ECONOMY

In Brief

Bond trading up in August, benefits from global climate Government bonds sold through the electronic trading system (HDAT) benefited from the favorable global climate as both prices and turnover rose in August, the Bank of Greece announced yesterday. Bond prices ended higher in the range of 25-93 price basis points, with the yield curve moving lower, mainly at the short end. The stronger price gains were recorded at the long end of the curve, particularly in the 15 year-20 year maturity range. The 10-year benchmark bond which matures on May 18, 2011, closed last month at 100.79 with a 5.24-percent yield. The average yield spread over the bund remained unchanged at 49 basis points. Turnover in August rose to 22.917 million euros from 19,211 million euros in the previous month. World Bank to provide $4 bln in loans to Turkish manufacturers ANKARA – The World Bank announced yesterday it was seeking solutions along with the Turkish government and civil organizations to help the country’s manufacturing sector recover from months of severe financial crisis. Manufacturers have complained of large losses after two crises in November and February hammered the Turkish economy. Gross domestic product (GDP) shrank 2.2 percent and 9.3 percent in the first and second quarters of this year, respectively. The World Bank’s share of the loan package is $4 billion. (Reuters) Vivodi gets permit. Vivodi Telecom said yesterday it has received a special license from the National Telecommunications and Post Commission (EETT) allowing it to construct and operate an alternative telecommunications network. The company will be able to offer fixed telephony services once it has acquired a telephone number from the National Numbering Program. Vivodi said it will build its system by combining its short wave and radio wave networks. The company will also be able to utilize local networks, allowing it to provide x-DSL services to both corporate and household customers throughout the country. Heracles chairman. Heracles Cement said yesterday it has appointed Jean-Charles Blatz, regional president of French parent company Lafarge, as chairman of the board. Blatz replaces Managing Director Jeremy Watts, who in June took over as board chairman from Petros Doukas, the first Greek at the helm of the company in the the past decade. Doukas had been appointed in January. Heracles, bought by Italy’s Calcestruzzi in 1992, passed to Blue Circle when the British group acquired Calcestruzzi in 1999. Blue Circle was acquired by France’s Lafarge earlier this year. The company also said that Guy Chaperon, a member of Heracles’s management team, was appointed member of the nine-member board. Leaving the board are James Loudon and Richard Tapp, both executives with Blue Circle. (Reuters) Board appointment. One of US beverage giant Coca-Cola Co.’s top officials in Europe has been appointed to the board of Coca-Cola HBC, the bottler said on Tuesday. It said Alexander Allan, currently president and chief operating officer of Coca-Cola Europe, Eurasia and the Middle East, would replace Charles Stanton Frenette, who resigned. (Reuters) Loans may boost exports