-Hello there. So, heat, heatwave, humidity… We’ve basically turned into Thailand, so to speak. At least we don’t have any wildfires—yet. In the midst of this heat tightening its grip, some family laundry is being aired in public (Skertsos–Pyrgioti). Mr. K.M. himself openly sided with Akis on the matter, because, you know, you can’t be working for the government—with 31 contracts, no less—and then be mocking us in public, madam, no matter how absurd it was to see a handful of leftist oddballs blocking Israeli tourists from visiting Syros. Not that she committed a crime by stating her opinion publicly, but clearly, when you’re on the government payroll, you don’t publicly ridicule it. That was discussed during yesterday’s morning meeting at Maximos. Alright, maybe the heat’s turning up, but come September a clean-up seems necessary if the government wants to keep moving forward. In other news, today’s Cabinet meeting will showcase each minister’s priorities for the second half of 2025. The era of “blue folders” is over—each minister now has 4–5 key projects to run, which are under tight scrutiny from Maximos.

Eurofighter
–In yesterday’s presentation by Dendias on the Armed Forces, there was a revival of a pledge made back in 2010 by then-Defense Minister Panos Beglitis, which never made it off the paper: scrapping conscription in the Air Force and Navy. Meanwhile, the “elephant in the room” was Turkey’s acquisition of the Eurofighter. But I hear informally from the fourth floor of the Pentagon that the aircraft the Turks are getting doesn’t really shift the balance in the skies, since we’ve got the Rafale, we’re upgrading the F-16s, and we’re on track for the F-35. Notably, despite Erdogan’s efforts—and U.S. Ambassador Flake’s mediation—the American sanctions haven’t been lifted, nor do they appear likely to be anytime soon.

The waters have broken…
–The drought-related announcements are now pushed to September because of a… hiccup between VP Hatzidakis and Minister Papastavrou. Turns out the latter wasn’t fully briefed on the former’s plans and said, “Hold on guys, let’s look into this more carefully; it’s a complex issue and needs proper study.” Still, official word from Maximos is that things will go forward as planned—because, seriously, having 739 entities dealing with water management across the country just doesn’t work. I also hear a few mild complaints from the business world…

The fox and the little fox…
–The things Alexis, the maestro of populism, pulled off 17 years ago were dusted off yesterday by Haritsis. He showed up at the Presidential Mansion, right at the gate during the reception, with a poor Palestinian fellow in tow, demanding he be let inside… “freedom,” etc. etc., and when they said no, he walked off with him. Back in 2008, Tsipras did the same thing with a pretty black hairdresser—to sell a narrative on human rights. If the fox scores ten, the little fox gets twelve…

Markets’ and economies’ worst nightmare
–Normally, this column starts with Greek market news and then moves to the international, but today’s an exception because we’ve got a major development—not something that happens every day, especially not in a country like the U.S. According to the Financial Times, two-thirds of the U.S. government’s outstanding debt has a maturity of less than five years. Last year, about a third of the issued debt matured in under a year. FT’s point? Markets are getting wary of U.S. debt, and long-term financing is getting harder to secure. The U.S. might not be “just another country,” but if markets start worrying about debt sustainability, refinancing becomes next to impossible.

METLEN public offer wraps up today
–Today marks the end of the voluntary public offer to exchange shares as METLEN seeks to list on the London Stock Exchange. A clear picture will emerge later today, but market estimates suggest they’ll likely secure 90% of shareholder participation. Those who accepted the offer will receive their new shares on August 4. Those who didn’t will have their shares “frozen” for over a month, and their only option will be to participate in the squeeze-out—selling at €39. If they skip that too, they’ll have to hunt down their shares at the Deposits and Loans Fund.

Key to the Lotteries: the network
–At the HCAP (Superfund), they want to speed up the process for the tender of the State Lotteries since the current contract with “Hellenic Lotteries” (OPAP – Scientific Games) expires in April 2026. Two contenders—OPAP and Brightstar Lottery—will, after their files are reviewed, be invited to submit binding offers in the coming months if they wish. And despite all the chatter, this is not just about the money—the tender also requires meeting significant technical criteria. One such criterion, stated clearly in the tender, is that the new licensee must develop and maintain at least 2,500 sales points for state lotteries across Greece. Deloitte is advising HCAP on the process, and the new license will run for at least 10 years.

Planet master…
–I’m hearing that the well-known consulting firm Planet is up for sale. What’s interesting? A well-known stockbroker is apparently desperate to buy it. Is it true?

Fish: Only Lara and Galaxidi stand firm
–When it comes to fish, the rot starts at the top. The turmoil at Avramar, the sector’s biggest player, reflects the broader mess in an industry that both supports the regions and is highly export-driven. The saga of Avramar’s new bailout drags on, as U.S. fund Amera hasn’t signed off yet, delaying the cleanup and the entrance of Aqua Bridge investors—with help from creditor banks (via debt haircut). Things aren’t rosy at Philosofish either, the second major player backed by shipowner Lykiardopoulos. The spotlight may be on Avramar, but Philosofish is also grappling with losses. Sure, their entry into the Israeli market last year boosted sales 14% to €111 million, but net losses were still €14.6 million—an “improvement” from €23.9 million in 2023. Philosofish had taken part in the first round of the bank-led search for Avramar’s “white knight.” In any case, credit where it’s due: one woman is holding the sector’s banner high—Lara Barazi-Geroulanou, who has kept Kefalonia Fisheries financially healthy and consistently profitable. Galaxidi, too, returned to profitability last year.

Norman Foster in Athens for 2 projects
–Lord Norman Foster, renowned architect and founder of Foster + Partners, is currently in Athens to oversee progress on two major projects. Accompanied by LAMDA Development CEO Odysseas Athanasiou, he toured the Riviera Tower site—now on its 25th floor and the tallest coastal residential tower in the Mediterranean. He also visited The Grid, the green office complex at the intersection of Chimarras and Marousi–Chalandri Avenue (former Kodak site), being built by Brook Lane Capital and Noval Property. Foster is in Greece with his wife and staying at the Four Seasons – Astir Palace.

EYATH: Scenarios and backstage moves
–Water will remain a public good, but water supply networks need major investment, expertise, and private capital. EYATH, which until now supplied the Thessaloniki urban complex, is expanding its reach—particularly into tourist-heavy Halkidiki, with its unique demands. EYATH will need capital and know-how—and also a share placement. With a market cap of €140 million, new Athens Exchange rules require a free float of 25%, not 15% as in larger firms. EYATH’s shareholder structure is: Greek state 50% + 1 share, HCAP 24.02%, and Vigie Groupe 5.46%. Vigie Groupe, formerly “Suez Groupe,” is a French SAS headquartered in Paris, specializing in infrastructure and formerly merged with Veolia Environnement—one of the world’s top players in environment and water. The French have five large funds focused on water: Veolia, SUEZ, Meridiam, Antin Infrastructure Partners, and Qualium Investissement (now part of Ardian). Since a share placement is the only viable path for EYATH, things are moving quickly on the stock exchange front.

They Might Get It Right Next Time
– The recent report by Eurobank Equities on Thrace Plastics didn’t exactly set the market on fire, even though it set a target price of €7. The stock climbed from €3.80 to €3.99 before slipping slightly. Like the previous ones, this was a Sponsored Research report — that is, an analysis paid for by the company itself. Back in October, a similar sponsored report had set a price target of €7.70, and even earlier, in May 2024, yet another one had aimed for €8.80. In general, this practice doesn’t seem to resonate with the market or investors, as the stock continues to show weakness on the board. In any case, it remains significantly below the €8.70 levels it had reached during the COVID era, when it was riding high as one of the pandemic’s success stories thanks to mask production. The company must now prove that its current investments will eventually show up in its bottom line, enabling THRACE PLASTICS to accelerate its growth.

INTRALOT’s Complicated Capital Raise Begins
– At the Capital Markets Commission board meeting scheduled for Wednesday, July 30 — the last before the summer break — approval is expected for the prospectus regarding Intralot’s share capital increase. Intralot plans to issue new shares worth €400 million to help finance the strategic acquisition of Bally’s International Interactive division, at a total cost of around €2.7 billion. Of this amount, €1.136 billion corresponds to the issuance of approximately 873,707,073 new Intralot shares, with an estimated price of €1.30 each. Intralot has secured €1.6 billion in loan commitments from international banks (Goldman Sachs, Deutsche Bank, etc.) to support the deal. Meanwhile, a mandatory public offer has been submitted by the main shareholder, Soohyung Kim (PE SUB Holdings LLC), for the remaining 66.66% of shares at €1.07 per share. If all this wraps up on schedule — within 2025 — next year’s Intralot, currently valued at €681 million, will be a very different company.

Stock Market: Truce Thanks to Tariffs
– After four consecutive weeks of gains, the Athens Stock Exchange is wrapping up a week of stabilization and introspection. The week saw selective profit-taking rather than fresh buying, even though capital inflows — mainly from the Americas — boosted the usual 10 stocks favored by foreign investors, just after midday. Banks are expected to make their move next week, but yesterday ECB President Christine Lagarde sent a positive signal by keeping euro interest rates at 2%, exactly as banks had budgeted for this year. The first visit by a U.S. President in 20 years to Federal Reserve headquarters was clearly meant to reassure markets about Donald Trump’s stance toward Jerome Powell. But markets are facing a string of uncertainties, not just about tariffs on European products, but also about the pending U.S.-China trade agreement deadline on August 14. Still, Western capital inflows once again supported the General Index in Athens, which closed with a marginal gain of +0.16% at 1,970.24 points, having touched 1,984.77 (+0.9%) earlier in the day. There’s a kind of truce — a friendly wait-and-see — in anticipation of tariff decisions, keeping foreign investors engaged. Yesterday’s trading volume hit €192 million, with only €10.57 million from block trades. National Bank (+2.18%) stole the spotlight, reaching €12.18 with over €34 million in transactions. Water utilities also stayed in the spotlight: EYDAP, which jumped +12.4% the day before on government announcements, rose another +4.6% to €7.01. EYATH climbed +5.35% to €3.94, heading toward the €4 mark. Piraeus Bank (+0.86%) was unfazed by recent noise, closing at €6.78. JUMBO (+0.81%) returned to €30, as did Bank of Cyprus (+0.93%) at €6.54. Not many other major shifts — aside from Profile’s +2.37% to €7.76, and TITAN’s -1.59% to €37.10, which Motor Oil (-0.24% at €25.38) failed to capitalize on.

UNI-PHARMA: €100M in Sales and €8.8M in Profits
– Although she didn’t manage to win the presidency of the Hellenic Federation of Enterprises (SEV), UNI-PHARMA CEO Ioulia Tseti still has a solid year to report to shareholders. UNI-PHARMA, part of the Tseti Group of Pharmaceutical Companies (OFET), surpassed €100 million in sales while boosting operating profits to €20.1 million. After taxes, interest, and depreciation, net profit exceeded €8.8 million — more than double the previous fiscal year (2023). The company also doubled its cash reserves to €9.74 million. What matters most, though, is the investment in expanding UNI-PHARMA’s production capacity, with cutting-edge technology and innovative products allowing for an annual output of 40 million drug units.

Their Only Bank Loan… Since 1891
– In early August, VERIDOS Matsoukis will inaugurate a new high-security document production plant (for IDs, passports, driver’s licenses, etc.) in Kato Kifisia, in a 3,500-square-meter space equipped with ultra-modern machinery. VERIDOS Matsoukis is part of the international Veridos GmbH group — a joint venture between Giesecke+Devrient and Germany’s Bundesdruckerei (Federal Printing Office). The company produces passports and IDs for 40 governments worldwide and hopes to compete in Greece’s upcoming tender for new national ID cards, once launched by the HCAP (Superfund).

Right now, Veridos Matsoukis has its sights on Cyprus, where it’s bidding in a major secure document tender. The new factory received €30 million in financing from the European Investment Bank. Remarkably, this is the company’s only bank loan since its founding in… 1891. It’s been operating in its modern form since 1969 and expanded internationally after joining forces with Germany’s Veridos GmbH in 2015.

Elon Musk Decides to Take on TikTok
– With just nine words — posted on “X,” of course — Elon Musk launched a new battle. He announced the revival of Vine, the once-popular short-form video app. Known for its 6-second looping videos, Vine is coming back — but this time with artificial intelligence. “We’re bringing back Vine, but in AI form.”

Originally launched in 2013 and acquired by Twitter, Vine quickly became a cultural sensation for its bite-sized content. But it shut down in 2016 due to internal issues and stiff competition from Instagram, Snapchat, and later TikTok. Now, Musk wants to reboot Vine on “X,” tapping into the immense capabilities of Artificial Intelligence.