ECONOMY

In Brief

Greece, Turkey sign memorandum of understanding Deputy Foreign Minister Andreas Loverdos said yesterday the memorandum of understanding he co-signed with Turkish Deputy External Trade Minister Kursad Tuzmen was a document of «historic significance,» being the first to be signed by two ministers in the domain of economic and trade relations. The document was signed in Athens at the end of the first, two-day session of the Joint Ministerial Economic Cooperation Committee. Tuzmen said the event represented a very good start for progress in the sectors of trade, transport, medium-sized enterprises, energy and specifications for road construction. «We wish to utilize more and better the road networks of the two countries with a view to benefiting trade on both sides,» he said. Loverdos said a protocol will be signed at the next session in Ankara in the autumn. The two sides expressed the hope of seeing the volume of trade rise from $1 billion to $5 billion in coming years, and an end to the regime of double taxation. New managing director appointed in ETBA Finance Nikos Kerameas, ETBA Bank’s personnel manager, has been appointed new managing director in ETBA Finance, the bank’s subsidiary which is under investigation for a case of embezzlement amounting to more than 11 billion drachmas (32 million euros). He is replacing Panayiotis Iliadis who took over on January 28, after the scandal was revealed. Meanwhile, the Financial Crimes Squad has completed its inquiry into the case and is preparing its report to an investigating judge who is expected to issue an arrest warrant for an individual named Dimitriadis, the main figure implicated in the case, who has fled abroad. Infacoma-Marmin exhibitions The «twin» exhibitions Infacoma and Marmin, of construction materials and marble respectively, are opening at Thessaloniki’s Expo Center today. According to Helexpo, the organizers, the 19th Infacoma is hosting 342 Greek and 334 foreign exhibitors from 27 countries. Italy, the UK and Turkey have direct country representations. The 28th Marmin is hosting 77 Greek and 50 foreign exhibitors from six countries, Italy, France, Spain, Luxembourg, Turkey and FYROM. The two exhibitions, to last until Sunday, will be open from 11 a.m. to 9 p.m. today and tomorrow and 10 a.m. to 9 p.m. at the weekend. ELPE board approved Shareholders of Hellenic Petroleum (ELPE) yesterday approved the company’s new board of directors. Apart from Chairman Giorgos Moraitis and Managing Director Athanassios Karahalios, the new board includes four newcomers, Georgios Halvatzoglou, Grigorios Mourgelas, Ioannis Seiradakis and Nikolaos Mademlis The representatives of workers and minority shareholders remain unchanged. Infoquest deal with Vodafone IT firm Infoquest said yesterday it has signed an agreement for national roaming with Vodafone-Panafon. «The mobile networks of the two companies will be connected to each other so that Infoquest’s subscribers will communicate through Vodafone’s network in areas where there is no coverage for Infoquest’s network,» it said in a statement.(Reuters)