ECONOMY

In Brief

PPC shareholders to get special dividend after asset revaluation The Public Power Corporation (PPC) had a 610-million-euro ($783.6 million) surplus in 2004 after it revalued its assets, its published 2004 balance sheet showed and analysts said this may lead PPC to pay a special dividend. «A positive effect of the revaluation of assets is the possibility of a special dividend,» Egnatia Finance said in a note. Officials at the country’s dominant power utility were not immediately available for comment. The utility has said it will propose a 2004 dividend of 0.90 euros per share to shareholders. The balance sheet, which referred to 2004 results under Greek accounting standards, noted that PPC did not charge any depreciation costs from the asset appraisal. Early this year, the 51 percent state-owned utility said it was readjusting the values of its land, mines and buildings in accordance with International Financial Reporting Standards (IFRS). Analysts said the asset revaluation strengthened PPC’s equity by 13 percent to about 5.2 billion euros. PPC will appraise its other fixed assets – machinery and equipment – this year. (Reuters) OTE assures it has ended controversial modem policy Telecoms provider OTE said yesterday a 300,000-euro ($385,400) fine levied by regulator EETT over its broadband services concerned a four-month trial period in 2003 and that it had changed the policy in question. Imposing the fine last week, the Greek telecoms regulator EETT said OTE had breached competition rules by requiring its broadband users to buy modems from the operator. OTE said it had discontinued the practice after the trial period and that for the last two years users were able to acquire modems from other companies other than OTE. The operator has moved aggressively to promote its broadband services in a bid to offset weakness in its core fixed-line telephony unit. It aims to triple the number of ADSL users to more than 120,000 this year from about 44,000 at end-2004. (Reuters) Fitch seminar Fitch Ratings, the international rating agency, this morning is hosting a seminar on securitization in Greece and the country’s credit outlook at the Hotel Grande Bretagne in Athens. Senior Fitch members will be addressing some of the key issues affecting regional investors, research analysts, bankers and issuers. The first half of the seminar will focus on securitization in Greece and the rating methodology for residential-backed and consumer asset-backed securities. Fitch analysts will then present their sovereign credit view on Greece and the Balkans, followed by the agency’s credit outlook for Greek banks and banks in the Balkan countries. The seminar starts at 8.30 a.m. and entry is free. Greek cruisers Four more cruise ships have raised the Greek flag, providing work to 400 Greek seamen, the Merchant Marine Ministry said yesterday. The four cruisers are the Emerald, Calypso, Perla and Coral, all managed by Core Marine Limited. NBG appointment The National Bank of Greece group has appointed Minos Moysis as a managing consultant, responsible for coordinating the bank’s and its insurance company’s activity regarding insurance work. Moysis is an actuary with a 17-year career at Interamerican, where he was a CEO until recently.