ECONOMY

In Brief

Hyatt Regency to bid for Mont Parnes casino Hotel and casino operator Hyatt Regency said in a newspaper advertisement yesterday that it planned to bid for the management and up to a 51-percent stake in the Mont Parnes casino resort on the outskirts of Athens by the December 28 deadline. Hyatt, which already operates a casino and hotel resort in Thessaloniki, said it would team up with construction firm Hellenic Technodomiki to bid for the resort, which is being sold by the Greek government. A call in September for expressions of interest in the resort drew responses from 37 hotel and casino groups from the US, Europe and Australia. The government wants to sell a stake of between 19.9 and 51 percent, including management of the state-owned casino, the only one in the Athens area, where it has said it will not issue another license. The winner of the tender will be required to upgrade the casino’s two hotels and facilities ahead of the 2004 Olympic Games in Athens. (Reuters) Mytilineos ups stake in ELVO,State retains majority The Mytilineos group said yesterday it will raise its stake in the Hellenic Vehicles Industry (ELVO) by 3.5 percent to 47.5 percent in the 5.6-billion-drachma share capital increase before year’s end. The development is the result of the Lainopoulos group being refused an extension of the deadline for participation in the increase, which will mean a drop in its stake to 1.5 percent. The state sector, including ETBA Bank for whose participation the government has vouched, will control a stake of 51 percent. The Mytilineos group retains the management. ELVO expects profits of about 900 million drachmas from sales of about 49 billion in 2001, against losses of 5.9 billion from sales of 54 billion drachmas in 2000. Christodoulakis under fire. The main opposition New Democracy party lashed at Economy and Finance Minister Nikos Christodoulakis yesterday for stock market gains realized when he was deputy finance minister in 1999. During the budget discussion in Parliament, the minister admitted earning about 5.8 million drachmas from a 3-million-drachma investment in a stockbrokerage which had been declared in his declaration of wealth sources for that year. ND deputies charged it was morally indefensible for a minister to be investing in stocks when he was also a member of the board of directors of the Public Portfolio Management Company. Culture-cum-tourism. The National Tourism Organization (EOT) will draw up a promotion program targeting tourists with special interests through highlighting the country’s cultural wealth and activities, EOT President Yiannis Patelis said yesterday. EOT is the main sponsor of the National Gallery’s album for 2002, which was presented yesterday. The program will culminate in the 2004 Olympics. Euro. Development Minister Akis Tsochadzopoulos said yesterday that preparations for introducing the euro were going satisfactorily and that the government was resolved to prevent any resulting inflationary pressures. – In Atlantic, Transfield has fixed M/V Amazon 74,875 dwt, built 2001, delivery US Gulf end Dec., redelivery Continent at USD 6,850 daily and USD 100,000 ballast bonus.