ECONOMY

In Brief

Intracom Telecom signs deal with Shyam Telelink Intracom Telecom said yesterday it has signed a $5.7 million deal with India’s Shyam Telelink Limited to supply its Radio Relay products. «Intracom Telecom has undertaken a turnkey project, including the supply, installation and commissioning of a point-to-point radio link network for Shyam Telelink’s expansion in the Rajasthan area,» the Greek company said in a statement. The project is expected to be completed in five months. Intracom Telecom is 51 percent held by Russia’s JSC Sitronics, with the remaining stake held by Intracom Holdings group. It operates subsidiaries in over 14 countries. Michaniki gets approval for Black Sea complex Michaniki SA, Greece’s fifth-largest builder, got Ukrainian approval to build a residential complex in the Black Sea coastal city of Odessa. Michaniki will build apartments, stores and an entertainment center, according to a bourse filing in Athens. The complex will be called «Odysseus’ Dream.» (Bloomberg) Catering offer Alkmini Catering Investments, a partnership between Greece’s biggest food producer Vivartia SA and Lavrentios Freris, increased its stake in fast-food chain Everest to 96 percent after a public offer. Alkmini owned 27.7 million shares of Everest as of June 11, according to a filing with the Athens bourse yesterday. Vivartia and Freris, which previously had a 26 percent stake in Everest, jointly offered 3.5 euros a share to buy the chain to boost sales at airports, ports and train stations. (Bloomberg) Romanian rating Romania’s huge current account deficit and stalled reform process remain a concern, but Moody’s Investors Service is «comfortable» with its Baa3 rating, a senior official said yesterday. «At the moment, we are comfortable with our rating. There are concerns,» said Dietmar Hornung, a senior analyst for Moody’s, on the sidelines of a credit risk conference in Bucharest. «But we are not overly concerned. We feel comfortable with our stable outlook.» Hornung said during the conference that credit challenges include lagging structural reforms, stability risks stemming from rapid credit growth, large external debt and the current account deficit, as well as fiscal policy’s «weak contribution to demand management.» (Reuters) Gold for sale Cyprus’s government has floated the possibility of selling its part of its gold reserves to play down its public debt, though it has yet to make a formal request to the central bank, officials said yesterday. In a debate which has made more noise in the media rather than a firm proposal, the Communist-led administration has been dropping heavy hints it wants to sell part of its gold, triggered initially by an off-the-cuff remark by its finance minister. «It is a totally personal opinion. Part of it could have been transformed to other investment assets, or to reduce the public debt,» Finance Minister Charilaos Stavrakis told Reuters. (Reuters) Foreign investment Turkey expects to attract $53 billion in foreign investment in the next three years, Finance Minister Kemal Unakitan told a conference yesterday. The country’s economy minister said last month foreign direct investment this year was expected to be in the range of $14-16 billion. (Reuters)