ECONOMY

In Brief

Industrial production posts 1.9pct growth y-o-y in July Industrial production rose 1.9 percent year-on-year in July, the National Statistics Service (NSS) said yesterday. Manufacturing output grew 2.8 percent year-on-year in July, mainly affected by expansion in printing and publishing, chemicals, radio equipment, television sets and communications instrument production, NSS said. In the year to July, Greece’s industrial output rose 0.86 percent compared to the same period last year, with manufacturing also showing growth of 1.65 percent, NSS said. (Reuters) Albania OKs Greek petroleum companies The Albanian government has reactivated the operating licenses of three Greek petroleum companies, Hellenic Petroleum, Jet Oil and Diekat, with storage installations in the area of the port of Durres, which had been suspended for more than a year, the Greek National Economy Ministry announced yesterday. The licenses, which had been granted for investments totaling $50 million, had been revoked before completion of the projects on the grounds that a World Bank master plan for an East-West highway ending in Durres forbade industrial projects in the area. New deal for old real estate taxes. The Finance Ministry has announced favorable terms for the settlement of thousands of outstanding tax cases concerning transfers and inheritances of real estate items. The deadline for those wishing to avail themselves of the new terms in October 31. The base for settlement is taken as the tax calculated in the first year of the introduction of the officially determined property values, which are updated every two years, rather than present ones. Dues for transfers of large real estate may be paid in up to six installments and those for parental gifts and transfers in up to 24 installments of at least 100,000 drachmas each. Cases dating to before 1986 are written off. IPOs approved. The Athens Stock Exchange announced yesterday that it had approved the initial public offering of Intracom Constructions SA and Lantec Communications SA for listing on its main and small-cap markets respectively. Intracom Constructions will issue 7,000,000 common registered shares and Lantec Communications will issue 1,365,030 common registered shares, the bourse said. (Reuters) Stet appointment. Mobile operator Stet Hellas announced yesterday that it had appointed former DHL International Commercial Director Dimitris Papagiannopoulos as chief commercial officer. Papagiannopoulos will coordinate Stet Hellas’s marketing, sales and customer service departments, the company said in a statement. Stet competes with Panafon and CosmOTE in the Greek mobile market, and has an estimated 27.4-percent market share, which places it third. (Reuters) DRY CARGO