Hello, happy New Year with health and success to everyone once again, and with Epiphany, the holidays come to an end, for the column but also in general, and we return to the routine of everyday life. In the government, this four-day period seems calmer as its head, K.M., will go for the blessing of the waters on Monday, probably in Lavrio or Rafina this time. After that, the discussion about the presidency officially begins, which will likely “trouble” or “nourish” us journalistically for another fortnight because “the PM has not decided yet,” as my best source at M.M. told me.

Could a miracle happen at Open?

Now, the holiday lull was disrupted yesterday by information that Ivan Savvidis is in the final stages of selling the Open channel to well-known businessman Dimitris Maris. It is even said that they have exchanged a draft agreement. When I heard this information, I investigated and asked various sources, and I convey to you what I heard: a) M.M. was informed yesterday morning that a deal is in the works for Open, and the reaction was rather lukewarm, along the lines of “we do not interfere in private deals,” but naturally, given that this particular businessman does not politically belong to the broader center-right, they surely thought about what is happening and what’s at play with him. b) Maris is involved in the media mainly through news247.gr (and in sports media via sports24.gr), while in the past, he had collaborated with Ivan, managing the publishing group of “Ethnos,” which belonged to the Russian-Pontic businessman who has lived in Rostov since 2020. However, Maris’ main business has been and remains betting companies, now abroad, but he was previously a major shareholder of Stoiximan, which was sold to OPAP. It is said that Maris earned about 300-350 million euros from this transaction, but even today, he participates in the international gaming company Kaizen (Betano and a minority stake in Stoiximan), which operates in 17 countries with a turnover of 1.6 billion euros (2023 data). This means, therefore, that the man has money (to spend?) since Open is a channel that annually loses about 20-25 million euros (it lost 23 million in 2023) to maintain a viewership of 4%-5% (2024 data) and ranks sixth in viewership. Of course, as the saying goes, “to each their own,” may the man be well, the money is his, and he can do with it as he wishes.

Whom does he support?

c) Yesterday, everybody was asking whether Maris still supports Tsipras, whom he backed in the past, or Achtsioglou (and if that’s why he grew distant from Alexis, who didn’t support her), or whether the Eteron Foundation, which he owns, now leans towards PASOK, etc. I say, without knowing but with common sense, that someone who made tens or hundreds of millions of euros and currently lives in New York with no serious interests in Greece has neither the reason nor the need to align with any politician. Perhaps he is enthusiastic about becoming a channel owner and a major media mogul, etc. etc. Unless Ivan, who has “sold” Open verbally about ten times, changes his mind again tomorrow or the day after. Among other things, note that Open, reportedly to be bought by Maris for 37.5 million euros, “is owed” another 7 million euros by Koklonis. If he sees this money, just…let me know.

The case of Chatzivasileiou

Now, let’s move on to some government-related tidbits. It is being strongly rumored in recent days that before the reshuffle, which is not yet imminent, a specific change will be made to the government structure. A government official will voluntarily step down for entirely personal reasons, and it seems the time has come for the Secretary of International Relations of ND, Tasos Chatzivasileiou, to join the government. Despite being in the close governmental circle, he has never been appointed as a minister. More after Epiphany.

The reception in the North

The candidacy of Pavlos Marinakis in the northern sector of Athens B’ has admittedly shuffled the deck, as the government spokesperson is both politically experienced and has managed to absorb the shocks of the position and “resonate” positively with ND’s audience. I understand—judging from the public welcoming post—that Adonis Georgiadis views Marinakis’ candidacy positively, something that will create new balances in the north, where quite a few “heavyweight” names are concentrated.

PASOK and the electoral law

Since the government does not seem willing to change the electoral law and address the issue of electoral coalitions not receiving the bonus, PASOK is determined to do everything necessary to be eligible for the bonus when elections take place. In other words, if necessary, it will make a constitutional change to unify the party.

Syntagma Square festivity

I didn’t watch, but I read about the New Year’s Eve festivity at Syntagma Square organized by the Municipality of Athens, and here’s my opinion. The fact that the event’s production had the bright idea of including a sketch about… PASOK—good old days, etc.—call it unfortunate, maybe just a simple joke, anyway it wasn’t something to make a fuss about, it was clearly humorous, somewhat bland, like the astronaut next to the mayor. As for Bofiliou wearing the Palestinian scarf, I have this to say: when you invite an artist, they will dress how they want and say what they want; this is a democracy. Simply put, if you don’t want such things to happen, you don’t invite a politically inclined artist, and that’s the end of it. If you call Bofiliou or Kraounakis, they will say something because both have built careers with such actions… Or not? But if you invite one of the dozens of good singers who respect the fact that the audience below didn’t come for an ideological battle or to support the Muslim Brotherhood, you might become just “a simple mayor” who wants to improve his city and represent all the citizens of Athens, not the leftist militants. Because, my friend, no one goes to celebrate New Year’s Eve with Bofiliou and a Palestinian flag on their back unless they are left-wing. Or not?

Greece at the Security Council

As of yesterday afternoon, the Greek flag is displayed outside the United Nations Security Council (UNSC) chamber at the UN headquarters in New York, as part of an annual ceremony where the flags of new non-permanent UNSC members are placed in a designated area for the next two years. The Greek Permanent Representative, Evangelos Sekeris, faces challenging times with his debut at the UNSC on January 8, focusing on developments in Syria. Athens, through statements by Prime Minister Kyriakos Mitsotakis and Foreign Minister Giorgos Gerapetritis, has outlined Greece’s positions on developments in Syria. The Greek representative will follow this framework, emphasizing that the transition process should be inclusive, democratic, with guarantees for the security of religious and ethnic minorities, and of course, support for Syria’s territorial integrity without interference from external forces.

“Tour” of bankers for asset management acquisitions

The “tour” of bankers to domestic fund managers continues, so far without results. Meetings and relevant approaches follow one another, but discussions do not yield the desired outcome. This is despite the dizzying amounts offered, with tens of millions on the table. In any case, there are only three domestic fund managers with significant assets under management, but for various reasons—related to their clients, personnel “chemistry,” future plans, and needs—no progress has been made. However, as the “tour” continues and the money is substantial, developments in 2025 cannot be ruled out.

Masdar nears 90% in Terna Energy

Masdar has already exceeded 86.3% of the shares it has accumulated in Terna Energy. Within the framework of the mandatory public offer (at a price of 20 euros per share) submitted by the energy giant after acquiring 67% of the listed company, it is already approaching the threshold of 90% of voting rights. If—as expected—it surpasses this threshold, Masdar will be able to exercise the squeeze-out right and eventually, after completing the process, request a general meeting to submit a proposal for delisting the shares from the Athens Stock Exchange. It is worth noting that the agreement, with a price of 20 euros per share, valued Terna Energy’s enterprise value at 3.2 billion euros, making it the largest transaction in the energy sector in the history of the Athens Stock Exchange and one of the largest in the renewable energy sector in the EU.

The Grand Resort, its performance, and the €785 million bill

The financial performance of Grand Resort Lagonissi in 2023 was somewhat “pale,” based on the newly issued financial results, which removed the company “Attikos Ilios” from the “registration suspension” status in GEMI. Specifically, the “flagship” of the Mantonanakis group achieved a turnover of €17.32 million in 2023, compared to €18.42 million in 2022, but the final result was a profit of €2.72 million, significantly increased from the €563,484 of the previous year. Meanwhile, the well-known “serial” of the dispute with ETAD continues unabated and proves extremely costly, given that according to the calculations of Attikos Ilios, the outstanding amounts (from seven arbitration rulings between 2019-2020) currently total €785,580,162.62, of which €566,530,203.32 is principal, €216,804,565.83 is interest, and €2,245,393.47 is legal fees. It is noted that 80% of this amount is pledged in favor of the banks. Additionally, there is no mention in the dozens of pages of financial statements regarding the rumored new attempt at a settlement between the State, the banks, and the Mantonanakis group. Here, of course, I must add that the saying of Karamanlis (the elder, not from Rafina) always holds true: “There are some things that happen and are not spoken of, and others that are spoken of and do not happen.” It remains to be seen into which of the two categories the Grand Resort saga falls. It is also worth noting the “qualified opinion” expressed by the auditor, who among other things emphasizes that “despite the ongoing court decisions in favor of the company regarding the said matter as described in detail in the financial statements, we consider that the precise determination of the amount of the potential claim and the timing of its collection, related to the judicial claims, is an extremely complex process with an uncertain final outcome. Therefore, we express reservations regarding the amount of these funds.”

The 3 (possibly 4) partners for the Tennis Center at OAKA

The ambitious project by “Stadio 2020,” which will implement the major investment in the Tennis Center at OAKA to create a modern sports complex, is progressing, with the target set for it to be operational by fall 2025. The company involves Ach. Konstantakopoulos (TEMES) and Hippokrates – Ioannis Stasinopoulos (Viohalco), while a third partner, Kikos Martinos, son of shipowner Andreas Martinos, has also joined by acquiring a double-digit stake in “Stadio 2020” through a capital increase. It is rumored that Sami Fais might also participate in the endeavor, with sources pointing to great interest as there are plans to utilize the new modern facilities of the center to host international tennis tournaments.

They owe them

And since I mentioned S. Fais, let me tell you a story from the past. Though the Glou brothers may have collapsed in business, they continue to enjoy appreciation and respect from the owners of mainly small sportswear shops. The reason is that when the Glou brothers had Puma, they gave greater profit margins to the retailers, pressuring Sami Fais, who then had Nike, to do the same. This relates to a different era when Nike dominated—almost controlled—the sportswear market. Fais offered minimal profit margins to shopkeepers, a practice overturned by the policy implemented by the Glou brothers for Puma at that time.

America is concerned about inflation

Theoretically, the U.S. Federal Reserve has begun to ease the cost of money. In 2024 alone, the Fed reduced dollar interest rates by 100 basis points, from 5.50% to 4.50%. At the same time, however, markets seem not to trust the Fed. Government bond yields are rising. The yield on the 10-year bond has increased by 100 basis points since September, reaching a six-month high. Everyone seems to believe that inflation is returning to the American consumer society. The Fed itself has raised its inflation forecast to 2.5% for 2025, up from 2.1% projected in September. The central bank now states that the inflation rate will reach the 2% target by 2027 instead of 2026, as previously anticipated. Mortgage rates (30-year duration) rose again above 6.6% this December. The average credit card interest rate in America today is 20.3%, slightly lower than the record 20.79% reached on August 14, 2024. The strong dollar policy also has its casualties.

The predictions of LinkedIn’s founder about the profession of the future

Reid Hoffman is the founder of LinkedIn and one of the first people to foresee the role of social media back in 1997. LinkedIn was sold for $26 billion, and Hoffman then started discussing the “sharing economy” that gave rise to Airbnb and the artificial intelligence revolution brought by ChatGPT. Today, Hoffman gives interviews warning that the traditional “9-to-5” job is dying and will have disappeared by 2034. Within the next decade, he says, 50% of the U.S. population will be freelancers, offering their services to multiple employers and, of course, earning more than traditional hourly employees. The secret to success, according to Hoffman, will be specialized skills and responsiveness to global demand. Each person’s digital footprint will become their most valuable asset. Forget resumes. Your online portfolio will be your new resume. Companies will hire based on proven work, not degrees or job titles. This means everyone must “build” their digital professional image. Naturally, according to Hoffman’s predictions, in 10 years from now, very few will work in a traditional office. The cost of office spaces will decrease by 40% by 2034. The future of work is not just remote. It is hyper-local and global at the same time.