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Greek authorities investigate cargo ship with explosives

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ATHENS: Greek authorities say they are investigating a load of explosives that was allegedly being transported by a Maltese-flagged cargo ship from Turkey to Sudan. The coast guard said it stopped the Mekong Spirit, which had set sail from a Turkish port with a crew of 17, on Wednesday morning and led it to the eastern Aegean island of Kos. ... Read More »

Greek current account deficit widens in March

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ATHENS: Greece’s current account deficit widened in March compared to the same month a year earlier, as a higher trade gap more than offset an increase in the services balance surplus, the Bank of Greece said on Monday. The data showed the deficit at 1.32 billion Euros from 772 million Euros in March 2016. Tourism revenues fell slightly to 203 ... Read More »

Cosco-led port of Piraeus in Greece posts higher results for 2016

port of piraeus

ATHENS: The Cosco-managed Piraeus Port Authority (OLP) is ready to declare an international tender for an 80K-ton floating dock to dramatically boost its ship repair presence in the greater Piraeus area. Despite certain delays in OLP’s planning to date, mostly attributed to “hiccups” from the initial privatization process, the next steps in a strategic business plan for Greece’s biggest and ... Read More »

Greece forced to cut pensions and increase tax again

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ATHENS: Greek’s parliament has approved pension cuts and tax hikes sought by the country’s lenders to unlock vital financial aid. As the measures were passed by lawmakers on Thursday night angry demonstrators protested outside parliament over the latest bout of austerity for Greeks since the country was plunged into crisis seven years ago. The leftist-led government hopes that legislating the ... Read More »

Greece, China transforming Piraeus port into shining star: manager

piraeus port

ATHENS: Greeks and Chinese continue to work hard together to realize the vision to transform Piraeus into a shining star, Tassos Vamvakidis, a manager of Piraeus Container Terminal S.A (PCT), COSCO Shipping’s subsidiary at Piraeus, told Vamvakidis. Chinese investors initially took over the upgrade and management of Pier II and III for a span of 35 years from Greeks, while ... Read More »

Greek Princess Cruises Fact Sheet chooses Piraeus for home porting

PIRAEUS PORT

ATHENS: The luxury cruise ship Majestic Princess of Princess Cruises Fact Sheet, a subsidiary of the American Carnival Corporation & Plc, chose the port of Piraeus, which is one of the key nodes for cruising in the Mediterranean, for hοme porting this summer. The development of Piraeus as a cruise port is very important for both the local and the ... Read More »

Greek economy to grow 1.5 percent this year

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ATHENS: Greece’s economy will only grow by up to 1.5 percent this year, the leading IOBE think tank said on Wednesday as it trimmed its forecast due to slow progress on the country’s bailout review. IOBE had projected 1.5 to 1.8 percent growth this year in its previous estimate in January, compared to the 2.7 percent forecast by the government, ... Read More »

German firm is highest bidder for Greece’s Thessaloniki Port

Greece's Thessaloniki Port

ATHENS: German private equity firm Deutsche Invest Equity Partners was the highest bidder for a majority stake in Greece’s Thessaloniki Port with an offer of 231.9 million Euros ($251.8 million), privatization agency HRADF said. The sale is a key part of the country’s international bailout signed in 2015 and comes less than a year after China’s COSCO Shipping bought a ... Read More »

Greece’s 2016 primary surplus at 3.9% of output

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ATHENS: Greece in 2016 registered a primary surplus of 3.9 percent of output, the statistics agency said Friday, in a key announcement for the country’s reform talks with its creditors. Under the bailout, Greece needed to clock a primary surplus — or budget surplus before debt repayments — of 0.5 percent of output in 2016, followed by 1.75 percent this ... Read More »

Diana Shipping Inc. announces public offering of common shares

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ATHENS: Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that it has commenced an underwritten public offering of US$70.0 million of common shares. The Company intends to grant the underwriters an over-allotment option for a period of 30 days from the closing of this offering to purchase up to an additional US$10.5 ... Read More »

IMF warns Greece over unsustainable debt

Greece

ATHENS: The International Monetary Fund will not take part in a bailout program for Greece if it deems the country’s debt is unsustainable, the international lender’s chief Christine Lagarde says. Greece needs to implement reforms agreed by euro zone finance ministers earlier this month to secure a new loan under its 86 billion-euro ($A121.20 billion) bailout program, the third since ... Read More »

Tax income in Greek households at €82.1b in 2016

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ATHENS: The income in Greek households was 75.157 billion euros in 2016, according to income tax statements made to tax agencies last year, with the value of taxed income rising to 82.1 billion euros, official figures showed on Thursday. A total of 6,194,233 households submitted income tax statements last year for income gained in 2015. The report said that an ... Read More »

Wage tax burden up in Greece, OECD report

Wage tax burden up in Greece, OECD report

ATHENS: Total tax burden of unmarried wage earners in Greece with an average income from income tax and social contributions paid by both workers and employers, grew by 1.06 percentage points in 2016 compared with 2015 to 40.2 percent of total employer’s labor cost, the Organization for Economic Cooperation and Development (OECD) said in its Taxing Wages 2015-2016 report released ... Read More »

Greek trade deficit rose by 17.7% in February

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ATHENS: Greece’s trade deficit grew 17.7 percent in February this year as an increase in the value of imports (13.8 percent) surpassed that of exports (10.4 percent), Hellenic Statistical Authority said on Friday. The statistics service, in a report, said the country’s trade deficit grew 48.9 percent in the January-February period, compared with the same period last year, reflecting the ... Read More »

Daewoo Shipbuilding gets order of Greece-based shipper’s VLCCs

South Korea’s Daewoo Shipbuilding to get fresh US$2.6 billion bailout

ATHENS: Daewoo Shipbuilding & Marine Engineering (DSME) has clinched a US$250 million deal with a Greece-based shipper to build three very large crude carriers (VLCCs). Under the agreement with Maran Tankers Management, a unit of Greece’s largest shipper Angelicoussis Shipping Group, DSME will deliver three 318,000-ton VLCCs to the Greek company by 2018. Angelicoussis is one of the major clients ... Read More »

Greek industry falls for seventh straight month in March

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ATHENS: Greek manufacturing activity contracted in March for the seventh month in a row as a sharp decline in new business led to production cuts and job shedding, a survey showed. Markit’s Purchasing Managers’ Index (PMI) for manufacturing, which accounts for about 10 percent of the economy, fell to 46.7 points from 47.7 in February. Readings below 50 denote a ... Read More »

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

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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%

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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 »