ECONOMY

In Brief

DESMHE allocates rights for use of imported power The Electric Power Transmission System Operator (DESMHE) has allocated the rights to use of the country’s 200-megawatt capacity of imported power for 2005 among seven companies, for a total of 1 million euros. Among domestic companies which participated in the auction as large consumers, the Heracles cement company was allocated 80MW, the Titan cement company 40MW, Aluminium of Greece 28MW and metallurgy firm Elval 1MW. Rights were also granted to three foreign companies which had obtained supply licenses and are considered competitors to the Public Power Corporation: the Verbuno Austrian Power Trading (35MW), Cinergy Global Trading (10MW) and Edison Trading (6MW). Further auctions are to take place soon, one for 300MW capacity from Greece to Italy in January, February and March and for use only at night, and for 500MW capacity from Italy to Greece for the same period. Flying Dolphins dropped for Hellenic Seaways Hellas Flying Dolphins announced its new service mark, Hellenic Seaways, in view of the planned withdrawal of most «Flying Dolphin» vessels expected in 2005, reducing them from 33 to just six. «The change refers only to the service mark, as the company’s name remains HFD,» the company’s CEO Gerasimos Strintzis told Kathimerini. This is in response to a survey showing that most people are confused about the HFD company’s role in coastal shipping. The firm’s strategy now focuses on adding High Speed vessels to its fleet to operate in the Aegean. «Early in the summer, we will receive High Speed 5, to link Piraeus with Hania, adding to our position and profit in the Aegean, HFD circles said. Trans-Aegean trade Greek-Turkish trade volume exceeded $1.5 billion in the first 11 months of 2004, up by 26.4 percent year-on-year, with Greek exports covering only 50.2 percent of imports from Turkey, the Turkish General Secretariat for International Trade reported. Greek exports were at $509,056,000, gaining 35.9 percent yearly, and Turkish exports at $1,013,263,000, rising by 22.1 percent. Social insurance The social insurance problem and its link to savings and economic growth will be the focus of an event organized by the Foundation for Economic and Industrial Research (IOBE) this Thursday at the Stoa tou Vivliou book arcade off Stadiou Street in Athens. Professor Theodosios Palaskas will present IOBE’s related study. Speakers will include former Labor Minister Tassos Yiannitsis and Oxford University Professor Gordon Clark. Separately, the Thessaloniki Medical Association will hold a conference on «Pension and Social Insurance System for Doctors,» at Aristotle University in Thessaloniki at 10 a.m. on Saturday. EFG Leasing EFG Eurobank Ergasias, Greece’s third-largest lender by assets, said yesterday it will set up a leasing subsidiary in Bulgaria. The unit, EFG Leasing EAD, will use wholly owned subsidiary Postbank’s network of 124 branches to offer financing for leasing of commercial vehicles and various types of equipment for professionals, the bank said. (Reuters)