ECONOMY

In Brief

Endesa Hellas to cover whole range of power production Spanish energy firm Endesa intends to secure a 10 percent share of the Greek electricity market by 2010, having acquired the energy portfolio of the Mytilineos Group through their joint venture, Endesa Hellas. Endesa CEO, Rafael Miranda, and Mytilineos group’s president and CEO, Evangelos Mytilineos, presented the new company, indicating it aims to construct, develop and operate thermal energy stations and renewable energy projects. It also plans to trade in electrical energy and carbon dioxide emissions before gradually entering the retail market. «The founding of the company marks a significant step in Endesa’s expansion to the Mediterranean market, along with its target for consolidating its current position and utilizing its existing advantages for developing new projects,» said Miranda. SocGen’s Geniki Bank set for 210-mln-euro rights issue Geniki Bank, majority-owned by France’s Societe Generale got shareholder approval yesterday for a 9-for-10, 210-million-euro rights issue at 4.0 euros a share. Geniki will raise funds to boost its capital adequacy. The bank will issue a total of 52,549,145 new common shares. Parent Societe Generale, which owns 52.32 percent of the bank, will fully participate in the issue, exercising all its rights as well as any unsubscribed shares. Geniki Bank remained in the red in the first quarter but trimmed group losses to 10.7 million euros ($14.3 million) on lower loan-loss provisions. (Reuters) Athens-Madrid Low-cost Spanish carrier Vueling is starting flights to Greece, linking Athens with Barcelona and Madrid, Athens International Airport (AIA) said yesterday. Vueling, founded in 2004 and one of the smallest listed airlines in Europe, launched the Athens-Barcelona service on Wednesday with flights three times a week. It will add three more weekly flights from July 10. The carrier, with a fleet of 21 Airbus A-320 jets, is also flying to Madrid three times a week as of yesterday, it said. «Our clients will now have the opportunity to fly at one-fourth of the cost. Up until recently, flying to Athens for 50 euros seemed like a dream,» Vueling marketing manager Alfons Claver said in a statement. (Reuters) TOP Tankers TOP Tankers Inc said it has placed 2.1 million common shares with companies connected with Greek shipping-investor Giorgos Economou for gross proceeds of about $14.3 million. Economou owns about 3.7 million shares of Top Tankers following the placement, the oil-tanker operator said in a statement. (Reuters) Altec ADSL Altec Telecoms yesterday presented two new integrated telecommunications solutions for broadband Internet users. They are i-Call Easy Box, including wireless broadband access, and i-Call Unlimited, for wireless Internet and unlimited telephone calls to fixed numbers in Greece and in most countries abroad.

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