ECONOMY

In Brief

Greek inflation seen flat at 0.5 pct in July Greek consumer price inflation is seen as coming in flat for July, holding at a 0.5 percent annual pace, a 41-year low, as slightly higher energy costs were mitigated by cooling goods and services prices, analysts said yesterday. The median forecast by five economists polled by Reuters showed July will continue the pause in inflation’s decline, which has taken the headline CPI rate down from a 10-year high of 4.9 percent last year. «CPI inflation is expected to remain broadly flat in July. The rise in energy prices on a monthly basis, partly due to the increase in fuel tax, is expected to be outweighed by decelerating inflation in a number of goods and services as consumer spending remains weak,» said economist Nikos Magginas at National Bank. (Reuters) Mytilineos expected to report H1 profit drop Mytilineos Holdings SA, a Greek metals and energy group founded in 1908, is expected to announce that first-half profits fell as revenue declined following the suspension of Romanian operations and project delays at its Metka unit. Net income probably slid 68 percent to 7.7 million euros ($11 million) from 24.1 million euros a year earlier, according to the median estimate of six analysts Bloomberg News surveyed by e-mail and telephone. Sales may have dropped to 322.4 million euros from 490.3 million euros a year earlier, the survey showed. Earnings before interest, taxes, depreciation and amortization probably declined 20 percent to 44.9 million euros, according to the survey. The company is scheduled to report earnings today after the market close in Athens. (Bloomberg) OTE holding The Greek government sold a 5 percent stake in the Hellenic Telecommunications Organization SA on July 31, reducing its stake to 20 percent, according to an e-mailed statement from the company yesterday. The government said in June it planned to exercise an option to sell the stake to Deutsche Telekom AG for 674 million euros. (Bloomberg) MIG takeover MIG Technology, a unit of Marfin Investment Group SA, offered to buy the shares it doesn’t already own in computer company SingularLogic SA. MIG Technology offered 3.08 euros a share for 18.3 million shares, or 42 percent of the company, according to an Athens bourse filing yesterday. (Bloomberg) Bank stake Geniki Bank SA, the Greek unit of Societe Generale, said Greece’s Army Pension Fund’s stake fell to 1.7 percent, following a sale of new shares. The APF’s holding before the rights offer was 5.4 percent, Geniki Bank said in an Athens bourse filing yesterday. (Bloomberg) EPCG privatization Montenegro’s Privatization Council confirmed yesterday that Italy’s A2A won the tender competition to take a minority stake in power monopoly Elektroprivreda Crne Gore (EPCG). The Italian company will acquire 11,457,357 shares, or 18.3 percent in EPCG, at 8.40 euros per share. A2A’s bid beat an offer of 11.10 euros per share from Greece’s Public Power Corporation, which the government found «incompatible» with the rules of the tender. (Reuters)