ECONOMY

In Brief

Tourism revenues rebound in the Jan-Mar 2007 period Tourism revenues increased by 10.8 percent year-on-year in the first quarter of 2007, reaching 575.6 million euros, according to the Institute for Tourism Research and Forecasts (ITEP). Although it is too early to reach a sure conclusion about the course of tourism foreign currency inflows, preliminary data show a rising trend, ITEP commented. The 16 percent annual decline recorded in the first quarter of 2006 had meant far from satisfactory inflows throughout last year. The course of tourism revenues and the record number of tourists expected this year in Greece promise a rebound for the entire year, estimated ITEP. SEV celebrates 100th anniversary and prepares to change its name The Federation of Greek Industries (SEV) is hosting today a celebratory annual general meeting for the 100th anniversary of its foundation. President Dimitris Daskalopoulos will propose the group’s new name «the Federation of Enterprises-Industries,» to signify the evolution of the body into one that represents the entire production activity of Greece. President of the Republic Karolos Papoulias, Economy and Finance Minister Giorgos Alogoskoufis and PASOK President George Papandreou will be present and address the event. BoG proposals The Bank of Greece will propose tomorrow the setup of an independent authority to monitor the investments of social security funds, ahead of the changes to the institutional framework proposed by the government. Bank Governor Nikos Garganas informed Economy and Finance Minister Giorgos Alogoskoufis of the proposals yesterday and will submit them officially tomorrow. Credit growth slows Greece’s total credit expansion decelerated slightly to 12.7 percent year-on-year in March from a 13 percent annual pace in February, provisional Bank of Greece data showed yesterday. But household credit remained robust, growing at an annual 24.5 percent pace in March from 24.2 percent a month earlier, despite higher European Central Bank interest rates. (Reuters) Power import The Electric Power Transmission System Operator (DESMHE) announced yesterday it will operate a line carrying electric energy from Turkey, of between 120 and 180 megawatts, from June 15, as a temporary measure due to the partial closure of the Bulgarian nuclear plant at Kozloduy. Jumbo profits up Greece’s largest toy retailer, Jumbo, said yesterday net nine-month profits rose 46.9 percent, as Easter holiday sales boosted third-quarter business. Athens-listed Jumbo, which also sells stationery and items for the home, said net profits rose to 49.7 million euros in the nine months to March from 33.8 million in the same period last year. Sales grew 26 percent to 269.4 million euros with earnings before interest, tax, depreciation and amortization (EBITDA) up 34.9 percent to 77.7 million. (Reuters)