Athens Macedonian News Agency: News in English, 16-10-03

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

CONTENTS

[01] New system to replace outdated civil service transfer rules, Vernardakis tells ANA

[02] Greek-listed profitable companies surpassed loss-making in H1

[03] Stavros Niarchos Cultural Center's handover to State expected in February 2017

[04] COSCO's new Piraeus port cruise terminal inaugurated

[01] New system to replace outdated civil service transfer rules, Vernardakis tells ANA

Once passed, the new legislation will set up a modern, flexible system that covered the needs of public administration and would combine with changes in the organisation plan of state agencies that was now underway, he said.

"We have an antiquated system of transfers and secondments that is very bureaucratic and time-consuming and serves clientelist relations more than real needs," Vernardakis told the ANA. With the new law going into effect from January 1, 2017 any secondments would be made in response to urgent and emergency needs for a specific period of time, while transfers would be carried out on the basis of vacant positions in the civil service organisational charts and the employees' own expression of preference.

"The entire process will be carried out via an electronic platform, where public agencies will post their needs for specific positions. Subsequently, each individual employee will put his or herself forward for the position, based on his or her qualifications," he explained.

The minister said that the entire process was expected to take between four and six weeks, with the transfer of the permanent position to the new agency and automatic adjustment of any wage difference arising from the move.

"There will be a more efficient and better management of the needs of services with the individual choices of each employee," Vernardakis said.

The employee desiring a transfer will not need the prior permission of the agency where they already serve, provided that at least 50 pct of permanent positions in the employee's sector are covered, he added.

He noted that there would also be a "standardisation" of job descriptions in the public sector that would abolish many sectors where the work was essentially the same but given a different name.

[02] Greek-listed profitable companies surpassed loss-making in H1

In an analysis of half-year financial reports, Beta Securities said that the rate between profitable and loss-making turned from 40/60 to 54/46 and attributed this development to the fact that companies managed to balance demand with operating costs, improving operating margins. They have learned to live without the contribution of bank liquidity and taken advantage of the closure of small – or weak - companies during the prolonged crisis, gaining healthy market shares, the report said.

The report stressed that first half results were affected by provisions taken on Marinopoulos' bad debt (35 million euros), while an extraordinary spending in PPC (48.3 million) was another negative factor which lowered the end result. Also, OPAP's gross earnings were taxed on a different basis, depriving 25 million from operating earnings.

A 5.4 pct decline in turnover was attributed exclusively to the refinery industry (-21 pct) because of a decline in international oil prices. Excluding the oil sector, turnover eased 0.1 pct helped by a +19 pct increase in constructions and a +9.0 pct rise in the retail commerce sector.

Operating profits grew 4.8 pct with operating margins rising to 13.26 pct from 11.97 pct last year, the highest figure recorded since the first half of 2009.

A 3.03 billion loss from the sale of Finansbank in National Bank's balance sheet affected total results. Excluding National Bank, listed companies recorded a net profit of 992.5 million euros, of which 873 million were commercial and industrial companies. The addition of Jumbo, based on estimated results, will push this figure above 1.0 billion euros, the highest recorded since 2009.

Net profit margin rose to 2.88 pct from 1.62 pct last year.

The leaders in this year's half-year results were FF Group, Motor Oil, Coca Cola HBC, GEK Terna and Hellenic Petroleum, while satisfactory results were announced by OTE, Intralot, OPAP and Karelias.

Among medium-sized companies, Sarantis, Crete Plastics, Thrace Plastics, Quest, Kleeman, Avax, Minoan Lines and Athens Water led the list of most profitable companies, while in small categories, MLS, Elton, Kanakis, Karatzis, Flexopack, Kyriakidis, Autohellas and Petropoulos scored big gains, followed by Kloukinas-Lappas, Korres, Nakas and FG Europe.

On the other hand, Aegean Airlines were the negative surprise of the six-month period, followed by PPC, MIG and Ellaktor. Frigoglass, Pireaus Port, Thessaloniki Port and Plaisio Computers also announced lower results

[03] Stavros Niarchos Cultural Center's handover to State expected in February 2017

The consortium responsible for building the venue is currently restoring outstanding constructing issues. After construction is complete, the company will invite the state to certify the completion of the project and in December, a committee will be set to receive the company's shares in order to conclude the transfer.

Once the project has been delivered, the National Library and Opera will be relocated in the new venue, a move that must be completed by March 2017.

[04] COSCO's new Piraeus port cruise terminal inaugurated

The 280-metre terminal is the first project to go into operation after the launch of strategic cooperation between Cosco Shipping and PPA, increasing the number of cruise ships that can dock at Piraeus at any given time.

Welcoming the opening of the new terminal, Kountoura said it had "exceptional significance for Greek tourism" and was an investment with high added value and financial returns, which would help Piraeus establish itself as a key cruise ship and homeporting base for the Mediterranean and Europe. She also referred to plans for a southern extension to the port that will allow large cruise ships greater than 300 metres to dock at Piraeus.

She hailed COSCO Shipping's decision to invest in Greece as a strategic partner "at this time of new opportunities and new potential" for the Greek economy, adding that Greece was an especially attractive and highly competitive European and global destination in the Mediterranean."

China COSCO Shipping Corporation Limited Chairman and Party Secretary Xu Lirong welcomed the inauguration of the new terminal and noted the close links between shipping and tourism, which he said were both extremely important industries in Greece.

He said that the cruise market was growing rapidly in the Far East and especially in China, with huge demand among the Chinese for tourism abroad, and a new "fashion" for both cruises and Greek holidays. COSCO Shipping's chairman also referred to the geographical advantages of Piraeus and noted that it had become a "mandatory stop for Mediterranean cruises."

He promised that COSCO Shipping, with the support of the Greek government and the other bodies involved, will speed up work to construct deeper anchorage, so even the largest cruise ships in the world can dock in Piraeus.

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