Mi­noan drops Adri­atic routes to fo­cus on Greece

Kathimerini English - - Focus -

Mi­noan Lines, part of Italy’s Grimaldi Group, yes­ter­day an­nounced it is halt­ing its Adri­atic routes af­ter 35 years. The Greek com­pany will in­stead op­er­ate as the gen­eral sales agent in Greece for its par­ent group and seek new do­mes­tic routes. The two ves­sels Mi­noan used on its in­ter­na­tional routes, Cruise Europa and Cruise Olympia, will now be op­er­ated by Grimaldi Euromed SpA. Mi­noan chief ex­ec­u­tive An­to­nis Ma­ni­adakis stated that, “hav­ing as­sessed the change in the op­er­at­ing con­di­tions over the last few months, [the com­pany] has de­cided to con­cen­trate on the growth and de­vel­op­ment of Hel­lenic Se­aways,” re­fer­ring to the af­fil­i­ate in which Mi­noan holds a 48.4 per­cent con­trol­ling stake. By “op­er­at­ing con­di­tions,” Ma­ni­adakis meant the con­sid­er­able de­cline in pas­sen­ger traf­fic due to the rise of low-cost air­lines, the open­ing of the Balkan high­ways, and the in­crease in fuel prices com­bined with the de­cline in the euro-dol­lar ex­change rate, which led Grimaldi to its de­ci­sion to have Mi­noan fo­cused on Greece.

The end of the year’s first quar­ter will likely see the dead­line for the sub­mis­sion of bind­ing of­fers for the sale of Na­tional Bank’s in­surance arm, Eth­niki In­surance. The due dili­gence process is set to be­gin next week, and the price for the 75 per­cent stake is ex­pected to ex­ceed 500 mil­lion eu­ros. founders in 2015 the party has climbed to about 15 per­cent in opin­ion polls by fo­cus­ing on an anti-im­mi­grant agenda. Meuthen, widely seen as a mod­er­ate in the AfD, which rep­re­sents a wide range of views, said the Ger­man econ­omy could suf­fer in the wake of such a eu­ro­zone split but only for a year or two. “The euro is too strong for South­ern Euro­pean coun­tries while for Ger­many and sev­eral oth­ers it’s too weak,” he said in a tele­phone in­ter­view. “It’s con­ceiv­able that the weaker coun­tries leave,” he said, men­tion­ing Italy, Spain, Por­tu­gal and France. He said Greece is so weak that no coun­try wants to share a cur­rency with it. Ger­many, Aus­tria, the Nether­lands and Fin­land should re­main in the core euro group, he said, even though a stronger cur­rency would hurt ex­ports from those coun­tries. ter it hit an­other record low amid in­vestor con­cerns that the coun­try might con­cen­trate po­lit­i­cal power un­der its pres­i­dent, Re­cep Tayyip Er­do­gan. The cen­tral bank ef­fec­tively freed up $1.5 bil­lion in for­eign cash liq­uid­ity for the banks by al­low­ing them to re­duce the amount of for­eign cur­rency they have to hold in re­serve. The cur­rency, the lira, was down al­most 7 per­cent yes­ter­day at 3.71 per dol­lar, hav­ing touched a record low of 3.78 ear­lier in the day.

Eth­niki sale.

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