ECONOMY

In Brief

Current account deficit shrinks in July Greece’s current account deficit in the year-to-July shrank by 314 million euros to 4.358 billion, helped by a decline in the non-oil trade deficit, the Bank of Greece said yesterday. The country’s current account balance showed a deficit of 362 million euros in July, reduced by 35 million year-on-year. Greece’s trade balance in the year-to-July showed a deficit of 12.607 billion euros, narrower by 98 million year-on-year. The central bank said Greece’s foreign exchange reserve assets stood at 7.5 billion euros at end July. (Reuters) Greece, Turkey sign capital market protocol Capital Market Commission Chairman Stavros Thomadakis and Turkish counterpart Dogan Cansizlar are due to sign today in Istanbul a protocol of cooperation, to enable the exchange of confidential information and collaboration on technical matters. The presidents of the Athens Stock Exchange, Panayiotis Alexakis, and the Association of Members of the Athens Exchange, Panayiotis Voilis, will also be present and will hold meetings with Turkish counterparts. ASE suspends Interamerican. The Athens Stock Exchange (ASE) yesterday suspended trading of the shares of Interamerican, Greece’s biggest life insurance company, following a statement by the multinational Eureko BV group, and its new majority shareholder, that it intends to buy the remaining minority shares, totaling less than 2 percent. A general assembly of shareholders is expected to approve the submission of an application for the delisting of the company from ASE. Eureko said it intends to buy the remaining shares at a price of 20.74 euros each, the same as that of its public offer which expired on September 17. Infoquest in US deal. Information technology firm Infoquest has entered a strategic agreement with US communications equipment maker Avaya to use its products in the local and Balkan markets. Infoquest said in a statement following the agreement that it will offer customers broader options and services with technology offered by Avaya. Infoquest recently successfully bid for a second-generation mobile phone license, making it Greece’s fourth mobile operator, competing with Panafon, CosmOTE and Stet Hellas. (Reuters) Minoan Lines turnover up. Minoan Lines ferry operators yesterday reported a 6-percent turnover growth to 36.4 billion drachmas in the first eight months from the same period last year. EBITDA was 6.5 billion drachmas. The company carried 24 percent more passengers, 3 percent more private cars and 6 percent more trucks during the period in question. DRY CARGO