ECONOMY

In Brief

Adviser’s recommendation on Olympic sale expected next week The government announced yesterday that privatization adviser Credit Suisse First Boston will issue its recommendation on the sale of ailing Olympic Airways next week. The deadline for a second round of sale talks with leading bidder Greece’s Axon Airlines expires on October 18. Next week (the adviser) will issue its recommendation on this very important issue, government spokesman Dimitris Reppas said. Apart from the small Axon Airlines, the Australia-based venture capital firm Integrated Airline Solutions is also in the race. Despite the grim global airline picture after the September 11 attacks, both bidders have said they were still interested. Olympic officials have said that the airline may operate until early next year without cash-flow problems. The airline is expecting losses of about $200 million in 2001, according to preliminary figures. (Reuters) Germanos expands abroad. Telecom equipment retailer Germanos expects to complete the acquisition of a retail chain in Poland in the coming two months, its investor relations manager said yesterday. Our aim is to gain a leading position in the Polish market for mobile telephony products and services. In the next two months we will complete the acquisition, said Costas Karafotakis. He would not disclose the name of the Polish chain to be acquired but said that it runs a network of 40 stores, and cooperates with cellular operator ERA GSM. Germanos is already present in Poland with 54 shops after acquiring local retailer Eko Contel. Germanos is also considering expanding in Turkey, where the penetration rate of mobile telephony is a low 26 percent, Karafotakis said. (Reuters) -Cont. for prompt 80,000 tons of cargoes at W/S 165 while Caribs for 70,000 tons cargo liftings still at W/S 155.