Greetings, so what Mitsotakis is doing now with Nikos Pappas is wrong because Nikos is no longer with Kasselakis, who isn’t even the leader of SYRIZA anymore (the one who appointed him as the party’s representative in Parliament). And he won’t become one again because, quite simply, today it will be decided by the Priesthood (as the lyricist says) that he can’t be a candidate. And you’ll ask me, “Who is Pappas with today?” Well, I honestly don’t know, because it’s like “Here’s Pappas, there’s Pappas,” who’s Pappas with? A few days ago, I had… left him with the “87,” but recently I saw him with Tsipras again, and they weren’t even talking. So, what’s the point of Mitsotakis treating him like this? Maybe because poor Pappas was greeted by Samaras, who, by the way things are going, I wouldn’t be surprised if he ends up having dinner with Mimi and Touloupaki? Now Samaras has responded in his usual style, playing the Turk-eater and the patriot. After all, that’s how he overthrew the Mitsotakis government in the past. The truth is, for days now, the government has been in a lull, and we weren’t getting any headlines. Thankfully, this whole ruckus in Parliament woke us up.

The other Nikos (with momentum): Now, after K.M. had a go at poor little 13-0 Nikos, he also had words for the other Nikos, who, in his usual fashion, just can’t seem to finish a job properly. My dear boy, the government, and a top-notch technical expert, Livanios, made some important changes to ASEP (Supreme Council for Civil Personnel Selection). Why are you voting for half a law, as if it’s just “slightly pregnant,” Nikos? Just say, “Welcome, better late than never. It took you five years to change ASEP, but so be it, I’ll vote for it now” and stop with the half-measures. Sure, it’s the PASOK leader’s right to want to bring down the government and take over, but the question is whether he simply doesn’t want Mitsotakis or prefers someone more convenient. After all, he has to turn that 14% into 40%, which, let’s be honest, is a bit tricky, though the ambition is fair enough.

Thessaloniki Metro: As the time for the Thessaloniki Metro’s inauguration approaches, the rumors are heating up: Will it be ready by November 30? Will it not? I reckon it will be, even with some flaws, because the prime minister announced it, and no one wants to make him look bad. But the fact that Staikouras and Tachiaos are constantly butting heads, not just over the Thessaloniki Metro but almost everything (Attiki Odos, etc.), isn’t helping anyone. Plus, they’ve become the talk of the town among contractors, journalists, colleagues, and maybe even some others. And take note: there’s definitely going to be a blunder with the unified public transport ticket in Thessaloniki, and of course, they’ll all point fingers at each other and then blame the government.

The banking news: The banks weren’t exactly surprised by the pressure their stocks have been under in recent stock market sessions because the word’s been out for days. Analysts from major investment firms monitoring systemic bank stocks had already warned that they expect a decline in interest income for 2025 and 2026 compared to this year due to interest rate cuts. We’re talking about analysts’ estimates, but these will likely be reflected in the target prices for the stocks. Of course, it’s hard to make sense of it all, because just a few days ago, Goldman Sachs lowered the targets, and yesterday J.P. Morgan raised them. Still, according to the same forecasts, a recovery in interest income is expected in 2027, though that too comes with question marks. However, all the banks have hedged to cover the differences, so we’ll see.

Bank of Cyprus: So far so good, we’ll see: At the Bank of Cyprus, they’re optimistic that their stock will stabilize soon as Carval, which held 9%, has reduced its stake to 6% via a placement, and they can’t sell again for another 60 days. Meanwhile, it seems the Laiki Bank liquidator isn’t in a hurry to sell its shares, waiting for better stock valuations.

Record subsidy of €245 million for Sunlight’s new factory: The new lithium battery factory that Sunlight plans to build in Western Macedonia will be subsidized with a record €245 million from the European Commission’s Innovation Fund. This is the largest amount ever approved for a Greek business group. Two other Greek business projects—ElvalHalcor’s aluminum coating investment and Advent’s fuel cell production project—will also receive smaller grants of less than €50 million under the Carbon Dioxide Emissions Reduction program. In total, the Innovation Fund is funding 85 innovative business projects, including three Greek ones.

Victor Pizante Accused of Embezzling Funds

Victor Pizante, a well-known figure in the stock and business market, has been sued by a shareholder of the investment funds he founded. The shareholder accuses Pizante of embezzling funds that ended up with him and his associates. The lawsuit, alleging breach of trust and organized crime, was filed by Balmoral Business SA, and a formal complaint was delivered to Pizante’s residence.

Pizante, who was a founding shareholder of Telesis brokerage, a former General Manager of Eurobank, and a former consultant for the bank, is accused by prominent Greek businessmen and investors in the funds he managed via Bluehouse Capital Advisor. Before filing the lawsuit, investors spent years investigating his business activities, gathering a wealth of evidence, including reports from Alvarez Marsal Disputes & Investigations, which conducted multiple financial audits of Pizante’s complex corporate network.

“Illegally Pocketed Fees of 3.6 Million Euros”

The story begins in 2012 when Bluehouse, co-owned by Pizante and Christos Pandis, raised funds to buy properties in the Czech Republic and Hungary. They are accused of transferring some properties to a company they owned for just one euro without informing the investors or explaining the use of the funds.

Pizante and Pandis are also accused of delaying the liquidation of the fund since 2018 to hide illegal fees. Even though the expected returns were not achieved, Pizante and Pandis allegedly pocketed fees of 3.6 million euros. The lawsuit cites independent audit reports and testimony from former employees.

“Make It So Complicated That No One Understands It”

Pizante is described as the mastermind of a criminal organization in the lawsuit. In an email dated February 6, 2018, he allegedly admitted to orchestrating a scheme to conceal the company’s financial data, saying, “If the strategy is to make it so complicated that no one understands it, it’s definitely working.” He also advised against sending such messages in writing.

Evidence also raises suspicions of bribery involving a foreign banker and documents show that approximately 2 million euros were diverted away from the fund.

Two individuals with roles at Eurobank Cyprus are also implicated, and on September 2, 2024, Cyprus’ Securities and Exchange Commission revoked the license of Bluehouse Investments Advisors due to concerns over the suitability of its shareholders and the sound management of the company.

Data Room for Lavrio Port Opens

TAIPED (Hellenic Republic Asset Development Fund) is optimistic that within the next six weeks, they will receive more than two binding financial offers for the second phase of the tender to sell a majority stake in Lavrio Port Authority. The data room has already opened for interested parties to access necessary information to submit competitive offers.

The spotlight is on George Prokopiou of MSC Cruises, who is bidding with Olympic Marine. Other notable bidders include GEK TERNA, INTERKAT S.A., the consortium of AKTOR Concessions and Jet Plan Shipping, and the GPH Cruise Port Finance consortium with Promarine and Israel Shipyards Industries. TAIPED’s management has made its stance clear: “Lavrio will go to the highest bidder.”

And valet parking

There are many financial issues at the parent company, but at Intrum Greece, they haven’t lost their spirit. On October 23rd, a reception is being held at the Swedish Ambassador’s residence in Filothei to celebrate Intrum’s five years in the Greek market. Valet parking will also be available.

When will the TERNA Energy procedures be completed?

G. Peristeris gave a timeframe for the completion of the TERNA Energy deal at yesterday’s extraordinary general meeting of GEK TERNA. The shareholders, with 99.99% of those present, approved the agreement to sell the 37% stake controlled by the Group to the Arabs of Masdar. The head of GEK TERNA mentioned that once the final regulatory approval from the Polish authorities is received (TERNA Energy operates in Poland), the mandatory public offer process (at 20 euros per share) for at least 67% of TERNA Energy will begin, as outlined in the agreement. G. Peristeris estimated that all transactions should be completed by the end of the year for the largest “green” deal ever in Greece, worth 3.2 billion euros. The completion of the transaction will bring an additional 900 million euros in liquidity to the Group’s coffers, while at the same time improving GEK TERNA’s financial profile as it will also reduce related debt of 1.1 billion euros. Speaking to shareholders, G. Peristeris, apart from referencing the BOAK (with the contract signing imminent) and the Egnatia Road (he speculated delivery of the project within the first quarter of 2025), emphasized the expansion into water resource management projects, “to which we have dynamically shifted our focus.”

A competition for… olive trees

From real estate to… olive trees—now that it’s the season for new olive oil and prices are high—insurance funds are leasing them out: The Air Force Mutual Fund will hold a bidding competition in November for the lease of 1,704 olive trees in Tanagra for a period from February 1, 2025, to January 31, 2029, with the option for a one-year extension. Bids will concern the annual rent per olive tree (for the entire number of trees offered), with the minimum starting price set at 4 euros per tree, increasing by 5% annually, calculated on the newly formed rent each year. The competition will also have a participation guarantee, set at 5% of the total annual rent for the first year based on the final offer of the last bidder.

Philanthropists don’t exist in the Stock Market

The company “Industrial Technical Works S.A.” (BIOTER) is one of the “living dead” on the Stock Exchange. With minimal activity, a very small turnover, negative equity of 123.6 million euros, and debt obligations of 186 million euros, you wouldn’t exactly call it a “great investment opportunity.” However, it seems some people know or may hope that something will change. The market value of BIOTER barely exceeds 6 million euros, and the stock closed yesterday at 0.35 euros with a +5.42% increase. More impressive is the fact that the price of 0.35€ is +39% higher than a week ago and 70% higher than the price a year ago. Personally, I find it hard to believe the rumors that recently an investor is interested in the company. However, some cleanup efforts are being made: salary arrears for employees have been settled, and two properties have been sold to pay off some urgent debt obligations. Nevertheless, the numbers revealing the company’s dire state are relentless, and as we know, philanthropists don’t exist in the Stock Market.

The “waters” always float

During major downtrends, when everyone lives in fear of sudden sales, that’s when stocks with authentic investment interest stand out. This is the behavior of the two listed water supply companies, EYDAP and EYATH, which are expected to play a leading role in the government’s efforts to tackle the effects of drought and climate change. Yesterday, EYDAP’s stock recorded a slight drop of -0.18%, but with significant trading volume of nearly 19,000 shares. On the contrary, the smaller Thessaloniki-based EYATH, with its strong major shareholder, the French SUEZ, recorded another upward session (+1.88%), reaching a market capitalization of 118 million euros, which cannot be compared to EYDAP’s 598 million euros but floats comfortably in the turbulent waters of the Stock Exchange.

Mytilineos’ new agenda at Eurometaux

Evangelos Mytilineos is present in Europe’s transformation with a second term at the helm of Eurometaux. At the meeting that followed, he told the members that there is a completely different landscape in which Eurometaux has a major role to play, due to the goals set by the new Commission, which seem more favorable for energy-intensive industries. For the first time, the defense industry is not included. “We need to be there with a plan, priorities, because there are many issues, and we must focus on those that concern us the most,” he said to the members.

Sales in the 9 MSCI Standard stocks

Until 3 PM, the market was struggling, and the index was trying to maintain a positive sign to avoid recording a third consecutive down session. But then it couldn’t hold on and succumbed. The value of transactions until 4:45 PM had not exceeded 50 million euros, but the index plummeted, closing at 1,407.14 points (-0.53%). The bulk of trading activity was focused on the 9 stocks of the MSCI Standard index. It is evident that some investors are locking in their yearly returns and exiting, while there is no buying interest. Or rather, to be precise, those interested in buying are letting the stocks tumble low, and then they will consider positioning themselves. This is also shown by the 20.68 million euros in block trades, of which the standout is the 15.9 million-euro block of TERNA Energy that changed hands at 19.59 euros after the official approval of the sale to Masdar. Among the banks, National and Piraeus sporadically show some buyers keeping them marginally positive, but the overall sector situation is negative. It’s only natural that there’s no eagerness to take investment risks ahead of the crucial U.S. elections on November 5.