In Brief
Nirefs aquaculture to absorb three companies of group Listed fish farming company Nirefs yesterday announced it is merging through absorption with the companies of its group, Seafarm Ionian SA, Alpino SA and A-Sea SA. The group said the merger will make the group more flexible, achieving economies of scale and a more efficient management. The Chios-based company also decided to divest its confectionery arm that in effect is already a separate productive and commercial activity. This will allow the parent company to focus on aquaculture as the main business objective. On Thursday, Nirefs acquired Marant Finance in order to pass on to it the confectionery activity. Turkish Treasury to borrow 5 billion lira in October ISTANBUL (Reuters) – The Turkish Treasury said yesterday it would borrow 5 billion lira ($4.15 billion) from the market in October against redemptions of 7.3 billion lira. It also said it expected a 1.4-billion-lira primary surplus in October. The treasury will repay a total 9.5 billion lira in domestic debt and 4.0 billion lira in foreign debt during the month. Separately, Turkey’s trade deficit widened 15.4 percent year-on-year to $6.308 billion in August, the Turkish Statistics Institute said yesterday. This compares with a Reuters poll forecast of $6.25 billion. Retail sales up Greece’s retail sales by volume rose 2.1 percent year-on-year in July, after a 4.5 percent annual rise in June, data by the National Statistics Service showed yesterday. Retail sales by revenues grew 5.5 percent year-on-year in July after a 7.6 percent rise in the previous month. (Reuters) Cyprus tourism Cyprus’s revenues from tourism from January to July grew 4 percent year-on-year to 564 million Cyprus pounds (990 million euros), the island’s statistics department said yesterday. In July 2007, revenues from tourism hit 168.1 million Cyprus pounds and were 8.5 percent above July 2006 figures. (Reuters) KBC in Bulgaria Belgian banking and insurance group KBC agreed to buy Bulgaria’s Economic and Investment Bank (EIBank) for 295 million euros to extend its reach in Eastern Europe, officials said yesterday (Reuters)
