ECONOMY

In Brief

Kapros notes renewed interest in power production Greece has no option but to take decisive steps toward a liberalization of the energy market, having to choose between electric power shortages on one hand and attracting new investment for sufficiency on the other, Energy Regulatory Authority (RAE) Chairman Pantelis Kapros has told www.energia.gr, a website on energy issues. He says that developments are encouraging, as recent consultations on the required amendments to existing legislation has given a strong boost to the interest of Greek and foreign investors. He also expresses confidence that the process will accelerate, as foreign investment and banking groups are currently holding intensive discussions for possible partnerships with Greek businessmen. Further, Kapros said that a recent study by the European Commission reveals that Greece’s energy indicators point to an urgent need to prevent a deficit likely to soon cause a so-called «California phenomenon.» Dervis says May CPI shows Turks can meet IMF target ANKARA – Lower-than-expected inflation data for May showed Turkey could achieve 2002 price targets, Turkish Economy Minister Kemal Dervis said yesterday. Consumer price inflation (CPI) rose a monthly 0.6 percent to cut yearly consumer inflation to 46.2 percent, the state statistics office said on Monday. Turkey is working to meet a 35-percent CPI target for 2002 set out under a $16 billion IMF pact. The monthly figure was much lower than the 1.76 percent a Reuters poll of analysts had predicted, and may cheer financial markets worried about the poor health of Prime Minister Bulent Ecevit. (Reuters) Goody’s Goody’s fast-food chain, a subsidiary of Delta Holdings, aims to expand to 165 outlets and 50 Flocafe espresso bars by the end of 2002 and to 200 and 100 respectively by the end of 2004. Besides the introduction of two new brands in Greece, the firm is also studying four other European markets, for development of the Flocafe brand initially, and possibly for Goody’s itself. Officials said one of the two home brands will aim to double the firm’s market share in the industry to 30 percent. The company posted 13-percent growth in sales to 3.9 million euros, and a 5-percent rise in pretax profits to 618,700 euros in the first quarter. Group sales rose 4.2 percent to 27.8 million euros and pretax profits 30 percent to 3.1 million euros. For 2002, management targets company sales of 16 million euros and profits of 5 million, and group turnover of 124 million and profits of 13.4 million euros. Car sales Car sales registered a steep fall in May, according to data by the Vehicle Importers and Dealers Association (SEAA). The number of cars sold was down 20 percent to 23,403, after a 25.7-percent increase in April. Hyundai recaptured top market share from Fiat with 2,184 cars, followed by Opel with 2,065, Fiat with 1,803, Toyota with 1,783 and Peugeot with 1,690. Fines Metaxa distillers, Hellenic Bottling Company (3E) and Tasty Foods have been fined sums of 250,000 euros, 350,000 euros and 152,000 euros respectively for improperly discharging liquid waste.