit down sessions. Sector indices ended as follows: Banks (-0.25 pct), Insurance (-3.88 pct), Construction (-0.53 pct), Miscellaneous (+1.09 pct), Leasing (+0.05 p ct), Investment (+0.82 pct), Industrials (-0.04 pct) and Holding (+4.79 pct).

The parallel market index for smaller capitalisation stocks ended 5.51 percent up while the FTSE/ASE 20 index for blue chips and heavily traded stocks rose 0.55 percent to 2,739.36 points.

Turnover was 243.484 billion drachmas with 34,987,813 shares changing hands.

Broadly, advancers led decliners by 164 to 121 with another 11 issues unchanged.

Elgeka surged 97.3 percent in its second day of trading in the market.

A total of 34 shares ended at the day's 8.0 percent limit up while only one (Lambropoulos) ended at the day's limit down.

Strintzis Lines and Elgeka were the most heavily traded stocks, while Elgeka, National Bank of Greece and Minerva led the day's turnover.

National Bank of Greece ended at 22,750 drachmas, Alpha Credit Bank at 22, 590, Commercial Bank at 31,400, Titan Cement at 35,850, Hellenic Petroleum at 3,295, Intracom at 22,580, Minoan Lines at 6,875, Panafon at 8,550 and Hellenic Telecoms at 6,780.

Bonds edge up in light trade: Secondary market bond prices crept up in light trade yesterday on favourable U.S. economic data.

Electronic trade was 13 billion drachmas from 2.0 billion drachmas on Monday.

The 10 year bond maturing in 2009 was still trading below par at 97.15- 97.45 showing a yield of 6.71-6.66 percent.

The ten year bond maturing in 2008 was trading at 110.35-110.65 with a yield of 6.95-6.91 percent.

The yield spread above German bunds was 182 basis points from 183 basis points in the previous session and 184 basis points on Friday.

At the central bank's daily fix, the drachma rose against the euro on heavy demand.

The euro was set at 326.300 drachmas from 326.450 drachmas on Monday and 326.700 drachmas on Friday. Reported were inflows of 80 million euros at the the fix.

Also at the fix, the dollar rose versus the drachma in line with the US currency's ascent in markets abroad.

The greenback was set at 309.900 drachmas from 308.660 drachmas a day earlier and 306.140 drachmas on Friday.

Yield rises on 3-month T-bill: The average weighted yield in an auction yesterday of 30 billion drachmas' worth of three-month treasury bills rose to 9.81 percent from 9.44 percent in the previous sale, the finance ministry's public debt management agency said yesterday.

It said in a statement that bids totalled 104 billion drachmas, with primary dealers oversubscribing the offer by 3.47 times.

The ministry accepted 30 billion drachmas' worth of bids, keeping to its original target.

Primary dealers received a commission of 0.15 percent for purchasing the securities.

Coca Cola Beverages, Hellenic Bottling in advanced merger talks: Hellenic Bottling said yesterday that merger talks with Coca Cola Beverages Plc (CCB) of the United Kingdom were at an advanced stage.

The Greek company said in a statement two months after announcement of the planned merger that the original terms of the deal under discussion remained unchanged, except for the amount of a cash payment.

The cash offer for CCB's stock had fallen to 140 pence from 150 pence for each stock due to market conditions, the statement said.

Under the arrangement six new shares in Hellenic Bottling would be given for 57 shares in CCB.

The ceiling for the cash payment is 250 million pounds sterling, which covers up to 43 percent of CCB's remaining stock.

The term was agreed after the Coca Cola Company and the Olayan Group opted for the stock swap.

Equity mutual fund assets rise sharply: Domestic equity mutual fund assets rose 2.81 percent to 2.498 trillion drachmas on August 16 from the previous trading day, the highest rise among mutual fund categories, Ionian Bank said yesterday.

The bank's financial research department said in a daily market report that the assets of domestic equity mutual funds had jumped 406 percent since the start of the year.

On August 13, the category rose to 2.342 trillion drachmas, up 2.75 percent on the previous day. It had increased 392.20 percent since the beginning of the year.

Ionian Bank attributed the increase in the assets of domestic equity funds to high returns in the sector, estimated at around 163 percent since the start of 1999.

Athens News Agency

[07] Athens foreign exchange

Athens, 18/8/1999 (ANA)

Banknotes Buying Selling
US Dollar 307.421 314.548
Can.Dollar 206.971 211.770
Australian Dlr 199.199 203.817
Pound Sterling 491.080 502.466
Irish Punt 411.001 420.531
Pound Cyprus 560.480 573.475
Pound Malta 716.316 746.163
Turkish pound (100) 0.063 0.066
French franc 49.346 50.490
Swiss franc 202.080 206.766
Belgian franc 8.024 8.210
German Mark 165.500 169.338
Finnish Mark 54.441 55.703
Dutch Guilder 146.883 150.289
Danish Kr. 43.531 44.540
Swedish Kr. 37.061 37.920
Norwegian Kr. 39.482 40.397
Austrian Sh. 23.523 24.069
Italian lira (100) 16.717 17.105
Yen (100) 267.959 274.172
Spanish Peseta 1.945 1.990
Port. Escudo 1.615 1.652
Euro
Buying: 323.690   Selling: 331.194

Foreign Exchange Buying Selling
New York 307.421 314.548
Montreal 206.971 211.770
Sydney 199.199 203.817
London 491.080 502.466
Dublin 411.001 420.531
Nicosia 560.480 573.475
Paris 49.346 50.490
Zurich 202.080 206.766
Brussels 8.024 8.210
Frankfurt 165.500 169.338
Helsinki 54.441 55.703
Amsterdam 146.883 150.289
Copenhagen 43.531 44.540
Stockholm 37.061 37.920
Oslo 39.482 40.397
Vienna 23.523 24.069
Milan 16.717 17.105
Tokyo 267.959 274.172
Madrid 1.945 1.990
Lisbon 1.615 1.652

Athens News Agency

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