Kostis outdoors is doing nicely…, Skrekas cries, Theodorikakos laughs, the “effective” print of S&P, excessive financial institution dividends and Elinoil sees Africa – Financial Publish – 2024-07-06 09:45:14

The president of the Eurogroup, Mr. Pascal Donahiou, needed to come to Athens as an invitee – on the Economist convention – to listen to an excellent speak from the Minister of Nationwide Economic system and Finance, Mr. Kostis Hatzidakis. And to be exact it wasn’t only a good speak, he was praised for his presence on the conferences of the casual – however extraordinarily necessary – European financial physique! And what he did not say.

The clever!

Neither extra nor much less that he’s the … clever man of the Eurogroup. Yeah, yeah that is just about what he stated. He characteristically acknowledged that “he doesn’t merely symbolize his nation within the Eurogroup, however contributes considerably along with his data and expertise in coping with all the key points and challenges that Europe has to face”. And the highest factor that the Irish president of the Eurogroup stated was that “Kostis connects the macro-economic figures with the on a regular basis lifetime of the citizen and the necessity for politics to reply easy questions”.

One other period

From the period of the reminiscence grinder Schäuble and the Greek Yanis Varoufakis, we’ve got now handed to the period of Donakhios and Kostis Hatzidakis! Who would have anticipated it. As a result of alternatively, it will be simpler to win the lottery than to attend for the sad Minister of Nationwide Economic system and Finance to listen to the great phrases from the home political system – inside and out of doors the federal government. Let me be clear!

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It crashes…

Mr. Kostas Skrekas “cries” over the lack of authorities energy – he has not but recovered from the shock! – however his successor within the Ministry of Improvement, Mr. Takis Theodorikakos, smiles broadly! And the reason being easy. As a result of meals inflation has “gone downhill” – a reality for which the previous contributed essentially the most – and Mr. Theodorikakos hastened to declare yesterday that will probably be zero! Who Stated Life Is Honest?

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S&P

The upgrading of the banks by the worldwide home S&P, if nothing else, got here to verify what their managements famous for the consolidation of the portfolio and likewise for his or her profitability prospects within the coming years.

S&P in its evaluation report emphasizes the above, whereas on the identical time underlining their capability to construct sustainable profitability however above all to develop the resilience of their sizes.

Funding grade

It is price noting that the S&P improve isn’t “funding grade” for banks, in response to analysts I spoke with.

Different homes, in fact, have already given the “funding grade” to some banks similar to Alpha Financial institution, Eurobank and Nationwide Financial institution.

So far as S&P is worried, there may be one step left… And it is usually the massive guess of the financial institution managements to overcome it.

Dividends

In the meantime, one after one other the administration of the systemic banks pronounces the overall conferences of their shareholders for the distribution of dividends. Apart from Piraeus, which obtained the inexperienced mild from its shareholders for his or her reward.

On the three days of July 23 to 25, Eurobank, Alpha Financial institution and Ethniki will do the identical.

The dividend distribution, to recall, has obtained the approval of the SSM, and the formal approval of the shareholders marks the return of the banks to normality.

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Mr. Yiannis Aligizakis

The CEO of the corporate, Yiannis Aligizakis, tried to offer the stamp of Elinoil’s funding technique to the overall assembly of shareholders, concurrently unleashing rumors in regards to the distortions of the gas market in Greece.

Nonetheless, regardless of a lot of the adversities, Elinoil continues, tooth and nail, to be saved on a progress observe with the corporate drawing up its funding plans.

Investments and aggressive pricing coverage

On this context, along with the 18 new fuel stations, the corporate applies an aggressive pricing coverage in new industrial actions in electrical energy and pure fuel (Electricon and Aerion) whereas it has 2 new LNG – CNG power stations within the works in Athens (2024) and Ioannina ( early 2025).

Inexperienced transition

At yesterday’s normal meeting, Mr. Aligizakis identified that the corporate will observe cautious steps within the inexperienced transition till a minimum of the market matures, emphasizing the extroversion which compensates to a sure extent the losses of the inner market.

Electricon within the socket

On the identical time, Electricon has aggressively entered the retail electrical energy market (at low voltage), “writing” 6,000 clients though the CEO set the bar at 10,000.

And Africa on the horizon

On the identical time, Elinoil enters the gas oil market extra dynamically, investing in cupboard space (tanks) in Spain. In essence, the corporate is specializing in rising gross sales in West Africa, the Mediterranean and Gibraltar whereas constructing defenses in opposition to potential losses from gross sales in Europe.