ECONOMY

In Brief

Greek PMI manufacturing grows fast in October Growth in Greece’s manufacturing sector was the fastest in more than seven years in October as the purchasing managers’ index (PMI) rose to 55.3 from 53.8 points in September, a monthly survey of around 300 companies showed. The 50 mark separates contraction from growth. The PMI provides a snapshot of operating conditions in manufacturing. Manufacturers continued to expand production on increased order volumes, NTC Research, which did the survey, said. New customers bolstered demand from abroad in October. (Reuters) India’s DS Construction to buy 22 pct of builder AEGEK DS Constructions Ltd, an Indian construction company, will buy a 22 percent stake in Greek builder AEGEK. The buyer will spend 30 million euros ($43.4 million) to buy new AEGEK shares, the Athens-based company said yesterday in a filing with the stock exchange. DS may increase the stake to 33 percent within three years, according to the statement. The agreement is a part of a settlement between AEGEK and its creditor banks. AEGEK plans to sell new shares worth 70 million euros and sell two units, Astakos Terminal and Akarport, for about 125 million euros. (Bloomberg) Exports nudge up Greek exports recorded an annual 3.2 percent rise in the first eight months of the year, mainly thanks to transport equipment and materials, industrial products, chemical and other such commodities. They rose to 11,109.6 billion euros from 10,769.9 million euros in the same period last year, according to the National Statistics Service. August in particular saw a 4.3 percent annual growth in exports excluding oil products. Turk exporters happy Turkish exports surged 37.1 percent year-on-year to $9.703 billion in October, the Turkish Exporters’ Association (TIM) said yesterday. In the January to October period exports jumped 24.9 percent to $85.422 billion. The TIM figures come almost a month ahead of official figures, which they tend to match. TIM said exports in the last 12 months had climbed 25.7 percent to $102.78 billion. It said the biggest export sector during October was automotives, with exports of $1.914 billion. (Reuters) Navios Maritime Navios Maritime Partners LP registered its initial public offering on the New York Stock Exchange of 10 million common units, representing limited partner interests, at an estimated price of $19 to $21 each. Upon the closing of the offering, Navios Maritime Holdings, the Piraeus-based owner and operator of dry-bulk carriers, will own a 43.2 percent interest in Navios Maritime Partners, the company said. (Reuters)