ECONOMY

In Brief

Merchant Marine Ministry to get loan for port modernization The Merchant Marine Ministry will seek a 3-billion-euro loan from the European Investment Bank in order to modernize the country’s ports, Minister Manolis Kefaloyiannis said after a meeting with Economy Minister Giorgos Alogoskoufis yesterday. The modernization plan targets offering better coastal shipping services to the islands in the summer and moving some capital generated by shipping into other sectors. Kefaloyiannis also stressed there will be no fare increases in coastal shipping, despite the rise in fuel prices. US Embassy proposes fur show to Greek furriers Walter Hage, the US Embassy’s commercial attaché, proposed the creation of a fur salon this October in Manhattan, New York, to Kastoria Furriers’ Association President Lazaros Fotiadis, during the ongoing 30th International Fur Exhibition in Kastoria. The two sides agreed that an economic and technical study be prepared next month for the appropriate preparations ahead of the salon, and for the American-Hellenic Chamber of Commerce to cooperate with the furriers’ association. The exhibition, displaying fur produced in western Macedonia, opened on Wednesday, also attracting the interest of Russian, Chinese, Austrian and Ukranian diplomats, who also discussed with Fotiadis possible ways of cooperation. The show ends tomorrow. Business ethics Twenty-four Greek companies and professionals have formed the Hellenic Institute of Entrepreneurial Ethics. This non-profit body aims at promoting the principles of business ethics, corporate social responsibility and corporate administration in the public and private sector, the academic community and voluntary organizations. The institute’s chairman, Antonis Gortzis, stated, «We want to contribute to a climate of trust between consumers and enterprises, also rewarding the best ethical business practices.» No more bets please Owner Hyatt Regency intends to demolish Mont Parnes, the famous hotel and casino on Mt Parnitha, overlooking Athens, to proceed with their development plans. Built in 1961, Mont Parnes will, however, be defended by the Architects’ Association, which supports the protection of modern architecture. Maillis in US The Maillis Group has put in operation its new PET strapping factory in Greenville, South Carolina. Already active in Canada and the US in machinery production, the group aims at a 15 percent growth in 2005, according to President Michalis Maillis. In 2004, Maillis had a record 37 percent rise in sales with pretax profits reaching 5.5 million euros. Cadbury Hellas Chewing gum, sweets, chocolate bars and drinks are the main Cadbury Schweppes products that Cadbury Hellas has been exclusively importing in Greece, Cyprus and Israel since January 1, holding commanding market shares such as 64 percent in chewing gum and 56 percent in drinking chocolate. «We will examine carefully every opportunity to introduce any innovative product the Greek market is missing,» said Antoine Autran, Cadbury Hellas CEO.