ECONOMY

In Brief

Listed companies asked to prepare for more demanding IFRS data Listed companies will need to include a multitude of analytical qualitative data in three appendices to their financial statements published every quarter, according to the newly applied International Financial Reporting Standards (IFRS), according to a consultation draft sent by the Capital Market Commission to companies. Companies can submit their remarks to the commission and must adapt to IFRS requirements by end-May for Q1 reports, although the possibility of an extension remains. For the first quarter only, companies will need to submit a table of agreement of net worth, before and after application of IFRS. Greek GDP outpaces eurozone’s despite slowdown in Q4 Greek gross domestic product shrank by 0.1 in the last quarter of 2004 compared to the previous one, according to Eurostat data. GDP in the eurozone rose by 0.2 percent and in the EU by 0.3 percent compared to the July-September period. On an annual basis, however, Greek GDP increased by 4.2 percent, when the equivalent rise in the eurozone was 1.6 percent and in the EU 1.9 percent. E-communications conviction The European Court of Justice yesterday found Greece guilty of breaking EU law on competition in the markets of electronic communications networks and services. Greece missed the July 2003 deadline for adopting a directive abolishing special and exclusive rights in operating e-communication networks and allowing companies to develop and operate cable networks. Bank pledge Hellenic Bank Association President Yiannis Costopoulos described as «very good» the recently unveiled bill for the utilization of Olympic installations, during his meeting with Alternate Culture Minister Fanni Palli-Petralia. «Banks will do all they can for the projects to be utilized the right way,» he pledged. Topping managers’ list For the third year in a row, a Greek manager has been awarded the title of European Quality Leader. For the year 2004, Giorgos Sarris, managing director of Enterprises Shipping & Trading SA, beat competition from 33 other European countries and will receive the award on April 26 for leading his firm in high productivity, quality and client satisfaction levels. Flying Greece was sixth among the 25 EU nations in the number of international flight passengers in 2003 with 23.2 million, with the UK leading with 153.5 million passengers. Athens’s Eleftherios Venizelos Airport was used by 12.2 million passengers for domestic and international flights in 2003, ranking 21st among EU airports. The table was topped by London Heathrow with 63.2 million passengers. VisitBritain Greeks planning to visit the UK can access detailed tourism information at the British government’s official site, www.visitbritain.com/gr. In 2004, 210,000 Greeks visited the UK, up 15 percent from 2003.