Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1

[Grisù]

Citi: Avoid South Europe

Citi says its country allocation model (CAM) buys Austria, Finland, Netherlands & Sweden and sells Greece, Portugal, Belgium & Ireland.
“European equities have moved in a tight trading range in the last year. Key strategy for investors has been not to chase market up or down,” it says.
More specifically, in a report dated August 26th, the firm notes that it expects Greek GDP to fall by 3.5% in 2010, the worst in Europe. Fiscal belt tightening means Greece is no longer expected to have the largest budget deficit in Europe in 2010.
It stresses that Greece has been the worst performing country YTD by a wide margin while Coca-Cola Hellenic is the only stock in the local index to have posted positive relative performance YTD.
“Earnings momentum is very poor. Greece has one of the worst earnings momentums in our universe. Our analysts expect earnings to contract by almost 60% in 2010,” it says.
Citi also warns that valuation Looks cheap, but for good reason. Greece is trading at a c50% discount to book value and at a 5% P/E discount, having reached a 5-year low of a 45% discount early in 2009.

 

[Grisù]

The Governments Pushes for Tax Incentives

The government planes tax incentives for large enterprises, but also special “packages” for small and medium-sized business, within the framework of the liquidity ‘ injections ‘ planned to ‘ stimulate ‘ the real economy and attract investers.
This issue was brought up in a core meeting held in the Ministry of finance, under the chairmanship of the Minister, c. Papakonstantinou, and with the participation of the General and special Secretaries and senior service agents, who looked for alternative ‘ sources ‘ of revenue from new tax increases.
Firstly, the reduction of the 40% in tax rate, imposed till today on distributed profits.
Secondly, the Government intends to introduce a special ‘ package ‘ aid for small and medium-sized enterprises which are the ‘ backbone ‘ of the real economy in order to avoid further closedowns which result to higher unemployment rates.

 

[Grisù]

Crete tourist season dented by Greek crisis

Crete is Greece’s largest island and every year attracts many many tourists. But this year, it may be high season, but the beaches are half empty. According to the estimations, the takings are down between 30 and 40 percent. Accounts like these are bad news for Greece, which needs to attract every tourist it can this season.
The sector generates almost a fifth of Greek national output and will play a vital role in the country’s economic recovery, but in June figures from the Bank of Greece showed tourism receipts had plunged by 15.7 percent compared to last year, following a 10 percent decline in 2009.
According to the AFP, media coverage of violent protests against austerity measures in Athens and successive strikes have damaged Greece’s reputation, making potential visitors head to other sunny destinations such as Turkey.
After a troubling start to the season, tourism has recovered in the peak July-August period, and now tourist number is the same as this time last year.

 

[Grisù]

Public Transport Strike Scheduled for September

Starting next month a five hour work strike will take place by public transport system employees and The Hellenic Railways Organization (OSE). Following a meeting on Friday, they agreed that the action would be staged during the first ten days of September. The transportation workers want to protest against privatizations, firings, wage cuts and the trimming of benefits. Union representatives will hold a joint press conference in Thessaloniki during the International Fair in mid September to explain their stance, which is likely to include further protest action.

 

[tommy271]

PM aide quits over adviser hiring

Papandreou’s legal counsel resigns after one of 20 new hires revealed to be inexperienced 25-year-old

The government was forced into an embarrassing climb-down yesterday over the appointment of one of 20 new advisers to Prime Minister George Papandreou’s office, which also led to one of the premier’s aides resigning.
Papandreou’s legal adviser Glykeria Siouti stepped down after it emerged that one of the 20 candidates she was to hire for a position was 25-year-old lawyer Angelos Hasapopoulos, who has only been practicing a year, has not yet finished his postgraduate degree nor completed military service.
Siouti, who is also a close associate of State Minister Haris Paboukis, one of Papandreou’s closest aides, announced that she had decided to resign for “reasons of sensitivity” after the news of Hasapopoulos’s appointment was roundly criticized by the media and New Democracy, which deemed him too inexperienced to be working as an adviser to the prime minister.
The Proto Thema newspaper, which broke the story on Sunday, carried a picture of Hasapopoulos riding a pony on a fairground carousel that was taken from his page on the Facebook social networking site. The government has dropped its plans to hire Hasapopoulos, it was revealed yesterday.
Papandreou has come under heavy criticism for surrounding himself with advisers, especially foreign experts. However, in a statement yesterday, his office said that the law allows for 105 civil servants to be employed in the prime minister’s office but that Papandreou has only hired 72.
“It is clear that the number of people employed in the service of the prime minister’s office is proportionally much lower than in other countries of similar size and level of development,” the statement said.
The premier’s office also denied press reports that former Italian Finance Minister Tommaso Padoa-Schioppa had accepted payment to become Papandreou’s economic adviser. The 70-year-old, a former president of the IMF’s monetary and finance committee, took up the role at the beginning of August.
“Everything has happened and will continue to happen out in the open with respect to the organization of the services supporting the prime minister’s office and their effective operation,” said Papandreou’s office.


(Kathimerini.gr)

 

[tommy271]

Flagging revenues call for action

Government needs to earn 26.4 billion euros by the end of the year; VAT revenues in the red despite hikes

By Prokopis Hatzinikolaou - Kathimerini


Budget revenues need to increase by 26.4 percent compared to last year in order for the government to achieve its annual fiscal target.
From now until the end of the year, the Finance Ministry will need to earn 26.4 billion euros, which works out to a steep monthly total of 5.3 billion euros.
With August budget data yet to be published, sources said revenues for the eight-month period rose by 2.8 percent, versus an annual target of 13.7 percent.
One problem area for the Finance Ministry is the collection of value-added taxes, with income from this revenue source remaining stuck in the red.
The VAT rate is due for another increase as of January, with a number of goods and services expected to be moved into the top 23 percent bracket, but the government may be reconsidering this after hearing the concerns of business groups about the impact this will have on the market.
Other sources have indicated that revenues from cigarette levies are likely drop off in the coming months, as recent tax hikes on tobacco products have resulted in more illegal trade in the sector. Additionally, decisions by tobacco companies to slash their prices in a bid to protect their market share is resulting in lower revenues for the state.
In a bid to offset the drop, the Finance Ministry is weighing a number of options, such as helping taxpayers with outstanding amounts owed to the tax office, with the opportunity to settle the issue by reducing the penalties imposed.
Another potential income source is introducing greater motives for consumers to collect receipts, as was done earlier this year. A decision by the Finance Ministry to allow taxpayers to up their annual tax-free threshold based on the amount of retail receipts collected boosted state revenues, due to consumers demanding proof of payment from goods and service providers.
However, in recent months, consumers appear to be asking for fewer receipts, prompting the ministry to examine changes to the system. One possible change is to double the tax benefit provided for receipts from certain professional groups, such as doctors and plumbers.

 

[tommy271]

Greek merchant fleet grows, tonnage up


The Greek-flagged merchant marine grew 5.1 percent to 2,125 vessels in the three years to June 30, the Hellenic Statistical Authority (ELSTAT) said yesterday. The fleet’s total gross tonnage, a measure of the ships’ total internal volume, increased by 20.1 percent in that period, to more than 43.2 million tons, it said. Comparisons are made on a three-year basis because of the time gaps between orders and the delivery of ships. The number of tankers in the fleet rose 15.4 percent in the three years and the vessels’ gross tonnage increased 30.3 percent. The number of dry-bulk ships, which carry commodities such as iron ore, fell 5.2 percent, while their gross tonnage rose 8.1 percent, reflecting larger ships. The Greek-owned fleet, which includes vessels owned by Greeks but flying a different flag, is the second largest in the world after China.


(Kathimerini.gr)

 

[tommy271]

Bank of Cyprus reports a 10 percent rise



The Bank of Cyprus yesterday reported a 10 percent rise in first-half net profits to 163 million euros, with Greece ranking as its strongest growing segment despite the recession. The bank said profits after provisions in Greece hit 25 million euros, up 268 percent from 7 million last year. Profits in Cyprus rose 15 percent to 120 million euros, while its Russian operations showed a 3-million-euro profit versus a 13-million-euro loss last year. The lender will propose to its shareholders the payment of an interim dividend in cash and shares.


(Kathimerini.gr)


***
I cuggini ...

 

[Imark]

Ieri sera, OTC... il calo dei giorni scorsi si è arrestato, per ora. Nessuna reale risalita, solo stasi sui corsi del giorno precedente, con cali molto modesti sui titoli più lunghi, nell'ordine dei 2-3 decimi di punto.

Molto sottili i volumi sui mercati retail, in linea di massima, compresi quelli tedeschi.

il 2013 - 83,32 (BBML) 83,50 (Xtrakter);
il 2014 - 78,81 (BBML) 79,16 (Xtrakter);
il 2015 - 78,05 (BBML) 78,23 (Xtrakter);
il 2016 - 67,59 (BBML) 67,49 (Xtrakter);
il 2017 - 65,57 (BBML) 65,61 (Xtrakter);
il 2018 - 65,18 (BBML) 65,25 (Xtrakter);
il 2019 6% 69,48 (BBML) 69,70 (Xtrakter);
il 2019 6.5% 71,44 (BBML) 71,64 (Xtrakter);
il 2022 - 64,82 (BBML) 64,98 (Xtrakter);
il 2024 - 59,44 (BBML) 59,70 (Xtrakter);
il 2026 - 60,27 (BBML) 60,42 (Xtrakter);
il 2037 - 52,81 (BBML) 53,13 (Xtrakter);
il 2040 - 53,17 (BBML) 53,39 (Xtrakter);

GGBei 2025 - 53,07 (BBML), non significativo su Xtrakter
GGBei 2030 - 45,91 (BBML), non significativo su Xtrakter

Le chiusure OTC di ieri. I prezzi BBML sono aggiornati, gli Xtrakter sono quelli di venerdì, causa bank holiday su Londra ieri. Li tengo affiancati per comodità.

BBML evidenzia una tenuissima ripresa dei prezzi, dopo alcuni giorni di calo.

I prezzi sui GGBei evidenziano una volatilità particolarmente marcata, con il 2030 che mette a segno un recupero consistente, dopo aver subito un forte calo del prezzo un paio di giorni fa, che si segnalò in quanto anomalo rispetto all'andamento del resto della squadra.

il 2013 - 83,39 (BBML) 83,50 (Xtrakter);
il 2014 - 78,76 (BBML) 79,16 (Xtrakter);
il 2015 - 78,24 (BBML) 78,23 (Xtrakter);
il 2016 - 67,74 (BBML) 67,49 (Xtrakter);
il 2017 - 65,92 (BBML) 65,61 (Xtrakter);
il 2018 - 65,30 (BBML) 65,25 (Xtrakter);
il 2019 6% 69,67 (BBML) 69,70 (Xtrakter);
il 2019 6.5% 71,49 (BBML) 71,64 (Xtrakter);
il 2022 - 64,89 (BBML) 64,98 (Xtrakter);
il 2024 - 59,47 (BBML) 59,70 (Xtrakter);
il 2026 - 60,25 (BBML) 60,42 (Xtrakter);
il 2037 - 52,99 (BBML) 53,13 (Xtrakter);
il 2040 - 53,10 (BBML) 53,39 (Xtrakter);

GGBei 2025 - 53,34 (BBML), non significativo su Xtrakter
GGBei 2030 - 48,19 (BBML), non significativo su Xtrakter

 

[tommy271]

Greek Market In The Red



Athens stocks are weaker on Tuesday on the aftermath of the earnings reports newsflow by domestic listed.

The first half of 2010 seems that it will turn out to be one of the worst in the record of Athens Exchange, stressing though that there were cases where results beat estimates.

The decision to lift short selling ban from September 1st may boost the market, but possible M&A in the banking sector will be the “only notable domestic catalyst” for the market.

Across the board, the General Index drops 1.77% at 1,533.59 on a total turnover of 16.75 mil. euro.

Financials shed 1.43%.

(Capital.gr)