Athens News Agency: News in English, 01-02-05

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

CONTENTS

[01] Greece - India - PM visits

[02] Foreign Exchange Rates-Tuesday

[03] ASE chairman-rumours

[04] Skaramanga Shipyards-GMC Group

[05] Kekrops SA-ASE

[06] Greece-passenger shipping

[07] ASE-close

[08] Greece-govt spokesman-ASE

[09] Astir Hotel-2000 results

[01] Greece - India - PM visits

NEW DELHI (ANA) Greek Prime Minister Costas Simitis officially began his six-day tour of India on Monday, as he was greeted by his counterpart Atal Behari Vajpayee.

Earlier in the day, Simitis was awarded an honorary doctorate of law by the Nehru Universitys Law School.

During an address, the Greek PM referred to the charter of fundamental human rights as set out by the European Union, saying it comprises a decisive step in the blocs development and opens the way for political union.

[02] Foreign Exchange Rates-Tuesday

Tuesday's buying rates

U.S. dollar 358.646

German mark 172.829

French franc 051.531

Pound sterling 529.238

Irish punt 429.202

Belgian franc 008.379

Luxembourg franc 008.379

Dutch guilder 153.389

Italian lira (100) 017.457

Austrian schilling 024.565

Danish kroner 045.284

Swedish kroner 037.825

Finnish mark 056.852

Spanish peseta 002.032

Portuguese escudo 001.686

Japanese yen (100) 310.733

Swiss franc 219.739

Norwegian kroner 041.202

Cyprus pound 583.296

Canadian dollar 239.610

Australian dollar 198.168

[03] ASE chairman-rumours

ASE' chairman Panagiotis Alexakis on Monday urged securities firms to help in an effort to combat "unfounded and fake rumours circulating in the market", saying that such talk have undermined the Greek bourse's normal function lately.

"All market participants, securities firms and dealers, have the obligation not only to stop such unfounded rumours from spreading but to dismiss them automatically," Alexakis said after a meeting with representatives from securities firms.

"Today, more than ever, all market and social agencies must contribute to the market's normal function for the benefit of investors," he said.

A survey by V-PRC, published at the daily newspaper "TA NEA" on Monday revealed that 72.3 percent of asked citizens said there were political responsibilities for the market's plunge and another 77.9 percent said they did not have confidence in the Greek bourse. Only 13.7 percent said they had confidence in the market.

[04] Skaramanga Shipyards-GMC Group

Skaramanga Shipyards on Monday announced a cooperation deal with GMC Group of Companies on the production of materials to be used for the construction of Hellenic Navy vessels.

The deal also envisages cooperation on the production of spares made from aluminium, copper and stainless steel to boost the organisation's productivity.

GMC has also signed a cooperation deal with Hellenic Steel.

The company reported orders totalling 4.0 billion drachmas in the last two months, accounting for 70 percent of last year's orders.

[05] Kekrops SA-ASE

Kekrops SA on Monday defended its share price recent sharp rebound on the Athens Stock Exchange, saying it was a healthy reaction following a decline to very low levels and an increase in the construction sector index in the market.

In a letter to the ASE, the company said it was rapidly implementing a project for the development of two residential sites at an upscale suburb in Athens, with sales totalling 1.6 billion drachmas in the fourth quarter of 2000.

Kekrops said it was considering its participation to various investment projects.

[06] Greece-passenger shipping

Greece's passenger shipping owners are seeking a meeting with Merchant Marine Minister Christos Papoutsis to discuss the abolition of cabotage and an increase in shipping fares.

The Passenger Shipping Owners' Union sent a memorandum to the country's Maritime Chamber on January 24, unveiling its members positions to proposals by Merchant Marine Minister on the abolition of cabotage by two years earlier than planned and lowering the age-limit of vessels from 35 to 30 years.

Papoutsis has declined to discuss the issue of lowering the age-limit of vessels, saying that the matter was closed following a decision by the government cabinet.

Passenger shipping owners also seek a 10 percent increase in shipping fares this year, double the rate approved by national economy ministry. Papoutsis has pledged to support a higher increase.

[07] ASE-close

Equity prices ended sharply lower on Monday hit by lack of interest and selling of blue chips by foreign institutional investors.

The general index fell 1.87 percent to end at 3,098.07 points, falling below the 3,100 support level for the first time in the last four sessions, while turnover fell to its second lowest level in the last two years at 74.73 million euros, or 25.5 billion drachmas.

The FTSE/ASE 20 index eased 1.64 percent to 1,810.02 points, and the FTSE/ASE 40 index dropped 2.87 percent to 319.10 points.

The parallel market index for smaller capitalisation stocks fell 3.26 percent to 241.26 points.

[08] Greece-govt spokesman-ASE

Investors in the Athens Stock Exchange must be calm, moderate and informed, government spokesman Telemahos Hytiris said on Monday.

Commenting on the findings of a survey published at the daily newspaper TA NEA on Monday, showing a lack of confidence in the Greek bourse, Hytiris told reporters that the survey was reflecting a decline in the general index and added that results would be different if the market was moving higher.

[09] Astir Hotel-2000 results

Astir Palace Vouliagmeni Hotel on Monday reported that its pre-tax profits totalled 1.7 billion drachmas last year from 1.1 billion in 1999, an increase of 40 percent.

The company said that its turnover rose 15 percent to 9.1 billion drachmas in 2000, from 8.0 billion the previous year.

Astir Palace said it plans to pay a 30 drachmas per share dividend to shareholders, or a dividend payout of 1.065 billion drachmas.

National Bank of Greece, owner of Astir Hotels, said that George Papageorgiou, a 43 years-old civil engineer, will replace G.Kimissis, as the company's chief executive from February 15.

His main job will be the implementation of a large investment programme, worth 14 billion drachmas.

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