ECONOMY

In Brief

Greek managers face slowdown in salary raises The salaries of Greek senior managers, excluding those in durable goods firms, have risen by an average of 5.8 percent in 2004 and the rate is projected to fall to 5.2 percent next year, according to business consultancy firm KPMG’s 11th Survey on Salaries and Benefits for the category. The survey, based upon information provided by 51 companies and more than 4,127 staff, notes that only 132 new hirings were made in 2004 as against 282 in 2003. The annual salaries of 75 percent of financial directors range from 65,900 euros to 78,000 euros. A sales manager may expect an annual income of between 52,750 and 70,727 euros, a group product manager is remunerated to the tune of 36,050 to 45,060 euros, while office automation managers may expect an annual income ranging from 58,300 to 75,400 euros. The KPMG survey shows that 29 percent of managers working in the sector are covered by company medical care programs, 28 percent receive bonuses or have access to the use of company cars, while only 15 percent participate in company retirement programs. It also notes that more companies are seeking human resources over the Internet and outsourcing a number of internal processes. Cyprus invites second runner-up to talks on airports concession NICOSIA (Reuters) – The Cypriot government invited the Hermes consortium to talks yesterday in its latest bid to part-privatize two airports in a contract worth millions of pounds. Hermes, which groups Ireland’s Aer Rianta, Bouygues Batiment and several Cypriot companies, came second in a selection process held by authorities last year. Talks collapsed with the preferred bidder, Alterra consortium, last week. Sources at the Communications Ministry told Reuters that it appeared there were disagreements within the consortium itself. Cyprus wants a strategic investor willing to plow around 200 million pounds ($416 million) into building and running two airports for 25 years. The build-operate-transfer contract envisaged for the busy Larnaca and Paphos airports is already behind schedule. Turk Telekom Turkey has chosen a consortium of BNP Paribas, PDF Institutional Finance Investment and Deniz Investment to act as financial consultants in the sale of Turk Telekom, officials said yesterday. The 51 percent block sale of the national phone company is a cornerstone of Turkey’s troubled privatization program under its $19 billion loan pact with the International Monetary Fund. Officials from the Privatization Administration (OIB) body told Reuters that a contract with the consultant consortium would be signed in the coming days. Turkish officials said in mid-July Telecom Italia, France Telecom and Spain’s Telefonica, South Africa’s MTN and an unnamed Malaysian mobile phone company were among 11 firms seeking information on Turk Telekom. Six local firms are also taking part: Koc Group, Sabanci Group, Oyak, Calik Group, Turktell and one that was not named. (Reuters)