Piraeus Port Authority

Cosco's plans for the transformation of three Piraeus Port Authority (OLP) buildings into hotels were conditionally approved by the Culture Ministry on Thursday.

The benchmark of the Greek bourse ended Monday's session close to last Friday's eight-month high as traders' efforts to cash in recent gains met the resistance of certain blue chips that refused to yield ground. This resulted in a mixed picture on the board, with gainers outnumbering losers at the end of trade.

After a lengthy meeting that went on until midnight on Tuesday, the Central Archaeological Council (KAS) has decided to obstruct the Cosco-owned Piraeus Port Authority's (OLP) 600-million-euro master plan by characterizing a large part of Piraeus as an area of archaeological interest that must be protected.

Environment and Energy Minister Giorgos Stathakis sought to dispel fears over possible setbacks in the investment plan of Chinese giant Cosco in Piraeus on Wednesday, after Greece's top advisory body on the protection of antiquities voted to declare part of the area in question to be of archaeological interest.

Cosco's 580-million-euro investment program for Piraeus Port Authority (OLP) has suffered a serious blow after the members of Greece's powerful Central Archaeological Council (KAS) voted to declare part of the area in question to be of archaeological interest.

After rising in early trade, Greek stocks headed lower on Monday - although not below the psychologically significant 700-point level - as investors banked profits following a series of northbound sessions. The market is also seen to be saving its liquidity for Greece's 10-year bond issue, as well as Aegean Air's corporate bond.

The state mechanism is again blocking several key foreign investments, which according to independent observers such as the Foundation for Economic and Industrial Research (IOBE) add up to more than 10 billion euros over the medium term.

The state mechanism is again blocking several key foreign investments, which according to independent observers such as the Foundation for Economic and Industrial Research (IOBE) add up to more than 10 billion euros over the medium term.

Cosco's 580-million-euro investment program for Piraeus Port Authority (OLP) looks set to reach an impasse, if expectations that the OLP master plan will be rejected by the state following Tuesday's discussion at the Port Planning and Development Commission prove correct.

Sources in Piraeus say it will be hard for the Piraeus Port Authority's (OLP) masterplan to win approval during the current pre-election period.