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Economy

Fitch Upgrades Rating of Three Major Greek Banks

Credit ratings agency Fitch raised on Monday the credit rating of three major Greek banks: Eurobank, National Bank of Greece and Alpha Bank. Last Friday, the credit rating of Greece's economy was raised to one notch below investment grade. The...

Four Greek Ports Get EU Financing For Infrastructure Upgrades

Four Greek ports across the country have secured EU financing for the implementation of significant infrastructure upgrades. 

More US Investments Coming To Greece, US Ambassador Says

US Ambassador to Greece, George Tsunis, said on Friday that more investments are coming to Greece from the US in 2023. 

Fitch Ratings Upgrades Greece to BB+ Outlook Stable IDR

Fitch Ratings upgraded Greece's Long-Term Foreign-Currency Issuer Default Rating (IDR) to "BB+" on Friday. The previous rating was "BB". The Outlook is now Stable. The news is positive for the Greek economy, which has been on a bumpy road since...

Egg Shortage Drives Up Prices for Consumers

An egg shortage is driving up the price of eggs for consumers across the US and other countries. The main cause appears to be a strain of bird flu which is threatening commercial flocks of chickens. Economists have also...

U.S. Media Giants Announce Staff Layoffs Amid Grim Economic Climate

Several large media corporations in the US, including CNN, Vox, BuzzFeed, and The Washington Post, have announced that they will lay off significant numbers of staff. Journalists across the country could be facing unemployment in what increasingly appears to be...

Alibaba Plans $1 Billion Plus Investment in Turkey

Alibaba Group Holding LTD. is planning to invest more than $1 billion in Turkey. The news became public knowledge after the company's president, Michael Evans, told the Turkish newspaper Sabah about Alibaba's investment plans in Turkey. It was revealed that...

Greek Exports Increase by 37% Year-On-Year, Setting New Record

Greek exports in all major sectors set a new record in 2022, rising by double digits in the eleven months between January and November, according to the data released by the Hellenic Statistical Authority (ELSTAT) on Monday. In the January–November...

OECD Lauds Greece on Recovery; Warns of Growth Slowdown

The recovery of the economy in Greece from the COVID-19 crisis was strong, supported by the continuation of reforms, the Organisation for Economic Co-operation and Development (OECD) said in an Economic Survey on Greece released on Tuesday. It warned, however,...

Apple and Tesla: Tech Shares Tumble Amid Supply Issues

  Technology companies Apple and Tesla are supposedly facing one of their most frustrating periods of business operations as their shares tumble amid supply-related issues. Supply delays messing up these well-known tech giants emanate from their production lines in China, recording...

US Bitcoin Miner, ‘Core Scientific,’ Is Filing for Bankruptcy

Core Scientific, one of the largest bitcoin miners registered in the US, is filing for bankruptcy. The Texas-based company filed for bankruptcy on Wednesday. The firm said that it would continue mining bitcoin whilst it works out a restructuring deal...

Greece Named Top Economic Performer for 2022 by the Economist

Greece was named this week the top economic performer for 2022 among selected OECD nations by the Economist magazine. The Economist ranked Greece according to five key indicators in its analysis of 34 OECD countries. Greece fared the best in...

Bank of England Reveals King Charles III Banknote Designs

The Bank of England has unveiled plans to keep a lasting legacy alive with the circulation of new banknotes featuring King Charles III in mid-2024. The United Kingdom's central bank made the first public announcement on the design in the...

Greece Announces 10% Subsidy on Food Bills as Elections Loom

On Monday, the prime minister of Greece, Kyriakos Mitsotakis, announced a ten percent subsidy for every household's food purchases to help counter the burden of inflation. The funds from the subsidy are estimated at around 650 million euros ($690.82 million)...

JP Morgan Completes Shares Acquisition of Greece’s Viva Wallet

The 48.5 percent acquisition deal of Greek fintech startup Viva Wallet by American banking giant JP Morgan has been completed.