ENGLISH EDITION

A shift by Greece's Public Power Company (PPC) away from coal-powered electricity to renewable energy sources has drawn strong interest from investors and sent its share to a 52-week high on the Athens bourse. The state-controlled company is working on a new operational plan centering on green energy.

Greek-American businessman Panos Xenokostas, Onex Shipyards LLC Founder, said he was happy to complete "a difficult transfer of ownership which took time and laborious procedures". Onex plans to invest another 12 million euros to upgrade the shipyard by the end of 2021.

According to figures presented by construction group Ellaktor ahead of its 600 million euro bond issue, the increase in daily traffic on motorways, in which the company holds a stake in, has reached as high as 52 percent. Τhe number of vehicles using Olympia Odos has risen to 141,000 per day from 93,000 in 2016.

Addressing the 30th Greek Economic Summit organised by the American-Hellenic Chamber of Commerce, Staikouras said the Greek economy will grow by 2.0 pct this year and by 2.8 pct in 2020.

Βy 2030, 82,000 electricity-powered cars need to hit Greece's streets, when the figure in 2018 reached just 315. Also, by the end of the next decade, Greece needs to offer 7 GW of wind power, versus 3.6 GW currently, in order to meet ambitious goals set out in its National Plan for Energy and the Environment (ESEK). 

Speaking of the migration issue, the Greek Commissioner said that the country was holding its own in the name of Europe. "In a few months, the European coast guard will add guards to protect its borders. This shows the EU's decision - finally - to protect our common borders," Schinas said.

The party's ideological core has two ingredients, he said, individual freedom and social care. "Without individual freedom there is no collective prosperity," he noted.

The switch to more environmentally friendly fuels used by transport ships is posing a major challenge for the sector. According to Fitch, this will lead to higher costs and capital expenditure for the companies.

The entry of two giant Chinese banks in Greece is only a recent development and their presence remains discrete. But they have big plans for Greece as the country is part of the new Silk Road, placing the Mediterranean country within the strategic plans prepared by the Asian lenders. As of August 2018, Athens agreed with Beijing to participate in the new Belt and Road initiative even though Cosco had acquired the port of Piraeus much earlier.

While four real estate investment companies (REICs) are set to enter the Athens bourse with assets of more than 800 million euros, experts believe that due to positive momentum in the sector more REICs will be formed in Greece in 2020, with an emphasis on residential housing, as thousands of apartments will be taken over by funds and banks.