ECONOMY

In Brief

Further rise in oil prices may send shockwaves through economy If the price of oil exceeds $95 or $100 a barrel within two months, then more insecurity and uncertainty will dominate the expectations of consumers and entrepreneurs and will multiply the negative impact on the real Greek economy, a report by Eurobank argued yesterday. Its main findings suggested that as the price of oil remains unstable consumers expect a significant decline in their consumption and saving, entrepreneurs see a drop in demand for their products and anticipate a decline in their future productive activity, while both consumers and entrepreneurs expect a significant rise in inflation. Greece missed absorbing 1 billion euros from CSF II Greece failed to absorb 1 billion euros of funds available through the EU-subsidized Second Community Support Framework (CSF) for the 1994-1999 period, according to Regional Policy Commissioner Danuta Hubner. The biggest losses were from the Regional Fund (589 million euros) and the Cohesion Fund (359 million euros). Greece also lost money from the social, fisheries and agricultural funds totaling 1,006 million euros. Maritime deal Greece and Bahrain yesterday signed a Bilateral Shipping Agreement that promotes the two countries’ maritime cooperation and abolishes sea trade limitations between them. The agreement was signed in Bahrain by Merchant Marine Minister Manolis Kefaloyiannis and Bahrain’s Economy and Finance Minister Sheikh Ahmed Bin Mohammed Al Khalifa. IT award Forthnet is the first Greek information technology company to receive the global distinction of the Private Sector IT Excellence Award from the World Information Technology and Services Alliance (WITSA). The award was delivered during the 15th World Congress on Information Technology in Texas. Serbia, Croatia guides Dublin-based business research firm Research and Markets (http://www.researchandmarkets.com) has announced two Balkan additions to their offering: «Doing Business with Serbia 2nd Edition,» a comprehensive guide to investment potential, commercial opportunity and business practice in Serbia, and including detailed profiles of industry sectors and individual companies; and «Professional Property Briefing: Croatia 1st Edition,» a guide to the laws and procedures governing the Croatian property market and to the investment opportunities in the country. It also provides insight and in-depth technical guidance to the process of finding, buying, building, restoring, financing, letting and selling property in Croatia.