OTE renews CEO’s term until 2021

Greece’s biggest telecoms operator OTE has renewed its chief executive officer’s contract for another three-and-a-half years, it said on Monday. The company, which is 40 percent owned and managed by Deutsche Telekom, said the board has decided that chairman and chief executive Michael Tsamaz will keep his post until June 2021 on the same terms and conditions. Tsamaz has been at the helm of the group since 2010. The group has spent 2 billion euros on new generation and fiber-optics infrastructure investments since 2010. It reduced its net debt to about 530 million euros last year from 4.3 billion in 2010. raised growth forecasts yesterday for the 37 countries in which it operates, saying improving exports, a revival in investment and firmer commodity prices were supporting a broad upswing. Average economic growth for the group, which ranges from Morocco to Mongolia, is now expected to hit 3.3 percent this year, compared to 2.4 percent the multilateral lender had forecast in May and 1.9 percent last year. Turkey and Poland, which have become two of the EBRD’s biggest markets since it stopped lending in Russia in 2014 in response to the Ukraine crisis, are seen among the biggest drivers of growth. The EBRD now sees Turkey growing at 5.1 percent this year and 3.5 percent in 2018. This year’s projection is almost double May’s forecast, which was lowered following April’s power grab by Turkish President Recep Tayyip Erdogan. Poland’s expansion meanwhile is expected to top 4 percent following a burst of fiscal stimulus there. “We see an upward revision

Lamda Development, the preferred bidder for the concession of the old Athens airport plot at Elliniko, says it is waiting for the Greek state to complete nine key requirements to wrap up the deal. The winning consortium says the pending requirements are basic conditions among the state’s contractual obligations.