Athens News Agency: News in English, 03-08-06

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

CONTENTS

[01] Gov't to send development bill to parliament in September

[02] Mediterranean business conference in November

[03] Autohellas acquires Bulgarian auto firm

[04] Foreign Exchange Rates - Thursday

[05] Athens Bourse Close: Stocks drop in continuing correction

[06] Weather Forecast: Hot and sunny on Thursday

[01] Gov't to send development bill to parliament in September

The government is to send its new development bill to parliament in September, officials said on Wednesday.

The government has distributed the bill to trade groups for feedback before the final draft goes to parliament.

In an introduction to the bill, the finance ministry said that following a favourable performance by the economy in recent years, a policy of raising grants was unwarranted.

More grants would also run contrary to tax reductions already implemented, a policy of implementing fiscal discipline, and pledges made to the European Union of gradually reducing state subsidies.

The bill aims to provide a stable tax regime for the next decade, boost employment through raising subsidies for job creation, increase regional growth, and spur competitiveness.

The bill will simplify procedures for vetting investments, and improve incentives for large investments and for investments by companies operating abroad.

[02] Mediterranean business conference in November

A Mediterranean business conference will be held in the port city of Piraeus on November 28 to December 4 with delegates from European and Arab countries in the region.

Arranging the Euro-Mediterranean Business Meeting are the Greek ministries of foreign affairs, transport and communications, development, agriculture and merchant marine, working with the Foundation for Mediterranean Cooperation.

[03] Autohellas acquires Bulgarian auto firm

Athens-quoted Autohellas SA said on Wednesday that it had acquired Bemal Auto Ltd, owner of a Hertz franchise in Bulgaria, for one million euros.

Bemal owns Autotechnica Ltd, which holds the national franchise to Hertz in Bulgaria, also importing Seat and Audi automobiles to the Balkan country, Autohellas said in a statement.

[04] Foreign Exchange Rates - Thursday

Reference buying rates per euro released by the European Central Bank

U.S. dollar 1.148

Pound sterling 0.710

Danish kroner 7.494

Swedish kroner 9.273

Japanese yen 138.0

Swiss franc 1.546

Norwegian kroner 8.247

Cyprus pound 0.591

Canadian dollar 1.607

Australian dollar 1.771

[05] Athens Bourse Close: Stocks drop in continuing correction

The Athens bourse finished lower on Wednesday in a second straight correction to successive rises, with the market maintaining support at 2,150 points, traders said.

The general share index shed 1.26 percent to end at 2,154.58 points. Turnover was 204.6 million euros.

The FTSE/ASE-20 index for blue chip and heavily traded stocks ended 0.95 percent down; the FTSE/ASE-40 for medium capitalisation paper 1.71 percent lower; and the FTSE/ASE-80 for small cap equities finished with losses of 1.14 percent.

Of stocks traded, declines led advances at 249 to 82 with 39 issues remaining unchanged.

[06] Weather Forecast: Hot and sunny on Thursday

Hot, sunny weather is forecast all parts of the country, although isolated storms may break out on high ground in Macedonia and Thrace from early evening. Winds northerly, light to strong, turning gale force in parts of the Aegean. On the mainland, temperatures will range from 18C to 35C; and in the islands from 22C to 33C. Temperatures in Athens between 25C and 34C; and in Thessaloniki from 23C to 33C.

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