Money Buzz! Europa

Category: Athens

  • Mount Athos is open to pilgrims in the VR Pilgrim app

    Mount Athos is open to pilgrims in the VR Pilgrim app

    Everyone in any corner of the planet can make a trip to the Holy Mount Athos with the VR Pilgrim app, which was launched in June 2020.

    The app is available in Greek, English, Russian and languages ​​for devices based on Android and iOS platforms.

    VR Pilgrim opens an access to the most remote corners of the Christian world, offering virtual travels to Athos, Meteora, Lebanon and Italy.

    Most of the funds received from the subscription are going to support and restore the monasteries at this difficult time.

    Mount Athos, a peninsula in northern Greece and the spiritual heart of the Eastern Orthodox Church, also known as the ”Garden of the Virgin Mary”, will be closed to pilgrims this year until January 10.

    This is due to a strict lockdown imposed by the Greek government on schools, cafes and restaurants, courts, entertainment facilities, ski centers.

    The monastic state of Athos is the second most important religious place of pilgrimage after Jerusalem for more than 300 million Orthodox Christians around the world.

  • Cosmote launched the first 5G network in Greece

    Cosmote launched the first 5G network in Greece

    Cosmote launched its 5G network in Athens, Thessaloniki and other Greek cities. In certain areas, the maximum network speeds exceed 1Gbps.

    Cosmote is the first Greek operator to offer its subscribers 5th generation services, creating new prospects for the country’s digital development.

    The first video call via 5G network in the country took place at Maximos Mansion, between the Prime Minister Kyriakos Mitsotakis and the Minister of State and Digital Governance Kyriakos Pierrakakis.

    Cosmote intends to reach a population coverage over 50% by the end of 2021 and 100% 5G coverage of highways until 2023.

  • Greece GDP recovered in Q3 2020 and recorded a 2.3% increase

    Greece GDP recovered in Q3 2020 and recorded a 2.3% increase

    Greece emerges worst quarterly economic decline reporting a 2.3% increase in third quarter of 2020, Reuters reports.

    Greece’s GDP contracted by 14.1% in the second quarter of 2020, the worst decline in at least 25 years, according to revised data released by Athens.

    Greek economy decreased by 11.7% between April and June 2020, confirming official expectations of a more than 10% rebound this year as a whole.

    ”The decrease in tourism by about 75% is reflected in the annual economic data”, said Nikos Magginas, chief economist of National Bank of Greece.

    On Thursday, Greece announced an extension of the restrictions imposed after the second wave of the pandemic until December 14, due to the still high number of coronavirus infections.

  • Ericsson brings 5G to Greece with WIND Hellas

    Ericsson brings 5G to Greece with WIND Hellas

    Ericsson has been selected by WIND Hellas as its mobile core network vendor for standalone and non-standalone 5G, as well as its BSS partner.

    Ericsson dual-mode 5G Core will allow WIND Hellas to meet customer’s increasing demand for data as well as pursue new opportunities in emerging enterprise segments supported by enhanced capabilities such as network slicing.

    Nassos Zarkalis, Chairman and CEO of WIND Hellas, says: ”We are excited about the collaboration with Ericsson for the country’s 5G network modernization. Our ambitious undertaking is to build a state of the art, secure 5G core network that will create new possibilities for Greece and create value to society at large, businesses, and our customers, by delivering enhanced high-speed services and compelling experiences”.

  • EUR 470 million to improve road safety at 7,000 accident black spots in Greece

    EUR 470 million to improve road safety at 7,000 accident black spots in Greece

    The European Investment Bank has agreed to support a EUR 470 million nationwide programme to reduce death and injury caused by traffic accidents across Greece.

    Over the next three years, national road operator Egnatia Odos will improve road safety at 7,000 of the most dangerous sites, located across  11 regions of Greece.

    Thus, the small scale safety schemes will include installation of traffic barriers, provision of anti-skid surfaces and improved warning signs and markings on roads identified as high-risk.

    The 15-year, EUR 235 million European Investment Bank loan, to be guaranteed by the Hellenic Republic, represents the first direct financing to Egnatia Odos. since the EIB first supported transport investment in Greece in 1963.

    The EIB loan will support half of the total EUR 470 million road safety investment under the programme.

  • Aegean Airlines reports 28.3 million euros losses in Q3 2020

    Aegean Airlines reports 28.3 million euros losses in Q3 2020

    Aegean Airlines reported net losses after tax of 28.3 million euros in the third quarter of 2020 after profits of 90.2 million euros in the same period last year.

    The partial lifting of travel restrictions across Europe as of July allowed the gradual resumption of international flights.

    Nevertheless, several countries remained inaccessible, demand was weak due to the pandemic while the lack of coordination on travel protocols weighed on the restart efforts.

    Passenger traffic, 62% lower than last year

    During the third quarter of 2020, Aegean operated 49% less flights than in 2019 while passenger traffic was 62% lower than last year.

    Load factors fell to 65,7% from 87,7%. Even under these restrictions the company carried 2 mil. passengers in the quarter, flying to 78 international and domestic destinations. 

    Revenue during the third quarter stood at €155,1 mil. from €512,5 mil. in 2019.

    Overall in the Nine-month period revenue reached €342,5 mil. from €1,031 bn in 2019, while passenger traffic reached 4,4 mil. passengers.

    Net losses after tax for the Nine-Month period totaled €187,1 mil. from net earnings of €77,1 mil. in the respective period last year. 

  • Greece: Travel receipts in September 2020 fell by 71.4%

    Greece: Travel receipts in September 2020 fell by 71.4%

    Travel receipts in Greece, in September, 2020 fell by 71.4% to €826 million, from €2,886 million in September 2019, while travel payments also decreased by 77.1% (September 2020: €49 million, September 2019: €214 million).

    The fall in travel receipts resulted from a 73.9% decline in inbound traveller flows, as average expenditure per trip rose by 12.1%.

    Net receipts from travel services offset 52.1% of the goods deficit and accounted for 72.8% of total net receipts from services.

    Based on Bank of Greece latest data, the balance of travel services in September 2020 showed a surplus of €777 million, compared with a surplus of €2,672 million in September 2019.

    In January-September travel receipts fell by 78.2%

    Travel receipts fell by €12,598 million or 78.2% to €3,509 million, while travel payments also decreased, by €1,371 million or 68.1% to €641 million.

    The drop in travel receipts stemmed from a 2.2% fall in average expenditure per trip and a 77.2% decrease in inbound traveller flows.

    Net receipts from travel services offset 20.3% of the goods deficit and accounted for 50.8% of total net receipts from services.

    In January-September 2020, the balance of travel services showed a surplus of €2,868 million, down from a surplus of €14,095 million in the same period of 2019.

  • Business bankruptcies in Greece decreased in 2019

    Business bankruptcies in Greece decreased in 2019

    The total number of business bankruptcies in Greece, in 2019, recorded a decrease of 23.2% in comparison with 2018 (63 bankruptcies in 2019, 82 in 2018).

    As a result, the average annual change for the period 2010-2019 decreased by 18.1%.

    For the period 2010 – 2019, a decrease is observed with average annual change for the sole proprietorships 20.0%, for the companies with individual ownership 15.4% and for the business partnerships 17.7%.

    Most of the companies declared bankrupt, representing 38.1%, belong to section ”wholesale and retail trade, repair of motor vehicles and motorcycles”.

    Other 23.8% belong to section ”manufacturing”, 15.9% to ”accommodation and food service activities” section and 6.3% to ”construction” section.

  • Thessaloniki Port Authority first ”dry port” opened in Iliyantsi, Sofia

    Thessaloniki Port Authority first ”dry port” opened in Iliyantsi, Sofia

    Thessaloniki Port Authority subsidiary based in Sofia, Bulgaria and named ”ThPA Sofia Ead” opened on Thursday, 12th of November 2020.

    The intermodal terminal (dry port) based in Iliyantsi, Sofia will be linked by train directly to the Port of Thessaloniki, providing competitive transit times and costs.

    The new dry port aims to become an important trade hub and a modern development center, which will be linked by train with a range of dry ports in South-Eastern, Eastern and Central Europe.

    The Executive Chairman of the BoD of ThPA S.A. Athanasios Liagkos, stated: “The dry port in Sofia is indeed a particularly important historical as well as development milestone for the Port of Thessaloniki. It is the first dry port from a series of similar ones that we will create in the wider Balkan region”.

  • Greece to offer tax cuts for workers who want to move their tax base

    Greece to offer tax cuts for workers who want to move their tax base

    Greece encourages people to move to the country and promises that half of their income will be tax-exempt, Bloomberg reports.

    Greece currently applies a 44% tax rate for earnings in excess of € 40,000.

    The new facilities will be valid for a maximum period of seven years for workers who want to move their tax base to Greece, regardless of nationality and type of work.

    The offer will also be valid for Greeks living abroad if they return home.

    Greece wants to get investors back after four years of less business friendly policies adopted by the previous left-wing government.

    Through its new incentive plan, the Greek government is simultaneously focusing on the UK and employees or freelancers who may be forced to leave the UK due to Brexit.

    Attracting foreigners and reversing the brain drain is seen as crucial to boosting economic performance after a decade of debt crisis that wiped out about 25 percent of Greece’s GDP.

  • DESFA acquired 20% of Gastrade SA share capital

    DESFA acquired 20% of Gastrade SA share capital

    The Greek company Gastrade SA announced the signing of the agreement for the acquisition of 20% of its share capital by DESFA S.A., owner and operator of the National Natural Gas Transmission System of Greece.

    Gastrade is developing the LNG floating storage and regasification unit (FSRU) offshore Alexandroupolis in Greece, which will be a new, independent energy gateway for the markets of Southeastern and Central Europe.

    The FSRU will be located 17.6 km southwest of the port of Alexandroupolis and will have an LNG storage capacity of 170,000 cubic meters and a natural gas supply capacity that will exceed 5.5 billion cubic meters per year.

    The floating unit will be connected to the National Natural Gas System of Greece via a 28 km long pipeline, through which the regasified LNG will be transmitted to the markets of Greece, Bulgaria and the wider region, from Romania, Serbia and North Macedonia to Hungary, Moldova and Ukraine.

    DESFA’s presence in the project will provide Gastrade with additional expertise in operating the new Terminal and will have a key role in the penetration of LNG in the region as well as the enhancement of energy liquidity and the optimization of gas supply in Greece and the SE European region, offering to these markets increased energy diversification and flexibility.

    DESFA’s shareholders are SENFLUGA S.A. (Snam S.p.A., Enagás S.A., Fluxys and DAMCO S.A.) with 66% and the Greek State with 34%.

  • BOX food delivery service, partnership with two supermarket chains

    BOX food delivery service, partnership with two supermarket chains

    BOX, Cosmote’s online food delivery service,announces partnership with the Masoutis and Kritikos supermarket chains, offering consumers the option to order all of the products of both supermarkets in a total of over 50 cities across Greece.

    BOX online delivery service, in partnership with the Masoutis supermarket chain, is available in 45 Greek cities, including Athens, Thessaloniki, Ioannina, Larisa, Alexandroupoli, Xanthi, Trikala and Mytilene.

    Consumers can choose from over 10.000 products and have their purchases delivered to their homes, on the day and time of their choice, even within 2 or 3 hours. The minimum order is €40.

    BOX’s partnership with Kritikos is available in most regions and in the largest cities in Greece (Athens, Thessaloniki, Larisa, Heraklion-Crete, Chalkida, Corinth, Rhodes and more).

    Users can take delivery of their shopping on the same day through the ”Kritikos easy” service (€50 minimum order), or even within an hour with the ”Kritikos express” service (€5 minimum order).

    BOX customers can order food and coffee from over 5.000 stores in 33 cities throughout Greece.