Post here information material , photos , news , and everything related to the national economy , and the industry of Greece.

I start with some good news . After 7 years of continuously reduced exports , finally this year things start to change...

GREECE: EXPORTS UP TRADE DEFICIT NARROWS

(ANSAmed) - ATHENS, SEPTEMBER 14 -

Greecés exports rose by 7.3% in the first half of 2005 against the same period a year earlier to total 6,384 million euro, the Greek National Statistics Service (GNSS) said as reported by the Ana news agency.

Fuelling the rise were exports to Italy, for the first time approaching levels of sales to Germany and Turkey. Exports to the USA remained satisfactory, GNSS said in a monthly statement.

Also showing a sharp rise were exports to Syria and the United Arab Emirates, which are evolving into major markets for Greek products, the statement said. Agricultual exports posted a major rise, with industrial goods increasing slightly, despite a jump in chemical and allied products that accounted for 15% of the total value of exports. Fuel exports rose by 48% to represent roughly a tenth of the value of all exports. The rise in exports coupled with flat imports lowered the trade deficit to 14,734 million euros in the first half of 2005, marking a 3.5 decline against the corresponding period of 2004, the GNSS said. Commenting on the first-half 7.3% increase in exports, the Organisation for the Promotion of Exports said the figure confirmed an outward-looking approach to business adopted by Greek companies, which has been encouraged by the government. (ANSAmed). MRR-KTY

Greece likely to reduce deficit

http://news.ft.com/cms/s/29c66e5a-2587-11da-98dc-00000e2511c8.html

By Kerin Hope in Athens

Published: September 15 2005 03:00 | Last updated: September 15 2005 03:00

Greece appears set to confound sceptics and achieve a significant reduction in the budget deficit this year in spite of lower-than-projected growth in tax revenues in the first seven months.


George Alogoskoufis, the finance minister, predicted the deficit would fall this year from about 6.1 to 3.6 per cent of gross domestic product, in line with the government's commitment to the European Commission.

"The main worry was that growth would stall immediately the Olympics were over, but that didn't happen. We've seen solid growth sustained in each quarter," he said. "We are confident that the deficit target will be met, as a result of containing spending successfully and making some cuts in the public investment budget."

Greece has two years to reduce the deficit below the 3 per cent of GDP ceiling imposed on eurozone members, after the cost of the Athens Olympics and a spike in military payments pushed spending in 2004 to unprecedented levels.

Mr Alogoskoufis said his task was made easier by the resilience of the Greek economy, which is set to expand this year by 3.6 per cent, compared with 4.2 per cent in 2004. He said growth was being driven by domestic consumption, higher exports to Turkey and the Balkan countries and by a 13 per cent increase in foreign visitors, almost double the projection made at the start of the holiday season.

Greece raised valued-added tax by one percentage point in April, following a sharp first-quarter fall in revenues. The finance ministry has also launched a fresh crackdown on tax evasion, implementing suggestions made by the International Monetary Fund.

Mr Alogoskoufis said revenues picked up over the summer, after a re-organisation of regional tax offices.

TITAN CEMENT GROUP - 2005 INTERIM RESULTS - [ 25/8/2005 ]


Titan Group Turnover for the 6 months to 30th June 2005, reached € 613m., up 12% versus the first half of the previous year.

Operating EBITDA grew by 11% to € 161m. Net Profit for the Group, after minority interests and taxes, reached € 78m, up by 2%.

The growth in Operating EBITDA is due to the strong performance of the Group's international operations, especially the USA, which more than compensated for the anticipated drop in demand in Greece following the completion of the Athens Olympics infrastructure works in 2004. Net profit for the Group was held back by higher financial costs, depreciation and taxes.

Operating performance in the second quarter picked-up pace from the first quarter, particularly as a result of Greece where the drop in domestic demand slowed to a low single digit decline. Turnover in the quarter rose by 18% to € 362m, and operating EBITDA in the quarter reached € 104m, up 17% over the comparable 2004 quarter.

€ millions Q2 2005 Q2 2004 % change 1H 2005 1H 2004 % change
Turnover 362 306 18% 613 546 12%
Operating EBITDA 104 89 17% 161 145 11%
Net Profit before taxes 76 74 3% 113 110 3%
Net Profit after taxes 51 53 -3% 78 77 2%

In Greece, the drop in domestic demand for building materials witnessed in the first quarter has already slowed, though demand is still lower than its pre-Olympic Games peak. The effect of cost increases in fuel was only partially offset by efficiency improvements and price adjustments.

In the U.S.A., market conditions continued to be buoyant. Price increases were underpinned by increased demand and tight supply conditions for our products in all regions. Profitability was further boosted by the contribution of our modernised and expanded Pennsuco plant, as well as our new Tampa terminal.

The Group's recent expansion in S.E. Europe positively affected the Group's results, with Bulgaria posting significant improvement. Serbia also performed well and conditions in the FYRoM were stable. In Egypt, domestic demand is showing signs of a turnaround.

At the parent company level, turnover was down 4% to € 209m and operating EBITDA was down 15% to € 60m, reflecting the weaker Greek market. Net profit was up 2% to € 55m, as a result of the doubling of income from participations to over € 28m.

For the remainder of 2005, we continue to expect an improved contribution to operating profitability from our international activities. In Greece, the second half of the year offers a less challenging comparison to the equivalent period in the previous year than the first half.


And a few words about TITAN :

http://www.titan.gr/images/logo.gif

Titan is an independent cement and building materials producer, based in Greece.
TITAN, the sole Greek-owned cement maker, has ranked high among the country's ten largest private industries since the birth of industrialisation a century ago. Maintaining a solid reputation for quality and service, TITAN's bold, innovative and decisive approach to business has enabled it to meet the challenge of each era. A firm grasp of market needs, combined with state of the art technology, have established the Company as a strong presence in building materials at home and abroad. At the same time, TITAN is traditionally a people-oriented Company and an award-winning pioneer in environmental protection by industry.

Titan owns and operates 11 cement production facilities, with an annual capacity of 15 million tons.

A.D. CEMENTARNICA USJE ,cement plant , Skopje (FYROM)

CEMENTARA KOSJERIC AD , cement plant , Serbia

ZLATNA PANEGA AD , cement plant , Bulgaria

BENI SUEF CEMENT Co. ,cement plant , Egypt

ALEXANDRIA PORTLAND CEMENT COMPANY ,cement plant , Egypt

TITAN AMERICA LLC , Pennsuco cement plant (Florida)
Roanoke cement plant, (Virginia)
RMC - quarries USA

4 cement plants in Greece (6 million tons)

Patras , Efkarpia(thessaloniki), Kamari , Elefsina

Cement distribution terminals:

* ΤΙΤΑΝ CEMENT U.K. (Britain)

* FINTITAN, (Italy)

* INTERTITAN (France)


In 2004 the Group sold over 14 million tons of cement, 5 m. m3 of ready mixed concrete, 20 m. tons of aggregates and various other building materials like concrete blocks, dry mortars etc..

an increase of 13% Foreign tourists?

What are the latest stats? how much tourists will it reach in 2005

an increase of 13% Foreign tourists?

What are the latest stats? how much tourists will it reach in 2005

Giorgo please have a look at the relative thread (tourism news and info) about all the news concerning tourism.
As about your question it seems like this year it will exceed the number of 14 million.
For more have a look at the articles posted in the other thread.

GREECE: 48 MLN-EURO PROJECT TO UPGRADE NATURAL GAS TERMINAL
www.ansamed.it
(ANSAmed)- ATHENS, SEPTEMBER, 20 - Greek Development ministry's secretary-general Nikos Stephanou has signed a 47.8 million euro project for the upgrading of Revithousa Liquid Natural Gas terminal, ANA news agency reports.
The project will enable Revithousa terminal to more than triple its production capacity, ensuring a steady supply of natural gas to the National Transport System of up to 6.0 billion cubic metres annually. Revithousa LNG station is one of 10 similar stations operating around the Mediterranean and Europe.
The station offers energy supply in the country, operational flexibility in transportation and distribution of natural gas. The project is expected to contribute in strengthening the country's electricity production grid by increasing supplies to new electricity production units using natural gas. Development Minister Dimitris Sioufas said the project would transform Revithousa terminal into one of the biggest in Southeastern Europe, significantly raising DEPA's asset base.

http://www.eurobank.gr/online/home/viewNews.aspx?id=707&mid=507&lang=en

Approvals from National Bank of Serbia and the Securities & Exchange Commission to launch Take Over Bid for 90% of Nacionalna stedionica-banka shares
9/2/2005

EFG Eurobank Group announces that it has received approvals from National Bank of Serbia and the Serbian Securities & Exchange Commission to launch a Take Over Bid (TOB) for 90% of Nacionalna štedionica – banka (NSB) shares. EFG Eurobank Group already controls a ca.10% stake in NSB and on August 24 reached an agreement with private shareholders of NSB to acquire shares representing 49% of the bank’ s share capital.

The TOB targets a maximum 90.2% of the Bank‘s shares. The Price offered is CSD 627,540.80 per NSB share, compared to a face value per share of CSD 100,000.00, a book value per share of CSD 124,857.64 and a current market price of CSD 179,200.00 per share. The date of opening of the TOB is Monday the 5th of September, while the date of closing is the 21st day from the date of opening, i.e. the 26th of September. Full details of the takeover bid are going to be sent to all the shareholders in accordance with the Securities Law, while the short form of the takeover bid approved by the SEC will be published in a national daily.

EFG Eurobank Group perceives Serbia to be a market with great potential and of strategic importance for the development of its operations in South and Eastern Europe. The Group has already invested more than EUR 50 million in its existing subsidiary EFG Eurobank AD Beograd, which currently operates a network of 20 branches. EFG Eurobank Group intends to combine the existing commercial base and developed branch network of NSB with its own know-how, financial strength and significant market experience, to the benefit of Serbian institutions, businesses and citizens.

NSB, will benefit from significant synergies both in the Serbian market and in the region and will aim at becoming one of the leading Serbian banks, focusing on retail and SME operations, continuously improving the quality of the services and fostering long-term client relationships. EFG Eurobank Group intends to expand the established products and services of Nacionalna štedionica – banka through the introduction of financial products it has already developed in other regional markets.

David Watson, Director of International Division at EFG Eurobank commented: “Serbia is a core market for EFG Eurobank Group. Nacionalna štedionica – banka is a healthy and promising Bank which will allow us to significantly enhance our position in Serbian banking. We believe this is a very attractive offer to all NSB shareholders, including the Serbian State, and we are confident that is going to be met with great success, signalling a new era for NSB”.

http://www.nsb.co.yu/code/navigate.asp?Id=311

http://www.ekathimerini.com/4dcgi/_w_artic...4/09/2005_61128


Greece looks to heavens for security
Satellites may offer protection

The government is considering launching a network of 12 lightweight satellites into orbit primarily to monitor Greece’s borders for illegal immigration and construction, a source said yesterday.

The government source said a scientific study has been submitted to the Security Research Center (KEMEA), which belongs to the Public Order Ministry, on the proposed satellite network.

The ministry is leaning toward adopting the plan and is currently weighing other aspects of the project, including related costs and development issues, the source added.

The network of satellites would revolve between 400 to 800 kilometers above the earth — much lower than other satellites, which usually orbit at about 36,000 kilometers.

The satellites will be neither expensive nor bulky; they will weigh about 50 kilograms or slightly more, depending on the satellite’s program, the source said.

One of the network’s main duties will be to monitor the country’s borders for illegal immigrants. Another would be to help determine where the country’s oil wealth lies.

Each year, Greece catches thousands of immigrants trying to sneak into the country as a means of moving on to other parts of Western Europe.

The migrants, who hail from countries such as as Iraq, often fall victim to people smugglers and enter the country under dangerous conditions.

The satellites will also be able to spot illegal buildings that have gone up without the necessary state permits.

Illegally constructed homes are a regular feature of the local real estate market and have been blamed for spurring arsonists to burn forested areas near cities each summer.

Critics say the government is aware of the problems associated with illegal construction, but lacks the political will to get rid of the illicit industry.

The cost of the project was not disclosed by the source, but officials say the European Union could help fund it.

The government could award most of the project’s construction to local companies such as Hellenic Aerospace Industry (EAB).

http://www.seeurope.net/en/Story.php?StoryID=56603&LangID=1

GREECE: FDI Doubles in 2004, Mostly for Acquisitions

2005-09-30 17:31:26

Foreign direct investment (FDI) in Greece more than doubled in 2004, from $661 million in 2003 to $1.35 billion, according to the UN World Investment Report, released yesterday. Greek FDI outflows came to $607 million. The most important FDI investments in Greece were Vodafone’s full absorption of its subsidiary Panafon, Societe Generale’s acquisition of a controlling stake in Geniki Bank, US-based First Data’s buyout of Delta Singular Outsourcing Services, Paneuropean Oil’s increased stake in Hellenic Petroleum, and Dixon’s buyout of electrical good retailer Kotsovolos.

Also, a total of 56 foreign “greenfield” (from scratch) investments were implemented. The cumulative total of FDI in Greece came to $27.2 billion, amounting to 13.2 percent of the country’s gross domestic product (GDP). Reversely, Greek FDI abroad came to a cumulative total of $13 million, representing 6.4 percent of the country’s GDP.

http://www.mpa.gr/article.html?doc_id=548390

BSB TO EXPAND ITS RETAIL SALES NETWORK IN GREECE AND ABROAD
Thessaloniki, 4 October 2005 (18:06 UTC+2)

The women's ready-to-wear company BSB aims at further expanding its retail sales network both inside Greece and abroad in the next three years.

Already, the Greek-owned company has 75 outlets, 16 of them abroad, and in the next three years intends to open a store in every prefecture capital in Greece while, at the same time, increase the number of its stores in the Balkans and the eastern European countries from 6 to 12.

BSB president and managing director Vasilios Bitharas and general director Giorgos Niarchos stressed from Thessaloniki that the BSB goal in the next three years is to open its own outlet stores in Poland, the Czech Republic and Hungary while by 2008 it could expand its business to Bulgaria.

Annual turnover in 2005 is expected to close at 41 million euros and net profits will be at 5.5 million euros. In the first nine months of 2005, BSB increased its sales by 21.3% compared to the same period in 2004 and reached 28.08 million euros. The company goal is each year to expand annual turnover by 20% and reach 60 million euros by 2007, 20% coming from exports.

Next year, the company will move to its new 14-million euros facilities covering a space of 24,000 sq meters near Athens, while in March 2006, a privately owned BSB outlet store estimated to cost 5 million euros will open in Iraklion, Crete.

TRADE WITH ARAB COUNTRIES DOUBLED IN EIGHT YEARS
www.ansamed.it

(ANSAmed) - ATHENS, OCTOBER 4 - Deputy Foreign Minister Euripides Stylianidis welcomed a doubling in trade with Arab countries over the last eight years, saying that the government was willing to respond to any requests from the countries for economic cooperation, Greek ANA news agency reports. In 1997 the trade total was 2.06 billion euro, rising to 4.0 billion euro in 2004, Stylianidis told a conference on trade and investment in the Arab world arranged by the Arabic-Greek Chamber and Federation of Greek Industry (SEB). "Despite a major increase in our exports in this period, especially to these countries, the rate of growth of imports from the Arab countries was more than double the rate of increase of our exports. The rise in our imports came to 106.52%, or 1.67 billion euro, while the increase in our exports was 53.52%, or 263.37 million euro," he noted. In January-April 2005, Greecés largest trade partners in the Arab world were Saudi Arabia, the United Arab Emirates, Libya and Egypt.

http://www.mpa.gr/article.html?doc_id=550282

GREECE RECORDS THE BIGGEST RISE IN EXPORTS
Athens, 17 October 2005 (17:23 UTC+2)

Greece, according to Eurostat, displays the biggest rise in exports 7.7% while, at the same time, it records the biggest drop in imports 6.3%.

Regarding exports, Greece is followed by Italy with 5.5%, while last on the list is Finland 2.4%.

On imports, Belgium (0.5%) recorded the biggest drop after Greece while Slovakia the biggest rise 7.3%.

http://www.mpa.gr/article.html?doc_id=550470

FRENCH ELECTRICITY COMPANY INVESTMENT IN GREECE
Athens, 18 October 2005 (17:34 UTC+2)

The French company Electricite de France (EDF) will materialize a 500-million euro investment in Greece.

The EDF, a leading energy company in the world market, will inaugurate a 36 MW wind energy plant on Friday in the presence of Minister of Development Dimitris Sioufas.

The unit is in Argolida, in Peloponesse southern Greece, and is one of the alternative energy investment programs the company has undertaken to launch in a period of three years.

Hellenic Center for Investment (ELKE) President Yiannis Anastasopoulos stated on the presence of the EDF Group in the Greek energy market that it reflects the impressive change recorded in Greece's investment climate.

The EDF Energies Nouvelles (EEN), a member of the EDF Group, active in the sector of the renewable energy sources founded the EEN Hellas SA in Greece in July 2005. Seventy-five percent of the existing EEN energy production units are outside France because since 2003 the company has focused on countries with encouraging development conditions.

The company's goal in Greece in the next three years is to create wind energy farms producing 500 MW of power, an investment of over 500 million euros.

The company is also active in Britain, Germany, Italy, Portugal, Brazil, Mexico and the United States.

http://www.ekathimerini.com/4dcgi/news/economy__4070792KathiLev&xml/&aspKath/economy.asp?fdate=25/10/2005

Piraeus Bank sets sights on expanding in Egypt

Egyptian Commercial Bank, a subsidiary of Piraeus Bank, plans to expand its branch network to 40 in the North African country by the end of 2006 along with an entry into retail banking, Gamal Maharan, CEO of the bank, to be renamed Piraeus Bank from the new year, said. The parent bank’s international activities general director, Yiannis Kyriakopoulos, said the goal is to raise the contribution of foreign subsidiaries to overall profits to 25 percent within two years from 15 percent today. Emphasis will be placed on presence in the US through Marathon Bank, the sole Greek-owned bank in America after Atlantic Bank’s recent sale by the National Bank of Greece.

http://biz.yahoo.com/ap/051025/greece_broadband.html?.v=1

Greece Investing $221M to Boost Broadband
Tuesday October 25, 12:50 pm ET

ATHENS, Greece (AP) -- Greece will invest euro184 million (US$221 million) in 2006 to boost broadband internet services throughout the country, Finance Minister Giorgos Alogoskoufis said Tuesday."Our aim is to increase broadband penetration to 7 percent of the population by 2008 from 0.7 percent today," Alogoskoufis said.

Greece trails its EU partners in internet use owing to the low broadband penetration rate, the minister said.

Around 117 projects are already underway, at a budgeted cost of euro97 million ($116.5 million), that will enable citizens to carry out their dealings with state bodies electronically, Alogoskoufis said.

http://www.mpa.gr/article.html?doc_id=551447

THE "FETA" CHEESE IS EXCLUSIVELY GREEK
Luxembourg, 25 October 2005 (13:47 UTC+2)

The European Court ratified the name “feta” as a protected designation of origin (PDO).

The court rejected the appeals made by Germany and Denmark which, with the support of France and the United Kingdom, demanded the annulment of the registration of the name “feta” as a PDO in favor of Greece.

Based on the court ruling, the name “feta” can be used only for the cheese coming from Greece.

http://www.mpa.gr/article.html?doc_id=549409

NEW BORDER CROSSING AT THE GREEK-BULGARIAN BORDERS
Sofia, 11 October 2005 (16:31 UTC+2)

The new border crossing in the prefecture of Drama, northern Greece, at the Greek-Bulgarian borders will be inaugurated by the end of the month.

The Ilinden-Exochi border crossing was made widely known as the “bear crossing” after the concern expressed by environmentalists from both sides of the borders regarding the possible effects its construction could have on the reproduction of the local brown bear population.

As a result of the protests held the EU funded the construction of a 10-million euro tunnel that delayed the opening of the border crossing. The crossing is finally being inaugurated 10 years after the signing of the relevant agreement.

Commenting from Sofia on the importance of the border crossing, ruling party of New Democracy Parliament deputy and Parliamentary Group of Friendship and Cooperation between Greece and Bulgaria chairman Stavros Dailakis stated that a gateway of friendship and progress is being opened.

The new border crossing will link the Bulgarian city of Gotse Delchev with the Greek city of Drama and will be formally inaugurated on October 29.

http://euobserver.com/9/20242

Cyprus to join euro in 2008 while Estonians hesitate
03.11.2005 - 09:59 CET | By Lucia Kubosova

The Cypriot government has decided to join the eurozone in 2008, a few months later than originally planned, while opposition to the euro among Estonians is growing.

"After exhaustive discussions and evaluation of all the facts, the council of ministers approved the proposal to adopt the euro on January 1, 2008", a Cypriot government spokesman was quoted by AFP news agency as saying on Wednesday (2 November).

Nicosia had hoped it would join the single currency by 2007, just after the first group of prospective new member state entrants Estonia, Lithuania and Slovenia, but a considerable fiscal deficit prompted the delay.

Cyprus entered the exchange rate mechanism (ERM), seen as a two year long waiting room before euro adoption, in April 2005.

Estonians get nervous
Meanwhile, opposition to the euro among Estonians is growing, as the country is preparing to adopt the EU's single currency in the first group of new entrants.

Fifty percent of citizens disapprove of the introduction of the euro, as opposed to 44 percent supporting it, according to a poll published on Wednesday (2 November) by the Emor agency.

The number of opponents has risen compared to last month's survey, when the public was equally divided between those opposing and supporting the replacement of the national currency, the kroon.

All new member states have been obliged to join the EU's single currency under the terms of thier accession treaties.

Estonia, Lithuania and Slovenia are the first in line with a target date of 1 January 2007.

The European Commission is expected in April 2006 to recommend whether the frontrunners can join at the target date.

Latvia, Malta and Cyprus should follow suit after a commission assessment in April 2007.

According to Brussels, Latvia is likely to have the biggest problem in meeting the entry objective, due to its current inflation rate of 6 percent.

Among the Visegrad countries, Slovakia is heading for a 2009 entry date, the Czech Republic for 2010 and Hungary for 2010 or later.

The Polish president recently announced a 2010 referendum on euro adoption.

05/11/2005
www.ana.gr

Greece and Italy sign agreement on natural gas pipeline

ROME (ANA/L. Hatzikyriakos) - Development Minister Dimitris Sioufas and Italian Minister for Productive Activities Claudio Scaiola signed an agreement on Friday for the construction of a natural gas pipeline.

Turkish Minister of Energy and Natural Resources Mehmet Guler was also present at the signing.

In a statement released after the signing, all three ministers acknowledge the significance of linking the three countries' natural gas networks as one of the five priorities in developing the Trans-European Energy Networks (TEN) to enable the transfer of natural gas from the Caspian Sea and the Mediterranean region to Turkey, Greece and Italy.

According to the ministers, linking the networks will contribute to improvements in safety, availability and diversifying natural gas sources for the broader region and the European Union.

The ministers also note in the statement that their governments have already supported the linking of the natural gas networks of Greece and Turkey, which is being carried out by Greece's DEPA SA and Turkey's BOTAS.

Italy's Edison S.p.A. and DEPA SA are responsible for the linking of the networks of Italy and Greece.

Finally, Sioufas, Scaiola and Guler emphasised that they are willing to cooperate in order to facilitate the construction of the pipeline and linking the networks. They also agreed to continue their constructive dialogue on energy matters related to the broader region.

Aύξηση 12,7% στις εξαγωγές τον Σεπτέμβριο

H συνολική αξία των εισαγωγών-αφίξεων κατά τον μήνα Σεπτέμβριο 2005 ανήλθε στο ποσό των 3.913,7 εκατ. ευρώ έναντι 4.060,3 εκατ. ευρώ κατά τον ίδιο μήνα του έτους 2004, παρουσιάζοντας μείωση 3,6% σε σύγκριση με τον αντίστοιχο μήνα του έτους 2004, ανακοίνωσε χθες η EΣYE.

H συνολική αξία των εξαγωγών-αποστολών κατά τον μήνα Σεπτέμβριο 2005 ανήλθε στο ποσό των 1.158,9 εκατ. ευρώ έναντι 1.028,7 εκατ. ευρώ κατά τον ίδιο μήνα του έτους 2004, παρουσιάζοντας αύξηση 12,7% σε σύγκριση με τον αντίστοιχο μήνα του έτους 2004.

Σημειώνεται ότι φέτος η Eλλάδα παρουσιάζει τη μεγαλύτερη αύξηση εξαγωγών, καθώς και τη μεγαλύτερη μείωση εισαγωγών, ανάμεσα στις χώρες-μέλη της E.E.
Σύμφωνα με ανακοίνωση της Eurostat, εμφανίζει τη μεγαλύτερη αύξηση εξαγωγών σε ποσοστό 7,7%, σημειώνοντας παράλληλα το μεγαλύτερο ποσοστό μείωσης εισαγωγών 6,3% στο δεύτερο τρίμηνο του έτους.

Aπό στοιχεία του OΠE για το πρώτο εξάμηνο του έτους και σε ό,τι αφορά τις εξαγωγές, την επόμενη θέση μετά τη χώρα μας κατέχει η Iταλία με ποσοστό 5,5%, ενώ τελευταία στην κατάταξη έρχεται η Φινλανδία, με ποσοστό 2,4%. Aντίστοιχα, στις εισαγωγές, το Bέλγιο σημείωσε τη μεγαλύτερη μείωση μετά την Eλλάδα (0,5%), ενώ η Σλοβακία τη μεγαλύτερη αύξηση με ποσοστό 7,3%.

*
ΕΠΙΤΕΛΟΥΣ :cheers: κατι φαίνεται να αλλάζει σε αυτό τον πολύ σημαντικό τομέα της οικονομίας μιας και για πάρα πολλα χρόνια είμασταν "λαλάκηδες" ( λαλάκης ο εισαγόμενος για όσους θυμούνται ταινίες του 80 )
Μακάρι να έχουμε και συνέχεια...
Μεγαλύτερες εξαγωγές και λιγότερες εισαγωγες...

http://www.forbes.com/video/?video_url=http://www.forbes.com/video/fvn/business/tm_econ111105&id=murphy_greece&title=Video:+Greece+After+The+Games&partner=rss

Forbes.com video with the economy Minister outlining some government post Olympic growth goals.

GREEK ECONOMY UP BY 3.7% IN 3RD QUARTER 2005, EUROSTAT

www.ansamed.it

(ANSAmed) - ATHENS, NOVEMBER 15 - The Greek economy grew by 3.7 percent in the third quarter of 2005, compared with the same period last year, Eurostat said on Tuesday as Greek news agency ANA reported. The EU executivés statistics agency, in a report, said Gross Domestic Product grew by 1.5 percent in the Eurozone and by 1.6 pct in the EU-25 in the third quarter of the year, with Lithuania (8.2 pct) recording the biggest percentage increase and Italy (0.0 pct) the lowest. Greecés Gross Domestic Product grew by 1.7 pct in the third quarter compared with the second quarter of 2005. GDP growth in the Eurozone and the EU-25 was 0.6 pct in the same period. (ANSAmed). MRR

http://www.mpa.gr/article.html?doc_id=554413

FIFTEEN PERCENT OF THE SAVINGS ACCOUNTS IN ALBANIA ARE IN GREEK BANKS
Thessaloniki, 15 November 2005 (16:14 UTC+2)

A total 15.05% of the Albanians deposit their savings in the four Greek banks with a presence in Albania, according to data provided by the Albanian Central Bank.

The four Greek banks, Alpha Bank, Tirana Bank (Piraeus Bank), the National Bank of Greece and Emporiki Bank, control a 39.82% share in the Albanian loan market and their profits correspond to 26.44% of the Albanian money and credit sector profits.

In the Eurozone, the Greek economy is leading growth.
Exports are up nearly 8%.

All good news. And the economy is said to continue growing, at a slightly faster pace in the 06 fiscal year.

EU report sees strong growth rate, decline in unemployment and inflation for Greece

www.ana.gr

Brussels (ANA/M. Spinthourakis) -- The Greek economy will continue to develop at a strong rate in the coming years, which will also see a de-escalation of unemployment and inflation, but difficulties are presented in the reduction of the fiscal deficit, according to the European Commission's autumn report on developments in the EU member states' economies, covering the period up to 2007, which was released in Brussels on Thursday.

The report was welcomed in Athens as confirming the improvement in the country's fiscal situation in 2005 and anticipating further progress in 2006.

More specifically, according to the Commission report, economic growth in Greece is anticipated at reaching 3.5 percent for 2005, and levelling off at 3.4 percent for 2006 and 2007.

As for the fiscal deficit, the Commission forecasts it will close at 3.7 percentage points of GDP for 2005, although the report specifies that pending was the issue of subtracting from the fiscal deficit the so-called securizations of debts to the public sector. The Commission further predicted that the fiscal deficit would rise slightly to 3.8 percentage points in 2006 and 2007.

Nevertheless, the 2005 prediction is the lowest deficit in recent decades given that, according to figures also released on Thursday by Eurostate, the Greek fiscal deficit for the period 1991-1995 stood at 11.5 percentage points of GDP, while it fell to 5.2 percentage points in 1996-2000, and fluctuated at 6.1 percentage points in 2001, 4.9 percentage points in 2002, 5.7 percentage points in 2003, and 6.6 percentage points in 2004.

A decline, albeit at a smaller rate, was also anticipated by Eurostat in the coming years in Greece's public sector debt, which was expected to close at 107.9 percentage points of GDP in 2005, at 106.8 percentage points in 2006, and at 106.0 percentage points in 2007.

With respect to unemployment, Eurostat predicted it would close at 10.4 percent in 2005, declining to 10 percent in 2006 and to 9.7 percent in 2007.

On inflation, Eurostat predicted it would close at 3.5 percent in 2005, and decline to 3.1 percent in 2006 and 3.0 percent in 2007.

After the release of the Commission reports, European Commissioner for economic and monetary affairs Joaquin Almunia told reporters that the European Commission's forecast for the Greek public deficit figure is based on a working assumption that the Greek government's debt securitisation plan will be approved by Eurostat.

The Commissioner also pointed out that Greek authorities had based their official forecast on a "worst-case scenario" in which Eurostat completely rejected Greek debt securitisation plans.

Almunia said that the matter will be cleared up in the next few weeks, since Eurostat was due to complete its analysis of the Greek proposals before the end of 2005, and that he had informed Greek Finance Minister George Alogoskoufis by phone that Eurostat's decision was imminent.

Securitisation schemes and other temporary measures had not been taken into account by either the Greek government or the European Commission in the forecasts for 2006 and 2007, he clarified, but noted that these would be included once the state budget for 2006 had been officially presented and Eurostat's decision was known.

USA : Cotton exports - Greece challenges US monopoly
November 17, 2005


National Cotton Council of America's division Cotton Council International (CCI) released the cotton exports results.

Greece is the largest EU cotton producer and the world’s sixth largest cotton exporter.

For 2005/06, production is forecast at 1.9 million bales and exportable supplies are forecast to grow to over 2 million bales, the largest since 2000/01.

As Greek cotton production continues to increase and domestic consumption shrinks, Greek exports are forecast to reach 1.45 million bales in 2005/06.

Most Greek cotton exports are destined for Turkey, which in 2003/04 absorbed 33 percent of the total quantity exported.

In 2004/05, Greek exports to Turkey grew by 20 percent and account for 50 percent of Greek cotton trade.

Although the United States is the largest exporter to the Turkish market, Greece has proven to be a competitive force in the region with its expanding exports and close proximity to Turkey.

Greek exports to traditional markets within the European Union have decreased in recent years while Pakistan and China have emerged as Greek customers.

After Turkey, Italy is the second largest market for Greek cotton, importing 139,000 bales in 2004/05, down from 348,000 bales in 2000/01.

In 2004/05, Pakistan imported 37,000 bales and China imported 34,000 bales.

Because of limited production capacity and proximity to the Turkish market, Greek expansion into these markets will likely be limited.

Cotton Council International (CCI) is the export promotion arm of the National Cotton Council of America. The mission is to increase exports of U.S. cotton, cottonseed and US manufactured cotton products through activities that affect every phase of the marketing chain -- from the initial mill buyer of cotton fiber or purchaser of US cotton-rich yarns and fabrics on through to the final consumer.

United States Department of Agriculture

http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=8668

http://news.ert.gr/en/newsDetails.asp?id=12752

http://www.ert.gr/site/news/photos/img70x70/2005/11/liapis_alogoskoufis_olympia.jpg

New Leaf for Olympic Airlines
15 Nov 2005 21:05:00

By Mary Lou Tzempelikou
Sources: NET

Tuesday was a crucial day for the future of Olympic Airlines, as the fifth consecutive tender for the company’s privatisation bore no fruit, as was officially announced by the Minister of Transport and Communications, Michael Liapis. The public sector and private investors will participate in the new company that will succeed the air carrier, while its business plan, i.e. funding, flights and number of employees, will be drawn up in the next two months. The final announcements were made on Tuesday afternoon, after the meeting of the Interdepartmental Denationalisation Committee and the official briefing by the government’s financial consultant, Lazar, which will proceed with expressions of interest to find private capitals. At the same time, the future of the employees will be secured, since any extra staff will either depart through the voluntary redundancy scheme or be transferred to other public services, such as agencies of the Transport Ministry.

"I remind you that the PM set the framework for a very major issue. He clearly stated that the Government was determined not to continue with past practices, which led OA to its current situation. He placed a starting point, which led to today’s stop," stressed Government spokesperson Thodoros Roussopoulos.

The possibility of a reunification of all of the company’s departments is viewed positively by administrative employees, technical staff and flight personnel; however, they appear reserved as to whether the new operational framework would be viable.

The opposition parties, though, voiced their disapproval for the latest developments

PASOK MP Evangelos Venizelos accused the Government of lacking strategic planning, while he added, "Although the Government was forced to make a 180-degree turn over the last few months, it continues to waste time."

In an announcement, KKE mentioned, "The Government’s so-called ’mixed plan’ for Olympic Airlines contains all the anti-labour characteristics, as is the case with all privatisations," while it asked that the company retains its public character.

"It is not that yet another tender for the sale of Olympic bore no fruit. What bears no fruit is the fact that the Government insists on trying to find ways to sell off another form of Olympic Airlines to private interests, with the support of PASOK, and despite the opposition of the Greek people," was mentioned in SYN’s announcement.

According to information about the new air carrier:

* It will be smaller than the current company.

* Domestic and European flights will probably be reduced.

* The fleet will be made up of approximately 30 planes (as opposed to 40 owned currently) Apart from the flight department, the new company will include the technical base and ground handling activities, which had been separated two years ago.

* The number of employees will be reduced by approximately 50%. The extra staff will either depart through the voluntary redundancy scheme or be transferred to other public services.

* It will start operating sometime between of 26 March and the beginning of April 2006.

* The tickets that have already been sold are valid, while all the flights will be performed as normal.

* The new name will contain the term Olympic, with possible names being Olympic Air, Air Olympic or Olympic Aviation (in Greek). The 5-circle logo will be retained in all cases.

* The new company will start from zero, with a new business plan, new administration, new capitals and new labour relations.

* The public sector’s participation will be between 33% and 49%, while the majority of the capitals and the management will come from the private sector.

* The European Union considers the plan for the new company compatible in principle.

http://www.ekathimerini.com/4dcgi/news/economy__853071KathiLev&xml/&aspKath/economy.asp?fdate=19/11/2005

Piraeus Bank goes international
Retail bank aims to expand role of foreign operations, sees Greek market growing for three more years

By George Georgiopoulos - Reuters

Piraeus Bank is set for further expansion outside Greece, eyeing higher profits from the Balkans and Egypt before retail banking growth peaks at home, its international business chief said yesterday.

Greek banks, keen to secure new areas of growth and diversify revenues, have been making forays into the developing banking markets of Romania, Bulgaria, Serbia and Albania.

“The contribution of international operations to group profit is about 14 percent, our goal is to raise it to more than 20 percent,” John Kyriakopoulos, head of international activities and wealth management, told Reuters in an interview.

“Expansion of the group’s international network will come about through organic growth and acquisitions where we are already present or in new countries,” he said.

Piraeus, Greece’s fifth-largest lender by assets and 4.2 percent owned by Dutch financial services group ING, has built a foothold in the Balkans, gobbling up small banks in the region.

Now present in Romania and Bulgaria — set to join the EU in 2007 — as well as Albania, Serbia, Egypt, London and the United States, the group’s international network numbers 161 branches. With assets of 2.9 billion euros, foreign operations generate net earnings of 19 million euros.

“Without acquisitions the bank’s international network will grow to 230 branches from 170 in December 2005,” Kyriakopoulos said. “Capital adequacy is sufficient to support this expansion. Our acquisitions are small and we’ll stay with this model.”

European lenders are continuing to hunt for new sources of growth in eastern Europe, going after privatizations to build up their presence in the region, with Cypriot banks the latest to join the game.

But some have begun to look in the broader Mediterranean.

After acquiring Bulgaria’s Eurobank and Atlas Bank in Serbia, Piraeus is among the 11 bidders for Serbia’s Vojvodjanska Banka but the Greek lender also recently ventured into Egypt, buying out Egyptian Commercial Bank (ECB).

Piraeus sees opportunities in Egypt’s banking system, where out of a population of 72 million there are only 7 to 8 million bank accounts and about 1.5 million credit cards, meaning there is considerable room for a wide range of products and services.

Piraeus also plans to hold on to Marathon Bank in the US, unlike National Bank, which pulled out recently, selling its subsidiaries in New York and Canada.

“Now that we’re the only Greek bank with a presence in the US it makes sense to grow a bit further. There are no plans to pull out,” Kyriakopoulos said.

Piraeus is having a bumper year in Greece, with robust home and consumer lending fueling a 49 percent rise in net profit for the first nine months.

“The retail business in Greece has another two to three years of growth, there is more room for penetration,” Kyriakopoulos said.

Household spending averages €1,792 per month


www.ana.gr

Average monthly consumption spending by Greek households totals 1,792 euros, with the biggest portion going food products (17.1 pct), housing (10.69 pct), durable goods (7.5 pct) and clothing-footwear (8.38 pct), according to a report on family budgets in the period 2004-2005. The report was compiled by Greece's statistical service and released on Monday.

The report, published by the National Statistics Service, said Greek households changed their consumption model during the period 1999-2004, spending less on food, clothing-footwear-durable and other goods and more on communications.

Food products (17.1 pct), alcoholic drinks (3.99 pct), clothing-footwear (8.38 pct), housing (10.69 pct), durable goods (7.5 pct), healthcare (7.15 pct), transportation (12.60 pct), communication (4.52 pct), recreation (5.03 pct), education (2.86 pct), hotel-coffee-restaurants (9.61 pct) and various goods and services (10.57 pct) accounted for household spending.

The report showed that 22.08 percent of food product spending accounted for the purchase of meat products, 8.27 pct on fisheries, 18.4 pct on dairy, 7.56 pct on fruit, 11.55 pct on vegetables and 5.5 pct on oils. The remaining around 25 percent accounted for spending on bread, cereals and wheat. The statistics service said the 2004-05 report showed a decline in spending on meat, vegetables, fruit, coffee, tea, cocoa and increase in spending on fisheries, oils, sugar, honey, mineral water, juices and beverage compared with the previous report (1998-99).

The report was conducted on a sample of 6,555 private households with 17,386 members in the period from February 2004 to January 2005.

(ANA photo. K. Mavrona)

Δυο παρατηρήσεις (στα Ελληνικά για να μην ανοίξουμε την όρεξη των καλοθελητών )

1. Οι χαρμόσυνες αυτές ειδήσεις για πρωτιές γιατι δεν μεταδίδονται από τα παλιοκάναλα;

2. Παρά τα παραπάνω και για λόγους που όλοι οι ενδημούντες στην Ελλάδα γνωρίζουν, δυστυχώς έχουμε μπεί σε τούνελ. Μακάρι αυτή τη φορά να καταφέρουμε κάτι γιατι είναι κρίμα μια χώρα με τόσα πλεονεκτήματα όπως η Ελλάδα να έχει μια οικονομία συνεχώς in dire straits που λένε. Αυτό φυσικά δεν δικαιολογεί το σημείο 1. Λες και τα κανάλια δεν θέλουν να πάει καλά η χώρα τους ή λες και η Ελλάδα είναι Λυβική Τζαμαχιρία...

Τα κανάλια στην ελλάδα απολαμβάνουν μιας ιδιότυπης ανεξέλεγτης ΠΑΝΤΟΔΥΝΑΜΙΑΣ .
Συμφωνώ με τον gm .

GREECE: ITALY MAIN IMPORTER H1 2005


www.ansamed.it

(ANSAmed) - ROME, NOVEMBER 22 - Italy was the main importer to Greece in the first six months of 2005, followed by Germany, Russia and France, the Athens office of the Italian Foreign Trade Institute said on Tuesday, quoting data of the Greek statistical institute. In the first half of 2005, Italian exports to Greece rose by 2.5 percent year on year to more than 2.7 billion euro which boosted the Italian share on the Greek market to 12.9 percent from 12.6 percent. Transport vehicles accounted for most of Italy's exports to Greece as they amounted 261 million euro, up by more than 81 percent compared to the first half of 2004. Exports of motorcycles, mopeds and bicycles totalled slightly less than 146 million euro, accounting for 55.9 percent of transportation vehicle exports. (ANSAmed). RED-KUZ

http://news.ert.gr/en/newsDetails.asp?id=13208

Half-Priced Internet for Students
30 Nov 2005 14:19:00

Sources: NET, ANA

At Maximos Mansion, the Greek PM presided over a meeting attended by Ministers of Development, Education and Communications on the issue of providing easy access to new technologies and the Internet. Exiting the meeting, the Ministers announced the decision taken to reduce the Internet prices by 50% for 600,000 University and Technological Educational Institutes (TEI) students, as well as for post-graduate ones.

Development Minister Dimitris Sioufas stated that the programme, entitled "Gateway", is to be implemented after a three-month trial period by the Research and Technology Centre. On her part, Education Minister Marietta Giannakou said that a programme providing for granting excelling students access to free PCs will soon be presented. Finally, Communications Minister Michael Liapis underlined that the government aims at providing easy and affordable access to the Internet and announced that Greece will host the 2006 World Conference in Computer Science.

Who Can Participate in the "Gateway" Programme

* Undergraduate University and TEI students
* Postgraduate students
* Candidates for a doctorate or PhD
* Open University students

The connection will be permanent and fast in the town where the student is studying, while he or she will gain access by displaying their ID cards.

In an announcement, KKE asked for the free access of all secondary and higher students to the Internet.

:rock:

http://www.ekathimerini.com/4dcgi/news/economy__3591147KathiLev&xml/&aspKath/economy.asp?fdate=30/11/2005

PPC awards 86-million-euro plant project on Crete

HAMILTON, Bermuda - Foster Wheeler’s Global Power Group announced yesterday that a consortium led by its Finnish subsidiary, Foster Wheeler Energia Oy, has been awarded an engineering, procurement and construction contract by Greece’s Public Power Corporation (PPC), for a 100 MWe heavy oil-fired power plant scheduled for completion in early 2008. It will be designed and built by Foster Wheeler and its Greek construction partner, Athena, near the city of Siteia, on Crete. The total value of the award for the consortium is approximately 86 million euros.



http://www.ekathimerini.com/4dcgi/news/economy__3591147KathiLev&xml/&aspKath/economy.asp?fdate=30/11/2005
Intralot

Greek gaming systems developer and operator Intralot said yesterday it has purchased a further 20 percent stake in Turkish betting operator Interlek for 67 million euros. Intralot already holds a 25 percent stake in Interlek, which has an exclusive contract to manage sports betting in Turkey for eight years. Intralot’s operations range from Southeastern Europe and the Balkans to the United States and South America.

http://www.ekathimerini.com/4dcgi/_w_articles_economy_1740966_05/12/2005_63759

Greek-Turk joint bank

Business leaders have agreed to set up a joint bank that is described as the first to operate in both Greece and Turkey, the Athens News Agency reported yesterday.

It said the Aegean Business Bank will initially operate in Athens and Izmir, with plans to expand later into Ankara, Istanbul, Piraeus and Thessaloniki.

The report said the plan was to set up within five years a network of 26 branches in the two countries with 360 employees.

With an initial capital of 60 million euros, the bank will become operational as soon as its statutes have been approved by the Greek central bank, ANA said.

The new bank will invest in the capital of regional companies, and play an active role in the credit, insurance and financial sectors, ANA said. (AFP)

http://www.mpa.gr/article.html?doc_id=556667

GDP INCREASE IN THE THIRD TRIMESTER IN GREECE
Brussels, 30 November 2005 (15:54 UTC+2)

The Gross Domestic Product (GDP) recorded an increase of 1.7% in the third trimester of 2005 in Greece while compared to the third trimester in 2004 the increase was 3.7%, according to figures provided by the European Statistics Agency made public in Brussels today.

In the Eurozone and the 25 EU member states, the GDP increased 0.6% compared to the second trimester in 2005.

The highest GDP increase in the third trimester of 2005 compared to the previous trimester was recorded in Lithuania (2.3%), Finland (1.9%) and Greece (1.7%). Compared to the third trimester of 2004, the highest GDP increase was recorded in Lithuania (8.2%), Slovakia (6.2%), Denmark (4.7%) and Greece (3.7%).

http://www.athensnews.gr/athweb/nathens.prnt_article?e=C&f=&t=03&m=A18&aa=2

Government to give textiles new look

The government is promoting a two-year programme aimed to offer financial support to the textile, clothing and footwear industries, worth 145 million euros, Development Minister Dimitris Sioufas announced on November 21. The minister said the programme was expected to be approved by the European Union by the end of the week. Under the programme, the government will seek to boost the industry's export activities, upgrading product quality, developing innovative actions, modernising the industry's organising structure and supporting investment plans. Sioufas said Greece would hold a "Fashion Week" show two times annually, starting 2006, and said the show would also include products from the clothing and footwear industry. Development Deputy Minister Yiannis Papathanasiou said the textile industry has acknowledged its problems and was moving towards restructuring, an optimistic sign for the future.

Representatives of the textile industry said the sector should deal with a deep change in consumers' behaviour since a globalisation trend has not affected only the geographical distribution of clothing production. A continuing drop in prices is also affecting consumers' choices, they said. The industry praised the EU's measures to limit the import of Chinese textile products. Greek exports had fallen by 25 percent in the first quarter of 2005, with the rate slowing to 15 percent in the six-month period. The industry expects exports to fall by around 7.0 percent by the end of the year, with imports expected to grow by 7.0 percent in 2005.
(ANA)

Personal care firm ups profits

Sarandis Group on November 21 reported an 11 percent increase in its nine-month consolidated turnover to 145.48 million euros, from 131.06 million in the same period last year, while its pre-tax, interest and amortisation earnings (EBITDA) rose 13.03 percent to 21.70 million euros from 19.20 million euros over the same period, respectively. Pre-tax, interest and tax earnings rose 17.08 percent to 18.94 million euros, while pre-tax profits totalled 16.93 million euros, up 22.38 percent compared with the same period in 2004. Consolidated after tax and minorities earnings rose 16.59 percent to 12.45 million euros in the January-September period. Houseware products (57.65 million euros), and cosmetics (47.21 million euros) were the main contributors to Group turnover, recording increases of 16.87 percent and 12.57 percent over the same nine-month period in 2004.

(ANA)

Metals player gains strong profits

Mytilineos Group on November 22 reported improved nine-month results, the first including Aluminium of Greece (fully integrated) and Hellenic Vehicle Industry (net position). The group's consolidated turnover totalled 541.8 million euros in the January-September period from 171.4 million euros last year, for an increase of 216.1 percent, while consolidated pre-tax and minorities earnings jumped to 100 million euros from 23.7 million euros over the same period, respectively. Operating profits totalled 237.5 million euros (including 137.5 million euros in added value from the purchase of Aluminium of Greece). Operating pre-tax and interest earnings tripled to 85.6 million euros in the nine-month period from 28.7 million euros last year, while EBITDA jumped 197.7 percent to 100.6 million euros. The pre-tax profit margin jumped to 18.4 percent from 13.8 percent last year, while net profits after tax and minorities soared to 167.4 million euros from 13.4 million euros last year.

Coca-Cola fizzes up by 57 percent

Coca-Cola Hellenic Bottling Company SA on November 23 reported a 57 percent rise in third quarter net profit, helped by strong sales in emerging and developing markets. The world's third largest bottler of Cola-Cola products said net profit in the quarter ending September 30 rose to 146 million euros ($171 million) from 93 million euros ($109 million). The figure beat analysts' expectations of 134 million euros ($157 million). The company said the figure was inflated by new accounting rules under international financial reporting standards, and that on a comparable basis net profit rose 20 percent. The bottler said in established markets, volume was up 1 percent. In developing markets - such as Poland, Hungary and the Czech Republic - volume rose 14 percent, while in emerging markets such as Russia, it jumped 18 percent.

(AP)

http://www.iht.com/articles/2005/12/06/business/orascom.php

Orascom sees Greece as gateway
Reuters, Bloomberg News

TUESDAY, DECEMBER 6, 2005

DUBAI, United Arab Emirates Naguib Sawiris, the Egyptian investor who bought the Italian telephone company Wind Telecomunicazioni, said Tuesday that he was willing to pay about $1.6 billion for TIM Hellas Telecommunications of Greece to expand in Europe.

Sawiris, the chairman of Orascom Telecom, the Middle East's largest mobile phone company, said he had held talks with the owners of TIM Hellas, including Apax Partners Worldwide, about buying the company as early as next year.

Apax and Texas Pacific Group bought TIM Hellas from Telecom Italia in April for 1.1 billion, or $1.3 billion. The selling price "is not going to be far from what they paid," Sawiris said. Maybe "a couple of hundred million dollars more," he said.

Telecommunications companies from the Arab world are expanding aggressively abroad as governments gradually open their tightly regulated domestic markets to competition. Sawiris is leading the pack, with his purchase in August of Wind with a bid that valued the business at 12.2 billion.

"If you want to create an entity that is one of the five biggest mobile operations in the world, to achieve that it's definitely easier when you add 15 million subscribers in Europe," Sawiris said in an interview on Tuesday. Wind has 13.3 million wireless subscribers.

Orascom is also seeking to enter the wireless market in Turkey. Orascom and Vodafone Group, the world's largest mobile phone company, are among seven companies that have put in bids to buy Telsim Telekomunikasyon Hizmetleri, Turkey's banking regulator said Monday.

The number of bidders has dropped from the original 15 that had registered interest in Telsim, Turkey's second-biggest mobile-phone company, after Turkcell. Telsim was put up for sale with a minimum price of $2.8 billion.

The shareholders and management of TIM Hellas "have not received any approach from potential buyers in the last months," according to an e-mailed statement from the company.

TIM Hellas had 2.3 million customers at the end of September, according to its Web site.

Third-quarter profit fell 8.9 percent, to 26.6 million, hurt by lower call prices in response to demands from the Greek regulator. Sales rose 0.7 percent, to 230.7 million.

http://www.ekathimerini.com/4dcgi/_w_articles_politics_100015_07/12/2005_63841

Cash boost for large families

The Inner Cabinet yesterday approved draft legislation heralding financial benefits for families with three children and the abolition of a list of prescribed medicines for state-insured patients which is to be replaced by a more flexible and less costly system.

According to the first draft bill, which is to be voted through Parliament at the end of January, mothers who have three children from the beginning of next year will be entitled to a 2,000-euro bonus, and another 2,000 euros for every subsequent child.

The bill foresees several other benefits for three-children families, notably a discount in the registration fee if they purchase a car — 35 percent off if the purchase is made next year, 70 percent off if it is made in 2007 and total exemption from the fee in 2008.

The second bill foresees doing away with a list of prescribed drugs and allowing patients access to all medicines without them needing authorization from their doctor in order to have the drugs subsidized by their social security fund.

http://www.aegeanair.com/aegeanen/home/logo.gif

Aegean Airlines opts for more Airbus wings

Aegean Airlines, Greece’s largest private airline, yesterday signed a contract for the purchase of eight Airbus A320 planes, with an option for 12 more. The $500 million buy will be 80 percent financed through bank borrowing, officials said. Delivery of the planes will start in 2008 and be completed in 2009. Aegean said it carried 11.6 percent more passengers in the 11 months to November, year on year, with the number topping 3,732,000. Despite higher oil prices, the firm said it expects to be in the black for the third straight year, with earnings of about 16 million euros. Company President Theodoros Vassilakis did not rule out it may be listed on the Athens bourse in the future.

http://www.airbus.com/en/aircraftfamilies/a320/a320/

http://www.e-flight.com/airbus/a320-air.jpg

http://news.ert.gr/en/newsDetails.asp?id=13758

Greek Business Colossus
19 Dec 2005 11:52:00

By Dimitris Alexopoulos

DELTA S.A. and Chipita International S.A. merged into the biggest food group in Greece and one of the 50 biggest in Europe. The known dairy industry announced its merger with the snack company, thus successfully completing a process that had started for quite some time. The goal was to establish a Greek business colossus in the food industry that would be able to hit the European market. Ealrier, DELTA S.A. announced selling DELTA-ICE CREAM to Swiss Nestle for 240 million euros. Along with Chipita, DELTA announced the absorption of Goody’s S.A. and Barba-Stathis General Foods S.A., Chipita’s subsidiaries.

The merger will take place with the absorption of Chipita by DELTA. DELTA stockholders will keep the number of stocks they had before the merger.

Chipital International S.A. stockholders will exchange each Chipita share they now have with 0.33 new Goody's shares, 1.05 new Barba Stathis shares and 0.54 new shares, which will come from the increased DELTA S.A. venture capital.

After the merger, Chipita International S.A. shareholders will acquire 24% of the unified company, Goody's stockholders will get 7.4% and Barba Stathis General Foods S.A. shareholders some 1.8%.

It is estimated the process would end in July 2006 and until then the companies' common vision would be expressed via the transitional BrandCo name, which is used to establish the creation of a powerful food group.

The business move of the decade will definitely change the food market and establish new data, as the new company that will emerge will rein the top of the food industry in Greece. It will be the second in the food-beverage industry, the seventh biggest Greek industrial company, the sixteenth biggest Greek company and the 35th food company in Europe.

The total turnover is estimated at 859.1 billion euros, its net profit at 38 million euros, while the new company would employ more than 4,000 personnel.

www.ana.gr 09/01/2006

Finance minister congratulated by Austrian counterpart for Greek fiscal policy

Austrian Finance Minister and European Union Council of Finance Ministers President Karl-Heinz Grasser congratulated his Greek counterpart George Alogoskoufis for Greece's fiscal policy during their prolonged talks in Vienna on Tuesday night.

Speaking to the Athens News Agency (ANA) in the Austrian capital after the talks, Grasser said that he had the opportunity to congratulate Alogoskoufis because "he lived up to a truly difficult situation and he had to handle the many high deficits of past years". Alogoskoufis said that the climate at the Council and the European Commission is positive for Greece because, as he said, they acknowledge the great efforts that have been made.



Grasser said that his impression, as well as that of many of his foreign counterparts, is that Alogoskoufis was really capable to tackle this problem. He added that his Greek counterpart told him that Greece's deficit could be below 3 percent in 2006. If this is so then he will have solved the problem of deficits, a target for which the Austrian minister wishes Alogoskoufis every success.

On his part, Alogoskoufis told the ANA that that the climate at the Council and the European Commission is positive for Greece because, as he said, they acknowledge the great efforts that have been made.

Alogoskoufis reiterated that the government's target is to implement the budget strictly so that the deficit will be below 3 percent in 2006 and it remains firm on this target.

The Greek minister further said that in his talks with Grasser he outlined for him the initiatives undertaken by the Greek government for reforms and to decrease the deficit, while they also discussed ways of cooperation in the coming months to enable results to be achieved for Europe, Austria and Greece.


GREECE: EXPORTS UP 14.9% IN NOVEMBER, YR/YR

www.ansamed.it

(ANSAmed) - ATHENS, JANUARY 9 - Greek export jumped 14.9% in November compared with the same month in 2004, while import rose 2.8 percent over the same period, the National Statistics Service said on Monday.
NSS, in its report, said the value of exports in November 2005 totalled 1.308 billion euro, from 1.139 billion euro in the same month of 2004, while import totalled 3.917 billion euro, frmo 3.812 billion euro over the same periods, respectively. (ANSAmed). MRR

Did anyone hear or have any news about some investment in the tobacco industry?
I had heard it was at least $100million, although I might have my wires crossed.

Did anyone hear about the main goal of the government in 2006? To privatize many government owned Companys as well as establish a world class national airline.

Did anyone hear or have any news about some investment in the tobacco industry?
I had heard it was at least $100million, although I might have my wires crossed.

www.ansamed.it

GREECE:PAPASTRATOS TOBACCO FIRM UNVEILS 100MLN-EURO PROJECT

(ANSAmed) - ATHENS, JANUARY 10 - Papastratos tobacco company, a member of Philip Morris International Group, has announced plans to build a new production facility and main offices in Aspropyrgos, western Attica, worth 100 million euro, Greek news agency ANA-MPA reported. The new plant will have a production capacity of 20 billion cigarettes annually, while the new facilities will cover an area of more than 40,000 sq metres. Construction works will begin in 2006 and is scheduled to be completed in 2008. Laurent Boissart, Papastratos' chief executive, said the investment plan was an excellent opportunity for expanding business activity in Greece while it expressed a long-term commitment of the company in the Greek market and underlined its confidence in the Greek economy.

^ Thats the one. Efxaristo.

Anyone have the Greek Tourism Stats of 2005?

I believe we grew by 14% but knocked outta top 15 by Turkey.

http://jang.com.pk/thenews/jan2006-daily/08-01-2006/business/b16.htm



Greek, Turkish firms win Oman resort deal

MUSCAT: Omani developers have signed a $1.9 billion construction agreement with a consortium of Turkish and Greek firms for part of the Gulf Arab state’s biggest tourism project, the developers said on Saturday.

Private developers Al Sawadi Investment and Tourism signed the pact last week with Enka Insaat, Turkey’s biggest construction company, and Aktor Ate, the construction arm of Greek firm Hellenic Technodomiki.

The Blue City resort is one of several giant construction projects planned around the world’s biggest energy exporting region, where governments are using record oil revenues to develop tourism, infrastructure and financial services.

The entire project will take 15 years to complete and is estimated to cost $20 billion about 80 per cent of Oman’s gross domestic product in 2004.

Blue City will cover 34 sq kms of coastline near the capital Muscat and will eventually host 2 million tourists a year.

The first phase of the project, to be built by Enka Insaat and Aktor, includes four hotels, two golf courses, and a shopping complex.

Oman is trying to diversify its economy to cushion the shock in the event of a decline in oil prices, which repeatedly surged to new highs last year.

Other Gulf states have similar plans and are handing out multi-billion dollar construction contracts. Last month Saudi Arabia, the world’s biggest oil exporter, announced a $26.7 billion development that includes resorts, a port and a financial services hub.


http://origin.e-go.gr/filesystem/images/20060111/high/pegasus_o_12636_blue_city2.jpg

http://www.aktor.gr/default.asp?mediaid=12&rootcatid=690&defaultcatid=690&rootcatname=%C1%CA%D4%D9%D1

Some good news :

GREECE PUTS THE SQUEEZE ON ITALIAN CITRUS MARKET

www,ansamed.it

(ANSAmed) - PALERMO, JANUARY 12 - Greek citrus fruit farmers are putting the squeeze on their Italian counterparts. Sicily producers fear that imports of citruses from Greece will increase in 2006, the Sicily branch of Italian farmers' union Coldiretti said today, citing data by Italian agricultural research agency ISMEA.

Greecés orange output is seen at 962,000 tonnes in the 2005/2006 season, up by 26% year-on-year.
Greecés production of lemons is forecast at 40,000 tonnes for the 2005/2006 season against 32,000 for 2004/2005.
Greece is expected to export 311,000 tonnes of citruses in 2006 against 212,000 in 2005.
A large part of Greecés citrus fruit production will be exported to Germany, Romania, Hungary, the Czech Republic and the island of Sicily. Italy's imports of citrus fruits totalled 368,099 tonnes in 2004, according to data by Italian agricultural research agency ISMEA. Exports of Italian citruses were at 173,829 tonnes in 2004.

www.ana.gr
The minister presented data showing that, during the first 10 months of 2005, exports increased 12.8%, compared to the same period last year.

^^ This is great news Skaros. Greece has traditionally been a consumer of domestic product rather than an exporter.

Hopefully the olive oil business can follow suite and start marketing itself abroad. How is it Italian and even Spanish olive oil producers do so well in sales abroad when they even import Greek oil to put in theirs, which as we know, is the BEST in the world?

Greek olive oil is the finest in the world. But Greek companies have a lot to learn about marketting their products overseas. If you go to a grocery store in the USA and look at olive oils, the Italian products are bottled in eye-catching bottles and colors. The product may not be as good, but the marketting is better. That's key to exporting and selling a product in an export market.

Myself, I always buy Greek olive oil because I know it's high quality and a great buy at the price. One place where Greek farm products are really taking off is in Japan. I travel there a lot on business and Greek olive oil is recognized for it's health promoting qualities. The Japanese can't get enough of it. And that goes for Mastic as well!

Not the case in Australia. Greek bottles are ALWAYS the most elegant ones and the most expensive looking. Even the labels scream out QUALITY! But its too high quality that people only buy the small bottles and use them very little. People always buy Spanish olive oils for mass use as there cheap. Try getting your hands on Greek olive oil in a big package, It would be so expensive. My mum has one bottle of Olvie oil from Greece that she buys at the supermarket and she only uses it for Occasions or Get togethers, never for everyday.

Thats the problem, Greek olive oils are way too expensive - atleats in Australia. There great quality and BY FAR the best, but not very good that you pay for the nose for a little bottle.

http://www.ekathimerini.com/4dcgi/_w_articles_politics_100018_14/01/2006_65155

China business deals draw PM

In a bid to generate more business with one of the world’s largest economies, Prime Minister Costas Karamanlis is scheduled to visit China on Wednesday on a trip with significant diplomatic overtones, sources said yesterday.

Karamanlis is expected to sign a bilateral trade agreement with China in an effort to strengthen Greece’s role in dealings with Chinese business leaders who want to trade in the Balkan, Mediterranean and Black Sea regions.

So far, trade between the two countries has been limited, although there has been some growth.

According to Chinese officials, bilateral trade volume in 2004 reached 1.25 billion euros ($1.5 billion), about 23 percent higher than the previous year,with most of it in the shipping sector.

Foreign Minister Petros Molyviatis will escort Karamanlis, who will visit Beijing and Shanghai, along with a delegation of Greek businessmen.

We can see many visits for top politician of our country in many different countries and yet we can't see the results, what is going on? Where are the big investments?

Results dont often come overnight.

True, but I see the same story many years now.. Anyway.

Beijing, Athens ties 'best' in 33 years
2006-01-21 Beijing Time

PRESIDENT Hu Jintao told visiting Greek Prime Minister Costas Karamanlis yesterday that China-Greece relations are their "best" since the two countries forged diplomatic ties 33 years ago.

Hu said China and Greece are great countries with profound civilizations. The peoples respect each other and enjoy friendly relations.

Karamanlis arrived on Thursday for a four-day visit.

Since establishment of diplomatic ties, the two have built sound relations based on mutual respect, equality and mutual benefit, Hu said.

He said China and Greece have fruitful exchanges and cooperation in the fields of trade, economy, shipping, technology, education and tourism. They also coordinate in multilateral organizations such as the United Nations, Hu said.

The Chinese president said China and Greece have neither fundamental conflicts in interests nor pending problems. Under the new circumstances, building an all-round strategic partnership has a profound impact on bilateral ties.

"We are willing to join hands with Greece to expand bilateral pragmatic cooperation in various fields, and promote further development of Sino-Greek all-round strategic partnership," Hu said.

Noting Greece-China relations were progressing extremely well, Karamanlis said Greece sticks to the one-China policy and opposes "Taiwan independence."

Karamanlis said his nation is willing to try to lift obstacles to Sino-European relations and promote overall development of Sino-European ties."

He said Greece hopes to enhance cooperation with China in shipping, energy, investment, tourism, culture and education.

The new stats are out for 2005. You can see them at the CIA site, but I initially found the numbers at GreeceTurkey.com


Thanks to Olympia:


2004 ---- vs ---- 2005

$226.4 bil - $242.8 billion (GDP)

$21,300 ----- $22,800 (GDP Per Capita)

3.7% ----- 3.3% (Growth)

$15.5 bil --- $18.54 bil (Exports)

$54.28 bil --- $48.2 bil (Imports)

$54.39 bil --- $94.13 bil (Revenues )

$64.4 bil --- $103.4 bil (Expenditures)


Exports up, Imports down, Revenues shot up. :okay:

Per Capita is now at $22,800 and it went up $1,500. :okay:

Thats truely amazing stats and Great growth. I hope to keep it hovering around the 3.0 mark for the next few years until 2010 and with privatisation in 2006/2007, Greece should continue this growth spurt. I think we should be looking at a end 2006 GDP of $266 Billion and Hopefully by 2010 will Have well over 300 Billion in GDP. Also, Hopefully invetments will rise this year and we will see higher growth possible above 3.4%.

Well done Hellas! Looks like the Olympics payed off in the long run.

Probably there is some mistake about revenues and expenditures, because when I was looking at the greek budget there was growth, but at no case so extreme.

Probably there is some mistake about revenues and expenditures, because when I was looking at the greek budget there was growth, but at no case so extreme.

Ο ρυθμός ανάπτυξης φέτος θα είναι περίπου 3,6 % , αρκετά καλά με δεδομένες και τις τιμές του πετρελαίου. Ας ελπίσουμε να συνεχιστεί.

** Θυμάμαι πριν τις γιορτές που είχε χάσει και το στοίχημα ο Πάγκαλος ο οποίος προέβλεπε ότι θα είναι κάτω από 3,5 % και μάλιστα είχε πει ότι θα έσκιζε τα πτυχία του και θα έστεινε αδριάντα στον αλογοσκούφη :lol: (το ρεπορτάζ το είχα δει στο κανάλι ALPHA)

http://www.ekathimerini.com/4dcgi/_w_articles_politics_100002_23/01/2006_65484


Paths open in China

Karamanlis returns with tourism, shipping deals in suitcase

As Prime Minister Costas Karamanlis returned from China yesterday, government sources indicated that his trip to the world’s most populated nation was a success, resulting in new business channels opening up in the fields of shipping and tourism.

Karamanlis, accompanied by Foreign Minister Petros Molyviatis, looked determined to close some deals on his three-day trip to Beijing and Shanghai and has achieved this, according to government sources.

Apart from agreeing to export some 60,000 tons of fertilizer to China, the Chinese have agreed to use Greek ports as a hub for ships transporting their products into Europe.

As of April, 11 freight vessels from China will be stopping over and unloading their goods in Piraeus on a monthly basis, while sources said that Karamanlis also pushed for Thessaloniki and Crete to be included in their transportation plans.

The local tourism industry is also keen to draw more of the 22 million Chinese tourists that visit the European Union every year — a development that might be achieved with more direct flights between Athens and Beijing.

Diplomatic sources highlighted that the trip also had political weight, as Karamanlis met with Premier Wen Jiabao and President Hu Jintao, in addition to other senior political leaders.

On the sidelines of a Greek-Chinese business conference held on Saturday, Molyviatis told journalists that it is unusual for the leader of any country to meet with so many state officials so high up in the Chinese political hierarchy.

Beijing is eager to develop friendly ties with Greece because it is a member of the European Union. But Greece’s leading shipping industry also acts as a draw card.

Greek shipping businesses have ordered about 100 vessels from Chinese shipyards, translating into the spending of some 4 billion dollars’ (3.3 billion euros’) worth on ships that are to be handed over in the next three years.

Greek investments in China have doubled recently but still remain at low levels.

In 2005, Greek companies invested 140 million euros versus 72 million euros the previous year.

Here is an interesting article in today's Athens News about the proposed changes to the Greek constitution regarding the competitiveness of the Greek economy:

http://www.athensnews.gr/athweb/nathens.prnt_article?e=C&f=&t=01&m=A99&aa=6
.

Aegean Business Bank is founded.
Here is the thread in Turkish forum

http://www.skyscrapercity.com/showthread.php?t=312654

i hope they build a huge skyscraper in Izmir and a very nice building in Athens as headquarters :D

Good news Meow! :)

Wage rises to match 2006 inflation

www.ana.gr 02/02/2006

Public sector wage rises are to match inflation anticipated for 2006, with pensions topping the figure, the national economy ministry said on Wednesday. "The decisions were made bearing in mind the need for faithful adherence to the budget and after exhausting all leeway for fiscal policy," the ministry said in a statement. The increases on base wages for state workers will be 3% in 2006 with an additional 1.1% for years of service.

State pensions are to rise by 4%, with 7% to be awarded to farmers and recipients of the EKAS bonus for low pensions, double the inflation rate," the statement said

"Implementation of incomes policy, the rises in wages, pensions and the EKAS bonus will cost the 2006 budget about 761 million euros, while total wages as spending under the budget will be almost 23 billion euros," the ministry added.

how can u guys write in greek? ur keyboard have that weird alphabet?
plz show me a pic of one :D

Tecno its not something very special , under some latin letters there are also the greek that you dont find in latin alphabet :)

Have a look here : http://www.ntgateway.com/greek/SPIonickbd.jpg

Microsoft to provide technology know-how to Greek IT companies


www.ana.gr 02/02/2006

http://www.ekathimerini.com/kathnews/photos/02-02-06/02-02-06_65921_1.gif

Economy and Finance Minister Giorgos Alogoskoufis (l) shakes hands with Bill Gates after signing a technology cooperation agreement.

The technology agreement signed between the Greek government and Microsoft in Lisbon yesterday calls for the creation of an Innovation Center in Greece that will support academic research and the efforts of private software companies to provide competitive products.
Microsoft will also provide public sector agencies with applications at a 20 percent discount.

The agreement is one of several signed between Microsoft and European governments in Lisbon and during the previous two Government Leaders Forums organized by Microsoft in Europe.
It is part of Microsoft’s ambitious scheme to help governments around the world with integrating their services.

“Governments around the world tell us that to interoperate effectively they need a more structured approach to building information technology systems,” said Microsoft co-founder, main shareholder and chairman Bill Gates who, since relinquishing the job of company CEO, has taken that of Chief Software Architect. “Deploying an eGovernment Strategy will help governments improve productivity and service delivery through seamless interoperability — as well as dramatically help cut costs,” he added.

Productivity losses by governments are estimated at 400 billion euros across all 25 European Union member-states. In the US, the losses are estimated at $843 billion (about 700 billion euros).

In Greece, the innovation center will help academic researchers, software development firms and new IT companies with development of new products. State agencies will be assisted in providing e-government services to citizens. The agreement has a duration of four years. During that time, the state has the right to obtain all new Microsoft software versions at a discount. Civil servants will be able to use the software, free of charge, at home and can be trained in its use.

“Our goal is to maximize the benefits for the state sector from its cooperation with Microsoft and other private companies. (The agreement) is a first step toward implementing the government’s digital strategy to take advantage of information and communications technologies throughout our economy and society. The goal of the Digital Strategy 2006-2013 is to provide digital services to enterprises, restructure the public sector and provide digital services to citizens. The agreement we signed today has several favorable clauses and provides for actions that will help a more efficient diffusion of technology in Greece,” said Economy and Finance Minister Giorgos Alogoskoufis.


Microsoft promises Greece IT boost

The government agreed with Microsoft's chairman Bill Gates yesterday to set up a research and development center in Athens aimed at helping Greece shed its image as one of the European Union's information technology laggards.

Finance Minister Giorgos Alogoskoufis and Gates decided during a two-day Internet technology forum in Portugal to establish a Greek Microsoft Innovation Center.

The center will coordinate initiatives from the university community and software developers in order to implement test programs using the most recent technologies. It will be part of a worldwide Microsoft network and will help the government improve its electronic services.

Greece is among the EU countries which invest the least in innovations and in developing new technologies.

«By developing synergies with the state, education institutions and Greek software companies, Microsoft is committed to contribute to Greece's efforts to build a dynamic economy of knowledge,» said Gates, the world's richest man.

Alogoskoufis came out from the meeting with another bonus as Microsoft also agreed to sell software programs to the public sector at a discount of 20 percent.

Microsoft, the world's largest software maker, also said it will provide some of the country's tertiary institutions with free software and will also offer scholarship programs for doctoral students working on new technologies.

Microsoft to provide technology know-how to Greek IT companies


www.ana.gr 02/02/2006

http://www.ekathimerini.com/kathnews/photos/02-02-06/02-02-06_65921_1.gif

Economy and Finance Minister Giorgos Alogoskoufis (l) shakes hands with Bill Gates after signing a technology cooperation agreement.

The technology agreement signed between the Greek government and Microsoft in Lisbon yesterday calls for the creation of an Innovation Center in Greece that will support academic research and the efforts of private software companies to provide competitive products.
Microsoft will also provide public sector agencies with applications at a 20 percent discount.

The agreement is one of several signed between Microsoft and European governments in Lisbon and during the previous two Government Leaders Forums organized by Microsoft in Europe.
It is part of Microsoft’s ambitious scheme to help governments around the world with integrating their services.

“Governments around the world tell us that to interoperate effectively they need a more structured approach to building information technology systems,” said Microsoft co-founder, main shareholder and chairman Bill Gates who, since relinquishing the job of company CEO, has taken that of Chief Software Architect. “Deploying an eGovernment Strategy will help governments improve productivity and service delivery through seamless interoperability — as well as dramatically help cut costs,” he added.

Productivity losses by governments are estimated at 400 billion euros across all 25 European Union member-states. In the US, the losses are estimated at $843 billion (about 700 billion euros).

In Greece, the innovation center will help academic researchers, software development firms and new IT companies with development of new products. State agencies will be assisted in providing e-government services to citizens. The agreement has a duration of four years. During that time, the state has the right to obtain all new Microsoft software versions at a discount. Civil servants will be able to use the software, free of charge, at home and can be trained in its use.

“Our goal is to maximize the benefits for the state sector from its cooperation with Microsoft and other private companies. (The agreement) is a first step toward implementing the government’s digital strategy to take advantage of information and communications technologies throughout our economy and society. The goal of the Digital Strategy 2006-2013 is to provide digital services to enterprises, restructure the public sector and provide digital services to citizens. The agreement we signed today has several favorable clauses and provides for actions that will help a more efficient diffusion of technology in Greece,” said Economy and Finance Minister Giorgos Alogoskoufis.


Microsoft promises Greece IT boost

The government agreed with Microsoft's chairman Bill Gates yesterday to set up a research and development center in Athens aimed at helping Greece shed its image as one of the European Union's information technology laggards.

Finance Minister Giorgos Alogoskoufis and Gates decided during a two-day Internet technology forum in Portugal to establish a Greek Microsoft Innovation Center.

The center will coordinate initiatives from the university community and software developers in order to implement test programs using the most recent technologies. It will be part of a worldwide Microsoft network and will help the government improve its electronic services.

Greece is among the EU countries which invest the least in innovations and in developing new technologies.

«By developing synergies with the state, education institutions and Greek software companies, Microsoft is committed to contribute to Greece's efforts to build a dynamic economy of knowledge,» said Gates, the world's richest man.

Alogoskoufis came out from the meeting with another bonus as Microsoft also agreed to sell software programs to the public sector at a discount of 20 percent.

Microsoft, the world's largest software maker, also said it will provide some of the country's tertiary institutions with free software and will also offer scholarship programs for doctoral students working on new technologies.
http://img325.imageshack.us/img325/2943/penguinms9mp.jpg

Linux baby! :D

http://www.ekathimerini.com/4dcgi/news/economy__2980531KathiLev&xml/&aspKath/economy.asp?fdate=08/02/2006

Aegean Airlines

Privately operated Aegean Airlines carried a total of 4,007,515 passengers last year, an increase of 12.3 percent on 2004 and beating its own forecast. The rise is attributed to Aegean’s aggressive pricing policy and was led by a 22 percent increase in tickets for international flights. Domestic flight passengers increased by 8.6 percent. The company announced a 2-euro surcharge on tickets as fuel primage due to the high oil prices.

Danone in Greece

French dairy firm Danone is launching commercial operations in Greece, targeting the No. 1 spot in the yogurt sector within 10 years. Its local subsidiary president, Antonis Krontiras, said yesterday his firm will import and sell the parent company’s products in Greece, targeting a 5 percent market share this year and a turnover of 21 million euros.

More UK flights

Flyglobespan is the latest low-cost airline expanding to Greece, with flights linking Athens with London Stansted daily and with Glasgow once a week starting at end-May; fares will be from 71 euros one way, including taxes. The four-year-old airline, which belongs to Scotland’s Globespan travel group, will also start a weekly flight from Iraklion to Glasgow, at 129 euros one way, including taxes.

http://today.reuters.com/business/newsArticle.aspx?type=consumerProducts&storyID=nL06324082

Greek Coke bottler eyes Italy buy this year -paper
Monday 6 February 2006, 2:54am EST

ATHENS, Feb 6 (Reuters) - Greek bottler Coca-Cola Hellenic Bottling Co. is interested in acquiring a mineral water company in Italy early this year, its spokeswoman told a Greek newspaper on Sunday.

"We are particularly interested in the Italian market. We have been looking for the right mineral water company in the last two years and with the right valuation," Melina Androutsopoulou told Inewspaper sotimia in an interview.

"We are confident that our plans for the Italian water market will materialise in 2006, possibly early in the year," she added.

CCHBC, the world's second-largest bottler of Coca-Cola products, has said it was looking for opportunities to expand in countries such as Italy, Russia and the Czech Republic in a bid to expand its non-carbonated soft drink portfolio.

Last year, the company, 24-percent owned by The Coca Cola Company, completed the buyout of two mineral water companies in Bulgaria and Serbia.

Non-carbonated drinks made up more than 23 percent of CCHBC's total sales volume in 2004, up from 19 percent in 2003.

What's the deal with the Olympic Airways of Greece?

http://news.ft.com/cms/s/137177e6-966e-11da-a5ba-0000779e2340.html

Russia to discuss Gazprom role in Aegean pipeline

By Kerin Hope in Athens
February 5 2006 18:44

Sergei Lavrov, Russian foreign minister, will on Monday hold talks in Athens on a proposal by Gazprom, Russia’s gas company, to participate in a new gas pipeline under construction between Turkey and Greece.

At a meeting with Costas Karamanlis, the Greek prime minister, Mr Lavrov is expected to underline the Russian government’s support for an alternative route for gas supplies to western Europe that would bypass Ukraine.

The €600m ($721m, £409m) Aegean pipeline, a joint venture between Depa and Botas, the Greek and Turkish state-owned gas utilities, is due to be completed in 2009.

It would link the two neighbours’ existing gas networks in western Anatolia and Thrace through a seabed pipeline across the Marmara strait. Depa, the Greek gas utility, last year signed a €300m agreement with Italy’s Edison group to extend the pipeline to Italy across the Adriatic.

During a visit to Athens last week, Alexei Miller, Gazprom’s chairman, suggested the company should take an equity stake in the Greek-Turkish pipeline project and increase its capacity to more than 10bn cubic metres of gas annually.

The visit followed a price dispute with Ukraine last month that disrupted Gazprom’s shipments to the European Union and raised doubts about Russia’s reliability as a gas supplier.

The Greek-Turkish pipeline, which was launched five years ago as a confidence-building measure between the once-hostile Aegean neighbours rather than as a strictly commercial venture, was initially expected to carry only 1bn-2bn cu m of gas yearly.

Greek officials said Gazprom’s offer fits with the Karamanlis government’s medium-term policy of promoting Greece as a regional hub for oil and gas pipelines. Mr Lavrov’s visit is seen as providing the political backing needed to win Greek acceptance of Gazprom’s proposal.

“Gazprom’s participation would consolidate a long-term energy partnership between Greece and Turkey and at the same time improve energy security for the EU,” said Thomas Lamnides of KLC, an Athens-based law firm specialising in international energy issues.

The Aegean pipeline would not replace a proposed $5bn pipeline along the Baltic seabed that would give Gazprom a direct link with EU markets.

Gazprom already supplies Greece’s domestic network through Ukraine and Bulgaria. Turkey also receives Russian gas from Bulgaria.

Ίσως το πιο σημαντικό οικονομικό νέο της χρονιάς... Για μια χώρα σαν την Ελλαδίτσα που πνίγεται χρόνια από το γιγάντιο εμπορικό έλειμμα , που ποτέ δεν κατάφερε να πείσει τις αγορές ότι μπορούμε και εμείς να παράγουμε κάτι και να το εξάγουμε...
Ίσως κάτι να αρχίζει να αλλάζει...
Έτος ορόσημο λοιπόν το 2005 , ποτέ άλλωτε τα τελευταία 50 χρόνια δεν κατάφερε η χώρα μας να φτάσει σε τέτοιους αριθμούς την αξία των εξαγωγών της...
Μια ευχή λοιπόν -- Να συνεχιστεί αυτή η πορεία και τα επόμενα χρόνια βγάζοντας τη χώρα από το αδιέξοδο της μεγάλης ανεργίας και "πατωμένης" ανταγωνιστικότητας...

www.ansamed.it , www.ana.gr

GREEK EXPORTS SURGE TO 50-YEAR HIGH IN 2005

(ANSAmed) - ATHENS, FEBRUARY 8 -
Greek exports rose to their highest level in the last 50 years in 2005, totalling 14 billion euros, a Panhellenic Exporters' Association report said today.
Presented during a meeting of the National Export Council, the report showed that Greek exports jumped to Italy, France, Spain, Poland, the US and Turkey, while it rose strongly towards China and India. The Middle East and North Africa regions recorded the biggest percentage growth rates in 2005 (31.3%), while exports to Singapore are expected to surpass 150 million euros, the report said. Exports to the United Arab Emirates are also expected to surpass 200 million euros. Fuel exports jumped 56% last year, while exports of farm produce rose 24.2% and exports of chemicals were up 26% in 2005. Exports of industrial products rose 7.7%, trailing average growth rates. The Exporters' Association said it expected exports to continue growing in 2006 because of supportive measures taken by the government and businesses. Greek exporters, however, urged for more initiatives, such as new products, to establish Greek products in overseas markets, reports Greek news agency ANA-MPA. (ANSAmed). MRR

http://today.reuters.com/business/newsArticle.aspx?type=consumerProducts&storyID=nL06324082
ielliniki coca cola ehei agorasei prosfata kai tin kypriaki coca cola.
to asteio tis ypothesis einai oti autos pou ehei tin coca cola stin ellada einai kyprios!

Coca-Cola Hellenic

The Coca-Cola Hellenic Bottling Company is a anchor bottler in the Coca-Cola System. It is the bottler in 26 countries, primarially in eastern Europe. The company's stock is 30% owned by the Coca-Cola Company and the remaining interest trades on the New York Stock Exchange and the Athens Stock Exchange. The company's headquarters is in Athens, Greece.

The company is the bottler of Coca-Cola and its other soft drink products in most formerly communist countries. It controls Coca-Cola distribution in all of the former Soviet Union except the central Asian republics and all of the former communist nations of eastern Europe except Albania and eastern Germany. It is also the bottler in both the Republic of Ireland and Northern Ireland as well as Greece, Austria, Switzerland, Nigeria and the northern two-thirds of Italy.

The company in 2003 produced 1.3 billion equilivant unit cases of soft drinks. A unit case represents 28 standard servings

Mou ekane entypwsi stin Kypro pou oxi mono eixe dikia tis Coca Cola alla episis eixe "Diet Coke" sta Amerikanika-Aglika protypa anti gia "Coca-Cola Light" opws stin ypoloipi Evrwpi. Kai episis eida eisagwmeni Coca-Cola apo tin Egypto se fthinoteri timi.

isos na ofeilete sto oti to ergostasio tis coca cola na eihe anoixei prin tin anexartisia tis kyprou i ligo meta, opote anagastika akolouthise ta agglika protipa mehri simera...
kai ena "koinoniko sholio " , o idioktitis tis coca cola stin ellada(kai apo tora kai stin kypro) einai o adelfos tis kyrias fotinis papadopoulou,tis protis kyrias tis kyprou!!! :)

What's the deal with the Olympic Airways of Greece?

Well the EU is haggling still with the state over perceived state subsidies to the tune of 500+ million Euros.

And I believe the new tender for offers to purcahse OA is nearing an end (mind you, this is like th 4th of 5th one.......!!!!!).

The only real bid is from some Greek-American entity known as 'Olympic Investors'. They are also after Cyprus Airways so they seem serious.

Meanwhile Aegean Airlines continues to grow in passengers, routes and fleet.

http://www.ekathimerini.com/4dcgi/news/economy__3638244KathiLev&xml/&aspKath/economy.asp?fdate=09/02/2006



Minister calls for more aggressive economic diplomacy
Deputy Foreign Minister Evripidis Stylianidis said yesterday Greece needs «more aggressive» economic diplomacy and that in 2006 the government will launch drives to «unlock» the big markets of the USA, India as well as in the Mediterranean. Speaking at the National Exports Council, he suggested that Greece propose to Chinese manufacturers that their products be finished in Greece. «If 10-15 percent of the productive process is done here, the products would automatically be given European certification, jobs would be created and we would gain in added value,» he said. Greek exports were up more than 13 percent last year, the first rise in many years.


OPAP mulls network expansion, more bet options
Gaming firm OPAP, Europe's largest, has not yet reached a decision on whether it will add new outlets to its current network of around 5,500 agents, the group's chief executive said yesterday. «We haven't reached a decision yet about our needs and how many new licenses we will issue,» CEO Vassilis Neiadas told Reuters. Earlier, the financial daily Imerisia reported that OPAP was expected to issue 500 new outlet licenses in coming days and that among them, 238 would be given to Greek Olympic champions. Neiadas said that by the end of March, OPAP's Stoichima game would start offering bets on Greek soccer matches. But the decision has yet to be published in the Government Gazette. In November, OPAP said the Greek games would be launched by the end of February. (Reuters)


Ticket discounts
Minoan Lines passengers will enjoy a 30 percent discount on Hellenic Railways Organization (OSE) tickets if they wish to continue their trip by train, while OSE customers will get a 20 percent discount on all domestic and international Minoan Lines tickets, except for the staterooms. Passengers need only show their tickets to get the discount. OSE also announced that from March 1 tickets booked by phone must be paid for and collected at least 48 hours before departure.


Crete Plastics
Crete Plastics expects another positive year, marked by more investment at its Iraklion plant and possibly expansion into wind-power energy. Ongoing due diligence in a Russian production unit will also determine whether the Athens-listed firm will acquire it.

http://www.thestandard.com.hk/news_detail.asp?we_cat=2&art_id=11740&sid=6606027&con_type=1&d_str=20060210

COSCO seeking to invest in Greek shipping hub

COSCO Pacific, a unit of the mainland's largest shipper China COSCO Holdings, is eyeing an investment in Greek port operator Piraeus Port Authority to increase its access to European markets and further expand its overseas port operations.

CarolChan

Friday, February 10, 2006

COSCO Pacific, a unit of the mainland's largest shipper China COSCO Holdings, is eyeing an investment in Greek port operator Piraeus Port Authority to increase its access to European markets and further expand its overseas port operations.

The news fueled shares of COSCO Pacific to jump 4.64 percent Thursday to close at HK$15.80, while its parent, China COSCO, also rose 2.07 percent to close at HK$3.70.

"We are in preliminary talks to buy a stake in the port, but it's all at a very early stage and no decision has been made," a China COSCO spokesman said Thursday.

Any potential investment in the port will be made through China COSCO's 52.2 percent owned COSCO Pacific, which manages container terminals and leases containers as well as logistics services, the spokesman said.

Wei Jiafu, COSCO Group's president, met Greek Prime Minister Costas Caramanlis during his visit to China in January to discuss port investments. State-owned COSCO Group, or China Ocean Shipping (Group), is the ultimate parent of China COSCO and COSCO Pacific.

Piraeus Port Authority, 74.1 percent owned by the Greek government, is one of the two main shipping hubs in Greece and handles almost 60 percent of the country's shipments.

"We think COSCO Pacific is well positioned to continue expanding its port portfolio both in China and overseas by leveraging the relationship with its parent, COSCO Group, which is the second-largest shipping group in the world," Credit Suisse First Boston analyst Karen Chan said.

"It has the potential to develop a global port network similar to P&O and AP Moller-Maersk," she said.

COSCO Pacific in December unveiled its first port investment in the Middle East by entering an agreement to buy 20 percent in the Suez Canal Container Terminal in Egypt, from AP Moller-Maersk. The deal is still pending approval from the Egyptian authorities.

COSCO Pacific, which has its container terminal business mainly in China, now holds stakes in a number of Chinese ports in the Pearl River Delta, the Yangtze River Delta and the Bohai Rim in northern China as well as COSCO-HIT in Hong Kong.

http://www.ekathimerini.com/4dcgi/news/economy__4491677KathiLev&xml/&aspKath/economy.asp?fdate=10/02/2006

PPPs to be launched in school-building program

Schools will be the first type of public facilities to be built and maintained by private firms under the new law on public/private partnerships (PPP). The School Buildings Organization (OSK) yesterday submitted a comprehensive plan to the Economy Ministry for the building of 27 new school complexes in the Attica area, at a budget of 105 million euros. An additional, 45-million-euro budget provides for maintenance and security. OSK’s chairman, Panayiotis Patargias, estimates that 480 new schools are required in Attica alone. Meeting this target, he added, would have taken 12-15 years under the traditional, state-operated school building program, whereas under the PPP system it will only take seven to eight years. The private firm that will undertake the construction of the schools will be paid off in annual installments for the duration of the contract, affording substantial relief to the state budget.

Well the EU is haggling still with the state over perceived state subsidies to the tune of 500+ million Euros.

And I believe the new tender for offers to purcahse OA is nearing an end (mind you, this is like th 4th of 5th one.......!!!!!).

The only real bid is from some Greek-American entity known as 'Olympic Investors'. They are also after Cyprus Airways so they seem serious.

Meanwhile Aegean Airlines continues to grow in passengers, routes and fleet.

Apparently, on the agenda for 2006 is establishing a new National Airline.
I thought OA Closed down.

']Apparently, on the agenda for 2006 is establishing a new National Airline.
I thought OA Closed down.

As far as I know it still operates under the name 'Olympic Airlines'.

And when the state jettison's OA, it will leave the airline business for good as per it's privitization platform.

ATHENS, Greece (AP) - Greece's Coca-Cola Hellenic Bottling Co. and the Coca-Cola Co. are to jointly buy Italian mineral water producer Traficante Group, Coca-Cola HBC said on Tuesday.

Coca-Cola HBC said the net amount to be paid for the purchase is euro35 million (US$41.61 million) including debt, but excluding administrative acquisition costs.

Coca-Cola HBC said the transaction should be finalized in the second quarter of 2006, subject to regulatory approval.

The purchase gives Coca-Cola HBC a foothold in Italy's packaged water market, Europe's largest, and is line with company strategy to expand in the non-carbonated, nonalcoholic beverages market, Coca-Cola HBC said.

The acquisition of Traficante, which has significant mineral water reserves, includes two production facilities as well as the still and sparkling national mineral water brands "Lilia" and "Lilia Kiss."

Coca-Cola HBC is the world's third-largest bottler by volume of products for U.S.-based Coca-Cola Co., which has a 23.8 percent stake in the Greek company.

Greece touts a leading position in the Balkans
Premier lauds Greek investment in the region and urges reform
Kathimerini Greece
ATHENS

Prime Minister Costas Karamanlis yesterday urged neighboring Balkan countries to accelerate their pace of reform in order to come closer to the European Union, but that they must rely primarily on their own efforts.

"Reforms are the only responsible and visionary option for the development of the countries of the region but the solutions to the problems of each country must originate in themselves," he told a meeting in Athens of finance ministers of the 10 countries participating in the process of cooperation in Southeastern Europe.

"The efforts of Southeastern European countries to approach the EU cannot be substituted by the collective efforts we are developing in the framework of inter-Balkan cooperation. They can, however, be assisted, complemented and strengthened," he added.

The prime minister's remarks are interpreted, on the one hand, as a confirmation of Greek support for Balkan neighbors' course toward the EU but, on the other, obviously contained an indirect reminder of Greece's aspirations to play a leading role in the region. This is obviously reflected in his reference to the economic aid which this country is offering to neighbors and the increasing Greek investment in them.

"Greek investment in the broader geographic area exceeds 8 billion euros. More than 3,500 Greek firms and 700 branches of Greek banks are active in the Balkan countries," he said.

Karamanlis called on neighboring governments to "make a leap in economic growth."

"We are a market of about 140 million people, in which we can and must expand cooperation in trade, energy infrastructure, transport, tourism, telecommunications, capital markets, attracting investment and structural reforms," he said.

Speaking at the same meeting, Economy Minister Giorgos Alogoskoufis said that if the countries of Southeastern Europe manage to cooperate they can achieve "a miracle."

The key to any such success is a combination of policies aiming at a stable macroeconomic environment, a strong outward-looking attitude and closer economic integration.

Alogoskoufis said finance ministers in the region are in discussions aiming at the formation of a common platform of rules for their respective stock markets.


http://info.ekathimerini.com/4dcgi/news/content.asp?aid=938081
© 2006 Kathimerini

http://www.ekathimerini.com/4dcgi/news/economy__7040489KathiLev&xml/&aspKath/economy.asp?fdate=11/03/2006

Exports and construction lift Cyprus economy 3.8 pct higher in 2005

NICOSIA (Reuters) - Cyprus's construction-driven economy grew by 3.6 percent year-on-year in the fourth quarter of 2005, from a revised reading of 4 percent in the third, the statistics department said. For the entire year gross domestic product expanded by 3.8 percent, the department said. That estimate fell short of official estimates in Cyprus's EU 2005-2009 convergence program of GDP expanding by 4.1 percent in 2005. Over the year, exports rose 22.6 percent and construction showed buoyant growth with a 13.3 percent increase in building permits year-on-year. Financial services expanded by 9.3 percent, but the volume of manufacturing contracted by 1.3 percent. Cyprus's EU harmonized price inflation was running at 2.4 percent year-on-year in February from 2.0 percent in January.


National Bank short-listed as suitor for Serb bank

BELGRADE (Reuters) - Serbia yesterday invited Bank Austria Creditanstalt National Bank of Greece and Poland's PKO Bank Polski to submit binding bids for Vojvodjanska Banka. The three investors qualified out of the seven who submitted non-binding bids, said the Bank Rehabilitation Agency, which is selling the state's 99 percent stake in Vojvodjanska, Serbia's fifth-biggest lender by assets. Binding bids will have to be submitted in June. The government hopes Vojvodjanska will fetch a price above 3.3 times its book value of 80 million euros. The bank turned to profit in 2005, for the first time in years. Vojvodjanska, which narrowly escaped closure four years ago, became almost fully state-owned in 2002, when the government nationalized 16 banks. Serbia plans to complete major bank sector privatizations this year.

Greece: Five Greek Banks Invested over €2 bn in SEEurope

--------------------------------------------------------------------------------

10:31 - 13 March 2006 - The five largest Greek banks have invested more than €2 bn in SE Europe, showed the figures released by the Union of Greek Banks (EET), establishing a network of about 950 branches that employ 16,000 people, and acquiring more than 16 percent of the banking market share in the region.


Alpha Bank's managing director Dimitris Mantzounis, stated that although these investments have not yielded the forecasted results, the profits of the Greek banks from their presence in the region nearly doubled to 130 million euros in 2004 from 70 million euros in the previous year (2003), accounting for an 86% increase.
The operational plans of the largest Greek banks prepare a further expansion over the next few years, targeting profits from activities in the wider region of SE Europe accounting, by 2007, for up to 20 percent of their overall profits, as compared to below 10 percent currently.

Foreign banks have two-thirds of the assets of the banking system in the countries of SE Europe, with Austria controlling 25 percent, followed by Greece and Italy with 13 percent each.

The highest percentages of foreign banks penetration are seen in Albania and Bulgaria (above 90 percent), followed by Romania (60 percent) in which privatisations are in progress.

Financing in the Balkan countries, as a proportion of GDP, is only 25 percent, compared with 77 percent in Greece and 114 percent in the eurozone.

http://www.reporter.gr/fulltext_eng.cfm?id=60313103115

Greece to host Europe Corporate Games in November

Athens newly-elected Mayor Theodoros Bechrakis announced on Wednesday that Athens will host the 2006 Europe Corporate Games in November.

At the press conference, Bechrakis said that it will be the second consecutive year Athens host this major event.

The Europe Corporate Games are a special multi-sport celebration very different from the traditional Games. The Corporate Games are a combination of sport, business and tourism, which helps to raise self-confidence but, most importantly, boosts the spirit of teamwork and strengthens the ties between business management and staff on all levels.

More than 3,500 athletes, representing more than 150 companies from throughout Europe, are expected to compete this year in 20 events.

The Europe Corporate Games Athens 2006 will take place between November 3 and 5 at the Olympic venues.

President of the City of Athens Youth and Sport Organisation (ONA) Nikos Apergis said that the City of Athens was taking a more active role in this year's Europe Corporate Games, adding that the Greek capital has won the right to host the event for five consecutive years, from 2005 to 2010.

The key characteristic of these Games is the joy of participation, he said.

These Games were created to enhance life-long fitness, raise morale and boost the sense of esprit de corps in the workplace through participation in competitive sport, while they promote the ideals of sport, international friendship and entrepreneurship, he added.

Source: Xinhua

http://www.seeurope.net/en/Story.php?StoryID=58334&LangID=1
NBG, Citigroup Eye Turkey's Finansbank
2006-03-24 13:05:48

National Bank of Greece SA (NBG) and Citigroup will submit bids for Turkey's Finansbank by March 29, according to turkish press reports.
According to Citigroup is interested in a majority stake, while National Bank wants a minority stake. According to the turkish press reports, National Bank is the preferred choice of Finansbank.


http://www.seeurope.net/en/Story.php?StoryID=58110&LangID=1
Latsis Group Increases Stake to 33.158% in Hellenic Petroleum
2006-03-17 12:17:55

The PanEuropean Oil & Industrial Holdings of Greek Latsis Group, a major shareholder of Hellenic Petroleum, increased its stake by 1% to 33.158% through a block at EUR 11.02/share.
According to sources close to the matter, Latsis group acquired 3,279,230 shares from another foreign investor who had acquired the same block two days ago at EUR 10.53/share.
Marfin analysts said that the above transaction might be related to the new draft legislation of ASE buyouts, which is not effective yet.
Furthermore, it was cited that Latsis group indirectly controls another 3.5% stake in Hellenic Petroleum raising its total stake to c.37%.
Note that the Greek State currently controls a 35.3% stake, while a 7.5% is owned by public pension funds.

GREECE: NBG SUBMITS USD2.5MN BID FOR FINANSBANK

www.ansamed.it


(ANSAmed) - ATHENS, MARCH 30 - National Bank of Greece (NBG) has submitted a binding offer to buy 44%-46% of Turkey's Finansbank, according to sources close to the deal. Based on Finansbank's market value, such a stake would cost around USD 2.5 billion, the report says. Meanwhile, Citibank has submitted a bid to buy 56% of Finansbank, according to market sources, Reporter.gr writes. (ANSAmed). MRR

OIL AND FOODSTUFFS DRIVE EXPORTS UP 31.5% IN JANUARY


www.ansamed.it

(ANSAmed) - ATHENS, MARCH 30 - Greek exports jumped 31.5% in January, compared with the same month last year, to reach 1.151 billion euros.
In a report released today, the Hellenic Export Promotion Organisation (HEPO) said that from the 276 million euros of export value in January 2006, 78 million euros were exports of oil and oil products, 84.9 million were exports of foodstuffs and 65.1 million euros were exports of industrial goods. HEPO said exports grew 19.72% in the 16 countries targeted by the Economy and Finance ministry to promote an export action programme, Greek news agency ANA-MPA reported. Exports towards other EU states accounted for 51% of total Greek exports, rising 17.7% from January 2005 to 585.5 million euros. Italy was the main export destination, recording a 46.3% annual increase in January, followed by Germany, whereas Spain (29.9%) and Turkey (20.43%) also posted big increases. Exports to third countries totalled 565.3 million euros, up 49.7%, while exports to the Balkans and Turkey accounted for 19.9% of total exports, rising 22.9% in January 2006 to 229.4 million euros. Greek exports jumped 38.8% towards the United Arab Emirates in January and soared 111.13% to India, 109.63% to China, 317.3% to Syria and 58.26% to Japan. Exports of steel or iron pipe products rose 530.7% in January, virgin olive oil exports soared 190.1%, sugar and honey jumped 1,842%, cotton was up 32.5%, fruits and vegetables 26.7% and feta cheese 21.2%. (ANSAmed). MRR

That is sensational news!

Among this products I got some data that confirm that Greece is the world 3rd producer of Olive oil (after Spain and Italy), the 1st in high quality olive oil, and the 6th cotton producer. The 1st producer of Aluminum in EU and among the 10 firsts in the world.

As for oil it's said there're reserves of over 2billion barrels in the Aegean basin as well as in western Greece. Nonetheless it's not exploited but in the region of Prinios in Macedonia periphery.

It really is.

Now if concrete measures like cutting red tape can be made to entice businesses to go and invest in Greece, it would be all the more amazing.

However the rise in exports this past year is something to salute for sure. :yes:

Cant wait for that oil to be sold! :D

Greek bank set to win race for Finansbank (https://registration.ft.com/registration/barrier?referer=http://news.ft.com/home/europe&location=http%3A//news.ft.com/cms/s/7beecf64-c26d-11da-ac03-0000779e2340.html)

(Financial Times)

A very important acquisition for NBG! Turkey's bank market has all those characteristics (many medium-sized institutions, a widespread allocation of their market shares, no big concentration of fundamental figures) that make it very appealling to Greek banks for expansion after their saga in the Balkans.Expect EFG to follow.

Also a good article in greek (imerisia)
Στην Eθνική το 56% της τουρκικής FinansBank (http://www.imerisia.gr/article.asp?catid=5831&subid=2&pubid=230312)

Romania: Greek Investments Worth Over €3bn

http://www.reporter.gr/fulltext_eng.cfm?id=60327121624


12:16 - 27 March 2006 - The value of Greek investments in Romania exceeds three billion euros, Ambassador of Greece to Bucharest, Thanos Dendoulis, announced in an interview to Ziarul financiar daily, clarifying that official data showed that Greece ranks 9th in the foreign investors' top, according to the country of origin, but their data place it on the third position in this classifying list, ACT Media news agency reports.

Famous brands such as Coca-Cola, Beauty Shop, Marks & Spencer, Nike or Lacoste are brought on the Romanian market by Greek franchisers.
Greeks' presence is the best noted in the telecommunication sector due to the acquisition of RomTelecom by OTE.

Food industry is, in its own turn, well represented through Loulis (baking products), Everest and Gregory's (fast-food) or by Alexandrion brand, market leader on its segment.

Ambassador Dendoulis underlined that the group of six banks with Greek capital present in Romania - among which Alpha Bank, EFG Eurobank and NBG - account together for a market share in excess of 10 percent.

Referring to the telephony operator Cosmote, the Ambassador of Greece mentioned that it is going to invest some 500 million dollars in the upcoming period and is to launch new services especially designed for businessmen.

Foreign investments influx coming from Greece attained a maximum between 2004 and 2005, when more than 300 new companies were decided to enter the Romanian market.

Greek business community numbers at present more than 3,000 companies, of which 1,000 are very active.

Other 25 companies already announced their intention to enter the Romanian market this year.

"Bucharest is already a closed market, so that the majority of greenfield type investments have big chances in the province.

This is the tendency to further follow, especially taking into account that the European Union structural funds are mainly destined to cities, such as Cluj, Timisoara, Iasi or Sibiu. The European money will lead investors all over the country", the Greek official concluded.

If we can keep this up, and expand even more (banks, telecommunications etc) in Albania, FYROM, Bulgaria, Serbia, Romania, and now even Turkey, while growth is beginning and all are at the doorstep of the EU it will be a VERY good thing. :okay:

Further to NBG's new Turkish acquisition....

http://news.yahoo.com/s/ap/20060403/ap_on_bi_ge/greece_nbg_finansbank_3

Bank of Greece to Buy Stake in Finansbank

By PATRICK QUINN, Associated Press Writer Mon Apr 3, 2:53 PM ET

ATHENS, Greece - The National Bank of Greece announced Monday that it was buying a 46 percent stake in Turkey's Finansbank for $2.77 billion to expand its reach in southeastern Europe. The bank also said it would make a public offer to gain a controlling stake.

NBG, Greece's largest financial institution with assets of about $66.35 billion, said it would go ahead with a planned $3.62 billion rights issue to help pay for the acquisition.

Finansbank is Turkey's fifth largest with assets of $14 billion as of year's end.

The deal seemed to be a resounding endorsement of Turkey's efforts to join the

European Union. The nation began accession talks last October, and EU member Greece has been among its strongest backers.

NBG Chairman and Chief Executive Takis Arapoglou said that with the acquisition, his bank was "becoming a true regional player."

"Turkey's economy is the biggest and fastest developing in Southeast Europe," he said. "For the National Bank, its expansion into Turkey is an inseparable part of its strategy — especially in light of its European perspective."

Arapoglou said the deal would involve just the Turkish and Malta operations of Finansbank, not those in the Netherlands, Russia or Romania.

The deal is the largest overseas investment by a Greek company and a major financial deal between traditional rivals Greece and Turkey, which remain at odds over the war-divided island of Cyprus and territory in the Aegean Sea.

Arapoglou said he had considered the political ramifications of the deal.

"Both the economic and political risks were taken into consideration to reach a decision, but it was decided it was worth making the investment," Arapoglou told a news conference.

He said that the public offer would probably take place in the second half of the year. The NBG said in an announcement that current Finansbank management would remain in place.

New York-based Citigroup Inc., the largest financial institution in the United States, had been said to be interested in Finansbank, too. Citigroup operates about two dozen branches in Turkey.

Finansbank Chairman Husnu Ozyegin will retain his 10 percent stake in Finansbank under the terms of the deal.

Ozyegin said that "Greece has gone through the same convergence process ahead of EU entry that Turkey is going through now," and added that the two banks would enjoy success throughout the wider region and not just in Turkey and Greece.

Arapoglou said Finansbank was perfectly suited for NBG because it had the right size — 5.2 percent of lending market share, 208 branches and more than 1.7 million active clients.

He added that Turkey's "positive macroeconomics environment" and low penetration in the banking services sector was expected to lead to a large increase in such services in coming years, both in the consumer and business sectors. Arapoglou said strong growth was also expected in the "funding of small to medium businesses" in Turkey.

Shares in NBG were suspended from trading on the Athens exchange Monday, while shares of Finansbank AS were suspended on the Istanbul Stock Exchange.

On the Net:

National Bank of Greece: http://www.nbg.gr

Finansbank: http://www.finansbank.com

http://us.news3.yimg.com/us.i2.yimg.com/p/ap/20060403/capt.ath10204031539.greece_nbg_finansbank_ath102.jpg?x=380&y=259&sig=p7laP.rXN1VxcFzRdk8yjQ--
A woman walks the National Bank of Greece headquarters, in central Athens, on Monday, April 3, 2006. NBG reached an agreement Monday to buy a 46 percent stake in Turkey's Finansbank. (AP Photo/Petros Giannakouris)

http://today.reuters.com/investing/finance...CTION-TITAN.XML

Greece's Titan acquires Florida cement producers

Mon Apr 3, 2006 12:40 PM ET
ATHENS, April 3 (Reuters) - Greek cement producer Titan (TTNr.AT: Quote, Profile, Research) said on Monday that its Titan America LLC subsidiary had acquired two ready-mixed concrete producers in Florida for an undisclosed sum.

Titan, which owns and operates 11 cement firms in six countries, said the two companies acquired, Metro Redi-Mix Co. and Elbrecht Concrete Inc, operate in the Tampa and Fort Myers areas.

The company has said it expects its U.S. and other international activities to drive earnings this year compared with steady domestic market growth.

Really good news...so exciting for the future.

Hey guys,

Here's the official press release from NBG's site:

http://www.nbg.gr/en/pdf/NBGFinansbank.pdf

FIBA Holding, the previous majority shareholder, will retain Finansbank's foreign operations in Russia, Romania, Switzerland and the Netherlands. The operation in Malta, by contrast, is going to the Greeks as it primarily serves Finansbank Turkey. I am not sure whether FIBA or NBG will retain the Finansbank name, anyone have any info on this? I have heard FIBA may be interested in expanding overseas in the banking area.

Overall, I think this is a win-win situation for both Greece and Turkey. NBG has purchased a strong second-tier private bank, while FIBA sold it at a fair price (better than the Citibank offer) and Turkey received FDI of around €2 billion.

http://www.ekathimerini.com/4dcgi/news/economy__5942846KathiLev&xml/&aspKath/economy.asp?fdate=04/04/2006

2-billion-euro golf project planned in Atalanti

A consortium of British and Greek-American interests is planning a 2-billion-euro investment in a golf development project near Atalanti, some 150 kilometers north of Athens, said Brigitta Papastavrou, CEO of Agrotouristiki SA. The project, which will span 1,200 hectares, will include three golf courses, hotels, 1,250 bungalows to begin with, and organic cultivations of olive trees, vines and aromatic plants. Agrotouristiki is acting as technical adviser to the consortium which is now in the phase of compiling the project’s file.

Manufacturing

Expansion in the Greek manufacturing sector accelerated to 52.0 in March from 51.0 the previous month, a monthly survey of around 300 companies showed yesterday. (Reuters)

We need golf investments in Greece. Very desirable. need to be open to it though.

Personally I disagree with this golf nonsense. Lot's of good land would be WASTED as such, but the GNTO has identified Golf tourism as a major cash cow and very unexploited in Greece and to be totally honest, I cannot argue with it as alot of upscale people from Europe and the U.S look to new and exciting places to spend their Golfing holidays.

http://www.ekathimerini.com/4dcgi/news/economy__1406097KathiLev&xml/&aspKath/economy.asp?fdate=20/04/2006



EU to help boost Greece’s flagging broadband usage

The European Union has agreed to partly fund IT laggard Greece’s plans to boost broadband services and increase penetration by more than fourfold, the Finance Ministry said yesterday. “The European Regional Growth Fund has specified 73.5 million euros, equal to 70 percent of total state spending, as its contribution,” it said in a statement. Greece has the lowest broadband penetration in Europe — 1.5 percent last year versus the region’s average of 29 percent. The ministry said EU and state funding will add to 210 million euros from the private sector as part of a scheme to develop broadband infrastructure countrywide. “These measures are aimed at increasing the broadband penetration rate to at least 7 percent in 2008,” it added. (Reuters)

Intralot

Gaming systems company Intralot signed a 35-million-euro ($42.9 million) deal to provide Taiwan’s state lottery with information technology systems, spearheading its expansion into Asia. “Intralot, through a joint venture, has been selected as the preferred bidder of ChinaTrust Commercial Bank in Taiwan (CTCB), which has received the licence from the government to operate the Public Welfare Lottery of Taiwan,” Intralot said in a statement late on Tuesday. Intralot will provide a lottery IT system and maintenance services for seven years. The local gaming market is estimated at about 3 billion euros. (Reuters)

Car insurance

Ethniki Insurance Company said it is cutting car insurance premiums by up to 35 percent in six regions, excluding Attica, as of May 1. Additional coverage includes damage to the vehicle while in the hands of robbers, while a 5 percent discount is offered for the third up to the sixth vehicle of one family.

Sure it helps to boost the Greek broadband usage by overpricing low-bandwidth connection by 100%.... :sleepy:

Personally I disagree with this golf nonsense. Lot's of good land would be WASTED as such, but the GNTO has identified Golf tourism as a major cash cow and very unexploited in Greece and to be totally honest, I cannot argue with it as alot of upscale people from Europe and the U.S look to new and exciting places to spend their Golfing holidays.

You're right golfing is very popular amongst tourists these days and it could definitely be beneficial to our tourist industry because it opens up a new market so to speak.

http://www.ekathimerini.com/4dcgi/news/economy__1250176KathiLev&xml/&aspKath/economy.asp?fdate=26/04/2006
More than 1 bln euros to be invested in Greek power grid

The Public Power Corporation (PPC) and the Electric Power Distribution Operator (DESMHE) will invest more than 1 million euros in the 2006-2010 period, according to a plan for the development of the national grid signed by Development Minister Dimitris Sioufas yesterday. The plan includes a undersea cable linking the power station at Lavrion, at the tip of Attica, with Syros and other Cycladic islands through subordinate extensions, and new high voltage centers in Attica and the Peloponnese.

http://news.ert.gr/en/newsDetails.asp?id=17148
Revenues Increase – Deficit Drops
25 Apr 2006 19:06:00

Sources: NET - ANA

Net revenues increased significantly by 18.6% in the first quarter, surpassing the initial forecasts for a 10.3%-rise. At the same time, regular budget revenues increased by 11.2%, as opposed to the target of 6.5%, while expenditures dropped by 2.9%, compared to the forecast of 4.4%. At the same time, the revenues of the public investments programme dropped by 1%, as opposed to the set target of a 26.2%-incrase, while expenditures dropped by 6.1%, compared to the forecast for an 11.7%-increase. As a result, the budget deficit decreased by 80.2% in the first quarter, reaching 489 million euros.

1.5% Penetration? Thats an awful number.
Whats holding it back?

http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/theworld/2006/April/theworld_April1044.xml&section=theworld&col=

Greece to open labour market to new EU members
(Rreuters)

28 April 2006


ATHENS - Greece will open its labour market to workers from the new European Union member countries as of May 1, following similar moves by countries such as Britain and Spain, a Greek Labour Ministry official said on Friday.

By May 1, the 15 old EU members must decide whether they will keep two-year restrictions on job seekers from eight east European newcomers that joined in 2004 and where wages and living standards are markedly lower.

“Greece will open its borders to the free movement of workers,” the official, who declined to be named, told Reuters. ”It will open its labour market to the eight new states.”

Finland, Portugal and Spain have said they will open their labour markets fully to the newcomers, joining Britain, Ireland and Sweden which had already lifted restrictions.

Other countries, including key labour markets Germany, France and Italy, will still be protected, although they may lift restrictions on labour movement in certain sectors, such as construction or agriculture.

Speaking in Brussels, EU officials said they were pleased that the old members have gradually moved towards greater openness in their labour markets vis-a-vis the new states.

“A few months ago we could not have expected this outcome,” said European Commission spokeswoman for employment Katharina von Schnurbein. “Overall, it is satisfactory, but we hope there will be further improvements between now and 2009 that we will see free movement of workers.”

http://www.zawya.com/Story.cfm/sidZAWYA20060501030306/SecMarkets/pagMoney/lok030300060501

Saudi, Greece Sign Landmark Deal

RIYADH, 1 May 2006 -- Saudi Arabia and Greece signed a landmark agreement on Saturday on avoidance of double taxation on income from aircraft operations. The agreement was signed by Finance Minister Dr. Ibrahim Al-Assaf and Greek Development Minister Dimitrios Sioufas in the presence of Custodian of the Two Holy Mosques King Abdullah and Greek President Karolos Papoulias.

King Abdullah earlier held official talks with Papoulias on major regional and international issues, most importantly Palestine and the situation in Iraq.

The two leaders also discussed expanding bilateral relations. Crown Prince Sultan, Prince Abdul Rahman, deputy minister of defense and aviation, Prince Miteb, minister of municipal and rural affairs, Interior Minister Prince Naif and Riyadh Governor Prince Salman also attended the talks.

The Saudi monarch awarded President Papoulias the King Abdul Aziz Medallion at the Yamamah Palace Saturday. The honor is reserved for kings and heads of state of friendly countries.

Papoulias reciprocated by presenting the most prestigious Greek medal -- "Grand Cross of the Order of the Redeemer" -- to King Abdullah for his outstanding services. It is the highest award given by the Greek government to its nationals and to distinguished foreign friends. The president thanked the king for according him a warm welcome and honoring him with the medallion.

The president ended his two-day visit to the Kingdom yesterday. He was seen off by Health Minister Dr. Hamad Al-Manie and senior officials.

Prior to the luncheon hosted by Crown Prince Sultan, the president was given a grand welcome by Dr. Saleh Bin Humeid, chairman of the Shoura Council, when he visited the Shoura headquarters.

Papoulias referred to the years of relations between the two countries. "We have many things in common and have contributed to the development of humanity."

In his remarks in the Visitors' Book of the Shoura Council, the president commended the services of the council and described its composition as a body of distinguished men dedicated to serving the country.

Papoulias and his delegation visited the King Abdul Aziz Historical Center where they were welcomed by Riyadh Governor Prince Salman and Prince Sultan ibn Salman, secretary-general of the Supreme Commission for Tourism (SCT). The Greek president was briefed on the role and activities of the center which showcases the antiquities, manuscripts and documents pertaining to the history of the Arabian Peninsula in general and the Kingdom in particular.

Dr. Tros Doukas, deputy minister of finance, and Greek businessmen held talks with Amr Al-Dabbagh, chairman of the Saudi Arabian General Investment Authority (SAGIA), on possible investments and joint ventures.

By Mohammed Rasooldeen

© Arab News 2006


http://www.ekathimerini.com/4dcgi/news/economy__9137429KathiLev&xml/&aspKath/economy.asp?fdate=29/04/2006

Farm production

Greek production of olive oil and edible olives was up 23.4 percent and 27.5 percent respectively in 2005, the National Statistics Service said yesterday. Production of cotton rose 4.5 percent and of sugar beet 6.5 percent. Oranges were up 24.1 percent, tangerines 46.5 percent and meat 3.4 percent.

http://www.seeurope.net/en/Story.php?StoryID=59723&LangID=1

Intracom Signs Agreement with German Co. for Wireless Systems Supply
2006-05-04 08:28:56

Intracom Defense Electronics, a subsidiary of INTRACOM HOLDINGS, one of the largest multinational Groups in Greece, is a leader in the Hellenic defence systems sector and Krauss-Maffei Wegmann (KMW) signed a frame agreement for the incorporation of Intracom's WISPR (Wideband Intercom and Secure Packet Radio) communications system into KMW vehicles, such as PUMA, Leopard, AGM, FENNEK and PzH2000, as announced by both companies in Athens and Munich today.

The cooperation between the two companies, signed by the Managing Director of INTRACOM DEFENSE SYSTEMS, Mr. G. Troullinos and the Managing Director of KMW, M. Menrath, applies to new, upgrade and retrofit activities in both vehicle development and procurement areas, in programs around the globe.

Moreover, a WISPR support center shall be established in Germany for maintenance and logistics support of WISPR systems throughout its life-cycle for the German market and other KMW customers, under KMW responsibility.
KMW is one of the world leaders in the design, development, manufacture and support of a wide range of tracked and wheeled armoured vehicles, including main battle tanks.

Following the success of the deployment of WISPR in the Hellenic PzH2000 and Leopard2A6, as well as the system's successful comparative tests by the Federal Office of Defense Technology and Procurement (BWB) of the Federal Republic of Germany, KMW identified the potential of WISPR to address the contemporary and future requirements of the long needed modern digital communications platform for its vehicles. WISPR is patented, designed, developed and produced exclusively by INTRACOM DEFENSE ELECTRONICS, in order to equip various types of vehicles, which would require a reliable, modern and technologically advanced system.

WISPR constitutes a novel, fully software-controlled and scalable communications platform which provides high quality sound for intervehicular communications under extreme noise environments, utilizing its leading-edge DNR (Dynamic Noise Reduction) capability.

The novelties of WISPR include the system's WLAN (Wireless Local Area Network), providing high speed data and voice communications between vehicles and the dismounted soldier, as well as including real time video transfer.

Recent successes of WISPR include the selection of the WLAN by the Hellenic Artillery in order to form a high speed network providing novel tactical advantages in the field.

In addition, WISPR was also selected as the communication platform of the Swedish ARTHUR Weapon Locating System, procured by the Czech Ministry of Defense. Furthermore, WISPR-Net, the system's naval version, will be in operation in the Hellenic Fast Attack Craft within 2006.

This is a major deal. We're talking about a system that will go into the new vehicles of one of the largest military vehicle manufacturers in the world.

http://www.intracom.gr/en/product_bsl_services/defense_electronics/products/command_control/wispr.htm

http://www.intracom.gr/downloads/pdf/products/defense/command_control/wispr_en.pdf

http://www.intracom.gr/images/products/command_control/wispr.jpg

http://www.in.gr/news/article.asp?lngEntityID=703663&lngDtrID=252

Σύντομα σε όλο τον δήμο
Δωρεάν ευρυζωνικό δίκτυο καλύπτει την πόλη των Τρικάλων



Τρίκαλα
Ασύρματο δίκτυο για πρόσβαση στο Διαδίκτυο με μεγάλες ταχύτητες προσφέρεται δωρεάν στους κατοίκους των Τρικάλων από τον περασμένο Δεκέμβριο και σταδιακά επεκτείνεται για να καλύψει όλο το νομό και να διασυνδέσει τις δημοτικές υπηρεσίες.

Το δημοτικό δίκτυο καλύπτει σήμερα το 70% του πολεοδομικού ιστού στο Δήμο Τρικκαίων και επεκτείνεται με στόχο να καλύψει το 80% του Νομού Τρικάλων. Περίπιυ 3.000 πολίτες έχουν εγγραφεί στην υπηρεσία και συνδέονται στο Internet χρησιμοποιώντας μόνο μια εξωτερική κεραία.

Το πρόγραμμα υλοποιείται με αυτοχρηματοδότηση και επιδότηση από το Επιχειρησιακό Πρόγραμμα για την Κοινωνία της Πληροφορίας, το οποίο μεταξύ άλλων προωθεί την ανάπτυξη ευρυζωνικών υποδομών στην Περιφέρεια, σύμφωνα και με τη Στρατηγική της Λισαβόνας της ΕΕ.

Το δίκτυο των Τρικάλων, το οποίο ο δήμος χαρακτηρίζει πανευρωπαϊκή πρωτιά, προγραμματίζεται να εμπλουτιστεί με υπηρεσίες κοινωνικού χαρακτήρα, όπως η Τηλεπρόνοια, οι Γεωγραφικές Πληροφορίες και η Ηλεκτρονική Διακυβέρνηση.

http://assets.in.gr/dGenesis/assets/Content5/Photo/703663_b.jpg
Στο δίκτυο μπορεί να συνδεθεί οποιοδήποτε υπολογιστής με κάρτα ασύρματης πρόσβασης Wi-Fi (φωτ. αρχείου)
:okay: :okay:

Υπάρχουν πολλά ασύρματα δίκτυα στην Ελλάδα όπως τα:

http://www.twmn.net
http://www.awmn.net

;)

http://www.ioanninawireless.gr/pn/ :)

Ναυπήγηση κρουαζερόπλοιων για την easyCruise στο Νεώριον Σύρου

Σε υπογραφή επιστολής προθέσεως για τη ναυπήγηση δύο συν δύο κρουαζιερόπλοιων στα ναυπηγεία της Νεώριον Συμμετοχών ( στην Ελευσίνα και στη Σύρο ) προχώρησαν οι εταιρείες easyCruise και Νεώριον Συμμετοχών.

Το πλάνο ανάπτυξης της easyCruise προβλέπει ότι με τα συγκεκριμένα κρουαζιερόπλοια, δυναμικότητας 500 επιβατών το καθένα, θα επεκταθεί και στα ελληνικά νησιά.

Οι εκπρόσωποι των δύο εταιρειών, κ.κ. Στ.Χατζηιωάννου (πρόεδρος easyCruise) και Ι.Ταβουλάρης ( δ/νων σύμβουλος της Νεώριον Συμμετοχών ) συναντήθηκαν σήμερα Δευτέρα με τον υπουργό Οικονομίας Γ.Αλογοσκούφη, ο οποίος τους διαβεβαίωσε για την υποστήριξη της κυβέρνησης στο σημαντικό για τη χώρα μας επιχειρηματικό εγχείρημα.

Μετά τη συνάντηση, ο υπουργός υπογράμμισε ότι «η επιχειρηματική πρωτοβουλία που ανακοινώθηκε σήμερα από την easyCruise και τη Νεώριον Συμμετοχών, υποδηλώνει ότι το οικονομικό περιβάλλον στην Ελλάδα είναι ελκυστικό για την υλοποίηση μεγάλων επενδυτικών σχεδίων. Η συγκεκριμένη επένδυση θα ενισχύσει τον τουρισμό και το ναυπηγικό κλάδο της χώρας μας, με επιπλέον θετικές επιδράσεις στο σύνολο της ελληνικής οικονομίας» τόνισε.

Σύμφωνα με τα σχέδια δραστηριοποίησης της easyCruise στην Ελλάδα, τα κρουαζιερόπλοια θα ξεκινούν από μαρίνα της περιοχής του Φαλήρου και θα πραγματοποιούν κρουαζιέρες Σαββατοκύριακου στη Μύκονο και τη Σύρο και τετραήμερες κρουαζιέρες προς τη Σαντορίνη, με πιθανές προσεγγίσεις σε Πάρο, Νάξο, Μήλο ή Σέριφο.

http://www.in.gr/news/article.asp?lngEntityID=704175&lngDtrID=251

Τουρκική τράπεζα εξαγόρασε η Eurobank

Την εξαγορά Τράπεζας στην Τουρκία, ανακοίνωσε σήμερα η Eurobank, λίγες μόνον εβδομάδες μετά την επέκταση της Εθνικής Τράπεζας στην αγορά την γειτονικής χώρας. Όπως επισημαίνεται σε σχετική ανακοίνωση, η Eurobank Ergasias και η Tekfen Holding (Tekfen Group) συμφώνησαν σήμερα να ενώσουν τις δυνάμεις τους στην τουρκική αγορά χρηματοοικονομικών υπηρεσιών. Όπως προβλέπει η συμφωνία, η Eurobank EFG θα αγοράσει από την εταιρεία συμμετοχών της Tekfen Group το 70% της Tekfenbank συμπεριλαμβανομένης της 100% θυγατρικής της, Tekfen Leasing Η Tekfen Group παραμένει στρατηγικός επενδυτής στην Tekfenbank κατέχοντας σχεδόν όλες τις υπόλοιπες μετοχές στην Τράπεζα. Το τίμημα της εξαγοράς αντιστοιχεί σε συνολική αξία της Tekfenbank της τάξεως των 260 εκατομμυρίων δολαρίων, ενώ εκτιμάται ότι η καθαρή θέση της Τράπεζας θα ανέρχεται σε 80 εκατομμύρια δολάρια κατά την ολοκλήρωση της πώλησης και μεταβίβασης των μετοχών.

Η συμφωνία προβλέπει ότι η Tekfenbank θα εξαγοράσει το σύνολο της EFG Istanbul Securities, σημερινής θυγατρικής της Eurobank στην Τουρκία Η συμφωνία αναμένεται να ολοκληρωθεί στο τρίτο τρίμηνο του 2006.

Όπως επισημαίνεται στην σχετική ανακοίνωση, η Tekfenbank είναι τράπεζα που προσφέρει ένα ευρύ φάσμα τραπεζικών προϊόντων και υπηρεσιών στην Τουρκία. Η Τράπεζα διαθέτει ένα αποτελεσματικό και επιλεκτικό δίκτυο καταστημάτων που καλύπτει τις πλέον εύπορες περιοχές της χώρας και η πελατειακή βάση της αποτελείται κυρίως από μικρομεσαίες επιχειρήσεις . Παράλληλα, η Tekfenbank διαθέτει και πελάτες λιανικής τραπεζικής οι οποίοι ως επί το πλείστον είναι υψηλής οικονομικής επιφάνειας. Το δανειακό χαρτοφυλάκιο της Τράπεζας είναι καλής ποιότητας, αντικατοπτρίζοντας με αυτόν τον τρόπο την συντηρητική προσέγγιση της διεύθυνσης της Τράπεζας στην πιστωτική της πολιτική καθώς και στην ανάληψη πιστωτικού κινδύνου.


Στρατηγικός σχεδιασμός

Η στρατηγική της Tekfenbank για το μέλλον, θα εστιαστεί στην ενδυνάμωση της παρουσίας της στο χώρο των μικρομεσαίων επιχειρήσεων προσελκύοντας νέους πελάτες μέσω του δικτύου των 30 καταστημάτων που ήδη διαθέτει, επεκτείνοντας το δίκτυο διανομής τραπεζικών προϊόντων μέσω της δημιουργίας νέων καταστημάτων και δίνοντας έμφαση στις σταυροειδείς πωλήσεις ειδικότερα προς τους πιο εύπορους πελάτες της. Η Tekfenbank σκοπεύει επίσης να εισχωρήσει σε νέους, υπό ανάπτυξη τομείς της τραπεζικής αγοράς όπως η στεγαστική πίστη και η διαχείριση περιουσίας και κεφαλαίων. Επιπλέον, η τράπεζα μέσω της EFG Istanbul Securities, σκοπεύει να ενδυναμώσει τις δραστηριότητες της στις κεφαλαιαγορές.

Η πωλητής, η Tekfen Group, η οποία γιορτάζει την 50η της επέτειο φέτος, είναι από τους πιο αναγνωρισμένους, ιδιωτικούς επιχειρηματικούς ομίλους της Τουρκίας και δραστηριοποιείται σε τομείς όπως η ανάληψη κατασκευαστικών έργων, η παραγωγή αγροτικών προϊόντων ( π.χ. λιπάσματα ), η ανάπτυξη ακινήτων και η προσφορά χρηματοοικονομικών υπηρεσιών. Η Tekfen Group, με σύνολο ενεργητικού στα 1,6 δισεκατομμύρια δολάρια, το 2005 πραγματοποίησε συνολικό κύκλο εργασιών ύψους 936 εκατομμυρίων δολαρίων.


Εκτιμήσεις από τη διοίκηση της Eurobank

Η διοίκηση της Eurobank EFG θεωρεί ότι η Τουρκία θα σημειώσει υψηλούς ρυθμούς ανάπτυξης στα επόμενα χρόνια τόσο στο σύνολο της οικονομίας της όσο και ειδικότερα στο τραπεζικό της σύστημα. Η Eurobank πιστεύει ότι η Tekfenbank προσφέρει μία πολύ ισχυρή βάση για την είσοδο της στην Τουρκική αγορά καθώς η Tekfenbank λειτουργεί με μοντέρνες υποδομές τελευταίας τεχνολογίας και η προσεκτική πολιτική ανάπτυξης της Τράπεζας από την Tekfen Group μέσω της σημερινής διοίκησης της, έχουν συμβάλλει στη δημιουργία μίας τράπεζας με πολύ καλή ποιότητα δανειακού χαρτοφυλακίου ενώ η Tekfen Group θα παραμείνει στρατηγικός επενδυτής στην Tekfenbank μετά την εξαγορά του 70% από τη Eurobank EFG.

Επιπλέον, η συγκεκριμένη συμφωνία συμβαδίζει με την πολιτική της Eurobank EFG να εισέρχεται σε νέες αγορές με επιλεγμένες επενδύσεις σκοπεύοντας στην προσθήκη αξίας στους μετόχους της μέσω οργανικής ανάπτυξης.

http://news.ert.gr/5/227588.asp

It is not announced as far as I heard. EFG bought the 70% shares of Tekfenbank on 8th of May.

Well well look who is here ... my man Tekir :cucumber: :D

Btw how big is this Tekfenbank?

I have no idea because Latsis only paid some hundred million dollars (compare it to Finansbank where NBG has payed 2.7 billion). It looks like is really small. I know Latsis is a bankong genious, I do not think he is suiciding.

Finansbank is really a good bank. But Turkey is not a reliable country to spend money on it. NBG' s bank is already a good bank. And their new partner, Husnu Ozyegin (former owner, now 10% share holder) is a reliable man.

But do you ask my opinion? If I could take the risk to loose everything I spent for Turkey, I would invest banking on Turkey. It is too much risky, and because of this, earning is easy likewise winning.

Turkish private companies are getting rid of their banks because if they fail, they will loose everything. Only Koc and Sabanci families own banks now. Rest are planning to get rid of. And actually only 1-2 left.

Now both NBG and EFG are real banking companies. I told in our Turkish forum too, I think NBG and EFG are taking risks. Especially I would like to see EFG making Tekfenbank a giant. Well that would be the greatest favor of Greeks to Turks. :D

Lets see. ;) I think it is a risk, but NBG and EFG are great banks with great strategists. I think they know what they are doing.

I doubt that the investors haven't done their homework before acquiring these banks. Turkey has shown considerable dynamism in certain areas recently including Energy, Construction (thus the skyscrapers :)), engineering projects and despite the high risks involved, the country has very good prospects for the medium run.

The benefits for both banks will be mutual. Greece will benefit from the opening to such a sizeable market while Turkey will benefit from the extra know-how and the link to the EU...

Unless uncle Sam manages to start world war III in the middle east...

Intresting analysis guys.

This is the headquarters of the former owner of Tekfenbank, Tekfen Holding HEadquarters:

http://www.arkitera.com/v1/haberler/2003/10/21/tekfen.jpg

They are mainly interested in construction.

Most of the companies owning banks, really bankrolled their banks, transferred the money of the banks to their holdings. IN 2001, mainly because of this we had a huge crisis.

50 billion USD was lost in the banks, companies took them, just went away with them.

Now banking has strict regulations, thanks to Kemal Dervis and IMF. And it is really difficult.

EFG, NBG are real banking companies. Also Turkish Koc and Sabanci families are serious in business. I really still can not believe, NBG took the shares of Finansbank. It is pure courage.

Isbank is owned by its workers. Ziraat Bankasi and Halkbank is owned by state. Halkbank is going to be privitized in the following months.

We also must add Citi and HSBC as the other actors of Turkish banking sector.

So in we can list the major Turkish Banking sector as

State (Ziraat, halkbank)
Sabanci Family (Akbank)
Koc Family (Yapi Kredi)
Isbank
Citi
HSBC
NBG (Finansbank)
EFG (Tekfenbank)

Nice building.

I read on another forum that EFG treats it's employees like garbage though.

In 1997, we had some 50 banks in Turkey. :D Everybody had banks. Really, and they bankrolled their banks. Actually things were fine, they just took the money and spend it on their own will.

Off course in the period 1998-2001, they fell one by one. Including Yapi Kredi, one of the biggest private banks of Turkey. But it was big, it endured, still paying the debts. And Koc family bought it.

Finansbank, was always number one for seriousness, Ozyegin is someone whom we can trust as a businessman.

Now, the biggest bank is Ziraat Bankasi (51% of it is I think 10 billion USD) and it is owned by state. It is actually a combination of 3 or 4 state banks, I really do not remember the exact numbers. After the big crisis Vakifbank, Emlakbank and other banks were merged to Ziraat Bank.

Actually 40 billion (hope I am not wrong) was stolen from State banks, and 10 billion was stolen from private banks. So if we exclude Halkbank, Ziraat really had troubles. But it stands still. though it is too big for both Turkish and Greek sectors. And to be honest, big boys of the world, do not tend to buy it. So it may remain in the hands of state for a while. But as I have told you, now there are strict regulations. At least it is safe. :D

Now our top 5 is this:

Ziraat (State)
Isbank (Workers of the bank)
Halkbank (State)
Akbank (Sabanci Family)
Yapi Kredi (Koc family)

Αισιοδοξία για τις προοπτικές των ελληνικών εξαγωγών το 2006

Oι εξαγωγές προς την Τουρκία ξεπέρασαν για πρώτη φορά τις εξαγωγές προς τις ΗΠΑ

Στο υψηλότερα επίπεδα κατά τη μεταπολεμική εποχή βρέθηκαν οι ελληνικές εξαγωγές το 2005, που σημείωσαν άνοδο κατά 13,1% ( στα 13.964 εκατ. ευρώ ) σύμφωνα με τα στοιχεία του Πανελληνίου Συνδέσμου Εξαγωγέων.

Όπως ανέφερε η πρόεδρος του ΠΣΕ Χριστίνα Σακελλαρίδη κατά τη διάρκεια της γενικής συνέλευσης του Συνδέσμου, τα πρώτα στοιχεία για το 2006 ενισχύουν την πρόβλεψη νέας ανόδου των εξαγωγών και κατά το τρέχον έτος.

Για τον λόγο αυτό ζήτησε την άμεση προώθηση των μεταρρυθμίσεων στην οικονομία, που θα επιτρέψουν την συνέχιση της καλής πορείας των εξαγωγών και την εφαρμογή μιας νέας και ολοκληρωμένης στρατηγικής για την τόνωση της ανταγωνιστικότητας των ελληνικών προϊόντων.

Η κα Σακελλαρίδη επεσήμανε ιδιαιτέρως ότι η αύξηση της συμμετοχής στις εξαγωγές προϊόντων υψηλότερης τεχνολογίας και ειδικευμένης εργασίας που βρίσκουν ευκολότερα το δρόμο τους προς τις διεθνείς αγορές, σε σχέση με τα παραδοσιακά προϊόντα, ήταν ένας παράγοντας με μονιμότερες επιδράσεις για την εξαγωγική δραστηριότητα.

Γι' αυτό, πρόσθεσε, και η εξαγωγική πολιτική θα πρέπει να κατατείνει στην υποβοήθηση μιας σημαντικά ταχύτερης αύξησης της παραγωγής αυτών των προϊόντων, δεδομένου ότι σε αυτά βρίσκεται το μέλλον των εξαγωγών.

H σύνθεση των εξαγωγών

Η Γερμανία συνεχίζει να κρατά τα «σκήπτρα» της πρώτης σε μέγεθος αγοράς για τις ελληνικές εξαγωγές, αν και η ταχύτατη αύξηση των εξαγωγών προς την Ιταλία «απειλεί» να ανεβάσει τις εξαγωγικές επιδόσεις της γειτονικής μας χώρας στο ύψος των εξαγωγών προς τη Γερμανία.

Επίσης η ανάκαμψη των εξαγωγών προς τη Γαλλία, ύστερα από μακρά περίοδο υποχώρησης, συνεχίζεται. Η Ισπανία καθίσταται πλέον μεγάλη αγορά, με ελληνικές εξαγωγές αξίας μισού δισ. ευρώ.

Oι εξαγωγές προς την Τουρκία ξεπέρασαν για πρώτη φορά τις εξαγωγές προς τις ΗΠΑ, καθιστώντας τη γειτονική χώρα πέμπτη σε μέγεθος εξαγωγική αγορά, με έκτη τις ΗΠΑ.

Τα Εμιράτα ( 208 εκατ. ευρώ ), η Συρία ( 157 εκατ. ευρώ ) και η Πολωνία ( 134 εκατ. ευρώ ), που κατέλαβαν τη 15η, τη 18η και την 20ή θέση, αντιστοίχως και είναι μεταξύ των είκοσι σημαντικότερων εξαγωγικών αγορών, «ίσως καταστούν νέοι αστέρες στον αστερισμό των ελληνικών εξαγωγών» τόνισε η κυρία Σακελλαρίδη.

news.in.gr, με πληροφορίες από ΑΠΕ

http://www.in.gr/news/article.asp?lngEntityID=705111&lngDtrID=251

Νέες εξαγορές από Eurobank σε Αίγυπτο και Ουκρανία

Της Αναστασίας Παπαϊωάννου

Στρατηγικός στόχος της Eurobank είναι η επέκταση στις αγορές της Nέας Eυρώπης, με γνώμονα το συμφέρον των μετόχων της. «Tα βήματά που κάνουμε είναι προσεκτικά και μελετημένα», τόνισε ο διευθύνων σύμβουλος της τράπεζας κ. Nίκος Nανόπουλος, χθες, κατά τη διάρκεια συνέντευξης Tύπου, αναφερόμενος στην πρόσφατη εξαγορά της τουρκικής Tekfen Bank, και σε μια προσπάθεια να διαχωρίσει την πολιτική της τράπεζας που διοικεί από τον ανταγωνισμό, διευκρίνισε:

«Προσπαθούμε να μην πληρώνουμε πολύ ακριβά τις εξαγορές, σεβόμενοι πάνω από όλα τα χρήματα των μετόχων μας». Ως νέα αγορά-στόχο εξαγοράς ανέφερε ο κ. Nανόπουλος την Aίγυπτο, στην οποία είναι έτοιμοι να εξετάσουν την εξαγορά της Bank of Alexandria ενώ πληροφορίες φέρουν την τράπεζα του ομίλου Λάτση να εξετάζει σοβαρά το ενδεχόμενο εξαγοράς πιστωτικού ιδρύματος στην Oυκρανία.

Για το ενδεχόμενο εξαγοράς της Eμπορικής τράπεζας επεσήμανε πως «η Eμπορική όταν και εφόσον διευκρινισθούν οι όροι ( τι πωλείται και σε ποια τιμή ) θα το αξιολογήσουμε και εν συνεχεία θα αποφασίσουμε». Όσον αφορά τη ρευστότητα του ομίλου βάσει της οποίας θα κινηθεί στο μέτωπο των εξαγορών τα υψηλόβαθμα στελέχη της τράπεζας υποστήριξαν ότι είναι επαρκής, ωστόσο δεν απέκλεισαν το ενδεχόμενο αύξησης κεφαλαίου εφόσον στην πορεία κριθεί απαραίτητο.

Eρωτηθείς για την πρόσκληση της κυβέρνησης προς τους τραπεζίτες για διάλογο στο θέμα των συλλογικών συμβάσεων εργασίας τόνισε: «Θα παρουσιασθούμε, ωστόσο έχουμε ήδη εκφράσει τις θέσεις και τις απόψεις μας και αυτό δεν αλλάζει».

Xρηματιστήριο

Oι παράγοντες που θα επηρεάσουν εφεξής την πορεία του Xρηματιστηρίου Aθηνών σύμφωνα με τον αναπληρωτή διευθύνοντα σύμβουλο της Eurobank κ. Nίκο Kαραμούζη είναι:

Πρώτον, η εξέλιξη των εταιρικών κερδών και δη τα ποιοτικά τους χαρακτηριστικά.

Δεύτερον, ο ρυθμός επιτάχυνσης των εξελίξεων στο μέτωπο των συγχωνεύσεων και εξαγορών και τρίτον, κατά πόσο η κυβέρνηση θα «τρέξει» τις ιδιωτικοποιήσεις και τις διαρθρωτικές αλλαγές.

Γκιουλ: Ελληνικό ενδιαφέρον και για τρίτη τουρκική τράπεζα

Tην ικανοποίησή του για την εξαγορά της τουρκικής τράπεζας Tekfen Bank από την ελληνική Eurobank εξέφρασε χθες ο Tούρκος υπουργός Eξωτερικών Aμπντουλάχ Γκιουλ, μιλώντας στην επιτροπή σχεδιασμού και προϋπολογισμού της τουρκικής Eθνοσυνέλευσης. Παράλληλα, υπογράμμισε ότι τίθεται θέμα για άλλη μια εξαγορά τουρκικής τράπεζας από ελληνική. Σημειώνεται ότι η Tekfen Bank ήταν στο στόχαστρο της Alpha Bank και οι πληροφορίες αναφέρουν ότι ο όμιλος της Alpha Bank εξετάζει τουρκικά πιστωτικά ιδρύματα, όπως η Alternatif Bank, κ.ά. «Aφού έχουν κάνει επενδύσεις ύψους 2,5 δισ. δολαρίων, σημαίνει ότι χαρακτηρίζουν την Tουρκία ως ασφαλή χώρα» είπε ο κ. Γκιουλ, αναφερόμενος και στην εξαγορά της Finansbank από την Eθνική Tράπεζα. O Tούρκος υπουργός Eξωτερικών τόνισε ότι «δεν πρέπει να φοβόμαστε από αυτά. Tα χρήματα που εξοικονομεί ο ελληνικός λαός, έρχονται στην Tουρκία. Για να μην λιώσουν αυτά τα 2,5 δισ. δολάρια, θα πρέπει βέβαια η τράπεζα να εργαστεί σκληρά. Kαι αυτό μπορεί να γίνει μόνο με την εξασφάλιση χρηματοδότησης στις τουρκικές εταιρείες και τους επενδυτές».

http://www.imerisia.gr/article.asp?catid=4668&subid=2&pubid=235907

Greek exports up 22.8 pct in Jan-March, yr/yr

www.ana.gr 30/05/2006

Greek exports jumped 22.8 percent to 3.841 billion euros in the first three months of 2006, up from 3.126 billion euros in the corresponding period last year, the Hellenic Export Promotion Organisation said on Monday.

In an analysis of trade figures released by National Statistics Service, the Organisation said of the 714 million euros increase in exports in the first quarter, 176 million euros accounted for exports of oil products, 194 mln in exports of food and 171.6 mln euros in industrial goods.

The organization said a widening trade deficit (up 2.4 pct in Jan-March) exclusively reflected higher fuel costs and noted that the country's trade deficit, excluding oil, fell 7.5 pct over the same period.

Export activity to EU countries rose 12.3 pct in January-March to 1.98 billion euros, with Italy recording a 37.9-pct increase to maintain its top position, while exports to Turkey jumped 57.2 pct.

Exports to third countries totalled 1.859 billion euros, up 36.6 percent, with Balkan states ranked high in the list of top Greek export destinations. Bulgaria was fourth, Romania 10th, Albania 13th and FYROM 14th.

Greek exports soared 1,074 pct to Algeria, 175 pct to India, 59.6 pct to China, 53 pct to Romania, 44.4 pct to Egypt and 31.15 pct to Russia.

Exports to Japan also soared by 125 pct in the first quarter of 2006, after three years of steady decline.

Exports of steel pipes jumped 224.8 pct, heating machinery rose 151 pct, virgin olive oil was up 108 pct, power distribution materials rose 65.76 pct, cheeses rose 37.9 pct and cotton was up 59 pct.

First int'l symposium on highways opens in Athens

In a few years' time, Greece will be the number one country in the world with respect to kilometres of highway constructed via collaboration between the public and private sector, foreign minister Dora Bakoyannis said Monday, opening the first international symposium on highways, which is being organised in Athens by Attikes Diadromes S.A.

Bakoyannis said that the collaborations in the construction of major roadworks were very important for the construction of such works, noting that Greece had wide experience in this area, citing as examples the Attiki Odos highway, the Rion-Antirrion Bridge, Athens' new Eleftherios Venizelos international airport, etc.

In the coming years, 1,000 kilometres of highway was slated for construction in Greece, she said, adding that highways were a new reality in Athens, which gave a new prospect for all of Greece. Bakoyannis said that Greece had the most mature economy in the Balkan region, while its GDP rose by 4 percent, noting the largest increase in recent years. She said the 2004 Olympic Games in Athens had assisted in that direction, but added that Greece's neighbouring countries were also showing signes of change, given that growth in the Balkans was estimated at 4.5 percent.

Greece, she continued, was playing an important economic role in the Balkans, and was transferring its experience to those countries.

Addressing the same symposium, US ambassador to Greece Charles Ries stressed that the first image seen by visitors when reaching Greece was the Attiki Odos highway, and it was their good first impression of modern-day Greece, revealing that US secretary of state Condoleezza Rice, during her recent visit to Athens, had told him that she had been impressed by the quality of the highways in Greece.
Ries spoke highly of public/private sector collaborations in the sector of major works, explaining that such projects were constructed quickly and efficiently.

The ambassador further said that the electronic information systems on the highways were also very important, and technology was a great assistance in that direction.

Source: http://www.ana.gr/anaweb/user/showplain?maindoc=4302593&maindocimg=4301406&service=8

Great news indeed.

One has to also mention the new approvals gor completion of many works in progress or projected, as it seems that the Ministry of Works nowadays is addressing many resources to mainland Greece. Still, after some 5 years we may be talking about a decent motorway syster with full transport capacity fron the east to the west and from north to South. Although this is not a "productine" investment per se, it is seen as a production "booster" since it allows decentralization and better and equivocal allocation of resources and funding throughout the nation.

Literally, the Greek economy is at the crossroads...

Έγκριση των μετόχων της Δέλτα του σχεδίου συγχώνευσης για τη δημιουργία της Vivartia

http://assets.in.gr/dGenesis/assets/Content5/Photo/711231_b.jpg

Τη δημιουργία της μεγαλύτερης εταιρείας τροφίμων στην Ελλάδα, της Vivartia, χαιρέτισε ο πρόεδρος της Δέλτα Συμμετοχών Δημήτρης Δασκαλόπουλος, κατά τη διάρκεια της τακτικής γενικής συνέλευσης των μετόχων της εταιρείας την Πέμπτη.

«Ο δρόμος που επιλέξαμε είναι γεμάτος προκλήσεις» ανέφερε ο κ. Δασκαλόπουλος, ζητώντας την έγκριση της γενικής συνέλευσης για τη συγχώνευση της Δέλτα Συμμετοχών με τις Chipita International, Goody’s, Δέλτα Πρότυπος Βιομηχανία Γάλακτος και Μπάρμπα Στάθης.

«Υπόσχεται, όμως, επίσης πολλά γιατί έχουμε ξεκάθαρο όραμα, σαφή σχέδια, επάρκεια οικονομικών και ανθρώπινων πόρων. Γιατί, μαζί με τα εφόδια, έχουμε και τη θέληση να πετύχουμε».

Με την έγκριση των μετόχων δημιουργήθηκε, ουσιαστικά και τυπικά, η 1η ελληνική εταιρία τροφίμων, η 2η μεγαλύτερη στον κλάδο τροφίμων και ποτών, η 7η μεγαλύτερη βιομηχανία της χώρας, η 16η μεγαλύτερη εταιρεία στην Ελλάδα και η 35η μεγαλύτερη εταιρία τροφίμων στην Ευρώπη.

Ειδικότερα, δημιουργείται μία εταιρία με πανευρωπαϊκή εμβέλεια, με παρουσία σε 29 χώρες και σε εννέα από τα δέκα ελληνικά νοικοκυριά.

Οι διαδικασίες έγκρισης της συγχώνευσης από τους αρμόδιους φορείς αναμένεται να ολοκληρωθούν μέσα στον Ιούλιο και η μετοχή να ξεκινήσει τη διαπραγμάτευσή της στο ΧΑ στις αρχές Αυγούστου.

Παρουσιάζοντας τις προβλέψεις για την πορεία της Vivartia στην τριετία 2006-2008, ο οικονομικός διευθυντής Παντελής Οικονόμου τόνισε ότι οι πωλήσεις εκτιμάται πως θα αυξηθούν με μέσο ετήσιο όρο 8% φθάνοντας το 1,1 δισ. ευρώ το 2008, το EBITDA με 14,3%, οι ελεύθερες ταμιακές ροές με 17,3% και τα κέρδη ανά μετοχή κατά 32,6%.

Όπως είπε, οι συνέργιες που θα προκύψουν στη διετία 2007 - 2008 είναι 22-27 εκατ. ευρώ και θα προέλθουν από τη δυναμική ανάπτυξη, τις βελτιώσεις σε επίπεδο λειτουργίας, διοίκησης και οργάνωσης και από τη βελτιστοποίηση των επενδυμένων κεφαλαίων, η απόδοση των οποίων εκτιμάται πως θα αυξηθεί στο 10,4% από 6,1% το 2005.

Η γενική συνέλευση ενέκρινε τη διανομή μερίσματος 0,17 ευρώ ανά μετοχή.

http://www.in.gr/news/article.asp?lngEntityID=711231&lngDtrID=251

http://www.ekathimerini.com/4dcgi/news/economy__9428914KathiLev&xml/&aspKath/economy.asp?fdate=23/06/2006

Good news for domestic and foreign investment

The investment incentives law has attracted plans for investment in 2006 which by mid-June reached a total of 3.8 billion euros, with 1,180 of them approved for subsidization, running a total budget of 1.8 billion euros. The Economy Ministry estimates that by the end of the year, the plans approved will add up to over 2.5 billion euros. Bank of Greece data for the first four months of the year show a rise in the net influx of foreign direct investment by 141 percent, reaching 374 million euros. Influxes came to 601 million euros and outflows reached 227 million euros. The National Statistics Service saw investment rise by 6.9 percent in the first quarter of 2006, and expects this to continue or improve in the next quarters.

http://observer.guardian.co.uk/business/story/0,,1821255,00.html


How the Olympics spurred Greece to break its economic records

The country has confounded those who said the Games would be ruinous, writes Helena Smith

Sunday July 16, 2006
The Observer

It was, the doomsayers agreed, a tragedy waiting to happen. After hosting the Olympic Games, Greece would be heading into crisis.

Exhausted by staging the world's biggest sports event, at €7bn (£4.8bn) the costliest ever, its economy was in dire straits. State coffers had haemorrhaged to the point of depletion. Short of cutting back, it could take years - even decades - to recover.

That was the prognosis two summers ago. This weekend, as the first of an estimated three million Britons fly into holiday resorts and far-flung islands, they will surely notice how fit the patient seems.

Rather than trailing its EU partners in economic league tables and indices, Greece appears to have bounced back. And, armed with a new confidence thanks to the Olympic Games, it is doing so with better infrastructure and better service.

'Greece, economically, is turning the corner,' says Ted Coloumbis, who heads the prominent foreign policy think-tank Eliamep. 'It is going through a process of reform that, although painfully slow, is beginning to pay off.'

Last week, a Eurobarometer poll showed that in the first quarter of 2006 the Greek economy enjoyed an annual growth rate of 4.1 per cent, double the eurozone average. In the same period, revenues increased by 6.9 per cent while exports (never a Greek strength) rose by 31.5 per cent.

More remarkable still, according to the Institute for Management Development, Greece had reversed a five-year trend and jumped eight places (to be ranked 42 out of 61 countries) in world competitiveness. And all this after its newly installed centre-right government sent tremors through Brussels in 2004, admitting that Athens had disguised the extent of its debts to join the single currency five years ago.

Last month, the European Commission announced that the Greek economy would no longer need 'monitoring' because Athens had succeeded in cutting its budget deficit, from 6.6 per cent to the permissible level of 3 per cent. The headway has surprised even Greeks, revealed in the Eurobarometer survey to be among the EU's most pessimistic people, largely on account of their finances. 'While the government often displays a satisfaction with jobs half-done ... in the economic field, at least, it has achieved a lot,' wrote commentator Yiannis Marinos, better known for his caustic criticism of the conservatives.

Tourism has played a major role in the economic revival. Viewed as the driving force of the economy, at nearly 19 per cent it is the biggest single contributor to the gross national product. The government has ploughed €35m into a promotional campaign that has seen Greece advertised on the backs of London buses and the billboards of Beijing.

If predictions are correct, it is money well spent: Greece is bracing for a bumper year with tourists outstripping its 12-million-strong population by at least two million for a second year running.

While Britons will top European arrivals, many for the first time opting for spas and other forms of alternative tourism, Americans are back with a vengeance. This year, cruise ship operators have recorded a 30 per cent rise in visitors from the US, testimony to a shift in strategy as officials try to diversify from the traditional 'sun, sea and sand' approach of mass tourism - a model now seen as too narrow and vulnerable to the uncertainties of the global market.

Although officials don't say it out loud, the hope is that new, upmarket forms of tourism will finally smite the 'anything goes' image that, with the bawdy outbursts of Britons in places like Corfu, has given Greece such a bad press.

'For the first time in over a decade we have a government that is taking the sector very seriously,' says Dimitrios Lampadarios, president of the national tourism organisation EOT, the body that has promoted the industry since the Sixties. 'Greece is in the midst of a transformation. We're targeting new markets in China, India and Turkey and we're advertising our product in a way to attract more high-budget tourists while, of course, still appealing to younger types.'

By 2025, the World Tourism Organisation forecasts a 50 per cent increase in travellers to the Mediterranean and so far Greece, which hopes to draw 20 million, appears to be on course. But tourism is not the only factor behind the country's apparent renaissance. A spectacular increase in profits from the Greek banking and shipping sector has played a big part.

The rise of China, and more recently India, has spawned mega-wealth among mariners, with some Greek tanker owners making tycoons of the Onassis calibre pale by comparison. In recent months, international shipping-related companies, such as South Korea's STX shipbuilding, have opened offices in Athens in what analysts say is the most indicative sign yet of Greece's growing strength in the global industry.

Banks are also expanding their reach into new markets with the National Bank of Greece and others moving into traditionally hostile Turkey. With Greek companies now the largest investors in the Balkans, pumping about $7bn into the peninsula's telecoms, manufacturing, energy, banking, trade and transportation sectors, the Athens stock exchange has seen a substantial boost. Foreign companies wanting to make inroads into the market are increasingly turning to Greece in an attempt to exploit its know-how and ties with the region.

'In the past, Greece was viewed as Europe's odd man out, of being part of the problem, rather than part of the solution in the Balkans,' said Coloumbis.

But not everything is rosy. While the pro-business government's tight control of the state budget has paid dividends - wage increases have been kept low, government finances tight and, despite huge protests, inefficient public sector companies closed - Greece is still blighted by a Kafkaesque bureaucracy, unwieldy tax system, corruption and antique labour market. Foreign direct investment, as a result, is still lower than in any other EU country. And, at just under 10 per cent, unemployment is higher than it has ever been.

'The Olympics established a sense of self-confidence in Greece which, after all, was the smallest country other than Finland ever to host them,' said Coloumbis. 'It made people feel they could meet a challenge, but that doesn't mean to say there aren't many challenges ahead.'

http://www.telecompaper.com/news/article.aspx?id=135949&nr=&type=&yr=

Greece plans WiMAX, regional network tenders
Published: Tuesday 25 July 2006 | 03:47 PM CET

Greece is preparing to launch licence tenders for regional broadband networks and a national WiMAX network, local daily Kathimerini reports. US wireless operator Clearwire is one of seven parties bidding for the WiMAX licence, while Orange is thought to be looking at the regional tender. The licences are part of the Greek government's attempts to raise the penetration of broadband in the country, currently one of the lowest in the European Union. The tender divides Greece into seven regions and interested bidders can bid for rights in up to three regions.

The networks can be fixed or wireless, are subject to minimum coverage requirements and can offer services at a maximum EUR 33 per month for households and EUR 54 for businesses. The US company Amperion, which specializes in broadband over powerline, plans to set up consortium with Tellas, the telecoms subsidiary of the Greek Public Power Corp, in order to bid for regional licences. Siemens may also join the consortium.



http://www.ekathimerini.com/4dcgi/_w_articles_economy_2603864_25/07/2006_72482
Broadband Internet set to become widely available
Tenders will extend fast online access infrastructure, introduce WIMAX

By Fotis Kollias - Kathimerini

Two upcoming tenders, for broadband networks in regions outside Attica (budgeted at 210 million euros) and for a countrywide license for a WIMAX (wireless broadband access) network, are expected to bring new players into the telecommunications sector.

International interest in the WIMAX network has proved scant, but includes an upcoming, and ambitious, US company, Clearwire, through its Luxembourg-based subsidiary Clearwire Europe. Clearwire is one of the seven bidders for the license.

Clearwire is aggressively pursuing any WIMAX license tendered out in Europe. It has obtained licenses in Ireland and in Denmark.

Clearwire was founded in 2003 by well-known telecoms billionaire Craig McCaw.

Telecoms over power cables

It is not known whether Clearwire will team up with a Greek company. One US company that will do so, for the regional broadband networks, is Amperion, which specializes in equipment that enables voice and data communications over medium-voltage electricity grids. Amperion is teaming up with Public Power Corporation (PPC), which plans to set up a consortium involving Amperion and Tellas, PPC’s telecommunications and Internet subsidiary. There are rumors that Siemens might join the consortium.

There is reportedly dissension among PPC managers over teaming up with Amperion and allowing it to install its equipment on PPC’s grid without facing international competition.

Other foreign companies, such as Orange, a subsidiary of France Telecom, have expressed interest in the regional broadband networks tender but, so far, it is not certain that they will submit binding bids.

The government’s plan to create “fast Internet” infrastructures in regions outside Athens and Thessaloniki was approved last week by the European Commission and the tender for the regional broadband networks will be published in the coming weeks. The government is subsidizing investments that will allow the vast majority of Greeks access to broadband networks. That is why the consent of the Commission, which ruled that the subsidy does not constitute illegal state aid, was necessary.

The tender divides Greece into seven regions and interested bidders can bid for the rights to up to three of these, to avoid monopolies or oligopolistic concentrations. The tender provides for the bidders to choose between wired solutions (e.g. optical fiber cables) and wireless ones (e.g. WIMAX) in building their networks. It also sets minimum coverage amounts in this regions and limits monthly charges to 33 euros (plus VAT) for households and 54 euros (plus VAT) for enterprises. Economy Ministry officials, however, have expressed concerns that these charges might be too high, especially since OTE, the country’s main Internet service provider through its subsidiary OTEnet, plans to cut its fixed charges for ADSL connections significantly. If so, these limits may be revised downward by the time the tender’s terms are published.

http://www.ekathimerini.com/4dcgi/_w_articles_economy_3124749_26/07/2006_72527



Growth rate may rise above official target of 3.8 percent

Greek economic growth may hit 4 percent this year despite high oil prices, driven by strong consumption, construction and exports, the government’s chief statistician said yesterday.

Managing a soft landing after staging the 2004 Olympics, Greece’s economic growth has outperformed the eurozone despite a cut in public investment and fiscal belt-tightening aimed at bringing its budget deficit below 3 percent of GDP.

“The 3.8 percent growth target will be surpassed. Growth will be above 3.9 percent for the whole year, maybe 4 percent despite high oil prices,” Manolis Kontopyrakis, head of the National Statistics Service (NSS) told Reuters in an interview.

His forecast for the pace of economic expansion tops the government’s 3.8 percent projection for the year.

Kontopyrakis said strong consumption and residential construction coupled with private investments will also help reduce unemployment, a key worry among Greeks along with inflation, according to opinion polls.

Greece is scrambling to cut its fiscal gap below the EU’s 3 percent ceiling to avoid possible EU sanctions after it revealed it had underestimated its deficits for years. The government is counting on growth to boost tax revenues.

“My estimate for the second quarter is that growth will be about 4 percent,” Kontopyrakis said. “Retail sales are increasing at a rate double that of inflation in the first five months. There’s more private investment, particularly in tourism.”

Growth to bring jobs

Greece’s economy expanded by 4.1 percent in the first quarter of the year. But unemployment was stuck at 9.7 percent, unchanged from the last quarter in 2005.

Kontopyrakis said NSS data showed retail sales grew 7 percent in the first five months with exports rising 21.4 percent year-on-year.

According to the center-right government’s projections for 2006, Greece’s consumer inflation will average 3.2 percent and unemployment will ease to 9.8 percent from 10.4 percent last year.

Kontopyrakis said the robust growth rate will help reduce joblessness. But high oil prices may push inflation above the government’s 3.2 percent target this year.

“In the second quarter, unemployment is expected to fall to 9.5 percent, perhaps lower. There is strong demand for workers in all sectors, especially in tourism,” he said.

Greek inflation was running at a 3.2 percent annual clip in June, above the eurozone’s 2.5 percent, with the consumer basket feeling the pinch of higher energy costs. Government projections assume oil prices will average $62 a barrel.

“We might see inflation reaching 4 percent levels in the short term after the recent rally in oil prices,” Kontopyrakis said.

“I don’t think these levels will continue for the rest of the year,” he added but said it was too early to give a projection for the whole year. (Reuters)

Τα ΚΑΕ εξαγοράζουν την βρετανική εταιρεία κοσμημάτων Links έναντι 60 εκατ. ευρώ

Τα Καταστήματα Αφορολογήτων Ειδών ανακοίνωσαν την Πέμπτη ότι υπέγραψαν δεσμευτική συμφωνία για την εξ ολοκλήρου εξαγορά της βρετανικής εταιρείας κοσμημάτων Links of London, έναντι 60 εκατ. ευρώ περίπου.

«Η εταιρεία Ελληνικές Διανομές, 100% θυγατρική της εταιρίας ΚΑΕ και μέλος του ομίλου της Folli Follie προέβη σήμερα στην υπογραφή δεσμευτικής συμφωνίας εξαγοράς του συνόλου των μετοχών της βρετανικής εταιρείας κοσμημάτων, ρολογιών και ειδών πολυτελείας Links, με καθαρό τίμημα εξαγοράς το ποσό των 41 εκατ. λιρών Αγγλίας ( 60 εκατ. ευρώ περίπου )» είπε σε ανακοίνωσή της.

Η Links είναι μία από τις πιο γνωστές αγγλικές εταιρείες κοσμημάτων, ρολογιών και ειδών πολυτελείας. Με την διακριτική της συσκευασία, την παρουσίαση των προϊόντων και το ταλέντο στο να δημιουργεί ξεχωριστά σύγχρονα κοσμήματα, ρολόγια και είδη πολυτελείας, κατάφερε να δημιουργήσει την τελευταία δεκαετία ένα νέο πρότυπο στο σύγχρονο βρετανικό κόσμημα.

Η εταιρεία αναπτύχθηκε πολύ γρήγορα δημιουργώντας ένα καταξιωμένο διεθνές δίκτυο πωλήσεων τόσο μέσω καταστημάτων υπό το σήμα Links όσο και μέσω επωνύμων πολυκαταστημάτων ( 41 σημεία πώλησης σε Ευρώπη, Β.Αμερική και Ασία σε σημαντικά κέντρα όπως η Νέα Υόρκη, το Λονδίνο, το Χονγκ Κόνγκ κ.λπ. ).

Στις άμεσες προτεραιότητες της είναι η δυνατότητα ανάπτυξης νέων καταστημάτων σε χώρες όπως οι ΗΠΑ, η Κίνα και η Ιαπωνία, αξιοποιώντας και τη γνώση και την εμπειρία που έχει αναπτύξει η μητρική εταιρεία του ομίλου Folli Follie στις χώρες αυτές.

Σύμφωνα με εκτιμήσεις της διοίκησης, οι πωλήσεις για την επόμενη τετραετία αναμένεται να υπερτριπλασιαστούν και να διαμορφωθούν σε περίπου 100 εκατ. λίρες το 2010 βελτιώνοντας σημαντικά και όλα τα επιμέρους οικονομικά μεγέθη.

news.in.gr

http://www.in.gr/news/article.asp?lngEntityID=727048&lngDtrID=251

Greek, Russian and Bulgarian leaders agree on Burgas-Alexandroupoli oil pipeline agreement to be signed by end of year

Prime Minister Costas Karamanlis and visiting Russian and Bulgarian Presidents Vladimir Putin and Georgi Purvanov on Monday discussed the planned Burgas-Alexandroupoli oil pipeline.

At the end of talks, the three leaders declared their intention to have an inter-state agreement on the implementation of the planned pipeline signed by the end of the year.

Karamanlis pointed out that every effort possible must be made to safeguard the transfer of energy to enable the needs of the world economy to be met. He also underlined the close cooperation between the three countries for the implementation of the pipeline and the further extension of this cooperation to the sectors of gas and electricity.

The prime minister also said that the pipeline will be yet another corridor for the transfer of Russian oil from the Black Sea, supplementary to the Bosporus, and its construction will be a strong starting point for the further widening of trade relations between the three countries.

President Putin said safe access to energy "is a guarantee for the development of our culture," adding that "the interests of the countries of origin must also be taken into consideration, as well as of the transporting countries and of the countries of consumption."

He pointed out that Greece and Bulgaria are reliable and old partners and referred to the possibility of the creation of big centres for storing, processing and transporting energy and that the energy sphere can become the motive power in relations between the countries.

President Purvanov said on his part that all realise the strategic character of the project that contributes to the differentiation of energy transfer paths, constitutes a guarantee of security in energy and in a general sense, and is economically competitive.

All three leaders placed emphasis on the implementation of the project and not on the individual terms set by each side.

President Putin said that his country "is not setting tough terms" and underlined that Moscow wants the implementation of the pipeline with its traditional partners, such as Bulgaria and Greece, reminding that the Baku-Cheihan pipeline was built, as well as the "Blue stream" pipeline, and warned that if the delay continues the Burgas-Alexandroupoli pipeline will ultimately be sidestepped by other paths.

Karamanlis, who also held bilateral talks with Putin, said that excellent bilateral relations were confirmed, ways of widening relations further were examined and the closeness of views between the two countries on most regional and international issues was ascertained.

Asked about the strategic character of relations between Greece and Russia, Putin agreed that they have a strategic character and do not concern energy alone.

He stressed that there is ground for more balanced and qualitatively better trade and economic relations, military and technical cooperation and coordination between Greece and Russia in the international field, where their views coincide to a great degree.

Lastly, the Russian president underlined that with the construction of the Burgas-Alexandroupoli pipeline and wider energy cooperation the position of the participating countries will be upgraded, given that they do not only have an opinion on the handling of European energy problems but have an influence on them with their policy and, at the same time, with the existence on their territory of storing, processing and transporting infrastructures they benefit from the taxes they receive.

http://www.ana-mpa.gr/anaweb/user/showplain?maindoc=4582441&maindocimg=4582260&service=6

http://www.ekathimerini.com/4dcgi/news/economy__3937440KathiLev&xml/&aspKath/economy.asp?fdate=04/09/2006


Shipping forges strong Greek-Korean links

http://www.ekathimerini.com/kathnews/photos/04-09-06/04-09-06_73806_1.gif
South Korean President Roh Moo-hyun talks to Kathimerini about prospects for closer bilateral relations on the occasion of his visit. The development of Korea’s shipbuilding industry has been, to a large extent, linked with Greek shipping, says South Korea’s president, Roh Moo-hyun. Over half of new Greek ships have been built in South Korean shipyards.

By Dimitris Kapranos - Kathimerini

Roh Moo-hyun is the first president of South Korea to make an official visit to Greece. A member since his youth of the United Democratic Party of South Korea, Roh is a distinguished human rights lawyer who defended the young people who fought to establish democratic freedoms in South Korea.

Elected president of South Korea in December 2002, in the 16th presidential election, the 60-year-old president took office in February, 2003.

With the slogan “Dynamic South Korea,” the president of his rapidly developing country is coming to Greece for talks on which he lays great importance. Relations between the two countries are close: Greeks fought in the Korean War and the Greek shipping community has confidence in South Korean shipbuilding technology. Making relations even closer is certainly the chief objective of the South Korean president’s visit, accompanied by leading South Korean entrepreneurs.

A believer in tradition, a devotee of democracy and Greek culture, and a fan of technology, Roh leads one of the most powerful economies on earth, making the interview he gave to Kathimerini of special interest.

What is the basic aim of your visit to Greece? Given the good relations between the two countries, what issues will you discuss with the people you meet?

I feel lucky to be the first president of South Korea to visit Greece. I am certain that the agreements we sign during my visit in the field of shipping and tourism will contribute decisively to the development of substantial bilateral cooperation in those two industries that are so important for Greece.

I am being accompanied on my visit by a group of leading Korean entrepreneurs who will meet with their Greek counterparts, I hope that such meetings will boost exchanges and cooperation in various sectors such as trade, investment and information technology. The South Korean government will actively support such efforts.

Your country is among the rapidly emerging markets on the international scene. Greece is the only European Union member in Southeastern Europe. Having in mind Greece’s strategic, economic and geopolitical position, in which fields do you see prospects for bilateral cooperation?

I think there are many sectors with potential for bilateral cooperation between South Korea, which is rapidly developing into an economic hub of northeastern Asia, and Greece, which is a key country in Southeastern Europe.

Greece is the greatest shipping power in the world, while South Korea proudly holds first place in world shipbuilding and is almost 10th on the list of the most powerful industries. So cooperation between shipping and shipbuilding is a good beginning which can only bring profit to both countries. I also foresee exceptional prospects of cooperation with Greece in the tourism industry, a strong card for the Greek economy. The experience and know-how that Greece has acquired from the development of tourism in the Aegean Islands will be essential for the South Korean government in its development plan for the shores of southwestern Korea.

We are also looking at plans for collaboration on the construction and modernization of ports as well as in the new constantly developing fields of information science and high-tech communications. I think the two countries must look closely at ways of jointly promoting their commerce in the Balkans.

Greek shipowners were the first to recognize South Korea’s potential in shipbuilding and they were right. What is the current state of relations in the South Korean and Greek shipping family and how do you envision the prospect of cooperation?

The development of the South Korean shipbuilding industry cannot be discussed without mentioning Greece. Its connection with Greek shipping began in 1972 when shipowner Giorgos Livanos ordered two oil tankers from a company whose shipyard was still at the planning stage. Since 2005, the South Korean shipping industry has headed the global shipbuilding market, as can be seen by the number of new Greek ships made in South Korea, which is up to 54 percent.

There is a vibrant, ongoing exchange between the shipping and shipbuilding industries of the two countries, and South Korean companies take part in Posidonia, the world’s largest shipping fair, which is held in Greece.

I expect that South Korean-Greek relations in shipbuilding and shipping will be further strengthened by the upcoming round-table discussion on shipbuilding and by the bilateral shipping agreement that will be signed during my visit.

Last year Greece created an attractive climate for foreign investors. We know that South Korea is one of the investors in this region. How do you envision the prospect of a bilateral collaboration in the investment sector? South Korea is also among the leaders in the field of computer science, communications and the Internet. How does your country plan to collaborate with Greece in that sector?

As we speak, South Korean investment in Greece is around 2.3 million US dollars, while Greek investment in South Korea is about 5.4 million US dollars, sums which seem small in view of the prospects of cooperation that are opening up for the two countries. With the expansion of economic exchange, however, I believe that investment by both countries will grow accordingly.

For instance, South Korean companies have shown great interest in the ambitious plans for modernizing ports in Greece. With the best technological equipment in the world and great expertise in the field of shipbuilding and systems management as well as in port construction, South Korean industries will prove attractive partners for Greece.

It would also be desirable to find applications for South Korea’s world-leading technological innovations in computer science, and communications in various fields of industrial collaboration. At the forum, I expect the industry leaders of both countries to discuss and agree on bilateral ways of boosting joint international investment in the Balkans.

Tell us about your connection with Greek history and culture and your general views on them. Do you think that the similar historical memory of the two states and the fact that both have faced problems with neighboring states in the recent past brings the two countries closer?

For South Koreans, the name of Greece conjures up images of the Acropolis, the Parthenon, the beautiful islands of the Aegean, to mention just a few examples. They read Greek history and mythology and that kindles a desire to visit your wonderful country, which is the birthplace of Western civilization and the cradle of democracy, at least once in their lives. Apart from the shared geographical characteristic of being a peninsula, Greece and South Korea share remarkably similar historical experiences, such as frequent incursions by foreigners, colonization and the achievement of successful political and economic development after dictatorial regimes. Both peoples share similarities in their zeal for education and the hospitality they show to visitors. These similarities can form a basis as the two states continue to build friendly, cooperative relations that will endure.

What benefits did your country gain from organizing the Olympic Games? Has South Korea changed since the Games in Seoul and, if so, to what extent?

The 24th Olympic Games, which were held in Seoul in 1988, were the biggest Olympiad until then, attracting 8,000 athletes from more than 160 countries. As athletes came from the Eastern and the Western blocs for the first time in 12 years, the Olympic Games in Seoul went down as the ones where the Olympic spirit of reconciliation was achieved through athletics. With Seoul’s successful organization of the Games, South Korea experienced the feeling of national unity and international trust. At the international level, the image and prestige of the country improved.

Greece has just come from the successful organization of the Games in Athens in 2004, which gave a boost to its development at an international level. I hope that contacts between the two states will also improve in the sporting field, which will definitely benefit friendly relations between the two states.

The problem with North Korea is well known. How are you handling it and how do you see the future?

The South Korean government has diligently sought political peace and prosperity while at the same time trying to establish foundations for trust and to expand relations between the two states.

It is true that since North Korea fired missiles in July, relations between North and South Korea have been going through a crisis. Nevertheless, relations are still under control, as is shown by the restarting of the dialogue on aid for North Korea to assist flood victims.

There probably will be some shakiness in relations between the two states due to North Korea’s nuclear program and other issues, but we hope relations will normalize in the future. While our government continues to work for development and improvement of intra-Korean relations by means of dialogue and cooperation, we will continue to aim for peace and shared prosperity on the Korean peninsula through efforts to restart the interrupted talks and we will continue to strive for a peaceful solution of the issue of North Korea’s nuclear weapons.

http://www.ekathimerini.com/4dcgi/_w_articles_economy_615986_12/09/2006_74111
Greece, China discuss ports

NIKOS BARDOUNIAS

Greece and China confirmed yesterday their wishes to enhance their cooperation on shipping and transport issues, while major companies from China, South Korea and Dubai are interested in investing in Greek ports.

Chinese Communications Minister Li Shenglin, responsible for transport and shipping, and Greek Minister of Transport Michalis Liapis signed a memorandum of cooperation on Euro-Asian connections and shipping, as proposed by Liapis during his visit to Beijing last week.

The agreement provides for the development and planning of transport infrastructures linking the two countries, the creation of goods warehouses and integrated transport systems, and the simplification of customs procedures.

Merchant Marine Minister Manolis Kefaloyiannis also met with Li yesterday and confirmed the two countries’ intention of cooperating in ports and shipping, in keeping with the initiatives of Prime Minister Costas Karamanlis on his recent trip to China.

Regarding foreign companies’ interest in Greek ports, mainly in Piraeus and Thessaloniki, shipping sources told Kathimerini that this is the fruit of the policy followed by the Merchant Marine Ministry, and Kefaloyiannis in particular. They added that Li’s visit highlights China’s interest in more docks for loading and unloading containers, as well as for spaces in Piraeus for assembling products to be later transported to Central Europe. The same sources argue that the Chinese are interested in the Thessaloniki port.

Further interest for investment in ports has come from Dubai Ports World, from Danish firm Maersk and from the South Koreans who have signed a cooperation memorandum for developing the Cretan port of Tymbaki.

“We are negotiating not only with Chinese companies, but also with other major transit players for the ports of Piraeus, Thessaloniki and Tymbaki. We are also expecting more investors related to tourism for the ports of Corfu, Patras and Igoumenitsa,” said Kefaloyiannis, adding that late this month a group from Qatar will come to investigate possible cooperation in tourism and the development of marinas on the Ionian Islands.



http://www.ekathimerini.com/4dcgi/news/economy__615577KathiLev&xml/&aspKath/economy.asp?fdate=12/09/2006
The Russians are coming
Putin determined to use newfound wealth from energy sources to extend influence

By Costas Iordanidis - Kathimerini

The US State Department spokesman’s written statement last Thursday, which expressed US support for the Burgas-Alexandroupolis oil pipeline project that is to convey Russian oil, put paid to persistent rumors about American opposition to this particular project.

In any case, Russian oil could reach and does reach Europe by ship from the port of Novorossiysk via the Bosporus; moreover, US oil major ChevronTexaco will participate in the pipeline project.

There are, however, serious US objections to the transfer of Russian gas via a pipeline that is to start in Turkey, cross Greece and end in Italy. This is an independent project whose implementation has barely begun.

We should also note that neither is the European Union happy to be dependent on Russian energy sources. It is for this reason that a special meeting of European energy groups is taking place this week, obviously to prevent Russia from becoming a monopoly source of energy.

The heart of the matter is that Russia is transforming itself from the West’s major military adversary into a very powerful trade partner. Investments by Russian companies abroad are rapidly increasing; in the first quarter of 2006 alone, they increased 50 percent, compared to the same period in 2005.

This trend can also be felt in Greece, where Russian firm Sistema acquired Intracom Telecom. There are also rumors that oil giant Lukoil is negotiating a shareholding in Greek refiner Motor Oil.

Greek companies are also active in the Russian market, especially through food exports and in the transport and tourism sectors. It is estimated that about 50 Greek companies are active in the Russian market. Russia is also among the top 15 destinations for Greek exports.

Despite the recent big increase in bilateral trade, state officials say that Greek investments in Russia “are still low and, in any case, below the expectations of the Russian market.”

At present, the biggest Greek investor in Russia is Coca-Cola Hellenic Bottling Company (HBC) which operates 14 bottling plants. Last year it acquired, jointly with The Coca-Cola Company, Multon, one of the top Russian juice makers, for 360 million euros.

The following articles show clearly that, under President Vladimir Putin, Russia is clearly trying to buy political influence with the riches it is accumulating through energy exports.

The upward spike of oil prices has played a decisive role in the Russian economic boom; in turn, the oil price rise is, partly, the result of the radicalization of the Islamic world and instability in the Middle East, situations Russia has not done anything to shape. Putin is simply taking advantage of the fluid global situation.

At this juncture, through its limited means, Greece is trying to take advantage of Russia’s newfound strength in order to advance its own economic interests without seeking to alienate its traditional allies.

http://www.washtimes.com/upi/20060912-120710-3802r.htm

Greek central bank buys major Serbian bank

Sep. 12, 2006 at 12:49PM

The National Bank of Greece has acquired Serbia's Vojvodjanska Bank of Novi Sad, the country's seventh biggest bank, for $488 million, media reported Tuesday.

The NBG purchased the Serbian state's stake of 99.44 percent and agreed to keep the bank's name and its headquarters in Novi Sad, north of Belgrade, Belgrade's Beta news agency reported Tuesday. Serbian Finance Minister Mladjan Dinkic said the transfer of money should be completed by Dec. 12.

The Greek partner agreed to invest $50 million in modernization of the bank, and to keep the same number of employees for the next three years, the report said.

Vojvodjanska Bank (http://www.voban.co.yu/en/home/)

http://www.avionews.com/pressagency/149020/index.php

Alenia-HAI contract for the C-130J has been signed today15-Sep-2006

The contract between Italy’s Alenia Aeronautica and Greece’s HAI (Hellenic Aerospace Industry) for the building and the assembly of parts of the C-130J military transport aircraft has been signed today and not yesterday, as scheduled. The two industries CEOs met in Rome and expressed the satisfaction for the increased cooperation between the two contractors, which could be further extended to the M-346 program, the advanced training fighter by Aermacchi. Alenia and HAI are currently working together in B-787 program as well.

The Greek shipping IPO phenomenon

Anthony Argyropoulos, Managing Director, Investment Banking, Cantor Fitzgerald & Co. offers some insight on the state of Greek shipping on U.S. stock markets.

What has been the most important development in the industry lately is the emergence of public Greek shipping companies listed on the New York Stock Exchange and NASDAQ National Market. (NYSE requires at least three years of financial history, to be profitable in all three years and has higher requirements for the size of the company in terms of assets, etc. NASDAQ has lower requirements. The corporate governance and financial disclosure requirements are the same in both exchanges.) It started with a trickle with the initial public offering (IPO) of Stelios Haji-Ioannou's Stelmar Shipping in March of 2001 at $12 a share (the company was acquired in late 2004 by an American public shipping company Overseas Shipbuilding Group for $48 a share), followed by Peter Georgiopoulos's Genmar Shipping in June of that year. Nick Tsakos's Energy Navigation made its public debut the following year, in March 2002. These three companies paved the way for an onslaught of IPO's that followed in 2004 and 2005.

During the 1990's the shipping industry became increasingly regulated, requiring strict vessel approval criteria known as vettings from cargo interests who employs these vessels. Shipping companies were also required to comply with a myriad of accords and provide audited financial statements. Strict adherence to the Sarbannes-Oxley Act of 2002 further pushed the clean, organized and transparent shipping business corporate structure.

In addition, there were financial and commercial pressures. Greek shipping companies built a substantial world fleet by owning over-aged vessels. With increasing regulation and public outcry over accidents and pollution incidents, charterers became increasingly reluctant to employ old vessels. This forced certain Greek ship owners to raise external capital to acquire more expensive modern vessels in order to renew and expand their fleet.

The generation of today's shipping entrepeneurs is highly educated and mobile. They are more comfortable running their company along the lines of a modern corporation than a family-owned business. They have active investor relations programs, attend investor conferences, and adhere to finanacial disclosure standards established for U.S. companies.

As a result we have seen many Greek shipping companies raising an astonishing several billion dollars in equity capital in the United States.

source (http://www.odyssey.gr/default.asp?pagecode=01&issueid=2)

Greece's EFG Eurobank acquires 74.26 pct of Bulgaria's DZI Bank

ATHENS (AFX) - Greece's EFG Eurobank (Nachrichten) said that it had reached agreement with DZI Life Insurance and other shareholders to acquire 74.26 pct of of Bulgaria's DZI Bank.

EFG Eurobank said that the total price is 158 mln eur and includes 2 mln Eurobank shares.

DZI is a middle sized bank in Bulgaria which is listed on the Sofia Stock Exchange. It has 131 branches and about 1,300 employees. The bank is considered to be very strong in commercial and corporate lending.

At the end of June 2006 the bank had total assets of 563 mln eur, loans totaling 250 mln eur and deposits of 477 mln eur.

EFG Eurobank is already present in Bulgaria via its unit Post Bank which has a network of 143 branches.


Source: http://www.finanznachrichten.de/nachrichten-2006-09/artikel-7069316.asp

Greece missing out on cruise boom due to protectionism, tourism bosses warn

ATHENS, Greece Greece is missing out on a sharp upswing in the Mediterranean cruise market because of projectionist shipping practices, tourism industry leaders warned Tuesday.

Yiannis Evangelou, president of the Greek association of travel agencies, said Greece is losing up to 5 million tourists a year and hundreds of millions of euros through failure to lure cruise ship companies to establish a base in Greek ports.

After a slump caused by the Sept. 11 terrorist attacks, the cruise industry is now attracting an estimated 11 million clients worldwide.

About 3.2 million of these are in Europe. The Mediterranean, with its wide mix of cultures and ancient sights, could soon rival the Caribbean as the world's favorite cruise destination, Evangelou said.

He identified continuing restrictions on overseas companies and difficulties in maintaining services to about 240 mainland and island ports as key problems.

The European Union liberalized the coastal shipping market in 1992, but allowed Greece and other countries a long phase-in period.

But by preventing non-EU flagged ships from being based here, Greece is losing a great deal of cruise-related business a year, Evangelou said.

Thirty years ago, "Athens not Miami was the heart of the business," industry analyst Tony Peisley said. Now the latter is a home base for the world's biggest operators like Royal Caribbean and Carnival.

And in the Mediterranean, Greece is losing out to Italy, Spain, Turkey and others that have abandoned protectionism. As a result, Palma in Spain has seen more than a four-fold increase in cruise business over the past decade, while Barcelona — like Athens, a former Olympic host city — saw a 920 percent increase in cruise passenger numbers during 1989-2005, to more than 1.2 million annually.

Greece, a maritime superpower, produces just 14,000 cruise clients annually even though hundreds of thousands of cruise passengers pass through Greek ports in transit each year.

Ports near Athens like Piraeus and Lavrion "are ideally situated to become home ports for cruising in the Mediterranean ... why then do we not grab the opportunity?" said Gerasimos Fokas, head of Greece's hoteliers' association.

Tourism is a vital industry for Greece, and the country has experienced bumper years following infrastructure improvements made for the 2004 Olympics and security threats in rival markets.

Among other recommended improvements are increasing services for passengers in transit, modernized port areas and more cruise-specific services.

Should Greece open Piraeus for round-trip voyages, said Larry Pimentel of SeaDream cruises at a Piraeus forum last week, "it could well become the busiest turnaround point in the region."

Greece, with around 11 million inhabitants, expects 14 million tourists this year and tourism minister Fanni-Pali Petralia declared last week that the government is aiming for 19 million in 2007.

"A huge economic game is going on right outside our door. How will we play it?" Evangelou concluded.
------------------------------------

Its such a shame.
I have said it time and time again, Greece is a nation that is highly desirable to tourists, yet it fails to cater for them.
Greece has the potential to get well over 20 million tourists a year.

FinMin holds talks with Chinese trade minister

Finance and Economy Minister George Alogoskoufis met in Beijing on Tuesday with China's Trade Minister Bo Xilai in the presence of Deputy Finance and Economy Minister Christos Folias, according to a finance ministry press release. Talks focused on expanding trade between the two countries and cooperation in the shipping sector.

Speaking after the meeting, Bo Xilai said "we referred to our cooperation in the sector of shipping. It is known that Greece is a world superpower in shipping. It has over 3,000 freighters with a capacity exceeding 1.18 million tons. In this sector, China and Greece have very great supplementarity. Meaning that China is a country with a great demand for services in sea transport in all oceans. You will find many Chinese goods in all ships. According to statistical data, over 50 percent of goods are transported with Greek ships, while over 60 percent of the oil we purchase from abroad is also transported with Greek ships. A short while ago, a great Greek shipowner began to build four ships, having a capacity of 8,500 tons, at Chinese shipyards. In addition, big Chinese companies import olive oil and marble from Greece. I believe that in the near future more opportunities will be found to widen cooperation in the economic and commercial sector."

http://www.ana-mpa.gr/anaweb/user/showplain?maindoc=4739871&maindocimg=4738942&service=100

http://www.iht.com/articles/2006/10/25/bloomberg/bxatm.php

Around the Markets: Joint trading may give Cyprus a lift
By Maher Chmaytelli Bloomberg News

Published: October 26, 2006

Nicosia, CYPRUS Stocks in Cyprus, the world's second-best performing market this year behind Peru, may get an added lift as Cypriot shares become available for trading in Greece, home of the largest exchange in Southeast Europe.

Joint trading of Greek and Cypriot stocks, beginning Monday, "will help liquidity as well as give the stock market exposure to a network of investors that's much bigger," said Paschalis Terzis, investment director of Hellenic Trust MFC, based in Athens. "It will make a big difference."

The Athens and Cyprus exchanges will make all stocks traded on the two bourses available to investors through one trading platform, under the same regulations. The venture makes it easier for the pool of investors who trade in Greek stocks to own shares in Cypriot companies.

The Cyprus Stock Exchange General Index has more than doubled this year as investors anticipated mergers and acquisitions involving the eastern Mediterranean island's three biggest banks.

Shares of Bank of Cyprus have surged 90 percent this year, Cyprus Popular Bank has doubled and Hellenic Bank has almost tripled. The banks account for 87 percent of the 4.9 billion Cyprus pounds, or $10.7 billion, market value for the main Cyprus market.

Since Cyprus joined the EU in May 2004, the general index has tripled. Investor confidence grew in the Greek part of the island, which was divided in two after the 1974 Turkish invasion of the northern portion.

Cyprus plans to replace its currency, the pound, with the euro in 2008, assuming it meets EU criteria to do so.

Cyprus is drawing investment because it has a flat 10 percent corporate tax rate. The island is benefiting too because of business ties to the growing markets of Russia and the oil-rich nations of the Middle East.

Real estate prices have almost doubled during the past five years on the island, according to Stelios Platis, director of S. Platis Economic Research in Nicosia, the capital.

Some investors say the rally may run out of steam, even with joint share trading.

"The bank shares, which dominate the Cyprus Stock Exchange, have had such an excellent year that this kind of growth is unlikely to be repeated," said Costas Severis, board member of Bank of Cyprus, the largest lender on the island.

Cypriot stocks also are not cheap. The 16 companies that form the main market in Nicosia trade for 15 times earnings, according to Christos Hadjichristodoulou, head of research at CLR Securities and Financial Services in Nicosia. Shares in the Morgan Stanley Capital International Emerging Markets Index are valued on average at 14 times estimated earnings.

The pace of mergers and acquisitions will help determine the strength of stock price increase, Platis, of S. Platis Economic Research, said.

Piraeus Bank of Greece said in July that it had abandoned a plan to team with Bank of Cyprus and said that it might sell its 8 percent stake. Piraeus had bought the shares as part of a proposal to cooperate with the Cypriot bank. Bank of Cyprus rebuffed the move.

Bank of Cyprus made a €4 billion, or $5 million, offer in June for Emporiki Bank of Greece, then withdrew the bid. Crédit Agricole of France agreed to buy Emporiki.

Still, the Cypriot market offers a chance to invest in industries that are tapping the expanding economies of Russia and Eastern Europe and the consumer and construction boom driven by high oil prices in Arab states.

Louis, a Cypriot cruise- line company that also operates 25 hotels in Greece and Cyprus, won a contract this month to manage a hotel in Egypt, part of the company's strategy to expand in the region.

Unigrowth Investments said Tuesday that it planned to set up a unit for property investments in Romania, a country joining the EU next year.

Ocean Tankers Holdings, the first ocean-going shipping company to sell shares on the Cypriot bourse, will also be the first such shipping company to trade on the Athens exchange as a result of the common platform.


Nicosia, CYPRUS Stocks in Cyprus, the world's second-best performing market this year behind Peru, may get an added lift as Cypriot shares become available for trading in Greece, home of the largest exchange in Southeast Europe.

Joint trading of Greek and Cypriot stocks, beginning Monday, "will help liquidity as well as give the stock market exposure to a network of investors that's much bigger," said Paschalis Terzis, investment director of Hellenic Trust MFC, based in Athens. "It will make a big difference."

The Athens and Cyprus exchanges will make all stocks traded on the two bourses available to investors through one trading platform, under the same regulations. The venture makes it easier for the pool of investors who trade in Greek stocks to own shares in Cypriot companies.

The Cyprus Stock Exchange General Index has more than doubled this year as investors anticipated mergers and acquisitions involving the eastern Mediterranean island's three biggest banks.

Shares of Bank of Cyprus have surged 90 percent this year, Cyprus Popular Bank has doubled and Hellenic Bank has almost tripled. The banks account for 87 percent of the 4.9 billion Cyprus pounds, or $10.7 billion, market value for the main Cyprus market.

Since Cyprus joined the EU in May 2004, the general index has tripled. Investor confidence grew in the Greek part of the island, which was divided in two after the 1974 Turkish invasion of the northern portion.

Cyprus plans to replace its currency, the pound, with the euro in 2008, assuming it meets EU criteria to do so.

Cyprus is drawing investment because it has a flat 10 percent corporate tax rate. The island is benefiting too because of business ties to the growing markets of Russia and the oil-rich nations of the Middle East.

Real estate prices have almost doubled during the past five years on the island, according to Stelios Platis, director of S. Platis Economic Research in Nicosia, the capital.

Some investors say the rally may run out of steam, even with joint share trading.

"The bank shares, which dominate the Cyprus Stock Exchange, have had such an excellent year that this kind of growth is unlikely to be repeated," said Costas Severis, board member of Bank of Cyprus, the largest lender on the island.

Cypriot stocks also are not cheap. The 16 companies that form the main market in Nicosia trade for 15 times earnings, according to Christos Hadjichristodoulou, head of research at CLR Securities and Financial Services in Nicosia. Shares in the Morgan Stanley Capital International Emerging Markets Index are valued on average at 14 times estimated earnings.

The pace of mergers and acquisitions will help determine the strength of stock price increase, Platis, of S. Platis Economic Research, said.

Piraeus Bank of Greece said in July that it had abandoned a plan to team with Bank of Cyprus and said that it might sell its 8 percent stake. Piraeus had bought the shares as part of a proposal to cooperate with the Cypriot bank. Bank of Cyprus rebuffed the move.

Bank of Cyprus made a €4 billion, or $5 million, offer in June for Emporiki Bank of Greece, then withdrew the bid. Crédit Agricole of France agreed to buy Emporiki.

Still, the Cypriot market offers a chance to invest in industries that are tapping the expanding economies of Russia and Eastern Europe and the consumer and construction boom driven by high oil prices in Arab states.

Louis, a Cypriot cruise- line company that also operates 25 hotels in Greece and Cyprus, won a contract this month to manage a hotel in Egypt, part of the company's strategy to expand in the region.

Unigrowth Investments said Tuesday that it planned to set up a unit for property investments in Romania, a country joining the EU next year.

Ocean Tankers Holdings, the first ocean-going shipping company to sell shares on the Cypriot bourse, will also be the first such shipping company to trade on the Athens exchange as a result of the common platform.


Nicosia, CYPRUS Stocks in Cyprus, the world's second-best performing market this year behind Peru, may get an added lift as Cypriot shares become available for trading in Greece, home of the largest exchange in Southeast Europe.

Joint trading of Greek and Cypriot stocks, beginning Monday, "will help liquidity as well as give the stock market exposure to a network of investors that's much bigger," said Paschalis Terzis, investment director of Hellenic Trust MFC, based in Athens. "It will make a big difference."

The Athens and Cyprus exchanges will make all stocks traded on the two bourses available to investors through one trading platform, under the same regulations. The venture makes it easier for the pool of investors who trade in Greek stocks to own shares in Cypriot companies.

The Cyprus Stock Exchange General Index has more than doubled this year as investors anticipated mergers and acquisitions involving the eastern Mediterranean island's three biggest banks.

Shares of Bank of Cyprus have surged 90 percent this year, Cyprus Popular Bank has doubled and Hellenic Bank has almost tripled. The banks account for 87 percent of the 4.9 billion Cyprus pounds, or $10.7 billion, market value for the main Cyprus market.

Since Cyprus joined the EU in May 2004, the general index has tripled. Investor confidence grew in the Greek part of the island, which was divided in two after the 1974 Turkish invasion of the northern portion.

Cyprus plans to replace its currency, the pound, with the euro in 2008, assuming it meets EU criteria to do so.

Cyprus is drawing investment because it has a flat 10 percent corporate tax rate. The island is benefiting too because of business ties to the growing markets of Russia and the oil-rich nations of the Middle East.

Real estate prices have almost doubled during the past five years on the island, according to Stelios Platis, director of S. Platis Economic Research in Nicosia, the capital.

Some investors say the rally may run out of steam, even with joint share trading.

"The bank shares, which dominate the Cyprus Stock Exchange, have had such an excellent year that this kind of growth is unlikely to be repeated," said Costas Severis, board member of Bank of Cyprus, the largest lender on the island.

Cypriot stocks also are not cheap. The 16 companies that form the main market in Nicosia trade for 15 times earnings, according to Christos Hadjichristodoulou, head of research at CLR Securities and Financial Services in Nicosia. Shares in the Morgan Stanley Capital International Emerging Markets Index are valued on average at 14 times estimated earnings.

The pace of mergers and acquisitions will help determine the strength of stock price increase, Platis, of S. Platis Economic Research, said.

Piraeus Bank of Greece said in July that it had abandoned a plan to team with Bank of Cyprus and said that it might sell its 8 percent stake. Piraeus had bought the shares as part of a proposal to cooperate with the Cypriot bank. Bank of Cyprus rebuffed the move.

Bank of Cyprus made a €4 billion, or $5 million, offer in June for Emporiki Bank of Greece, then withdrew the bid. Crédit Agricole of France agreed to buy Emporiki.

Still, the Cypriot market offers a chance to invest in industries that are tapping the expanding economies of Russia and Eastern Europe and the consumer and construction boom driven by high oil prices in Arab states.

Louis, a Cypriot cruise- line company that also operates 25 hotels in Greece and Cyprus, won a contract this month to manage a hotel in Egypt, part of the company's strategy to expand in the region.

Unigrowth Investments said Tuesday that it planned to set up a unit for property investments in Romania, a country joining the EU next year.

Ocean Tankers Holdings, the first ocean-going shipping company to sell shares on the Cypriot bourse, will also be the first such shipping company to trade on the Athens exchange as a result of the common platform.


Nicosia, CYPRUS Stocks in Cyprus, the world's second-best performing market this year behind Peru, may get an added lift as Cypriot shares become available for trading in Greece, home of the largest exchange in Southeast Europe.

Joint trading of Greek and Cypriot stocks, beginning Monday, "will help liquidity as well as give the stock market exposure to a network of investors that's much bigger," said Paschalis Terzis, investment director of Hellenic Trust MFC, based in Athens. "It will make a big difference."

The Athens and Cyprus exchanges will make all stocks traded on the two bourses available to investors through one trading platform, under the same regulations. The venture makes it easier for the pool of investors who trade in Greek stocks to own shares in Cypriot companies.

The Cyprus Stock Exchange General Index has more than doubled this year as investors anticipated mergers and acquisitions involving the eastern Mediterranean island's three biggest banks.

Shares of Bank of Cyprus have surged 90 percent this year, Cyprus Popular Bank has doubled and Hellenic Bank has almost tripled. The banks account for 87 percent of the 4.9 billion Cyprus pounds, or $10.7 billion, market value for the main Cyprus market.

Since Cyprus joined the EU in May 2004, the general index has tripled. Investor confidence grew in the Greek part of the island, which was divided in two after the 1974 Turkish invasion of the northern portion.

Cyprus plans to replace its currency, the pound, with the euro in 2008, assuming it meets EU criteria to do so.

Cyprus is drawing investment because it has a flat 10 percent corporate tax rate. The island is benefiting too because of business ties to the growing markets of Russia and the oil-rich nations of the Middle East.

Real estate prices have almost doubled during the past five years on the island, according to Stelios Platis, director of S. Platis Economic Research in Nicosia, the capital.

Some investors say the rally may run out of steam, even with joint share trading.

"The bank shares, which dominate the Cyprus Stock Exchange, have had such an excellent year that this kind of growth is unlikely to be repeated," said Costas Severis, board member of Bank of Cyprus, the largest lender on the island.

Cypriot stocks also are not cheap. The 16 companies that form the main market in Nicosia trade for 15 times earnings, according to Christos Hadjichristodoulou, head of research at CLR Securities and Financial Services in Nicosia. Shares in the Morgan Stanley Capital International Emerging Markets Index are valued on average at 14 times estimated earnings.

The pace of mergers and acquisitions will help determine the strength of stock price increase, Platis, of S. Platis Economic Research, said.

Piraeus Bank of Greece said in July that it had abandoned a plan to team with Bank of Cyprus and said that it might sell its 8 percent stake. Piraeus had bought the shares as part of a proposal to cooperate with the Cypriot bank. Bank of Cyprus rebuffed the move.

Bank of Cyprus made a €4 billion, or $5 million, offer in June for Emporiki Bank of Greece, then withdrew the bid. Crédit Agricole of France agreed to buy Emporiki.

Still, the Cypriot market offers a chance to invest in industries that are tapping the expanding economies of Russia and Eastern Europe and the consumer and construction boom driven by high oil prices in Arab states.

Louis, a Cypriot cruise- line company that also operates 25 hotels in Greece and Cyprus, won a contract this month to manage a hotel in Egypt, part of the company's strategy to expand in the region.

Unigrowth Investments said Tuesday that it planned to set up a unit for property investments in Romania, a country joining the EU next year.

Ocean Tankers Holdings, the first ocean-going shipping company to sell shares on the Cypriot bourse, will also be the first such shipping company to trade on the Athens exchange as a result of the common platform.

http://news.yahoo.com/s/nm/20061026/od_nm/greece_ouzo_dc_1


Reuters
Greeks toast EU ruling that ouzo belongs to them

Thu Oct 26, 8:33 AM ET

ATHENS, Oct 25 (Reuters Life!) - Greece said on Wednesday it had won the right to call its trademark anise-flavored aperitif ouzo as an exclusively Greek product after negotiations with the European Union.
ADVERTISEMENT

The country's Agriculture Ministry said several alcoholic drinks made from grapes or raisins, including ouzo, had been granted geographical protection by the EU.

"The minister succeeded after difficult negotiations to register the Greek drinks of ouzo, tsipouro and tsikoudia as geographically protected," it said in a statement following an EU agriculture ministers meeting in Luxemburg.

Tsipouro and tsikoudia, are also strong, clear spirits made in Greece.

"This means that nobody outside Greece can make ouzo and call it that," a ministry official told Reuters. "Only Greece can make ouzo and use the name."

The official said Greece has also granted fellow EU member Cyprus the right to make ouzo when it joined in 2004. Cyprus is divided along ethnic lines since 1974 and its Greek-Cypriot government is the only one recognized internationally.

The EU has previously granted brand protection to other drinks and food products such as Cognac and Champagne from France and Italy's Gorgonzola and Parmesan cheeses.

:applause: :applause:

http://www.iht.com/articles/ap/2006/10/31/business/EU_FIN_Cyprus_Popular_Bank.php

Shareholders approve Cypriot bank merger with Greek groups
The Associated Press
Published: October 31, 2006

NICOSIA, Cyprus Cyprus Popular Bank shareholders on Tuesday approved a merger with Greek banking groups Marfin and Egnatia Bank as part of a long-planned three-way merger.

In September, the Popular Bank, or Laiki, said it will offer 5.757 shares for each Marfin share and 1.209 shares for each Egnatia share.

The combined entity, that will be known as Marfin Popular Bank, will have assets worth €22.3 billion (US$28.2 billion) and a presence in 13 countries with 300 branches.

"A new dynamic is born today," said Laiki chairman Neoklis Lysandrou. "The dynamic of unification, which opens new horizons and new prospects for growth."

Shareholders also approved a €2.4 billion (US$3 billion) increase in share capital to pay for the acquisition.

The three mid-sized banks began discussing a merger earlier this year, one of several expected in Greece's fragmented banking sector.

Apart from Cyprus and Greece, Laiki also operates in Australia, Serbia and Britain.


NICOSIA, Cyprus Cyprus Popular Bank shareholders on Tuesday approved a merger with Greek banking groups Marfin and Egnatia Bank as part of a long-planned three-way merger.

In September, the Popular Bank, or Laiki, said it will offer 5.757 shares for each Marfin share and 1.209 shares for each Egnatia share.

The combined entity, that will be known as Marfin Popular Bank, will have assets worth €22.3 billion (US$28.2 billion) and a presence in 13 countries with 300 branches.

"A new dynamic is born today," said Laiki chairman Neoklis Lysandrou. "The dynamic of unification, which opens new horizons and new prospects for growth."

Shareholders also approved a €2.4 billion (US$3 billion) increase in share capital to pay for the acquisition.

The three mid-sized banks began discussing a merger earlier this year, one of several expected in Greece's fragmented banking sector.

Apart from Cyprus and Greece, Laiki also operates in Australia, Serbia and Britain.

http://www.ekathimerini.com/4dcgi/news/economy__1090031KathiLev&xml/&aspKath/economy.asp?fdate=07/11/2006

Rokas

Rokas, Greece’s biggest wind-power firm, was given the green light by the government to build a new wind-powered electricity plant in central Greece, financial daily Naftemporiki reported yesterday. Rokas will build a 42-megawatt plant in the central region of Fthiotida for about 43 million euros ($54.94 million) and will receive a subsidy of about 30 percent, or 13.5 million euros, the paper said. Rokas operates 13 wind parks with a total capacity of 193.3 megawatts in the regions of Crete, Evia, Thrace, Kos, and Leros, the newspaper reported. The company accounts for about 40 percent of Greece’s total wind power capacity. Spanish power utility Iberdrola holds a 49.9 percent stake in Rokas. (Reuters)

http://www.novinite.com/view_news.php?id=72213

Over EUR 8.5 B of Greek Investments in 9 Balkan Countries, Including Bulgaria

Business: 6 November 2006, Monday.

The Greek investments in the Balkan and Black Sea states, among which Bulgaria, will be over EUR 8,5 B, Greek newspaper Express reported.

Among the priority states towards which the Greek investments will be tunnelled are Bulgaria, Romania, Serbia, Albania, and Turkey. Greek funds will also head towards the Black Sea states of Russia, Ukraine, Georgia and Armenia.

The major sectors that will accommodate the funds will be telecommunications, construction, food industry, transportation, power engineering and trade.

Greek investments in Bulgaria will reach EUR 1.2 B. Romania and Turkey will get the largest share of EUR 3 B and Albania will get the smallest of EUR 500 M.

http://asia.news.yahoo.com/061114/3/2sva2.html

Greece's Folli Follie gets China retail licence

ATHENS, Nov 14 (Reuters) - Greek jewellery retailer Folli Follie (http://www.follifollie.com/) received a licence to operate its own stores in China and to export its profits out of the country, the company said on Tuesday.

The licence allows Folli Follie, Greece's largest jewellery retailer, to control the sale and promotion of its products in 62 outlets throughout China, bypassing the current practice where it pays commission to a local agent to sell its goods.

Analysts said the development is positive for Folli Follie.

The licence also allows Folli to convert profits from its Chinese operations to euros and take them out of the country. The company was previously not allowed to convert money from Chinese currency.

"This important and crucial development is a key element in Folli Follie's strategy to expand its presence in one of the most dynamic economically areas worldwide," Folli's Vice-Present George Koutsolioutsos said in a statement.

Folli Follie, which holds a majority stake in Greek duty-free monopoly Hellenic Duty Free Shops (HDFS) , trades 12.6 times prospective 2006 earnings, at a hefty discount to a 25 multiple for the European luxury goods sector, according to Reuters Estimates.

Analysts said the firm trades at a discount on concerns over decelerating growth in its main market, Asia, and the pricey acquisition of British jeweller Links of London earlier in the year.

Its shares have underperformed the broader Greek market by 9.12 percent since the start of the year.


http://biz.yahoo.com/ap/061114/greece_economy.html?.v=1

Greek GDP Rises 4.3 Percent in 3Q
Tuesday November 14, 7:00 am ET

ATHENS, Greece (AP) -- Greece's gross domestic product rose 4.3 percent in the third quarter, the National Statistics Service reported on Tuesday.

Higher domestic consumption was behind most of the rise, increasing 3.5 percent from a year earlier, compared with 2.8 percent in the third quarter of 2005. Investment spending was the other main factor, jumping 7.6 percent year-on-year, compared with just 0.6 percent in the same period last year.

The export sector rose 7 percent from a year earlier, with imports rising 6.5 percent.

On Saturday, Finance Minister Giorgos Alagoskoufis predicted a 4.3 percent third quarter growth rate and said the government would likely revise upward its forecast for 2006 growth. The current government forecast for 2006 growth is 3.8 percent.

:cheers:

http://www.zaman.com/?bl=hotnews&alt=&trh=20061115&hn=38266


Greek Alpha Bank to Buy Turkish Bank
By Cihan News Agency
Tuesday, November 14, 2006
zaman.com

Alpha Bank, the second largest bank in Greece, is interested in purchasing a Turkish Bank, said the bank’s chairman Yannis Costopoulos.

In an interview with Greek daily Imerisia, Costopoulos said that the Turkish banking sector was not like that of Bulgaria or Romania. "The big Turkish banks are strong and they are at technologically high levels. It is not easy to compete with them," the Greek financial daily quoted him as saying.

Alpha Bank is rumored to be flirting with Turkey's Alternatifbank, a small bank with a market capitalization of €225 million.

Tuncay Ozilhan, Chief Executive of Anadolu Group, the main shareholder of Alternatifbank, said that they received a proposal for 50 percent of shares of the bank. He added that the group is expecting to take a decision in two weeks time for the sale.

In April the National Bank of Greece, the leading bank in Greece, agreed to pay €2.3 billion (ca. $2.8 billion) for the sale of 46 percent of shares and 100 percent of founders' shares of Finansbank, Turkey's eighth largest bank, realizing the largest commercial deal between Turkey and Greece. EFG Eurobank, another Greek bank, purchased 70 percent of shares of Turkish Tekfenbank for $185 million.

http://www.hemscott.com/news/rna/item.do?newsId=37628208519295

Alpha Bank expands in Turkey

Alpha Bank today confirmed that an agreement has been reached with Anadolu Group to create a strong franchise in the Turkish financial sector. Through this partnership, Alpha Bank enters a rapidly developing sector in a large and fast growing market. The Anadolu Group is one of the preeminent industrial concerns in Turkey and is also the majority owner of Abank (Alternatifbank). Alpha Bank's banking expertise combined with Anadolu Group's extensive business presence in the Turkish market, will transform Abank to a truly universal bank, offering a wide spectrum of high quality products and services to both businesses and retail customers. The bank targets a network of over 100 branches over the medium term, concentrated mainly in the largest cities.


The transaction is valued at USD 492.5 million (Euro 384.3 million). Alpha Bank will ultimately contribute a cash consideration equal to half of said amount. The two parties will jointly establish a fifty-fifty holding company whose assets consist of the shares currently owned by the Anadolu Group in both Abank and Alease (Alternatiflease), that is 94% and 95% stakes respectively. The holding company will also own, indirectly, 100% of the brokerage firm Alternatif Yatirim, 45% of the listed closed-end investment fund Alternatif Yatirim Ortkaligi, as well as the head offices of the bank and the brokerage company, situated in premium locations of Istanbul. Furthermore, the parties will launch a voluntary public offer for the acquisition of the minority shares of Abank and Alease with the same terms as those accrued to the majority shareholders, following closing of the transaction.

OECD expects firm Greek economic growth and a lower deficit in 2007

The Associated Press

The Greek economy should experience strong growth next year along with lower deficits and unemployment, the Organization for Economic Cooperation and Development said Tuesday.

The OECD raised its 2007 growth forecast for Greece to 3.8 percent and expects the same in 2008. Its previous forecast, issued in May, had projected 3.6 percent.

The organization also said Greek budget-cutting efforts would bring the fiscal gap to 2.6 percent of gross domestic product next year, sharply lower than its previous 2007 forecast of 3.3 percent.

"OECD projections are that, on present policies, the general government deficit would be below 3 percent," the Paris-based think tank said in its annual outlook for 2007. "However, if the tax cuts announced for 2008 were to be implemented, this limit could be breached."

Greece has struggled to cut its budget deficit to below 3 percent of GDP — the highest permitted level under EU rules — after misstating its deficit for years in order to gain entry into the euro zone. It recently announced a three-year program of personal tax cuts.

The government forecasts a deficit of 2.4 percent in 2007, down from 2.6 percent this year.

The OECD forecast does not take into account the government's controversial, 25 percent upward revision of GDP earlier this year, which also reduces the deficit-to-GDP ratio. Eurostat, the EU's statistics agency, has not yet approved the revision.

The OECD also expects Greek unemployment to fall to 9.2 percent in 2007 and 8.8 percent in 2008, from 9.6 percent in 2006, and a slight moderation in inflation to 3.1 percent from 3.2 percent this year.

Still, the OECD urged "comprehensive reforms" in pensions and health care and called on the government to work toward "substantial" budget surpluses to ensure long-term stability.

"Fiscal objectives should now become more ambitious by aiming for a substantial primary surplus, given the high level of debt and favorable outlook for demand," the OECD said.


Source:
http://www.iht.com/articles/ap/2006/11/28/business/EU_FIN_ECO_Greece_Economy.php

:cheers:

Great!

FinMin optimistic about economy in 2007

The consolidation of fiscal reform, reinforcement of the development process and greater social cohesion are the main characteristics of the economy for 2007, Economy and Finance Minister George Alogoskoufis told ANA on Wednesday.

"A mild fiscal adjustment policy and a broad reform programme aimed at dealing more effectively both with problems inherited from the past and future challenges, are being implemented since taking over the country’s government", Alogoskoufis noted. Such problems are high fiscal deficits, a very large public debt, declining competitiveness, high unemployment, particularly among the young, and the counterproductive public sector, stated the finance minister, adding that all these undermined the country’s future leading the economy to introversion and low productivity.

Dynamic growth, notable decline of unemployment, considerable improvement of public finances and greater social cohesion were achieved through the reduction of taxation rates for businesses within ataxation reform framework. In addition, more incentives for new investments were offered -particularly in the country’s regions- within the framework of a new investment law, as well as through public and private sector partnerships, new generation privatizations and a 3rd Community Support Framework reform.

Growth rate

The progress made in the economy is proven by the existing figures, Alogoskoufis added. In spite of difficulties such as high oil prices and low growth rates in the Eurozone, unemployment dropped from 11.3 percent in the first quarter of 2004 to 8.3 percent in the third quarter of 2006. Growth rate is strong, he stressed, at 3.7 percent in 2005, and 4.1 percent in the first half of 2006, while in the third quarter of 2006 it reached 4.4 percent putting to rest all post-Olympic Games recession scenarios. Competitiveness shows notable improvement based on the course of exports and the reports issued by foreign organizations.

Fiscal deficits are steadily declining. From 7.8 percent of GDP in 2004 the deficit will drop to 2.4 percent in 2007. Competitiveness in the banking system was boosted thanks to the settlement reached in the bank employees’ social insurance problem and the privatizations done by the government benefiting households, businesses and the economy in general. After many years, Greece is again on the international investment map attracting major investments. Foreign investments in the first nine months of the year reached 3.7 billion euros and are tenfold compared to the same period in 2005. The progress observed was achieved at a time when not all reform initiatives had given fruit meaning that the Greek economy will preserve its dynamic characteristics and further improve its performance.

The basic characteristics of the economy in 2007, according to the finance minister, will be the consolidation of fiscal reform with the deficit being considerably under the 3 percent limit, at 2.4 percent of the GDP, for a second year in a row. Development process will be reinforced with growth being based on investments and exports which considerably increased in the first 9 months of 2006 with a 9.5 percent and 20.2 percent rate respectively. The amended investment law passed in December offers more incentives for investments, while the funding of projects placed within the National Strategic Reference Framework will get underway in 2007 with 82 percent of them being directed to the country’s regions.

http://www.ana-mpa.gr/anaweb/user/showplain?maindoc=4923447&maindocimg=4845546&service=10

The OECD forecast does not take into account the government's controversial, 25 percent upward revision of GDP earlier this year, which also reduces the deficit-to-GDP ratio. Eurostat, the EU's statistics agency, has not yet approved the revision.



This article is full of good news, but I am particularly interested in this.


So with the governments new "revision" to the GDP, it is expected a 25% increase? So that means if lets say the total Greek GDP was previously 240 billion (CIA est) it will increase 25% to 300 billion? And a gdp per capita of 22,300 will increase 25% to almost 28,000?


Am I correct? :nuts:


EDIT: If we go by Wikipedia, they have a total GDP of 260 billion (2006 est) which means a 25% revision would go up to 305 billion and per capita from 23,500 to almost 30,000. (!!!) I can't be correct in this...

If we go by Wikipedia, they have a total GDP of 260 billion (2006 est) which means a 25% revision would go up to 305 billion and per capita from 23,500 to almost 30,000. (!!!) I can't be correct in this...

^^ Men this sounds crazy:nuts:

It does sound very hard to believe. Where the hell were they hiding (or found, which ever you prefer) the extra 25%?


I mean this puts us on par with some Western European countries. 29,000 per capita is right there with Italy and Germany, and above Spain I believe!

Apistefto. Lets wait to see if all this is correct though?

I mean this puts us on par with some Western European countries. 29,000 per capita is right there with Italy and Germany, and above Spain I believe!

Apistefto. Lets wait to see if all this is correct though?

Chris the GDP per Capita of Germany is $39,710, UK $42,430 and Italy's is$35,980. So even if the revised GDP get's approved still we have a long way to go...

Where did you get those stats from Soul? Those are alot higher than I saw searching Wikipedia and CIA websites. Especially for Germany and Italy who are closer to 30,000.

I really really hope that the 25% revision is approved.

UK 42,000!!!!!!????????

No, it's at 30,436.

The only European countries that surpass the 40,000 level are Luxembourg, Norway and Ireland with 69,800 :eek: ; 42,364 and 40,610 respectively (well done Ireland! :applause: this deserves some Irish black ale toast).

The other over 40,000 nation is America with 41,399.

Anyway these numbers refer to the PPP (sounds funny if you repeat it to yourself, try saying it before continuing)........all right, let's continue; the PPP takes into account the local cost of living so making countries with a real low GDP (nominal) show higher in the PPP lists because of their cheap cost of living.

Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries

But when we don't take into account the so mentioned cost of living, that's where the nominal GDP shows up.

You can get the feeling of the nominal GDP when traveling abroad and comparing with travellers from different countries or just putting into trial your own resources in that country .

PPP largely removes the exchange rate problem, but has its own drawbacks. It does not reflect the value of economic output in international trade

For example let's see what happens in Japan:

While its nominal GDP is of 35,757 its PPP because of the expensive cost of living puts Japan down to 30,615.

Some interesting figures are those of the following nations:

Estonia>> PPP: 16,414 / Nominal: 9,727 (very low cost of living)
Costa Rica>> PPP: 10,434 / Nominal: 4,620 (ridiculously low cost of living)
Uruguay>> PPP: 10,720 / Nominal: 5,274 (ridiculously low cost of living)
People's Republic of China>> PPP: 7,198 / Nominal: 1,709 (Ahh!! now some things make sense)

In the case of Greece the difference is not that big between the PPP and Nominal.

Greece>> PPP: 23,518 / Nominal: 21,500 (a somewhat low cost of living, but not that much)
Spain>> PPP: 26,320 / Nominal: 27,226 (a little expensive, but just a little)
Italy>> PPP: 28,534 / Nominal: 30,200 (a somewhat high cost of living, but not that much)
Portugal>> PPP: 19,335 / Nominal: 17,456 (a somewhat low cost of living, but not that much)
France>> PPP: 29,187 / Nominal: 33,918 (more expensive than Italy)
United Kingdom>> PPP: 30,436 / Nominal: 37,023 (I understand now why it's so expensive eating in London!)
United States>> PPP: 41,399 / Nominal: 42,000 (great balance!!)
Canada>> PPP: 34,273/ Nominal: 35,133 (another great one)

That explains why a Estonian has a good standard of living in his country not to mention a Costa Rican, but when travelling abroad they should mainly be cautious with expenses in places like Europe or America. While an American is rich anywhere (so to speak).

With the 25% revision in Greece our PPP GDP would rise to 29,400 (higher than Italy) and the nominal one to 26,900 (just a little lower than Spain, but because of the higher development rate of Greece, the later would surpass the one of the former by late 07' :colgate: ).

So, the advantages of using nominal GDP figures include that less estimation is required, and that they more accurately reflect the participation of the inhabitants of a country in the global economy, despite the PPP is more widely used when comparing nations.

In short if you are to compare local cost of livings between countries use the PPP and if you are to compare macroeconomic numbers and international trade figures nominal are for you.

Great explanation, thanks Grigori. :)


Do you happen to know what the average wage is in the country?


I believe the minimum wage was 668 euros for 2005, but what is the average salary per month? Do you know?

I got the prices from last months Economist (The World in 2007). All the prices are in Dollars. The PPP per head for UK is $35,940 Germany's $31,870, Greece's $25,890, USA $46,280

UK 42,000!!!!!!????????

As I said:
GDP per Capita of Germany is $39,710, UK $42,430 and Italy's $35,980. Greece's GDP per capita is $23,970

The adjusted Euro Currency prices for both GDP and PPP:
GDP PPP
UK: 32,228 27,299
Germany: 30,155 24,209
Italy: 27,333 23,572
Greece: 18,208 19,667

Grigory all the prices you posted seem to be out of date. Dollar has lost 0.10p of its value the last 6 months. Also the price of the greek GDP seems relatively high.

It's incredible soul that every site (serious) I visit in the net show the figures I posted. As for the 06 GDP we have to wait to January after more balances are performed.

As for the Greek GDP read again please it says 23,518 and you are showing 23,970 could you tell me please where the GDP is high??? (yours is higher!!!)

Anyway, mine numbers are based on official per nation figures.

As for the UK, Italy and Germany, I can tell you, those figures you show are overestimated; sorry I understand you want to see them higher but, that's not the truth.

As for the Greek numbers, remember Greece is a country with a 4% development rate, so our GDP increases in a rush, unlike Italy for example, a country with a low dev. rate.; but according to your numbers Italy should be at the 6-7% dev. rate; could you tell me when that economic miracle happened? I don't think it was neither under Berlousconni nor in the last few months of the new administration.

I got the prices from last months Economist (The World in 2007). All the prices are in Dollars. The PPP per head for UK is $35,940 Germany's $31,870, Greece's $25,890, USA $46,280

So with a 25% increase the PPP per capita for Greece would be from $25,890 to $32,362.




GDP per Capita of Germany is $39,710, UK $42,430 and Italy's $35,980. Greece's GDP per capita is $23,970


And again, the GDP per capita would go from 23,970 to $29,962.



Even with these figures, thats not so bad. :) Sure it may not be exactly where UK, Germany and Italy are, but it's alot closer than 24,000 is it not? And with a 3-4% growth rate, the gap will be shortening with time as Grigori stated.


Soul, what were last months Economist stats for Spain, Portugal and Slovenia? (PPP and nominal)

It's incredible soul that every site (serious) I visit in the net show the figures I posted. As for the 06 GDP we have to wait to January after more balances are performed.

As for the Greek GDP read again please it says 23,518 and you are showing 23,970 could you tell me please where the GDP is high??? (yours is higher!!!)

I consider The Economist a very serious source. Maybe cause "The World in 2007" is a special edition of economist published every december, this prices are a forecast for 2007 (it doesn't mention anything though). On the other side the Greek GDP seems relatively high compared with the other prices you posted.

As for the UK, Italy and Germany, I can tell you, those figures you show are overestimated; sorry I understand you want to see them higher but, that's not the truth.

??????? :nuts:

Soul, what were last months Economist stats for Spain, Portugal and Slovenia? (PPP and nominal)
GDP, PPP
Spain: $30,820 $29,610
Portugal: $20,620 $21,590
Slovenia: $21,260 $26,450

Stats from IMF (International Monetary Funds)
Report - World Economic Outlook Database, September 2006:

2005 / 2006 / 2007
Germany GDP per capita 33,854.008/ 35,021.653 / 36,779.137
Greece GDP per capita 20,326.652/ 21,925.223 / 24,030.414
UK GDP per capita 37,023.352/ 38,947.015 / 41,959.848
USA GDP per capita 42,000.450/ 44,314.783 / 46,085.150
Italy GDP per capita 30,199.531/ 31,350.159 / 33,077.978
Spain GDP per capita 27,225.573/ 29,266.058 / 31,726.553

Source: http://www.imf.org/external/pubs/ft/weo/2006/02/data/weoselgr.aspx

Grigori basicaly the stats you've posted belong to 2005 while The economist has it's forecast prices for 2007.

On the other side the Greek GDP seems relatively high compared with the other prices you posted.


But I mentioned that Greek's Nominal GDP is at $21,500 while the PPP at $23,518!!!!!

While you claim that the nominal is at $21,925 and the PPP at $25,890.

If my maths are not wrong your figures are higher than mine!!!!!

Or did I get into the twilight zone and now 21,500 is higher than 21,925 and 23,518 higher than 25,890?!?!?!?

:nuts:

Grigori, I value your opinion but I think soul means that the figure is high in contrast to the other nations that you have presented.

I personally agree with you though.

An interesting factoid about the Hellenic economy is that with the netry of Bulgaria into the EU, it is the first time that Greece will be connected by land to another EU country.

Interesting... :)

^^ About time.

http://biz.yahoo.com/ap/070109/greece_turkey_national_bank.html?.v=1

Greece Bank Increases Finansbank Stake
Tuesday January 9, 1:48 pm ET


ATHENS, Greece (AP) -- The National Bank of Greece said Tuesday that it raised its stake in Turkey's Finansbank to 80.4 percent two days after launching its public offer for the Turkish lender.

In a statement issued to the Athens Stock Exchange, NBG said it had acquired 34.4 percent in Finansbank from minority shareholders.

NBG already held a 46 percent stake in the Turkish bank that it acquired from the bank's founder in August in a US$2.7 billion deal.

Under the terms of the deal, 9.7 percent of Finansbank shares will remain in the hands of the bank's founder, Husnu Ozyegin, through his holding company FIBA Holdings.

http://biz.yahoo.com/ap/070214/greece_gdp.html?.v=1


Greece GDP Expands 4.4 Percent in 4Q

Wednesday February 14, 8:06 am ET

ATHENS, Greece (AP) -- Greece's gross domestic product rose an unexpectedly strong 4.4 percent year-on-year in the fourth quarter of 2006, boosted by strong consumer spending, exports and investments, the government said Wednesday.

A provisional estimate by the country's National Statistics Service showed that consumer spending -- which accounts for four-fifths of the economy -- rose 2.7 percent on the year to euro31.6 billion (US$41.35 billion).

Investments and exports both jumped sharply in the fourth quarter compared with a year earlier. Investment spending rose 9.9 percent on the year to euro11.23 billion (US$14.69 billion), while exports were up 10.9 percent at euro8.0 billion (US$10.47 billion).

Imports also rose sharply, up 9.3 percent on the year to euro12.12 billion (US$15.86 billion).

Since mid-2004, the Greek economy has been buoyed by an explosion in consumer spending that has fueled growth but also led to a ballooning current account deficit.

Figures released Tuesday by the Bank of Greece showed the country's current account deficit reached 12.1 percent of GDP in 2006.

Final GDP estimates for 2006 will be released March 1.

Official Web Site: http://www.statistics.gr

Ενδιαφέρον κυριακάτικο άρθρο της Καθημερινής

Και όμως στην Ελλάδα παράγεται υψηλή τεχνολογία

Κοντρα στην γκρίζα εγχώρια πραγματικότητα, περίπου 20 μικρές εταιρείες καινοτομούν στην ανάπτυξη λύσεων για την παγκόσμια αγορά

Του Φωτη Κολλια/ fotisk@kathimerini.gr

Η μιζέρια των εισηγμένων εταιρειών πληροφορικής και η θολούρα στη διαχείριση κονδυλίων για την έρευνα κρύβουν μια νέα γενιά ελληνικών επιχειρήσεων τεχνολογίας, οι οποίες δημιουργήθηκαν τα τελευταία χρόνια, αλλά πρωτοπορούν στην ανάπτυξη λύσεων για την παγκόσμια αγορά. Ιδρύθηκαν από νέους μηχανικούς, η πλειονότητα των οποίων εγκατέλειψε υψηλές θέσεις σε πολυεθνικές επιχειρήσεις και πανεπιστήμια του εξωτερικού και αρκετές διαθέτουν σήμερα γραφεία στο Λονδίνο, στη SilicoValley των ΗΠΑ, στην Ινδία, ακόμα και στη Γιοκοχάμα της Ιαπωνίας. Κάποιες είναι θυγατρικές διεθνών ομίλων που ίδρυσαν Ελληνες στις ΗΠΑ και σήμερα κατέχουν κορυφαίες θέσεις στην παγκόσμια αγορά τεχνολογικών προϊόντων ή εφαρμογών. Οι 15 - 20 μικρές εταιρείες μπορεί να μη διαθέτουν αξιοζήλευτα έσοδα, αλλά ανέπτυξαν καινοτομικές λύσεις που τους εξασφάλισαν συνεργασία με τους ισχυρότερους διεθνείς «παίκτες». Γι' αυτό και περισσότερο από 80% του κύκλου εργασιών τους προέρχεται σήμερα από το εξωτερικό.

Κέντρο Μικροηλεκτρονικής

Συνδετικός κρίκος των εταιρειών είναι ότι οι ιδρυτές τους αποφοίτησαν από τις σχολές του Πανεπιστημίου Πατρών και του Εθνικού Μετσοβίου Πολυτεχνείου (ΕΜΠ) και συνέχισαν τις σπουδές τους στο εξωτερικό. Καθηγητής στη σχολή Ηλεκτρολόγων Μηχανικών και Τεχνολογίας Υπολογιστών της Πάτρας και πανεπιστημίων του εξωτερικού υπήρξε και ο κ. Βασίλης Μακιός, σήμερα γενικός διευθυντής στο νέο Κέντρο Καινοτομίας Μικροηλεκτρονικής. Το κέντρο εγκαινιάστηκε πρόσφατα στο πλαίσιο της Ελληνικής Πρωτοβουλίας Συνεργατικών Σχηματισμών (HTCI) που χρηματοδοτείται από το Γ' ΚΠΣ και στεγάζει περί τις 10 μικρές επιχειρήσεις (με 200 στελέχη) που διακρίνονται στον τομέα της σχεδίασης ημιαγωγών, δηλαδή του πυρήνα των προϊόντων πληροφορικής, τηλεπικοινωνιών και καταναλωτικών ηλεκτρονικών.

Δύο 35αρηδες, που επίσης εγκατέλειψαν θέσεις στο εξωτερικό, έχουν αναλάβει την καθημερινή λειτουργία του Κέντρου, υπό τον κ. Μακιό. Οι κ. Χόρχε Σάντσεζ - Παπασπήλιου και Νίκος Βογιατζής κατέχουν τις θέσεις του διευθυντή Στρατηγικής και Λειτουργίας, αντίστοιχα. Δηλώνουν πως επέστρεψαν στην Ελλάδα γιατί «είχαν βαρεθεί να ακούν τους Ελληνες του εξωτερικού να λένε πως δεν υπάρχει ελπίδα για την τεχνολογία στη χώρα». Οταν επέστρεψαν άρχισαν να ψάχνουν πόρτα πόρτα τις επιχειρήσεις τεχνολογικής καινοτομίας. Στάθηκαν τυχεροί γιατί μόλις είχε ιδρυθεί η Ενωση Ελληνικής Βιομηχανίας Ημιαγωγών (ΕΝΕΒΗ), η πλειονότητα των μελών της οποίας συστεγάζεται (ή έχει παραρτήματα) στο κτίριο του Κέντρου Καινοτομίας Μικροηλεκτρονικής στο Μαρούσι.

Σύμφωνα με τους κ. Μακιό, Σάντσεζ και Βογιατζή, οι εταιρείες που συστεγάζονται στο κέντρο έχουν σήμερα συνολικά έσοδα περί τα 30 εκατ. ευρώ, αλλά εμφανίζουν ταχείς ρυθμούς ανάπτυξης με αποτέλεσμα κάποιοι να προβλέπουν δεκαπλάσια έσοδα εντός της προσεχούς πενταετίας. Επιπλέον δεν πρόκειται για τους κλασικούς τροφίμους των ερευνητικών προγραμμάτων οι οποίοι αντλούν κοινοτικά κονδύλια για δήθεν έρευνα, χωρίς ποτέ να αναπτύξουν προϊόν. Πρόκειται για «πραγματικές εταιρείες, με πραγματικούς ανθρώπους που παράγουν πραγματικά προϊόντα», όπως έλεγε πρόσφατα ο Γιάννης Τσουκαλάς, γενικός γραμματέας Ερευνας και Τεχνολογίας. Αρκετές χρειάζονται, πάντως, κεφαλαιακή ενίσχυση και τεχνογνωσία προκειμένου να προχωρήσουν πιο πέρα από τον σχεδιασμό ολοκληρωμένων κυκλωμάτων.

Συνεργασία με private equity

Στα άμεσα σχέδια του Κέντρου Καινοτομίας Μικροηλεκτρονικής είναι η συνεργασία με εταιρείες private equity προκειμένου να εξασφαλίσουν χρηματοδότηση σε νεοϊδρυθείσες επιχειρήσεις που αναζητούν κεφάλαια. Τα στελέχη του υποστηρίζουν ότι βρίσκονται σε εξέλιξη συζητήσεις και αισιοδοξούν ότι θα υπάρξει σύντομα συμφωνία. Οι κ. Μακιός, Σάντσεζ και Βογιατζής δηλώνουν ότι υπάρχει ενδιαφέρον και άλλων επιχειρήσεων για συμμετοχή στο Κέντρο Καινοτομίας.

Με διεθνή απήχηση

Η λειτουργία του Κέντρου Καινοτομίας Μικροηλεκτρονικής στο Μαρούσι προβάλλεται σε άρθρο διεθνούς περιοδικού το οποίο φιλοξενείται στην ιστοσελίδα της αμερικανικής Bytemobile Inc, κυρίαρχου στις λύσεις διαχείρισης δικτύων κινητής τηλεφωνίας για μεταφορά δεδομένων διεθνώς. Η Bytemobile ιδρύθηκε από τον κ. Κωνσταντίνο Πολυχρονόπουλο που εγκατέλειψε τη θέση του καθηγητή στο Πανεπιστήμιο του Ιλινόις. Το Ευρωπαϊκό Κέντρο Σχεδιασμού της εταιρείας εδρεύει στην Ελλάδα και είναι ένα από το μέλη του Κέντρου Καινοτομίας Μικροηλεκτρονικής. Στο Κέντρο συμμετέχει επίσης η ATMEL Ελλάς, θυγατρική της αμερικανικής ATMEL, με πολυπληθές τμήμα σχεδιασμού και ανάπτυξης λύσεων στην Πάτρα. Με έσοδα 1,67 δισ. δολάρια για το 2006, η εισηγμένη στο NASDAQ Atmel ιδρύθηκε πριν από περίπου 15 χρόνια από τον κ. Γιώργο Περλέγκο και στις επιτυχίες της συγκαταλέγονται η προσθήκη ασύρματου δικτύου στον πρώτο φορητό υπολογιστή με οθόνη αφής, καθώς και στους πρώτους ασύρματους υπολογιστές της Hewlett-Packard, αλλά και το πρώτο τηλέφωνο για κλήσεις μέσω Διαδικτύου, που ενσωματώνει την τεχνολογία Wi-Fi (για λογαριασμό του κολοσσού Cisco). Ο κ. Περλέγκος και ο αδελφός του αναγκάστηκαν να αποχωρήσουν το περασμένο καλοκαίρι από την εταιρεία εν μέσω κατηγοριών για κακοδιαχείριση κονδυλίων και ελέγχων για παραβιάσεις της χρηματιστηριακής νομοθεσίας. Τώρα δίνουν δικαστικό αγώνα για την επιστροφή τους στο διοικητικό συμβούλιο.

Πολύ καλά νέα. Ο Μακιός υπήρξε καθηγητής μου και είναι ένα από τa πιο απολαυστικά άτομα που έχω γνωρίσει. Αθυρόστομος, αέναος, πρωτοπόρος στον τομέα του (στα νιάτα του βέβαια), και με τρομακτικό ταλέντο στο motivation. Έκανε το διδακτορικό του υπό την επίβλεψη του κολοσσού Heisenberg (http://en.wikipedia.org/wiki/Heisenberg) στο Μόναχο. Έγινε καθηγτής στο Κανάδα και ήρθε στην Ελλάδα μετά από προσωπική παράκληση του Αντρέα για να επανδρώσει τη σχολή των Ηλεκτρολόγων Μηχανικών της Πάτρας. Τον θυμάμαι κάθε χρόνο να δίνει διάλεξη για την σχέση Τέχνης και Επιστήμης, συγκρίνοντας fractals, Jackson Pollock και Integrated Circuits. Χαμός στο Αμφιθέατρο του συνεδριακού κάθε χρόνο. Φοβερός και ακούραστος χειμερινός κολυμβητής και ασταμάτητος ομιλητής (επί παντώς).

Μας μιλούσε πάντοτε για τα "κλάστερς", τα "κλάστερς" το ένα, τα "κλάστερς" το άλλο, και ότι εμείς θα σώσουμε την Ελλάδα. Να λοιπόν που ξεκίνησε πρώτος.


Καλή τύχη, κύριε Καθηγητά.

http://biz.yahoo.com/ap/070307/russia_greece_putin.html?.v=1

Putin to Visit Greece for Pipeline Deal
Wednesday March 7, 1:11 pm ET
Kremlin: Putin to Visit Greece for Signing of Oil Pipeline Deal

MOSCOW (AP) -- Russian President Vladimir Putin will travel to Greece next week for the signing of a long-delayed oil pipeline deal, the Kremlin said.

During the March 14-15 visit, Putin will meet with the Greek and Bulgarian presidents, the Kremlin said late Tuesday. It said an agreement between the three governments for "cooperation on the construction and use" of the Burgas-Alexandroupolis pipeline would be signed during the summit.

Putin has visited Greece twice in the past two years amid talks on the 178-mile pipeline, a $1.2 billion venture to carry Russian oil across Bulgaria and Greece to the Mediterranean Sea.

Putin last month warned that Russia would seek alternative supply routes if a pipeline agreement was not concluded soon. Within days, the three countries initialed a deal setting out the project details, paving the way for the forthcoming agreement.

Bulgaria's government said Wednesday that Prime Minister Sergei Stanishev would be in Athens on March 14-15 to attend the signing, and that Development Minister Asen Gagauzov would sign the document on behalf of Bulgaria.

The pipeline, bypassing Turkey's cramped Bosporus Strait, would carry oil from Burgas on Bulgaria's Black Sea coast to the Greek port of Alexandroupolis on the Mediterranean. It is tentatively scheduled for completion by 2010.

Authorities say the pipeline would initially carry 700,000 barrels of oil a day, with capacity set to eventually increase to more than 1 million barrels a day.

A consortium of companies from the three countries -- including Russia's state-controlled Rosneft, Gazprom Neft and Transneft, as well as Greece's Hellenic Petroleum SA -- are to build and operate the project.

Φορητό Κέντρο Ψυχαγωγίας
Στη Διεθνή Αγορά μέσω Κίνας από τη Unibrain

Νέα σύμβαση ύψους 2.1 εκατ. δολαρίων ΗΠΑ για το 2007 υπέγραψε η Unibrain με την κινέζικη κατασκευαστική εταιρία MacPower.

Η συνεργασία αφορά στις άδειες λογισμικού του προϊόντος iZak, μιας φορητής πολυχρηστικής συσκευής για την αποθήκευση αρχείων πολυμέσων και αναπαραγωγής τους μέσω της τηλεόρασης.

Συγκεκριμένα, η Unibrain παρέχει ολόκληρο το σχεδιαστικό φάκελο του iZak (υλικό, λογισμικό, τεχνογνωσία), καθώς και την εξουσιοδότηση παραγωγής στην Macpower, η οποία "κλωνοποιεί" την τεχνολογία αυτή και παράγει ένα προϊόν προσαρμοσμένο στις απαιτήσεις του κάθε πελάτη.

Αξίζει να σημειωθεί ότι μεταξύ των πελατών της Macpower, συγκαταλέγονται οι Lacie, Iomega, Logitec, Gtech και PackardBell. Οι εταιρίες αυτές προωθούν στην παγκόσμια καταναλωτική αγορά το "δικό τους" πλέον προϊόν, με το εμπορικό σήμα τους και με τη δύναμη του ονόματός τους.

Η MacPower κερδίζει από την παραγωγή του προϊόντος και η Unibrain απολαμβάνει τα δικαιώματα (άδειες) χρήσης.

Η σύμβαση αυτή είναι ιδιαιτέρως επωφελής για τη Unibrain, καθώς της δίνει τη δυνατότητα να συνεργασθεί με μία ευέλικτη και δυναμική κινέζικη εταιρία και να αναπτυχθεί στη διεθνή αγορά, συμπεριλαμβάνοντας στο πελατολόγιό της κορυφαίες πολυεθνικές.

http://www.in.gr/tech/unizak.asp

http://www.ekathimerini.com/4dcgi/news/economy__57141KathiLev&xml/&aspKath/economy.asp?fdate=23/03/2007



Aegean takes delivery of first Airbus A320 jets

Privately held Greek carrier Aegean Airlines has taken delivery of three new Airbus A320 jets out of an order of 19, as part of its extensive fleet renewal. “Delivery of the new aircraft starts with these three today and will be completed in 2010 when our last Boeing 737 300/400 is replaced,” Chairman Theodoros Vassilakis said yesterday. The carrier, which competes with state-owned Olympic Airlines, carried 4.5 million passengers last year with its fleet of 21 aircraft to more than 50 Greek and European destinations.

It placed an 598-million-euro order for 19 Airbus A320 jets and has an option for eight more. He said Aegean will have the youngest fleet in the Balkan region in 2008. The new jets will allow the carrier to expand its flights outside Greece, mainly to European destinations. (Reuters)

Greece to surpass Spain GDP per capìta by 2009

The economy of the European Union is (collectively) the world's largest, with 30.3% of World GDP (World Bank, Total GDP 2005). It is the principal agricultural, industrial and service power. As of 2006, there are 492 million Europeans in the 27 member states of the European Union.

The case of Greece is very special as its economy is under a process of continuous development and grow of over a decade. According to Eurostat the current Nominal GDP per capita of Greece is U$S 24,030 and its economy is expected to grow further by around a 4% for 2007.

Plus, Greece will revise upward its gross domestic product for the past six years by as much as 25%, a quarter by including parts of its underground economy. The revision will help Greece meet deficit standards set by the European Unions by shrinking further below its budget deficit as a percentage of GDP.

"The revised GDP will include some money from illegal activities, such as money from cigarette and drinks smuggling, prostitution and money laundering," the National Statistics Service chief, Manolis Kontopyrakis, said.

"It is important to know that member states revise their figures regularly, but this is quite a significant revision and needs to be checked," Amelia Torres, a European Commission spokeswoman, said. She said that Eurostat was looking into the figures and that the verification would take at least a few weeks.

Kontopyrakis said the adjustment was in accordance with Eurostat rules and part of revisions done by all EU countries every five years or so.

In case this revision happens the nominal GDP would climb by 2009 up to U$S 32,500 while its PPP would rise up to around U$S 33,500. Placing its Percentage of EU average GDP (PPP) per capita at 119%, slightly above Italy and Spain and 12th in the EU. This would be the first time the economy of this country (under a GDP per capita basis) would be higher than that of any EU-15 except of Portugal.

Regarding its National GDP of U$S 270 billions, is the 11th of the EU, representing the 2.0% of the total EU-25 economy (the highest being that of Germany accounting the 19.5% of the union total).

Should happen the national economic revision, the GDP will surpass the 350 billions barrier (8th in the EU) while its deficit could touch the 2.1% from current (commission reliant) 2.8% and represent the 2.4% of total EU-25 economy.

Though Greece has still some loose fronts in its economy like the unemployment level of 8.7% (third in EU-25 after Poland 12.6 and Latvia and 11.0% of Slovakia; while higher than those of following Spain 8.6% and France 8.4%). Another weak front is found in its inflation rate of 3.2% (5th in the EU-25 after Latvia, Estonia, Hungary and Luxemburg; while higher than Portugal's 3.0% and Spain's 2.7%).

^^Amazing news!

Could you disclose your source ?

where is this text taken from?

I don't see how including whores and cigarette smuggling in the GDP is a good thing.

The Greek economy has structural problems that need addressing, not a new dress suite which is what this measure is.

What a brilliant idea to “legalize” cigarette and alcohol smuggling just because our third-market is up to almost 30% and we can do nothing else about it. So, my new job will be about smuggling so i can contribute to our national economy “legally”.:ohno:
You can not stabilize economy on policies like this one! You will get fake numbers wich will not correspond to the truly productive part of the market and that’s not good at all!

Amazing news!

Well not that good news, thats bad news actually first they cant control illegal activities, and second they choose this way so that Greece will achieve to hold the budget shortage under 3%.

Well not that good news, thats bad news actually first they cant control illegal activities, and second they choose this way so that Greece will achieve to hold the budget shortage under 3%.

Well, actually I didn't read all the details, sorry for that.

the fact that Greece "pushed" its GDP 25%, will have as a result that Greece will have to pay to the EU in the next years € 600 mil./year ! Thats because Greece as a "rich" country now that it is will have to contribute more AND pay BACK EU contributions that tha country received the last 5 years!

Well done dear greek goverment. :bash:

In this case the financial cost (600 mil/year) is larger than the political (the fact that Greece is under EU serveillance- ATTENTION- along with GERMANY and FRANCE !!!):nuts:

Unless we all miss something that only the Greek goverment knows.

PS: US Magazine (I think it was the Financial Times) voted the 25% GDP increase of Greece as one of the dullest finacial events of the year 2006 !!

Actually revisions have been done by many countries in the EU, including Spain among them. The issue of of including smuggling is just a small percentage of the activities to include, as the largest part, is made up of tax evasors who participate in legal activities, like restaurants, computer webmasters, Monastiraki traders and the like.

So among them are going to be also included cigarette smuggling and prostitution that actually don't even make the 2% of our economy.

BTW, in places like the Netherlands or Germany they happen to be a larger part of the total population, accordingly economy.

So when will this 25% revision be on the books?
Will that mean that 2006 GDP Per Capita will be $24,065 + the 25% increase?
So do we say now that Greek GDP per Capita is $30,081?

Hey! not yet.....we'll have to wait to 2008 if anything happens for sure, as these thing take some time, and also it's a joint procedure of the Ministry of Economy and the EU commission.

Η Τιτάν ολοκλήρωσε την εξαγορά της αμερικανικής Cumberland Quarry:
http://www.in.gr/news/article.asp?lngEntityID=791899&lngDtrID=251

Greece, Gazprom to extend natgas contract

The Greek government and Gazprom on Wednesday agreed to extend a existing natural gas supply contract until 2040.

The agreement was reached during a meeting between Development Minister Dimitris Sioufas and Gazprom's chairman Alexei Miller, currently in Athens.

The two sides are expected to begin talks immediately with the aim to reach a final agreement by the end of the year.

Speaking to reporters, after the meeting, the Greek minister stressed that Gazprom supplied 80 pct of the country's needs in natural gas according to a bilateral agreement reached in 1987 and terminating in 2016.

"We discussed the extension of the agreement until 2040 and confirmed the common will for the extension," Sioufas told reporters. He praised Gazprom's high level of credibility in supplying the country with natural gas and stressed that relations were expected to expand in oil supplies as Gazprom participated in a Burgas-Alexandroupolis oil pipeline project.

The Greek minister underlined that natural gas consumption was growing strongly, rising by 35 pct in the three-year period from 2003 to 2006 to a total of 3.1 billion cubic metres, and was expected to surpass 6.5 billion cubic metres by 2010.

Sioufas presented to Gazprom's head investment opportunities in Greece after the deregulation of electricity and natural gas markets in the country.

"Greece is a traditional buyer of Russian natural gas and the increase in consumption shows the country's economic upgrading," Alexei Miller told reporters after the meeting. Gazprom's chairman said the two sides discussed an extension of an existing bilateral agreement until 2040 and agreed to begin talks as soon as possible to reach an agreement by the end of 2007. He underlined that Gazprom's participation in the Burgas-Alexandroupolis oil pipeline project would expand bilateral cooperation.


http://www.ana-mpa.gr/anaweb/user/showplain?maindoc=5235967&maindocimg=5235905&service=10

Greek economy to grow by 4% in Q1, FinMin

The Greek economy has performed well in the first months of 2007, continuing its dynamic growth and fiscal adjustment, Economy and Finance Minister George Alogoskoufis told reporters on Thursday.



The Greek minister said the fiscal deficit ended 2006 at 2.6 pct of GDP without the use of a revised GDP, while using revised GDP figures the deficit fell to 2.1 pct. Alogoskoufis said budget revenues rose by 7.5 pct in the first two months of the year, exceeding a budget target for an annual growth rate of 5.5 pct.



Alogoskoufis forecast a growth rate of around 4.0 pct in the first quarter of 2007, as industrial production was up 3.2 pct, domestic demand remained strong and retail sales volume was up. Investment activity was also strong and exports rose 12.7 pct in the first two months of the year. Unemployment was steadily falling, the consumer price index fell to 2.7 pct in the first quarter of 2007 (down from 3.2 pct in the same period last year).



The minister, however, said there was no room for complacency.



"We still need several reforms and a long way to go. We must continue efforts towards fiscal consolidation to achieve balanced, or slightly surplus budgets," he said.



Alogoskoufis said Greece must achieve this goal by 2012, while talks were currently underway in the EU to achieve this goal earlier, by 2010. Greece has made enormous effort to achieve fiscal adjustment with minimum negative impact on living standard and employment in the country.



From Brussels, Eurostat on Thursday said the Greek economy grew by 4.3 percent in the fourth quarter of 2006, compared with the same period in 2005,



The EU executive's statistics agency, in a report, said economic growth in the Eurozone was 3.3 pct and in the EU-25 3.5 pct, over the same period, while GDP growth in the US and Japan was 3.1 pct and 2.5 pct, respectively.



Latvia (11.7 pct). Estonia (11.2 pct) recorded the biggest GDP growth rates, while Portugal (1.7 pct), France (2.5 pct) and the Netherlands (2.7 pct) the lowest growth rates in the EU. Economic growth in Greece fell 0.4 pct in the fourth quarter 2006 from the third quarter of the year. GDP growth rose by 0.9 pct in the Eurozone, 0.6 pct in the US and 1.3 pct in Japan, over the same period.
Great news!

Υψηλές επιδόσεις από ελληνική οικονομία στο πρώτο τρίμηνο
12:16 - 16 Μάιος 2007
Με υψηλές ταχύτητες εξακολουθεί να "τρέχει" η ελληνική οικονομία και κατά το τρέχον έτος καθώς σύμφωνα με τα στοιχεία της Εθνικής Στατιστικής Υπηρεσίας η αύξηση του ΑΕΠ κατά το α΄ τρίμηνο του 2007 ήταν κατά 4,6% σε σύγκριση με το αντίστοιχο διάστημα του 2006.
Αύξηση, η οποία σύμφωνα με την ΕΣΥΕ οφείλεται στην αύξηση της τελικής ζήτησης της οικονομίας κατά 6,4%.

Σύμφωνα με τα ίδια στοιχεία, οι δαπάνες για τελική κατανάλωση ενισχύθηκαν στο πρώτο τρίμηνο κατά 2,7% σε σχέση με το αντίστοιχο τρίμηνο του 2006. Η άνοδος αυτή συνέβαλε κατά 1,7 ποσοστιαίες μονάδες στην αύξηση της τελικής ζήτησης της οικονομίας.

Κατά το πρώτο τρίμηνο του 2007 οι επενδύσεις αυξήθηκαν κατά 15% σε σχέση με το αντίστοιχο τρίμηνο του 2006. Η αύξηση αυτή συνέβαλε κατά 3,4 ποσοστιαίες μονάδες στην αύξηση της τελικής ζήτησης της οικονομίας.

Οι εξαγωγές αυξήθηκαν κατά 9,4% σε σχέση με το πρώτο τρίμηνο του 2006.

Η άνοδος αυτή συνέβαλε κατά 1,3 ποσοστιαίες μονάδες στην αύξηση της τελικής ζήτησης της οικονομίας.

Τέλος, οι εισαγωγές αυξήθηκαν κατά 14,4% σε σχέση με το πρώτο τρίμηνο του 2006.


Sorry that it is in Greek, i haven't been able to find it in English. Anyway, good news from the front of the economy. This coupled with some impressive inflation data (I believe 2.5% in April) shows a dynamic change in the way the Greek economy is changing. From one based primarily on consumer demand to one which is more extroverted.

http://www.ekathimerini.com/4dcgi/_w_articles_economy_2334754_24/05/2007_83772


Greece to get another satellite

HellasSat should soon expand further, say the communications minister and president of OTE

VANGELIS MANDRAVELIS

Greece is about to acquire a second satellite system, as Communications Minister Michalis Liapis and OTE telecom’s president, Panagis Vourloumis, effectively revealed yesterday.

Speaking at the event held in Athens by the European Satellite Organizations Association (ESOA), Liapis called HellasSat a key tool for promoting the digital strategy of the government. He added meaningfully that the HellasSat company should expand its activities in the future.

Vourloumis expressed a similar view in his speech to ESOA members, saying that “in the future, we will seriously examine the option of extending our activities in this sector [of satellites], either on our own or through cooperation.”

He then made it clear that this summer the HellasSat management will introduce a new business plan to the OTE board, including the proposal for the acquisition of a second satellite system. This plan, Vourloumis said, is essential for OTE in order for it to amortize its investment in HellasSat, as it cannot do so by itself.

Both Liapis and Vourloumis made positive comments about developments at HellasSat: “I should note that in the last few years, a considerable amount of work has been done at HellasSat, including its streamlining,” said the minister, adding that the company has now begun to make a profit, enjoys international recognition and has clients in 30 countries.

In the same vein, the OTE head said that after some teething problems, HellasSat is now well-organized and utilizes 80 percent of the satellite’s capacity. He also noted that the company has further scope for growth. OTE will assess all its options (the purchase of an existing satellite system and cooperation with another satellite company) and choose the best approach. Vourloumis invited Liapis to help to contribute in that direction, for the country to benefit from the development of satellite communications. The communications minister maintains the authority to approve any change in the share status of HellasSat. The ESOA event, titled “50 Years European Union: 50 Years Satellites” took place in Athens on the occasion of the 50th anniversary of the first satellite (Sputnik) being launched in September 2057. The celebration of the anniversary coincided with the Champions League final beamed across the world from Athens via satellite. The new ESOA President and HellasSat CEO Christos Protopapas said that more than 20,000 television channels, including 4,400 in Europe alone, broadcast via satellite. ESOA members also stressed the new role of satellites for the global awareness of broadband technology, as they are a flexible and economical means of broadcasting to remote areas. “The use of satellites is not restricted to broadcasting,” said Protopapas, as new technologies allow everyone to come closer to the Information Society.

http://sup.kathimerini.gr/xtra/media/files/fin/oecd240507.pdf

24/5/2007
ΟΟΣΑ: Πρόβλεψη για αύξηση του ΑΕΠ στο 4%

Η ισχυρή αύξηση που σημείωσε το 2006 το πραγματικό ελληνικό ΑΕΠ, λόγω της ώθησης από τη ζωηρή εγχώρια ζήτηση, αναμένεται να συνεχισθεί τόσο φέτος όσο και του χρόνου, με την ελληνική οικονομία να αναπτύσσεται με ρυθμό κοντά στο 4%, εκτιμά ο ΟΟΣΑ στην τελευταία εξαμηνιαία έκθεσή του "Economic Outlook" που δόθηκε σήμερα στη δημοσιότητα.

http://sup.kathimerini.gr/xtra/media/files/fin/oecd240507foto.jpg

Με το "κενό παραγωγής" να παραμένει θετικό και το κόστος ανά μονάδα εργασίας να συνεχίσει να σημειώνει σχετικά ισχυρή αύξηση, οι πληθωριστικές πιέσεις πιθανότατα θα συνεχίσουν επίμονες, καταφέρνοντας πλήγμα στην ανταγωνιστικότητα, εκτιμά ο διεθνής οργανισμός. Το έλλειμμα του ισοζυγίου τρεχουσών συναλλαγών αναμένεται να παραμείνει μεγάλο. Δεδομένου του ισχυρού ρυθμού οικονομικής ανάπτυξης και του μεγάλου μελλοντικού κόστους λόγω της γήρανσης του πληθυσμού, τονίζεται ότι πρέπει να συνεχιστεί η εξυγίανση των δημοσιονομικών, πιθανώς με ταχύτερο ρυθμό από τον σχεδιαζόμενο. Αποφασιστικής σημασίας θεωρείται ο περιορισμός των δαπανών και οι περαιτέρω προσπάθειες για διεύρυνση της φορολογικής βάσης.

Η μακροπρόθεσμη δημοσιονομική βιωσιμότητα, όπως αναφέρεται, μπορεί να εξασφαλιστεί μόνον μέσω ευρύτατων μεταρρυθμίσεων του συνταξιοδοτικού και του συστήματος υγείας. Παράλληλα, πρέπει να υποδαυλιστεί ο ανταγωνισμός στις βιομηχανίες με υποδομές δικτύων, ενώ πρέπει να περιοριστούν οι δυσκαμψίες στην αγορά εργασίας για να συντηρηθούν ισχυροί ρυθμοί ανάπτυξης.

Ο ΟΟΣΑ εκτιμά ότι η ελληνική οικονομία θα αναπτυχθεί, φέτος, με ρυθμό 3,9% και με ρυθμό 3,8% το 2008. Οι νέες συνθήκες ανόδου των επιτοκίων εκτιμάται ότι θα συντελέσουν στην επιβράδυνση του ρυθμού αύξησης της εγχώριας ζήτησης. Ωστόσο, η δραστηριότητα θα υποστηριχτεί από μικρότερη φορολογία εισοδήματος και από έναν αριθμό πρωτοβουλιών για ώθηση των επενδύσεων. Οι επενδύσεις θα δεχθούν, επίσης, περαιτέρω ώθηση από την υλοποίηση προγραμμάτων που χρηματοδοτούνται από την Ευρωπαϊκή Ένωση. Ο οργανισμός αναμένει, επίσης, μείωση του ποσοστού ανεργίας στο 8,1% του οικονομικά ενεργού πληθυσμού το 2007 - από 8,4% το 2006 - και περαιτέρω μείωση στο 7,9% του χρόνου.

Το έλλειμμα της γενικής κυβέρνησης εκτιμάται ότι θα υποχωρήσει, φέτος, στο 1,9% του ΑΕΠ, από 2,3% πέρυσι, αλλά θα αυξηθεί εκ νέου, του χρόνου, στο 2,2% του ΑΕΠ. Το έλλειμμα συρρικνώθηκε στο 2,3% του ΑΕΠ το 2006 από τα υψηλά επίπεδα πάνω από το 6% του ΑΕΠ το 2004. Οπως αναφέρεται στην έκθεση, ο φετινός προϋπολογισμός έχει θέσει ως στόχο μετριοπαθή μείωση του ελλείμματος κατά 0,25%. Ο προϋπολογισμός περιλαμβάνει μειώσεις του φόρου εισοδήματος, πέραν της μείωσης του φόρου εταιρικών κερδών που έχει ήδη ανακοινωθεί. Η απώλεια εσόδων από τα μέτρα αυτά θα αντισταθμιστεί από την αύξηση των έμμεσων φόρων, συμπεριλαμβανομένης υψηλότερης φορολογίας στα καύσιμα και στα τέλη κινητής τηλεφωνίας, και από περαιτέρω πρόοδο στην αντιμετώπιση της φοροαποφυγής. Το έλλειμμα θα υποχωρήσει, φέτος, στο 1,9% του ΑΕΠ, λόγω των πολιτικών αυτών (συμπεριλαμβανομένων των προσωρινών μέτρων για τα έσοδα που έχουν προσφάτως ανακοινωθεί και των διαρκών πρωτοβουλιών για τον περιορισμό των δαπανών). Το έλλειμμα μπορεί να αυξηθεί εκ νέου, το 2008, στο 2,2% του ΑΕΠ, στην περίπτωση απουσίας νέων διορθωτικών μέτρων. Οι εκτιμήσεις του ΟΟΣΑ δεν λαμβάνουν υπόψη τη μόνιμη αύξηση της συνεισφοράς της Ελλάδας στην Ευρωπαϊκή Ένωση, λόγω της αναθεώρησης του ΑΕΠ, ούτε την εφάπαξ πληρωμή αναδρομικών λόγω της αναθεώρησης αυτής, η οποία θα έχει αντίκτυπο στην εξέλιξη των δημοσιονομικών το 2007. Το μέγεθος αυτών των δαπανών θα γνωστοποιηθεί μετά την έγκριση από την Eurostat των αναθεωρημένων στοιχείων για το ελληνικό ΑΕΠ.

Σε υψηλά επίπεδα προβλέπεται ότι θα παραμείνει φέτος το έλλειμμα του ισοζυγίου τρεχουσών συναλλαγών, στο 9,4% του ΑΕΠ το 2007 και στο 8,9% του ΑΕΠ το 2008. Ο διεθνής οργανισμός αναμένει επιτάχυνση, φέτος, του ρυθμού αύξησης των εξαγωγών, κάνοντας λόγο για αύξηση 5,2% , από 5% πέρυσι, και νέα επιτάχυνση του χρόνου στο 7,2%. Παράλληλα, προβλέπει επιβράδυνση του ρυθμού αύξησης των εισαγωγών - στο 6,3% το 2007 και στο 5,3% το 2008 - σε σύγκριση με την αύξηση 6,9% που είχαν σημειώσει πέρυσι. Ο εναρμονισμένος πληθωρισμός αναμένεται, τέλος, να υποχωρήσει, φέτος, κάτω από το 3%, στο 2,8% - το 2006 είχε διαμορφωθεί στο 3,3% - και να σημειώσει εκ νέου άνοδο στο 3% το 2008.

Χάνουν τα ΕΛΠΕ τα δικαιώματα της έρευνας για πετρέλαιο και αέριο στην Ελλάδα

Στο Δημόσιο περνούν οριστικά τα δικαιώματα για την παραχώρηση περιοχών προς έρευνα και εκμετάλλευση κοιτασμάτων πετρελαίου κι αερίου, τα οποία ανήκαν μέχρι τώρα στα Ελληνικά Πετρέλαια. Σύμφωνα με απόλυτα εξακριβωμένες πληροφορίες του isotimia.gr, στην αρχή της ερχόμενης εβδομάδας κατατίθεται σχετική τροπολογία στο νομοσχέδιο περί προστασίας του καταναλωτή, έπειτα από την σύμφωνία των υπουργών Οικονομίας και Ανάπτυξης. Κατά τις ίδιες πληροφορίες, δεν προβλέπεται, έπειτα και από την προ μηνών γνωμοδότηση του νομικού συμβουλίου του κράτους, η καταβολή αποζημίωσης, παρά το σχετικό αίτημα που έχει θέσει ο εισηγμένος όμιλος.

Με την εξέλιξη, η οποία αφορά συνολικά 24 περιοχές σε όλη την χώρα, διορθώνεται το "λάθος" του νόμου 2593 που αφορούσε την μετατροπή της παλαιάς Δημόσιας Επιχείρησης Πετρελαίου σε Ελληνικά Πετρέλαια και δρομολογούσε την ιδιωτικοποίησή της, μέσω του ΧΑ, χωρίς να αντιμετωπίζεται το συγκεκριμένο θέμα.

Τα δικαιώματα είχαν περιέλθει με αυτόν τον τρόπο στα Ελληνικά Πετρέλαια, καθώς μέχρι τότε ανήκαν στην θυγατρική της παλαιάς ΔΕΠ, την ΔΕΠ -ΕΚΥ, η οποία άλλωστε είχε προ δεκαετίας πραγματοποιήσει διαγωνισμούς γαι παραχώρηση προς έρευνα και εκμετάλλευση περιοχών στην Πελοπόννησο, την Ήπειρο και την Βορειοδυτική Στερεά Ελλάδα. Και παρέμεναν στην ιδιωτική πλέον εταιρεία, παρά το ότι αυτή είχε αποκτήσει και ιδιώτη μέτοχο - επισήμως με 35% ο όμιλος Λάτση - αλλά και παρά το ότι ο ίδιος ο παλαιός νόμος 2289/95 προέβλεπε ότι τα δικαιώματα για περιοχές δεν μποορούν να παραμείνουν σε ιδιωτικές εταιρείες περισσότερο από 6 χρόνια για την ξηρά και περισσότερο από 7 για την θάλασσα. Με τη νεά ρύθμιση τα δικαιώματα περιέρχονται στην Διεύθυνση Πετρελαϊκής Πολιτικής του υπουργείου Ανάπτυξης, το οποίο εν ευθέτω χρόνω θα εξετάσει την πρόσληψη συμβούλου προκειμένου να ξεκινήσει νέα διαδικασία διαγωνισμών.

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Did you know disposable shavers are a Greek invention? I never knew about this until this article in Sundays Elefterotypia:

Apparently out of the 10 million BIC shavers sold everyday 7 million are made in Greece. The first disposable was made in Greece in 1973 by Biolex. BIC bought 40% of the company then and completed the buyout in 2000.

All R&D concerning the razors still occurs in Greece

Γνωρίζατε πως από τα 10 εκατομμύρια ξυραφάκια Bic που πωλούνται κάθε μέρα, τα 7 εκατ. έχουν σφραγίδα «made in Greece»; Ή ότι η πρώτη μηχανή ξυρίσματος μιας χρήσης παγκοσμίως πρόκειται περί καθαρά ελληνικής εφεύρεσης πατενταρισμένης μάλιστα από το 1973;

Κι όμως! Τα πλαστικά ξυραφάκια, που εδώ και δεκαετίες βρίσκονται στην καθημερινότητα εκατομμυρίων γυναικών και ανδρών, ήταν πατέντα της ελληνικής εταιρείας Βιολέξ.

Η ιδέα ενθουσίασε τον Marchel Bich που προχώρησε αμέσως στην εξαγορά του 40% της Βιολέξ, που έκτοτε φέρει την επωνυμία «Bic Βιολέξ» και εν συνεχεία το 2000 εξαγόρασε το 100% των μετοχών.

http://www.enet.gr/online/online_text/c=114,id=97575764

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Hey guys,

There are actual benefits in the revision of GDP. Let's not forget that in 2007 the cost of servicing the debt will shoot up by 43% to 37bn euros (compared to 2006)

If the revision is achieved the ratings of international financial groups such as Moodys will increase so the cost of paying back the debt will decrease substantially thereby increasing the amount of free cash available.

The reductions in cost, I assume will be much greater than the annual 600 million euro bill. So it will have evident benefits apart from increasing GDP per capita, which is a matter of pride really.

Πολύ ενδιαφέρον, δεν το γνώριζα. Για να είμαι ειλικρινής, κάτι είχα ακούσει αλλά υπέθεσα ότι είναι urban legend ("εμείς το ανακαλύψαμε και το έκλεψαν οι κακοί ξένοι").

Νομίζω το παράδειγμα αυτής της ιδέας, δείχνει ότι ο Έλληνας μπορεί να σκέφτεται παγκόσμια και να δημιουργεί προϊόντα που απευθύνονται σε ολόκληρο τον κόσμο και όχι μόνο στην περιορισμένη Ελληνική αγορά. Το ίδιο αποδεικνύουν και οι πολυάριθμες επενδύσεις των Ελλήνων επιχειρηματιών στα Βαλκάνια και στην Α.Ευρώπη. Το ίδιο αποδεικνύουν και οι επιχειρηματικές επιτυχίες των ομογενών μας σε χώρες με φιλελεύθερες και ανοικτές κοινωνίες (Η.Π.Α, Αυστραλία, Η.Β. - αγγλοσαξονικό μπλοκ). Το ίδιο φωνάζει και ο μεγαλύτερος στόλος των θαλασσών (16% της παγκόσμιας χωρητικότητας), ο οποίος δεν εξυπηρετεί την Ελλάδα αλλά τον πλανήτη.

Κάποιοι προσπαθούν να μας πείσουν για το αντίθετο, επιβάλλοντας ένα κλίμα μιζέριας και κακομοιριάς (σύνδρομο του underdog). Ένα καθεστώς ξενοφοβίας και ελληνομανίας (τα οποία είναι εξ-ορισμού αντίθετα!). Το περιπετειώδες πνεύμα του λαού μας, η ανάγκη για αναζήτηση, για ταξίδι, η έμφυτη αναρχική και δημιουργική του φύση, έχει πλέον αντικατασταθεί με την εικόνα του Ελληναρά. Η οποία όμως είναι μια αυταπάτη, γιατί και οι ίδιοι οι Ελληναράδες, διατηρούν μέσα τους όλα αυτά τα χαρακτηρισικά εν υπνώση, γιατί εξάλλου αυτά τους οδήγησαν εκεί από την πρώτη στιγμή.

Λοιπόν παιδιά, πρέπει να σας ρωτήσω κατι. Έχουμε πει ότι το "GDP per capita" είναι $24,065 και ότι πρόκειται για περίπου $30,081. Αν κατάλαβα σώστα, αυτό σημαίνει ότι ο μέσος όρος μισθών (θεωρητικά) είναι $30,081. Κάτσε να ρωτήσεις κανέναν έλληνα τι πιστεύει ότι είναι όμως, και θα σου πει 7,000 ευρώ! 'Οταν τους πληροφορείς για τα στατιστικά, σε κοιτάνε σαν να είσαι τρελός και να μην ξέρεις τι λες. Πραγματικά μπορεί και να νευριάσουνε μαζί σου. Τι παίζει άραγε;

Δεν είναι ο μέσος όρος μόνο των μισθών. Είναι το παραγώμενο προϊόν της χώρας για τον χρόνο που πέρασε. Το οποίο διαιρείται με τον αριθμό των κατοίκων της.

Υπάρχουν διαφορετικοί τρόποι μέτρησης. Αν θες να το δεις με τους μισθούς τότε έχεις:
+Μισθούς υπαλλήλων.
+Επιχειρηματικά κέρδη (αυτοαπασχολούμενων, private και public companies)
+Φόροι/κρατήσεις (ότι αφαιρέθηκε δηλαδή από τους μισθούς και τα κέρδη)

Τώρα το ποιά είναι η κατανομή του προϊόντος στον πληθυσμό της χώρας, είναι μια άλλη ιστορία. Ένας brute δείκτης για το πόσο άνισο είναι ο gini coefficient (http://en.wikipedia.org/wiki/List_of_countries_by_income_equality), ο οποίος για τιμές κοντά στο 0 δηλώνει πως θεωρητικά όλοι έχουν ίδιο εισόδημα και κοντά στο 100 ένας ελάχιστος αριθμός ανθρώπων έχει ολόκληρο το εισόδημα μιας χώρας.

Εμείς είμαστε γύρω στο 35, επίπεδο Ισπανίας/Ιταλίας. Οι σκανδιναβικές χώρες είναι γύρω στο 25 και η Αμερική στο 40.

Confucius and the economic tales from the Crypt

Once an economist went to China,when it was still under Mao's hegemony. The Chinese people welcomed him and started showing him, you know the sights! Well, after a while they decided that it would be nice to show him the new great dam that they were building. A colossal structure to provide electricity and irrigation.
When they arrived at the place of the construction, the economist noticed that they were using shovels to dig and primitive tools to build the dam. So, he says to the representative of the "party":
-Why don't you use machinery? You could do the same job better, in half the time and with half labor cost.
-Oh, my friend, but then we would have to fire more than half of the workers.
-Ah, says the economist. I am sorry, I didn't understand your problem before, it is not a dam that you want to construct, it is employment you want to provide. Then the solution is very easy:
"Take away the shovels, and give everybody a spoon".

^^ This one is given as an explanation to Arxitektonas about why companies should be allowed to fire employees if they need to do so.

For the specific cases of Olympiaki and Opel imagine this:
Olympiaki carries 5.000.000 passengers each year and Opel sells 1.000.000 cars. Eventually the number of passangers drops to 3.500.000 and the number of cars sold to 700.000. Should the companies be allowed to fire excessive personnel? If not, with what are they gonna pay them since the revenues have fallen? And for what are they gonna pay them since they can manage this output of production with less workers?

Now consider another case: Olympiaki carries 5.000.000 passengers by employing 4.000 people. Now there is another company that carries the same number of passengers but employs 2.500 people, because it uses better management, allocation of time and advanced technology. For the same route because of increased cost, Olympiaki offers a ticket for 200€. The "other" company offers the same for 170€. Because of increased costs, Olympiaki has to give 190€ to supply such a route. The other company, because of smaller costs has to give 150€.
Which ticket would you buy and what would you advise Olympiaki to do?

http://www.fuelcelltoday.com/FuelCellToday/IndustryInformation/IndustryInformationExternal/NewsDisplayArticle/0,1602,9358,00.html


Greek scientists make hydrogen storage 'breakthrough'
26 June 2007

Scientists in Greece have made progress in the quest to find a solution to the problem of how to safely store hydrogen fuel for next-generation vehicles, it has been reported.

According to reports in New Scientist, Greek researchers believe that they have discovered how to make carbon nanoscrolls store more hydrogen than any other material yet.

A team including George Froudakis from the University of Crete found that by adding lithium ions to carbon nanoscrolls their hydrogen uptake was improved at atmospheric pressure and room temperature from 0.19 per cent to 3.33 per cent.

This is already double the efficiency achieved by other materials, while it has also been suggested that by reducing temperature uptake could be improved further.

However, the study is only in a simulation phase, and the results have yet to be confirmed in practice.

The US Department of Energy has set a target for materials to reversibly store hydrogen equivalent to six per cent of their total mass by 2010.

Greece to take part in the construction of the South stream gas pipeline

http://www.ekathimerini.com/4dcgi/_w_articles_politics_100018_27/06/2007_84999

Pipeline to raise energy profile

Greece's decision to take part in the construction of a natural gas pipeline to run under the Black Sea, linking Russia with Europe, will further upgrade the country's role as an energy hub, Development Minister Dimitris Sioufas said yesterday.

Prime Minister Costas Karamanlis said in Istanbul late on Monday that Greece will be part of the South Stream pipeline after he met with Russian President Vladimir Putin.

Italian energy company Eni SpA and Russia's state-controlled OAO Gazprom have signed a memorandum of understanding on the possibility of supplying Russian gas to European Union countries through the South Stream pipeline.

Under the plan announced on Saturday, more than 900 kilometers of pipeline could be laid under the sea and across Bulgaria before splitting off into two directions, north through Hungary to reach Austria and south through Greece and on to Otranto, a port near the southeastern tip of Italy.


http://news.kathimerini.gr/4dcgi/_w_articles_economyepix_1_27/06/2007_232130

Τι κερδίζει η Ελλάδα από το νέο αγωγό

Περαιτέρω ενίσχυση της στρατηγικής για ανάδειξη της χώρας σε ενεργειακό κόμβο σηματοδοτούν οι εξελίξεις γύρω από τον νέο αγωγό Southstream. O νέος δρόμος για τη μεταφορά αερίου της Gazprom στην Eυρώπη θα περνάει και από την Eλλάδα, όπως ανακοινώθηκε προχθές από τον πρωθυπουργό K. Kαραμανλή παρουσία του Pώσου προέδρου B. Πούτιν.

Ακούστε εδώ να τρελαθείτε
(απαντά και στο επιχείρημα του Αρχιτέκτονα - η Ολυμπιακή είναι προβληματική επειδή εξυπηρετεί άγονες γραμμές - εμ δεν είναι έτσι, επιδοτείται για αυτές και δεν θέλει να τις χάσει)

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Αναστολή πτήσεων της AirSea Lines ζητεί η Ολυμπιακή αεροποία.
Όπως υποστηρίζεται από την Ο.Α., δεν μπορεί να πετά άλλη εταιρεία σε διαδρομές που βρίσκονται υπό το καθεστώς των άγονων γραμμών, δηλαδή επιδοτούνται. Ωστόσο, οι νομικοί σύμβουλοι της AirSea Lines αντιτείνουν ότι, όπως αναφέρεται σε σχετική απόφαση αυτό αφορά για πτήσεις από συγκεκριμένο αερολιμένα, δηλαδή τον ΔΑΑ προς τα αεροδρόμια των συγκεκριμένων νησιών και όχι από/προς υδατοδρόμια.
http://www.naftemporiki.gr/news/static/07/06/28/1351051.htm
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Δηλαδή η Ολυμπιακή επιδοτείται για γραμμές που μια άλλη εταιρία της θεωρεί όχι άγονες αλλά κερδοφόρες!

Δηλαδή υπάρχει άτομο που πίστευε ότι η ολυμπιακή επιτελούσε κοινωνικό έργο πετώντας στις "άγονες γραμμές";φυσικά και επιδοτείται!

Τώρα βέβαια οι εν λόγω γραμμές δεν είναι ακριβώς κερδοφόρες για μία κοινή εταιρεία, και ειδικά το χειμώνα φυσικά, η airsea lines έχει σαφώς υπό πολλαπλάσια κόστη από την ολυμπιακή, για τον απλούστατο λόγο ότι πετάει με μικρά υδροπλάνα, τα οποία και ποιο εύκολα γεμίζουν και δεν χρειάζονται και αεροδρόμιο.

Από την στιγμή που υπάρχει όμως μια τέτοια εταιρεία, δεν βλέπω τον λόγο γιατί να συνεχίζεται να επιδοτείται η ολυμπιακή, αφού η δεύτερη φαίνεται διατεθειμένη να πετάξει στις γραμμές χωρίς καμιά επιδότηση και φυσικά τις βλέπει και ως κερδοφόρες.

Είναι λοιπόν προφανές, ότι το κράτος θα πρέπει να επεμβαίνει μονό εάν δεν υπάρχει κανείς για να εξυπηρετήσει τα νησιά αυτά.
Και φυσικά η κρατική επιδότηση μόνο κακό μπορεί να κάνει στην οικονομία αφού τα χρήματα προκύπτουν από τους πολίτες, και καλό θα ήταν να αποφεύγονται τέτοιες πράξεις όταν αυτό είναι δυνατόν.

Και ακόμα και έτσι δεν βλέπω γιατί ενοχλείται τόσο πολύ η ολυμπιακή, δεν θα ήταν καλύτερα για αυτήν να παύσει τις πτήσεις;

Από την στιγμή που υπάρχει όμως μια τέτοια εταιρεία, δεν βλέπω τον λόγο γιατί να συνεχίζεται να επιδοτείται η ολυμπιακή, αφού η δεύτερη φαίνεται διατεθειμένη να πετάξει στις γραμμές χωρίς καμιά επιδότηση και φυσικά τις βλέπει και ως κερδοφόρες.



Φαντάζομαι πως η εν λόγω εταιρία θα πετάει μεταξύ Μαϊου-Οκτωβρίου ή κάτι τέτοιο,ενώ θα μπορεί να επιλέξει να σταματήσει τις πτήσεις ανά πάσα στιγμή φυσικά. Όπως και να'χει πάντως το πράγμα, το καθεστώς των άγονων χρειάζεται επανεξέταση. Το κράτος μέσω της ολυμπιακής ασκεί κοινωνική πολιτική σε περισσότερα από ένα επίπεδα (στήριξη νησιωτών,αποφυγή δημιουργίας ανέργων με τη συνέχιση λειτουργίας της κλπ) και η πάγια θέση μου είναι ότι το κάνει με εντελώς λάθος τρόπο. Και είμαστε αναγκασμένοι να έχουμε ως εθνικό αερομεταφορέα μια εταιρία με παλιά αεροσκάφη και ελλιπέστατα δρομολόγια και κλείνει και ο δρόμος για την δημιουργία μιας νέας σωστής εταιρίας.

Ναι σωστά, άλλα είμαι σίγουρος οτι εάν υπήρχε κάποιος διαγωνισμός για τις άγωνες γραμμές, η airsea θα ήταν πιθανοτερο να κέρδιζε, και θα μπορόυσε να επιδοτείται ανάλογα με τα κέρδη της, όπως γίνεται με τους αυτοκινητόδρομους π.χ. , έτσι για παράδειγμα λόγο και του πολύ χαμηλότερου κόστους, το κράτος θα χρειαζόταν να δώσει πολύ λιγότερα χρήματα.

Φυσικά κατανοώ την πολυπλοκότητα του προβλήματος ολυμπιακή και υπάληλοι αυτής, που όπως πολύ σωστα είπες, το κράτος ασκεί κοινωνική πολιτική με διπλό κλάδο.

Αν λέγεται κοινωνική πολιτική το ρουσφέτι για θέση στην Ολυμπιακή, τότε πρέπει να είμαστε το πιο κοινωνικό κράτος στην Ευρώπη.

Αλλά όπως λέει και ο πιλότος η επιδότηση για μια άγονη γραμμή γιατί πρέπει να δωθεί στην Ολυμπιακή? Να την πάρει η Aegean, τα υδροπλάνα, μια ξένη εταιρία. Όποιος κάνει τη&