SkyscraperCity Forum banner

Οικονομία και Bιομηχανία | Economy & Industry News

349481 Views 2661 Replies 151 Participants Last post by  petr_

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

1 - 20 of 2662 Posts
I start with some good news . After 7 years of continuously reduced exports , finally this year things start to change...



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
See less See more
Greece likely to reduce deficit

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.
See less See more

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 :

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


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)


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..

See less See more
an increase of 13% Foreign tourists?

What are the latest stats? how much tourists will it reach in 2005
.::G!oRgOs::. said:
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.
(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.
See less See more

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

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”.

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).

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.

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.

(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.
See less See more

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%.

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.

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.

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.

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.

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.

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.

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.
See less See more
1 - 20 of 2662 Posts