Athens News Agency: News in English, 00-12-05
HR-Net News Distribution Manager
[01] Greece-foreign exchange
[01] Greece-foreign exchange
05/12/2000 14:26:53
The drachma eased slightly against the US dollar in the domestic
foreign exchange market following a decline in the euro/dollar rate in
international markets on Tuesday.
The Greek currency fell to 386.300 drachmas per US dollar at the day's
fixing, from 383.580 on Monday.
The drachmas moved closer to its central parity against the euro
currency at 340.640 drachmas per euro.
-----------------------------------------------------------------------------
This mailing list is hosted on SAE (Symboylio Apodimoy
Ellhnismou). Visit our www server: http://www.sae.gr
To subscribe/unsubscribe please send mail to li...@sae.gr
issuing "subscribe/unsubscribe news" in the message body.
This list is also posted in Usenet newsgroup sae.lists.news
More information on http://lists.sae.gr
HR-Net News Distribution Manager
[01] Greece-economy-conference (2)
[02] Vernicos Yachts-results
[03] Diekat-merger deal
[04] Greece-economy-survey
[05] ASE-close
[01] Greece-economy-conference (2)
05/12/2000 17:00:46
National Bank of Greece's governor, Theodore Karatzas, on Tuesday
predicted satisfactory growth in next year's profits due to a continued
expansion in the retail banking and mortgage sectors.
Addressing a conference on the Greek economy in Athens, organised by
the Hellenic-American Chamber, Karatzas said National Bank was a leader
in Greece and in the Balkan region, with 611 domestic branches and 330
branches in Albania, Bulgaria, Romania and FYROM, respectively.
"National Bank's strength, however, needs further enchancing to reach
the levels of its European competitors," Karatzas said.
Commenting on a decision by National Economy and Finance Minister
Yiannos Papantoniou, on Monday, for commercial banks to elect their
boards through their general shareholders' meeting, he said it was a
positive measure.
"For a country like Greece it is, in one sense, a blessing that
participating in EMU means losing a national foreign exchange and
monetary policy," Karatzas said.
"Both policies were used in the past to cover up the economy's low
productivity and delaying its painful but necessary adjustment," he
noted.
[02] Vernicos Yachts-results
05/12/2000 16:50:06
Vernicos Yachts Maritime & Holdings on Tuesday reported a 79 percent
increase in its nine-month sales' revenues to 1.6 billion drachmas from
903 million the same period last year.
Net profits jumped 65.5 percent to 711 million drachmas over the same
period.
Parent net profit rose 20.5 percent to 575 million drachmas, from 477
million in the January-September period in 1999.
Charter revenues totalled 743 million, a spectacular 114 percent jump
from last year.
[03] Diekat-merger deal
05/12/2000 16:39:07
Diekat shareholders on Tuesday approved a merger with Roadinsurance
ABETE, a company based in Norther Greece, in a move aimed to contribute
in its expansion in the region.
Under the terms of the deal, Diekat will absorb Roadinsurance through a
share capital increase plan, worth 97.2 million drachmas.
Diekat is rapidly expanding in the Balkan region with focus in the
Romanian market. The company plans to list its subsidiary Diekat
Construct's shares in the Bucarest Stock Exchange.
Diekat Construct is expected to report a turnover of 4.0 billion
drachmas and pre-tax profits of 300 million drachmas this year.
Diekat's consolidated turnover is expected to reach 22 billion drachmas
this year, slightly lower than initial forecasts, due to delays in its
investment in Albania.
Consolidated profits are expected to total 2.2 billion drachmas in
2000.
[04] Greece-economy-survey
05/12/2000 16:13:21
A vast majority of Greek businesses use the latest information
technology and communication systems in managing their businesses, a
survey by the Federation of Greek Industries (SEB) showed on Tuesday.
Presenting the survey, in the second day of a conference on the Greek
economy in Athens, SEB's chairman Eleftherios Antonakopoulos said that
86 percent of surveyed Greek companies said they used new IT and
communication technologies, while more than 70 percent used new
technology to increase productivity.
A 83 percent of businesses were educating their staff in new
technologies and another 64 percent have implemented restructuring
plans to achieve speedier decision making.
Michael Cleverley, charge d' affair in the US embassy in Greece,
addressing the conference said that healthy competition and good
economic relations between the US and Europe would benefit the world
economy.
He said that trade relations between Greece and the United States were
also vital. "Bilateral trade has increased in 2000, a trend likely to
accelerate following National Economy and Finance Minister Yiannos
Papantoniou's economic measures, announced on Monday," Cleverley said.
[05] ASE-close
05/12/2000 15:32:42
A wave of profit taking pushed equity prices lower on the Athens Stock
Exchange on Tuesday, reversing a four day rally which pushed the
general index 10.20 percent higher.
Traders said market sentiment remained fragile because of worries over
the course of inflation and the outlook of international bourses.
The general index ended at 3,531.07 points, off 0.29 percent, with
turnover a moderate 88.63 billion drachmas.
The FTSE/ASE 20 index for blue chip and heavy traded stocks fell 0.06
percent to 2,009.28 points, and the FTSE/ASE 40 index dropped 2.32
percent to 428.59 points.
The parallel market index for smaller capitalisation stocks ended 3.42
percent lower at 367.27 points.