Hello, I’m starting with the earthquake front because, along with the earthquakes that have flared up again in Santorini, the seismologists have also gone wild. A big match has begun between the seismologists, and it is still unclear when the shaking will stop in the magnificent Santorini and the surrounding islands. After Professor Papazachos, who didn’t want to hear from Professor Synolakis, we now have Akis Tselentis resigning from the Seismic Risk Committee after its expansion. I inquired and learned that his main issue is also Synolakis, who, however, is an observer and not a regular member, just like Professor Nomikou, who deals with volcanoes. Beyond that, I’m told that Tselentis’ relations are very problematic with Thanasis Ganas from the Geodynamic Institute, who is the deputy of the Director of the Geodynamic Institute, Karastathis. I say, as an observer, a little seriousness wouldn’t hurt because the public is watching with concern.

PASOK – motion of censure

I heard Kostas Tsoukalas—the PASOK representative (SKAI)—speak a bit oddly yesterday about the motion of censure that the party has announced it will bring against the government, and I must say I got confused. Because I hear the concerns in Nikos A.’s team about how the numbers are not rising; on the contrary, they are falling. It is obvious that they chose the wrong playing field—that of anti-system rhetoric—and now it’s not working out for them, so (logically) they are trying a “correction.” Tsoukalas was saying that when the reports come in and if we know that there was flammable material and if cover-up is proven, then we will proceed with the motion of censure. This whole thing seemed a bit off to me, I must say, although the PASOK members insist they will go ahead with the motion as planned.

Turmoil in Brussels

Yesterday’s comment about the Greek candidates for the vice presidency of the EPP at the April congress stirred up trouble in Brussels. A source who contacted me explained that K.M. has “promised” Meimarakis his support—even though this means that the current secretary-general of the EPP and former close associate of Mitsotakis, Thanasis Bakolas, will not have his term renewed. After all, having two Greeks in top EPP positions is rather unlikely. As for Commissioner Tzitzikostas, who is still new in Brussels, he remains focused on his portfolio at the Commission, with nothing further to report.

Preliminary investigation around March 24

I am correcting as the report unfolds—and if this matters to anyone—the investigative discussion is now set for the 23rd-24th of the month and not the 17th, as I wrote yesterday.

Dendias

There has been much debate in recent weeks about whether there are two different lines within the government regarding Greek-Turkish relations. A diplomatic source asked about this responded that decisions are made by the Prime Minister and the KYSEA (Government Council for Foreign Affairs and Defense), which decides unanimously, and this is the policy being followed. However, they also expressed understanding for the statements made by the Minister of Defense, emphasizing that from a defense perspective, it is reasonable to have greater concern. The same diplomatic source reassured that the necessary actions are being taken regarding the Meteor issue, but noted that non-public interventions are more effective. This likely referred to the publicizing of the Pentagon meeting by N. Dendias with the French ambassador…

Golden snakes of Patoulis

So, just so you don’t think I intend to be unfair to anyone, I investigated the “rodent control and snake repelling” case of the Attica Region and found the exact figures. Here’s what I found: The contract was awarded to a company called “Ch. Zovoilis – S. Kapatos O.E.,” which, in 2015 (under Dourou), was paid €12,000 for snakes and rodents, in 2016 €21,000, in 2018 €18,000, and in 2019 €22,000. Then, apparently, all the snakes and rodents of the world descended upon Attica, because under the “giant” Patoulis, the related budget (with the same company) skyrocketed to €2.1 million in 2020 through six contracts, €2.2 million in 2021, dropped to €523,000 in 2023 due to “slow business,” and in 2024, the snakes apparently feared Hardalias, so the snake repelling and rodent control cost only €36,000. Now, whether in the era of the “golden snakes” from 2020 to 2023, these unbelievable contracts included some snake charmers from India or maybe some sidewalk cleaning as well, I don’t know. But I believe the prosecutor will figure it out.

Benny Steinmetz in Korydallos Prison

I am officially informed that businessman Benny Steinmetz, who was recovering in a hospital, was discharged two days ago, where the police were waiting for him and led him to Korydallos until his appeal is heard. A pending international arrest warrant from the Romanian authorities was accepted by the Court of Appeals, which decided on his extradition. Steinmetz is now in prison awaiting the discussion of his appeal against the Court of Appeals’ decision in the Supreme Court. The Supreme Court of Romania sentenced the Israeli billionaire to five years in prison for forming a criminal organization in which he played an active role in a real estate exploitation case. In January 2021, he was sentenced by a Geneva court to five years in prison for a bribery case.

G. Prokopiou and the port in Katakolo

And I move on to market news, starting with the investment concerns of George Prokopiou, who lately has shown a steady preference for ports. Apart from the port of Lavrio, for which he is collaborating with the family of billionaire Gianluigi Aponte of MSC Cruises, the shipowner’s investment agenda also includes the port of Katakolo, which is a strategic point for cruise ships. According to reports, G. Prokopiou is exploring the investment potential and is reportedly interested in whether the port of Katakolo will be connected to Patras for cruise-related matters.

Kotsovolos enters the furniture sector and beyond

This year, according to G. Stassis, is the year when Kotsovolos’ synergies with PPC begin. Meanwhile, the PPC era at Kotsovolos has started, and significant internal changes have been made in the management teams of white goods, where the old staff was removed. Reports indicate that Kotsovolos is preparing to enter a new sector, specifically in construction and ready-furnished homes. They are preparing because they have many customers from Airbnb, and they have already opened two furniture showrooms in Athens, in Agia Paraskevi and Elliniko.

Big wallets in PPC

And since we are on the topic of PPC, let me add that its stock continues unrelentingly towards new highs, and it is evident that in the last month, strong portfolios have been positioning in the stock, leading to a re-rating. Specifically, at the end of last December, investments began, resulting in its price rising one euro higher from the 12.50 euro level, where it had remained for a long time. Yesterday, despite the negative sentiment that prevailed over the past two days on Athens Avenue, PPC’s stock recorded gains for the fourth consecutive session, once again breaking multi-year records. It closed at 13.59 euros and is now aiming to surpass 13.71 euros, which is the highest price since August 2010. The next milestone is 14 euros, a level not seen since April of the same year. PPC’s market capitalization has now exceeded 5 billion euros, making it the 7th largest listed company on the Athens Stock Exchange by market cap. Note that the average target price set by analysts is 17.57 euros, indicating an approximately 30% upside potential from current levels.

Measures for the ASE and the lack of incentives for investors

And we move on to the stock market, where Finance Minister Kostis Hatzidakis announced the measures in the omnibus bill to strengthen the capital market, which have a clear focus. Among other things, the tax rate on interest from listed corporate bonds acquired by individuals who are Greek tax residents is reduced from 15% to 5%. The expense deduction for listing small and medium-sized enterprises on the Athens Stock Exchange is increased, the incentives for angel investors investing in the Alternative Market are extended, and significant measures are adopted to facilitate business listings on the Stock Exchange and strengthen the Alternative Market. The market responded favorably to the measures but pointed out the absence of incentives for individual investors. The market has long requested that, as in several countries, there should be tax incentives, such as for holding investment securities (stocks, bonds, etc.) and tax relief for loss-making portfolios. The minister was asked about this by newmoney at yesterday’s press conference and stated that such proposals were indeed considered and costed along with the others, but only those that the budget could sustain were selected.

At Motor Oil, they are gathering liquidity

They are gathering liquidity in the Motor Oil group, but they are also gathering liquidity at Motor Oil Renewable Energy. Of particular interest is the “cash reserve” being built up at the group’s (100%) subsidiary in Renewables, as 88.89 million euros were added from the return of its (100%) subsidiary “ANEMOS,” while an additional 56 million will be collected from NRG. This amount (56 million euros) comes from the exchange for the 35% of Korinthos Power, which was transferred. On the other side of the same hill now, concerning the Motor Oil Group, by the end of March, 126.3 million will be added to the “cash reserve” from the capital return of ELLAKTOR. In total, 271.2 million euros. This strategic accumulation of cash reserves in the Group leads to speculation that something is being prepared. I do not know, maybe they are simply increasing liquidity levels after the extraordinary taxation.

Hellenic Corporation of Assets and Participations: OLTH, the first hot potato

The developments in the shareholder relations at the Port of Thessaloniki seem to be the first “hot potato” in the hands of the new CEO of the Hellenic Corporation of Assets and Participations. Everything will begin on March 4, the date when the four-year contract of the new CEO, Giannis Papachristou, comes into effect (following his selection by the Corporate Governance Council). A few days earlier, on February 20, the deadline for LeonidsPort’s public offer for 20.98% of OLTH’s share capital, the “free float,” is set to expire—apparently without result. In practice, this means that as soon as the next day, the new intentions of the Dreyfus-CMA side will be revealed. We will find out whether they intend to increase their offer price from 27 euros (or not) or if they have another ace up their sleeve. Market indications suggest that the Dreyfus Group intends to remain in Greek affairs. They have created a sizable team of executives that is continuously expanding. Here, the Hellenic Corporation of Assets and Participations comes into the foreground, as it currently holds 7% of OLTH’s share capital. Therefore, government decisions and how they will be implemented by the Corporation create a “hot” topic for discussion.

Stock Market: Buyers are staying away

Obviously, the tariffs imposed by the Trump administration do not affect all companies. However, those affected by the tariffs will naturally seek new markets for their products, which means they will push companies not directly impacted by the tariffs with lower prices. With this logic, everyone is worried, and everyone is under pressure. While Europe is handling the issue with relative calm, at the Athens Stock Exchange, buyers prefer discreet abstention and waiting. The transaction volume is decreasing, and most market movements have a defensive character, aiming to maintain prices. Alpha Bank gained confidence from Goldman Sachs’ recommendation upgrade and moved upwards throughout the session, closing with a +1.91% increase at 1.763 euros. Piraeus Bank, awaiting developments with National Insurance, raised its price, closing yesterday with a +0.69% increase at 4.386 euros. In contrast, National Bank (8.18 euros) and Eurobank (2.367 euros) ended the session with a decline of less than one percentage point. Bank stocks accounted for 40% of yesterday’s trading on the stock exchange, with the General Index closing at 1,548.93 points, marking a slight drop of -0.19%, and a transaction value of 101.9 million euros, of which 5.7 million were in block trades. Oil stocks took center stage yesterday, with Motor Oil gaining +2.58% to 21.48 euros and HelleniQ Energy rising +1.82% to 7.84 euros. Viohalco Group stocks recovered their losses from the previous day, while investment interest emerged in Metlen, which closed at 34.88 (+0.81%). The arbitrage in TITAN’s stock continued yesterday, with the stock losing -4.11% to 43.15 euros. Intracom, Intralot, and Noval stood out in the mid-cap segment, while EKTER, Motodynamics, and Attica Holdings led in smaller capitalizations.

The silent “reshuffle” at Mantonanakis’ company

Apart from government reshuffles, there are also other “reshuffles,” and they happen entirely quietly. This is the case with Attikos Ilios of the Mantonanakis Group, the company that manages the Grand Resort Lagonissi. As I have learned, the Board of Directors met on February 4 and determined that: “The company continues to be represented and bound by (a) Anna Mantonanaki, daughter of Konstantinos, President and CEO, (b) Panteleimon Mantonanakis, son of Konstantinos, Vice President and Managing Director. The above individuals, acting jointly or separately, are granted all powers and responsibilities of the Board of Directors, except for those that, by law or the company’s articles of association, require collective action,” as stated. Furthermore, Marianna Tzilou and Sofia Petridou were granted certain “limited powers and responsibilities, which they will exercise jointly and not separately,” such as carrying out any lawful action at any bank required for issuing company checks, issuing, extending, or canceling guarantee letters, depositing funds into the company’s bank accounts, etc. The significant aspect of this whole matter is that Pantelis Mantonanakis is stepping into a secondary role, giving precedence to his sister. It remains to be seen whether and what this move signifies… However, based on the last decision of the General Meeting of shareholders regarding the election of the Board of Directors, which took place in July 2021, the Board consisted of Pantelis Mantonanakis as President and CEO, Anna Mantonanaki as Vice President and Managing Director, and Nikolaos Tzimas as a member. Moreover, the Board’s term was set until July 2026.

Now the…government of Dubai certifies Artificial Intelligence

After the recent signing of the memorandum with the French government for a 50-billion-euro investment in AI datacenters, the government of Dubai is now launching the AI Seal. This is a certification for technology companies, which is granted through an audit by AI experts and the top AI model providers (OpenAI, Microsoft, Google). The purpose of this “seal” is to categorize expertise, bringing order to a chaotic ecosystem, with the government of Dubai committing to work only with certified providers for AI technology procurement. This initiative has also attracted interest from government officials in Greece, who envision the country playing a key role in the development and adoption of AI in the region.

Inflation in the U.S. affects dollar interest rates and markets

Today, the data on inflation, the Consumer Price Index (CPI) for January in the U.S., will be released. The majority of analysts expect a +0.3% increase in the Index from December to January. If this happens, inflation will be contained at 2.9%. Core inflation, which excludes volatile food and energy prices, is also expected to rise by 0.3% on a monthly basis. The announcements regarding 25% tariffs on steel and aluminum, as well as on Chinese products, will obviously raise the cost of living for Americans. Along with labor market data to be announced on Friday, all of this suggests that dollar interest rates will remain at 4.25% to 4.5%. This means that stocks reliant on rapid growth rates and technology stocks, which are more sensitive to interest rates, will find willing sellers on Wall Street.

Gold is migrating

In the greater Manhattan area of New York, there are three large, high-security gold storage facilities in its physical form. They meet all the strict specifications set by the Commodities Exchange (COMEX) and provide daily official reports on recorded, allocated, and eligible gold reserves per ounce. Over the past two months, there has been an explosive increase in the gold reserves held in these three storage facilities—an increase of 15 million ounces in just the last two months. At the same time—over the past eight weeks—there has been a significant decrease in physical gold reserves stored in the corresponding facilities in London. Some fear tariffs (or something else?) and are sending their gold to the American continent. At a time when the price of gold is rapidly approaching $3,000 per ounce.