ECONOMY

In Brief

Market worried consumers will build up heating oil reserves Fuel traders warned yesterday of the risk of the accumulation of large reserves of heating oil in coming months, after the government backtracked on its attempt to level the taxes on diesel and heating oil, postponing it to January 1, 2008. Already, data from the association of oil trading companies in Greece (SEEPE) shows that within just one week of the announcement of the government’s intentions, the reserves for agricultural use of oil have risen fivefold as farmers rushed to obtain significant quantities before the new measure would have been enforced on October 15. Market players suggest this phenomenon will spread by the end of the year, causing irregularities in the market and posing safety risks. MIG to keep Vivartia listed, plans private placement Marfin Investment Group (MIG) said yesterday it had increased its stake in listed food company Vivartia to 91.47 percent. MIG intends to keep Vivartia listed and will proceed to a private placement of its shares to strategic and institutional investors, to be announced by the end of the month. The company has not yet decided on the number or price of the shares to be placed, but they will definitely cost more than 25 euros per share, the price MIG paid to acquire them. Resignation denied There is no question of central bank Governor Durmus Yilmaz resigning, an official at the Turkish central bank said yesterday, denying there was any truth to a newspaper article on the subject. «There is no question of Governor Durmus Yilmaz resigning. The news in the press does not reflect reality. It is complete speculation,» the official told Reuters, declining to be named. (Reuters) Turk port Turkey’s Turkerler Group, which submitted the highest bid for operating rights of the Derince Port last month, is meeting foreign companies to discuss investment and assistance in operating the port, its CEO said yesterday. Kazim Turkerler told Reuters in an interview he estimates the company will spend $100-110 million on increasing the container capacity of the port to 600,000 per year. «Talks with foreign firms continue regarding a partnership.» (Reuters) Cocomat in Arabia Greek furniture and house equipment company Cocomat is expanding into the markets of Saudi Arabia and the United Arab Emirates. This week it is opening a store in Jeddah and, by the end of the year, another in Dubai. It will also add one more in China to the two that already operate. In Greece it is seeking spaces for two flagship stores in Athens and Thessaloniki, having started opening shops in Alexandroupolis, Orestiada, Volos and Kozani. DnB NOR in Greece Norway’s biggest banking group DnB NOR announced yesterday that it would establish a new non-life insurance company by the end of 2008. The company also said in a statement at the beginning of a capital markets day event for investors in London that it would open three new international offices, in Chile, Greece and India. (Reuters)