Kövesi and the Constitution, Count Nikos and the P.M., the Skeleton Operation and Kimberly, Indian bankers (coming to Greece), the Cretan backed off (or… went further in)

Hello there, the absorbing topics of yesterday revolved astir the statements by European authoritative Kövesi and Nikos Dendias successful Parliament regarding the hunger striker Ruci astatine Syntagma Square. As I wrote yesterday, Kövesi was afloat organization successful everything during her visits to ministers Floridis, Chrysochoidis, and Pierrakakis. And naturally, erstwhile asked astir different corruption issues beyond her main absorption — smuggling and taxation evasion astatine the Port of Piraeus — she spoke retired straight and boldly, to a degree. She besides touched connected OPEKEPE, the 717 case, and the recycling huts, clarifying of people that “grabs” of European funds don’t hap lone successful Greece, but everywhere.

Now, connected the instrumentality astir ministerial responsibility, information beryllium told, she was a spot much blunt than judges usually are erstwhile speaking astir legislative matters, but travel connected — the pistillate is a judge. She tends to talk a spot much heavy — truthful what? Marinakis’ spokesperson was asked astir it too, and aft saying everyone is entitled to their sentiment (meaning Ms. Kövesi too)… helium simply clarified that the Constitution changes erstwhile Parliament decides so, and of course, erstwhile that Parliament is simply a revising one. In different words, the speech volition statesman successful 2026 and reason aft the nationalist elections. Still, it would beryllium bully for each parties to instrumentality this accidental to archer america their stance. That is, however they judge Article 86 connected ministerial work should beryllium abolished. In different words, what happens erstwhile a national oregon adjacent the judiciary wants to property charges against a curate — volition determination beryllium filters and safeguards similar successful different countries, etc.? Because we’ve been proceeding this for decades, and we’ve had right-wing governments, PASOK, SYRIZA, conjugation governments… and still, the pancake’s ne'er flipped. It’s clip to perceive the what and how.

Dendias

So yesterday, Dendias took yet different tiny measurement successful his now-obvious program to subtly (but surely) acceptable himself apart… tiptoeing crossed assorted fashionable (or populist) issues to boost his profile. Yesterday was his crook to accidental that we each sympathize with the hunger striker Ruci and that for specified a delicate matter, helium can’t ideate telling a begetter not to analyse what helium deems indispensable regarding his child’s death, etc. As if Dendias, a distinguished lawyer, doesn’t cognize exactly what’s going connected successful this lawsuit and what’s down it. Anyway, erstwhile it became an contented successful Parliament and Famellos called him retired for diverging from the government, helium “clarified” that it’s not a authorities substance but 1 of the judiciary. He must’ve heard something, clearly…

Adonis–Dendias

Still, the P.M. is “playing” Count Nikos beauteous good these days — Mitsotakis praised him for the measure helium presented astatine the Cabinet, and adjacent during his code successful Copenhagen, helium mentioned ELCAC, which was founded nether Dendias astatine the Pentagon and deals with defence innovation. But among each the abrupt praise for Dendias, the 1 from Adonis stood retired — considering they’ve exchanged barbs implicit time. In 2 interviews (Eugenidis connected Protothema and Portosalte connected SKAI), Adonis praised Dendias’ measure arsenic a cardinal betterment successful the Armed Forces and said helium respects immoderate curate who takes connected governmental outgo to interruption eggs. A good wintertime is coming, arsenic I’ve said before.

Decisions and announcements connected concern energy rates

Another gathering was held yesterday astatine the Deputy Prime Minister’s bureau nether Hatzidakis, arsenic a follow-up to the 1 astatine Maximos Mansion with SEV astir energy-intensive industries and energy costs. From the government, Pierrakakis, Papastavrou, Theodorikakos, Tsafos, and Petralias attended; from SEV, Spyros Theodoropoulos and SVE president Loukia Saranti. From what I gather, decisions person present moved to the P.M. level, who volition person the applicable treatment with Hatzidakis soon (possibly adjacent today), since connected Tuesday the Prime Minister volition beryllium the keynote talker astatine SEV’s General Assembly astatine the Athens Concert Hall. Announcements whitethorn besides travel then.

Cretan. Hydra–Spetses

I heard that the Cretan (the supermarket chain) has backed retired of that monolithic spot they had leased to physique an arsenic monolithic supermarket successful Spetses, close adjacent to the Anargyros mansion (national benefactor and laminitis of the Anargyreios & Korgialeneios School), which is present astir to beryllium renovated. Let’s anticipation they besides vacate akin properties successful Hydra. So galore shops are for rent connected the islands, my person — conscionable measurement a small further successful and wrapper it up…

Skeleton Operation, Kimberly, and the shutdown

Just arsenic Kimberly Guilfoyle’s assignment to the U.S. Embassy successful Greece was approved, the U.S. authorities shutdown came on to frost everything, arsenic the fund wasn’t passed by the Democrats. Six votes are missing for it to spell through, and present the substance is dragging connected time by day.

Word from the embassy is that Kimberly’s accomplishment volition beryllium delayed a spot more. For now, the embassy is operating with indispensable unit lone — a “Skeleton Operation,” arsenic they telephone it. When asked however agelong the shutdown mightiness last, diplomatic sources monitoring the embassy successful Athens said that successful the past 15 years, it’s happened 3 times. In 2018 it lasted implicit a month, and the different 2 times, up to a week.

Indians from Hinduja Bank looking astatine Greece

Another capitalist looking into investing successful Greece emerged from a speech astatine the Athens Riviera Forum betwixt the CEO of the HCAP, Giannis Papachristou, and Karam Hinduja, CEO of Hinduja Bank. The slope is based successful Switzerland, but it’s controlled by the multinational Hinduja Group, which belongs to 1 of the richest families successful India. It operates crossed aggregate sectors (IT, energy, existent estate, finance, automotive, etc.) and manages assets worthy astir $22 billion.

During the treatment — which besides included Ahmad AlSawalhi, a elder enforcement from UAE’s MGX money — Karam Hinduja said he’s earnestly considering investing successful Greece. In caller years, Hinduja Bank has strengthened its enactment successful innovation and tech, tapping into the large maturation opportunities globally.

Negotiations with Euronext and the relation of the Athens Stock Exchange successful the alliance

The talks presently taking spot betwixt the Euronext enactment and the Athens Stock Exchange aren’t truthful overmuch astir the acquisition price, but alternatively astir the aboriginal relation HELEX volition play successful the post-acquisition era. The Italian Stock Exchange negotiated hard — brokers determination adjacent went connected a three-day onslaught — and they ended up taking implicit clearing of Euronext trades. The Portuguese secured the tech infrastructure and IT improvement successful Lisbon. Oslo claimed and got Energy. So what relation volition Athens play successful this caller banal speech alliance? Is the “gateway to the Balkans and Eastern Europe” relation enough? The nationalist connection for 67% — careless of terms — is not arsenic important mid-term arsenic the effort to debar the marginalization of the Greek superior market. After all, the instrumentality allows the nationalist connection people to displacement — for example, alternatively of 67% of HELEX shares, they could purpose for 50%, oregon adjacent conscionable a blocking number of 33% astatine first.

Derivatives and Intralot’s superior increase

Yesterday we wrote astir the thousands of premium-priced futures contracts opened precocious connected Intralot banal astatine the Derivatives Exchange. The €400 cardinal superior summation has go a playground for blase arbitrage strategies, centered astir the Athens Derivatives Market. Intralot’s absorption announced yesterday that orders placed by organization investors transcend the disposable shares, successful a scope from €1.07 to €1.12. Tens of thousands of futures contracts are being traded astatine premium prices, creating a analyzable speculation puzzle. The stake is elemental successful theory, tricky successful practice: investors unfastened abbreviated positions successful the futures, locking successful profits astatine today’s levels. At the aforesaid time, they anticipation to articulation the superior summation astatine €1.12, buying cheaper and closing their abbreviated positions astatine a profit. But if request is truly arsenic beardown arsenic claimed, galore mightiness beryllium near retired of the summation oregon get acold less shares astatine €1.12 than they hoped. Allocations successful oversubscribed issues often disappoint. Those who stake connected this strategy mightiness extremity up with unfastened abbreviated positions and nary caller shares to screen them — forced to bargain from the marketplace astatine immoderate price. All of this points to a precise absorbing trading league connected October 9, erstwhile the caller shares volition commencement trading. Yesterday, Intralot banal dropped -3.85% to €1.25.

Greek shipowners: 160 purchases and 240 income successful 12 months

Greek shipowners proceed to fortify their presumption successful the planetary shipping industry. Just from caller moves, we spot Andreas Jr. Martinos expanding Minerva Marine and maintaining a beardown beingness successful containerships, activating an enactment astatine a Chinese yard. Danaos by Koustas is said to person placed 2 much orders for the operation of instrumentality ships. In the second-hand vessel market, Equinox, owned by Gikas Goumas, made a targeted onslaught astatine an auction, securing the Great Vista, a state-of-the-art Ultramax, astatine a terms that shows the Greek broadside remains highly selective. But the existent involvement lies successful the numbers: 160 purchases and 240 vessel income wrong 12 months. What does this mean? That the Greeks simultaneously clasp the “keys” to being the world’s astir progressive buyers and the astir “flexible” sellers.

The San Francisco fund, investments successful Greece, and Koustas
I shouldn’t person started digging into the taxable of wannabe investors successful Greek shipping. Yesterday I wrote astir the Vietnamese and the Germans, and contiguous I recovered retired astir Americans — who, however, person already moved from speech to action. So I was told that a San Francisco–based money has already invested successful 2 Greek-interest companies offering integer services focused connected shipping. The money is True Wind Capital Strategic Investor. It entered Danaos Management Consultants SA, which was co-founded by Giannis Koustas and Dimitris Theodosiou, each owning 50%. From what I hear, Dimitris Theodosiou stepped down arsenic CEO and is present a committee member, with his lad Nicholas taking implicit the CEO role. And fto maine explicate what this institution does. It is 1 of the astir well-known planetary tech providers successful the shipping industry, combining extended acquisition successful each aspects of maritime operations (Management, Engineering, Operations, Accounting, Procurement, Brokering, etc.) and successful IT (Advanced Development Environments, Communication Technologies, Internet and Mobile Technologies).

Also, the different institution is Procurship, with which the American money made its archetypal concern successful Greece. It’s an online procurement level tailored specifically to the needs of the maritime industry.

The HCAP and the EYDAP–EYATH networks
The Hellenic Corporation of Assets and Participations (HCAP) is claiming a relation successful h2o assets management, arsenic stated successful a code by its CEO Giannis Papachristou. HCAP, helium argued, tin play a important relation successful upgrading the h2o networks of EYDAP and EYATH done the installation of astute meters and successful tendering desalination concern projects. He besides emphasized the upgrading of larboard and railway infrastructure, on with the improvement of caller logistics centers, truthful that Greece tin leverage its geostrategic presumption and found itself arsenic a gateway to Europe and the Middle East. HCAP has already implemented and launched important projects, utilizing the ports and marinas successful its portfolio, and with tenders presently underway for caller logistics concern parks successful Athens and Thessaloniki. In the aforesaid context, HCAP’s Deputy CEO P. Stampoulidis referred to the maturation and tendering of railway web restoration projects, with a fund of astir €1 billion. These tenders volition beryllium handled by the Strategic Contracts Unit (PPF).

OAKA successful June 2026
The restoration and upgrade of the OAKA analyzable is expected to beryllium completed by the extremity of June 2026. For the extremist upgrade of OAKA, funds from the Recovery and Resilience Facility were used, and the PPF tendered projects worthy €90 million, with the full fund exceeding €130 million.

Theon valued astatine €2.45 billion
Theon International Plc was listed connected the Amsterdam Stock Exchange (Euronext Amsterdam) connected February 7, 2024, with an connection terms of €10/share. The archetypal nationalist offering (IPO) for 25% of its shares raised €154 million, resulting successful a valuation of €700 cardinal astatine that time. Yesterday, the stock terms was implicit €34 (+199.53% year-on-year), and conscionable successful the past month, it gained +24.95%. The company’s marketplace capitalization has present reached €2.45 billion. Europe’s defence manufacture is enjoying unprecedented momentum, and the Greek institution specializing successful nighttime imaginativeness and thermal imaging systems is intelligibly benefiting. So far, Theon Plc has secured caller orders worthy astir €70 million, guiding gross estimates towards the half-a-billion-euro mark. For the last 4th of the year, Theon has reserved its biggest orders, portion sources from the Greek marketplace suggest that 2 large concern firms of Greek root person expressed involvement successful participating successful the EFA Group and volition soon denote their involvement.

Best refining margins of the year, but the stocks…
September turned retired to beryllium the champion period of 2025 for Greek refineries, with refining margins shooting up to levels unseen successful months. Ukrainian bombings of Russian refineries person near their people connected the petroleum market. With Russian output shrinking, Greek refineries — strategically located successful the Mediterranean — person go important suppliers to the European market. Crack spreads — the quality betwixt crude lipid prices and refined products — person risen significantly. For Motor Oil, which operates Greece’s largest refinery successful Aspropyrgos, refining margins jumped to 11.1%. For HelleniQ Energy, with 2 refineries successful Elefsina and Thessaloniki, unchangeable planetary lipid prices and precocious margins make accrued per-barrel profitability. Greek refineries are enjoying a uncommon combination: beardown demand, constricted supply, and geographic advantage. At the Athens Stock Exchange, each this has truthful acold translated into accrued trading measurement for Motor Oil (-0.62% astatine €25.4) and HelleniQ Energy (-1.07% astatine €8.34), but not terms increases — astatine slightest not yet.

Investor’s Day for Ideal Holdings connected October 13
Ten days from now, connected Monday, October 13, Ideal Holdings’ absorption has scheduled the adjacent Investor’s Day, for which concern expectations are erstwhile again gathering — arsenic seen successful yesterday’s banal movement. In H1 2025, IDEAL completed 1 of the biggest acquisitions successful caller years successful the Greek nutrient sector, acquiring Barba Stathis, and galore judge determination could beryllium much to travel successful the industry. A period ago, president Lambros Papakonstantinou made it wide that Ideal has ne'er held talks with CVC to get immoderate different subsidiary of Vivartia (e.g., DELTA). Ideal Holdings is the lone listed institution connected the Athens Exchange that invests with the doctrine of backstage equity funds, truthful it’s earthy for investors to beryllium anxious to perceive astir strategy successful caller sectors. They’re besides intelligibly waiting for confirmation of the bold dividend policy: a instrumentality of 40%–50% of nett profits implicit the adjacent 3 years.

Rally for Cenergy, Viohalco, and Aktor
All 3 stocks are perpetually breaking their “ceiling.” However, the mounting of caller records isn’t happening with mild upward movements but with emphatic bursts — highlighting the legitimacy of their outperformance. A three-day rally of astir 7.3% was capable to instrumentality Cenergy Holdings from €12 to the doorstep of €13 for the archetypal clip ever. Yesterday it clocked implicit €5 cardinal successful turnover — good supra its mean — and reached €2.7 cardinal successful valuation. Viohalco, its genitor company, besides deed a caller all-time high, with its marketplace headdress present conscionable shy of €2 billion. A 3.3% leap erased the losses of the erstwhile 2 sessions, bringing it wrong striking region of €7.7. Aktor continues its unshaken ascent to caller peaks, closing up 1.4% astatine €8.84, with a regular precocious of €8.85 — the highest successful the past 18 years. The adjacent closest people is €8.862 from July 5, 2007. To find a higher price, we person to spell adjacent further backmost — to €9.195 connected January 28, 2004. The group’s marketplace headdress has present reached €1.8 billion.

Stock market: Coca-Cola HBC’s drop, shares, and results
As agelong arsenic markets don’t awesome systemic risk, banal exchanges person nary prime but to rise. But the higher valuations climb, the further they stray from existent economical fundamentals. On the Athens Stock Exchange, the marketplace “punishes” companies that station unsatisfactory results (see: AustriaCard, Jumbo, Athens Medical Center, etc.) portion “rewarding” those that consistently turn successful size and performance. All this is happening aft a grueling 11-month rally, led by the banking sector, with a fewer heavyweight stocks following. Yesterday, successful an inexplicably euphoric European trading situation with each large indexes successful the green, the General Index successful Athens moved cautiously and nervously — yet remained successful affirmative territory. It reached a technically important 2,069.57 points (+0.64%) astatine 1 constituent but slipped to 2,057.26 (+0.04%) by the close. The nett trading worth reflects this cautious yet optimistic hesitation: €194.46 million, of which €13 cardinal was successful artifact trades. The heaviest banal successful the Greek market, Coca-Cola HBC, dropped -2.16% to €38.9 — continuing to nonstop a informing awesome astir thing chartless (but seemingly immoderate fishy is coming), with astir €5 cardinal successful trades.