Price cap on fuel at gas sta­tions in 13 pre­fec­tures

Kathimerini English - - Business & Finance -

The Re­gional De­vel­op­ment and Com­pet­i­tive­ness Min­istry yes­ter­day im­posed a ceil­ing on fuel prices in 13 pre­fec­tures around Greece, as checks iden­ti­fied un­jus­ti­fi­ably high rates at gaso­line sta­tions in those ar­eas. The pre­fec­tures with a fuel price ceil­ing are the Cy­clades, Cephalo­nia, Corfu, Lesvos, Grevena, Evros, Evry­ta­nia, Fokida, the Dode­canese, La­sithi, Rethymno, Samos and Chios. Min­is­ter Michalis Chryso­choidis spoke of con­sumers be­ing ex­ploited. month in seven in April af­ter cloth­ing prices rose and con­sumer con­fi­dence climbed to the high­est level this year. In­fla­tion ac­cel­er­ated to 4.3 per­cent from 4 per­cent in March, a four-decade low, the sta­tis­tics agency in Ankara said on its web­site yes­ter­day. The rate was ex­pected at 4.4 per­cent, ac­cord­ing to the me­dian es­ti­mate of seven econ­o­mists in a Bloomberg sur­vey. The cen­tral bank is seek­ing to con­trol de­mand for goods and ser­vices by in­creas­ing banks’ re­serve re­quire­ments to de­ter lend­ing rather than rais­ing in­ter­est rates. It says the re­serves, which it has in­creased four times since De­cem­ber, will start to curb loan growth from the sec­ond quar­ter. The cen­tral bank cut the bench­mark one-week repo lend­ing rate by a to­tal of 75 ba­sis points in De­cem­ber and Jan­uary to a record low of 6.25 per­cent in an ef­fort to weaken the lira and sup­port ex­ports. The cen­tral bank’s strat­egy “might ac­tu­ally work, but it will take some time to achieve re­sults, which makes the pic­ture look vul­ner­a­ble to ex­oge­nous risks,” Tev­fik Ak­soy, Lon­don-based head of emerg­ing-mar­ket eco­nom­ics for the re­gion at Mor­gan Stan­ley, said in an emailed re­port to in­vestors. “Core in­fla­tion does not look as good in April, but it’s still too soon to worry.” The core in­fla­tion rate, which ex­cludes food, en­ergy, al­co­holic bev­er­ages and to­bacco, rose 4.4 per­cent an­nu­ally com­pared with an in­crease of 3.8 per­cent in March. (Bloomberg) hav­ing risen 5 per­cent in 2010, the Depart­ment of Lands and Sur­veys said yes­ter­day. “De­mand for prop­erty suffers from a high un­em­ploy­ment rate and a lack of liq­uid­ity at banks, which re­sult in higher in­ter­est rates com­pared with the rest of the euro area,” Char­alam­bos Petrides, chair­man of the Cyprus As­so­ci­a­tion of Valuers and Prop­erty Con­sul­tants, said in a tele­phone in­ter­view. Prop­erty trans­ac­tions will slump 10 per­cent to 15 per­cent this year com­pared with 2010, ac­cord­ing to Petrides.

(Bloomberg) quire­ments of 9 to 10 mil­lion eu­ros as re­quested by BoG, which acts as the mar­ket’s reg­u­la­tor. Eurostar ac­counted for 1.07 per­cent of the car in­surance mar­ket.

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