Athens News Agency: News in English, 00-07-28

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

CONTENTS

[01] Foreign Exchange Rates-Monday

[02] Weather Forecast-Saturday

[03] Defence Minister - Contingent - Albania

[04] Greece - Armaments spending

[05] Greece-money supply-May figures

[06] Alpha Real Estate-results

[07] ASE-close

[08] Greece-bond auction

[09] Commercial Bank of Greece-1st half results

[10] Heatwave - receding

[11] ETBAbank-1st half results

[12] ASE-new chairman

[01] Foreign Exchange Rates-Monday

Following are indicative rates released by the central bank for the next working day.

Saturdays rates (buying)

Euro 334.602

U.S. dollar 360.711

German mark 171.079

[02] Weather Forecast-Saturday

High temperatures are expected to hold steady throughout the country on Saturday, remaining at about 40C.

[03] Defence Minister - Contingent - Albania

Greek Defence Minister Akis Tsohatzopoulos is expected to travel to Tirana, Albania on Monday to attend a departure ceremony in honour of a Hellenic Army contingent stationed in that country over the past two years.

The contingent, part of a one-time larger multinational presence, was sent to Albania in the aftermath of severe political and economic turmoil in that country following the collapse of several pyramid schemes.

According to reports, the 200 Greek troops will depart Albania on Aug 1, whereas some 90 military specialists will remain in order to continue various training missions.

[04] Greece - Armaments spending

The Greek government on Friday announced that a five-year (2001-2005) armaments procurement scheme for the countrys armed forces would cost close to four trillion drachmas.

Following a meeting of the high-ranking Government Council on Foreign Affairs and Defence (KYSEA), Defence Minister Akis Tsohatzopoulos said procurement contracts for a new main battle tank (MBT) for the Hellenic Army and a medium-range transport plane for the Hellenic Air Force will be concluded by the end of 2001.

[05] Greece-money supply-May figures

Credit expansion slowed moderately in May to a year-on-year increase of 14.9 percent from 16.0 percent in April, reflecting slower growth rates in consumer and mortgage loans, the Bank of Greece said on Friday.

The central bank said in a report that credit to the public sector fell to 13.6 percent in May from 15.0 pct in April while credit to the private sector eased to 17.6 pct from 18.1 pct over the same period.

Housing loan rates slowed to 25.7 pct in May from 25.4 pct in April, while consumer credit expansion was almost unchanged to 18.9 pct from 18.6 pct.

Money supply growth, however, accelerated in May with the M4N index rising to 9.1 percent from 8.2 percent in the previous month.

Money supply growth, measured by the M4N index, rose 8.9 percent in the second quarter of 2000, up from an official target for an annual increase of 5-7 percent.

Money circulation rose to 7.6 percent in May, private savings were stable at 10.5 percent, while repos rose slightly in the month.

[06] Alpha Real Estate-results

Alpha Real Estate on Friday announced a 67 percent jump in its 1st half turnover to 1.8 billion drachmas and a 16 percent rise in net profits to 766 million drachmas.

A company statement the rise in turnover reflected increased demand for real estate services.

[07] ASE-close

Equity prices continued rebounding on the Athens Stock Exchange on Friday but the general index was unable to surpass the 4,000-point resistance level.

Trading conditions improved by renewed buying interest in smaller capitalisation stocks, with a wave of late buying in blue chips pushing the market higher at the close.

The general index ended at 3,997,99 points, up 0.62 percent, off off the day's highs of 4,004 points. It ended the week 1.39 percent lower. Turnover was 74.4 billion drachmas.

The FTSE/ASE 20 index for blue chip and heavy traded stocks rose 0.48 percent to 2,231.79 points and the FTSE/ASE 40 index rising 0.95 percent to 562.93 points.

The parallel market index for smaller capitalisation stocks soared 3.72 percent to 749.83 points.

[08] Greece-bond auction

Greece's Public Debt Management Organisation will auction a 10-year bond issue in paperless form, worth 220 billion drachmas and paying an annual coupon of 6.0 percent, next Tuesday, August 1.

The issue is a re-opening of a May 19, 2010 bond. Settlement date was set Friday, August 4.

[09] Commercial Bank of Greece-1st half results

Commercial Bank of Greece on Friday reported a 33 percent rise in its 1st half net pre-tax profits to 49.1 billion drachmas from 36.9 billion the corresponding period last year.

Net interest income rose 13 percent from last year, while personnel expenses increased 6.4 percent in the January-June period.

Commercial Bank's spending rose 5.1 percent, loans increased 23 percent while deposits were 5.7 percent higher.

The bank's total assets increased by 15 percent to exceed 5.0 trillion drachmas.

The bank expects at least a 25 percent rise in profits for the current year.

Stournaras announced that C. Stamoulis would replace Christos Apostolopoulos as chairman of the board in Attica Bank, following the latter's resignation.

Stournaras said the bank aimed to expand its retail banking services, although it would remain a universal bank with presence in all banking markets.

He said that the signing of a strategic partnership with Credit Agricole of France offered Commercial Bank a series of competitive advantages in the fields of bankassurance, asset management and investment banking.

Stournaras said there were no plans for the bank's full privatisation since private investors already held 57 percent of the bank's equity capital and at the same time its partner, Credit Agricole, has an option to increase its equity stake in the bank.

[10] Heatwave - receding

A heatwave that scorched Greece over the past few days is expected to slowly recede over the weekend, although temperatures will remain at or near the 40C mark throughout most of mainland Greece until at least Monday.

[11] ETBAbank-1st half results

ETBAbank on Friday reported a 67 percent rise in its pre-tax profits for the first half of 2000 to 22.1 billion drachmas frm 13.2 billion the same period last year.

The bank attributed its improved results to higher interest revenues (4.2 billion drachmas), dividends (7.82 billion) and commissions (800 million drachmas). Securities transaction's revenues, however, fell by 3 billion drachmas.

ETBAbank's operation expenses rose by 6.0 percent while the bank's assets totalled 993 billion drachmas from 860 billion in 1999, an increase of 15 percent.

[12] ASE-new chairman

The Athens Stock Exchange's strategy is based on actions contributing to the market's dynamic course and its equation with other European markets, ASE's new chairman, Panagiotis Alexakis said on Friday.

Speaking to reporters after his appointment as head of the Greek stock market, Alexakis said: "We will continue towards the same direction (with our predecessor) with a vision of a strong and secure stock market."

He said that measures to be taken in the short-term included supporting a new stock market for rapidly growing companies, promoting Greek certificates, strengthening the market's marketing abroad and developing an electronic link between the stock market and foreign investors.

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