ECONOMY

In Brief

NBG to propose senior management restructuring The National Bank (NBG), Greece’s largest, is proposing to shareholders the abolition of its three positions of deputy governor and the appointment of Ioannis Pechlivanidis as the sole holder of the post. The proposal is part of changes to NBG’s «executive and senior management structure, with a view to improving its efficiency and aligning it with international practices,» according to a statement. The changes are also targeting upgrading the areas of internal audit, strategic planning and risk management, and the role of core business line executives. Pechlivanidis has held senior posts at Eurobank’s Romanian subsidiary Bank Post, Novabank, Piraeus Bank and the Bank of America in Athens. Thessaloniki launches official campaign for Expo 2008 candidacy Macedonia-Thrace Minister Nikos Tsartsionis told a press briefing in Thessaloniki the 2005 state budget will contain a special entry for funding the city’s candidacy for World Expo 2008. The briefing was held in view of the arrival in Greece tomorrow of a committee of the Bureau International des Expositions (BIE) which has already visited Trieste, Italy, and will be going on to the third candidate city, Zaragoza, Spain. «The results of the visit will contribute 50 percent toward the final evaluation,» said Tsartsionis. The president of Thessaloniki’s Chamber of Commerce and Industry, Dimitris Bakatselos, officially launched the promotion campaign for the city’s candidacy. Volunteers may enlist at Expo Info Center, 29 Tsimiski, or through a special link at www.thessalonikiexpo2008.gr HFD After several years of negative results, ferry operator Hellas Flying Dolphins (HFD) returned to profitability in 2003. The company reported earnings of 7.18 million euros, against losses of 49.37 million in 2002. The firm said shareholders approved carrying forward 36.87 million euros in portfolio capital losses and that the cost of sales fell from 121.9 million in 2002 to 102.5 million euros. Total debt was down from 86.9 million to 79.7 million. HFD said it is targeting a higher market share in Aegean routes over the next two years, based on an expansion of its high-speed ferry fleet. Financial restructuring The Hellenic American Union and Britain’s Euromoney Training Group are holding a four-day workshop for senior executives on «Financial Restructuring and Corporate Recovery,» beginning May 5. Harvard University’s Andrew D. Regan will be the main rapporteur. Applications must be filed by Monday, April 19. For more information, tel 210.368.0907, 210.368.0064. Mega Channel Shareholders of Teletypos, the listed company that owns Mega TV channel, yesterday failed to reach a quorum in a meeting called to approve the management’s proposed issue of a 50-million-euro bond loan for the purpose of reducing short-term debt and restructuring finances. The company reported a 56.2 percent fall in net income to 4.3 million euros in 2003, from a turnover 17.1 percent lower at 115.4 million. Due to a fall in ratings, advertising revenue was down 18.7 percent from 2002.