Athens News Agency: News in English, 01-11-02

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

CONTENTS

[01] Athens hoteliers fear drop in business on terrorism fears

[02] Cem: 'Cyprus issue isn't going well for Turkey'

[03] Foreign Exchange Rates - Monday

[04] Greek directors society condemns actions against Iranian colleague

[05] Weather Forecast: Heavy rain, storms on Saturday

[06] Greek stocks end lower on profit taking

[01] Athens hoteliers fear drop in business on terrorism fears

Overnight stays in Athens hotels are expected to decline by about 50 percent this winter in the wake of terrorist attacks in the US on September 11, a trade group said on Friday.

"The greatest repercussions are likely to be felt by the tourism industry in the major cities, especially Athens, which depends to a large degree on conference tourism," said the president of the Panhellenic Federation of Hoteliers, Vassilis Minaidis.

Speaking on the sidelines of a sector trade fair in Thessaloniki, Minaidis said that a reduction was also expected in air traffic, with more than 80 percent of tourists to Greece arriving by air.

"Inevitably due to be passed down to consumers are losses the airlines will incur in this period, a sharp rise in insurance premiums, and new investments needed for improvement in the security of flights," he said.

Likely to be worst hit were cruiseships, small luxury units in well-known destinations including Mykonos and Santorini, jewellers, car rental firms, tour operators and smaller travel agents.

Minaidis called on the state to devise measures that will aid the survival of travel and affiliated companies along with the maintenance of growth in the tourism sector.

[02] Cem: 'Cyprus issue isn't going well for Turkey'

ISTANBUL (ANA) -- Turkish Foreign Minister Ismail Cem warned on Friday that "Turkey may be obliged to take final decisions" if Cyprus accedes to the European Union.

In referring to Cyprus' prospects of joining the 15-nation bloc, the Turkish FM noted that as far as he's concerned, "the Cyprus issue isn't going well for Turkey." He also said Turkey's interests are being "ignored" amid the island republic's EU accession course.

Cyprus is among the lead candidate-states for entry into the Union in the latter's upcoming expansion.

As far as the "final decisions" quote is concerned, Cem followed it up by saying that the "price to be paid will be very high".

He made the statements during a presentation of his ministry's budget before a relevant committee of Turkey's national assembly.

"Either we'll say, 'OK, that's it', and no one wants us to say something like that, or, we'll be forced to say, 'we don't recognise this decision'," Cem stressed.

However, the Turkish FM declined to mention what Turkey's possible reactions might be in case of Cyprus' EU accession.

[03] Foreign Exchange Rates - Monday

Indicative tourist buying rates until Monday

U.S. dollar 373.261

German mark 172.829

French franc 051.531

Pound sterling 546.695

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 045.382

Swedish kroner 035.456

Finnish mark 056.852

Spanish peseta 002.032

Portuguese escudo 001.686

Japanese yen (100) 307.148

Swiss franc 229.306

Norwegian kroner 042.417

Cyprus pound 588.535

Canadian dollar 233.694

Australian dollar 189.225

[04] Greek directors society condemns actions against Iranian colleague

The Greek Society of Directors on Friday condemned, what it called the persecutions against Iranian Director Tahmine Milani, a relevant press release said.

?It is unthinkable that in 2001 people are in danger of being condemned to death for exercising the art of cinema,? the press release said, adding that ?a necessary precondition for art to blossom is the freedom of the creator and the absence of every kind of censorship of his artistic work?.

[05] Weather Forecast: Heavy rain, storms on Saturday

Heavy rain and storms are forecast throughout the country on Saturday, with snow on high ground in the mainland and on low ground in the north. Winds variable, strong to gale force, including in the Aegean. In the north, temperatures will range from 3C to 9C; on the rest of the mainland from 5C to 15C; and in the islands from 13C to 17C. Rain and storms in Athens with a little snow on Mount Parnes in the evening. Temperatures between 12C and 15C. Same in Thessaloniki, with temperatures from 7C to 9C.

[06] Greek stocks end lower on profit taking

Equity prices ended the last trading session of the week moderately lower as investors preferred to take early profits ahead of the weekend and after a two-day rally sparked by news of a merger deal between National Bank and Alpha Bank.

The general index rose 1.30 percent early in the session, to end 0.92 percent lower at 2,531.15 points, reflecting losses in blue chip stocks.

Turnover was a moderate 58.75 billion drachmas or 172.4 million euros.

The Banks and Insurance sectors suffered the heaviest losses (2.10 percent and 1.79%, respectively), with National Bank and Alpha Bank losing 3.27 percent and 4.15 percent, respectively.

The IT and Construction sector ended 1.97 percent and 1.81 percent higher.

The FTSE/ASE 20 index for blue chip and heavy traded stocks ended 1.41 percent lower, the FTSE/ASE MID 40 index rose 0.02 percent and the FTSE/ASE SmallCap 80 index rose 0.47 percent.

Broadly, advancers led decliners by 158 to 156 with another 50 issues unchanged.

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