In Brief
Industrial output falls 1.4 percent in July Greece’s industrial output fell 1.4 percent year-on-year in July, hurt by weaker manufacturing, the National Statistics Service (NSS) said yesterday. In the year to July, Greece’s industrial output contracted 2.4 percent compared to the same period a year ago, the NSS also said. Weaker industrial activity this year is reflected in slowing economic growth. Greece’s economy, about 2.5 percent of the eurozone, decelerated to a 3.5 percent annual expansion clip in the second quarter. Last year it grew 4.0 percent. «The manufacturing index fell 2.1 percent, mainly due to a drop in the production of clothing and textile products,» the NSS said in its report. Mining and energy production both rose. (Reuters) Sitronics sees sales rising 23 pct this year OAO Sitronics, the electronics maker controlled by Russian billionaire Vladimir Yevtushenkov, predicted sales will rise 23 percent this year after reporting narrower second-quarter losses. Net losses were $12 million, compared with $51.9 million a year earlier, the Moscow-based company, a unit of AFK Sistema, said in a statement yesterday. Sales climbed 47 percent to $481 million. Sitronics forecast revenues will increase to $2 billion this year, or 23 percent more than in 2007, after previously predicting sales would outpace «the forecast market growth of 15 percent.» Sitronics, whose products include telecommunications equipment, software and consumer electronics, has sought contracts in India, Africa and the Middle East. The company signed new deals totaling $180 million in the second quarter, according to the statement. «Our geographical range and industry sector experience enables us to enter new markets and provide tailored solutions for market-leading companies,» Sitronics Chief Executive Officer Sergey Aslanyan said in the statement. Sitronics completed the first phase of a $22.7 million project with Warid Telecom in Uganda, the statement said. The company’s Greek unit Intracom Telecom SA agreed in May to build a backup wireless telecommunications network in Syria for 40 million euros ($57 million). (Bloomberg) Budget surplus Turkey’s budget surplus before interest payments was 11.97 billion liras ($9.8 billion) in August, according to preliminary figures released by the Treasury. The ex-interest deficit compares with a surplus of 9.3 billion liras in August 2007. The overall budget, including interest payments on debt, posted a surplus of 7.7 billion liras in the month, compared with a surplus 4.8 billion liras a year ago, the Treasury in Ankara said in a statement sent by e-mail yesterday. The Treasury’s figures are based on cash receipts and spending. The Finance Ministry is due to publish final budget numbers for July and August later this month. (Bloomberg) Bank loan Avtomotor Corporation, the authorized importer of Citroen vehicles in Bulgaria, borrowed 55 million euros ($78 million) from banks led by BNP Paribas SA. The five-year loan will help the Sofia-based company expand its leasing operations, BNP Paribas said in an e-mail statement yesterday. Alpha Bank AE and Emporiki Bank SA, both based in Greece, and the Bulgarian units of UniCredit SpA, Societe Generale SA and OTP Bank Nyrt are helping to provide the financing, the statement said. (Bloomberg)
