Greek consumer price inflation is seen rising in October to an annual pace of 1.1 percent, mainly due to higher energy prices compared to a year earlier, economists said yesterday. On a monthly basis, consumer prices are seen rising 0.4 percent, according to a median forecast of five analysts surveyed by Reuters, who cited seasonal factors such as higher heating oil prices. Greece’s headline CPI rate eased to a 0.7 percent annual pace a month earlier. It fell to a 41-year low of 0.5 percent in May and June. “Headline inflation on an annual basis is expected to accelerate in October on the back of rising energy prices and the seasonal impact of heating oil prices, which enter the index at a level higher than that of April 2009,” economist Nikos Magginas at National Bank said. The National Statistics Service will release October headline and EU-harmonized inflation data on Monday. (Reuters)

Tsakos Energy Navigation Ltd, a Greek owner of oil tankers, reported third-quarter profit fell 95 percent as transport rates declined with lower demand. Net income dropped to $2.11 million, or 6 cents a share, from $41 million, or $1.08, a year earlier, Athens-based Tsakos said yesterday in a statement. The average estimate of three analysts surveyed by Bloomberg was a loss of 2 cents. Sales fell 33 percent to $106.2 million from $158.8 million. The shipowner avoided some of the global decline in shipping rates by placing the majority of its fleet on charter contracts. The average one-voyage, or spot, rate to ship crude oil fell 70 percent in the third quarter from a year earlier, according to the Baltic Dirty Tanker Index. Ships coming off charter will need to compete for business in a weaker market. “It was a difficult quarter for them,” said Natasha Boyden, a New York-based analyst at Cantor Fitzgerald LP who has a “hold” rating on the shares. “They have an excellent fleet and it’s very diverse, but rates were terrible across the board.” (Bloomberg)

Greece’s new Socialist government advertised yesterday the top two positions in utility Public Power Corp and the country’s biggest refiner Hellenic Petroleum. The chairman and chief executive positions of both companies were advertised on government website www.opengov.gr. The government, which came to power after winning an October 4 election, has said it would openly advertise top management posts in companies in which the state has large holdings, to improve transparency. “Whoever wishes to contribute their knowledge and skills in the framework of the organizations listed below, are invited to submit their CVs,” the website said. (Reuters)

SABMiller Plc, the world’s second-largest brewer, may target Coca-Cola Hellenic Bottling Co and other emerging-market soft-drink bottlers if it successfully acquires Mexico’s Femsa Cerveza, according to analysts at Evolution Securities. Evolution analysts including Simon Hales and Andrew Holland raised SABMiller to “neutral” from “sell” today, citing the likelihood that the London-based brewer will outbid Heineken NV for Femsa Cerveza. (Bloomberg)