ECONOMY

In Brief

Ministry revokes two insurance firms’ licenses The Development Ministry has revoked the licenses of two insurance companies, while the results of an overall audit for the sector in fiscal 2000 are expected by the end of the month, according to sources. The two companies are Proodeftiki, mainly in car insurance, and Express Service Insurance, a medical services arm of Express Service Road Assistance firm. Proodeftiki is said to be in violation of a series of regulations and had not met the minimum surety requirements; any of its estimated 11,000 clients may lodge claims with the Auxiliary Fund for car insurance until their current policies expire. Clients of Express Service Insurance, which owes an estimated 1 billion drachmas in social insurance contributions and as much again in taxes, are not covered, and the company’s fleet of vehicles and helicopters, which are leased to the parent company, are subject to confiscation. Distinction for Alpha Investment. Forbes magazine has included Alpha Investment closed-end fund, a subsidiary of Alpha Bank, in its annual list of 200 best small companies worldwide, which are picked from 20,000 listed firms with revenues smaller than $500 million. At the end of September, the company was 65 percent invested in shares listed on the Athens Stock Exchange and 19 percent in European and US stock markets, while 16 percent was in liquid funds. – In the Med., Arcadia for 80,000 tons of cargo loading end Oct., Syria discharging Med., has fixed M/T Westminster at W/S 140, while Tamoil for same cargo quantity, loading end Oct. for round voyage, has fixed M/T Senang Spirit at W/S 142.5.