Category: Business

Investments by Greek hotels exceeded €1 billion in 2024, accounting for 9% of their total turnover. The total investment amount reached €1,028,581,504, with €200 million allocated to sustainability initiatives, according to the 2024 Hotel Industry Research conducted by ITEP on behalf of the Hellenic Hotel Association (HHA). Notably, the percentage of investments in sustainability increased…

According to Deloitte’s ‘2025 Consumer Products Industry Outlook’ report, several trends are set to shape the consumer goods sector this year. Since 2021, price increases have been the primary strategy for companies to offset rising costs amid pandemic-related disruptions and supply chain issues. Despite continuous price hikes, demand remained resilient due to inelasticity in essential…

In 2024, BYD’s sales exceeded $100 billion, surpassing Tesla led by Elon Musk. The Chinese automotive giant impressed consumers with a range of electric and hybrid vehicles featuring cutting-edge technology. Headquartered in Shenzhen, BYD reported revenue of 777 billion yuan ($107 billion) for the 12 months ending December 31, up 29% according to a filing…

The index for small and very small enterprises showed significant improvement in the second half of 2024, according to research by the Institute of Small and Medium Enterprises. The economic climate index for these businesses rose by approximately ten units compared to the previous semester, reaching 59.3 units. However, detailed findings reveal discrepancies based on…

In 2024, Papoutsanis reported a turnover of €66.2 million (up from €62.3 million in 2023), marking a 6.3% increase, with exports accounting for 55% of total turnover, as announced on March 26, 2025. The contribution of the four business segments to the 2024 turnover includes 30% from branded Papoutsanis product sales domestically and internationally, 17%…

Strategically focused on delivering high added value, Grivalia remains under the leadership of Giorgos Chrysikou and Natalia Stravti. Established in the ultra-luxury hospitality sector, this investment and asset management company specializes in developing and operating international-standard hotel units. In this context, Grivalia Hospitality is advancing to its second phase of investments, having completed an initial…

In a significant step to further strengthen its portfolio, Eurobank has advanced with new leasing agreements aimed at securing long-term revenue. Central to these agreements are the Green Plaza business complex in Marousi and a notable property in Patra. Meanwhile, renovations on the historic building located at the corner of Stadiou 9 and Kolokotroni 1,…

The European Union has postponed the proposed 50% tariffs on American whiskey until mid-April, linking them to counter-tariffs against U.S. steel and aluminum duties. The shift in the tariff timeline, originally set to take effect on April 1st, allows for further negotiations with U.S. officials, an EU representative announced on Thursday (March 20, 2025). American…

The Heracles Group has announced a total investment of €600 million by 2029, as stated by Demetris Chanis, the Managing Advisor of the Group, during the launch of a recycling campaign with the Attica Region on March 19, 2025. Over the past six to seven years, the group invested between €60-70 million in its facilities…

A 200% tariff on all alcoholic products shipped from the European Union (EU) was threatened by U.S. President Trump, causing dissatisfaction among alcohol consumers, restaurateurs, bar owners, and suppliers across the U.S. A mutual trade agreement without tariffs between the EU and the U.S., existing since 1997, could be terminated due to Trump’s anger over…

The former publisher Petros Kostopoulos has opened up about the difficult period following the closure of IMACO. “After the collapse of IMACO, I suffered a psychological breakdown,” he revealed in an interview on ‘Studio 4’ on March 19, 2025. He elaborated on the mental health struggles that followed, stating, “You can go through severe depression,…

The Fais Group is forecasting an 8% increase in revenues by 2025, reaching €215 million, according to analyst estimates, with a corresponding rise in EBITDA also anticipated. Specifically, the group’s sales exceeded €200 million in 2024, and EBITDA reached €40 million, as announced by the CEO, Hasdai Kapon, during a press conference on March 18,…

METLEN is strengthening its strategic presence in the defense sector by expanding its industrial complex in Volos and establishing a significant defense hub in Greece. Specifically, METLEN signed a purchase agreement for a property spanning 19 acres within the Volos Industrial Park with workshop facilities of 50,000 sq ft and is already planning to acquire…

In 2024, Aegean Airlines reported a consolidated revenue of €1.78 billion, marking a 5% increase compared to the previous year. The airline transported 16.3 million passengers, reflecting a 6% rise amid positive demand trends for travel to and from Greece, despite significant challenges. According to its financial results announcement, Aegean offered 19.8 million available seats,…

The European Commission intends to present a plan this week aimed at protecting the steel industry from the impact of Trump’s tariffs, according to an exclusive report by Handeslblatt. The document cited by the sources describes an ‘exceptional situation’ in the steel sector. The 23-page proposal revealed by the German newspaper states that ‘global excess…

The US has reached out to Denmark and other European countries requesting egg exports as Americans face skyrocketing egg prices, according to a statement from the country’s Egg Producers Association. The US Department of Agriculture’s request coincides with a series of new American tariffs on countries, including Europe, and the threat of imposing more. President…

In recent years, Porto Heli has emerged as a significant investment destination for powerful international investors implementing large-scale projects in the area. However, the situation for these projects isn’t always favorable, as challenges persist. Specifically, reports from international media highlight the financial difficulties faced by billionaire Paul Coulson due to issues with the Ardagh Group,…

The countdown for Sam Fais’s return to the Athens Stock Exchange (ASE) with a new offering has begun. Specifically, on March 26th, the approval for the introduction of Fais Group shares into the ASE is expected. The group boasts a strong economic footprint in retail and sales reaching €200 million. It’s worth noting that the…

In February 2025, the Interdepartmental Market Control Unit (DIMEA) imposed fines totaling €59,000 on 50 businesses. According to data from the Ministry of Development, these fines were related to the enforcement of market regulation rules for products as per Law 4177/2013 and the authorized Ministerial Decision 91354/30.08.2017 ‘Codification of Rules for the Movement and Trade…

Today, March 13, 2025, the sealed envelopes of interest declarations are being opened as part of the competition organized by the Ministry of Energy for exploration rights in the Public Mining Area on the island of Chios. The focus is on antimony, a metal believed to be abundant on the island and highly sought after…

Official announcements are imminent regarding the closure of the deal between Piraeus Bank and CVC Capital for the acquisition of a 70% stake in National Insurance. On February 6, Piraeus Bank announced it was in exclusive negotiations with CVC to acquire 70% of National Insurance for €469 million. The move aims to diversify Piraeus Bank’s…

A total of 64,300 small and medium-sized enterprises (SMEs) and sole proprietorships will receive vouchers to acquire new digital products and services through purchase or lease. This is according to the provisional list of beneficiaries of the ‘Digital Tools for SMEs B’ program, which has been posted on the website of the ‘Digital Transformation’ initiative.…

Having completed a first cycle with six ultra-luxury hotels, four major development projects worth €350 million, and 450 hotel keys, Grivalia charts the next phase of investments, further strengthening its position in the hospitality and real estate sectors both within and outside Greece. Notably, in just seven years, Grivalia has managed to increase its valuation…

Dust+Cream is setting its sights on international expansion by 2025, according to Leandros Karakatsanis, Chairman and Managing Director of CREAM TEAM ABEE, which operates the Greek cosmetics chain. During a press tour at the company’s offices in Thessaloniki, Karakatsanis outlined an investment plan worth €4-4.5 million for 2025-2026. This plan includes energy upgrades to facilities,…

The stock market started off negatively today (March 11, 2025). Shares in New York were under pressure as President Donald Trump announced that tariffs on Canadian steel and aluminum products would be increased to 50%, in retaliation for Ontario’s move to impose tariffs on electricity sent to the U.S. The S&P 500 extended its decline…

The Technical Chamber of Greece (TTE) announced today (March 11, 2025) the official commencement of insolvency proceedings for the German insurer Element Insurance. According to TTE, Germany’s financial supervisory authority (BaFin) reported that the competent Berlin Court decided on the final initiation of insolvency proceedings for Element Insurance, effective as of March 1, 2025. In…

The acquisition of Milora by the AKTOR Group, specializing in real estate development, management, and exploitation, has been approved. According to an official announcement: “During the session of the Competition Committee, it was unanimously decided under decision No. 876/2025, to approve the acquisition of direct exclusive control by ‘AKTOR GROUP OF COMPANIES’ over ‘MILORA M.A.E.’,…

All major indices on the New York Stock Exchange are experiencing significant declines today (March 10, 2025). This follows a previous drop in European markets. The Dow Jones index is down by 1.8%, the S&P 500 has lost 2.5%, while the Nasdaq index has plummeted even more dramatically to -4.2%. This creates an increasingly negative…

The financial results from January-February, announced just before the full 2024 economic outcomes, are seen as promising indicators for this year. Analysts at Euroxx Securities (Alex Boulogouris and Fani Tzioukala) predict a year of high single-digit profit growth and further strengthening of Aegean’s already robust financial position. Despite traditionally weaker performance in the first two…

Major upheaval in international markets has been caused by President Trump’s ‘back and forth’ regarding the imposition of tariffs. Last week, the U.S. partially suspended tariffs on certain goods from Mexico and Canada after market declines and pressure from companies directed at President Trump, as his unpredictable trade policy strained relations with allies and sparked…

Inspectors from the Independent Authority for Public Revenue (AADE) conducted a targeted on-site inspection at a fuel station in the broader area of Preveza following risk analysis and utilization of digital data. The inspectors uncovered violations committed by the owner of the fuel station that led to severe penalties. Among the findings were an unauthorized…

The Athens Stock Exchange recorded a minor drop at the start of today’s session (March 7, 2025), amid a downward trend in European markets. Specifically, the General Index is shaping up at 1,622.30 points, marking a decline of 0.20%, while trading value reaches €14.57 million. The high-capitalization index shows a decrease of 0.22%, and the…

Two major and iconic investment projects are progressing from the Andreadis family, signaling their intention to invest in the development of high-value real estate. These include the redevelopment at the former Kerameia Allatini and sustainable tourism on Diaporos Island. Anastasios Andreadis, Managing Director of Santa, announced the progress of these projects during the Prodexpo North…

The management of Cenergy characterizes 2024 as a milestone year, with all set targets achieved. According to annual results, Cenergy Holdings saw a 10% increase in sales (€1.8 billion), a 27% rise in adjusted EBITDA (€272 million), and net profits amounting to €139 million. Internationally, there’s an increasing demand in the energy sector for cables…

The Competition Committee conducted surprise inspections on March 6th and 5th, 2025, targeting companies operating in the ferry transportation sector. According to an announcement on their official website, these checks focused on potential anti-competitive horizontal agreements or possible decisions by business associations, as well as prohibited practices such as price-fixing announcements among competitors. The committee…

In a strongly worded letter, Allou! Fun Park announced its reopening last Saturday (March 1, 2025), after a challenging 2.5-month closure. The park expressed harsh criticism toward the municipality for the prolonged shutdown. “With great joy, we announce that Allou! Fun Park has reopened its doors on Saturday, March 1. The resumption of operations represents…

According to a recent study presented on March 5, 2025, by Dimitris Mauros, Managing Consultant at MRB Hellas, one in three Greek businesses has adopted Environmental, Social, and Governance (ESG) policies. The research conducted for CPA Kudos revealed that 32.5% of surveyed companies implement ESG policies, while 24.3% plan to do so in the near…

ELVALHALCOR anticipates minimal impact on its operations from the tariffs imposed by the White House this year. Simultaneously, the company is keen on expanding its role in the defense sector due to the massive ReArm Europe initiative announced by the EU. During its annual financial results presentation for 2024, ELVALHALCOR’s management reported a 4.3% increase…

Cenergy Holdings has announced its financial results for 2024, reporting net profits of €134 million for the year. The company showcased strong profit margins with adjusted EBITDA reaching €272 million, marking a 27% increase year-over-year, driven by historically high margin performances in its steel pipes sector at 16.4%. The cables division also reported further improvements…

The Attica Group has sold its vessel ‘Crete II’ for $3.6 million with the aim of recycling it. In a detailed announcement, ATTICA A.E. PARTICIPATIONS (the ‘Company’) informed investors that the ship owned by one of its subsidiaries was sold for recycling in compliance with both European and Greek legislation concerning safe and environmentally sound…

The Independent Authority for Public Revenue (AADE) has streamlined and digitized the process for commercial goods transactions valued up to €1,000, primarily conducted through courier companies. According to an announcement by AADE, this simplification outlined in a circular by AADE Administrator George Pitsilis further facilitates exports for small and medium-sized enterprises (SMEs). It is estimated…

IKEA is recalling certain outdoor lighting products due to a wiring issue that poses a potential safety hazard. According to the company’s official recall notice, IKEA is urging all customers who own LED string lights and outdoor LED lamps from the LEDLJUS, SOMMARLÅNKE, STRÅLA, SVARTRÅ, and UTSUND product lines to immediately stop using them and…

In a strategic review, the Greek Brewery Atalanti (EZΑ) moved forward with plans to increase profitability by reducing production to less than 200,000 hectoliters. This was announced on March 4, 2025, by Nikitas Aspiotis, the company’s managing advisor, during a press conference. Specifically, Mr. Aspiotis stated that in 2024, emphasis was placed on products with…

The free rides on Air Force One with Elon Musk and his mother have sparked criticism on social media. However, many consider Maye Musk, the silver-haired model, as Elon’s secret weapon in China. Recent photos from Mar-a-Lago show her influence growing. Maye Musk started modeling at 15 in South Africa, becoming a finalist in the…

OPEC+ announced that it will proceed with a plan to increase oil production starting in April, marking an unexpected move by the international organization that sent oil prices soaring. Saudi Arabia and seven other members of the OPEC+ group had previously delayed lifting long-term production cuts, and traders widely expected another postponement. However, OPEC+ declared…

Electricity suppliers have announced green electricity rates for businesses ranging from 17.6 cents per kilowatt-hour to 24.1 cents for March. Professional electricity tariffs saw an increase this month, contrasting with stable residential rates. However, within March, the government subsidy for businesses is expected to be announced, covering previous months as well. According to the RAAEU…

Mistakes like this should not happen… The American bank Citigroup mistakenly credited one of its customers with $81 billion instead of $280, according to an article by the Financial Times published on February 28, 2025. The erroneous transfer, which occurred in April of the previous year, went unnoticed by both a Citigroup employee responsible for…

The digitization of dispatch notes is a change that Greek businesses have been anticipating for some time. The trial period continues, and the full implementation of electronic goods movement documents is expected to be completed by 2025. For thousands of businesses, these will become mandatory as early as spring. Let’s take a detailed look at…

China’s largest automaker, BYD, is intensifying its efforts to become a leading player in Europe with two new production facilities set to begin operations next year. These plants will have an annual capacity of 500,000 vehicles, according to Automotive News Europe. While BYD’s plans for Europe are bold, success won’t come easily. In 2024—four years…

China has imposed an additional 10% tariff on vehicles with larger engines imported from the U.S., effective February 10, 2025. This move comes after both countries failed to reach an agreement regarding the general import duties imposed by Trump’s administration on Chinese goods, according to Bloomberg. The new tariff applies to goods including vehicles with…