ECONOMY

In Brief

Lamda Development sees bright future for real estate in coming years Greek real estate and construction companies will have to seek strategic partnerships with foreign concerns in coming years in order to tap the very large investment opportunities that will arise both within the country and the wider Balkan region, Lamda Development’s CEO Apostolos Tamvakakis said at the firm’s annual general assembly yesterday. He said this is necessary in view of the amount of capital required and the risk involved. Partnerships may extend to commercial operations in the new properties. Further, the introduction of International Financial Reporting Standards will enable firms and organizations to improve the utilization of their property assets, giving the sector an additional boost. Managing Director Lambros Anagnostopoulos said Lamda Development will have implemented by year-end most of its current 700-million-euro investment program, which includes northern Greece’s largest commercial and entertainment complex, Mediterranean Cosmos, in Thessaloniki, the Flisvos marina on the Athens coastline and the Olympic media village in Maroussi. ‘What the ferryman is paid’ issue remains unresolved The issue of whether ferry operators are free to determine economy fares at will remained unresolved after a meeting with Merchant Marine Minister Manolis Kefaloyiannis yesterday. The shipowners undertook to submit an analytic memorandum with their views by July 1, while the minister reiterated the view that a golden mean has to be reached through dialogue with the government, which must have a say in the fares lower income-groups pay. Sources said a compromise is likely as both sides prefer «tranquil waters» in view of the Olympics. Investment 2004 Sixty-five firms participating in the Hellenic Center for Investment’s (ELKE) fifth International Venture Capital Forum, which opened in Athens yesterday, submitted business plans requiring a total of 155 million euros in funding, against 98 million in the previous forum. ELKE invites memberships in the Athens Business Club 2004 (www.abc2004.gr), described as «the heart of international business activity» in Greece during the period leading up to and during the Games. Recycling Mobile phone and IT retailer Germanos collected 5.2 tons of used batteries for recycling, in the framework of its Diasbat program, launched in February. The program, subsidized by the EU, is supported by local government organizations and universities which took part in an information campaign targeting 26 schools in Athens and Xanthi. Students collected a further 1.5 tons of batteries. Olympic Airways Airbus has presented Olympic Airways with its Fleet Standardization Improvement Program (FSIP) award for its maintenance work on A340-300 aircraft. The award was made at an international aircraft symposium in Athens. Inflation Greece’s inflation rate remained unchanged at 3.1 percent in May, Eurostat said yesterday. The EU and eurozone averages were 2.4 percent and 2.5 percent respectively.