Athens News Agency: News in English, 02-11-29

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

CONTENTS

[01] Central bank anxious about Greek inflation vs eurozone average

[02] Five bids submitted in Olympic Airways sale tender (ADDS 4)

[03] Foreign Exchange Rates - Monday

[04] Weather Forecast: Scattered cloud on Saturday

[05] Five bids submitted in Olympic Airways sale tender (ADDS 3)

[06] Athens Bourse Close: Stocks slip in edgy trade

[07] Five bids submitted in Olympic Airways sale tender (ADDS 2)

[08] Five bids submitted in Olympic Airways sale tender (ADDS)

[09] Five bids submitted in Olympic Airways sale tender

[01] Central bank anxious about Greek inflation vs eurozone average

The central bank on Friday expressed concern about domestic inflation remaining higher than the eurozone average, forecasting an average Greek rate of 3.6 percent against a government prediction of 3.3 percent for the year.

In an interim report on monetary policy submitted to parliament, the Bank of Greece said that tackling inflationary pressures more effectively should be a prime concern of the government.

Inflation had remained above 3.0 percent for the third consecutive year, showing for the last two years a growing upward divergence from that of the eurozone, the report said.

''Under these conditions, the behaviour of the social partners in wage negotiations will acquire especial significance, along with corporate pricing policy,'' the central bank warned.

The report set growth at a projected 3.4 percent for 2002, lower than a government forecast of 3.8 percent.

The government, employers and trade unions should bear in mind that their share of the responsibility had increased for improving competitiveness, which was a condition for maintaining and boosting current levels of employment.

The point should be borne in mind for 2003 wage deals that had yet to be forged, the central bank said.

The report cited quality indexes on competitivness that gave Greece a low ranking worldwide in 43rd place.

In addition, Greece lagged in almost all structural indexes monitored by the European Union's executive Commission.

A low level of investment from abroad was reflected in a relatively low probability index for foreign investment inflows compiled by UNCTAD, the Bank of Greece said.

The report also indicated that a certain amount of fiscal relaxation was discernible.

''Fiscal management is less rapid than it was in the period of economic convergence. As a result, reduction of the deficit in 2000-2002 totalled 0.8 percent of gross domestic product against 2.3 percent, which was the original estimate; and the same applies to the general government's primary surplus'' the report noted.

The Bank of Greece recommended strengthening fiscal discipline in order to tackle inflationary pressures; lower the general government debt more swiftly; widen leeway in fiscal management to meet external turmoil; and facilite financing for public spending on social insurance, which was expected to rise due an ageing population.

Finally, the central bank urged more action towards fiscal revitalisation, and faster moves in dealing with structural weaknesses in the economy, coupled with as much social consensus as possible.

''These weaknesses are reflected in a high public debt, in a high level of unemployment, and in a widening current account deficit,'' the Bank of Greece said.

[02] Five bids submitted in Olympic Airways sale tender (ADDS 4)

Five consortiums submitted bids for the acquisition of a majority stake in national carrier Olympic Airways on Friday as the deadline for offers closed.

Bidding were Olympic Investors, Wexford of the US, New Wings (Vardinoyiannis), Chrysler Aviation of the US, and Gold Aviation (Restis), tender consultants said.

An Australian consortium which had taken part in an earlier privatisation tender for OA through the IAS group requested an extension of the deadline by several days in order to bid.

Aegean Airlines submitted a non-binding expression of interest after the tender's mid-afternoon deadline.

The company said in a statement that the offer submitted by its main shareholders was accompanied by financial guarantees.

[03] Foreign Exchange Rates - Monday

Reference buying rates per euro released by the European Central Bank

U.S. dollar 1.000

Pound sterling 0.644

Danish kroner 7.485

Swedish kroner 9.117

Japanese yen 122.5

Swiss franc 1.487

Norwegian kroner 7.340

Cyprus pound 0.577

Canadian dollar 1.571

Australian dollar 1.789

[04] Weather Forecast: Scattered cloud on Saturday

Scattered cloud is forecast in all parts of the country, with rain in the west, turning to storms overnight. The morning will be misty in some areas. Winds variable, light to moderate. In the north, temperatures will range from 03C to 16C; in the west from 07C to 18C; and in the rest of the country from 09C to 20C. Temperatures in Athens between 09C and 19C; and in Thessaloniki from 05C to 16C.

[05] Five bids submitted in Olympic Airways sale tender (ADDS 3)

Five consortiums submitted binding bids for the acquisition of a majority stake in national carrier Olympic Airways on Friday as the deadline for offers closed.

Bidding were Olympic Investors, Wex Ford of the US, New Wings, Chrysler Aviation and Gold Aviation, tender consultants said.

An Australian consortium which had taken part in an earlier privatisation tender for OA through the IAS group requested an extension of the deadline by several days in order to bid.

Aegean Airlines submitted a non-binding expression of interest after the tender's mid-afternoon deadline.

The company said in a statement that the offer submitted by its main shareholders was accompanied by financial guarantees.

[06] Athens Bourse Close: Stocks slip in edgy trade

The Athens bourse finished slightly lower on Friday, with blue-chip National Bank of Greece coming under heavy pressure to shed 2.50 percent, traders said.

The general share index lost 0.40 percent to end at 1,872.83 points. Turnover was high at 453.2 million euros due to block trades totalling 329 million euros.

The FTSE/ASE-20 index for blue chip and heavily traded stocks ended 0.55 percent down; the FTSE/ASE-40 for medium capitalisation paper 0.95 percent lower; and the FTSE/ASE-80 for small cap equities was flat from the previous session.

Of stocks traded, declines led advances at 181 to 125 with 58 issues remaining unchanged.

The market gained 0.75 percent on the week.

[07] Five bids submitted in Olympic Airways sale tender (ADDS 2)

Five consortiums submitted binding bids for the acquisition of a majority stake in national carrier Olympic Airways on Friday as the deadline for offers closed.

Bidding were Olympic Investors, Wex Ford of the US, New Wings, Chrysler Aviation and Gold Aviation, tender consultants said.

An Australian consortium which had taken part in an earlier privatisation tender for OA through the IAS group requested an extension of the deadline by several days in order to bid.

According to sources, Aegean Airlines submitted a bid after the tender's mid-afternoon deadline.

[08] Five bids submitted in Olympic Airways sale tender (ADDS)

Five consortiums submitted bids for the acquisition of a majority stake in national carrier Olympic Airways on Friday as the deadline for offers closed.

Bidding were Olympic Investors, Wex Ford of the US, New Wings, Chrysler Aviation and Gold Aviation, tender consultants said.

An Australian consortium which had taken part in an earlier privatisation tender for OA through the IAS group requested an extension of the deadline by several days in order to bid.

[09] Five bids submitted in Olympic Airways sale tender

Five consortiums submitted bids for the acquisition of a majority stake in national carrier Olympic Airways on Friday as the deadline for offers closed.

Bidding were Olympic Investors, Wex Ford, New Wings, Chrysler Aviation and Gold Aviation, tender consultants said.

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