ECONOMY

In Brief

Turkish gov’t sets 6.5 percent average annual growth target ANKARA (Reuters) – Turkey has set its annual economic growth target for 2007-2013 at an average 6.5 percent, Prime Minister Recep Tayyip Erdogan said yesterday. He told the High Board of Planning (YPK) meeting, unveiling Turkey’s official economic development plan, that the annual inflation target for 2013 was 3 percent. Official growth and inflation targets for 2006 are both 5 percent under an International Monetary Fund-backed economic program. Erdogan said that Turkey’s gross domestic product should reach $690 billion (535 billion euros) in 2013 as exports reach $214 billion and tourism revenues $36 billion. Turkey’s economy has grown nearly 8 percent on average in the last four years, and it has cut inflation to single-digit levels for the first time in a generation after a deep financial crisis in 2001. Lamda Development wins tender for IBC leasing Lamda Development won the tender for the lease and operation for 40 years of the International Broadcasting Center, used during the 2004 Olympic Games in Athens, by offering 7.25 million euros per year, adjusted to inflation plus two percentage points. Lamda, which belongs to the Latsis family, outbid Hellenic Technodomiki and J&P and is planning to develop and operate a modern shopping center. This also removes a possible threat to its other shopping center on Kifissias Avenue, The Mall Athens. Proton interest Proton Bank said yesterday that investment group IRF European Finance Investments (IRF) will buy 28 to 30 percent of its shares at 9.5 euros each, becoming a strategic partner in the small Greek bank. The 128-million-euro deal, pending regulatory approval and clearance by IRF’s shareholders, is to be concluded in the next four to six weeks, Proton informed the stock market. Proton, which went public last December raising 17.5 million euros, has a market value of 412 million euros. (Reuters) UK agents opt out Spain rather than Greece was chosen by the Association of British Travel Agents (ABTA) as the locale for their upcoming conference, despite efforts made by the Greek National Tourism Organization. ABTA announced it will organize its event in Marbella but added that it could hold the event in Greece in the future. ABTA held its conference in Kos in 2000. Another Village park? Australian entertainment group Village Roadshow is focusing its interest on a theme park in Attica which it is keen to develop, the company’s CEO Robert Kerby said yesterday. Village Roadshow is taking part in the tenders for Athens’s Olympic installations for canoe-kayak and beach volleyball. The investment is estimated to exceed 100 million euros. Cyprus prices A spike in fuel prices pushed Cyprus’s inflation to 3.13 percent year-on-year in May from 2.96 percent in April, the island’s statistics service said. Alcohol, apparel, recreation and culture costs fell. (Reuters)