Hello, the tidying up of the polls we mentioned yesterday became visible later in the day as well, but of course the government still has a long way to go to return to the qualitative metrics it held before Tempi. For now, the protest and anger are still being channeled to Zoe, whether she’s one point up or one point down. Things seem to be going well though—since she declared she would imprison the Prime Minister, now she’s considering becoming Prime Minister herself at night. The one I truly don’t know what he thinks at night is Androulakis, who, without the projections (which, in my opinion, are now highly unreliable), has dropped into single digits. My source, whom I asked about the Tempi case developments (M.M.), emphasized to me that “we may have moved past the first very acute phase, but there are still many episodes to come—the trial, prosecutions, the 717 contract, etc. I should note, however, that in this first extremely difficult and communicatively challenging phase, a new politician emerged and stood out: Pavlos Marinakis, who on many days during this nearly three-month battle fought alone successfully or at least decently, while almost all the experienced government officials were nowhere to be found.

Trump-markets

Now don’t expect to see normal markets for a long time with President Trump because the madness continues globally; it’s just that there are these unbelievable billion-dollar day trades happening daily, but only for insiders or gambling enthusiasts.

Turkey

And of course, there is a risk of economic derailment due to a recession coming from Europe, but I’d say right now our problem and the government’s concern isn’t so much that as the national issues. Who today in Greece can guarantee that Erdogan will stay quiet? Unfortunately, no one—not even Netanyahu, who I imagine is also wondering what’s going on in Trump’s head.

Breitbart and Papadopoulou

Yesterday, Mitsotakis’ decision to speak to Breitbart, the gospel of Trump supporters worldwide, sparked a lot of discussion within Greece. Some domestically may not have liked it, but you have to speak to Americans in the language they understand. I’m told that Deputy Foreign Minister Alexandra Papadopoulou played a key role in making the connection, and she ultimately doesn’t only have ties with the Democrats, but also found some common ground with the other side.

Kyranakis’ letter

As soon as the new leadership of the European Railway Agency (ERA) took office, an email arrived from Deputy Minister of Transport Konstantinos Kyranakis, who is eager to push forward a number of pending issues. Kyranakis is asking them to speak immediately, stating in the letter that urgent matters must be discussed. He is preparing to introduce a bill at the end of April to restructure the railways in the cabinet.

S. Theodoropoulos: Viva Mexico

Times are strange and unpredictable, but Spyros Theodoropoulos has plans for the development of the Bespoke Group. Information indicates he wants to set up a company in Mexico, where ION will hold 51% and a local businessman 49%. Theodoropoulos has good relations with local entrepreneurs from the Chipita era and therefore the means to move within the local market. The plan initially involves establishing a trading company in Mexico and, depending on the results, deciding in 2026 whether to take the next step—that is, move into production.

TERNA and Kopelouzos at Eleftherios Venizelos

A few days ago (4/4), a joint venture was formed between TERNA and Redex, part of the Kopelouzos group, as the consortium was awarded, through a tender, a project as part of the expansion of Athens International Airport, with a contract value of €219 million plus VAT. The project involves the construction of a new runway on the northwest side of the airport and the erection of the new multi-storey parking facility for AIA. The goal is to complete the works by the second quarter of 2027. These investments are deemed necessary so that Athens International Airport can accommodate up to 40 million passengers within the next seven years, given the already significant increase in passenger traffic.

New CEO search underway at Aegean Baltic Bank

Stanton Chase has undertaken the task of finding a new CEO for Aegean Baltic Bank (ABB), now under the control of Telis Mistakidis. The process is ongoing and although the initial intention was to appoint a foreign CEO, there is now a strong possibility that the new managing director will be Greek. In any case, the aim is for the board majority to have a deep understanding of the Greek economic landscape. ABB holds a broad shipping portfolio which continues to grow. Beyond loan expansion, ABB is also considering further moves to strengthen its market position.

EY: Deal talks continue

And some good news. As T. Iosifidis, EY’s deal-making point person, mentioned in a side conversation at the Delphi Forum, despite the turmoil and uncertainty created by tariffs in the market, discussions on business deals are ongoing and this year is shaping up to be a very good one for mergers and acquisitions. Interest is particularly high in infrastructure, energy, and defense. Take note that for the latter, considered the hot sector of the coming years, EY already has four clients looking to enter the defense space.

Delphi

As for the Delphi Forum more broadly, this year it didn’t draw the large crowds we had come to expect from past editions. The exception was yesterday, when people gathered to hear the Prime Minister. Perhaps it played a role that the cultural center where the Forum usually takes place was closed for renovations, so all events and panels were held only at the Amalia Hotel.

Stathopoulos draws the curtain

The freezing of the NOVA sale was confirmed in statements by Nikos Stathopoulos, chairman of BC Partners, which controls United Group (UN), parent company of the Greek telecommunications firm. Despite the persistence of some who considered the sale just a matter of time, the process had already stalled for a while, as one of United Group’s key shareholders, Dragan Solak—previously cited as the main interested party—reportedly distanced himself due to financing concerns. NOVA, however, continues its upward trajectory, pushing forward with its investment plan focused on its fiber optic network and 5G. Last year, the company installed FTTH in 540,000 homes and businesses, and the goal for 2025 is to reach 830,000.

Developments in Health

In December 2021, a new era began for the Euromedica Group with the completion of the first phase of the restructuring process and the launch of the new company Euromedica S.A. Medical Services Provider, to which the assets and liabilities of Euromedica were transferred as part of the restructuring agreement. The founding shareholders of this new entity were the fund Farallon and Piraeus Bank. The Board of Directors of the new Euromedica included Takis Doumanoglou as Chairman and CEO, and among its members, Komninos-Alexios Komninos. Yesterday, a new company was established under the name “NextHealth S.A.” with an initial share capital of 30,000 euros and the primary purpose of founding and operating clinics. The first Board of Directors includes Komninos-Alexios Komninos as Chairman, Panagiotis (Takis) Doumanoglou as CEO, and Nikolaos Papadimitriou as a member. It is worth noting that at the time of the company’s notarial formation, lawyer Christos Chionas was present as the representative of “EMD Holdings S.a r.l.” and business consultant Ioannis Vogiatzis as the representative of “Strix Holdings (GP) Limited.”

The End Titles

The end credits have officially rolled for “BSH German Home Appliances Industrial S.A.” Following the closure of its factory in Renti—a vast unit of 53,000 sq.m. where oven hobs and other electrical appliances were produced for the international market—the word “industrial” was removed from the company’s name. Simultaneously, the company’s statute no longer includes the manufacturing of appliances as one of its purposes.

The Joy of the Day Trader

Such stock market conditions are a day trader’s delight. You buy at the lows, sell for a small but sure profit, and pay no mind to the market’s broader direction. Those who dared to buy at the lows of the day before yesterday’s session didn’t hesitate—they sold within the first hour of yesterday’s session around the 1,653-point level of the General Index (+8.17%). This is why in the first hour, the transaction value exceeded 104 million euros. However, optimism then melted like ice cream, even though the positive sign remained. Of course, these extreme fluctuations are not uniquely Greek. The DAX Index in Germany recorded an intraday fluctuation of 12.4% on Monday, the second highest in its history, just after September 11, 2011. Even the fluctuations during the pandemic and the global financial crisis seem mild compared to what’s happening in the markets these days. Back in Athens, the General Index closed at 1,582.4 points (+3.54%) with a transaction value exceeding 325.1 million euros, 8.5 million euros of which were in block trades. Two-thirds of the trades naturally concerned the banking sector, with Alpha (+6.1%) at 2.031 euros, Piraeus at 4.5 euros (+3.02%), Eurobank (+1.59%) at 2.232 euros, and National Bank (+1.89%) at 8.5 euros. Bank of Cyprus shares (+5.45%) and Attica Bank (+4.22%) stood out. The only stock from the large and mid-cap segments that closed negatively yesterday was Autohellas (-5.34%), due to the dividend detachment. Metlen signaled its preparation for London with transactions worth 28.4 million euros and a rise of +5.19% to 38.90 euros, followed by PPC (+4.13%) at 12.85 euros. OTE continued its upward trend at 15.12 euros, and TITAN (+4.48%) at 38.5 euros. All shares of the Viohalco Group recorded significant gains.

The Hellenic-American Chamber Opens an Office in Washington

The political landscape on the other side of the Atlantic has shifted, creating new balances. Right after Easter, the Hellenic-American Chamber of Commerce is implementing its decision made two years ago by opening a representative office in the U.S. capital. The legal entity has already been established, the necessary accreditations and licenses have been granted, and the new office is beginning operations. The Head of the Washington Office of the Hellenic-American Chamber of Commerce will be journalist Katerina Sokou, who has had a long-standing journalistic presence in the U.S. and possesses the necessary connections for a successful launch.

€3.5 Million Fine for Revolut

Revolut recently announced it has reached 1.5 million users in Greece and is staffing its Athens office. However, this excitingly rapid growth comes with challenges—especially in the area of compliance. This week, the Central Bank of Lithuania imposed a €3.5 million fine on Revolut for deficiencies in its anti-money laundering (AML) controls. It is the largest fine ever issued by the regulator. About three years ago, in 2022, the company had received a €70,000 fine from the Lithuanian authorities for the delayed submission of financial data, while in 2019, the UK’s FCA had investigated similar issues. The truth is that no confirmed cases of money laundering have emerged to date. On the other hand, the shortcomings in oversight raise some concerns, particularly among regulatory bodies. Revolut states it is strengthening and upgrading its systems, but the rapid pace of growth and expansion that characterizes these neobanks is not always the best ally when it comes to complying with strict European regulations.

Tariffs Were Postponed, but They Haunt the Markets

Despite the U.S. president’s announcements of a three-month negotiation cycle, and despite better-than-expected inflation data in the American economy, Wall Street markets began yesterday’s session with sharply downward trends. The explanation is simple: investors see a government willing to weaponize trade relations, using them as tools to achieve political goals. Fund managers are now facing another factor of political risk and must adjust their strategies to a different world—one where a single “inspiration” from political leadership can wipe out an entire year’s profits overnight. Tariffs may not be implemented or may be drastically scaled back, but their specter continues to haunt the markets and dampen appetite for investment risk. That is also why interest rates are not being lowered, despite presidential orders.

Six Planes Delivered iPhones to the U.S.

Apple chartered large cargo flights to transport 600 tons of iPhones—or, if you prefer, up to 1.5 million phones—from India to the U.S. Apple’s goal was clear: to beat President Trump’s tariffs, as sources told Reuters. This move reflects Apple’s strategy to bypass Trump’s tariffs and stockpile iPhones in the U.S., which remains one of its largest markets. Analysts warn that iPhone prices in the U.S. could increase dramatically due to high import duties from China, which is indisputably the main production hub. Interestingly, reports say Apple pressured Indian authorities to reduce customs clearance time at Chennai Airport from 30 hours to just 6, to speed up shipments. Six cargo planes, each with a 100-ton capacity, have flown since March. Apple’s efforts come as Trump’s tariffs on China have surged to 125%, while India’s tariffs remain on hold during a 90-day pause.

U.S. Airlines Also Affected

Delta Air Lines announced that the trade war is hurting bookings, and its previous forecasts for 2025 are no longer valid. Virgin Atlantic said it is withdrawing its winter routes to London, anticipating insufficient demand. The tourism industry contributes $2.3 trillion to the U.S. economy and supports 9.5 million jobs. Goldman Sachs noted that every time new tariffs are announced, the number of international passengers arriving in the U.S. declines. In April, the number of foreign arrivals at U.S. airports recorded the steepest drop since the COVID era, down 13% year-on-year. IATA data underscores that global trade wars can reduce demand for air travel by up to 5% annually.