ECONOMY

In Brief

Greenpeace calls for more pressure on PPC about aerial emissions Greenpeace yesterday accused the Development Ministry of timidity for allegedly not using the Aerial Emissions Trade as a tool to end the Public Power Corporation’s (PPC) dependence on polluting mineral fuels. The environmental organization urged the minister to toughen his stance toward the PPC, which accounts for 72 percent of all industrial emissions, it said. This follows the issuing of the National Plan for Distribution of Emission Rights for public consultation on Tuesday. It specifies how Greece will operate the emissions trade in accordance with the Kyoto Protocol. «The plan rewards PPC for its polluting practices, missing a unique opportunity to force the country’s biggest polluter to turn to clean energy forms at last,» said Manos Sofos, Environmental Changes Campaign Manager of Greenpeace. He added that only a miracle can help Greece meet its Kyoto commitments, that is a maximum of 25 percent more emissions than in 1990. Sofos said by 2020 the increase will be 57.6 percent unless substantial measures are taken. Dixons to apply for delisting of Kotsovolos Appliance retailer Kotsovolos is on its way out of the Athens Stock Exchange, after its purchase by UK’s Dixons and the approval of delisting at Monday’s extraordinary general meeting. Dixons, owner of a 78.26 percent interest, will make the request to the Capital Market Commission immediately, for cost and management reasons. The agreement to buy out Kotsovolos is part of the Dixons group’s general plan to expand internationally and create 2,000 new jobs by April 2005. TOUSA Technical Olympic’s US subsidiary has embarked on a joint venture with property developer Sunbelt Holdings to purchase and develop land plots and build detached houses in Arizona. The venture will include eight existing housing communities of TOUSA, where some 600 houses will be constructed next year. TOUSA officials say «this is the first big joint venture we have participated in, as part of our development strategy to boost capital returns, purchase attractive plots, broaden our clientele and spread risk.» Hyatt-Lampsa Hyatt Regency Hotels & Tourism (Hellas) has initialled an agreement with Venture Ability, of the Laskaridis group, for the sale of Hyatt’s 20.1 percent stake in Greek hotel company Lampsa, according to a press release. The price per share is 7.10 euros and the transaction will be made in January 2005. Hyatt said it had decided to sell its stake to improve liquidity and concentrate on its main activity, owning and operating casinos. Audiovisual Enterprises A few days before being listed on ASE’s Parallel Market, Audiovisual Enterprises of the Vardinoyiannis group agreed to purchase 42 percent of Allou! Fun Park and intends to invest more on its current installation and its expansion. The company’s plan is to enter and take the lead in the theme park market, having purchased the Ster Cinema multiplexes in August 2002. Ster just opened its fifth multiplex in Greece in Patissia, Athens, which also has a shopping center. It will open its sixth one in Thessaloniki by June 2005.