Alpha Bank said yesterday it expected results to recover for the year, despite a 60.6-percent first-half fall in net income after tax and minorities to 51 million euros. “The fall in profits is attributed to a deterioration of the negative conditions in capital markets, leading to lower income from trading, commissions and management fees,” said a statement. Alpha said profitability should improve over the rest of the year from better net interest spreads and higher commission income resulting from a rapid growth in retail banking operations. It said net group profit rose 21.2 percent to 28 million euros from the first quarter of 2002, thanks to improved net interest income and commission income. Alpha Bank said consumer and housing loans grew 50 percent and 150 percent respectively in the first half.

The Competition Commission has rejected the application by travel agents’ associations for an injunction against Greek air carriers Olympic Airways, Aegean Cronus and Axon, which were accused of collusion practices and abuse of dominant market positions. The travel agents said their claim was substantiated by the carriers’ decisions to abolish cheap tickets — including those for youth and senior citizens — raise prices and reduce their commission from 9.25 to 6.94 percent net. The Commission rejected the application on the grounds that it was not convinced that the airlines’ decisions had a catastrophic impact on the viability of travel enterprises, although it admitted that basic provisions regarding the protection of competition had been violated.

Hellas Sat, the first fully owned Greek satellite, which will serve the needs of both Greece and Cyprus, will be launched into orbit in March 2003, according to an agreement signed between the Hellas Sat company and France’s Astrium. Hellas Sat, which will remain in orbit at 39 degrees east for 15 years, has 30 transmitters that can relay up to 300 television channels. The cost, excluding launching, will be $58 million, plus $6 million to be paid over the next 10 years. Hellas Sat shareholders are Greece’s OTE Telecom and Hellenic Aerospace, and Cyprus’s Avacom and Development Bank. OTE Chairman Lefteris Antonakopoulos said the Greek satellite fully guarantees transmissions for the Olympic Games of 2004.

Greece’s trade balance deficit shrunk by 4.87 percent from $17.66 billion in 2000 to $16.8 billion in 2001, according to provisional data by the National Statistics Service. Exports totaled a value of $10.41 billion last year, down 3.2 percent from 2000, while the total value of imports fell 1.7 percent to $27.21 billion.

Olympic organizers yesterday named Shell as their fuel sponsor for the 2004 Olympics. Shell will give 5.56 million euros and construct gas stations for the Athens 2004 Olympic fleets during the event, organizers said. It will also help organize the first 2004 Olympics test event, a sailing regatta in August. National sponsors will cover 20 percent of the Athens 2004 organization’s budget of $1.7 billion. (AP)