Growth in Greece’s manufacturing sector slowed sharply in November as new orders eased and output continued to expand modestly, a monthly survey of around 300 companies showed yesterday. The seasonally adjusted purchasing managers’ index (PMI) fell to 50.6 from 53.3 in October, data from NTC Research showed. The 50 mark separates contraction from growth. The PMI, which provides a snapshot of operating conditions in manufacturing, showed a weak improvement in business conditions. “The decline in November’s PMI reflects softness in most of the components. Overall, the above-50 headline reading signals that the manufacturing sector continues to expand, albeit at a moderate pace. The significant decline in the forward-looking new orders component could spell trouble for future production,” said Eurobank economist Platon Monokroussos. (Reuters)

Shares in Intralot, the world’s third-largest lottery systems operator, gained more than 4 percent yesterday, partly on speculation the firm might win sports and horse-race betting licenses in Italy. Intralot closed 4.56 percent higher at 25.2 euros. “Many investors anticipate good news about the ongoing tender in Italy,” said an analyst who declined to be named. It estimated the current turnover of the sports and horse-racing business in Italy at around 4.5 billion euros ($6 billion). Intralot also joined the Athens Stock Exchange’s blue-chip index yesterday. (Reuters)

The Turkish government is expected to raise a special consumption tax on cigarettes by 10 percent starting from 2007, economic officials told Reuters in Ankara yesterday. Turks pay a minimum 1.2 lira ($0.82) in tax for every pack of 20 cigarettes now. The government hopes the tax hike will help meet its 2007 budget revenue target. The Cabinet will decide on the increase. The cigarette sector in the fast-growing Turkish market has total sales of $8 billion. (Reuters)

Greece’s largest mobile-phone company Cosmote said yesterday it had raised its stake in Germanos to 88 percent as part of its plans to buy the remaining shares it does not already own in the retailer. Cosmote bought an additional 1.21 percent stake or 986.328 shares, at 19 euros each and has a direct and indirect stake of 88.08 percent, it said in a bourse filing. In a separate filing, Cosmote said it would lower its charges for calls terminating at its network from January 1, 2007. The charges will drop by an average of 11 percent, and is the second reduction in the last seven months, it said. (Reuters)

Greek construction activity, measured by the number of new building permits, dropped 18.1 percent year-on-year in September, the National Statistics Service (NSS) said yesterday. NSS said 6,171 new permits were issued nationwide in September, corresponding to 6.404 million cubic meters, a decline of 11 percent from the year earlier figure. (Reuters)