– Hello, happy new month and enjoy the break to those of you who are in the middle of a long weekend — it looks like there are quite a few of you. Besides, the weather’s improving a lot starting tomorrow, and next week we’re heading for proper summer heat. I mention it because my source at M.M. jokingly said yesterday: “Let the temperature hit the 30s, so we can hit the 30s in the polls too.”

Before I get into current affairs, let me make a quick — and timely — comment triggered by the violent incidents at the Law School, where some thugs attacked professors and students in a lecture hall. I heard Chrysochoidis on TV yesterday say that since 2021 there’s been a law requiring university administrations to control who comes in and out of campuses, but it’s just not being enforced. So now I ask, seriously — who enforces the laws (or doesn’t)? The government, or… my uncle? So basically, what we’ve got is that no one is really pushing rectors to do their jobs (most of them, anyway), and the government still doesn’t seem interested in putting an end to this outrageous, globally unheard-of situation that I’m struggling to find happening anywhere else!

K.M – Investors

– So, moving on to other current matters, yesterday was quite a productive day for M.M. since K.M. went in the morning to meet with the heads of CVC at a conference held in Athens. This major American fund used to hold its annual gathering in a different country each year, but last year they went nuts over Athens and the Four Seasons in Vouliagmeni — so they came back again this year. Now, I don’t know exactly what was discussed with Mitsotakis, but CVC does have business interests in Greece and continues to be very bullish on investing here.

Livanios – Papastergiou

– Yesterday, there was a meeting at M.M. ahead of the announcement of the citizen-led evaluation of public services, which kicks off next week. Present at the meeting were Theodoros Livanios and Dimitris Papastergiou, the two ministers responsible for unveiling the evaluation platform next Tuesday. There’s a chance Kyriakos Mitsotakis will attend the press event himself, as he wanted a technical briefing on the system’s readiness. The government sees this evaluation as a major “poll” on how citizens view public services — and clearly as a “magnifying glass” on the problems.

Meetings between the Sultan and Government/Business Figures

– Today, K.M. will continue his meetings with major foreign investment players as he’s scheduled to meet at M.M. with Al Jaber, the UAE’s Minister of Industry and Advanced Technology — and as you know, the Emirates have large-scale investments in Greece (TERNA Energy, HHG). Sultan bin Ahmed Al Jaber, Chairman of Masdar, CEO of ADNOC Group, and Executive Chairman of XRG — and Minister of Industry and Advanced Technology of the UAE — is expected to meet not only the Prime Minister but also Deputy PM Kostis Hatzidakis.

Two months ago, K. Mitsotakis visited Abu Dhabi as part of efforts to deepen the strategic bilateral ties established in 2020, which were followed in 2022 by the Strategic Investment Cooperation Agreement between the Hellenic Development Bank of Investments and ADQ, the UAE’s sovereign fund.

Later today, Sultan bin Ahmed Al Jaber will visit the HQ of TERNA Energy, which is now part of the Masdar Group, accompanied by Mohamed Jameel Al Ramahi, CEO of the UAE energy giant. Masdar, which finalized its €3.2 billion acquisition of 100% of TERNA Energy just weeks ago — one of the largest renewables deals in Europe — plans to build a massive 10 GW portfolio across Greece and abroad by 2030. The Arab company will provide funding and international expertise to boost TERNA Energy’s growth and help it meet the target of 6 GW of installed renewable capacity by 2029.

Also on the agenda are one-on-one meetings at a central Athens hotel with several ministers and Greek entrepreneurs.

Presentation on Juvenile Violence

– Next Monday morning, the postponed presentation of the National Strategy for the prevention of violence and juvenile delinquency will take place at M.M. The plan has been put together by Skertsos’ team along with a team of experts led by Professor Vasso Artinopoulou. Right after the presentation, a press conference will be held at the General Secretariat of Information by the relevant ministers to present the new policies and measures of the national strategy, with a horizon extending to 2030.

Kostis Staying Put

– Elections may still be a ways off, but the creative scenarios have already started flying — about constituencies and such. Some say that Kostis Hatzidakis won’t run in the Northern Sector of Athens B and will instead go on the ND’s national party list. However, I spoke with the Deputy Prime Minister himself, who flat-out denies this and confirms he’s staying in the North, where he was (by far) the top vote-getter in both 2023 and 2019.

Leventopaido Aristo, step inside the shop and shut it down

– On April 29, the Hellenic Capital Market Commission announced the imposition of fines on four companies for violating paragraphs 1 and 2 of Article 9 of decision 1/506/8.4.2009 of the Commission, due to the late submission of their external auditors’ reports on the adequacy and effectiveness of procedures to prevent money laundering. In plain Greek: the companies were fined for missing deadlines and compliance steps to prevent money laundering.

One of them — which got the largest fine — was “OPENFUND AEDAKES.” The representative of OPENFUND is Aristidis (Aristos) Doxiadis, a social scientist and economist, Vice President of the National Council for Research and Innovation, and for exactly 32 hours, Deputy Minister of Innovation. For a Harvard graduate — whose motto, by the way, is the Latin word for “truth” — Aristo Doxiadis hasn’t been doing so hot lately. First, he forgot some debts to the state, and now he’s missed the anti-money-laundering deadlines too.

Executive Moves

– Nikolas Valantasis has joined the investment banking division of Euroxx. The market knows him from his last role as Deputy CEO of the Hellenic Financial Stability Fund, but before the HFSF, Valantasis had a 20-year career both in Greece and abroad with Mckinsey, Citigroup, Eurobank, and Barclays.

BOAK Contract Signings

– Next week — barring any surprises — the contracts for the Northern Road Axis of Crete (BOAK) project are expected to be signed, specifically for the Chania–Heraklion section. The budget is €2 billion, and with the other two sections included, the total budget reaches €4.5 billion. It’s a construction-concession project with complex requirements, as construction and operation will happen simultaneously. Generally, the most interesting business developments will begin once the contract is signed.

Qualco Knocks on the Stock Exchange Door

– The increased market volatility didn’t faze Orestis Tsakalotos, and Qualco is preparing to enter the Athens Stock Exchange in the first half of May. The company, which provides tech solutions for the credit sector, has a 25-year history and a presence in 30 countries across Europe and the Middle East. Through its public offering for the main market listing, it aims to raise up to €70 million, mostly to fund acquisitions.

The Stock Market Climbs the Wall of Worry

– After the three-day sell-off triggered by Trump’s tariffs in early April, it was hard to imagine that the month would end with a positive outcome for the Athens Stock Exchange. The General Index hit its lowest point (1,455 points) on April 7, falling at least 200 points from the March close (1,685 points). However, the comeback came soon after, with some ups and downs, but also several daily “leaps” that brought the General Index back to the 1,700-point range. This marked the sixth consecutive month of growth, a streak not seen since the profitable seven-month period between January and July of 2019. If the market moves contrary to the famous stock market saying “sell in May and go away” and especially against the worsened macroeconomic data from the U.S. economy, the aforementioned rally might be leveled out. In large part, the course of the Athens Stock Exchange will be determined by foreign trends, although May has certain milestones of Greek interest, such as bank results, which – according to market information and estimates – will show stability, as the reduction in euro interest rates was accompanied by an increase in lending – mainly to businesses but also individuals. We also have the Fitch rating on the 16th of the month and the Scope rating on May 30. Nevertheless, most analysts believe that the 1,750-point mark is hard to surpass unless there are significant economic and business events. This is why the last few sessions have been characterized by caution and rushed moves. Yesterday, only the stock exchanges of London and New York were open due to May Day, with relatively low trading volumes.

Which Stocks Played Defense

– Despite the aftershocks from the contraction of the U.S. GDP, some “heavy hitters” played defense, staying on an upward trajectory and even setting new records. First and foremost, Coca-Cola HBC closed above €45 for the first time ever, propelled by the strong Q1 results. The rise for OPAP and OTE was “quiet,” but enough to push them to 16-year and 3-year highs, respectively. Sarantis hit a 7-year record, trading today without the right to the €0.299 dividend per share. Meanwhile, buyers continued to place bets on the stocks of the two port authorities. Piraeus Port is very close to breaking the €40 mark, while Thessaloniki Port finished Wednesday’s session at its highest point in 17 years.

The First by Spyros Theodoropoulos

– The president of SEV, Spyros Theodoropoulos, is reintroducing the institution of regular press conferences to “communicate” the views of employers representing a capital of €416 billion and declaring taxable profits of €14 billion. Next Wednesday, SEV will hold its first press conference at its headquarters on Xenofontos Street. Already, the initiative of SEV’s President to unite and activate entrepreneurs in the broader “defense” sector led to the first productive meeting with the Prime Minister and government officials.

Tête-à-Tête Between Theodorikakos and Supermarket Owners

– The two-month extension of the regime with the cap on profit margins, which the government decided on Wednesday, shows its willingness to end this measure. Minister Theodorikakos promised the Prime Minister a new, more modern framework for price control (a bill is being prepared) and stricter enforcement of anti-profiteering fines. Before making this decision, the Minister of Development met with representatives of the Food Industry, and today, Friday, he will meet with supermarket owners. The cap is coming to an end. But not today. From summer…

The Headaches of the German Debt Agency

– The German public debt does not exceed 63% of GDP, but the new ambitious defense program of the Merz government will require increased borrowing. The German Debt Agency (Deutsche Finanzagentur DFA) plans to issue 50-year bonds for the first time, and has already announced the issuance of 30-year bonds worth €26 billion for 2025, along with other 20-year and 10-year Bunds. Recently, the state of North Rhine-Westphalia (NRW) boldly issued a further 100-year bond to cover its needs, and the markets responded with an interest rate below 2%. The discussion around a 50-year Bund (government bond) – following in the footsteps of France – has already raised yields on euro swaps. The difference between the 50-year and 30-year German SWAP has risen sharply to a new multi-year high.

The Discussion on Elon Musk’s Departure from TESLA

– Everything started from a report by the Wall Street Journal, which stated that “tensions had increased” at Tesla when the board started looking for a successor to Elon Musk. Tesla officially and categorically denied the rumors about Musk stepping down as CEO. The company’s chairperson, Robyn Denholm, stated that there had been no contact with headhunters for a replacement, despite rumors that the board had considered this possibility due to concerns about the time Musk is dedicating to his governmental duties. Since mid-December 2024, the stock price has fallen by around -48% from the historic high of $488.54, and so far in 2025, it has recorded a decline of around -40%. Today, at $283, Tesla is worth about $908 billion, having quintupled its market value in the last 5 years. Musk denies that he will resign from the ambitious DOGE plan, while some analysts believe a “graceful exit” to the chairmanship of the Board of Directors could be a possibility.

Mark Zuckerberg’s Promises to Facebook Shareholders

– Microsoft and Meta Platforms announced great results for Q1 2025, but times on Wall Street have changed. Analysts no longer focus on the past but primarily on the future, particularly capital expenditures related to artificial intelligence projects. Microsoft reported capital expenditures of $16.7 billion in Q1. Meta, Mark Zuckerberg’s company, stated it would invest between $64 and $72 billion in capex annually. Interestingly, CEO Mark Zuckerberg began his presentation to analysts with a promise of future returns on all this capital investment in 5 key areas: “Improved advertising, more attractive experiences, business messaging, new Meta AI devices, and more Artificial Intelligence. These are long-term investments to create top-tier AI models and infrastructures. Even with our significant investments, we don’t need to succeed in all these areas to have a good return on investment (ROI).” “The pace of progress across the industry and the opportunities ahead of us are overwhelming.”

A Crazy Year for the World’s Largest Stock Exchange

– When markets don’t know where they’re heading, when data changes day by day, indexes even at the most “solid” stock exchanges rise and fall like a trampoline. In ¼ of this year’s stock exchange sessions, the S&P 500 in New York has experienced an intra-session change of more than +/- 2%. This phenomenon has occurred at least once a week so far. According to Bloomberg, April appears to be the third most volatile month on record, following October 2008 and March 2020 in the U.S. stock market. In this backdrop of constant volatility, gold appears as a safe harbor. That’s why it continues to make history. Gold prices have outperformed the S&P 500 by 32.6 percentage points since the beginning of the year. This is the largest deviation since 1975, even greater than during the pandemic crisis in 2020. Gold prices have risen by +26.5%, while the S&P 500 index has fallen by -6.1% so far this year. Since the lows of October 2022, gold prices have returned +102%, almost double the gain of +54% from the S&P 500.