ECONOMY

In Brief

Capital Market Commission fines Schroder Salomon Smith Barney The Capital Market Commission (CCC) has fined Schroder Salomon Smith Barney (SSSB) $225,000 for abuse of confidential information, a statement said yesterday. According to CCC, the investment bank had received a client order to sell a large number of shares on the Athens bourse during the trading session of May 31, 2001 which was certain to drive the general price index down. The order was executed in the last 10 minutes of the session, but only after SSSB had sold a large number of shares it owned itself and while the general price index was still in positive territory. CCC will file a relevant report to the responsible authorities in the UK. Agrotica exhibition in Thessaloniki to open January 30 The 18th Agrotica international exhibition of farm machinery, equipment and supplies, due to be held in the Helexpo exhibition grounds in Thessaloniki between January 30 and February 3 will host 1,140 participants – five more than last year – from Greece and 39 other countries. Countries officially participating include Albania, Bulgaria, Italy, Poland and India. This year’s facilities will include an information desk on organic farming. The exhibition will be open on weekdays and Sunday from 10 a.m. to 7 p.m. and on Saturday from 10 a.m. to 8 p.m. Helexpo yesterday reported 20-percent profit growth to 3.6 million euros and turnover up 50 percent to 21.6 million euros. Oil pipeline talks Senior Development Ministry officials are meeting their Bulgarian and Russian counterparts in Moscow next week to promote the Bourgas-Alexandroupolis oil pipeline project to link the Black Sea with the Aegean. The delegation will include representatives of the three Greek groups participating in the project – Latsis, Kopelouzos, Hellenic Petroleum. Bulgarian ministers and Russian oil giant Lukoil officials were reported to have agreed in Moscow on Tuesday that closer cooperation is needed on the project. Construction group grows Construction group Michaniki said yesterday it bought 100 percent of peer Papadakis SA for an undisclosed amount. It is the company’s fifth acquisition since December last year, as it prepares to qualify for a license allowing it to bid for major public works projects. Construction firms have been hurrying to meet a January 31 deadline, set by the Ministry of Public Works, on the size of firms that will be able to bid on major projects. (Reuters) Germanos Electronic appliance retailer Germanos, celebrating the opening of its 250th store, will give away 250 Nokia TV satellite equipment sets with two-month subscriptions for the Nova digital platform to lucky customers who participate in a drawing. Euro According to the latest available data from the Finance Ministry, 64 percent of banknotes in circulation are in euro denominations, while the Bank of Greece has already recalled 57.3 percent of drachma notes.