ECONOMY

In Brief

Supermarket chains sent to court following consumers’ complaints The Development Ministry has asked prefectures to intensify price checks in supermarkets after consumers’ complaints revealed serious irregularities in three large chains. The ministry said it had referred Carrefour Marinopoulos and Atlantic to justice for misleading customers by charging more money for products than advertised on shelves, and Veropoulos for a labelling irregularity. The former two chains were also referred to prefectures for administrative sanctions. Separately, an administrative court rejected an appeal by the supermarkets association (SESME) against a fine ruled by the Competition Commission last month for harmonized price practices. SESME is expected to appeal again when the size of the fine is determined. Three in seven Greeks will not holiday this year Some 41.7 percent of Greeks are not planning a holiday this year, a Greek Consumers Center survey has revealed. Their reasons are mainly financial (71.1 percent), then professional or family-related. The same survey showed 44.45 percent spend holidays at a house they own, 34.12 percent in hotels or rented rooms and 21.43 percent with friends or relatives. Almost all Greeks holiday for 7-20 days, with a third of them leaving for 10 days, while only 2.38 percent have month-long holidays. Eurobank in Turkey EFG Eurobank officials headed by CEO Nikolaos Nanopoulos along with 50 entrepreneurs have visited Istanbul, where the bank recently purchased stockbrokerage firm HC Istanbul Menkul Degerler, renaming it EFG Istanbul Securities SA. Nanopoulos spoke of the constant improvement in Greek-Turkish relations in trade and investments, stressing that considerable scope remains for further improvement under the right conditions. Inflation Greece’s producer-price inflation slowed to 4.3 percent year-on-year in April from 4.7 percent in March, data from the country’s National Statistics Service (NSS) showed yesterday. Month-on-month, producer prices rose 0.9 percent. NSS said 12-month average producer-price inflation to April was running at 4.5 percent year-on-year. (Reuters) Aspis Pronia NICOSIA – The Bank of Cyprus and Laiki Bank are to sell their stakes in Universal Life insurance to Aspis Pronia of Greece, they said yesterday. The cash transaction is worth a combined 16.5 million Cyprus pounds ($35.9 million, 28.7m euros) to the two banks, and is subject to regulatory approval in both Cyprus and Greece, the banks said in separate statements to the stock exchange. (Reuters) Atlas sold Piraeus Bank has completed the acquisition of 80 percent of Serbia’s Atlas Banka, at a price of 19.5 million euros. Atlas Banks has 11 branches in three cities.