• Hello, so for the first time, I’m seeing some usefulness in the famous ChatGPT. You put it on your phone, ask it whether you should divorce your wife, and if it says “yes,” you’re done. You announce it to her, kind of like Kim Jong Un in North Korea, and I believe this should be legalized. We should get Pierrakakis, who knows about digital things, to create an app so we don’t have to deal with courts. I’m writing this because of a report yesterday (Liagas – ANT1) where the wife saw in ChatGPT, when the high-tech tool told her her coffee, that her husband was cheating on her! Now we’ve found another way for affairs to be uncovered, ChatGPT, what else are we going to hear?

Protests in PASOK over Ch. Pachtas

• And because I started with this… cute bizarre story from yesterday, I’m moving on to another highly entertaining one that was passed on to me from the former main opposition party, PASOK. Well, on Holy Thursday, PASOK officials in Halkidiki learned out of the blue that former MP and Minister Christos Pachtas (Porto Carras, etc.) had returned to a party position, specifically in the Development sector. Pachtas, born in 1951, had been out of the picture for years after his defeat in the municipality of Aristotle, and obviously, he saw an opportunity and jumped in, of course with the approval of Harilaou Trikoupi. What’s most interesting is that when PASOK made announcements about its sectors at the end of March, his name wasn’t included. Before 2023, he was looking for a spot on the local ballot but was left out in the end. After local PASOK members heard this, they tried to figure out where this “shock” came from. Pachtas, mind you, has a questionable past and a series of scandals that have caught public attention. On Holy Saturday, former MP Anna Katsarou called PASOK’s secretary Andreas Spyropoulos, who, although upset by the timing of the call, said that Pachtas had “begged” PASOK to take him in and, in the end, “just took the position.” “He told us that he was right in everything,” responded the party secretary to the complaints about Pachtas’ past, which shows that PASOK didn’t exactly investigate it thoroughly. It’s worth noting that PASOK has an MP in the region, Apostolos Pana, who found out through local gossip. After all this, yesterday, PASOK’s secretary received a complaint letter from Mrs. Katsarou and three other “green” officials from the region.

Mitsotakis Meets with Entrepreneurs for Defense

• Almost half the country’s GDP passed through the doors of Maximos Mansion yesterday for a meeting between the domestic defense and construction industries with Mitsotakis and several relevant ministers (Hatzidakis, Dendias, Chrysochoidis, Kikilias, Kefalogiannis, Papastergiou), focusing on the 12-year defense equipment program. Notable names: Evangelos Mytilineos (METKA), Giorgos Prokopiou (Skaramangas Shipyards), Christian Hatzimina (EFA Group), Michalis Tsamaz (Intracom Defense), Michalis Stasinopoulos (VIOHALCO), Christos Hubavlis (MILTECH), Panos Xenokostas (ONEX), Giorgos Koros (Salamina Shipyards), Christos Giordamlis (Prisma Electronics), Giannis Sarakakis (Sarakakis Group), Dimitris Dafnis (Aeroservices), Manos Moustakas (GEK TERNA), Tasos Rozolis (AKMON), Angelos Tserekas (SOTIRIA Technology), and Alexandros Diakopoulos (EAB), Christoforos Moutsikakis (EAS), Giorgos Nounesis (Demokritos), and Vayos Lappas (EKPA). The market leaders presented their activities, and the ministers presented the interests of their respective ministries. Mitsotakis wants at least 25% of the equipment from the program, which is valued over 25 billion, to come from Greek companies (either construction or support), and the role of coordinating contacts between ministries and companies will be handled by Deputy Minister Hatzidakis.

Support for Kostis

• In a few days, the EPP congress will take place in Valencia, and there’s little time for New Democracy to “secure” Kostis Hatzidakis’ election as the party’s vice president. Contacts with other European center-right parties will need to be made to ensure the necessary votes. In this direction, Evangelos Meimarakis was tasked with a “mission” and met with Mitsotakis the other day, while the ND Secretary of International Relations, Tasos Hatzivasileiou, will have several contacts.

The Gathering with Adonis

• The new secretary of the ND parliamentary group, Apostolos Vesyropoulos, wants to improve coordination between ministers and “blue” MPs ahead of upcoming bills. He is therefore reintroducing briefings for ministers, with Adonis Georgiadis being the first to attend a related gathering next Tuesday afternoon, as his bill is entering the plenary. For the next bills, such gatherings will take place before the bill goes to the Parliamentary Committee, thus after the consultation period.

Interest Rate Cuts Worry Banks

• Concerns over the possibility of faster revenue decline in banks due to quicker interest rate cuts are troubling them. The general uncertainty caused by the US tariffs policy is fueling fears of recessionary pressures, and the ECB is adjusting its policy accordingly. Estimates for a 2% interest rate by the end of the year no longer reflect the new realities. For example, ABN AMRO economists stated in a note to investors that the ECB will proceed with successive interest rate cuts, aiming to bring the main rate down to 1.5% by the end of the year. And the concern of banks is not unfounded, as the rate cuts particularly affect countries where a large portion of private debt has variable rates. According to ECB data, these include Finland, Malta, Slovenia, Cyprus, Slovakia, Lithuania, and, of course, Greece.

The Cosmote Wedding and Telekom Arena

• It was a matter of time, and it has finally happened: alongside the Cosmote brand, the Telekom brand, which has repeatedly been recognized by the “Brand Finance Global 500” study as the most valuable telecommunications brand in the world and the top brand in Europe, will now be present. Its current value is $85.3 billion. The OTE Group is not just a member of the German group since 2008, but its contribution to Telekom’s financial performance is the third strongest globally, after the USA and Germany. Furthermore, Nebis’ management plans to further leverage the synergies created. Among other things, there are plans to use AI tools, migrate to cloud infrastructure, and implement automation, as well as transition to joint platforms and operating models with the Telekom group, with payzy pro already launched in the German market. Commercial developments are also expected with the naming agreement for the basketball stadium at OAKA, likely to be named Telekom Arena or T-Mobile Arena, which is still in discussion, although sources very close to the processes indicate that everything seems to be progressing well.

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Ford’s “No” to Lazanas

• There is, as you say, an investment company based in the well-known (mainly for tax reasons) Swiss canton of Zug, called Arclif Group, founded by the Greek-origin Neoklis Lazanas. This company occasionally appears to be looking for investments and, as some claim, for the corresponding publicity in Greece and elsewhere. About 6-7 years ago, it was said that they wanted to be listed on the Greek Stock Exchange, but this did not materialize. Later, its executives spoke of investments worth 100 million euros aimed at establishing an electric vehicle factory in Greece, specifically for electric Hummers, which, of course, did not happen. Now, executives have informed that Arclif is interested in Ford’s factory in Cologne, as the car giant is facing difficulties. Despite an investment of 2 billion dollars to transform the plant into an electric vehicle production hub, competition—mainly from China—has forced Ford to announce layoffs at its Cologne plant, approximately 2,900 jobs by the end of 2027, and the sale of parts of the factory. Arclif proposed to acquire the factory for an investment of up to 1.8 billion euros to develop an advanced recycling center, but it was unclear whether this investment would come from their own funds, bank loans, or strategic investors. Ford rejected the proposal, stating that it was not interested in further discussions and was considering other options.

OPAP and OTE Support the Stock Market

• Bank stocks have been a support for the Stock Exchange, but now other heavyweights have stepped in to keep the upward momentum, playing a crucial role in maintaining a positive outlook in April. This includes OPAP and OTE. OPAP reached a 16-year high despite large blocks of shares being traded, equivalent to 0.32% of its share capital, with a discount of up to 1.2% compared to yesterday’s closing price. Specifically, 1,192,782 shares, totaling 22,414,973.85 euros, changed hands at prices between 18.725 and 18.80 euros, while the stock closed at 18.95 euros, the highest level since June 2009. At the same time, the group reached a market capitalization of 7 billion euros. A report from JP Morgan, which upgraded OPAP’s target price to 22.5 euros, acted as the fuel for this rise. Similarly, OTE seems to have benefited from the situation, solidifying its position above 16 euros and closing at the highest point since August 2022, as it is considered a defensive stock favored by many portfolios in such times.

A Session Just Right

• The upgrade of the Greek economy by Standard & Poor’s brought money into the Greek Stock Exchange. In a period where domestic players prefer to wait on the sidelines until international developments become clearer, on Tuesday, the Athens Stock Exchange saw a session of 140 million euros, Wednesday 180 million euros, and yesterday 157.6 million euros, amounts that are certainly related to the quiet entry of “passive” capital. Those who tried to take profits yesterday from the first two sessions of the week found buyers easily, without price pressure. On the contrary, at the close of the session, the 1,700-point level was maintained, even with marginal gains (+0.07%) at 1705.63 points. Banks, with the exception of Piraeus (+0.79%) at 5.1 euros, did not impress. The entry of institutional funds is confirmed by the share block trades that took place yesterday, totaling 30.14 million euros.

The Return of Thoma Liakounakos

• Now that the issue of defense spending in Greece is hot, the market remembered the proposal—five years ago—by Th. Liakounakos to turn the abandoned Pirelli factory in Achaia into a tank production facility. The Achaia High Technology Industry (ABYT), owned by Liakounakos, bought the closed Pirelli plant in late 1999 and according to the investment plan, it was to be involved in the “co-production and upgrade of military equipment and vehicles,” an idea that never moved forward. Th. Liakounakos, the businessman who dominated the defense systems industry in the last two decades of the previous century (but also had activities in health services and media), has been through many ups and downs and today operates on the sidelines, with his son Nikos now leading in real estate, health services, and the collection of old debts. Piraeus Bank has already requested the placement of Axon Holdings under special administration, accompanied by a temporary injunction banning the sale of Axon’s assets. AXON Securities has been sold to private individuals since 2021 and no longer has any relation to the Axon Holdings Group, while Alpha Bank, Eurobank, and National Bank had sold the Euromedica loans (182 million euros) to the Farallon fund. Piraeus retained its stake in the Euromedica loans.

The New Danaos

• A new company has joined the Danaos Group of shipowner Giannis Koustas. The establishment of Danaos Projects Greece I.K.E.—as it is named—was made on April 17, with an initial share capital of 200,000 euros. Its primary activity is providing business and management consulting services, while its secondary activities include managing electronic systems and data transmission, issuing software, producing web portals, selling machinery, and industrial equipment, among others. The share capital of 200,000 euros is divided into 20,000 corporate share units of nominal value 10 euros each, fully paid up by the companies Mombin Enterprises Company Limited, which paid 100,000 euros in cash and received 10,000 share units, and D N Theo Information Technology Consultants Limited, which also paid 100,000 euros in cash and received 10,000 share units. Both companies are based in Cyprus. The manager is Konstantinos Balaskas, and the headquarters of the newly founded company is at Danaos Shipping’s “headquarters” at Akte Kondyli 14, Piraeus.

Low Investment Expectations in Ukraine

• The war is not over, but a compromise seems to be approaching. Ukraine is losing 20% of its territory, including Crimea, and all its hopes are now focused on rebuilding the country and healing its wounds. Some estimate that this effort will cost half a trillion dollars, while others have more moderate expectations. There are around 25 Greek businesses operating in Ukraine during the war, the majority of which are small and medium-sized enterprises. In the major “reconstruction” job, German, Austrian, and Romanian companies seem to have already taken privileged starting positions. There is limited room for Greek companies, particularly construction firms, despite initial expectations.

The Trade War and the… Star Wars

• Donald Trump assures that he is in constant contact with Chinese officials to find a compromise on tariffs. The Chinese government officially denies that any discussions are taking place with the Americans regarding tariffs. Meanwhile, the rivalry between the two superpowers has moved into space. Yesterday, China sent 3 astronauts into orbit around the Earth, aiming for their space station. It was China’s 15th crewed mission, part of a major space program that has been in progress for two decades. The crew was launched aboard a Shenzhou-20 spacecraft, heading to the Chinese Space Station, Tiangong, which the Chinese are building and using like a stellar Airbnb.

The Major Consolidation in the Payments World

• Last week, the payments sector witnessed one of the biggest shakeups in its history. The acquisition of Worldpay by Global Payments created the world’s leading transaction processor in global trade. At the same time, FIS acquired TSYS, becoming the largest provider of credit card processing services for third parties. And there’s more. The third blow came from Capital One, which acquired Discover, gaining not only the title of the largest credit card issuer but also its own payment network serving millions of merchants and international agreements. This is a wave of alliances, acquisitions, and mergers that mirrors 2019, but at a faster pace. Consolidation is accelerating, and the balance of power is shifting. At the same time, Europe is trying to build its own closed payment community. The global payment landscape is being redesigned.