In Brief
JP Morgan returns bond capital to social security funds International credit corporation JP Morgan returned on Monday the 280 million euros from its re-purchase of the structured bond that created a political crisis in the year’s first half. The four social security funds received not only their original capital but also the interest from the second quarter of the bond’s duration (May 22 – August 22), said Employment Minister Vassilis Magginas. The interest for the first three months will be paid by the state. However, the General Confederation of Greek Labor (GSEE) claimed all capital invested by 24 social security funds in similar products must be returned with interest. Summer sales a success, say Piraeus tradesmen More than two thirds (69 percent) of Piraeus traders expressed satisfaction with their turnover during the summer sales, according to a survey by the Piraeus Traders Association. The vast majority (82 percent) were happy to see the sales extended to six weeks and their dates fixed. However, only 23 percent said they saw a rise in turnover up to 20 percent, 26 percent reported a decline and 46 percent said there had been no change in turnover. In terms of consumer behavior, the survey found that people reduced the use of credit cards and increased cash purchases from 41 percent last year to 58 percent this summer. Hellenic permit Hellenic Bank said yesterday it had received the consent of the Central Bank of Cyprus to apply to Russian authorities for an operating licence in Russia. The bank said it planned to develop organically in Russia, based in Moscow. (Reuters) Turkey’s gold imports Turkey’s gold bullion imports surged by 40 percent in the first eight months of the year, boosted by steadier world gold prices and the wedding season. Imports to Turkey, recently taking over from the United States to become the world’s third biggest jeweller, surged to 178 tonnes in January-August, from last year’s 128 tonnes. (Reuters) KBC in Bulgaria’s DZI Belgian banking and insurance group KBC said yesterday it would launch a bid for the remaining 15 percent of shares it does not already own in Bulgaria’s DZI Insurance. It said the public takeover bid would be launched today for a period of 28 days at a price of 96.3 euros per share, or a total sum of 40.2 million euros. (Reuters) Hungarian-Croat pact Hungarian oil and gas firm MOL and Croatian oil firm INA have agreed to launch a joint cross-border hydrocarbon exploration project on a 189-square kilometer area on the Croat-Hungarian border. The first exploration well will be dug in 2008 and the cost of the drilling is estimated at 8.2 million euros, which will be split between the two firms, MOL said in a statement. (Reuters)
