ECONOMY

In Brief

OTE offers its first phone and Internet package in Greece OTE telecom, Greece’s biggest phone operator, unveiled its first package combining high-speed Internet, mobile-phone and fixed-line services after buying the rest of its wireless unit. The ‘OTE All-in-1» package will be available as of tomorrow, the company said in an e-mailed statement. Customers will pay 15 percent less on the mobile-phone fixed monthly rate, it said. OTE spent 2.8 billion euros ($4.39 billion) to buy the 32 percent stake it didn’t already own in Cosmote Mobile Telecommunications, its most profitable unit. OTE is packaging services, like its Greek rivals, to stem a slide in earnings. The product is being offered on a pilot basis for four months, after a ruling by the Greek telecommunications regulator on May 9. The regulator said it needed more information from OTE before it could offer permanent approval. (Bloomberg) Turkish lira eases on ruling party closure worries ISTANBUL (Reuters) – Turkey’s lira slid off two-month highs yesterday and stocks fell more sharply than emerging market peers on growing concerns that the ruling party will be closed down for alleged Islamist activities. The lira trimmed some of its losses after the central bank denied speculation that Governor Durmus Yilmaz was going to resign. The rumors followed press reports that tensions have grown between the government and the bank, which hiked rates last week in a bid to rein in inflation. The lira fell 0.4 percent to close on the interbank market at 1.2365 against the dollar, and weakened further in after-hours trade to around 1.2410. After the central bank’s denial, it rose back to 1.2395. Jumbo Greece’s largest toy retailer Jumbo said yesterday nine-month net profit rose 18 percent, thanks to an expanding store network. Jumbo, which also sells stationery and home items, said in a statement net profit rose to 58.7 million euros in the nine months ended March. Sales rose 14.2 percent to 307.7 million euros, as in December Jumbo launched two new stores in Athens and Bulgaria’s capital Sofia, bringing its total number of outlets to 41. For the 2008 fiscal year, the firm is targeting 21.4 percent profit growth and 17.4 percent sales growth. (Reuters) Avioane bids Romania has received three binding bids in the sale of the state’s majority stake in aircraft maker Avioane Craiova, privatization agency AVAS said yesterday. Italy’s Alenia Aeronautica, AERO Vodochody of the Czech Republic and local firm INAV had submitted offers for an 80.98 percent stake in the firm, AVAS said in a statement. Earlier this month, AVAS extended the deadline for binding bids to May 20 from May 9 following requests from investors (Reuters)