ECONOMY

In Brief

Marfin, Egnatia, Laiki to unveil merger details today NICOSIA (Reuters) – Details of a planned three-way merger between Greece’s Marfin Financial Group, Egnatia and Cyprus’s Laiki Bank will be disclosed today, the Cypriot bank said yesterday. The three banks announced plans to merge earlier this year to form a larger player in the Greek market. «There will be announcements simultaneously in Athens and in Nicosia,» a Laiki spokesman said, declining to give further details. The board of the Cypriot bank, the island’s second-largest commercial bank, met yesterday. Marfin, 31.5 percent-owned by Dubai Financial, owns just over 10 percent of Laiki and more than 36 percent of Egnatia. Infoquest, French EDF team up for wind energy IT and telecoms group Infoquest is partnering with France’s EDF Energies Nouvelles to develop wind parks in Greece, Infoquest said yesterday. Infoquest and its subsidiary Quest Energy signed the agreement outlining the collaboration with the French company, which is subject to approval by EDF’s board, Infoquest said in a stock market filing. It did not provide further details. «I find the agreement slightly surprising, given Infoquest’s lack of experience in securing permits and licenses for wind energy projects,» an analyst requesting anonymity said. «Knowing the shortcuts to obtaining permits is valuable for a foreign company that wants to operate in the Greek market.» (Reuters) Diana Shipping Diana Shipping Inc, a dry-bulk cargo company, yesterday announced that it has assumed shipbuilding contracts from two unaffiliated parties for the construction of two Capesize dry-bulk carriers of approximately 175,000 dwt each for a price of $60.4 million each. The vessels will be constructed by Shanghai Waigaoqiao Shipbuilding Co, Ltd and Diana Shipping Inc expects to take delivery of the vessels during the second quarter of 2010. (Reuters) BoC in Romania Bank of Cyprus (BoC) is to open its first branch in Romania next year, pending regulatory approval from Romanian authorities, it said yesterday. BoC said its business development would focus on the small to medium-sized enterprise sector in addition to corporate and retail sectors. Operations were set to begin in early 2007, it said. (Reuters) Serbia GSM license Serbia yesterday invited bids for a third mobile telephony license, only six weeks after it sold operator Mobi 63 to Telenor for 1.5 billion euros. The renewable 10-year license will cost at least 320 million euros ($405 million), the nominal price Serbia charged for the Mobi 63 license, the Telecommunications Agency said in the invitation published in the Belgrade daily Politika. The bidders must have at least 3 million subscribers and a turnover of at least 500 million euros at the end of 2005 to qualify, it said. (Reuters)