The big test of the farmers, the big clearing in the construction companies, with the back to the wall the AXA, the deal in Elpedison, joys for Pitsilis and a quiz – Economic Postman –

A major test of government manipulation will be the payment of the first installment of farmers’ compensations this week.

Of course, Minister Kostas Tsiaras has washed his hands of himself, placing the blame on OPEKEPE, for which the OT has fully covered the issue of the big mistakes that have been made.

The amounts will disappoint

In any case, by the end of the week, maybe even from tomorrow, some credits will start.

But no one guarantees the amount of transfers.

In fact, the Ministry told me that many people will be saddened by what they will see about their basic support.

Let’s not talk about the final payments that will come after the usual corrections and checks…

I remind you that the ruling faction has a lot of penetration in the farming world… the November polls will be interesting…

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Difficult days for Staikouras as well

The image of the railway may have overshadowed all the open fronts of the Ministry of Transport and Infrastructure, but I see an entire industry “boiling” that will soon force the political leadership to face the torrent.

I am referring to the uproar that has been caused in the construction industry, especially with smaller companies, having to publish financial statements.

On November 19, the deadline for publishing the financial statements of IKE, SA and EPE in GEMI expires and many companies, we are talking about thousands, are at risk of losing their class degrees.

Confusion

Confusion also prevails in the submission of financial data by the small companies of the 1st and 2nd class, in terms of the form and content of the requested financial data.

The Association of Technical Companies has requested an extension, as well as clarifying circulars.

But as my source from the Ministry told me… from the hundreds of manufacturers today… gradually there will be a few dozen left, as long as the framework does not give room for adjustment.

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The happy days for Pitsilis

However, in contrast to Staikouras, the commander of AADE Giorgos Pitsilis is going through pleasant days.

And not just pleasant, brilliant I would say…

The inauguration of the new AADE headquarters is planned for this morning.

Now the offices have been moved to 180 Piraeus Street. The former Athens Heart shopping center was upgraded and transformed into a state-of-the-art “green” office complex for AADE which will house approximately 4,000 of its staff. The inauguration of the new building is taking place, as I told you, this morning where Kyriakos Mitsotakis will be present to cut the ribbon together with Pitsilis…

Greatness….

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With its back against the wall, the AX

With its back against the wall, the short-lived, one-day, week opens the Athens stock market, which is already coming from a series of five bearish meetings and the psychology in the tartars. Technically the long-term uptrend has come into question after the downward breakdown of the 200-day EMA at 1,398.

Even the daily oscillators have not entered overshoot zones.

So we still have a long way to go, while the eyes of foreigners are on the other side of the Atlantic and on the American presidential elections.

Perhaps we will see some differences with the results of Athens International Airport (30/10), Coca-Cola HBC (31/10) and Piraeus (1/11).

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Patience week…

We are exactly one week away from the US election. The most uncertain elections of the last decades.

And I will add the most critical ones because Europe must prepare for a really bad scenario.

Analysts have already sounded the alarm for a possible second Trump term, which will not leave Greece unaffected either.

Duties

What is of course of interest to Europe, and by extension Greece, is whether Trump puts into practice what he has said about tariffs on product imports.

If Europe is affected by tariffs, on the export front, this blow will also be felt in its economic activity.

In Brussels they are even arguing for a reduction of EU exports to the USA by around 150 billion euros per year!

And since Europe is Greece’s main export market, our own economy cannot fail to be affected as well, succumbing to the reduction in external demand.

I remind here that Greece’s exports in the first quarter of 2024 to the USA were around 800 million euros, relatively increased compared to previous years.

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Deeds of Attica Bank right

The trading period for the right to participate in Attica Bank ends tomorrow, with the title losing more than 37% since its inception (21/10).

I remind here that one right is today at 141.5 euros, which corresponds to 677 shares for 1.87 euros.

This means that in order to participate in the increase, you will have to allocate 1,266 euros for each right.

In the average acquisition price, however, one should include the money paid for the purchase of the right, i.e. at today’s prices 141.5 euros, therefore: 1,266 + 141.5 = 1,407.5 euros.

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Waiting for Elpedison

The Elpedison deal is expected by the energy market in order to run more acquisitions in the field of electricity production and supply.

That’s what a leading market player was telling me, and he was explaining to me how he needs to clear up the landscape with this particular vertical group in order for the other electricity giants to find and lock in smaller companies to acquire.

Closes the deal

Now as to whether there is any news from the negotiations between Elpedison’s partners, namely Helleniq Energy and Edison, I learn that it is not excluded that within the week the procedures of submitting offers from both sides for the 100% acquisition of the company will be launched.

And whoever endures…

It is not excluded, in fact, says my source, that the deal closes immediately.

Maybe within the week we will have the new owner of Elpedison.

The Italians

I also learned how the Italians of Edison, in order to finalize the value of Elpedison and to settle various old outstanding issues especially of the unit in Thessaloniki, almost took the oil out… to their partners Helleniq Energy.

There was an impression as if they wanted to play catenaccio… regarding the competitive process.

Be that as it may, I also believe another informant of mine, who insists that the Italians will enter the contest loaded down.

Let’s see…

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Card fraud is… on the wane

We may have increases in card transactions, speaking as Greeks, but fraud incidents have decreased and that is encouraging.

This is how the figures of the Bank of Greece showed, as a decrease was recorded in the number of fraud transactions by 6% in the first half of 2024 compared to the second half of 2023.

But perhaps there needs to be more information on remote transactions, since when analyzing fraud incidents by transaction channel, i.e. transactions at ATM terminals, payments at POS terminals and remote transactions without the physical presence of the card, the highest fraud rate still concerns the last ones.

The cases of online fraud mostly involve shopping transactions from online stores abroad with cards issued in Greece.

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And a quiz

And now a quiz for tough… solvers. And well versed in the secrets of retail.

Which major sporting goods chain is getting a flagship store in an iconic spot in the historic center?