ECONOMY

In Brief

Unions unhappy with mode of dialogue on pension system The General Confederation of Greek Labor (GSEE) and the Civil Servants’ Union (ADEDY) said yesterday they will not take part in the dialogue toward reforming the country’s pension system, due to start today under the direction of the Economic and Social Committee (OKE), a consultative body comprising representatives of employers, unions and local government. GSEE argued in a statement that OKE cannot substitute for the representative bodies themselves and said a dialogue must commence at national level, with the participation of the prime minister, ministers and party representatives. ADEDY has said it will not take part in any dialogue, citing studies claiming that the pension system will have adequate funding for the next 25 years. SESME board resigns, cites offensive minister’s remark The board of the Supermarket Enterprises Association of Greece (SESME) yesterday resigned en masse, expressing dismay at the Competition Commission’s recent imposition of a heavy fine on the agency and some of its members for harmonized price practices. In a petition to Deputy Development Minister Yiannis Papathanassiou, SESME called on him to retract his description of its reaction to the fine as «Balkan provincialism.» «Insults have their limits, too,» it said. SESME’s general assembly elected a new board, headed by Apostolos Alexakis. No listing for Eko-Elda Refiner Hellenic Petroleum (HELPE) has no plans to list its marketing subsidiary Eko-Elda on the stock market, a spokesman said yesterday, denying a newspaper report of a flotation. «There are no plans (for a listing) and, of course, no decision has been made,» he said. Newspaper To Vima in its Sunday edition said the refiner was considering listing its marketing unit on the Athens Stock Exchange, aiming to raise between 25 to 40 million euros to fund its expansion into the Balkans and in Greece. Citing unnamed sources, the paper said the refiner may apply to bourse authorities for a listing this year. Analysts said Eko-Elda has a 23 percent share of the domestic market, with a network of about 1,370 gas stations in Greece, the third largest in the country. It also owns 160 gas stations mainly in the Balkans. (Reuters) ASE index rejig The Athens Stock Exchange said yesterday its indices committee approved the following changes in its benchmark general share index, effective May 9. Stocks added: National Investments, Benrubi, Blue Star Maritime, Teletypos, Phoenix Metrolife. Stock deleted: Elinoil, Elais, Nikas, Aegek, Forthnet. (Reuters) Ship order Hyundai Heavy Industries Co, the world’s largest shipbuilder, has won a $280 million order to build three liquefied petroleum gas carriers for a Greek firm, the South Korea shipbuilder said yesterday. Hyundai would deliver the ships to CMM of Greece by 2008, it said in a statement. (Reuters) Power plant The board of Aluminium of Greece yesterday approved a plan to build a combined power and heating production station at Aghios Nikolaos in Viotia. The project is budgeted at 190 million euros.