Athens News Agency: News in English (AM), 99-08-06

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

NEWS IN ENGLISH

ATHENS, GREECE, 06/08/1999 (ANA)

MAIN HEADLINES

• Kranidiotis talks with Arafat focus on Mideast peace process
• Contract signed for procurement of T-6A trainers
• Vessel carrying British heir spotted off Zakynthos
• Kavala the focus of architecture students
• UNESCO lists Mycenae, Tyrins and Patmos
• Solar eclipse warning
• Foreign scholars begin summer language, programme in Thessaloniki
• Advertising in the Daily Bulletin
• Consumer price inflation steady at 2.1 pct
• Budget for 2000 to parl't in October
• Alpha Credit Bank ranks top in Moody's Greek ratings
• Stocks end flat after early rise
• Bonds flat in dull trade
• Weather
• Foreign exchange

NEWS IN DETAIL

Alternate Foreign Minister Yiannos Kranidiotis promised Palestinian leader Yasser Arafat to raise the delay in the Middle East peace process with the European Union, following talks here on Wednesday.

Mr. Kranidiotis arrived in Jerusalem on Tuesday for an official two-day visit to Israel, the first by a Greek government official since Labour leader Ehud Barak formed a new government.

In talks with Mr. Arafat, which coincided with the Palestinian leader's 70th birthday, Mr. Arafat complained to Mr. Kranidiotis over what he called Mr. Barak's "delaying tactics" regarding implementation of the Wye River agreements.

Mr. Kranidiotis promised to take the issue up with the EU and present the Palestinian side's views during the Sept. 1 meeting of the 15-nation bloc's political committee as well as at the Council of Ministers meeting on Sept. 14-15.

Mr. Arafat also requested an increase in the material and technical support Athens provides to the Palestinian Authority.

Mr. Kranidiotis also met yesterday with Israeli former prime minister and current minister for regional cooperation Shimon Peres, who said he would attend the next round of the Israeli-Palestinian "Athens Dialogue" in the Greek capital next month.

The two men further discussed bilateral relations and recent developments over the Cyprus issue, while Mr. Kranidiotis called for Mr. Peres' assistance in achieving a just and viable solution to the problem.

In earlier talks with the Israeli leadership, both sides agreed over the possibilities for improved and closer cooperation in the military sector, with the Israeli navy chief set to visit Athens this month to be followed by National Defence Minister Akis Ts ohatzopoulos' visit to Israel in September.

Contract signed for procurement of T-6A trainers

The government yesterday signed a contract with US-based defence contractor Raytheon for the procurement of 45 new T-6A training aircraft, another five training planes and one flight simulator.

Delivery of the aircraft will begin on the eighth month after the relevant contract comes into effect, with completion set by the 44th month.

According to reports, several Greek defence firms, such as the Hellenic Aerospace Industry (EAB) and the Hellenic Vehicle Industry (EVO), will collaborate for the production of the aircraft.

The total cost of the project totals approximately 72 billion drachmas.

Vessel carrying British heir spotted off Zakynthos

The luxury yacht carrying Britain's Prince Charles, his two sons and the Prince of Wales' long-time companion, was sighted off the Ionian island of Zakynthos early yesterday morning.

The heir to the British throne embarked on a Greek isle cruise late Wednesday night.

Charles, Princes William and Harry, along with Camilla Parker-Bowles are hosted aboard the "Alexander", owned by the London-based Latsis family.

According to reports, the vessel shied away from several photo-reporters attempting to trail it.

Kavala the focus of architecture students

Five hundred architecture students from various European universities will stay in Kavala until the weekend to study the northern Greek port city's "Old Town".

Apart from its amphitheatrical position, the Old Town, and Kavala in general, hve a large number of noteworthy buildings erected over the last 200 years.

During their stay in Kavala, the studentw will organise several events in public places, including workshops, discussion, lectures and even concerts.

UNESCO lists Mycenae, Tyrins and Patmos

UNESCO's World Cultural Heritage Committee, the pre-eminent international body for registering monuments, unanimously approved the listing of Mycenae and Tyrins under its Criterion 1 for "outstanding examples of human creative genius".

The northern Dodecanese island of Patmos, where St. John the Divine described the Apocalypse as recorded in the Book of Revelation - the last in the New Testament - was registered under Criterion 6 for "religious tradition and its influence on Orthodox Christianity."

Solar eclipse warning

The health and welfare ministry yesterday issued a press release warning of dangers related to viewing the solar eclipse on Wednesday.

Even a short exposure to the sun's rays during the eclipse could cause permanent damage to the eyes. Only special equipment should be used by observers. The solar eclipse will be visible in Greece between 12:40 p.m. and 5:35 p.m., while it will reach it s peak at 2:10 p.m. local time.

Foreign scholars begin summer language, programme in Thessaloniki

The Aemos (Balkan) Peninsula Studies Foundation summer language and culture programme has attracted 156 foreign scientists, college students and educators from 37 countries.

The Thessaloniki-based programme, in its 27th year, is scheduled to conclude on Aug. 29, following intensive training in modern Greek and seminars on current Balkan issues, literature and anthropology.

Scholars are divided into 12 levels, depending on their knowledge of Greek, and are taught by 11 instructors, while the rest of the subjects are taught by 11 University of Thessaloniki professors.

Advertising in the Daily Bulletin

The ANA will from now on welcomes professional half-page or full-page advertisments in its daily English and French Bulletin.

Advertisements will be accepted from embassies, banks, commercial and maritime companies, chambers of commerce, advertising companies, airlines, organisations, professional associations, educational and research institutions in Greece and abroad as well as international bodies.

Also, for a small fee, the above groups may channel their Press Releases (PRs), announcements or photographs - in Greek, English or French - to the ANA's more than 100 media subscribers throughout Greece and Cyprus via the recently introduced ANA on-lin e PR's service.

For details on and arrangements for the advertising and/or PRs on-line service, please contact the ANA Management and Sales Department, tel: 6400580 , fax: 6400024.

Consumer price inflation steady at 2.1 pct

Consumer price inflation remained unchanged at 2.1 percent year-on-year in July, the same as June, the National Statistics Service (NSS) announced yesterday.

The consumer price index slowed 1.9 percent month-on-month in July from June, NSS said in a statement.

In July, price declines were seen in foodstuffs and non-alcoholic beverages, apparel, footwear and consumer durables.

Increases were reported in accomodation, transport and hotels, the statement said.

Budget for 2000 to parl't in October

The government's budget for 2000 will be submitted to parliament in October, Deputy Finance Minister Nikos Christodoulakis said yesterday.

Mr. Christodoulakis was speaking to reporters after a meeting with National Economy and Finance Minister Yiannos Papantoniou and National Defence Minister Akis Tsohatzopoulos to discuss the defence budget for next year.

Under the constitution, the budget must be sent to parliament by November 30 each year.

Alpha Credit Bank ranks top in Moody's Greek ratings

Alpha Credit Bank, a blue chip on the Athens bourse, ranks top among domestic banks rated by Moody's Investors Service, the international ratings agency.

A table released by the bank shows that Alpha moved into top position after securing an A3 long-term credit rating from Moody's, in line with Greece's upgrade to A2 from Baa1 on July 20.

Also carrying an A3 rating is Ionian Bank, which was purchased by Alpha in a privatisation tender.

Ranking second are National Bank of Greece, Commercial Bank of Greece and Ergobank, all at Baa1.

Next is EFG Eurobank at Baa2, and Bank of Piraeus at Baa3. Also yesterday, Alpha's chairman, Yiannis Kostopoulos, told a news conference that the merger process with Ionian Bank was proceeding briskly.

The acquisition of Ionian had doubled Alpha's outlets, leading to the prospect of higher sales, a better quality product and lower costs, Mr. Kostopoulos said. Senior Ionian Bank executives were already being relocated within the Alpha Credit Bank Gr oup, and departments in the two banks were working closely together, he added.

Ionian's branch in London had been sold to Commercial Bank of Greece, Ionian's former state owner, due to Alpha's already strong presence in the UK capital, Mr. Kostopoulos said.

Alpha Credit Bank's market value on July 30 was 2.1 trillion drachmas against 1.1 trillion drachmas at the end of 1998.

Stocks end flat after early rise

Equities ended flat yesterday after an early 1.30 percent jump fuelled by an end to the Ergobank acquisition saga with the Latsis Group gaining a controlling stake in the blue chip target bank.

However, the market was unable to hold onto its gains, slumping for the rest of the session on profit-taking triggered by declines at the opening of markets in Europe.

The general index ended 0.04 percent higher at 4,404.27 points from 4, 402.42 points in the previous session.

Turnover was 189 billion drachmas from 190.264 billion drachmas a day earlier. Changing hands were 28,388,927 stocks.

Sector indices ended as follows: Banks (-0.42 pct), Leasing (-0.74 pct), Insurance (+2.90 pct), Investment (+0.27 pct), Construction (+3.66 pct), Industrials (+0.21 pct), Miscellaneous (+0.91 pct) and Holding (-1.43 pct).

The parallel market index for smaller capitalisation stocks ended 3.36 percent higher. The FTSE/ASE 20 index for heavily traded stocks and blue chips fell 0.18 percent to finish at 2,503.02 points.

Of 295 shares traded, advances outpaced declines at 170 to 121 with 5 issues unchanged.

National Bank of Greece ended at 21,600 drachmas, Alpha Credit Bank at 21, 500, Bank of Piraeus at 8,550, Ergobank at 30,500, Titan Cement (commom) at 30,300, Hellenic Petroleum at 2,760 and Intracom (common) at 21,600 drachmas.

Bonds flat in dull trade

Secondary market bond prices ended flat in light to moderate trade yesterday with turnover rising slightly.

Electronic trade was 31 billion drachmas from 26 billion drachmas in the previous session and 162 billion drachmas on Tuesday.

The benchmark 10 year bond was still trading below par at 97.00 to 97.40, showing a yield of around 6.67 percent, the same as in the previous session, from 6.74 percent on Tuesday.

The yield spread above German bunds ranged between 174 basis points and 182 basis points from 177 basis points a day earlier and 184 basis points on Tuesday.

At the central bank's daily fix, the euro crept up against the drachma.

It was set at 325.920 drachmas from 325.800 drachmas in the previous session.

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

The greenback was set at 301.940 drachmas from 302.780 drachmas a day earlier.

WEATHER

FOREIGN EXCHANGE

Friday's rates (buying)
U.S. dollar          299.524
Pound sterling       484.572
Japanese yen (100)   261.680
French franc          49.289
German mark          165.307
Italian lira (100)    16.697
Irish Punt           410.522
Belgian franc          8.015
Finnish mark          54.377
Dutch guilder        146.713
Danish kr.            43.466
Austrian sch.         23.497
Spanish peseta         1.943
Swedish kr.           36.817
Norwegian kr.         38.896
Swiss franc          202.224
Port. Escudo           1.613
Can. dollar          200.582
Aus. dollar          196.307
Cyprus pound         559.230
Euro                 324.942

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