The tangled Greek-Cypriot cables, the populism over Rouchi, Telis and the media rumors, the Arabs in ONEX, Alessandra at the Spetses Marathon

-Greetings, let’s hold that yesterday’s announcement by the Cypriot President Christodoulides wasn’t exactly… an announcement from a Cypriot person to Greece, i.e., his “little brother,” and a spot of restraint wouldn’t hurt—especially erstwhile it’s wide to everyone that if anyone is putting roadblocks successful the way, it’s not Athens. That the Crete-Cyprus energy interconnection task had festered is good known, with the hazard not lone of the task being canceled and causing a important fiscal load connected ADMIE and, by extension, the Greek consumer, but besides of putting successful question the unbreakable beforehand betwixt Athens and Nicosia, yet serving Turkey’s extremity of derailing the project. Now, astatine Maximos Mansion yesterday, they kept their cool, and communal consciousness on with the nationalist enactment of “Greece and Cyprus are ever together” prevailed. K. Mitsotakis and N. Christodoulides met successful New York and agreed, arsenic stated successful the associated communiqué, connected the adjacent steps for the GSI.

Viability…
-The task will, of course, determination guardant erstwhile the cardinal doubts astir its viability—which person been raised by the Cypriot government—are resolved, and erstwhile the pending method and fiscal issues are settled (i.e., the outstanding payments from the Cypriots to ADMIE).

ADMIE and the clauses with French institution Nexans
-ADMIE’s biggest occupation astatine the infinitesimal is that it has already spent €250 cardinal connected the cable’s operation (plus €48 cardinal to bargain the task from the Cypriots), which the Cypriot broadside does not acknowledge—or much precisely, acknowledges unilaterally, since truthful acold it has lone agreed to screen expenses amounting to €82 million, which of people it’s not paying either. Based connected the interstate statement signed past September betwixt the Greek and Cypriot governments, if the task halts owed to geopolitical risks, the outgo volition beryllium divided 50-50 betwixt the 2 states. Therefore, of the €82 cardinal recognized by the Cyprus Energy Regulatory Authority (RAEK), ADMIE volition person €41 cardinal from the Cypriots, portion according to the MoU, it should get €125 cardinal (half of the €250 million), with the remainder covered by the Greek side. ADMIE risks shouldering a monolithic cost, connected apical of the penalties tied to its declaration with French steadfast Nexans for the project’s non-implementation, amounting to €1.9 billion. The full country besides includes an ongoing probe by the European Public Prosecutor’s Office into the energy interconnection cable—of which we cognize precise little.

Rouchi and the Blues
-Let maine crook present to a lawsuit wherever I find the governmental behaviour intriguing—mainly that of Dendias, due to the fact that successful Avramopoulos’ lawsuit I don’t deliberation it truly matters. Dendias, a superior politician, with a illustration that’s ne'er shown signs of populism—if helium were similar that, helium wouldn’t person made pugnacious surgical decisions successful the Army—so I truly wonderment wherefore helium handled the Rouchi substance this way. Everyone acquainted with the country knows what’s truly going connected successful this tragic story. And they besides cognize the aesculapian background… So what’s the constituent of “playing” with and circling astir a taxable that volition soon instrumentality its course? Maybe he’s scoring immoderate points with 1 crowd, but he’s decidedly losing with another, much discerning one. I don’t cognize the equilibrium expanse here, but frankly, it’s surprising.

The h2o meeting
-It’s going to beryllium a packed week astatine Maximos Mansion with respective meetings connected mundane issues oregon infrastructure, aft K.M.’s travels. Today, for example, different gathering volition beryllium held connected the contented of h2o absorption with Hatzidakis, Papastavrou, etc., arsenic the last authorities decisions request to beryllium made regarding absorption bodies—so that we don’t extremity up saying “water, h2o everywhere, and not a driblet to drink.”

Telis and the media
-Lately, there’s been speech that Telis Mystakidis, beyond PAOK (first football, then—after hitting a “door”—basketball), besides wants to get into large media outlets. Now, I asked astir with the close radical but—don’t get your hopes up for nothing—nothing came up. Those damn things indispensable beryllium made of honey…

The €17 cardinal successful fund investments and Intralot’s superior summation astatine €1.10/share
-Today’s an absorbing time for the marketplace arsenic well, with the commencement of Euronext’s nationalist offer—you’ll work much connected that below—the submission of the 2026 fund draft, and we’re besides awaiting the announcement connected Intralot’s superior increase. Starting with the fund draft, the connection is that its main diagnostic volition beryllium a important leap successful investments reaching €17 cardinal including the Recovery Fund, based connected a maturation estimation of 2.4%, and with beardown surpluses—meaning there’s country for benefits. As for Intralot, connection is the superior summation went precise well, with beardown request (rumor has it it was oversubscribed 2.7 times), which allowed the superior rise to turn to €420 cardinal (up from €400 million), with a stock offering terms of €1.10. Not to forget, the banal marketplace seems to beryllium pricing successful a affirmative determination by FTSE/Russell time nighttime and the anticipation of the ASE being upgraded to the Developed Markets category. Now, whether that’s really bully news…

The Athens Stock Exchange showdown begins
-Today, Monday, the model for the voluntary nationalist connection to get the genitor institution of the Athens Stock Exchange is expected to beryllium announced. As the file reported, Euronext is starting with a 67% target, but that doesn’t mean much, due to the fact that implicit the six-week connection period, they tin revise (read: lower) the percent arsenic they wish. Euronext had improved its archetypal offer, and the new, improved proposal—backed by the ASE board—offers a swap ratio of 20 ASE shares for 1 caller Euronext share, compared to the archetypal 21.029 ASE for 1 Euronext. Based connected Euronext’s closing terms connected July 30, 2025, erstwhile the improved connection was submitted—€142.7—the ASE was valued astatine €7.14 per share. Since then, Euronext’s stock has dropped to astir €125, portion ASE’s has besides fallen to €6.50. Based connected the caller offer, the per-share information for ASE shareholders comes to €6.25. Critical to the result are the positions of some overseas organization shareholders of ASE and Greek retail investors who power a important stake. It volition beryllium absorbing to spot however things make due to the fact that determination are opposing forces astatine play. For example, Praude Asset Management, ASE’s largest shareholder, is reportedly opposed to Euronext’s connection and has accrued its involvement to 7.40%. Market chatter says Praude is coordinating with different ASE shareholder funds and volition signifier a agreed beforehand supra 10%, blocking a squeeze-out. On the different hand, Euronext has the vantage of being capable to see the connection palmy adjacent astatine 33% of ASE. There are besides method issues this file doesn’t person penetration into. E.g., a communal money investing successful Greek stocks whitethorn beryllium restricted by its charter from holding overseas shares, similar Euronext’s. So what volition it do? Wait it out? Sell now? I’ll wrapper this up by mentioning that sources accidental commissions to brokerages for rallying their clients to guarantee the occurrence of Euronext’s connection volition beryllium precise high—an denotation of however pugnacious this volition be. And arsenic we reported this morning, the authoritative announcement came out, stating that Euronext offers 20 ASE shares for 1 Euronext stock and that the deal’s completion is conditional connected acquiring astatine slightest 67% of ASE shares.

Residents record appeals implicit Vouliagmeni Beach – ETAD: Privatization with… societal terms
-As projects determination guardant and much large names crook their attraction to the present much-hyped and highly pricey Athenian Riviera, the appeals multiply accordingly. After the caller appeals implicit Elliniko (note: those from the municipalities of Glyfada and Alimos and the Metropolitan Municipalities Association for the marina of Agios Kosmas and the caller artificial formation came first), present residents from the Elliniko and Glyfada areas, on with the Cultural, Sports and Beautification Association of Kato Elliniko, person filed to annul the 2018 Presidential Decree connected the Integrated Development Plan (IDP) arsenic good arsenic against operation permits—especially objecting to gathering heights, among different things. Meanwhile, residents adjacent the Vouliagmeni Coast person besides mobilized, this clip regarding that precise beach. This is presently the astir absorbing task tally by the Public Properties Company (ETAD), which has attracted top-tier concern involvement and aims to person a contractor selected by year’s end. Residents, done a Council of State appeal, rise the contented of escaped nationalist entree to the beach, since the spot successful question is considered premier existent property for the investor, who is expected to determination successful important superior for upgrades and, naturally, anticipates important returns. Last Friday, from the signifier of the Athens Riviera Summit, ETAD CEO I. Chatzigeorgiou assured that the contented has been addressed and that the societal presumption are intelligibly included successful the tender, with a corresponding committedness required from investors. She besides confirmed the people of selecting a contractor by year’s end. Note that successful the bidding contention are: AIR CANTEEN (see: Georgatos of the Grigoris group), ATHENS BEACH CLUB (Konstantakopoulos, Prokopiou, Kokkalis), THE MARGI (see: the 5-star edifice successful Vouliagmeni), the EVERGOOD–GEFSINOUS associated task (CVC Group – interests of entrepreneur Manolis Vavourakis), the “REDS S.A.” (ELLAKTOR Group) – “AEGEAN WAREHOUSES S.A.” (Melissanidis Group) consortium, and FAIS HOLDINGS.**

Everyone’s into… existent estate

-What I’m noticing is that the “trend” of entering the existent property marketplace continues, with some acquainted and… not-so-familiar names. More and much entrepreneurs from unrelated sectors are launching specified companies, astir with a wide concern program successful mind. Case successful point: astatine the extremity of September, the “Apantima Real Estate” institution made its debut, founded by the Bitharas family, who aren’t limiting their concern ventures to the manner industry. The company’s intent is the buying and selling of existent property and related activities, with archetypal stock superior acceptable astatine €200,000, provided by “Mourg Holdings.” This holding institution was founded successful May with sole shareholder and manager Georgios Bitharas — lad of Vasilis and Sofia Bitharas, known for B&F Apparel. Georgios Bitharas is besides listed arsenic the manager of “Apantima Real Estate.” Last Friday, yet different institution was established, called “Diem Real Estate,” besides focused connected buying/selling properties and gathering operation — residential and otherwise. Initial capital: €300,000, with €210,000 contributed by Manolis Vavourakis (well-known businessman down the catering institution “Gefsinous”) and €90,000 by Ms. Dionysia Papadaki. The institution volition beryllium managed by a committee member-manager — a relation taken connected by Vavourakis.

From Riyadh to Athens with an concern agenda

-A cardinal measurement successful strengthening the strategical and economical ties betwixt Greece and Saudi Arabia is the two-day sojourn (today, October 5th, and tomorrow, October 6th) of the Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, to our country.
According to the schedule, Minister Alkhorayef volition conscionable with Greece’s Development Minister, Takis Theodorikakos, to sermon the model for economical practice and investments. He’ll past conscionable with Minister of Environment and Energy, Stavros Papastavrou, focusing connected mineral assets utilization and associated processing projects. He volition besides sojourn the Elefsis Shipyards to research imaginable collaboration successful the shipbuilding sector. On time two, he’ll enactment successful a Saudi-Greek concern roundtable with entrepreneurs and apical executives from Greek industries and the mining sector. This sojourn is important arsenic Alkhorayef oversees a halfway pillar of Saudi Arabia’s “Vision 2030” strategy — the ministry of Industry and Mineral Resources. The extremity of the plan: trim the kingdom’s dependence connected lipid and put heavy successful industry, mining, technology, and planetary partnerships. Alkhorayef plays a cardinal relation successful designing and executing large projects involving accumulation chains, overseas investment, and caller concern zones. He is considered a trusted technocrat of the Crown Prince, with nary familial ties to the royal family, but a adjacent moving narration — tasked with pushing guardant the country’s reforms and concern development.

What are the Saudis doing astatine ONEX?

-The ONEX shipyards are becoming a shipbuilding hub for the broader North Africa, Middle East, and Eastern Mediterranean regions. On September 5th, the South Korean ambassador visited the Elefsis facilities. A week later, the U.S. Secretary of the Interior, Doug Burgum, showed up — notably the archetypal subordinate of the caller Trump medication to sojourn Greece. And today, Monday, October 6th, 2025, the aforesaid facilities volition big Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, and the CEO of Saudi Arabia’s National Industrial Development Center, Saleh Al-Solami, accompanied by Greek Development Minister, Takis Theodorikakos. Welcoming them volition beryllium the President and CEO of ONEX Group, Panos Xenokostas. The sojourn is portion of broader alliances being formed successful the shipbuilding assemblage — successful some commercialized and defence domains.

Greek shipowners relocate to Cyprus

-Greek shipping has temporarily “moved” to Cyprus — specifically Limassol — for the Cyprus Conference 2025, 1 of the world’s apical maritime events, co-organized by the Deputy Ministry of Shipping, the Cyprus Shipping Chamber, and the Cyprus Union of Shipowners.
From the Greek shipowning elite, contiguous are: George Prokopiou, Thanasis Martinos, Yiannis Xylas, the Treasurer of the Union of Greek Shipowners, Stefanos Angelakos, Yiannis Koustas, Semiramis Paliou, Ioanna Prokopiou (Vice President of BIMCO), Petros Pappas, Harris Vafeias, Aristides Pittas, Dimitris Melissanidis, and Peter Georgiopoulos.
What’s peculiarly noteworthy is that, conscionable days earlier cardinal discussions statesman astatine the International Maritime Organization (IMO) — adjacent Tuesday — connected the afloat decarbonization of shipping (net zero), the IMO Secretary-General, Arsenio Dominguez, is attending the conference, drafting important attention.
Leading the talker lineup is President of the Republic of Cyprus, Nikos Christodoulides. A reception was held astatine the Presidential Palace yesterday, Sunday, October 5th, 2025.

Alessandra dazzled astatine the Spetses mini Marathon

-And since we’re connected the taxable of travel, let’s enactment successful the aforesaid vibe — masses of radical flocked to Spetses this past play for the Spetses mini Marathon, present considered 1 of the apical sporting events successful the state for amateur sports lovers of each ages…
From the concern world, standout performances came from L’Oréal Hellas CEO Alessandra Delfini, who impressively finished archetypal successful her property radical successful the 3km open-water aquatics — crossing from Costa to Spetses!
Also noteworthy were the performances of Deloitte CEO Dimitris Koutsopoulos and businessman Alexandros Kikizas of Melissa-Kikizas, who took portion successful the 10km run.
This year’s lawsuit broke information records, validating the aboriginal imaginativeness of Marina-Lida Koutarelli, the pistillate down its organization.

The concern mysteries of Kyriakoulis

-Corporate announcements thin to person a affirmative — sometimes adjacent over-the-top — tone.
The institution has hired 2 Market Makers to guarantee the stock’s liquidity — thing earth-shattering, considering without it, the banal would beryllium moved to the surveillance category.
German institution GSI Invest GmbH, controlled by Rigas and Panagiotis Tzortzis (who, done Indigo Marine Inc., indirectly clasp 26.75% of Kyriakoulis), volition concern the company’s €8 cardinal enslaved loan.
Amid each this affirmative noise, the banal surged +9.74% successful a week, reaching a marketplace headdress of €16.2 million.
But there’s a flip side: the company’s H1 results were released — showing a two-thirds driblet successful gross for the archetypal fractional of the year. And this, successful a twelvemonth wherever Greece’s tourism is breaking records.
Note: Greece led Europe successful yacht charters successful 2024. These kinds of mysteries aren’t bully for the marketplace and rise questions that should beryllium addressed by absorption to support investors informed.

Eurobank chasing Coca-Cola HBC

-The slope rally continues connected the Athens Stock Exchange, with systemic slope stocks hitting oregon flirting with multi-year intraday highs. The banking scale closed astatine a 10-year high, marking its sixth consecutive summation and breaking done 2,400 points for the archetypal clip since November 18, 2015. Systemic banks soared to caller peaks, with year-to-date returns ranging from 57% to 132%. Piraeus Bank closed astatine its highest successful implicit 4 years — topping €7.50, a level unseen since March 2021. The different large banks came adjacent to yearly highs, eyeing records past seen successful November 2015. Of enactment is Eurobank reaching a marketplace headdress of €13 billion, present successful blistery pursuit of the Athens Stock Exchange’s astir invaluable listing.
That rubric presently belongs to Coca-Cola HBC, but its valuation has dropped to €14.3 cardinal owed to dense unit connected the banal — the origin of which remains unclear. Systemic banks are besides preparing to administer interim dividends implicit the adjacent 2 months, which could springiness their stocks an other push.
Eurobank and National Bank volition marque their payouts successful mid-November, with Alpha Bank pursuing successful aboriginal December. Piraeus Bank already returned superior past June.

Nikos Tsakos and the “Green” Patriarch

-Nikos Tsakos, laminitis and CEO of the NYSE-listed shipping company, was successful New York past week.
There, helium met with Ecumenical Patriarch Bartholomew, who is touring the U.S. and was honored with the Templeton Award — accompanied by a $1.2 cardinal prize for his enactment successful biology protection.
They adjacent dubbed him the “Green Patriarch.” The Tsakos household has adjacent ties with the Patriarchate.
Last year, the Patriarch attended the opening of the archetypal private, non-profit Merchant Marine Academy nether the auspices of the “Maria Tsakos” Foundation — International Center for Maritime Research and Tradition, successful Chios.

The Corinth Canal is preparing VIP yacht passages

-The Corinth Canal is shifting gears. The Hellenic Corporation of Assets and Participations (HCAP) subsidiary reported a +9% yearly summation successful chartered yacht traffic. And since request is soaring, the Canal is getting acceptable to motorboat a fast-track crossing work — thing its VIP clients volition surely appreciate. Last week, HCAP replaced the company’s absorption squad successful a bid to accelerate its improvement plans.

October for Wall Street is what April is for Athens

-During agelong and dependable bull markets, cardinal investigation gives mode to method and statistical analysis. October successful Athens kicked disconnected with 3-for-3 winning sessions — play gains of +2.21% for the General Index and +6.03% for the Banking Index. Statistics amusement that April is the astir volatile period of the twelvemonth for the Athens Stock Exchange. But for Wall Street, it’s October. Since 1945, S&P 500 volatility successful October exceeds the mean of each different months by 33%. This is psychologically reinforced by Wall Street’s historical crashes: 1929, 1987 (“Black Monday”), 2008. This corporate representation creates self-fulfilling prophecies, making investors overly cautious during the month. This past Friday, contempt the U.S. authorities shutdown and nary information releases from the Statistics Bureau, the NYSE cheerfully marched on. S&P 500 gained +1.1% for the week, hitting yet different record. The Dow Jones closed its sixth consecutive week of gains, besides up +1.1%. The Nasdaq climbed +1.3% connected the week but dipped -0.3% Friday, arsenic investors took profits from tech. Statistically, October is simply a rocky month, with hazard factors including: overvalued stocks aft a rally, geopolitical tensions, and uncertainty implicit Fed argumentation successful an inflationary environment. But past shows that those who upwind the October storms often bask beardown returns successful the last quarter.

Europe’s vigor relief

-The Eurozone seems to beryllium closing the section connected the vigor crisis.
German slope Berenberg has crunched the numbers and concluded that the Eurozone is making a singular betterment successful its vigor profile: Fossil substance import bills dropped to 2.4% of GDP successful Q2 2025, down from a historical precocious of 6.7% astatine the extremity of 2022. The information uncover a melodramatic correction, bringing vigor costs backmost to pre-pandemic levels — contempt greater reliance connected costly LNG (37% of imports vs. 20% successful 2021).
The turnaround stems from falling planetary vigor prices, a displacement — albeit not ever businesslike — to renewables, and reduced consumption. Brent crude fell to $59.1 per tube successful Q3 from $66 successful H1, portion state futures bespeak different 5% driblet successful 2026. The economical interaction is already visible: backstage depletion roseate +1.4% successful H1, arsenic consumers began to sorb the 37% terms spike from 2022.
Still, structural challenges remain: European concern vigor prices volition proceed to lag down the U.S. owed to the costs of the greenish transition, c pricing, and reliance connected imported LNG.
Germany’s dense manufacture has shrunk 17% since 2021, with constricted betterment prospects.
A instrumentality to Nord Stream operations is firmly disconnected the array — the ongoing warfare and geopolitical realities render dependence connected Russia untenable.
Europe has chosen vigor information implicit short-term economical gains.