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Greece gets 3 bids in privatization of key port

Privatization

ATHENS: Greece received three binding bids for a majority stake in its second-largest port in Thessaloniki, the state privatizations agency said on Saturday, as the country tries to privatize parts of its infrastructure to meet bailout terms. The offers came from Philippines-based International Container Terminal Services (ICTS); Dubai-based Peninsular and Oriental Stream Navigation Company (DP World); and a consortium comprising ... Read More »

Greece’s primary surplus in 2016 higher than forecast – EU official

Greece's primary surplus in 2016 higher than forecast - EU official

ATHENS: Eurozone lenders estimate Greece had a primary surplus between 2 and 3 percent of its gross domestic product last year, much higher than the target set under its bailout program and more than previously forecast, an EU official said. Better-than-expected figures could smooth bailout talks, which have stalled for months over fiscal targets and the pension and labor market ... Read More »

Greece current account deficit narrows in January

current-account-deficit

ATHENS: Greece’s current account deficit shrank in January compared to the same month a year earlier, the Bank of Greece said on Thursday, helped by a stronger surplus in the income account balance. The data showed the deficit reached 271 million euros ($292.08 million) from 771 million euros in January 2016. Tourism revenues fell slightly to 165 million euros from ... Read More »

Greek stocks lower at closing of trade, lost 0.50%

athens stock

ATHENS: Greece stocks were lower after the close on Tuesday, as losses in the Banking, Financials and Telecoms sectors led shares lower. At the close in Athens, the Athens General-Composite lost 0.50%. The best performers of the session on the Athens General-Composite were Revoil Petrol (AT:REVr), which rose 8.33% or 0.025 points to trade at 0.325 at the close. Meanwhile, ... Read More »

Greece’s Hellenic Petroleum satisfies with exploration rights deal for Ionian block

hellenic_petroleum_greece

ATHENS: Greece’s biggest oil refiner, Hellenic Petroleum (ELPE), said it is satisfied with the signing of an exploration rights deal for an offshore block in the Ionian Sea in western Greece. ELPE is part of a consortium led by French multinational oil and gas company Total and Italy’s Edison, which secured the rights for Block 2, in an area west ... Read More »

Greek Papoutsanis soap firm says turnover up 15.5% in 2016

Greek Papoutsanis soap firm says turnover up 15.5% in 2016

ATHENS: Papoutsanis ABEE reported a 15.5 percent increase in its 2016 turnover to 18 million euros, from 15.6 million in 2015, reflecting an increase in sales in Greece and abroad. Exports totaled 6.5 million euros, or 35.9 percent of total turnover, up from 35.4 percent in the previous year, while brand product sales accounted for around 27.2 percent of total ... Read More »

Greece stocks higher at closing of trade

stocks higher

ATHENS: Greece stocks were higher after the close on Friday, as gains in the Household, Basic Resources and Construction sectors led shares higher. At the close in Athens, the Athens General-Composite added 1.42%. The best performers of the session on the Athens General-Composite were Fourlis Hld (AT:FRLr), which rose 8.01% or 0.330 points to trade at 4.450 at the close. ... Read More »

Trade exchange between Greece and Egypt reached €1.3b

Greece - Egypt

ATHENS: Greece intends to increase its commercial cooperation with Egypt. Known for its fabulous cuisine, Greece started with food products, aiming at increasing investments between both countries in this sector. Around 15 Greek food companies exhibited their products in the Greek Rowing Club, located in Giza, which included olives, olive oil, honey, cheese, packed products, and other goods. The Greek ... Read More »

Greece stocks higher on closing, Athens General-Composite up 0.24%

Greece stocks higher on closing, Athens General-Composite up 0.24%

ATHENS: Greece stocks were higher after the close on Monday, as gains in the Banking, Travel and Utilities sectors led shares higher. At the close in Athens, the Athens General-Composite rose 0.24%. The best performers of the session on the Athens General-Composite were Athens Medical (AT:AMCr), which rose 6.97% or 0.049 points to trade at 0.760 at the close. Meanwhile, ... Read More »

Greek exports start year on a high, rising 24%

Greek exports start year on a high, rising 24%

ATHENS: Greece’s exports started the year with a rise, and the balance remains positive even when certain factors that distort the real picture of exports and imports are excluded. The total value of exports in January 2017 came to 2.12 billion euros, against 1.71 billion in January 2016, posting an increase of 23.9 percent. According to the Panhellenic Exporters Association, ... Read More »

EBRD approves EUR-300m framework for Greek renewables

Greekren

ATHENS: The European Bank for Reconstruction and Development (EBRD) approved a funding of €300m to support renewable energy projects in Greece. To boost renewable energy investments in the country, the EBRD board of directors has approved a framework that will help to mobilize investment and commercial financing for the projects. EBRD’s framework will assist Greece in achieving its target of ... Read More »

Greek GDP unchanged in 2016

Greek GDP unchanged in 2016

ATHENS: Gross domestic product in Greece remained unchanged in 2016, totaling 184.5 billion euros in terms of volume, according to figures released by the independent statistics agency on Wednesday. The Hellenic Statistical Authority (ELSTAT), in its provisional report on annual national accounts, said GDP data incorporated monthly data (balance of payments, external trade) and quarterly data (turnover in services, employment ... Read More »

Greek economic growth flat in 2016

Greece

ATHENS: Greek economic growth was flat last year, the country’s statistics service ELSTAT said on Wednesday, releasing its first estimate of full-year 2016 gross domestic product. It said gross domestic product in volume terms and measured at constant prices was €184.5 billion last year, unchanged from 2015. ELSTAT’s estimate, based on seasonally unadjusted data, showed the economy performed worse than ... Read More »

Greece stocks lower at closing of trade; Athens General-Composite lost 0.93%

Athens Stock Exchange

ATHENS: Greece stocks were lower after the close on Monday, as losses in the Media, Banking and Industrials sectors led shares lower. At the close in Athens, the Athens General-Composite lost 0.93%. The best performers of the session on the Athens General-Composite were Autohellas (AT:AUTr), which rose 13.07% or 1.53 points to trade at 13.24 at the close. Meanwhile, Selonda ... Read More »

Greek central banker calls for tax cuts, feasible targets

greece

ATHENS: Greece’s fiscal mix is dangerous for the economy, Bank of Greece Governor Yannis Stournaras warned at the Delphi Economic Forum, where he also called on the government to complete the bailout review immediately. “We have become a tax-centered economy,” said Stournaras, stressing that taxes should be reduced and state expenditure cut for the economy to grow. “The Bank of ... Read More »

Greek banking sector shows positive signs, stabilizes in 2016

Greek banking sector shows positive signs, stabilizes in 2016

ATHENS: The Greek banking sector stabilized in 2016 showing clear signs of improvement, the Hellenic Bank Association (HBA) said in a press release on Tuesday after a meeting of the body’s leadership with Prime Minister Alexis Tsipras. According to HBA, banks returned to operating profitability and further strengthened their capital ratios, which remain at high levels. Furthermore, their liquidity improved ... Read More »

Greece stocks higher at closing of trade, Athens General-Composite gained 0.05%

stocks higher

ATHENS: Greece stocks were higher after the close on Tuesday, as gains in the Basic Resources, Travel and Banking sectors led shares higher. At the close in Athens, the Athens General-Composite gained 0.05%. The best performers of the session on the Athens General-Composite were Kri-Kri Milk (AT:KRIr), which rose 2.67% or 0.050 points to trade at 1.920 at the close. ... Read More »

Greek exports to Russia raises 1.1% in 2016

Greek exports to Russia raises 1.1% in 2016

MOSCOW: Greek exports to Russia returned to positive group in 2016 after three years of decline, the Greek embassy’s Economic and Trade Affairs bureau in Moscow said in a report on bilateral trade relations. According to provisional data released by Hellenic Statistical Authority, a decline in bilateral trade between Greece and Russia continued in 2016, but showed signs of slowdown, ... Read More »

Greek agricultural exports rises in 2016

boost

ATHENS: Fruit and vegetables (fresh and processed) exported by Greece in 2016 generated three times more revenue than oils and fats, four times more than dairy and seafood and many more times that of other agricultural products, according to an analysis carried out by the Association of Greek Fruit, Vegetable and Juice Exporting Companies, INCOFRUIT-HELLAS. According to data from ELSTAT ... Read More »

Inflation up in Greece after 46 months due to ‘tax tsunami’

Inflation up in Greece after 46 months due to 'tax tsunami'

ATHENS: Inflation finally “reared its head” in Greece after 46 straight months of no inflation or even deflation, with January 2017 results showing a slight uptick in prices, a development, however, directly linked to the repercussions of a veritable “avalanche” of direct and indirect tax hikes enacted by the government in 2016. The statistical service said the inflation rate last ... Read More »