ECONOMY

In Brief

OTE telecom restates 2005 loss under IFRS Greece’s main telecoms operator, OTE, restated yesterday its 2005 earnings according to International Financial Reporting Standards (IFRS), posting a net loss in 2005 of 216.8 million euros ($258 million) compared with a net profit of 117.1 million a year earlier. OTE listed a 912.9-million-euro charge in the third quarter of 2005 to cover its voluntary redundancy program. Excluding the charge, net profit in 2005 under IFRS would have stood at 494.8 million euros ($589 million), OTE said. On Feb. 27, OTE reported a net loss in 2005 of 294.1 million euros under US Accounting Principles. (AP) Int’l transaction complaints focus on travel and electronics International transactions in travel services and electronic goods present the most problems for consumers, according to data released by the European Consumer Center in Greece. In 2005 there were 46 complaints about travel services, such as hotel bookings, vehicle rentals and air transport, and 21 complaints concerning electronic goods, mainly those bought on the Internet. Electronic commerce transactions generated 45 complaints, particularly about the non-delivery of ordered and paid-for goods. Most (76.5 percent) complaints came from Greek citizens, while 8.2 percent came from UK nationals. Sunday opening Shops may open for three Sundays per year against one today, according to a proposal that Development Minister Dimitris Sioufas presented yesterday to the National Confederation of Greek Commerce (ESEE). The proposal is for two Sundays in December and one before Easter. Credit expansion Greek total credit expansion accelerated to 16.4 percent year-on-year in December 2005, its highest pace in five years, boosted by strong home loan borrowing. Analysts said last year’s strong credit growth has been due in part to homebuyers rushing to beat value-added tax on new real estate transactions that came into effect in January this year. (Reuters) Turkish C/A Turkey’s current account deficit amounted to $2.488 billion in January, central bank data showed yesterday, higher than a median forecast in a Reuters poll of $2.4 billion. The current account deficit in December was revised up to $3.670 billion from $3.568 billion. (Reuters) Cyprus unemployment Cyprus’s unemployment rate was unchanged month on month at 4.3 percent in February, the statistics department said yesterday. The tourism-related hospitality sector, which is highly seasonal in Cyprus, had the highest unemployment. (Reuters)