Money

The Abraaj Group, a leading investor group operating in global growth markets, has announced it acquired a stake in Yü-Ce Medical, a disposable medical supplies manufacturer in Turkey, in a written statement on Aug. 10. 

The new 50bln Euro Assets Fund will operate as a state-owned investment fund, according to sources within the Greek government. According to the same sources, revenues generated from the exploitation of possible mineral wealth will flow into the new Asset fund, while it will not operate on the principles of the current Hellenic Republic Asset Development Fund (TAIPED).

The Ministry of Finance is examining a triple change to the regulation for debt repayments in 100 instalments is set to affect 900,000 people who owe money. The changes, according to sources, will include an increase to interest rates, a reduction in the number of installments and consequences in the case of failure to meet tax obligations.

Greece’s daily Ta Nea reports:

Greek Labor Minister George Katrougalos met with a delegation of the All-Workers Militant Front (PAME), the Communist Party of Greece (KKE)-affiliated trade union.

Postbank will provide support to micro, small, and medium-sized enterprises in Bulgaria through loans worth a total of BGN 30 M granted under preferential terms.

The funding has been provided under a partnership agreement under the new program of the Bulgarian Development Bank for indirect financing of Bulgarian businesses, according to the press office of the bank.

A high ranking official  of the Bank of Greece (BoG) told Bloomberg that nearly 1 billion Euros returned to the Greek banking system after the bank holiday was lifted on July 20. Bloomberg reports that according to the same top BoG official the stress tests for the Greek banks will be completed by the end of October, while he says that no bail-ins will be imposed on depositors.

Bulgaria's government debt totalled EUR 12.26B in nominal terms at the end of June, equivalent to 28.7% of the projected 2015 GDP, official figures show.

The total figure was EUR 50.7M lower than at the end of May due to repayment of debt during the month of June, the Finance Ministry said in a monthly debt bulletin.

The Quartet of Greece’s creditors from the European Commission (EC), European Central Bank (ECB), International Monetary Fund (IMF) and European Stability Mechanism (ESM) are pushing for a level retirement age at 67 years by January 1, 2022, regardless of extenuating circumstances.

Mark Karpeles, the head of defunct Bitcoin exchange MtGox, manipulated its computer system at least 30 times over a couple of years, a report said August 3, as Tokyo promised greater efforts to regulate the digital currency.

Turkish Statistical Institute (TÜ?K), each month announces the returns for investments; the yields are calculated net of inflation and are shown as net profits or losses.