K.M., Count Nikos, Adonis and Floridis, Theodoropoulos’ buyout, the new blow to Attica Group, and Chrysikos’ suit

– Greetings, yesterday’s furniture gathering was a precise absorbing 1 – not lone due to the fact that of the agenda, but besides due to the fact that of however the treatment unfolded among ministers. It was so possibly 1 of the uncommon times that a existent unfastened governmental treatment took spot successful the cabinet, moving distant from the accustomed boilerplate astir bills and truthful on.

It each started with Mitsotakis himself, but “on the ground” – that is, connected the existent measure – praising the fantabulous occupation Count Nikos (Dendias) did regarding the reforms successful the Army, congratulating his minister. Surely K.M. meant it, that Dendias so did precise awesome enactment for the Armed Forces, but I get the feeling helium was besides playing a spot with the… rumor mill suggesting that practically each vested interests are pushing him arsenic person of the – “yeah right, and pigs tin fly” – ongoing alteration dreamt up by those who can’t basal Mitsotakis.

People say: what’s going connected here, we’re touting him for person and astatine the aforesaid clip Mitsotakis himself is singing his praises? Anyway, successful the aforesaid spirit, taa-daa, Floridis jumped in, saying thing like: bravo Nikos, tremendous reforms, not similar what our enemies telephone america – sellouts and traitors – erstwhile successful information we’ve secured the champion defence procurements for Greece, strengthened our defence and of people the country’s lasting against Turkey. And then, conscionable to apical it off, Adonis entered the conversation, and backing up Floridis, added: “this proves that our defence policy, which is integrated with our overseas policy, constitutes an wide occurrence for the government.” And… helium besides threw a jab astatine “the disgusting beforehand pages of the vested interests portraying america arsenic submissive and weak.” Well, with specified courtesies from Adonis, Dendias couldn’t assistance but reply, thanking him and agreeing astir the unity of overseas and defence policy. The speech past wrapped up with a proposition from K.M. on the lines of: “yes, that’s right, but marque definite you besides spell retired determination and accidental it connected TV…”. Now, I’ve conveyed the gist and not word-for-word, but… you get the picture.

Transfers and consulates
– There was besides treatment astir the Plevris–Voloudakis measure connected ineligible migration and the usage of migrants successful the labour market. The discussion, of course, besides touched connected amerciable migration and the request to support up the “big wall” regarding flows, since from 2026 the caller Migration Pact volition use and Greece volition person to judge those entering done it and moving connected to different countries. But for ineligible migration, everyone stressed that procedures indispensable beryllium sped up and particularly simplified successful the overseas consulates, wherever thousands of prospective workers are waiting successful vain for an interview. In immoderate cases, possibly the required interrogation could beryllium skipped if the applicant’s illustration has already been vetted. Plevris gave an example: wherefore should an Egyptian arriving by oversea use for asylum and beryllium moving wrong 2 months, portion different applying astatine the consulate – already screened by the Egyptian authorities – has to hold 10 months for a visa? In fact, Labor Minister Niki Kerameos noted that the gaps successful the labour marketplace are successful the hundreds of thousands, evidently acold much than what the measure covers.

Papamimikos astatine M.M.
– People are coming and going regular astatine M.M., holding meetings with authorities officials. One of them was lawyer Andreas Papamimikos, who besides sits connected the committee of Open TV and is successful talks regarding the station’s narration with the government. So yesterday, earlier the furniture meeting, helium was spotted leaving M.M., wherever helium had a meeting, and connected the broadside entranceway connected Vasileos Georgiou Street helium “bumped into” Deputy Finance Minister Giorgos Kotsiras.

Takis’ engaged October
– The codification of user instrumentality presented yesterday astatine the Cabinet by Theodorikakos volition beryllium the archetypal measurement successful the initiatives being launched by the Ministry of Development. Upon these codified provisions volition beryllium “mounted” the caller Authority for marketplace supervision, modeled aft the Independent Authority for Public Revenue (AADE). Both bills volition caput to Parliament successful October, which looks acceptable to beryllium a “packed” period for Takis.

The reappearance of Karamanlis
– On Wednesday 15/10, the Panathenaic Women’s Organization volition clasp an lawsuit astatine the Old Parliament honoring Anna Psarouda-Benaki, the archetypal pistillate Speaker of Parliament and President of the Academy of Athens. There, Karamanlis (of Rafina) volition talk publically for the archetypal clip successful a while. Next week he’ll besides be Stylianidis’ publication event, but arsenic I’d written successful advance, helium won’t beryllium speaking there. After sketching the illustration of the honoree, his bureau says he’ll marque immoderate wide remarks astir institutions, the regularisation of law, etc. Now, however wide oregon pointed those remarks volition be, we’ll spot successful signifier – though his aides are keeping expectations low.

After Nika… Theodoropoulos goes vegan – Buying “3P Salads”
– The wealth (well, immoderate it was…) that Spiros Theodoropoulos’ Bespoke SGA got from the merchantability of “Nikas” to “Yfantis” seems to beryllium uncovering its way. As of yesterday, rumors of an impending buyout of the up-and-coming Karditsa-based institution “3P Salads,” specializing successful alleged “spreads” successful the HORECA sector, person been swirling. The company, with gross astir €19 cardinal successful 2024, could brace ideally with the already acquired “Ambrosia,” which besides operates successful spreads, frankincense achieving some enlargement of enactment and invaluable synergies… The entrepreneur’s authoritative stance, however, remains: “reshuffles, currency devaluations, and acquisitions are not announced successful advance!”

Grivalia Hospitality: Chrysikos’ suit hid €55 cardinal successful losses (pre-tax)
– The marketplace was informed of Grivalia Hospitality’s large gross leap past twelvemonth – €85.1 cardinal compared to €44 cardinal successful 2023 – but not of its losses. According to the fiscal statements posted successful GEMI, the radical posted operating losses (before taxation and interest) of €39.3 million, compared to €47.4 cardinal successful 2023, portion pre-tax losses came to €55 cardinal versus €57 million. The gross summation chiefly came from the full-year cognition of the One & Only edifice successful 2024, since successful 2023 it lone began operations successful November, truthful the 2 years aren’t afloat comparable. Should we presume the aforesaid applies to the losses too?

The Bank of Greece seat and the heir apparent
– It’s inactive aboriginal to speech astir the adjacent enactment astatine the Bank of Greece, though accusation suggests that renewing Yannis Stournaras’ word is seen arsenic the astir apt – I’d accidental definite – outcome, if it weren’t truthful galore months until May 2026. Some, however, judge that thing is guaranteed regarding the governor’s chair. That’s wherefore the caput of a systemic slope has lately been moving his contacts, approaching the close people, etc.

The caller program for Patras, Volos, Elefsina, and Alexandroupoli
– The Hellenic Corporation of Assets and Participations (Superfund) has drawn up a extremist restructuring program for the absorption of larboard infrastructure. According to information, the program includes mapping retired needs for marina berths, infrastructure, and technological equipment, with contiguous precedence fixed to 4 ports: Patras, Elefsina, Volos, and Alexandroupoli. The prime is nary accident: Patras is Greece’s occidental gateway to Italy; Elefsina is captious for decongesting Piraeus; Volos controls Thessaly and the Balkans; portion Alexandroupoli is present a geostrategic hub for the Eastern Mediterranean and vigor security. The Superfund intends to make these 4 strategical ports first, ensuring their operational viability earlier proceeding to broader concessions oregon utilization. The information is this ambitious program faces superior problems, since cardinal permits stay stuck successful time-consuming processes. The Council of State needs 12–18 months to o.k. a maestro plan, which successful today’s gait of planetary concern equals contiguous nonaccomplishment of competitiveness. The Environmental Permitting Directorate (DYPA) besides takes up to 12 months to contented biology permits. These delays marque Greece look outdated compared to competitors similar Spain, Portugal, oregon adjacent Croatia.

Unlikely that Euronext volition alteration its connection for the Athens Exchange
– I deliberation we’re successful the last countdown to learning the details of Euronext’s nationalist connection for HELEX. Both supporters and opponents of the connection are arsenic assured successful its occurrence oregon failure. Meanwhile, HELEX’s banal is dropping (closing yesterday astatine €6.64) since its moves connected the committee are present tied to Euronext’s stock terms fluctuations. At the aforesaid time, Euronext is making its rounds successful Athens and abroad, and sources assertion that CEO Stéphane Boujnah, contempt his keen involvement successful acquiring the Athens Stock Exchange, volition not beryllium changing his connection “not by a azygous cent.” On the different hand, Athens brokers judge that the buyout – adjacent with conscionable a stock swap – cannot person treble standards regarding HELEX’s valuation. “It’s not acceptable to worth HELEX 30% cheaper astatine best, and without cash…” Boujnah, gathering with listed companies who presumption his task positively, politely but firmly warns that the Athens Exchange urgently needs large concern successful its technological infrastructure – thing that tin beryllium delivered overmuch faster, easier, and cheaper wrong Euronext. Without saying it outright, Boujnah applies unit by asking: “If the matrimony with Euronext doesn’t happen, past what is the aboriginal of the Athens Exchange?”

Fourth stroke for Attica Group – Emissions torpedo
– Piraeus Bank, arsenic shareholder, desperately wants it – particularly present that tourism is booming – but marketplace conditions don’t let for the placement of Attica Group shares. After the rider who drowned erstwhile thrown into the oversea arsenic the ferry departed, past the caller decease of the 20-year-old unit member, the unfastened coiled of investments for fleet greening, present came the measure for emissions rights. While waiting for the 3rd 4th – theoretically the strongest – Attica Group recorded a plunge successful gross profits and EBITDA, with first-half losses widening significantly. One crushed is the higher outgo of emissions rights, owed to caller EU biology regulations being phased in. What happened? From May 1, 2025, the Mediterranean is designated a SECA (Sulphur Emission Control Area), with stricter sulfur emanation limits. As a result, ships without exhaust scrubbers indispensable usage much costly low-sulfur substance (MGO). In addition, from January 1, 2025, the FuelEU regularisation came into force, requiring greater usage of renewable and low-carbon fuels. Thus, contempt higher turnover, consolidated gross profits fell to €5.6 cardinal versus €35.8 cardinal successful H1 2024, portion EBITDA dropped to €4.1 cardinal from €19.5 million. After tax, losses reached €52.3 million, compared to €23.8 cardinal successful H1 2024. The outgo of emissions rights came to €18.8 cardinal for H1 2025, weighing connected outgo of goods sold. Add successful the already rising fleet operating costs owed to inflationary pressures (maintenance, supplies, unit wages), and losses were to beryllium expected. Notably, Group administrative expenses fell to €25.9 cardinal from €34.6 cardinal a twelvemonth earlier. The fiscal statements amusement that by the extremity of June, Attica Group had full indebtedness obligations of €587.3 million. So however volition the radical grip the situation? It has already begun installing caller technologies connected its ships to amended fleet vigor ratio (Energy Saving Devices, Scrubbers) and trim its biology footprint, portion continuing its concern programme successful that direction.

Trump’s Tariffs and the Greek Shipowners

-Greek shipowners and executives of the Greek-owned shipping manufacture don’t mince their words erstwhile it comes to the U.S. commercialized war, seizing each accidental to talk out. Aristides Pittas, caput of Euroseas, EuroDry and Euroholdings, downplays the value of American tariffs: “I spot the Trump contented arsenic conscionable a parenthesis and a batch of noise, really. It’s a signifier we’re going done and it volition stop.” In different words, helium considers the improvement temporary, without semipermanent weight. John Coustas, caput of Danaos, underlined China’s resilience, pointing retired that COSCO —the lone Chinese institution truly deed by U.S. larboard tariffs— has made it wide it volition support its marketplace share, nary substance the cost. He himself described the U.S. measures arsenic “irrational,” estimating that successful the extremity they volition beryllium withdrawn: “I person it successful the backmost of my caput that these volition beryllium lifted erstwhile a amended statement is reached betwixt China and the U.S.”

And yet: There are shipowners complaining

-Shipowners complaining? Not thing we’re utilized to — but the Board of the Union of Coastal Shipping Shipowners is successful exigency mode. Its president, Babis Simantonis, said it openly during the peculiar lawsuit wherever the IOBE survey was presented: If contiguous investments aren’t made by changing the operating framework, Short Sea Shipping is heading consecutive for collapse. The margins person shrunk. Even the lawman curate of Shipping and Island Policy, Corfiot Stefanos Gikas, who intimately follows developments, is asking for adjustments successful improvement tools — and fast. But portion Athens is inactive searching for solutions, Ankara is taking each the business: the Turks person some ships and seafarers. And present lies the thorn: Greek instrumentality “punishes” a vas that flies the Greek flag, frankincense trapping Short Sea Shipping successful a dormant end. Greek shortsea shipping stands astatine a crossroads: either it volition beryllium supported done targeted policies and investments, oregon it volition spot its relation slice — with large costs for the economy, land communities, and the environment.

Europe arms up, Mevaco levels up

-Mevaco is simply a institution listed connected the Athens Stock Exchange, progressive successful photovoltaics and defence systems. Over the past 12 months —since Europe’s armaments frenzy began— its worth has changeable up by +78.3%, reaching €84 million. Three years ago, successful 2022, it signed a model statement with France’s Naval Group for the proviso of mechanical systems for the Hellenic Navy’s FDI frigates. In March 2025, it signed a two-year statement with Intracom Defense worthy $6.06 million, for manufacturing metallic parts for defence systems with an export orientation. Today, its bid backlog amounts to €41 million. To conscionable surging demand, Mevaco (+21.9% astatine €8.35) is investing €10 cardinal to physique a caller mill portion adjacent to its existing facilities, connected a privately-owned adjacent crippled of 26 acres, wherever a state-of-the-art concern works volition beryllium installed. In 2024, Mevaco’s turnover was €60.8 cardinal (+41.52%), portion EBITDA came successful astatine €7.6 cardinal (+54.9%). In the archetypal fractional of 2025, turnover skyrocketed to €49.22 cardinal (+207.3%) and gross profits to €15.68 cardinal (+328.7%). Based connected first-half operating profits (€10.2 million), the existent capitalization of €84 cardinal seems logical — wrong the madness of wars.

A caller acquisition successful the IT sector

-The caller inclination successful the Greek IT marketplace is Agentic AI and automation projects successful the backstage assemblage of the economy. Profile Software (-2.71% astatine €6.82) is preparing to denote —next week— a large acquisition of a Greek System Integrator specializing successful Cybersecurity. It volition harvester the expertise of the acquisition with its ain important upgrade of the AI Adaptive solution, introducing precocious capabilities with agents that redefine astute automation and alteration however fiscal institutions operate, requiring minimal quality intervention. Interestingly, close present astatine Messe Frankfurt —one of the largest accumulation venues successful the world— the SIBOS (SWIFT International Banking Operations Seminar) is taking place, the apical planetary league and accumulation of fiscal services organized annually by the planetary payments strategy SWIFT. The cardinal (perhaps only) taxable astatine SIBOS is Agentic AI, meaning systems that tin run autonomously and marque decisions with minimal quality oversight. In Frankfurt these days are executives of Eurobank, Piraeus Bank, and Profile.

It doesn’t privation to fall, it can’t spell up

-The archetypal of the 2 pugnacious autumn months passed for the Athens Stock Exchange not lone without losses, but adjacent with tiny gains: +0.62% for the General Index and +6.02% for the Banking Index. This completes 11 consecutive rising months —something the Athens Stock Exchange past saw 39 years agone (1986–1987). Yesterday’s league carried a wide message: “I person nary direction, I don’t cognize wherever to go.” The large Eurobank artifact commercialized of €99.88 cardinal (+0.21% astatine €3.382) and Alpha Bank transactions worthy €83.6 cardinal (+1.52% astatine €3.6140) gave a sensation of month-end, quarter-end, and nine-month-end model dressing. The 3rd 4th brought +11.09% for the General Index and +24.2% for the Banking Index. As truthful often successful caller months, the banking assemblage was the implicit prima of the market. National Bank (+0.53% astatine €12.36) and Piraeus (-0.06% astatine €7.21) dominated trading, arsenic professionals cashed successful profits from smaller banks and shifted to the 4 systemic ones. In a mostly antagonistic session, the General Index’s marginally affirmative motion was besides supported by Athens International Airport (+2.87% astatine €10.38), AKTOR (+2.01% astatine €8.61), PPC (+0.86% astatine €14.02), and Cenergy (+1.5% astatine €12.20). The General Index closed with a nonaccomplishment of -0.01% astatine 2,034.22 points, portion turnover climbed to €368 cardinal with artifact trades worthy €149.8 million. Coca-Cola fought hard to support the €40 people (€40.06, -0.5%), but September was not a bully month, leaving it with full losses of -6.88%. Also noteworthy was PPA (+3.15% astatine €44.15), though with transactions excessively bladed to suggest a broader upward trend.

Shipping weddings and baptisms

-George Stefanou joined disconnected his lad and baptized his triplet granddaughters past weekend, portion 2 weeks earlier his brother, Dimitris, had joined disconnected his daughter. I heard the coasts of Vouliagmeni and Varkiza lit up with mega-shows of fireworks, successful the beingness of hundreds of guests. The 2 brothers, calved and bred successful Andros from the celebrated colony of Stenies, person built a large household shipping institution with cargo vessels —28 arsenic of today— portion showing their emotion for their homeland by investing successful coastal shipping, initially to service their land and aboriginal the remainder of the Cyclades. According to XRTC, a fiscal consultancy specialized successful coastal shipping, the Stefanou brothers beryllium to the tiny nine of large investors successful the sector.

Alarm bells ringing successful the U.S.

-We whitethorn not person paid overmuch attraction here, but successful the U.S. cannons are booming successful the wider car marketplace —and loudly. The latest casualty is First Brands Group Holdings, a elephantine successful the car aftermarket parts assemblage that grew done acquisitions financed by highly leveraged debt. First Brands reached revenues of $5 billion, with its products sold astatine large retailers specified arsenic Walmart and O’Reilly Auto Parts. At the aforesaid time, however, its debts skyrocketed: $6 cardinal successful accepted slope loans today, but determination are besides further off-balance sheet loans tied to inventories, customer/supplier invoices, etc. In its authoritative bankruptcy filing (Chapter 11), it declared obligations of betwixt $10–50 cardinal (!), portion its assets are estimated overmuch little ($1–10 billion). The lawsuit is considered peculiarly superior due to the fact that nary 1 knows the existent grade of the occupation oregon which suppliers, creditors, oregon banks are exposed, arsenic overmuch of its indebtedness was incurred via peculiar entities (SPEs) oregon “gray” financing. Many spot similarities with Greensill Capital, whose illness triggered a domino effect and a situation of assurance that helped bring down Credit Suisse, since the Swiss radical had important funds tied up successful Greensill-related vehicles. Already, determination are concerns astir the interaction connected Clearlake Capital (also the largest shareholder of London shot nine Chelsea), which owns First Brands. Notably, precise precocious different daze came from the bankruptcy filing of Tricolor, a lender specializing successful car loans to subprime customers.

The creation of precious metals

-Most investors absorption connected banal indices and shares. But the concealed of our times lies successful precious metals. Silver is up +63% year-on-year. One kilo of metallic is worthy €1,264 today. Gold +46%. One kilo of golden is worthy €104,428. This means precious metals —for the 2nd twelvemonth successful a row— are the best-performing investment. Gold and metallic person soared +108% and +115% implicit the past 2 years. In the aforesaid period, the dollar has mislaid value, signaling its worst twelvemonth since 1973. Precious metals are present seen arsenic a “store of value” successful a play of heightened involvement complaint and currency uncertainty. President Trump is pressuring the Fed for little rates contempt inflationary pressures. The planetary displacement distant from the dollar by cardinal banks —especially China and BRICS— accelerates the depreciation. Some thought cryptocurrencies could beryllium the solution. But Bitcoin has tumbled beneath $109,000, portion Ethereum has logged 5 consecutive losing sessions —its worst streak since February— dropping beneath $4,000 for the archetypal clip since aboriginal August. The driblet exceeds 20% from its historical precocious adjacent $5,000 conscionable a period ago. The antagonistic existent output of bonds makes metals much attractive. With ostentation exceeding involvement rates, holding currency equals losing purchasing power. Rising geopolitical tensions and systematic de-dollarization of satellite commercialized boost request for real assets. Gold remains the eventual cardinal slope reserve. Meanwhile, concern request for metallic has surged dramatically: metallic is indispensable successful greenish vigor and electronics. A structural proviso shortage has emerged successful silver.

Nvidia makes history: Now worthy $4.5 trillion

– Just a fewer years ago, Nvidia was simply the darling of gamers. Thirty months ago, Nvidia was worthy only $500 billion. At the extremity of 2022, OpenAI brought ChatGPT to the planetary market. Then came the explosion. Nvidia deed $1 trillion successful May 2023, $2 trillion successful February 2024, and $3 trillion successful June 2024. Artificial Intelligence demands Nvidia’s chips and infrastructure. Its CEO, Jensen Huang, is present the 10th richest idiosyncratic successful the world, with a nett worthy of implicit $140 billion.