174 Posts in Economy

The meeting was attended by Greek Environment & Energy Ministry Minister Kostas Skrekas and his counterpart of Bulgaria Rossen Hristov, who agreed that the pipeline is of great geostrategic importance for both countries. Furthermore, it was also understood that this project will contribute to Bulgaria's independence from Russian oil, but also to the further transformation of the port city of Alexandroupolis in northern Greece into an energy hub. It was also dicsussed that a special-purpose company will be tasked with compiling a feasibility study for the specific project. "With a shared vision for the well-being of our citizens," said Skrekas in a statement after the meeting, "we are consolidating Greece and Bulgaria as poles of stability and security in the whole of Southeast Europe, constantly deepening our strategic cooperation in the energy sector." Establishing this working group was foreseen in the Memorandum of Understanding signed between the two energy ministers at Maximos Mansion on February 16, in the presence of Prime Minister Kyriakos Mitsotakis and the President of Bulgaria Rumen Radev. The project was first conceived in 1993 to transport oil from the Caspian Sea to Bulgaria and via Burgas to Alexandroupolis, but had several starts and stops before being abandoned in 2011.

In many cases the prices are already lower than 15-16 cents per KWh, which is the target price for consumers after including state subsidies, which are to be announced in the following days. However, Greece remains as “the most expensive power market in Europe,” despite the fact that oil dropped to 65$ and natural gas to lower than 40$ per KWh.   According to a report by daily kathimeirni, despite the drop in its wholesale rates of electricity, by 8% on a daily basis, the Greek power market remained the most expensive in Europe for the second day in a row on Monday. The average price per megawatt-hour stood at 133.98 euros compared to €146.16/MWh on Sunday. Over the past seven days, the average price of a megawatt-hour in the Greek market fell to an 81-week low. Retail tariffs for the month of April are estimated to be 15-20% lower than those in March, which were in the range of 20-25 cents per kilowatt-hour. April’s basic tariffs are expected to fluctuate around 15-20 cents per kilowatt-hour.

Profits before taxes amounted to 74.7 million euros compared to 49.2 million in the fiscal year 2021, showing an increase of 51.7%. Profits after taxes amounted to 52.9 million, indicating an increase of 43.9% compared to 36.8 million in 2021. Finally, the proposed dividend per share amounted to 1.04, increased by 65% compared to 0.63 euro in 2021. The results showcase the best ever performance achieved by PPA SA in both revenue and profitability. Compared to the previous fiscal year, in 2022 the cruise business sector showed a significant increase in both port calls and passenger traffic. Total passenger traffic in 2022 amounted to 880,416 compared to 303,665 in 2021 recording an increase of 190%. Cruise ship berths also increased by 79%, with 677 berths compared to 379 in the year before, a result that is well above even the pre-pandemic levels. In addition, it is worth mentioning that the homeporting arrivals recorded an increase of 100.5% compared to 2021. The coastal shipping business recorded an increase compared to the previous year. Total passenger traffic in 2022 showed a growth of 26% with 14,976,394 passengers compared to 11,896,187 in 2021. Finally, the container terminal maintained the upward trend of recent years. More specifically, the total Pier I container handling business saw an increase of 5.4%. PPA Chairman Yu Zenggang, who expressed himself as being completely satisfied with the results, said: "The financial results of the fiscal year 2022 confirm in the best way possible that the strategy of high-quality development pursued leads to best outcomes and is the appropriate one. PPA strategy involving major port upgrading projects and targeted investments implemented in the recent years showcase an internationally recognized Port of Piraeus and one of the most important and competitive ports in Europe. This year financial growth record fills us with optimism and gives us the strength to keep achieving top results for the Port of Piraeus with the same manner, systematically and consistently, while generating added value for all".

“I have no illusions. We know that in our country, wages are still low, and they are being squeezed even more by inflation,” said Mitsotakis, whose center-right government faces a general election in the spring. Under pressure from lenders, Greece imposed severe pay cuts in 2012 during bailout programs funded by a European Union rescue fund and the International Monetary Fund. As the country was on the brink of bankruptcy, the government took control of wage policy ‒ previously set through labor negotiations ‒ and slashed the minimum monthly pay from 751 euros to 586 Euros. Greek salaries are paid out over 14 installments annually, to provide extra at Christmas, Easter and the summer holidays. Averaged over 12 payments, the new gross minimum monthly pay will rise to 910 Euros. More specifically, the Hellenic Labor Minister stated that the increase of the minimum wage to 780 Euros is imperative and fair: "The increase in the minimum wage to 780 Euros per month from April 1st, 2023, is imposed by the increased needs of employees and is based on the momentum that the economy has built up over the last four years. It is a significant and fair increase, which takes into account, on the one hand, the debt to support employees, especially in conditions of increased imported inflation, and on the other hand, the capacity of businesses," Labor and Social Affairs Minister Kostis Hatzidakis said on Friday. The minister was speaking at a press conference where he presented details of the government's decision to increase the minimum wage and daily wage to 780 Euros and 34.84 Euros, respectively, from April 1st, 2023. Hatzidakis underlined that the following factors were taken into account when determining the minimum wage: unemployment, which fell from 17.5% in 2019 to 10.8% in January, the improvement in competitiveness resulting from the increase in investments and exports, the recovery of the economy, which is expected to continue this year, the course of inflation, which, although decelerating, will remain at high levels and Greece's position in the European Union, based on GDP and the level of the minimum wage. “Obviously, this new rise will not solve the problem. But it will offer, for sure, a very important relief,” he said, adding that the rise was the maximum the government could offer within the country’s financial capacity. He said the increase will benefit around 600,000 workers.           Since 2020, Greece has spent more than 40 billion euros in subsidies and financial aid for households and businesses that struggled to cope with the Covid-19 pandemic and rising energy costs following the war in Ukraine. This year, it also introduced an 8% payment rise for pensioners, the first since 2010, when its decade-old debt crisis erupted forcing it to slash pensions until 2018 He noted, however, that unemployment does not fall automatically. "It fell from 17.5% to 10.8% because a series of political and economic conditions came together, namely government stability, seriousness and a positive climate in the economy. If these do not exist, unemployment will rise again," he stressed. Hatzidakis pointed out that the raise will also lead to an increase in 19 benefits, including unemployment, maternity and others. The unemployment benefit will now reach 479 Euros a month, he said. “We are all aware that salaries in our country are still low, while imported inflation is putting additional pressure on them,” PM Mitsotakis said.

Specifically, at 12 noon, the first international flight from London landed, kicking off the 2023 tourist season. In a statement, the mayor of Rhodes, Antonis Kambourakis, underlined: "Rhodes is once again at the top. For the first time so early, the tourist season opens in Rhodes with charter flights from Great Britain. Rhodes marks the opening of the summer for all of Greece."

SolarHub's overall objective is to strengthen connections between and scale-up 5 Greek and Turkish solar energy innovation ecosystems as a single, hybrid, cross-border, and interconnected Solar Energy Excellence Hub with an emphasis on agriculture applications. Georgios Karagiannakis, principal researcher at the Centre for Research & Technology Hellas (CERTH), which is leading the SolarHub project in Greece with Electra Energy, a Social Partnership Enterprise. Karagiannakis explained that the SolarHub consortium comprises 21 partners (7 Greek, 11 Turkish and 3 European ones), including academia, business, public authorities and societal actors. The program will run for 4 years (Jan. 1, 2023 - Dec. 31, 2026) and has a budget of nearly 5 million euros. Energy communities Elaborating on Greece's energy communities, Vice-President of Electra Energy, Dimitris Kitsikopoulos, said that some 1,400 energy communities have been created in Greece since a Greek law green-lighted a European Commission directive in 2018. Of these, 1,360 were created by big investors and 40 by citizens who actively participate in the program, "as required in this collective model," he added. Energy communities include citizens, small and medium-sized enterprises, and local government agencies, he explained. Underlining the benefits of citizens participating in energy communities, he said that "by buying a 3.1% share of an energy community for 2,800 euros, one can secure an annual financial benefit of 500 euros in his account, through the virtual energy netting." Seeking diverse solar energy solutions, the European Commission's SolarHub program aims to create targeted joint programmes between the two countries based on sound technological solutions, and to network with all major stakeholders in the targeted regions, according to the official site.

More specifically, the number of unemployed people totaled 501,948, down 134,764 or 21.6% compared with January 2022 and was lower by 87,686 or 14.9% compared with December 2022. The unemployment rate among women fell to 13.9% from 18.3% in January last year, while among men it fell to 8.3% from 10%, respectively. The unemployment rate in the 15-24 age group was 28.1% in January 2023 from 37% in the same month last year, while in the 25-74 age group it fell to 9.8% from 12.5%. The number of employed people was 4,145,529, up 2.9% from January 2022 and down 0.6% from December 2022.

It is recalled that the "household basket", in accordance with current legislation and based on the approval given by the Competition Commission, lasts until March 31st, 2023. As competent sources of the Ministry of Development point out to CNN Greece, probably next week there will be the relevant legislation to extend the measure and then, in view of the Easter season, to create the "Easter basket" in the supermarkets as well as the "godfather's basket" » in game stores. At the same time, today the "household basket" enters its 18th week of application, while correspondingly, the "Lent basket" is applied for the second week, with supermarkets renewing their lists today. What will the "Easter basket" contain The "Easter basket" will essentially take the place of the "Lent basket", a few days before Easter and will be created to meet the needs of consumers when shopping for food for their Easter table. Competent officials of the Ministry of Development note to CNN Greece that this new "basket" is expected to include additional items in the meat category, lamb and goat, as well as tsoureki and chocolate eggs. The "godfather's basket" As far as the "godfather's basket" is concerned, it will work similarly to the one implemented during the Christmas period, in toy stores. The categories of toys it will include are expected to be similar to those in "Santa's basket". At the same time, the candles will also be added for the purchases of the godparents in their christenings. It is recalled that the categories in the "Santa's basket" were: Board / Puzzles, Toys with dolls, dollhouses and other accessories (pretend toys), Baby toys, Action figures, Construction and creation toys (eg brick toys), Vehicles – RC, Electronic toys, Sports toys (e.g. balls, children's basketballs and goals), stuffed animals, and musical toys.

All are companies to which the controls were targeted and with special handling and the results were the object processed by special software due the data of the inspection as the place and the duration of the servicing. So, significant tax evasion was located in courier services, medical services, telecoms, photo services, parking services, gyms, coffee bars, pawnshops and funeral parlours.  

Under the agreement, the two parties will establish a collaborative network to stimulate communication among shipping companies and financial institutions from both international shipping centers, speakers from both sides said. Greece’s Deputy Minister of Maritime Affairs and Island Policy Kostas Katsafados told the event the agreement “will further strengthen the relations of the countries in the financing sector.” The signing of the agreement symbolizes the lasting collaboration and strong bonds between the two maritime centers, he said.   In recent decades, Greece and China have built a strong complementary relationship based on the sea.             Greeks control 25% of the world’s oceangoing merchant fleet and the synergies with China, the world’s largest exporter, are obvious, he explained. Greek shipowners have had more than a thousand ships built in China’s shipyards over the past 15 years, worth over $50 billion, while Chinese banks’ exposure to Greek shipping is $3 billion, Katsafados said. Huang Hongyuan, representative of the chairman unit of the Lujiazui Financial City Council and vice president of the Bank of Communications, signed the agreement in China, and George Xiradakis, president of the Association of Banking and Financial Executives of Hellenic Shipping, in Greece. [Xinhua]

3 destinations with Patras leading and first, and Xanthi and Rethymno to follow, this year, after 3 years of pandemic and absence of events, welcome the people who will come to visit them again and prepare for the festive atmosphere. The revenues from these events are estimated in millions of euros and the visitors thousands.     Patras: A carnival with history In Patras, where the carnival is an institution of years and its history starts from the last century, the economic contribution of the events that last almost 20 days has been officially recorded, in an effort made to calculate the economic impact in times of pandemic. The turnover for the city, but also for all involved professionals and the public, seemed to exceed 32 million euros, based on the data of 2019, according to what he said speaking to the Athenian and Macedonian News Agency, the deputy regional governor of Coordination, Administration and Electronic Government Western Greece Region Takis Papadopoulos.  "Carnival in Patras is vital for many businesses. They are the hotels, catering, shops that sell various items, crafts that sew uniforms and many more involved in the chain. According to the Economic impact study from the cancellation of the 2020 carnival events, which was carried out on behalf of the Chamber of Industry of Achaia "every previous year when the carnival was not held, there were losses in the wider economic activity of approximately 32 million euros. Now a loss of income for the Municipality - Public 2.5 million euros. According to the research, losses from hotel cancellations, losses in the catering industry and other commercial businesses, from visitors alone, amount to 11 million euros each year. Based on the sales multiplier multiplier) which is 2.89, the total loss amounts to 32 million for the private sector and 2.5 million for the loss of municipal taxes and public VAT", explains Mr. Papadopoulos and clarifies: "That is, for the 3 years of the absence of carnival events , the losses exceed 90 million Euros". "Let's not forget that every year around 45 to 50,000 costumes are sewn for Halloween and this is something that also is measured", he adds. Patra, as he points out, is not as developed touristically as it could be, it is mainly a "passage" and a City break destination. For this reason, Halloween is a very important event in terms of tourism. This year, the hotels especially for the days of the peak of the carnival events, i.e. the last three days, are already over 95% full and in a radius of at least 40 km around Patras. It is worth noting, as Mr. Papadopoulos emphasizes, that for the first time, in the organization of the Patreon Carnival, which belongs exclusively to the municipality of Patreon, the Region of Western Greece also participates, as mentioned in the contract signed just a few days ago.     The famous Carnival of Xanthi is taking off this year In the other corner of Greece, in Thrace, for years the Carnival of Xanthi has acquired its own fanatical audience. Although as mentioned by the president of Xanthi Hoteliers, Yiannis Ieropoulos, while Xanthi has all the guarantees to develop as a tourist destination, it still remains at a low level, the Halloween events give an impressively important "breath" to the destination but at the same time make it more and more known.  "What we are expecting this year is unprecedented. We expect a very large participation from both clubs and individual citizens, both from Greece and from abroad, especially from Germany. There is also a large turnout of Bulgarians and even the hotels that are on the Rhodope mountain range on the Bulgarian side are full. Attendance from Turkey is strong, while there are several reservations from Romania as well. Of course, we don't have a bed for the three days of Holy Monday. Many have now turned to the surrounding areas, Komotini, Kavala, Keramoti, etc. We expect over 100,000 people on the Sunday before Clean Monday. There are many buses that will also come as a day trip", says Mr. Ieropoulos and emphasizes that for Xanthi, which has the lowest per capita income, these events are very important for the local economy.     "We have organized very well, for bus parking and transportation, but until now the people we welcomed, I mean before the pandemic, were between 50 and 70,000 people," he adds.      "Many efforts are being made both by us and by the Region to highlight Xanthi as a tourist destination, but we still have a long way to go. However, it is a place of incredible beauty, with the Straits of Nestos and the unique flora and fauna, Livaditis, the thermal baths, Porto Lagos, Lake Vistonida, the old town, the museum of Abdira and much more that can enchant the visitor", underlines Mr. Ieropoulos.     Turnover of millions at the Rethymno Carnival Crete, which is one of the most popular tourist destinations and successfully bounced back in 2022, surpassing even the most optimistic forecasts, is once again in the spotlight due to the Halloween events with the Rethymnon carnival. As stated by Manolis Tsakalakis, President of the Hotel Association of Rethymnon, the Carnival events before the pandemic are estimated to have generated a turnover of ten million euros for the local community, for the period of the last week, including the three days of Clean Monday .  "This year, as shown by the bookings, we expect to move at approximately the same levels. We estimate that we will have 15-18,000 carnival-goers and people from all over Crete. During the week of Halloween, many visitors also come from abroad, such as Cyprus, from Scandinavian countries and elsewhere. There are also many who come from Athens and more widely from Central Greece. All this in a period when there is virtually no soul, because it is the period when the student community gives life to the city", Mr. Tsakalakis points out. "This year we have more than 2000 beds available in Rethymno. Some years they also opened some big hotels with 500 beds, this year we don't know yet, it will depend on the demand", he pointed out.

Greece, which views gas as a transition fuel as it ramps up renewables, has produced small quantities of oil in the past and has attempted to explore its hydrocarbon potential. A shift to green energy and lack of political will had stalled its exploration plans. But the war in Ukraine last year prompted Athens to speed up exploration in six onshore and offshore blocks, aiming to get a first idea of potential gas reserves later this year. article-prompt-devices Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) said processing company PGS has concluded 2D seismic surveys off Crete on behalf of ExxonMobil (XOM.N) and Greece's biggest oil refiner HelleniQ Energy (HEPr.AT), which own 70% and 30% respectively of the exploration rights for gas in the two blocks off Crete. "A total of 12,278 km of seismic data were collected against the minimum contractual obligation of 6,500 km for the two blocks combined," it said, adding that the operators will now process and evaluate the data before they decide to enter the next exploration phase. Under HEREMA's gas exploration plan, the next stage will be the collection of more enhanced 3D seismic data which will determine whether the operators will conduct a test drilling. Past seismic data had indicated the existence of structures similar to recent gas discoveries off Egypt and Cyprus. "Our goal is to have the first exploration drilling within 2025. We need to discover if a new potential source of wealth exists," Hellenic Energy Minister Kostas Skrekas said.