ECONOMY

In Brief

TEMES moves to fill 750 job posts at new hotels Tourism Enterprises of Messinia (TEMES) said yesterday it is starting procedures to fill 750 employment positions for the Navarino Dunes hotels, set to open in May next year in Messinia, southern Greece. «At Navarino Dunes, it is estimated that initially there will be some 750 employment positions with prospects for this number to gradually reach 1,200,» the company said in a statement. Navarino Dunes, which includes two five-star hotels and a golf course, is part of the Costa Navarino resort, «the largest tourism project under construction in the Mediterranean,» according to TEMES. The Costa Navarino resort will also offer a conference center, thalassotherapy and sports facilities and will cost about 1 billion euros, according to press reports. National shares to trade ex-rights as of tomorrow Shares of National Bank, Greece’s largest lender, will trade without the right to a 1.25-billion-euro ($1.77 billion) rights issue from tomorrow, the Athens Exchange said yesterday. The subscription period for the rights issue will be between July 8 and 22, the Greek bourse said. Rights will trade on the Athens Exchange from July 8 to July 16. National Bank will issue two new shares for every nine held at a price of 11.3 euros each. CEO Takis Arapoglou said that the cash call was not due to any downturn in business, but was a preemptive move given »banking sector dynamics in Europe.» (Reuters) Naspers earnings Naspers Ltd, which owns Africa’s largest pay-television broadcaster MultiChoice, said full-year earnings climbed 68 percent after the disposal of its Greek TV company NetMed and it added more pay-TV subscribers. Net income rose to 5.76 billion rand ($735 million), or 15.40 rand a share, in the year ended March 31, from 3.42 billion rand, or 9.44 rand, a year earlier, the Cape Town-based company said in an advertisement published in the Johannesburg-based Business Day newspaper yesterday. Sales rose 30 percent to 26.69 billion rand. (Bloomberg) Monsanto approved Monsanto Co, the world’s largest seed producer, won the blessing of the European Food Safety Authority for a strain of genetically modified corn that is banned in at least six EU countries. MON810, a pest-resistant corn also known as YieldGard, is safe for animal and human consumption and presents no more of a threat to the environment than natural corn, the EFSA said yesterday in a release. A number of European countries have resisted the use of politically unpopular genetically modified crops, including BASF AG’s Amflora potato and Monsanto’s corn. Germany in May won a preliminary ruling from the Braunschweig administrative court to maintain its ban on YieldGard, a variety already forbidden in France, Austria, Hungary, Greece and Luxembourg. (Bloomberg) Prices fall Greek producer prices fell 9.5 percent year-on-year in May, pushed lower by a sharp drop in energy costs, the country’s statistics service reported yesterday. The latest reading brought the 12-month average annual pace of producer price inflation to 1.4 percent, down from 3.4 percent in April. (Reuters)