ECONOMY

In Brief

Greek construction firms’ rising interest in FYROM Greek construction companies account for about half of the total value of infrastructure projects in the Former Yugoslav Republic of Macedonia (FYROM), according to a study by the Greek government’s economic and commercial affairs bureau in Skopje. The study, reported by the Athens News Agency, notes considerable potential for business cooperation schemes (exports and investment), particularly in housing construction and infrastructure projects, including dams and irrigation and sewage systems. FYROM is expected to enact reformed relevant legislation early and introduce new zoning plans next month. Greek construction company Terna recently won a tender for the construction of a ring road around Skopje. Turkish exports jump 16 percent from January to mid-September ANKARA (Reuters) – Turkish exports rose 16.1 percent year-on-year to $57.8 billion between January 1 and September 16, Trade Minister Kursad Tuzmen said yesterday. Tuzmen said exports jumped 22.6 percent to $3.9 billion in September alone. He told a news conference that Turkey’s exports in the last 12 months rose to $81.4 billion. Mining and industrial exports have jumped 61.1 percent and 29.8 percent respectively so far this year, while agricultural exports fell 16 percent. The official export and import projections are $79 billion and $124.4 billion respectively in 2006, but the government said it hoped exports would surpass $80 billion. Cyprus credit-card spending Credit-card spending on Cyprus rose by 17 percent year-on-year in the first eight months of this year with transactions valued at 486.02 million Cyprus pounds ($1.07 billion), the island’s settlement agency JCC said yesterday. From January to August, Cypriots’ spending overseas rose 26 percent to 140.6 million pounds. Tourists to the island spent 167.7 million pounds, 6 percent up on 2005. On average, there were 41 transactions per credit card holder, JCC said. (Reuters) Turk grid tenders Dogan Holding said yesterday it is examining the terms for the electrical distribution grid tenders of the Sakarya-Bolu region and part of Istanbul, along with Dogus Holding and Luxembourg-based Unit Investment. An invitation was announced August 31 to bid on the power grids that serve the Asian side of Istanbul, the Turkish capital Ankara, and the land between the two cities, as the first step the country has taken to privatize its electricity grid. The three companies – Dogan, Dogus and Unit – have created an equal partnership in order to bid for the distribution systems. Italy’s Enel has also expressed interest in the grid tenders. (Reuters) Diana Shipping Investors should hold on to shares in Diana Shipping Inc, an Athens-based company, and wait for the turnaround to come, Barron’s reported in its September 18 edition. Barron’s said that while the stock is off from a year ago when it had recommended it, it should recover as the market firms. Its shares suffered as investors favored shipping companies with long-term contracts over those with exposure to the spot market, like Diana. (Reuters)