What storm was this with the upgrades of the Greek banks?
First Fitch, then Goldman Sachs and finally Morgan Stanley. In just one 24 hours!
They all spoke with the best about the Greek banks, then the results they announced in the second quarter. Nor were they frugal in what they expect for profits.
So it is time to see this progress in the real economy as well, because the latest data on credit expansion were not encouraging. Summer rastoni, yes, but has the demand also frozen with these interest rates?
On the plus side, however, National Bank reduced commissions for several transactions. The others had made similar moves.
Will we have more upgrades?
However, banking stocks were not “moved” too much by the good words. After the jump they made and covered some of the “loss” on August 5th, they have three weeks to wait.
Obviously, everyone is waiting for the placement of the national team, at the beginning of October, for which various scenarios are being discussed. But everyone wants to have “cash”. For obvious reasons.
But there are not a few who are waiting for Moody’s next week.
After all, they see the government’s efforts to get the upgrade, which also means the investment grade for the fourth house of the “Big 4”.
However, as I learn, the company’s analysts are waiting on the one hand for today’s data for the GDP of the second quarter, which will also have a bit of… tourism, but also for the Prime Minister’s announcements at the TIF.
Hard winter
In the government staff they are betting a lot on an upgrade. Purely communicative, because in practice it won’t make a difference to how foreigners see us.
But in Maximos, they are looking for a “paper” that will stand up against the democratic corruption of the government.
Because I hear the September polls are not good.
If the upgrade doesn’t come, the “we’re doing well” narrative will falter.
And then the government will really need something big… not like what is being leaked that Kyriakos Mitsotakis is preparing at TIF.
Mobility on the … shelves
Know that the last four months of the year will be warm. Very warm!
Not because of the high atmospheric temperatures – I’m not entering the fields of meteorologists! – but due to relentless market competition.
In the supermarket industry! At the same time, it is possible that the efforts of the Ministry of Development for direct price reductions from large consumer product companies – not only food – will be successful.
It is said that in the next ten days there may be developments!
Bidding war…
But let’s start things from the beginning.
I am told that already the major supply companies, since some of them did not perform so well in his sales, have “locked” their offer programs until the end of the year. And the smaller ones follow.
Keep in mind that 28.9% of the chains’ annual sales are made with some kind of promotion.
If you add to this percentage the fact that private label products have a share of over 26%, it follows that 55% of the supermarkets’ annual sales come from these two categories. This is an unprecedented percentage!
… the big players are discussing reductions
Meanwhile the Minister of Development has directly asked the big companies in the food sector to reduce the list prices for a certain period – the best version for the ministry would be that the reduction starts to “run” from October 1 until the end of time.
Some large companies, among them Nestle, Delta, Yotis, are seriously considering it as a possibility.
But non-food companies like Procter & Gamble and Unilever are also talking about it. As a market source told me “51% is likely to happen”.
Things will be decided in the next period….
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Vakaki’s gift…
Apostolos Vakakis likes to provoke. And to sometimes surprise the market and investors.
Mainly with the comments he makes about the domestic and international business scene…
However, what he seems to hold dear is rewarding Jumbo’s shareholders.
Despite the grumbling he expresses in recent years about the course of the market, he makes sure to keep those who believe in his company happy.
This is what he is doing now, with his decision to proceed with the repurchase of up to 10% of his own shares and their simultaneous cancellation.
It is, as stock market analysts say, a “gift” to old shareholders.
Quite simply, because existing shareholders will be entitled to proportionally higher future earnings per share.
While their percentage in the company has already increased without having to pay any more cash to buy shares.
… and the issue of succession
At the same time, the well-known businessman is not thinking about… retirement.
Although he is at an age where he could easily retire.
This is conveyed in the column by people who talk to the head of Jumbo, apparently putting an end to some rumors that developed in the previous period.
“There is no thought of handing over the baton to the next generation,” they say.
Day-to-day involvement with the company is something that keeps him active, they add.
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Lactalis and feta
On the verge of war, we learn how the Greek feta producers are doing.
The reason beyond the plague, which intensifies the price pressures, is the phenomenon of imitations of the iconic Greek cheese abroad, using the trade name “feta”.
Its sales are rising worldwide and everyone wants a piece of the pie.
What is burning people in the industry now is the case of Lactalis in Chile.
The multinational still has room to appeal the first-instance decision to ban the name feta on its products.
In case he appeals, this means that he will open a new front.
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