Athens News Agency: Daily News Bulletin in English, 16-09-29

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

CONTENTS

[01] Tsipras ends education debate with an appeal for synthesis and dialogue

[02] Education minister denies seeking confrontation with Church, during Parliament debate

[03] The second programme review will be concluded on time, PM Tsipras says

[04] Greece, Israel, Cyprus discuss East Med pipeline, electricity interconnection, LNG station

[05] Israel is examining three options for exporting gas to Europe, its minister Steinitz says

[06] Europe needs a fairer model of economic development, says FinMin Tsakalotos

[07] Greece is in position to recover from economic crisis, says FinMin Tsakalotos

[08] ESM chief, Tsakalotos discussed short-term measures for debt relief

[09] Greece's positions on labour issues are strengthened by Committee of Independent Experts' report, Katrougalos says

[10] European Commission report sees improvements in migration management, guarding of borders

[11] Eleven NGOs urge government to protect water resources

[12] ND leader Mitsotakis levels against PM Tsipras

[13] President Pavlopoulos sends telegram of condolence for loss of Shimon Peres

[14] Tsipras on Twitter: "Deeply saddened by the loss of Shimon Peres"

[15] State Council rejects TV channels' injunctive measures

[16] First meeting on codifying and altering Greek laws held at interior ministry

[17] Deputy FM Amanatidis meets with outgoing Turkish ambassador to Greece

[18] New Piraeus port cruise liner terminal to be inaugurated on Monday, ANA told

[19] Greece drops five places to 86th in WEF global competitiveness report

[20] Athens Chamber of Tradesmen participates in Greek delegation to Israel

[21] PPC reports 91.4 mln euro net income in H1

[22] Elgeka reports 90.5 mln euro H1 turnover, down 8.1 pct

[23] Plaisio Computers reports 132.3 mln euro consolidated revenues in H1

[24] Greek stocks end slightly higher

[25] ADEX closing report

[26] Thessaloniki Biennale of Contemporary Art wins second prize in international conference

[27] Medecins du Monde urge removal of unaccompanied minors from Moria

[28] European Court of Human Rights condemns Greece for violating rights of conscientious objector

[29] Civil aviation workers to strike on Thursday; 70 flights cancelled

[30] Bus drivers return to work in Thessaloniki after 12-day strike

[31] Court rejects Tsochatzopoulos' second early release request

[32] Moderate quake jolts Rhodes

[33] Moderate quake jolts Messinia

[34] Greek athlete Hrysopiyi Devetzi loses Beijing and Osaka medals for doping

[35] Fair weather on Thursday

[36] The Wednesday edition of Athens' dailies at a glance Politics

[01] Tsipras ends education debate with an appeal for synthesis and dialogue

According to Tsipras, the arguments presented during the debate, on both education and economic issues, represented two different worlds: "On the one hand is the public sector and its defence and on the other hand is the world of the markets."

"Despite the fact that views are presented with a great distance between them...nonetheless, education issues demand what I would call exhaustive dialogue and efforts at synthesis. There are issues where this cannot be achieved but it is still worth the trouble," he added.

Criticising main opposition New Democracy's leader Kyriakos Mitsotakis, Tsipras said that ND's leader had presented his own positions clearly but distorted SYRIZA's own positions in many ways, while he also criticised ND for walking out of the dialogue before the Educational Affairs Committee and refusing to sign its conclusions as other opposition parties had done.

He was also critical of ND's threats to undo all measures taken by SYRIZA, noting that "the logic of demolishing everything," did not do justice to ND's traditions.

On the issue of public-sector evaluation, Tsipras noted that all sides understood the need for this, though they might disagree on how and why. He also pointed out that the debate on revising the Constitution would be an "excellent forum" to present each side's proposals concerning private university education, noting that ND's positions on this had been unclear.

The desire of Greek families to give their children a good education and the highly skilled people both within and outside Greece were possibly the country's "most important capital" in efforts for recovery, he noted. "It is our major competitive advantage: knowledge has innate value, it is an important thing for someone to be educated, regardless of whether or not they can be absorbed by the labour market. If we let the market decide everything, we would lose this important comparative advantage and the value of knowledge," Tsipras said.

The prime minister also noted that all sides, while disagreeing on many things, agreed on the need to change the curriculum for religious studies classes. This would be done through the necessary dialogue and the opinions of the Church will be heard and taken into account, he added.

"I will keep as positive the reference that this change is essential and add that fertile dialogue rather than confrontations at a critical time for the country are also essential. We need spiritual unity and we must pre-empt confrontations, not add fuel to the fire of future conflicts," he added.

Tsipras had earlier strongly attacked ND and Mitsotakis for allegedly doing the "dirty work" of media channel owners and criticised his views on private education.

"Your problem, Mr. Mitsotakis, is not that you defend the view that there should be private schools and universities. Your problems is that you are biased in favour of private schools and universities against state education," he said.

Tsipras also attacked ND on evaluation, saying that the party didn't want evaluation but "an excuse for lay-offs." Tsipras announced that the government is preparing legislation on assessing public-sector staff.

In his first address to Parliament, Tsipras had outlined the government's vision for a free state school system that offers equal opportunities to everyone and will not magnify cultural differences, emphasizing the talents and skills of children. "We want a school that will give everyone the same opportunities to excel," he said.

The prime minister had also attacked intertwined interests and the "old political system," as well as the stance of certain media toward the TV licence tender. He noted that the government was striving to exit the crisis with society upright, while putting an end to corruption and accumulated problems, and predicted a swift conclusion of the second review of the Greek programme.

He stated that Greece has for the first time an opportunity to overcome the crisis. The first programme review has been successfully concluded, he said, adding that the green light for the disbursement of the 2.8 billion euro loan sub-tranche will be given. Tsipras also said that Greece has had positive growth rates since the third quarter of 2016 and they will be even higher in 2017, while unemployment has been reduced.

He noted that the debt issue is for the first time discussed at a European and international level and by the end of the year we expect positive news from this front.

Finally, he said that 255 million euros from the TV licence tender have already been channeled for the support of people in need.

[02] Education minister denies seeking confrontation with Church, during Parliament debate

"It is not a Church-State confrontation. Since we all know from the past that no side wins from such a confrontation," he said. He pointed out that the new religious studies programme for schools was designed by an Educational Policy Institute committee that included theologians, and had been tested on a pilot basis for three years.

"The time has come for these programmes to be implemented, so that the new books can go into circulation from next year," he said. The changes would mark a shift for the religious studies class in Greek schools, he added, from a 'confession of faith' lesson to a knowledge of religions lesson, though always with emphasis on the Orthodox faith.

"It is the state that is responsible for education. School is secular, religiously tolerant and religiously neutral. We designed a class that is appealing, since it will be taught using modern teaching methods and not by turning classrooms into some sort of pulpit," Filis said.

Referring to the ministry's achievements, he pointed out that schools had this year opened without shortages for the first time in many years, while priority had been given to hiring in special education. He also pointed out that new hirings were up 34.96 pct compared with 2011, up 66.76 pct compared with 2012 and 700 pct more than in 2014.

The minister also presented a three-year educational reform plan that included 10 years mandatory schooling and shifts away from exam-centred models, the abolition of nationwide university entrance exams by the present Parliament and the creation of a uniform research and education "area".

"Our aim is a school of quality and equality," he noted, adding that the main opposition's only plan was to tear down any changes that the present government had introduced in the past 18 months.

[03] The second programme review will be concluded on time, PM Tsipras says

"Your problem, Mr. Mitsotakis, is not that you defend the view that there should be private schools and universities. Your problems is that you are biased in favour of private schools and universities against state education," he said.

Tsipras also attacked ND's positions concerning evaluation for teachers and public-sector staff. "You don't want evaluation, you want an excuse for lay-offs," Tsipras said, announcing that the government is preparing comprehensive legislation on assessing public-sector staff.

He called on Mitsotakis to clarify exactly what he intended to scrap when he said that ND would abolish everything that the SYRIZA government had done in education, once in power, and "to clearly tell the Greek family that you disagree with the abolition of the exam-centred school."

In his first address to Parliament, Tsipras had railed against intertwined interests and the "old political system," as well as the stance of certain media toward the TV licence tender.

The prime minister sent a message that the government continues efforts to exit the crisis with the society upright, as well as the efforts to put an end to the corruption and the problems of many years.

Moreover, he expressed his optimism over the conclusion of the second programme review and accused the main opposition of undermining the negotiations on labour and debt issues.

Tsipras stressed the importance of a free and humanitarian state schools that offers equal opportunities to everyone and will not magnify cultural differences, a school that will emphasize on the talents and skills of children. "We want a school that will give the same opportunities to everyone to excel," he underlined.

He stated that Greece has for the first time an opportunity to overcome the crisis. The first programme review has been successfully concluded, he said, adding that the green light for the disbursement of the 2.8 billion euro loan sub-tranche will be given. Tsipras also said that Greece has had positive growth rates since the third quarter of 2016 and they will be even higher in 2017 while unemployment has been reduced.

He noted that the debt issue is for the first time discussed at a European and international level and by the end of the year we expect positive news from this front.

Finally, he said that 255 million euros from the TV licence tender have already been channeled for the support of people in need.

[04] Greece, Israel, Cyprus discuss East Med pipeline, electricity interconnection, LNG station

Energy Minister Panos Skourletis, Israel's Minister of National Infrastructure, Energy and Water Resources, Yuval Steinitz, and Cyprus' Energy Minister Yiorgos Lakkotrypis agreed on the following steps to promote the project that includes the presentation of the economic and technical study for the underwater gas pipeline, while a new meeting is planned for December in Jerusalem between heads of state.

The three ministers also focused on the electrical interconnection of Israel, Cyprus and Greece through Crete, on which the discussed linking Crete with continental Greece - a project included in the planning of grid operator ADMIE.

A third issue was the new LNG station in Alexandroupolis.

Skourletis said cooperation between the three countries creates conditions for stability in the wider region and noted that Greece could become European Union's entry point for natural gas.

The Israeli minister said cooperation between the three countries on energy is better than ever and that the electrical connection will improve the security of supply. He also said the underwater pipeline is under consideration and that talks have already been held with the EU.

"Our aim is to make the eastern Mediterranean necessary for the EU and the EU necessary for the Mediterranean," said Lakkotrypis, adding that discussions do not only concern the volume of natural gas that has been discovered but also the prospects opening in the future with the new searches for hydrocarbons.

[05] Israel is examining three options for exporting gas to Europe, its minister Steinitz says

The first one concerns the transfer of gas through a pipeline from Turkey and Greece to Italy, the second one the construction of an underwater pipeline Israel - Cyprus - Greece with the Balkans and Italy as final destination and the third one its export to Egypt for converting it into liquefied form and re-exporting it.

Steinitz said he was in favour of the implementation of two routes to export gas while referring to the underwater pipeline (East Med), the construction of which Greece and the EU promote, he said that the project may seem expensive at this stage, but it may prove to be economical in case new deposits are discovered.

Based on new seismic surveys conducted in the region, most of the Eastern Mediterranean deposits have not yet been discovered, he said, as the reserves are estimated at 10 trillion cubic meters. Next month, Israel will launch a tender for the concession of 24 marine "blocks" (which account for about half of the country's EEZ). Steinitz expressed his satisfaction over the participation of a Greek company, Energean, in Israel's research and exploitation efforts and extended an invitation to other companies to participate.

Greek Energy Minister Panos Skourletis said that the East Med pipeline was an extremely important project, stressing that the technical and financial data of the project, as well as the electrical interface, are being carefully scrutinized.

"We support the sovereignty rights of Cyprus and retain the ability to exercise our own rights in a way that we will choose on our own," the minister said while referring to the completion of the evaluation with the adoption of the relevant legislation in Parliament on Tuesday he said it is an important step towards the direction to make a new start for the country and added that the first signs are encouraging.

The prospects of natural gas exports from the Eastern Mediterranean to Europe, but also the electrical interconnection Israel - Cyprus - Greece will dominate the consultations between Skourletis, Steinitz and Minister of Commerce, Industry and Tourism of Cyprus, George Lakkotrypis at 16.30 on Wednesday.

Referring to the developments in the hydrocarbons reseach, Skourletis said that "we are ready to sign contracts for the concession of Arta-Preveza, Etoloakarnania and NW Peloponnese" while negotiations for the Ionian Sea and the Gulf of Kyparissia are at an advanced stage.

[06] Europe needs a fairer model of economic development, says FinMin Tsakalotos

Europe needs a new model of economic development that will be "fairer, more social and more participatory", Finance Minister Euclid Tsakalotos said during a keynote speech at an event organized by the European Investment Bank (EIB) in Luxembourg on Wednesday.

"The Greek government's aim is for Greece to return to growth but to a sustainable growth," Tsakalotos said, adding that to achieve this, there must be a fairer distribution of profits to employees and to the periphery, but also a more democratic control of political decisions.

The minister started his speech by criticizing the eurozone's mode of operation, saying that even with the European Central Bank's (ECB) loose monetary policy it is mostly the northern European countries that benefit and not the southern that needed it most.

In the same way, he said, to achieve a balanced recovery a country needs investments which will support mainly small and medium-sized businesses which are currently having a difficult time accessing funding from commercial banks.

"EIB's role in this is paramount," he noted and hailed the recent decision by European Commission President Jean-Claude Juncker to boost the funds available through the Juncker package.

He also clarified that for Greece to attract investments, it needs a deal of its debt as soon as possible. "Investors are waiting for political decisions. If these come in five years, they will invest in five years," he said.

[07] Greece is in position to recover from economic crisis, says FinMin Tsakalotos

Greece is in a position to recover from the crisis by creating the conditions for a stable growth with social characteristics, Finance Minister Euclid Tsakalotos told journalists on Wednesday after meeting with the head of the European Stability Mechanism (ESM) Klaus Regling and the European Investment Bank (EIB) president Werner Hoyer in Luxembourg.

Tsakalotos said he discussed with Regling the issue of debt relief on which the head of ESM will brief the next EuroWorking Group (EWG). He said officials are now discussing short-term measures which will have to be implemented during the duration of the bailout program.

The minister also said the implementation of all the prior actions demanded by Greece's creditors is expected to be completed before the next Eurogroup on October 10 and that the remaining three measures will be completed within the next few days.

In his meeting with Hoyer, Tsakalotos stressed the need for investments in Greece in the immediate future that will promote growth, especially in the country's periphery.

[08] ESM chief, Tsakalotos discussed short-term measures for debt relief

The Managing Director of the European Stability Mechanism (ESM) Klaus Regling briefed Finance Minister Euclid Tsakalotos on the ongoing work concerning the short-term measures to provide debt relief to Greece, during a meeting in Luxembourg on Wednesday.

According to an ESM spokesperson, the European Commission will now examine whether the Greek government has completed the implementation of the prior actions and then decide on the disbursement of the 2.8-billion-euro sub-tranche.

[09] Greece's positions on labour issues are strengthened by Committee of Independent Experts' report, Katrougalos says

"The report of the Committee of Independent Experts regarding reforms in labour relations was delivered yesterday. All the three pillars of the negotiation (labour union law, mass layoffs, collective negotiations) are strengthened by the report because they aim at the country's return to European normality. Memorandum policies have deregulated the labour market in Greece. They have undermined all the guarantees of individual and collective labour law, they have essentially abolished collective bargaining, they have created a labour jungle. It is time we returned to the European Social Model. Tomorrow, September 29, the conclusions and the general positions of our country for the labour market will be presented at a special session of the Committee set up by the European Parliament's Employment Committee. For the first time, I asked for and received the approval so that the issue of labour reforms in Greece is the subject of the European Union Council of Ministers at the next meeting on October 13. The anti-European and anti-social positions will be isolated. The Committee's findings will be an important 'weapon' in the negotiations for the return to Social Europe. To this end, all parties will have to express their positions. I have called on all parties in parliament to express themselves, particularly New Democracy, whose leader is in favour of the IMF structural reform proposals. We are entering the final phase of negotiations and everyone must choose what side they support," Katrougalos said.

[10] European Commission report sees improvements in migration management, guarding of borders

The European Commission noted improvements in the management of migration and refugees and the guarding of the European Union's external borders in a series of reports released on Wednesday. Regarding Greece, it said the Greek authorities were making "constant efforts" and "progress" toward having a well-functioning asylum system and fully implementing the EU asylum standards that apply to all member States.

The Commission adopted its Third Recommendation to Greece on improvements to its asylum system so as to gradually resume Dublin Transfers of asylum seekers to Greece.

Greece's progress included "completing a large-scale pre-registration exercise, increasing the overall reception capacity as well as doubling the capacity of the asylum service, establishing new Appeals Committees and legislation on free legal aid and education for school-aged asylum seekers and refugees," the Commission said. It also noted the need for further progress in reception facilities, access to asylum procedures and structures for vulnerable applicants, before a resumption of Dublin transfers to Greece can be considered.

"A future resumption of transfers to Greece under the Dublin Regulation should also take account of the impact this challenging situation has on the overall functioning of the asylum system, and should therefore start gradually, on a case by case basis. The Commission envisages taking stock of the progress made in this regard and issuing further recommendations before the end of the year," the Commission said.

The report noted the success of the EU-Turkey agreement in reducing refugee flows and deaths at sea, as well as an increase in the numbers returned to Turkey.

"The Greek administration has made further efforts to increase the rate of returns, in full compliance with EU and international law," the report said.

It also reported an increase in the number of relocations from Greece (4,445) and Italy (1,196) and said that, with the increased capacity of the Greek Asylum Service, and if Member States step up their efforts, it should notably be possible to relocate the remaining relocation candidates present in Greece (around 30,000) within the next year.

[11] Eleven NGOs urge government to protect water resources

"After the voting of the bill to create a super-fund and transfer to it EYDAP and EYATh without substantial changes and additions, we urge the government to address water as a public good and an environmental - natural resource," the NGOs said in a letter.

They urged the government to ensure that the companies managing water do so "rationally", that prices will allow all citizens access to clean water and that studies will be carried out for the sustainable management of water resources.

The letter was signed by Anima, Archellon, the Hellenic Ornithological Society, the Hellenic Society for the Protection of Environment and the Cultural Heritage, the Hellenic Society for the Protection of Nature (HSPN), the Society for the Protection of Prespa, Mediterranean SOS Network, Kallisto, Ecological Recycling Company, Greenpeace and WWF Hellas.

[12] ND leader Mitsotakis levels against PM Tsipras

Mitsotakis accused Tsipras that he spent 20 minutes on the current political situation and the developments in the media sector ignoring the government policy on education which was the main topic of today's debate in parliament.

"Mr Tsipras, the Greeks are more interested in education issues than on how you will control the media landscape," he said and added that the prime minister's intention is to divide the society even in education issues.

"Our aim is to unite the people," he stressed.

[13] President Pavlopoulos sends telegram of condolence for loss of Shimon Peres

"As the last representative of the generation that founded the State of Israel and helped it find its way through various challenges that [Israel] faced from the first day of its existence and throughout the course of its achievements, Shimon Peres will remain in our memory as a man of peace, as one of the wisest and most popular leaders of the country and a strong champion of democracy and freedom," the Greek president noted.

"On behalf of the Greek people and myself personally, I express my deepest condolences and heartfelt sympathy to the loved ones of the deceased and the people of Israel," the president concluded.

[14] Tsipras on Twitter: "Deeply saddened by the loss of Shimon Peres"

[15] State Council rejects TV channels' injunctive measures

[16] First meeting on codifying and altering Greek laws held at interior ministry

The Council's chief role will be to propose ways to prune, simplify and improve Greece's regulatory framework by abolishing unnecessary, overlapping and contradictory laws, via a so-called 'Regulatory Guillotine', and prepare an outline for a National Strategy for the Codification and Alteration of Greek Legislation.

Participants in the discussion were senior staff at the interior and justice ministries, the Legal Council of State deputy president Metaxia Androvitsanea, Thessaloniki University School of Law Dean Georgios Dellios, a representative of the Bar Associations of Greece plenum Georgios Papadopoulos, professors of law at Greek universities and other senior personnel.

[17] Deputy FM Amanatidis meets with outgoing Turkish ambassador to Greece

Amanatidis expressed his appreciation for the ambassador's personal contribution in promoting Greek-Turkish relations and noted the need for further strengthening of the existing momentum in bilateral relations, particularly in areas of his responsibility, an observation with which Uras agreed.

Financial News

[18] New Piraeus port cruise liner terminal to be inaugurated on Monday, ANA told

The project was initially put out to international tender in 2010 under former CEO George Anomeritis but ran into problems with the first contractor, who unsuccessfully contested the terms of the contract in court on 11 separate occasions, so that its completion was delayed until 2016. OLP finally terminated the contract with the specific contractor and announced a new international tender in 2014, while construction on the remaining 35 pct of the terminal resumed in early 2015.

Concerning another major project for the extension of the cruise terminal in the south section of Piraeus port, with a budget of 135 million euros and 90 pct funding from European programmes, ANA sources said that the financing of the project will continue as normal in all phases, even though COSCO had taken over management of the port.

The new terminal will be inaugurated on Monday, in the presence of COSCO Group Board Chairman and Party Secretary Xu Lirong and Greek Alternate Tourism Minister Elena Kountoura.

[19] Greece drops five places to 86th in WEF global competitiveness report

The country rankings are the result of scores in 12 pillars, with Greece achieving its best rankings in the pillars for infrastructure (37th), technological readiness (42nd), higher education and training (45th), health and primary education (46th) and market size (56th). The country's worst scores were in the pillars for financial market development (136th), macroeconomic environment (131st), and the labour market (114th).

The most problem areas for doing business in Greece, according to the report, were political instability, tax rates, inefficient bureaucracy, access to financing and tax regulations.

[20] Athens Chamber of Tradesmen participates in Greek delegation to Israel

Its president Yiannis Chatzitheodosiou is attending the International Fair DLD Tel Aviv 2016, accompanying business representatives from the neophyte innovation area (start up innovaCon).

The Greek mission arrived on Tuesday, September 27, in Tel Aviv, aiming to have meetings with local government entities and businesses. The strategic aim is to strengthen the bilateral relations both at government level and at the level of business collaboration and funding opportunities.

DLD FesCval is held every year in Tel Aviv with leading technology companies such as Google and Amazon. Hundreds of startups from around the world, focusing on the introduction of innovative ideas and solutions participate in the event. Tel Aviv is the second, after the famous Silicon Valley, centre of attracting start up companies, businesses and investors all over the world.

[21] PPC reports 91.4 mln euro net income in H1

- the reduction of electricity demand by 1.8%,

- the reduction of PPC's average market share (in GWh) in the retail electricity market and the consequent deterioration of sales mix, as well as

- the new tariff policy for commercial and industrial customers in Low and Medium Voltage and the reward of these customers who pay on time as well as of the residential customers who pay on time, by providing tariff discounts.

Finally, turnover includes an amount of 31.3 million euros regarding network users' participation for their connection to the network compared to 24.7 million euros in 1H2015.

In 1H2016, EBITDA decreased by 105.3 million euros (16.4%) compared to 1H2015, due to turnover reduction, as well as due to the one-off impact of a 48.3 million euro expense. It said expense relates to the residual 50% of 96.6 million euros that had been allocated, according to RAE decision 285/2013, to PPC by LAGIE (the market operator) for the cover of the deficit created in the Day-Ahead Schedule (DAS) market during 2011 and 2012 by alternative suppliers that exited the market.

It is noted that PPC had filed an application for annulment of RAE's abovementioned Decision before the Council of State, as well as an action for suspension of such Decision until a final judgment was issued. Following a relevant interim order issued by the Council of State, PPC had already paid 50% out of the 96.6 million euros.

The application for annulment was rejected in September 2016 (Decision 1761/2016 of Section D' of the Council of State), resulting to PPC's obligation to pay the residual 50% of the 96.6 million euros.

As a result, EBITDA margin decreased to 20.1% compared to 22%, although if the abovementioned one-off negative impact is excluded, the respective margin settles at 21.9%, remaining practically at the same level.

In addition, according to the same Decision, PPC can no longer offset amounts stemming from its capacity as electricity generator and supplier in relation to electricity generated from rooftop photovoltaics.

This is an issue that does not impact P&L statements but will have a negative effect on cash flows, due to the increased working capital needs, since PPC is obliged to await payments in cash from LAGIE through the relevant special RES account. The issue in question concerns amounts which range from 10 million euros to 16 million euros per month and the total delayed amount to be recovered could reach approximately 80 millions based on an estimated five-month waiting period. It is noted that the impact for PPC is contained to half the amount, since PPC, pursuant to court decisions, was already netting obligations due to its participation in DAS with 50% of claims from rooftop photovoltaics.

On a pre-tax level, excluding the one-off impact, the reduction of profitability was contained to 24.2 million euros (140.8 million euros in 1H2016 compared to 165 million euros in 1H2015), due to the improvement of financial expenses and lower depreciation.

Net income, excluding the one-off impact, settled at 91.4 million euros compared to 105.6 million euros in 1H2015.

Commenting on the financial results of the period, Mr. Emmanuel Panagiotakis, Public Power Corporation's Chairman and Chief Executive Officer said:

"The sales reduction of the Parent Company by 9.8% compared to the respective period of 2015, was to a large extent the expected consequence of the retail market share reduction by 3.7 percentage points. It is mandatory for this market share reduction to continue in the future, based on the relevant commitments of the country to its creditors.

Group's operating profitability would not have been slightly reduced (EBITDA margin reduction by 0.9 percentage points or by 0.1 percentage point excluding the one off negative impact for the cover of the LAGIE deficit) or could even be higher if it had not been for the decline of lignite fired generation - a negative development for the national economy as we have repeatedly stated - as well as for the decline of hydro generation, as a result of relevant weather conditions. We insist onour proposals to the State and the competent bodies for the need to take measures in order to support lignite-fired generation, taking advantage of an indigenous fuel and making use of the existing fixed assets in which significant capital has been invested, saving valuable national currency reserves, while at the same time contributing to the maintenance of thousands of job positions.

In August, the company paid the second installment of 198 million euro for the construction of the Ptolemais V unit, a project which progresses smoothly and which is one of the largest investments in our country in the last years.

With respect to the collection of PPC's overdue receivables, a quite positive sign is that for the first time, after many years, there is a reduction of the respective amount in absolute figures.

This development is mainly attributed to the settlements programme of 36 installments, based on which more than 400,000 customers have settled more than ? 1.1 bln. An additional reason is the reward of customers who consistently pay on time with a 15% discount, as well as the effort for targeted power cuts to customers with high debt. We congratulate the Group employees, who even though they sometimes are subject to violent behavior, they contribute to addressing illegal and non contractual behavior of certain customers.

What is needed is the declining trend of overdues to become permanent and accelerate even further. The extension of the settlements programme with 36 installments as well as all other measures for different categories of customers with overdues is towards this direction. We believe that targeted power cuts combined with settlements will yield more tangible results in the second half of 2016 and in the beginning of 2017. Within this framework, provisions in the first half of 2016 may have increased to some extent compared to the first half of 2015, however, there is a significant decline compared to the second half of 2015.

It is noted that revenue collection by PPC is channeled towards the market and contributes to the stimulation of the economy in general.

Despite the abovementioned, cash flow issues remain acute and will be burdened from the RES regulation and the temporary capacity certificate mechanism, as well as by the rejection from the Council of State of PPC's application for the annulment of RAE's Decision 285. The recovery of the amounts due for the period 2012-2015 from PSOs as well as the payment of State overdues is an urgent necessity.

The reduction of market share is a big challenge for the company, and in order to address this 8 challenge, specific business initiatives need to be taken towards two directions.

First: the market share reduction should not relate only to the most profitable, low risk and low administrative cost customer segments.

Second: expansion in other markets as well as products and services diversification in order to offset domestic market share losses.

In any case, PPC will play a leading role in the smooth opening of the market.

However, the goal of a "balanced" market share loss, apart from the appropriate pricing requires structural measures, such as the creation and sale of a subsidiary company with customers from all market segments, for which we are working systematically.

We should note though that the smooth opening of the market is something that is above PPC's power and should also be taken care by the regulatory authorities and the State.

The establishment of a subsidiary company in Albania, the expansion of the activities of PPC's subsidiaries in Bulgaria and Turkey and the signing of an MoU with DEPA are tangible positive steps towards the adoption of business initiatives, which will continue in the future. The reduction of the Group' s net debt by ? 214.6 m compared to the end of 2015 was a positive development.

Of great importance, with strategic dimensions, is the signing of an MoU with the large Chinese company CMEC for the set up of a joint venture for investments in the order of ? 1 bln, in relation to a second unit in Meliti (Florina) and the exploitation of the nearby mines. The modernization of the lignite-fired generation combined with the development of RES for which intensive actions are being made is totally in line with the European policy for the reduction of green house gas emmisions. At this point, I would like to repeat the need for formulating and enacting national energy policy plan, adapted to the needs, the advantages and the prevailing conditions in our country. Such a plan is urgently needed, also due to the upcoming adoption of mandatory regulation (energy governance) at the EU level.

With respect to the measures legislated during the last months, and which result in significant challenges for PPC, the Company will act for the protection of its interests and the interests of the market in general, exhausting all possible options."

[22] Elgeka reports 90.5 mln euro H1 turnover, down 8.1 pct

In addition, Elgeka Group proceeded during the same time period in selling activities that burden its results with losses, while their future prospects had been negative. From these transactions accrued profit totaling 770 thousand euro, while improved equally Group's Equity.

This development of its financials figures enabled Elgeka Group to make even greater provisions in order to further "shield" the size of its assets. As a consequence, the Group's results incorporate impairment of goodwill recognized on the acquisition of the subsidiary "Arista S.A." amounting to 1,900 thousand euro, discounting the receivable from of one of the most important Group's clients in present values of which resulted a loss of 1,216 thousand euro, as well as increased provisions for doubtful debtors by 380 thousand euro.

As a consequence of the above, consolidated turnover from continuing operations for the first half of 2016 amounted to 90.5 million euro compared to 98.4 million euro of the comparable period of 2015, presenting a decrease of 8.1%. This change is mainly due to the discontinuation of the cooperation with the above mentioned Group's customer from mid-2015, because of the high credit risk presented, as well as due to the overall restructuring of the Group's product portfolio in order to focus on selling products and services with higher profit margins.

As an evidence of the above, the gross margin amounted to 20.1% against 16.6% in the first semester of 2015, while the EBITDA margin increased to 4.8% from 4.2%, resulting in earnings before interest, tax, depreciation and amortization (EBITDA) from continuing operations to stand at 4.4 million euro over 4.1 million euro in the comparable period.

However, the increased provisions that made has as a result the Loss before tax from continuing operations amounted to 6.0 million euro over 2.6 million euro in the first semester of 2015, while loss after tax and non-controlling interest amounted to 4.2 million over 2.0 million euro in the comparable period.

The second half of 2016 is expected to put further pressures on financial figures of domestic enterprises due to the special conditions prevailing in the Greek economy.

Nevertheless, the actions being realized by Elgeka Group and the decisions taken in recent years ensure that the improvement of its operational figures will continue, actively addressing any difficulties will arise in the near future.

[23] Plaisio Computers reports 132.3 mln euro consolidated revenues in H1

The company also announced first half consolidated EBIT of 1.6 million euros compared to 3.7 million euros the same period last year.

EBITDA reached 2.9 million euros versus 4.9 million euros year ago and consolidated EBT 1.1 million euros versus 3.4 million euros year ago.

Taking out of consideration the effects of the adverse foreign exchange differences for the first half of the year, the percentage decrease in EBITDA and EBIT was limited to 6.3 pct and 13.2 pct respectively, the company said.

[24] Greek stocks end slightly higher

The composite index of the market rose 0.13 pct to end at 563.15 points, off the day's highs of 569.15 points. The Large Cap index edged up 0.12 pct and the Mid Cap index rose 0.13 pct lower. Turnover was a very low 18.830 million euros in volume of 58,051,973 shares.

Mytilineos (2.62 pct), OPAP (2.54 pct), Viohalco (2.50 pct) and OLP (1.89 pct) scored the biggest percentage gains among blue chip stocks, while Alpha Bank (2.61 pct), Eurobank (2.15 pct) and PPC (1.88 pct) suffered heavy losses.

Among market sectors, Raw Materials (2.63 pct) and Travel (2.35 pct) scored big gains, while Banks (1.44 pct) and Public Utilities (1.36 pct) suffered losses. National Bank and EuroBank were the most heavily traded securities of the day.

Broadly, advancers led decliners by 52 to 38 with another 31 issues unchanged. SIDMA (20.00 pct), ANEK (16.67 pct) and Hellenic Cables (15.69 pct) were top gainers, while Dionic (17.95 pct), Aioliki (10 pct) and Epilektos (9.59 pct) were top losers.

[25] ADEX closing report

Volume in futures contracts on equities totaled 16,126 contracts with investment interest focusing on Piraeus Bank's contracts (4,622), followed by Eurobank (4.473), National Bank (2.493), Alpha Bank (1.961), MIG (1.315), PPC (415), OTE (337), Mytilineos (148), OPAP (78), Ellaktor (31), Hellenic Petroleum (20), GEK (16), Viohalco (12), METKA (5) and Motor Oil (3).

General News

[26] Thessaloniki Biennale of Contemporary Art wins second prize in international conference

The 9th international conference for Cultural Tourism in Europe took place in Guimaraes, Portugal on 23 - 24 September 2016, on the theme 'Intangible Heritage: Incomparable Asset for Sustainable and Responsible Tourism Development' .

The first prize was awarded to Vidzeme , in Latvia, and the third prize to Catalonia, in Spain.

"We presented the Thessaloniki Biennale as a model of good practice in the field of contemporary art and exchanged useful experiences and views on key effective management of cultural heritage," deputy regional governor on Tourism and Cultural Issues Alexandros Thanos said.

[27] Medecins du Monde urge removal of unaccompanied minors from Moria

The boy told a team of doctors that he had been sexually assaulted by others of his own age, in the area set aside for unaccompanied minors in Moria. The doctors informed camp authorities so that alternative accommodation outside the hotspot might be found. They also noted that the incident brings to the forefront the issue of extended detention of unaccompanied minors in Moria and the serious repercussions on their metal health.

It urged the transfer of minors to appropriate hospitality structures and the planning of polices and measures to ensure their optimal protection, such as institutions of foster care widely adopted in Europe.

[28] European Court of Human Rights condemns Greece for violating rights of conscientious objector

According to the court ruling, the country violated Article 9 (freedom of thought, conscience and religion) of the European Convention on Human Rights.

The ruling concerns the case of Papavasilakis v. Greece, in which the court found that Greek authorities had failed in their duty to ensure that the interviewing of conscientious objectors by the Special Board took place in conditions that guaranteed procedural efficiency and the equal representation required by domestic law.

Papavasilakis had been interviewed by a Board made up primarily of servicemen, two of the civilian members of the Board being absent but not replaced, the court said.

"The Defence minister's final decision, on the basis of a draft ministerial decision following the Board's proposal, did not afford the requisite safeguards of impartiality and independence," the ECHR said. "The scrutiny of the Supreme Administrative Court concerned only the lawfulness of the decision, not the merits, and was based on the assessments of the Special Board."

[29] Civil aviation workers to strike on Thursday; 70 flights cancelled

The strike will start at 10:00 and end at midnight on Friday. "The reason for the strike is the submission to parliament...of the draft bill on restructuring CAA, whose content not only we're not aware of, but no consultation has been held on it," the union said.

Aegean Airlines and Olympic Air who run joint route codes announced they are cancelling 70 inbound and outbound flights from Greek airports. The union is currently meeting with Infrastructure Minister Christos Spirtzis to try and reach a solution. The bill is expected to be tabled to parliament in the coming days.

[30] Bus drivers return to work in Thessaloniki after 12-day strike

"They found a way to pay us the July wage in our bank accounts and even if they still owe us August and September, we, in a gesture of good will, will take out the busses in the streets," the president of the union Dimitris Tsermenidis told Athens-Macedonian News Agency.

[31] Court rejects Tsochatzopoulos' second early release request

[32] Moderate quake jolts Rhodes

The tremor was felt throughout the island.

[33] Moderate quake jolts Messinia

Sports

[34] Greek athlete Hrysopiyi Devetzi loses Beijing and Osaka medals for doping

Ten months ago, the Greek athletics federation SEGAS confirmed that one of her samples from 2007 had tested positive and the newspaper "Ethnos" later reported that the 2008 sample in Beijing also tested positive, so she was retrospectively disqualified from both competitions.

The Beijing bronze medal will now go to Olga Rypakova from Kazakhstan, who had placed 4th with a jump of 15.11 metres.

Weather forecast

[35] Fair weather on Thursday

[36] The Wednesday edition of Athens' dailies at a glance

DIMOKRATIA: 100 pct of public utilities to be handed over to foreigners

ETHNOS: Put an end to individual contracts

ELEFTHEROS TYPOS: Threshold on auxiliary pensions' cuts

ESTIA: Constant tolerance to terrorism

EFIMERIDA TON SYNTAKTON: Boiling water

KATHIMERINI: Half of citizens pay the taxes for everyone

TA NEA: 6 public utilities in foreign hands for 99 years

IMERISSIA: Marinopoulos to set the roadmap

RIZOSPASTIS: Put an end to the sacrifices for the benefit of the few

NAFTEMPORIKI: Arrears to the state on the rise

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