In Brief
Cyprus unscathed by turmoil on world markets NICOSIA (Reuters) – Cyprus is unscathed by the turmoil on world financial markets, Finance Minister Charilaos Stavrakis said yesterday. Cypriot business exposure to high-risk and complex financial instruments blamed for the present global crisis was minimal, with investments valued at about 17 million euros, he said. Some 15 million euros in investments were held by banks and the remainder by investment funds. «There is no reason for concern and no risk to the Cypriot financial system, which remains strong and robust,» Stavrakis said after meeting with representatives of the island’s central bank, bourse authorities and the securities commission. He said that a separate probe was under way on the exposure of pension funds, which comes under the supervision of Cyprus’s Labor and Social Insurance Ministry. Stavrakis said authorities were sticking to economic projections issued last week of economic growth of 3.7 percent and inflation of less than 3 percent in 2009. Hellenic Petrol sells stake to GDF Suez Hellenic Petroleum SA, Greece’s biggest refiner, said it has sold its 20 percent stake in a venture to explore for oil and natural gas in eastern Libya to Gaz de France (GDF) Suez SA for $151 million. Hellenic Petroleum may get more cash if oil or gas is found by the venture formed in 2003 with Australia’s Woodside Petroleum Ltd and Repsol YPF SA of Spain, the company said in a statement. GDF may also bear the cost of this year’s exploration operations, it said. Officials of GDF and Hellenic Petroleum signed the accord yesterday in Tripoli, Libya’s National Oil Corp said on its website. (Bloomberg) OTE’s FYROM unit Telekom Austria is considering the acquisition of Greek company OTE’s mobile phone unit in the Former Yugoslav Republic of Macedonia (FYROM), Cosmofon, which is being sold for antitrust reasons, Telekom Austria said yesterday. «We might be interested in Cosmofon, depending on the conditions, as this would be an opportunity for in-market consolidation,» a Telekom Austria spokeswoman said, confirming reports in Greek media. The Austrian carrier started its own mobile operator in FYROM last year. It was FYROM’s third-biggest after Deutsche Telekom’s T-Mobile and Cosmofon, which between them have a 90 percent market share. Deutsche Telekom bought a 25 percent stake in OTE this year. (Reuters) Turkish lottery Turkey will invite bids next month for a license to run the national lottery, Finance Minister Kemal Unakitan said. Unakitan announced the plan at a press conference in Ankara yesterday. Companies including Athens-based Intralot SA and Turkey’s Koc Holding AS have said they may bid. Turkey is selling off assets to reduce debt and finance spending plans, offsetting the effects of the credit crunch that’s making it harder for the country to borrow abroad. The $660 billion economy also needs investment to balance a current account gap swollen by higher oil prices. The country is selling a 10-year license to operate the lottery. The winner will retain 17 percent of revenues after sales and gambling taxes, according to officials at the state asset sales agency. The 17 percent share would have been worth about 150 million liras ($123 million) in 2007, according to Bloomberg calculations. (Bloomberg)
