NEWS IN DETAIL

Athens bourse sees six-year high in stock prices

Stocks have been gearing up for the assault on the 1,300 point barrier since the beginning of the year, with profits increasing by 40 per cent. The general price index last broke through the 1,300 point barrier in April, 1991.

The bullish sentiment is primarily due to the significant fall in inflation rates, which is expected to continue this month, the subsequent fall in interest rates and the government's intention to speed up privatisation of state-run firms.

Investment interest at today's session was centred on bank stocks, which saw an increase of 3.44 percent.

Turnover was also impressively high, totalling 23 billion drachmas.

Jan-Oct 1996 current accounts deficits rises

The bank said the increase was due to a 952.4 million dollar widening of the trade deficit coupled with a 302.8 million dollar reduction in the invisibles surplus.

In October 1986, the current accounts deficit reached 646 million dollars, compared to 627 million dollars in the same month of 1995.

Greeks place 646 billion drachmas with Lady Luck

Casinos earned the lion's share with a turnover of 241.6 billion drachmas (89 million dollars), marking a massive 273.1 per cent increase over the 1995 figure of 64.7 billion drachmas (240 million dollars).

Of the 241.6 billion drachmas, privately-owned casinos, many of which opened only recently, raked in 230.3 billion drachmas, against 51.9 billion drachmas in 1995. State controlled casinos earned 11.3 billion drachmas, compared to 12.8 billion drachmas in 1995.

According to the NSS, lottery tickets and instant lottery scratch cards accounted for 178 billion drachmas of the total in 1996, down on the 1995 figure of 190.3 billion drachmas.

Punters gambled 168 billion dollars on the football pools, compared to 186.5 billion drachmas in 1995, while horseracing bets accounted for 56.4 billion drachmas, against 52 billion drachmas in 1995.

ELBO to examine manufacturing a Greek car

Within 1997, ELVO is to examine possibilities for producing a vehicle for the commercial market, within the framework of the EU's KONVER II programme aimed at helping defence industries convert part or all of their production from defence to the open market. The programme's budget stands at 840 million drachmas over three years. ELVO says that within 1997, 410 million dr. should be absorbed.

Bulgaria the culprit in pirate CDs, Greek union charges

The accusation was levelled by representatives of the ''Union of Greek Sound Recording Producers (EEPH)'' following the seizure of 20,000 pirated compact discs (CDs) by Serres customs officers on Tuesday.

The Bulgarian driver of the truck in which they were discrovered has been arrested.

The CDs were anthologies of popular hits by Greek singers as well as recordings by individual artists.

EEPH president George Karatzas said it was the third time that customs officers had seized pirated sound recording products originating from Bulgaria but the first time such a large quantity was involved.

Karatzas claimed that at least five illegal CD production units were operating in the neighbouring country.

Last year, the Association for the Prosecution of Piracy sued 235 companies and confiscated 15,000 CDs and 700,000 audio cassettes throughout Greece.

According to Karatzas, pirated products in the same year resulted in a loss of 10 billion drachmas for parties holding intellectual property and other rights, and of course the State.

European Commissioner satisfied with absorption rates in Crete

Wulf-Mathies, who began an official visit to Greece on Tuesday, was speaking in Chania, first stop on a tour of Crete. She was briefed on the progress of works during talks at the prefecture building.

After visiting the old part of the city and a women's cooperative organisation, Wulf-Mathies left for Heraklion.

Papantoniou: stability, consistency characterise Greek economy

Speaking at an event marking the presentation of the European Commission's first report on Economic and Social Cohesion, Mr. Papantoniou underlined that cohesion policies should contribute to the development of the less developed EU countries.

The report was presented by European Commissioner for Regional Policy and the Cohesion Fund, Monika Wulf-Mathies, who began an official visit to Greece on Tuesday.

"This report clearly shows that the EU's structural policies are indeed effective in bridging the gap between the rich and poor member-states," Ms Wulf-Mathies said.

The commissioner said that the four less developed EU countries - Greece, Spain, Portugal and Ireland - had managed to increase their per capita income by 65-75 per cent in relation to the Community average, resulting in a closing of the gap separating them from the wealthier member-states by one-fifth since the 1980s.

On employment, Ms Wulf-Mathies said that although seven million new jobs had been created in the EU in the last decade, including one million in less developed countries, "unemployment remains the Community's most serious problem, which is why in addition to national measures a coordinated approach at EU level is also needed."

Iranian official holds talks with Tsohatzopoulos

Mr. Tsohatzopoulos further informed the high-ranking Iranian official of what he called the destabilisation factors in the region, citing "Turkish aggressiveness" and the the fact that a solution to the Cyprus issue has yet to be found.

He added that the promotion of peace should depend on conditions of international law, international conventions and agreements.

The meeting also focused on ways to broaden cooperation between the two countries beyond the energy sector.

Mr. Habibi stressed that Iran considered Greece to be an important friend and a "bridge of communication" between his country and Europe.

Greek, Hungarian defence counterparts discuss NATO enlargement

The two officials also discussed NATO enlargement after which Mr. Apostolakis said the positions of the two countries were identical. " Replying to questions on a proposal by NATO Secretary General Javier Solana for the establishment of a "hot line" link between NATO headquarters in Brussels, Athens and Ankara, for the avoidance of incident, Mr. Apostolakis said:

"Greece is willing to cooperate in anything which results in a defusion of tension in the region."

He added, however, that the setting up of such a link entailed certain prerequisites, the most important of which was for Ankara to cease its aggressive policy.

On Greece's stated intention to expand its territorial waters from six to 12 nautical miles as a response to any fresh Turkish provocation, Mr. Apostolakis said it was a "major political decision." Speaking to reporters, Mr. Yarmadi said Hungary understood Russian reservations about NATO enlargement eastwards "without this meaning that we adopt them."

The best solution, Mr. Yarmadi said, is cooperation between Russia and NATO so that Moscow will be able to lift its reservations."

Primary teachers suspend strike

The decision to end the primary school strike was reached during a meeting of teachers' local associations, who put the issue to vote. A total of 214 teachers voted in favour of ending the strike, 147 voted against and 29 cast blank votes. At the same time, teachers last night held a rally outside Parliament, which met to discuss the unrest in the educational sector.

Inside Parliament and during the debate, Prime Minister Costas Simitis said "the government has shown, is showing and will show particular sensitivity on salary-related problems faced by teachers, but within the framework of a fiscal policy.

OA denies reports of failed restructuring programme

The airline's administration used that excerpt yesterday in reply to press reports claiming that "the restructuring programme of Olympic is being delayed or has failed" or that "the EU is reacting to the closure of the company's file."

OA's administration expressed displeasure over these reports and, replying to press questions, stressed that both the state-run company's passenger turnover and profits are following a steady upward trend.

Specifically, in 1996 (January to December compared to the corresponding period in 1995) the total number of passengers travelling on both domestic and overseas flights increased by 7 per cent.

The company's budgeted revenues for 1996 increased by 13 per cent (domestic and overseas).

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(M.P.)

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