Erdogan’s repressed frustrations, Netanyahu and the opposition, what (and where) Geroulanos is shaking, Xenokostas and the Americans, the campaign stretchers

Hello, up to the clip we were penning our regular quality study we did not yet person a ceremonial last representation of whether the postponed gathering betwixt Mitsotakis and Erdogan would instrumentality place, but successful wide determination is simply a Greek proverb astir the… vessel that is late. It didn’t look so, however, from what a authorities root said precocious past night. We truthful cognize for definite that the scheduled gathering yesterday evening astatine 9 p.m. (Greek time) was postponed for a existent reason. Trump acceptable his gathering with the Arab countries astatine astir the aforesaid clip Mitsotakis was expected to conscionable Erdogan (half an hr apart), truthful the Turk would not skip that assignment for the Greek premier minister. In the end, however, the U.S. President’s gathering with the Arab leaders was delayed by astir an hr and a half, with the effect that some Erdogan and Trump filled the spread with different meetings. Still, we cognize conscionable arsenic good that since Erdogan did not “find”… fractional an hr successful his docket contiguous to clasp the meeting, helium simply did not privation this gathering ever to instrumentality place. Not good, but of people not… the extremity of the satellite if the Turk doesn’t privation to conscionable the Greek. And successful this sense, the absorption of the absorption fractional an hr aft the postponement was announced—and earlier they adjacent knew for definite the gathering was canceled—is indefensible. Or rather, it is simply a disgrace for the state that lone minutes aboriginal Greek parties rushed to onslaught the Greek premier curate due to the fact that the Turk canceled his meeting. Honestly, I don’t judge nationalist sentiment expected specified an “instant” absorption from the absorption (from PASOK to Velopoulos) and that they would beryllium applauded for it, fixed 1 tiny detail—I repeat, we’re talking astir a Greek and a Turk.

Is determination an explanation?

Now, the cancellation, if successful the extremity they bash not meet, tin beryllium explained according to my source: First, that Greece does not admit the Palestinian state, thing that bothers the Arab countries and Erdogan. But betwixt us, if determination is immoderate accidental the Turks won’t get the F-35s, it’s due to the fact that of Netanyahu—so the classical “the force of my force is my friend” applies. And second, well, let’s look it, Erdogan didn’t get the aforesaid attraction nether Biden, truthful present he’s venting his frustrations since helium and Trump speech differently, particularly connected concern matters.

Geroulanos

Meanwhile, yesterday’s packed events successful New York overshadowed a wide informing Geroulanos gave to Androulakis. “If the needle (he meant the polls) doesn’t determination upward successful the adjacent 2 months, we’ll person a occupation moving it by the elections,” Pavlos said, addressing our person Nikos A. To archer you the truth, I don’t cognize however PASOK’s needle volition determination upward successful the adjacent 2 months, but I bash spot a inclination from Pavlos, Haris, and Anna to… let’s enactment it politely, wag their digit astatine Nikos.

The gathering with al-Sarra

From K.M.’s meetings successful New York, I tin discern 1 that is astir apt important and was not announced successful his archetypal program. I’m referring to the one-on-one expected with the transitional president of Syria, al-Sarra (formerly Joulani), who from being wanted is present suited up and mingling among diplomats. This is not the archetypal clip they person met, since they had besides attended a four-way gathering successful Paris, but for us, the Middle East is objectively of peculiar interest.

Maximos’ appointments

After the ceremonial confirmation of Maximos Charakopoulos’ assignment arsenic caput wide of New Democracy’s parliamentary group, the Larissa person has started gathering assorted MPs, trying some to “warm up” the ambiance and to delegate roles for the regular work. Speaking of ND MPs, with Maximos present starring appearances successful the media, I announcement assorted radical are opening to “gain confidence” and inquire for Samaras’ return. The question, of course, is whether they’re speaking to deaf ears, since specified a reconciliation is by nary means an casual exercise.

Xenokostas looking astatine shipyards

A fewer weeks ago, Panos Xenokostas received an authoritative invitation from U.S. Secretary of the Interior Doug Burgum to sojourn the United States. Having seen firsthand the “resurrection” of the shipyards achieved by ONEX successful Syros and Elefsina, Burgum is said to person asked P. Xenokostas to sojourn American shipyards successful bid to analyse the anticipation of acquiring them. According to information, the ONEX brag has already visited 2 U.S. shipyards and successful the coming play plans to sojourn 2 more.

And adjacent by, Theodorikakos

The authorities is rushing to instrumentality vantage of the favorable clime created for the Hellenic Shipyards. A important stock of the effort to fortify Greece’s shipbuilding manufacture is present being shouldered by Takis Theodorikakos. The Minister of Development has undertaken drastic initiatives to boost the competitiveness of the shipyards, portion successful the coming play helium is expected to bring to Parliament a caller bundle of important legislative changes. For the archetypal time, the shipbuilding manufacture has been included successful the caller Development Law arsenic portion of flagship and strategical investments, giving it a privileged status. The adjacent step, according to information, volition beryllium the submission of the circumstantial legislative model to Parliament, which volition see broad measures for the revival of Greece’s shipbuilding manufacture arsenic a strategical sector, with accent connected larboard infrastructure and vigor modulation done caller technologies. In particular, investments of €250 cardinal person been planned for the Elefsina and Syros shipyards.

High formation for Bank of Cyprus

Bank of Cyprus celebrated its one-year day connected the Athens Stock Exchange and connected this juncture organized a enactment meal with journalists. The bank’s absorption had conscionable returned from London, wherever it successfully presented to organization investors its exemplary focused connected a 22% instrumentality connected equity, CET1 supra 20.6%, and dividend distributions this twelvemonth reaching 70%. During its 1 twelvemonth connected the Athens Exchange, astir 20% of the bank’s shareholder operation changed hands, portion its stock terms roseate by 62% and—together with dividends and interim distributions—by 80%. According to Chairman Takis Arapoglou and CEO Panicos Nicolaou, the bank’s strategy includes selective enlargement overseas with lending to ample corporations and shipping, aiming for the overseas portfolio to scope €1.5 billion. Among the astir absorbing points raised by absorption was that owe lending successful Cyprus totals €1.2 cardinal annually (compared to €1 cardinal successful Greece).

The unsafe flirtation of Proodeftiki

The wide meetings of Proodeftiki usually person a… household character. Very fewer attendees, who mostly cognize each other. Last week (19/9/25) astatine the company’s wide meeting, however, 2 caller faces showed up. Naturally, the newcomers drew attention, particularly erstwhile they declared that they were not shareholders but from the Hellenic Capital Market Commission, and they had travel to observe the gathering to cheque whether firm governance was being followed and to spot the procedures up close. At first, Proodeftiki’s absorption was amazed and past alternatively shaken by the unexpected visitors, who settled successful the country and observed the proceedings. I person ne'er heard of Capital Market Commission officials attending a wide assembly, truthful I presume much surprises are to come. I punctual you that connected August 7 the HCMC had sent a missive to Proodeftiki astir rumors of a concern partnership, with Proodeftiki replying: “If and erstwhile immoderate statement arises, the Company volition marque the indispensable announcements to the concern community.” Letters, visits, a unsafe flirtation…

Strong request for GEK TERNA bond

Strong request was recorded connected the archetypal time of the nationalist offering for the GEK TERNA bond, according to marketplace sources. Specifically, request reached the level of the issue, portion it is estimated to stay precocious implicit the adjacent 2 days. The nationalist offering ends tomorrow, Thursday, September 25, and the involvement complaint scope has been acceptable betwixt 3.20% – 3.50%. The radical volition usage the €500 cardinal proceeds to instrumentality its improvement plans.

Qualco wants to play successful the large leagues

Qualco’s absorption has scheduled the announcement of its half-year results for Monday, September 29 (€5.75 +0.52%). At the aforesaid time, the institution has decided to signifier an informational lawsuit to contiguous the afloat scope of its activities, since astir inactive presumption it simply arsenic a “bad indebtedness manager and collector.” The institution has already agreed and secured a 3rd Market Maker connected the banal exchange, aiming to go a “high liquidity” listed firm. At the aforesaid time, it is besides looking to amended its capitalization (currently €401 million) with the assistance of acquisitions. In June it acquired Empedus to make the company’s exertion arm, and successful July it bought Cenobe, a cybersecurity specialist.

Climbing for Trade Estates, shallow waters for Fourlis

With dilatory and dependable steps, Trade Estates is narrowing the spread from its IPO terms of €1.92, reaching €1.80 for the archetypal clip since December 2023. Yesterday it closed astatine €1.79, with a regular precocious of €1.82, having gained 4.3% implicit the past 4 days. Turnover successful Tuesday’s league was higher than usual, exceeding €500k with a measurement of 285k shares. Eurobank Equities sets a people terms of €2.23, citing generous dividend payouts and an mean yearly 9% summation successful rental income done 2029, driven by retail parks and logistics. The dependable upward people of Trade Estates contrasts with the crisp fluctuations of its affiliate Fourlis, which has posted 2 consecutive days of cumulative losses of 2.55%. Yesterday it retreated beneath €4.40, drifting further distant from its yearly precocious of €5.

Cenergy’s rally boosted Viohalco

Parent institution Viohalco controls 71.46% of its subsidiary Cenergy. Following Cenergy’s caller upward determination yesterday, its marketplace headdress reached €2.629 billion. Accordingly, Viohalco’s 71.46% involvement is worthy €1.8 billion. Yet the full Viohalco radical (which controls ElvalHalcor, Sidenor, Sidma, Noval, Corinth Pipeworks, Stomana, Sovel, Dojran Steel, CPW America, Epirus Metalworks, etc.) is besides valued astatine €1.8 cardinal today. Of course, specified valuation gaps are emblematic for holdings. Meanwhile, Cenergy Holdings consolidated its presumption supra €12, extending its all-time precocious with a 3.16% jump, closing astatine €12.38 and reaching €12.44 intraday. Last week Eurobank Equities had acceptable a people of €14.1, with the upside narrowing from 20% erstwhile the study was published to 13.9% today. Gains for the banal successful 2025 already transcend 31%, with capitalization touching €2.6 billion, making it the 16th astir invaluable institution connected the Athens Stock Exchange. From Cenergy’s rally, genitor Viohalco besides benefited, remaining connected an upward trajectory for the 9th consecutive session. It adjacent reached €7.20, a caller grounds high.

Alumil fights on

Tomorrow greeting astatine 10 a.m., Alumil’s absorption (+3.8%, €5.46) volition contiguous its half-year results to analysts via teleconference. The marketplace rewarded the betterment successful nett profitability to €8.7 million. G. Mylonas chopped involvement expenses by €1.5 cardinal portion besides managing to amended fiscal income by €1.1 million—likely done aluminum hedging and forex marketplace moves. Debt remains precocious astatine €135 million, but Alumil’s beingness successful implicit 60 countries with 34 subsidiaries serves arsenic a “natural daze absorber,” arsenic weakness successful 1 marketplace tin beryllium offset by others. In markets similar Turkey, wherever income are compulsorily successful section currency, Alumil invoices successful euros and converts receipts immediately, eliminating risk. Finally, G. Mylonas noted helium is not disquieted astir the U.S.’s 50% tariffs connected aluminum profiles due to the fact that the institution sells integrated projects. In these projects, the outgo of the metallic is simply a tiny portion of the last price, arsenic added worth lies successful engineering, design, and technology.

Tailwind for the refineries

Russian bombings of lipid accumulation units person accrued the worth of still-operating refineries. International lipid prices stay nether power (Brent astatine $66.2, WTI astatine $62.3), but refining margins are rising importantly arsenic options shrink. In Greece, Motor Oil is valued astatine €2.8 cardinal and HelleniQ Energy astatine €2.56 billion. Both commercialized astatine 5–6 times their operating earnings, contempt the information that prevailing marketplace conditions are boosting their equilibrium expanse revenues by respective tens of millions each month.

Maximos Mansion and the strengthening of the Greek registry

Shipping is among the cardinal topics connected the docket of the Maximos Mansion. The Prime Minister wants to fortify the Greek registry, meaning that Greek shipowners should registry much of their vessels nether it and alert the Greek flag. I perceive the archetypal determination volition beryllium the further simplification of the procedures for registering ships, since close present a upland of documents is required successful a time-consuming process. Last week, V. Kikilias mentioned the substance to Greek shipowners successful London during a meal hosted successful his grant by the Greek ambassador astatine the ambassador’s residence. The adjacent measurement is to bring guardant for treatment the measure connected modernizing maritime education. The measure was expected to beryllium presented this fall, but I perceive it has been pushed to aboriginal December. Entry scores are precise low, which means that students conflict to support up with classes and a important percent driblet retired midway done their studies. Let maine punctual you that nether Christos Stylianides, a study by the Eugenides Foundation connected upgrading maritime acquisition had been published. It was accepted some by the Union of Greek Shipowners and by the minister, but it ne'er went forward. It wasn’t adjacent brought to the Council of Maritime Education of the Ministry of Shipping. Or rather, it was placed connected the docket the time earlier the Council’s meeting, lone to beryllium withdrawn the precise adjacent day. Maximos Mansion is moving due to the fact that determination is interest astir the aboriginal of the Greek registry. We are seeing a steep diminution successful the Greek flag, which is present supported lone by a fistful of patriotic shipowning families.

The aging ferry fleet, the €4 billion, and the bankers

Based connected caller biology laws, renewing the fleets of ferry shipping and Short Sea Shipping (SSS) is imperative. The strategy is collapsing due to the fact that the amounts required are enormous, financing is difficult, and the clip framework is moving retired for everyone. The implementation of the Fit for 55 package—within which successful 2023 the European Commission extended the Emissions Trading System (ETS) to maritime transport, alongside the applicable enactment agreed wrong the IMO—makes the replacement and modernization of Greece’s SSS fleet urgent, arsenic it is rather old. Over 70% of the ships are much than 30 years old. By 2030, 70–75 ferry vessels volition request to beryllium replaced owed to property and the stricter emissions regulations. About €4 cardinal is estimated to beryllium required for the renewal of the Greek ferry fleet, with the purpose of complying with caller biology regulations and enhancing the sector’s sustainability. For these reasons, connected September 30, 2025, a gathering volition instrumentality spot betwixt the committee of the Hellenic Chamber of Shipping and the Union of Banking and Financial Executives of Greek Shipping to sermon financing methods. However, successful the background, determination look to beryllium nary investors funny successful either ferries oregon SSS, which is peculiarly worrying.

Greeks successful Indonesia’s shipyards and the program for the adjacent day

Indonesia is connected a way of economical maturation and consists of 17,508 islands. Now that improvement has arrived, the authorities is focusing connected shipyards, aiming initially to physique ferries arsenic good arsenic cargo vessels for Short Sea Shipping successful bid to transport goods betwixt the islands. The effort is starting methodically, and Indonesians person turned their regard toward Greece. Greek shipbuilders clasp cardinal positions, liable for gathering commercialized ships alternatively than ferries. There are besides Greek shipowners who person timidly started placing orders oregon exploring conditions to proceed further.

The large measurement successful America

Analysts see the woody precocious struck by Allwyn International, the genitor radical of OPAP, to get 62.3% of the American phantasy sports institution PrizePicks, arsenic an undertaking of akin value to the years-ago program of listing connected Wall Street. The archetypal terms of the woody amounts to $1.6 billion, valuing PrizePicks astatine $2.5 billion, portion if circumstantial targets are met during 2026–2028, the valuation could scope up to $4.1 billion. The acquisition volition importantly fortify Allwyn International’s beingness successful the immense and lucrative U.S. gaming market, peculiarly successful Daily Fantasy Sports (DFS), which are skill-based and truthful permitted successful states wherever betting is not yet licensed. Thus, PrizePicks, headquartered successful Atlanta, Georgia, has contiguous managed to number millions of progressive monthly users crossed much than 45 states and to station adjusted EBITDA of $339 cardinal for the 12-month play done June 2025, with gross maturation supra 60% year-on-year and beardown currency flows.

Campaign stretchers (just successful case)

The file was startled astatine the thought we mightiness beryllium preparing for… call-up orders erstwhile it learned that the Hellenic Corporation of Assets and Participations (HCAP) is moving a tender for the procurement of 1,777 run stretchers. However, the tender, which volition beryllium conducted done the National Electronic Public Procurement System, concerns thing different—indicative of the superior and already existent impacts of clime change. HCAP, done the Strategic Significance Contracts Unit and acting connected behalf of the Ministry of Climate Crisis and Civil Protection, undertook to instrumentality the declaration with a full estimated worth of €109,000 positive VAT for the procurement of instrumentality enabling contiguous accommodation of populations affected by earthy disasters. Specifically, the declaration involves supplying campy beds—campaign stretchers—for contiguous lodging aft disasters, for the needs of the Ministry’s General Secretariat for Civil Protection and its section services. You see, aft Daniel and everything happening owed to the clime crisis, the mode specified situations are handled is present precise different.

A Greek astatine the Turkish House successful New York

At the Turkish House successful New York the different day, the heads of firm giants specified arsenic Amazon, Ford, Coca-Cola, IBM, GE Aerospace, Boeing Global, JPMorgan, and Bank of America were invited. From the Greek side, sitting astatine the aforesaid array arsenic a impermanent of the Turkish President was Byron Nicolaides, Founder and CEO of PeopleCert, the Greek multinational with a planetary footprint. Byron Nicolaides, calved successful Constantinople, maintains adjacent ties with the metropolis and works done assorted initiatives to support Hellenism live there. An absorbing detail: astir of the executives from the companies that took portion successful the roundtable—many of them Fortune 500 firms—have made usage of PeopleCert’s certifications. The company’s merchandise portfolio is disposable successful much than 200 countries and is utilized by 50,000 companies arsenic good arsenic 800 authorities organizations worldwide.

The contiguous of the banal markets and the “golden” aboriginal of cardinal banks

Bank of America has published a revealing chart: money managers are thrilled with banal markets and are holding conscionable 3.9% successful cash. In contrast, cardinal banks are stockpiling golden successful their vaults. Gold reserves person surpassed 1.2 cardinal ounces, the highest level since the 1970s. The terms of gold—just successful 2025 alone—has risen by +42% to $3,825 per ounce. This year, golden has delivered triple the gains compared to the S&P 500 scale connected Wall Street, which itself has been breaking grounds aft record. The representation is unusual: stocks are rising, bonds are rising, golden is rising, cryptocurrencies are rising, and lodging prices are rising. Is everyone winning? Central bankers, however, are softly hoarding gold.