In Brief
EU capital markets overseers to discuss corporate fraud The European Commission has scheduled a meeting of stock market regulatory authorities and officials from stock market ministries for July 23 to discuss how to deal with possible cases of corporate fraud similar to the ones affecting the USA. EU authorities are concerned over the spread of such cases in Europe. Officials will also discuss the implementation of the adoption of International Accounting Standards, mandatory from next year. West awaiting Balkan projects worthy of aid ZAGREB – Western donors have been unable to offload some 5 billion euros in aid pledged to the Balkans because the cash-strapped states have failed to present viable projects, a senior EU diplomat said yesterday. Erhard Busek, special coordinator for the Stability Pact for Southeastern Europe, told reporters that the donors – including the EU, USA, Canada, Japan and international financial institutions – had pledged around 5.4 billion euros in 2000 and last year, but have disbursed little of it. Busek said the funds were granted only to projects whose progress could be verified on the ground. «We only believe things if we can see them,» he said. He added that he believed some 60 percent of a 2.4-billion-euro aid package called «Quickstart» – part of the overall 5.4-billion program – would be given out by the end of this year. (Reuters) Turkish securities rise Turkish debt soared yesterday, thanks to the formation of a new movement by senior Turkish politicians, two of whom resigned from the country’s Cabinet this week. Turkey’s 2030 dollar bond hit 84 percent of face value at 1213 GMT on Friday, its highest price for 10 days. An expected collapse of the ruling three-party coalition, which has not yet occurred, and early elections, now expected in November, have already been priced in, said a trader. Bonds have been trading down since May, because traders worry that these events might derail the country’s $16-billion International Monetary Fund program. (Reuters) Leventis Greek-Cypriot businessman Dinos Leventis died in London yesterday. He was an honorary Ambassador of Cyprus to UNESCO and president of the A.G. Leventis Foundation, a non-profit organization supporting educational, cultural and environmental causes in Cyprus, Greece, the UK, Nigeria and elsewhere. Bond auction The Public Debt Management Agency (PDMA) yesterday announced that it will auction 1 billion euros of a 10-year, 5.25-percent bond maturing in May 2012 on July 16. The settlement date will be July 19 with only primary dealers allowed to participate. PDMA said primary dealers may also submit non-competitive bids for up to 20 percent of the auctioned amount until July 18. (Reuters) Future issue State Hellenic Railways (OSE) has mandated HSBC Markets in London to lead manage its forthcoming euro-denominated bond, the bank announced yesterday. The 10-year transaction will carry an explicit guarantee from the Greek government and will be launched in the near future subject to market conditions. (Reuters)
