Hello, the day before yesterday Proto Thema, in its print edition, had the front-page news that the EU is considering imposing a tax of around 2 euros on all packages coming from China to Europe via e-commerce platforms like Temu, Shein, etc. And we’re talking about a total of over 4.5 billion untaxed online orders coming from China annually (any package worth under 150 euros). So, my source told me yesterday that in addition to the two-euro charge, there’s also talk of imposing customs duties starting from the first euro — with a progressive tax scale, of course. So the package ordered from China could cost 12-15 euros more. The measures are intended to be implemented by New Year’s and, naturally, will benefit all of Europe. In Greece alone, transactions through Asian online platforms exceed half a billion euros annually.

Pierr with Commissioner Hoekstra

Pierrakakis and the EU Climate Commissioner Wopke Hoekstra are old acquaintances. Hoekstra came to our country and was yesterday at the Ministry of Finance. In addition to the tax on packages from Temu and Shein, which Greece supports, their discussion extended to difficult topics like “green” taxation, in which our country enters as a success story, having reduced carbon dioxide emissions by 46% since 2005 and having progressed 91% in lignite phase-out — with a target of 100% by 2026. Furthermore, the Dutch Commissioner’s portfolio includes “green taxes,” although our country does not wish to curtail developmental prospects and is seeking a point of balance. Hoekstra, who was for years a close associate of the current NATO Secretary General Rutte, will be at the Maximos Mansion today to speak with Mitsotakis. As a gift, he received from Pierrakakis a silver commemorative 10-euro coin for the 2,500 years since the Battle of Salamis, issued by the Bank of Greece.

The Rapporteur of the Revision

There is still plenty of time before the discussion on Constitutional Revision begins at the end of the year, but behind the scenes, names of individuals who might be chosen by ND for the position of rapporteur are circulating. In 2019, the role was held by former MP Kostas Tzavaras, and now the name of Thanos Plevris is being discussed. After the cabinet reshuffle, in which the MP was not included in the government lineup, he met with K.M at the Maximos Mansion, and they had a talk about constitutional matters. Realistically, the revision will be one of the first issues tackled in 2026.

The sequel and the former PMs

It is already known that on June 16, Samaras and Karamanlis will speak at the presentation of the book written by journalist Stavros Lygeros about Ukraine. They will say many things, mainly about foreign policy, almost exactly one year after their appearance at the War Museum last year, which caused significant tremors within ND. Various people believe that the Maximos Mansion has started to get concerned, and Marinakis was even asked about it during yesterday’s briefing. I also reached out to a source at the Maximos Mansion and received a rather cryptic answer: “The sequel to a movie that sold many tickets is usually mediocre.”

Doudounis – Zero from zero…

I haven’t happened to meet Mr. Doudounis personally, but that doesn’t mean much — he seems polite and approachable, but in terms of substance, I don’t really see it. I was watching him yesterday on TV, where he was asked about the abolition of public sector tenure and… he was spouting nonsense with that supposedly relaxed smile. The journalist asked him whether he supports the idea of incompetent or lazy civil servants staying in the public sector, and he responded with vague statements like, “the law already provides that those who don’t want to work are removed from the public sector,” etc. I wonder, really, doesn’t he realize that everyone understands he’s just mocking them with what he says? He could have at least said, “I’m against the abolition,” and left it at that. Honestly, is the entire PASOK party also against the abolition? What about Diamantopoulou, Geroulanos, Skandalidis?

Voridis at the Maximos Mansion

Yesterday morning, Makis Voridis entered through the side door of the Maximos Mansion and went into the Prime Minister’s office, which is familiar to him from his productive term. I hear that K.M and the Minister of Migration had a discussion in view of the bill likely to be on the agenda of tomorrow’s cabinet meeting, which significantly tightens the procedures for the stay of illegal immigrants in the country. The central idea is that, if a migrant’s asylum application is rejected, they should not be able to remain free by submitting new information, but instead should enter administrative detention in a Pre-Removal Center. It is also possible they may not be allowed to move outside the center, and the logical progression of this would be deportation.

Consumer Protection Authority

Also at tomorrow’s Cabinet meeting, the Minister of Development will present the government’s plan for the creation of an Independent Authority responsible for market supervision and consumer protection. The new institutional framework that T. Theodorikakos will present aims at a comprehensive reform of the entire system of market supervision and consumer protection using modern digital tools, with the goal of promoting healthy competition—the only tool that benefits consumers. The system, through inspections and—mainly—the digital ability of citizens to report violations, seeks to bring about price reductions.

The 637% increase and employers…collecting cards

The summer season has essentially not started yet, however in March the data from the implementation of the digital work card in tourism show a 637% increase in declared overtime in the sector for that month alone. The government considers March’s figures a full vindication regarding unpaid overtime in the sector. According to workers, there are increasing complaints that some employers collect the cards in the HR offices and… clock them in themselves. Also, there should be no violation of the mandatory 11-hour rest period, and the maternity benefit should apply to seasonal workers as well, etc.

Deals sweeping the wine sector – Acquisition spree, heading for 2–3 players

Let’s move to market news and start with the wine sector and specifically Hellenic Wine Cellars (formerly the well-known Kourtakis Winery), which has been acquired by Cavino, owned by Thodoros and Giannis Anastasiou, who are planning significant investments. A few days ago, the process was completed for a capital increase of €3.35 million in the company, which was necessary since the former Kourtakis, with a turnover of about €21 million in 2024 and €24 million in 2023, was showing losses and had debts of around €8 million. Cavino gains even greater scale after the acquisition, as Hellenic Wine Cellars is the second largest domestic winery and has production facilities covering 15 acres in Markopoulo, Attica, proprietary storage spaces, wineries in Ritsona and elsewhere. The set goal is for Cavino to become a national champion in the wine sector or, if you prefer, to showcase Greek terroir on the international stage, as the connaisseurs would say. Note that the company has already acquired 60% of the well-known A. Babatzim S.A., the production facilities of “Ktima Nemeion” in Nemea, and holds exclusive distribution rights for Santo Wines, among others. In general, there is intense activity in the sector. Recall that Hellenic Wineries (Georgiadis–Antetokounmpo) has acquired Boutari, Ktima Semeli, has a stake in Navarino Vineyards, and is interested in the Tsantali Winery, which is undergoing restructuring. Likewise, the Mantis group, which acquired Malamatina, has signed an exclusive distribution agreement for the wines of Ktima Alpha, which acquired the Boutari winery in Santorini. The Artemis Karamolegos Winery has started the Arktos Elevation Vineyards in Amyntaio, Florina, while in the market there is general talk of further deals.

Elliniko: 14 construction sites with 12 different contractors

Anyone passing by the construction sites at Elliniko can see the Riviera Tower rising, now having reached its 20th floor. At the same time, the other tower is also beginning to “emerge”—it’s currently on its 1st floor—around which the IRC (by GEK TERNA and HARD ROCK) will be developed. The casino project has 100% secured funding and in the coming period we will see rapid progress in its development. At this time, 14 different construction sites are in full swing at Elliniko, in collaboration with 12 different contractors, while works have now begun in all residential developments that have been offered for sale.

Kepenou Mills: The first victim of the new ATHEX Regulation

In stock market circles there’s much discussion about the mandatory public offer by Kepenou Mills to delist from the stock exchange, with claims that small shareholders are being treated unfairly since the valuation at which it is leaving the ATHEX is about 30% lower than its equity and similar arguments. The real question, however, is why the company Kepenou Mills—a small but solid company with consistent profitability and dividend distribution—after 24 years decided to withdraw from the ATHEX. The answer lies in the ATHEX regulation adopted by (Mr. “I’ve got you all written off”) G. Kontopoulos, who aimed to “clean up” the trading board and now requires a minimum 25% free float. The two brothers who are the main shareholders of this family business didn’t want to reduce their stake, nor did they want the company to end up under surveillance due to limited float. So, they got together, made the public offer, and since they’ve gathered 93.3%, they’re ready to wave goodbye to the ATHEX. The Patras-based industry, an organized and serious company, certainly doesn’t fall under the category of stock market “zombies” that Mr. “I’ve got you all written off” Kontopoulos wanted to remove with the new regulation, while small shareholders on their part have valid reasons to protest. Kepenou Mills—since the numbers made it easy—acted promptly and is the first collateral damage of the new regulation. Equally important is the question of whether other listed companies with similar characteristics are headed down the same path.

Gennidounias strikes twice (at Hellenic Train)

Who returned more dynamically than an Intercity train? Gennidounias! After the “exit” shown by the Italians of Hellenic Train to their former director and former top trade unionist, Kostas Gennidounias not only did not withdraw, but returned even more vigorously. In the recent elections of the Panhellenic Union of Traction Personnel, his colleagues brought him back to the leadership of the union, sending a clear message in all directions. A few days ago, P.E.P.E. sent a letter to four mayors—from Patras to Florina—requesting a meeting to restart railway traffic in areas that remain “cut off” from the network. The train drivers accuse Hellenic Train of pocketing the state subsidy for routes on unprofitable lines, without actually operating them—sending buses in their place. Gennidounias, who had publicly warned about deficiencies and safety gaps long before the tragedy at Tempi, does not hide his intention to raise the flag of demands high once again. Ahead of the discussion of the new bill for the railway, he warns that if the information about increased state funding to Hellenic Train is confirmed, then the re-nationalization of the company should be considered the only way. For some inside Hellenic Train, the return of Gennidounias may prove more… disruptive than the delays in the routes themselves. What is certain is that the combative “train driver” has once again taken position on the front line—provided this time he sees it through and doesn’t… pull the handbrake.

The Israelis (Fattal) prepare for inauguration

Gradually but steadily, Thessaloniki is building its tourist profile. Thus, a long-awaited arrival is finally coming—even with delay—to the “heart” of the city on Tsimiski Street this coming July. The reference is to the new hotel of the Israeli Fattal Group, which already operates in Athens with very good occupancy rates, the NYX Athens at the site of the former Esperia. The group had already scheduled for five years now its northern expansion to create the corresponding NYX Thessaloniki, also a 5-star hotel at the property on the corner of Tsimiski 1 and Katouni Streets, which it acquired at a Piraeus Bank auction, for 9 million euros. Even with a delay compared to the original timetable—obviously also due to developments on the geopolitical level that overturned or postponed the planning of many Israeli projects not only in Greece but more broadly—the hotel will open in July, following a total investment of over 22 million euros. The new arrival even comes at a good time for the city, with a renewed increase in visitors from Israel and more broadly, also due to the increased number of direct connections abroad at “Macedonia” airport.

Electra hotels are generally doing well – The Thessaloniki investment on “ice”

Delay, but for different reasons, is also facing the other 5-star investment of over 30 million euros for the new Electra, by the Electra Hotels & Resorts group, also in the “heart” of the city, at the corner of Tsimiski and Ethnikis Amynis Streets, in a property owned by the Church. Already in recent months, the works have been “blocked” due to archaeological findings on the plot, which had to be studied by the archaeological service and then the excavation process had to begin, which continues to this day. As noted in the management report under Giannis Retsos for the 2024 results of “Electra Hotel Enterprises,” “the findings so far are not considered significant and the excavation process is expected to finish within 2025.” However, this resulted in the timetable of the investment being postponed, which based on the original plan was to begin operations in 2026. The company, which manages the ELECTRA hotel on Ermou in Athens and the ELECTRA PALACE in Thessaloniki, saw an increase in its 2024 figures, despite the fact that the Syntagma Square hotel closed on November 1, 2024, for renovation and reopened this May as “Electra Rhythm Athens.” Revenues from the operation of the two hotels (accommodation and food service) amounted in 2024 to 17.4 million euros from 16.63 million euros in 2023, while pre-tax profits reached 3.29 million euros from 3.31 million euros in 2023. For this year, management estimates a 5% increase. It is recalled that in the results of the group’s other hotel, the Electra Metropolis on Mitropoleos Street, last year saw a double-digit percentage increase, with total revenue from the hotel’s operation reaching 25.567 million euros, increased by 13% compared to 2023, achieving the best performance to date for the hotel, which started 2025 with an additional +5%.

Cenergy awakened the Viohalco Group

This afternoon after the end of the session, Cenergy will announce its quarterly results and then discuss them with analysts. Impressive scenarios and forecasts are circulating in the market that expect EBITDA operating profits at 75 million euros and net profits at 41 million euros, with an increase of more than 70%. If these forecasts are confirmed, then the overall awakening of the Viohalco Group on the stock exchange makes sense. The parent company closed with +3.69% gains, followed by CENERGY at +3.94%, ELVALHALCOR (+3.11%) had already made the first move with monthly gains over 16%. The market wants to know about the progress of the construction of the new cable production unit in Maryland, USA, the construction of which is theoretically starting within the next 10 days. Obviously, the relations of Cenergy’s management with the unpredictable Trump administration are of particular significance.

“Calm and Sea”

“Calm and Sea Single-Member S.A.” is the charming name of the company established yesterday, Monday, May 26, and it seems to have been named so with… inspiration both from its headquarters located on Akti Kondyli in Piraeus, and from the interests it represents, as it appears to be connected to shipowner Alexis Kondylis of the shipping companies Kondinave and Larus. The main activity of the company is building construction works for residences and other buildings, but its secondary activities cover everything one can imagine around real estate. The initial share capital of the company amounts to 1.25 million euros, corresponding to 1,250,000 shares, which was paid by “Larus Cyprus Ltd.” The latter is represented by Iro Kondyli, daughter of Alexis Kondylis, who also participates in the Board of Directors of the newly established company along with her brother Emmanouil Kondylis and Fotini Theopoulou, who took on the role of President and CEO.

Covered all of Friday’s lost ground

Short sellers from Friday were left holding the bag, having believed that Trump’s announcements would serve as an excuse for a good market correction, both in Athens and across Europe. With the London and New York Stock Exchanges closed, the General Index in Athens had no problem moving upward throughout the session and closed at 1,834.56 points (+1.79%). It is, however, telling. In other, not-so-distant times, when the London and New York Exchanges were closed, the transaction value in Athens would collapse and certainly remain well below 100 million euros. Yesterday, however, it was proven that quite a bit of “fresh” money has entered our market that does not need the help of the “cavalry” from abroad. The transaction value—obviously reduced—reached 126.7 million euros with only 2.6 million in block trades. All 25 stocks of the Large Cap FTSE25 Index closed in positive territory, as did 18 out of 20 stocks of the Mid Cap Index. Only Bank of Cyprus declined to €6.18 (-4%) because it cut its €0.48 dividend, which, however, was largely offset yesterday, leaving promising prospects for the future. Alpha (+2.92%) at €2.676, Piraeus (+2.72%) at €5.74, Eurobank (+2.09%) at €2.639, and National Bank at €10.39 with +2.82% and relatively low turnover at 6.8 million. New all-time high for Metlen (+2.71%) at €46.32 and Aegean (+3.28%) at €12.6. Motor Oil (+2.08%) at €23.56, even OTE (+2.01%) at €17.23.

Business mission to Ukraine

I don’t know what the outcome will ultimately be, but business contacts of Greeks who would like to be active in Ukraine when peace prevails are intensifying. In the first days of June, a large business mission led by Deputy Foreign Minister Tassos Chatzivasileiou and the Secretary General of Foreign Economic Relations Dimitris Skalkos will travel to Odessa for one-on-one meetings with economic stakeholders in Ukraine. Several members of the Hellenic-Ukrainian Chamber with its new administration, executives of Endeavor Integrated Solutions, etc., will participate in the business mission.

The investment games of AS Company

AS Company is a listed firm that trades toys. But not only. Stratos Andreadis had informed analysts: “we sell TOYS TOO, not just toys.” On Friday, AS Co announced that it sold 9 properties in Elounda (location: Pezoulous) with a total area of 58 acres, for 3 million euros. These properties had been purchased 3 years ago and are now being sold with a +40% profit from their purchase price. AS Co’s portfolio, apart from real estate, includes bonds, stocks, and mutual funds. At the same time, it plans to build residences in Matala. The problem analysts have with AS Co is that they cannot forecast figures, turnover, and profitability, since it is not dependent on a core activity. Perhaps that’s why the company’s market value remains stuck below 50 million euros, even though it reports record turnover of around 31 million euros.