Athens News Agency: Daily News Bulletin in English, 99-10-26

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article

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

CONTENTS

[01] Olympic Airways releases new business plan

[02] Gov't borrowing seen lower in 1999

[03] More privatisation by January

[04] Electricity unit starts production

[05] Tax squad sets Nov-Dec targets

[06] Stocks edge down in profit-taking

[07] Secondary market bond prices slump

[08] NEL gets 54 pct stake in new company

[09] Lambrakis, Sigma ally for Internet trade

[10] Farm ministry announces new investments

[11] Athens Foreign Exchange

[12] Independent Euro-defence policy discussed at Tsohatzopoulos-Richard meeting

[13] Mexican FM Green begins official visit, contacts with G. Papandreou

[14] Karamanlis on democratisation processes in Yugoslavia

[15] G. Papandreou denies press report of endorsement of Turkish EU candidacy

[16] Gov't on Turkish proposal for co-hosting 'Euro-soccer'

[17] 'Fall back' this Sunday at 4 a.m.

[18] Contacts with German MP Andres over 35-work week

[19] Major military parade, celebrations this week in Thessaloniki

[20] Commission to send six members, including Greece, to Eurocourt over environmental law

[21] Greenpeace protest over toxic waste at steel mill

[22] Police cite existence of Canadian cocaine ring into W. Europe

[01] Olympic Airways releases new business plan

Athens, 26/10/1999 (ANA)

Rod Lynch, OA's chief executive officer, said the national carrier needed expansion to generate its own revenue.

It should also focus on punctuality and give a positive image to passengers, he added.

The plan envisages the sale of OA's ageing fleet of Boeing 737 aircraft and its replacement with 25-30 new aircraft in the next 5-7 years.

In addition, the national carrier will expand and build up its flights to international destinations.

Referring to OA's staff, Mr. Lynch underlined the need for retraining, and for the recruitment of about 1,000 employees, mainly in technical departments.

He said the carrier's maintenance base would be gradually relocated to a new airport for Athens being built in Spata.

Olympic's CEO praised the quality of staff, and said that OA's subsidiaries were contributing to the parent company's revenue.

Mr. Lynch said Olympic Aviation would increase its flights and add two aircraft to its fleet.

Macedonian Airlines would continue handling OA's charter flights.

He added that Olympic Catering was a goldmine in the hands of the carrier, and indicated that other subsidiaries may be listed on the stock market as well.

The business plan envisages the sale of Olympic Airways' idle assets, which could be sold and the revenue re-invested.

He noted that OA's New York building had remained vacant since 1982.

Mr. Lynch said that all board decisions were transparent and noted that the state - OA's single shareholder - would be asked to approve them.

He also said that Olympic Airways would adopt a more aggressive fares policy both on domestic and international flights.

Mr. Lynch underlined that OA's aim was to forge powerful alliances with foreign airlines and noted that British Airways was the main candidate to acquire a minority stake in the Greek carrier.

Replying to a reporter's question on the likely impact of a government change in Greece, Mr. Lynch said that European Commission authorities were not interested in the party in government but the steady growth of Olympic Airways.

Athens News Agency

[02] Gov't borrowing seen lower in 1999

Athens, 26/10/1999 (ANA)

Total borrowing is estimated at 10,400 billion drachmas against 11,468 billion drachmas in 1998 and 13,295 billion drachmas in 1997, the statement said.

In addition, annual borrowing as a proportion of gross domestic product will decline to 27 percent in 1999 against 45 percent of GDP three years ago.

The ministry attributed the decline in state borrowing to a containment of fiscal deficits and the gradual replacement of short-term securities with long-term bonds.

In turn, the reduction in borrowing needs has lowered the amounts of paper tendered, and therefore borrowing costs, the ministry said.

Athens News Agency

[03] More privatisation by January

Athens, 26/10/1999 (ANA)

National Economy and Finance Minister Yiannos Papantoniou, ministry secretary general George Papaioannou and chief ministry economic advisor Yiannis Stournaras agreed at a meeting yesterday to speed up privatisation by the end of the year.

The officials also decided on the relocation of the Athens Horse Racing Track to Markopoulo, east Attica, and the conversion of its current facilities into a sports centre ahead of the 2004 Athens Olympic Games to be hosted by Athens.

The facility will become a conference and exhibition centre after the Games.

Athens News Agency

[04] Electricity unit starts production

Athens, 26/10/1999 (ANA)

The station's other 50MW unit is due to come into operation in coming months, ending the first phase of works in the Nestos Hydroelectric Complex, which also includes an operational 300 MW station at Thisavros.

Athens News Agency

[05] Tax squad sets Nov-Dec targets

Athens, 26/10/1999 (ANA)

The targets are sales of heating oil, the discrepancy between real turnover at night clubs and the sums declared to tax authorities, corporate Value Added Tax payments, video game arcades, movement of goods domestically and abroad, and the self-employed , including public figures.

The financial crimes squad, which is run by the ministry, in January to September carried out 71,102 spot checks in retail trade firms and service providers.

Breaches of the law were found in 22,873 cases, or 32.17 percent of the total, representing one in three firms checked.

Athens News Agency

[06] Stocks edge down in profit-taking

Athens, 26/10/1999 (ANA)

The index ended 0.40 percent down at 5,577.89 points, reversing an early advance of 1.68 percent. Turnover was 375.1 billion drachmas.

Traders said market sentiment remained fragile and noted that many investors preferred to take early profits.

Other sector indices ended as follows: Banks (+0.21 pct), Leasing (+0.29 pct), Insurance (-0.34 pct), Investment (+0.62 pct), Construction (+0.85 pct), Industrials (-1.26 pct), Miscellaneous (+1.78 pct) and Holding (-2.38 pct).

The parallel market index for smaller capitalisation stocks rose 1.59 percent while the FTSE/ASE 20 index for blue chips and heavily traded stocks eased 0.30 percent to 2,785.62 points.

A total of 39 shares ended at the day's 8.0 percent limit up, while another 19 ended at the day's limit down.

Broadly, decliners led advancers by 149 to 144 with another 27 issues unchanged.

Techniki Olympiaki, Lampsa and ANEK Lines were the most heavily traded stocks.

National Bank of Greece ended at 21,700 drachmas, Alpha Credit Bank at 22, 300, Commercial Bank at 23,600, Titan Cement (common) at 34,970, Hellenic Petroleum at 5,300, Intracom (common) at 14,450, Minoan Lines at 10,300, Panafon at 4,100 and Hellenic Telecoms at 7,120.

Athens News Agency

[07] Secondary market bond prices slump

Athens, 26/10/1999 (ANA)

Sentiment was dampened across Europe by statements in London by a European Central Bank board member that inflationary pressures may appear in the 11- member euro zone.

Electronic trade totalled 27 billion drachmas from 51 billion drachmas in the previous session and 3.0 billion drachmas on Thursday. Of yesterday's turnover, sell orders accounted for the bulk of the total.

The benchmark 10-year bond was still trading well below par after posting an all-time low last Monday when it traded at 93.90-94.20.

Yesterday, the paper showed a yield of 7.25 percent from 7.18 percent a day earlier and 7.15 percent on Thursday.

The 10-year paper's yield spread over German bunds was 179-182 basis points from 180 basis points a day earlier and 171-172 basis points on Thursday.

Central bank intervenes to support drachma : The volatile drachma dropped against the euro in the domestic foreign exchange market yesterday, prompting the central bank to step in and back the national currency.

The Bank of Greece intervened by selling about 70 million euros from 180 million euros in the previous session and 130-170 million euros on Thursday.

At the central bank's daily fix, the euro ended flat versus the drachma.

The European currency was set at 329.850 drachmas, the same as Friday, from 329.750 drachmas on Thursday.

The dollar finished higher against the drachma.

At the fix, the US currency was set at 309.840 drachmas from 305.650 drachmas a session earlier and 305.270 drachmas on Thursday.

Athens News Agency

[08] NEL gets 54 pct stake in new company

Athens, 26/10/1999 (ANA)

The alliance between the two firms aims at forging a joint growth strategy, tapping funds from the Athens Stock Exchange for fleet renewal, making better use of existing routes and expansion into the Adriatic and Mediterranean.

Athens News Agency

[09] Lambrakis, Sigma ally for Internet trade

Athens, 26/10/1999 (ANA)

The new company will also offer on-line coverage of daily transactions on the Athens Stock Exchange, research and analysis, money market data and information on the Athens Derivatives Exchange's operation.

Athens News Agency

[10] Farm ministry announces new investments

Athens, 26/10/1999 (ANA)

Among the projects are bad-weather refuges for fishing vessels and construction of an animal genetic improvement centre in the Karditsa prefecture, budgeted at 822 million drachmas.

Athens News Agency

[11] Athens Foreign Exchange

Athens, 26/10/1999 (ANA)

Parities in Drachmas

Banknotes             Buying  Selling
US Dollar             307.361 314.488
Can.Dollar            207.427 212.236
Australian Dlr        199.491 204.117
Pound Sterling        509.432 521.243
Irish Punt            415.472 425.105
Pound Cyprus          566.690 579.829
Pound Malta           729.522 759.919
Turkish pound (100)     0.060   0.063
French franc           49.883  51.039
Swiss franc           204.600 209.344
Belgian franc           8.111   8.299
German Mark           167.301 171.180
Finnish Mark           55.033  56.309
Dutch Guilder         148.482 151.924
Danish Kr.             44.025  45.046
Swedish Kr.            37.656  38.529
Norwegian Kr.          39.579  40.496
Austrian Sh.           23.779  24.331
Italian lira (100)     16.899  17.291
Yen (100)             290.656 297.395
Spanish Peseta          1.966   2.012
Port. Escudo            1.632   1.670

Foreign Exchange      Buying  Selling
New York              307.361 314.488
Montreal              207.427 212.236
Sydney                199.491 204.117
London                509.432 521.243
Dublin                415.472 425.105
Nicosia               566.690 579.829
Paris                  49.883  51.039
Zurich                204.600 209.344
Brussels                8.111   8.299
Frankfurt             167.301 171.180
Helsinki               55.033  56.309
Amsterdam             148.482 151.924
Copenhagen             44.025  45.046
Stockholm              37.656  38.529
Oslo                   39.579  40.496
Vienna                 23.779  24.331
Milan                  16.899  17.291
Tokyo                 290.656 297.395
Madrid                  1.966   2.012
Lisbon                  1.632   1.670

Athens News Agency

[12] Independent Euro-defence policy discussed at Tsohatzopoulos-Richard meeting

Athens, 26/10/1999 (ANA)

Greece and France also shared 'close' views on the security problems in southeastern Europe, Greece's National Defence Minister Akis Tsohatzopoulos said after talks with visiting French counterpart Alain Richard.

Mr. Tsohatzopoulos also said advancing a security policy in the eastern Mediterranean, supporting the Middle East peace process and strengthening cooperation with the Arab countries maximised the efforts for security in the region.

Mr. Richard told reporters after the meeting that Greece would in the coming years play a leading role in the confrontation of security problems in the region, and lauded Athens' efforts in that direction.

He also praised the position held by Athens during the Kosovo crisis and welcomed the recent Greek-Turkish rapprochement, and said France supported Greece's efforts for tackling the sensitive security problems in the region.

The talks also covered matters concerning cooperation between the two countries in the defence industry sector.

There is existing cooperation in the manufacture of Matra missiles, and the collaboration is slated for expansion into the fields of electronics and control and administration means.

France is also due to submit an offer for supplying the new tanks for the Hellenic Armed Forces, the deadline for which tender ends on November 15.

Mr. Richard said France's export of weapons systems is founded on the country's close political relations with each country concerned, adding that such was the case regarding its relations with Greece. He expressed hope that cooperation between the two countries in the defence sector would increase further, and noted that the merger of DASA with the missile manufacturer Matra opened up new prospects in the European defence industry.

Mr. Richard also met with Foreign Minister George Papandreou. Talks focused on the European identity in the sector of defence.

This will be the focus of the EU General Affairs Council to be held on November 15. Developments in Serbia and Kosovo were also discussed.

Mr. Richard left Athens yesterday afternoon.

Athens News Agency

[13] Mexican FM Green begins official visit, contacts with G. Papandreou

Athens, 26/10/1999 (ANA)

Mr. Papandreou and Ms Green signed two bilateral agreements during the visit, one on furthering police cooperation and one on judicial issues.

Relations between the two countries, Mr. Papandreou said, are excellent. He also thanked Ms Green for Mexico's support over the issues of Cyprus and the Former Yugoslav Republic of Macedonia (FYROM). Greece, he added, would continue to work hard to bol ster Mexico's relations with the European Union. Mexico is seeking to clinch a number of agreements with the EU, and Ms Green said she had received assurances of support from Mr. Papandreou in relation to these.

Another two agreements between Greece and Mexico are also being considered - one on protection of investments and one on the avoidance of double taxation.

Athens News Agency

[14] Karamanlis on democratisation processes in Yugoslavia

Athens, 26/10/1999 (ANA)

Mr. Karamanlis was speaking yesterday at a meeting focusing on the issue of "The Future of the Balkans After the Crisis in Kosovo", organised by the Constantine Karamanlis Institute of Democracy in cooperation with the American Enterprise Institute and the German Marshall Fund Research Institute.

The event was attended by politicians, diplomats and university professors from the United States, Serbia, Britain the Netherlands and Greece.

It was the first time after NATO's intervention in Yugoslavia that a 12- member delegation of Serbian politicians and scientists met informally with US politicians and representatives of scientific foundations.

According to reports, the meeting focused at length on the situation in Yugoslavia and the possibilities of a change in the country's political scene.

"We should insist on the principle of the inviolablity of borders," Mr. Karamanlis said, adding that otherwise "we will be opening Pandora's box in the region."

Mr. Karamanlis said it would be better for elections in Kosovo to be postponed for a short period of time since, as he said, the situation is very tense and does not favour moderate forces.

Mr. Karamanlis placed special emphasis on the European Union's role in maintaining cohesion in the region and the creation of ties between the Balkan countries and those of Europe.

Athens News Agency

[15] G. Papandreou denies press report of endorsement of Turkish EU candidacy

Athens, 26/10/1999 (ANA)

"It is a fake report, raising questions regarding the aims and the expediencies it serves," he said.

The report was carried by Turkey's new CNN-Turk television channel. Mr. Papandreou said there was no change in the position Greece had repeatedly and clearly expressed on the issue.

Mr. Papandreou earlier yesterday met with members of the Greek-Turkish Forum in Athens. Sources said that Turkish-EU relations and the Greek position on this as well as more general developments in Greek-Turkish relations were discussed.

The forum is made of leading figures including journalists, academics, MPs and dignitaries.

Mr. Papandreou welcomed the efforts of the group, saying that this form of activity on behalf of non-governmental organisations from both countries had a great deal to offer both sides.

Also visiting the foreign ministry on Monday were Governor of California Gray Davis. The discussion touched on cooperation between the two on dealing with natural disasters.

Athens News Agency

[16] Gov't on Turkish proposal for co-hosting 'Euro-soccer'

Athens, 26/10/1999 (ANA)

Mr. Reppas noted that several details should be cleared up, adding that Greece will expect proposals of both the Greek and Turkish soccer federations.

Athens News Agency

[17] 'Fall back' this Sunday at 4 a.m.

Athens, 26/10/1999 (ANA)

Winter time will be in force until March 26, 2000, when clocks will again be turned forward an hour.

Athens News Agency

[18] Contacts with German MP Andres over 35-work week

Athens, 26/10/1999 (ANA)

Deputy Labour Minister Christos Protopapas said the recent application of the measure by banks distorted the concept behind it and did not link it with an increase in employment, as there was an attempt to increase overtime work to cover a rise in the volume of business. By contrast, Mr. Andres said the measure was being smoothly applied in Germany, and that dialogue was underway between social partners in his country for the introduction of retirement at 60.

Athens News Agency

[19] Major military parade, celebrations this week in Thessaloniki

Athens, 26/10/1999 (ANA)

Reports said a recently acquired 'Patriot' missile battery and a vehicle with two Russian-made TOP-MI missiles will be featured during Thursday's military parade.

Athens News Agency

[20] Commission to send six members, including Greece, to Eurocourt over environmental law

BRUSSELS, 26/10/1999 (ANA - M. Spinthourakis)

The Commission decided to send an "avis" to Greece, France, Luxembourg, Ireland, Austria and Portugal for failing so far to include EU directive 96/82/CE in their national legislation which concerns the tackling of dangers emanating from substances which are harmful to man and the environment.

Both Greece and the other countries have not yet notified the Commission of the measures they have taken to harmonise their national legislation with that of the EU on this issue.

Athens News Agency

[21] Greenpeace protest over toxic waste at steel mill

Athens, 26/10/1999 (ANA)

The protesters, dressed in gas masks and carrying a banner, said the ministry and the government, in general, have been lax in ensuring adequate safety measures at the plant.

Greenpeace claims that the waste produced at the plant continues to contain high levels of dioxin, a carcinogen. Tests on the waste show dioxin levels 18,500 times higher than the levels found in Belgian chickens earlier this year.

The group had held a seaborne protest at the Aspropyrgos plant on Sunday.

Athens News Agency

[22] Police cite existence of Canadian cocaine ring into W. Europe

Athens, 26/10/1999 (ANA)

According to reports, Canadian Kelvin Hibert, 25, was arrested on Oct. 19 as he arrived in Athens. Customs police at the airport found two kilos of cocaine on him.

A number of arrests of Canadians in other European capitals, particularly Amsterdam, have police agencies apparently convinced that the Latin American drug trade is using European or Canadian nationals to import drugs into the continent.

The suspect had hidden the two kilos of cocaine in his hand luggage and in hidden compartments in the shoes he was wearing, police said.

Authorities said the cocaine was divided into six bags, all covered with a gummy adhesive emitting a strong odor, presumably to throw-off specially trained sniffer dogs off the drugs' scent.

Athens News Agency

Athens News Agency: Daily News Bulletin in English Directory - Previous Article - Next Article