By Nicolas Bornozis
Greek stocks realized a increase this week by 6.17 % closing at 2403.34 points, continuing the growth trends of the last two weeks. The FTSE/ASE 20 Index increased by 6.36% closing at 1244.32 while the FTSE/ASE 40 realized an increase of 6.13%, ending the week at 252.29 points. The FTSE/ASE small cap 80 Index increased this week by 5.79% closing on Friday at 631.91 points.
According to the National Statistics Service, Greek headline inflation rose 3.1% year-on-year in December 2003, the lowest level since last January. In December 2002, inflation had risen by 3.4%. The course of the euro and a decline in oil prices played their role. We recall that in September, inflation was steady at 3.3 % year-on-year. Greek harmonized consumer price inflation also stood at 3.1 % in December, one point above the average for the 12-nation euro zone. Month-on-month comparisons and average 12-month figures will be announced on January 26 2003, together with October and November inflation figures, the NSS added.
2004 proceeds from the 3rd EC support framework is expected to reach EUR 3.2 bn, increasing the total proceeds to EUR 9.5 bn since the beginning of the program in 2001. Those funds are expected to boost GDP.
The Ministry of Finance submitted to the parliament yesterday a draft law regarding IAS rules application. According to the rule, listed companies have the option to apply IAS as of 2004, and from 2005 IAS rule will be mandatory for all the listed companies.
The Ministry of Finance plans a EUR 1,25bn index-linked 22 year bond issue in February. The EUR 5bn bond 5 year bond issue is to be postponed for after the elections on the 7th of March.
The State is about to auction by the end of 2004 a total amount of EUR 6bn BOOT infrastructure projects that include the construction of totally 800 kilometer roads and highways.
According to provisional data from the Ministry of Finance, Greek ordinary budget revenues grew by 5.9% reaching an amount of EUR 41.36 bn in 2003.
BANK OF CYPRUS S.A.
The Bank of Cyprus Group informs the investing public that on Wednesday, 21 January 2004, 25.855.668 Bank of Cyprus shares will be introduced for trading simultaneously on the Cyprus Stock Exchange and the Athens Exchange. These 25.855.668 shares were the result of the exercise of Bank of Cyprus Ltd Centenary Warrants 1999/2003. After the aforementioned introduction, the total number of Bank of Cyprus shares will amount to 464.770.595.
PC SYSTEMS S.A.
PC SYSTEMS, in the frame of its dynamic participation in Education’s modernization, materialized recently the Supply Project of Wireless Internet to School Units of the Secondary Education Management of West Thessaloniki. The open competition took place within the framework of the Enterprise Program of the Society of Information on 11/03/2003 and the contract was signed between PC SYSTEMS and University of Macedonia. Specifically, the project was concerning the supply and installation of Network Equipment and Infrastructure for the wireless Internet connection of School Units of West Thessaloniki.
VODAFONE PANAFON S.A.
Vodafone Greece was first in Greece to undertake the implementation of a programme for dealing with the phenomenon of mobile phones theft. This initiative is now added to a series of actions taken by the company to provide the maximum possible consumer security. In particular, as of 1/1/2004 Vodafone Greece has proceeded to the establishment and launch of a data base (Equipment Identity Register EIR), containing the IMEI reference number of each stolen mobile phone. The EIR is connected to the network systems of Vodafone Greece, thus allowing the control of each mobile phone’s legitimacy when a call is made. If the mobile phone’s IMEI exists in the EIR data base, the network automatically triggers a mechanism, which forbids all calls from that handset.
MINOAN LINES S.A.
Minoan Lines announce that the sale of the vessel PROMETHEUS to a company of italian interests was concluded today, January 15 2004. The sale of the above mentioned vessel marks a further step in the Company’s strategy to reduce debt and strengthen liquidity. More specifically, the Company’s debt will be reduced by 50 million euros and together with the restructuring of the existing debt facilities leads to a significant reduced financial expenses and thus improves profitability enhancing the Company’s future positive outlook.