ECONOMY

In Brief

Cyprus bourse adopts euro fixing for Greek link NICOSIA (Reuters) – The Cyprus Stock Exchange adopted the fixing rate of the Cyprus pound against the euro yesterday for the currency conversion of shares when a joint trading platform with Athens goes live on October 30. The conversion rate would be 1 euro worth 0.5766 Cyprus pounds, the mid-rate set by the central bank. Stocks, now quoted in Cyprus pounds, will be traded only in euros from Monday. The converted prices would be published by the bourse before then, the exchange said. Government and corporate bonds will not be included in the switchover. The Cyprus Stock Exchange will be closed for trading today and tomorrow to prepare for the launch. Cyprus officially expects to adopt the euro as its currency on January 1, 2008. Elefsis Shipyards in navy frigates program Elefsis Shipyards yesterday announced the signing of a memorandum of cooperation with French firm Armaris concerning the promotion of the Fremm-type frigates for the Hellenic Navy. The program is part of the navy’s five-year plan approved last July. The Fremm frigates are the biggest NATO navy construction program in the last 60 years, envisaging the building of 27 vessels. Separately, the European Commission yesterday extended the special regime of supports for the Union’s shipyards by two years to the end of 2008, considering that the available data to date for studying the scope of maintaining or abolishing them are insufficient. Bulgarian property Irish property investment firm Kendar said yesterday it would build two residential complexes in Bulgaria for around 110 million euros ($138.1 million). It will construct a residential complex with over 300 apartments, offices, shops and restaurants near the mountain resort of Bansko in southwest Bulgaria and a holiday village with a hotel on the Bulgarian Black Sea coast. «The country is a very attractive destination, because there are a lot of possibilities for developing the market and the climate is very good,» said Evgenia Atanasova, spokeswoman for Kendar’s Bulgarian office. The construction of the first complex is expected to start in February, 2007 and be finished by the end of 2008. The other project should be complete by 2010. The government expects foreign direct investment to reach a record 3.0 billion euros this year. (Reuters) Vivartia in Mevgal Greece’s largest dairy group has completed the acquisition of a 21 percent stake in Mevgal for 15 million euros, Vivartia said yesterday. Vivartia agreed in July to buy the stake in northern Greece-based Mevgal, which produces fresh milk, yogurt and cheeses. (Reuters) OPAP Gaming monopoly OPAP said yesterday that it would pay an interim dividend for 2006 in December. The shares will trade ex-interim dividend on December 11, the company said in a stock filing. The amount will be finalized after its nine-month earnings have been announced. (Reuters)