Hello, after what happened the day before yesterday in Libya, I think it was expected that Mitsotakis would announce closed structures—meaning whoever arrives is simply imprisoned, but at least in a Greek facility and not somewhere in the distant war zone of Sudan or Libya. I don’t know how effective the measure will be; we’ll see in practice, just as we’ll see what Haftar’s thugs will do with the European Union’s money, as well as his son, who frequently strolls around Athens. It’s a complex and difficult problem, but I don’t think the Greek side has or had the room to do anything else. Therefore, the criticism voiced on this issue by the opposition, especially SYRIZA and its offshoots—who used to be in favor of “let everyone come and sun themselves in Omonia”—has no substance. Euclid Tsakalotos even grew outraged yesterday in Parliament because the government cut off his asylum. I don’t know, these people are from another world, addressing a different audience, so I think it’s not our concern—those of us who didn’t want Greece to be overrun by hordes of young Muslim men, mostly male.

Migrants only in the mainland

I asked yesterday, officially, to understand in which exact structures across Greece the migrants coming from Libya these days will be held, and I was told we are only talking about mainland facilities, e.g., Malakasa or Ritsona, while in Crete they’re looking for old, closed military camps. My source said that there’s no issue with capacity, since we’re at about 50%, while strategically we’re avoiding sending them to the closed structures on the islands of the Northeastern Aegean, in order to retain some flexibility in case there’s an increase in flows from there.

Mitsotakis–Meloni

In this context, and after what happened in Libya—for which Europe essentially hasn’t taken any real stance—today’s meeting between Mitsotakis and Meloni in Rome is very interesting, at the conference convened by the Italian prime minister for the reconstruction of Ukraine. Greece and Italy hold diverging views on Libya, but it’s in both of their interests that the Libyans don’t send “boatloads” of people.

No more frigates

K.M. said yesterday that measures would be taken on land, but not additional ones at sea. Yesterday, in the “mini-KYSEA” meeting at the Maximos Mansion before heading to Parliament, Dendias and Kikilias participated, but the government and the Navy do not believe another frigate should be sent off the coast of Libya. After all, the frigates have a surveillance role and are not actively involved, and when our people see a boat leaving Libya, they contact Tobruk—but the Libyans… connect us to Cairo.

Tsipras

Didn’t I tell you that, the way things are going with Tsipras, we’ll slowly have a SYRIZA of the diaspora, a SYRIZA of the interior, and other democratic forces—Zoitses, Varoufes, Charitsides, etc.? Well, yesterday in Parliament Mitsotakis responded to Tsipras (i.e., SYRIZA of the diaspora) and made him his opponent—he’s no fool… he’ll set up the scarecrow across from him and pelt it with stones. And Tsipras took the bait just fine and started replying as if not a day had passed, something like a Déjà vu (premnesia in Greek) from the old days, before our historic leader Alexis resigned and the party was taken over by Stefanos, whom even Antonaros ultimately can’t tolerate. I told you, we’ll have a delightful atmosphere once the heat breaks…

The “forerunner,” Samaras’s party and Livanis

Now that the heat has broken, a new initiative by 91 citizens of the “patriotic space” is being presented at the ESIEA offices, depicting the country’s situation in dark terms and calling for an experienced politician to take the initiative and unite new faces. It’s obvious that the call is directed at Samaras or Karamanlis, though I don’t think Karamanlis is particularly interested. Samaras, on the other hand, is attracted to things like this—especially when his interventions are made to sound important. The leader of the initiative is educator Meletis Meletopoulos, who operates in that space, while the intervention is co-signed by professors Mazis and Grivas, retired military officers, Ambassador (ret.) Periklis Nearhos, and even publisher Ilias Livanis. Yes, you read that correctly—the Ilias Livanis who was once mesmerized by Tsipras’s star and for a few years published the staunchly pro-SYRIZA “Nea Selida.”

Kimberly’s hearing

Kimberly Guilfoyle presented herself as serious and composed during her Senate hearing yesterday, and she is expected to come to our region in the near future as the EU’s ambassador. In fact, on Greek-Turkish matters, she “threw in a jab” at Ankara, saying it has chosen to cooperate with Russia on the S-400s. She was well-informed on energy issues and spoke very warmly about the Greek-American relationship and the cooperation between the two countries. Given her ties with Trump, it’s not a bad thing at all to have a solid “foot in the door” at this time.

Engagement in basketball

Yesterday’s event to present the sponsorship of Olympiacos basketball by the Tsakos shipping family, I’m told, functions as a kind of engagement. The two sides—Aggelopoulos and Tsakos—are sniffing each other out to see if they can “marry” within Olympiacos basketball. They didn’t want to disclose the amount of the sponsorship at yesterday’s event, which, to be honest, I don’t particularly understand, since these people have a product to advertise (bottled water). In any case, the whole development is interesting.

Call me on the phone

Personally making phone calls to SEV offices, large chains, and small-to-medium businesses, the Minister of Social Cohesion, Domna Michailidou, is announcing the new awareness program for the workplace: inclusion, elimination of discrimination, respect for diversity—whether it’s disability, religion, or sexual orientation. Her effort is also supported by the incentive of 100 euros per employee included in the program. As a result, businesses that didn’t know such a program existed are being informed and are taking advantage of it, while executives who considered it a “burden” are now promoting it—probably pleasantly surprised by the minister’s call.

Who’s “in play” in the contest for contributions, the percentages, and communication

The EFKA administration estimates that within a month to a month and a half from today, the announcement will be published for the tender assigning a specialized company to assist KEAO in collecting overdue social security contributions. The total amount of old contributions owed to EFKA comes to 40 billion euros—much of which is practically uncollectible, since it involves debts from companies that shut down many years ago, like Peiraiki–Patraiki. The company chosen through the tender, EFKA officials say, will not act as a collection agency, but will limit itself to reminders, letters, phone calls, etc., and its fee will be a percentage of the amounts KEAO collects/settles. That’s the official information, and we await the tender to learn about the percentages, terms, etc. In the market, however, there are rumors that the company’s commission will be 10% of the contributions recovered by KEAO, and the companies believed to have the infrastructure—and therefore the edge—are said to be Qualco and Bright. Another interesting point is that this process of collecting old social security contributions is also accompanied by a related 40-million-euro communication program.

The cholerically pessimistic Vakakis

With a summer look and slightly…long-haired, Apostolos (Tolis) Vakakis did not fail at yesterday’s general assembly of Jumbo shareholders to raise the level of his now well-known caution and to describe himself as…cholerically pessimistic. Historically, he said, I have pessimistic views, and he made it clear in every tone that the situation in Greece and internationally is difficult, costs are increasing, and times are tricky, as he noted. He estimated that a global rebalancing is underway in the markets and while there is the belief that this is ending, “my estimation is that it’s just beginning,” he said. Vakakis avoided making a prediction about how the company will perform, estimating that if it matches last year’s profits it will be a success. And although a shareholder replied that Jumbo benefits from the fall of the dollar, he said that yes, it benefits, but the expenses and costs have risen so much that this advantage… merely plugs holes. “We use the money we earn, and for example, we advertised for the first time in the summer because the market wind is against us and there is fatigue. June was a down month for the market and we see this continuing into July. We are struggling to reach the numbers and spending more energy in the company than we should,” he said.

No to the microphone

The highlight, however, was when Vakakis explained why he is strongly opposed to various benefits for employees, such as cars, corporate expenses, etc., and prefers to incorporate some of those costs into their salaries. He brought up, for example, the infamous microphone that for the past three years the minority shareholders have asked him to purchase so their questions can be better heard at general assemblies. As he said, he refuses to buy it because he doesn’t want to spend company money that won’t bring back money. That’s how it goes, he added, you start with ten-cent expenses and end up in the thousands without realizing how…

Attica Bank’s records

The systemic banks are continuously outperforming and reaching peaks not seen for nearly a decade, and now Attica Bank follows. The bank stock recorded a 6.4% jump yesterday, the best daily performance of the past three months, specifically since the +8.68% on April 8. Also noteworthy is the fact that it climbed above 0.9 euros for the first time in 8 months, while the psychological threshold of 1 euro hasn’t been breached since November 19, 2024. It has had three consecutive upward sessions, with a cumulative gain exceeding +13% since July 4. It shows a 32.75% rise this year, and the bank’s capitalization approaches 1.5 billion euros. Transactions were elevated yesterday in Attica Bank, with turnover exceeding 2.46 million euros. 2.75 million shares were traded, while only the systemic banks had higher trading volumes.

KARELIA is waiting…

KARELIA is the most “closed” stock in our Stock Exchange. Shares in free float range between 3% and 5%. The problem is that there is no consensus within the family. On one side, the management team with Andreas, Stathis, and Viktoria Karelia (51.5%) and on the other, the 45.4% held by Asimina (widow of Konstantinos Karelias) and her daughter Ioanna. In order to increase the free float of the share, the lawyers of both sides must agree on a simultaneous, equal reduction of shares from both sides so that the current delicate balances are not altered, but at the same time, no dynamic is created favoring one side over the other. The Karelia Charitable Foundation holds a 7.15% stake and is currently controlled by the management team. The stock is worth 866.6 million euros and has remained motionless for months awaiting developments.

Motor Oil’s positive catalysts

Refining margins have recovered significantly to $7–9 per barrel. The big deal between GEK and Motor Oil (the merger of HERON with NRG) is being prepared. Motor Oil has demonstrated strong operational resilience despite its “accidents” (fire and removal from the MSCI index). Renewable Energy Sources have increased their contribution to 12% of operating profitability. The administratively set nominal profit cap imposed during COVID was ultimately abolished. All indicators point to a strong, upward year. However, the stock market keeps Motor Oil’s capitalization (yesterday -1.03% at €24.9) at 2.74 billion euros, i.e., at the same level as a month ago. It’s clear that some are waiting for one more positive catalyst to change their stance toward the stock.

Two ministers in Nisyros and ADMIE “on hold”

At the “Dialogues of Nisyros” conference were present — likely not by chance — the Greek and Cypriot energy ministers. The atmosphere was of course positive, the discussions expanded into many details, and the necessary reassurances were given that Cyprus will honor its promise to contribute 25 million euros annually for 5 years (a total of 125 million euros) to the project of the Crete–Cyprus electrical interconnection via submarine cable, with ADMIE as the implementing body. However, despite the mutual reassurances, the signatures for the disbursement of the funds have yet to be made. ADMIE would like immediate payment, to offset already incurred expenses and the difficulty of financing the construction. Greek Energy Minister St. Papastavrou has exhausted discreet diplomatic pressure and is awaiting a response. The stock market sees no response, and the stock slid to €3.19 (-1.39%) with a capitalization of 741.2 million euros.

The New Tourism Investments of Ath. Katris

After the sale of WATT Recycling to AGET Heracles, Thanasis Katris set sail for his beloved Paros, strengthening his investments in Tourism. The seasoned entrepreneur transformed the historic Xenia hotel into a luxury accommodation complex. The conversion was completed in record time—just 4 months. Katris has invested more than 4 million euros in the Xenia space in recent years. The suite complex was completed by Notio Sustainable Developments, a subsidiary of the WATT Group.

An Accident Ruined the Celebration

The night before last, a glamorous, major international event dedicated to the friendship and maritime synergy between Greece and the U.S. was held at the Lighthouse of the Stavros Niarchos Foundation Cultural Center. The event was organized by the Propeller Club of Piraeus in collaboration with the U.S. Embassy in Athens. It was the 2nd Hellenic-American Shipping Gala, an institution established in 2023 and held every two years in honor of companies and organizations shaping Greek-American relations in shipping. Unfortunately, this year did not go according to plan. A sudden, strong gust of wind knocked over a column that had been set up as part of the stage scenery. The column fell onto the tables, injuring some guests and staining dresses with blood. The toll was five stitches for one guest and fifteen for another. The event ended abruptly, and what was meant to be a dazzling ceremony came to an unceremonious close.

100,000 Robots Will Be Preparing Food in 170 Restaurants

Our lives are changing, and so are professions. The first step has been taken in the fast food sector. The company Miso Robotics has developed and launched a robot capable of cooking and frying with artificial intelligence. It’s called Flippy and has one great advantage: it does everything perfectly, never tires, and never gets sick. At a time when the restaurant industry is struggling with high costs and shrinking profit margins—and when the U.S. minimum wage has reached $21 per hour—it’s no surprise that major fast-food chains like White Castle are turning to Miso’s robots for solutions. The company says it sold out the first batch of its fully commercially viable robot within a week. Miso’s goal is to install the third-generation Flippy Fry Station robot, which operates with AI, in 100,000 fast-food locations across 170 companies that have expressed interest.

The First Stock in the World Worth $4 Trillion

Founded in 1993 as an innovative company capable of developing graphics processors (GPUs) for computers and gaming consoles, Nvidia entered the Nasdaq stock market in 1999, just before the dot-com boom. In 2023, Nvidia became the first semiconductor company to exceed a market capitalization of $1 trillion. As of yesterday, it is the first company in the world with a market value of $4 trillion, surpassing giants like Microsoft and Apple. Demand for artificial intelligence chips and data centers has skyrocketed Nvidia’s revenue and profits. It no longer produces only graphics processors but also products essential for the development and operation of technologies such as ChatGPT and other AI applications.