-Hello there, yesterday was the first day back at M.M. and there were a few extra smiles after the TIF that went well, and now as of today the pollsters have gotten to work to see how the numbers look after the admittedly heavy package which Pierrakakis and his team spelled out. The source who deals with polls told me: “We’re more interested in the perimeter than in the numbers themselves.” I confess I didn’t quite understand what he meant, so I asked for clarification. Here’s what he told me: “We ask if you could vote for ND and not just if you’d vote right now, because that way we can figure out if the respondent is within ‘our perimeter’—in plain Greek, whether people are warming up to the idea of voting for us or voting for us again. Before the measures our perimeter was 35%–36%, which roughly means that from those, 26%–28% definitely vote for us. If now our perimeter goes to 43%–51% we’re in good shape. Anyway, we don’t have elections tomorrow.”

The measures are being discussed…
-I asked another source how he saw the measures, and since he has a sense of humor, he told me at least they’re being talked about, because a joke has already been made about them. Classified ad: “Charming lady seeks 22-year-old young man with income of €25,000, father of many children, living in a settlement of fewer than 1,500 inhabitants, for companionship and whatever comes of it.”

Opposition
-Now, I told you this yesterday too: the opposition is somewhere between a cantor’s cough and a silly line of argument, like saying the measures for people in their 30s apply to only a tiny few earning up to €10,000 a year, etc. Okay, only the “tiny few” are 270,000 people, and those under 25 are 90,000—and of course the measures and relief with the brackets are cumulative. Conclusion: it’d be good if they worked on it a bit more instead of spouting nonsense.

Springtime – DETH 2?
-Now, there are complaints and counterarguments that the package had nothing for businesses—and maybe they have a point. I’m told that if the good course of the surpluses is confirmed, we may get a… mini-DETH before summer, targeted at cutting tax rates for small and medium businesses and social security contributions. We’ll see.

Does the public “hear the wheel”?
-As a takeaway on the DETH package, let’s wait and see in the polls if the public “hears the wheel”—in other words, whether the ruling party will pick up even 1–2 points in polling from the benefits. And you should know, there’s some anxiety about this in Maximos.

Pierr’s jab at Tsipras
-It seems that Tsipras’s recent reappearance and his announcement of a “patriotic levy” aimed at the wealthy didn’t leave Pierr unmoved. Alexis’s comments are a “temptation” for many in government, after all. The Finance Minister said yesterday on ANT1: “Some talk about a patriotic tax, we’re talking about patriotic tax cuts.” He even quoted Marx, saying history repeats itself first as tragedy, then as farce.

Haftar’s walks and lunch at the GB
-Haftar’s son had a packed schedule in Athens—he’s the “treasury” of the family and Eastern Libya, to be clear. They ask us for closer economic cooperation, and we ask them not to make funny moves with the ratification of the Turkey-Libya memorandum in Benghazi’s parliament. His tour started at M.M., where he saw K.M. for half an hour with Gerapetritis and Peloni, then Gerapetritis took him over to the Foreign Ministry for a long discussion. He also spoke in depth with Deputy FM Haris Theocharis, who is taking on the organization of a business mission to Libya this fall. Gerapetritis, by the way, reminded Haftar that if they want something from Europe, we can act as “go-betweens.” And I hear that at lunchtime Haftar and Theocharis ate together in a good atmosphere at the Grande Bretagne, with a view of the Acropolis.

The pending issue with the Church
-The Mitsotakis–Ieronymos meeting yesterday had one more participant for a while: Secretary General for Religious Affairs Giorgos Kalantzis, who’s practically about to retire in the role since he was appointed back in the Papandreou era. At some point he left, and it was just the two of them. I gather no news will come immediately, but the pending issue remains: using Church property to build apartments. Giorgos Mylonakis from M.M. has taken on clearing things up, in consultation with the Archbishop’s aides, but from what I gather, it still needs work.

The… cuckoo of OPEKEPE
-The offices of OPEKEPE yesterday morning looked like a public service from decades ago, right after a holiday, my man there tells me. The interim president of the Organization, Giannis Kavvadas, had the… unfortunate idea of showing up at OPEKEPE headquarters at 08:30 (normal working time for the civil service). When he got up to the president’s office, he found there wasn’t a soul—not in the secretariat, not anywhere else. This didn’t change at least until 11:00, when he left. As for the vice-presidents, both were absent… because of DETH! My source says today everyone will be there from the crack of dawn. We’ll see…

Which Greek shipowners back Skaramangas
-The revival of the Greek shipbuilding industry—or to be precise, ship repair at this stage—is moving forward steadily. Greek shipowners are sending their ships for dry-docking and repairs at George Prokopiou’s Skaramangas yard. Among them, I hear, are Nikolas Martinos of Thenamaris, Nikos Mundreas, the Tsakos Group, brothers Panagiotis and Giorgos Angelopoulos with Arcadia Shipmanagement, Dimitris-Frank Sarakakis with IONIC, Dimitris Papadimitriou, and others.

Metlen not moving forward with waste incineration in Viotia
-Metlen will not proceed with its planned waste-to-energy plant at Aspropyrgos in Viotia. Reports said the company had commissioned a pre-feasibility study for the project, but it no longer intends to move ahead.

The sector’s asterisks
-In the meantime, there are broader uncertainties in the overall waste-to-energy plan being promoted nationally, leaving open questions about what model other major groups will follow. Market players point out that the “elephant in the room” is Attica, where there has been no progress in waste management in recent years, despite the capital producing 40% of the country’s waste. This gap leads to a plan for direct transition to waste incineration as an “energy solution”—a plan seen as bypassing the primary goal of recycling and separate collection. Priority, according to senior industry figures, should be given to processing and separating waste, with energy recovery as the final stage for the residue. If the process starts directly with incineration, they note, the chance to recover valuable raw materials—metals, plastic, and paper—is lost.

PPC and the €300 million investment in Ptolemaida
-Additionally, objections are being raised over the social backlash that has already stirred up tempers in Kozani, but also over the financial side: according to estimates, just for Attica – as we mentioned earlier – more than €500 million will be required. And, as it’s being pointed out, such a large investment cannot be justified under the logic of transitional solutions foreseen by the relevant ministerial decision. In contrast, PPC is moving ahead with other groups, proceeding full steam with its plan in Ptolemaida, aiming at an investment of €300 million. However, the prospect of building a waste-processing unit in Western Macedonia has divided the local community and stakeholders. Last week, a rally was held in Kozani against the government’s plan. The demand was clear: withdraw the provision for a unit in the area, as outlined in the Environment and Energy Ministry’s consultation paper. The Region of Western Macedonia is expected to take a position in an expanded session of the Regional Council on September 9, with dozens of organizations and Chambers present. The final opinion is expected on September 15.

Papastavrou: In Milan with heavyweights of the natural gas market
-Minister of Environment and Energy Stavros Papastavrou is in Milan as of Tuesday, September 9, for Gastech 2025 – the gathering spot for the “big boys” of natural gas and LNG. Cheniere, ConocoPhillips, Venture Global… all present, alongside the Greek delegation with a strong lineup from Motor Oil, DESFA, Gastrade, PPC, and HHRM. Officially, the Minister will attend the sessions. Unofficially, the real action is elsewhere: in side talks, VIP lounges, and “chance” encounters in the corridors. Because everyone knows that at Gastech, meetings are sealed more easily with a glass of wine in hand than in PowerPoint-packed rooms. And of course, the timing is no coincidence. The very next day (September 10) is the deadline for binding bids on hydrocarbon exploration blocks off Crete and the Peloponnese. So, if you spot the Minister chatting casually with foreign CEOs away from the cameras, take note: he may be in Italy, but his mind will be on the bids being submitted tomorrow afternoon for the blocks south of Crete and the Peloponnese.

A transfer to Eurobank
-After 6 years, Kostis Paikos has returned to Eurobank, taking on the role of Head of Group Digital Banking & Group Chief Digital Officer, as Deputy General Manager, reporting to Deputy CEO Iakovos Giannaklis. Paikos has worked in major groups in Digital & AI, while since 2023 he has been an Independent Non-Executive Member of the Fourlis Group’s BoD and Chair of the Group’s Digital Transformation Committee.

From traditional banks to neobanks
-And since we’re on the topic of transfers, let me mention the new trend in the banking market: neobanks. As they grow and grab market share, they will increasingly need top executives from traditional banks. So don’t be surprised if, in the medium term, we see Greek executives just below CEO level moving to neobanks. In Europe, this is already happening. Just a few days ago, the former CEO of Societe Generale, Frederic Oudea, took over as Chairman of Revolut Western Europe, which includes Greece.

Big names at Bank of Cyprus
-The EBRD’s divestment from Bank of Cyprus – it also holds stakes in Greek banks, by the way – after more than a decade, gave long-only investors a chance to raise their positions. One of them, Wellington (on behalf of its clients), increased its stake in BoC to 5.87%, up from 3.99%, making it the third-largest shareholder behind Senvest and Lamela. According to the bank’s shareholder register, Helikon Investments holds 3.57% of total shares and financial instruments, Osome Investments 3.37%, and Boston’s Eaton Vance 3.31%. Eaton Vance is one of the oldest U.S. investment firms, now controlled by Morgan Stanley. Bank of Cyprus stock has surged 63.5% this year, reaching nearly €8 for the first time ever at the end of August. It now ranks 12th among the most valuable companies listed on the Athens Exchange, with a market cap exceeding €3.27 billion.

Banking shake-up in Italy with a Greek touch
-Big shake-ups are underway in Italy’s banking system – with a Greek finger in the pie. Mediobanca, an emblematic bank at the heart of Italian corporate banking, is in turmoil. CEO A. Nagel is preparing (after 25 years at the helm) to resign in disgrace, because Monte dei Paschi – a bank that was on the brink of collapse just a few years ago – launched a hostile takeover and, according to Bloomberg, has already secured 62% of Mediobanca’s shares through its public offer. Advisor to Monte dei Paschi in this takeover? UBS, represented by our very own Stefanos Papapanagiotou.

The influencer shipowner with a $1.4 billion fortune
-Active with appearances on TV and social media, especially Instagram, where he mostly shares his love for fast cars, sponsor of a basketball team, and much more. You could easily mistake him for an influencer! But Harry Vafias, the man in question, in his “real” business life is someone else entirely. I sat down and read the first-half results of his listed companies on the New York Stock Exchange. Here are the totals for all three, so we don’t get lost in translation: revenues $180 million, net profits $62 million, total assets $1.4 billion, liquidity $303 million – and the absence of bank debt boosts both financial stability and the ability to invest and expand the fleet. Each company has its own strategy and specialization. The three listed firms together own 53 ships, while including the private, non-listed companies, the fleet reaches 97 vessels.

Maria Angelicoussis, Trump, and the green… fuels
-So, let’s dive into deep waters now. Here’s the big picture of shipping and the hottest issue everyone’s talking about. The International Maritime Organization (IMO), the UN’s maritime arm, is bringing to vote this October at the Marine Environment Protection Committee (MEPC) a plan for zero carbon emissions from shipping. In plain terms, ships will have to use clean, green alternative fuels. Anyone who doesn’t will pay a tax per ship, per ton of CO₂ emitted. These funds – which will be a lot, to say the least – will go into an IMO fund, supposedly to be channeled into research for new zero-emission fuels, infrastructure, and heaven help us. Note that today such zero-emission fuels don’t exist at all, or only in minuscule amounts – not even enough to fill a scooter. Let me fast-forward. Last spring, IMO’s intention became known. That’s when Maria Angelicoussis, Greece’s most powerful shipowner by numbers and among the world’s top 10, stepped forward. She opposed the measure, considering it misguided, since it lumps everyone together and increases operating costs. She has built and continues to build ships fueled by LNG, as do many other shipowners, to contribute to the green transition. The point is that both LNG and methanol still emit CO₂, though at least 30% less. I hear that Angelicoussis also approached the Union of Greek Shipowners to take the lead in fighting it, while also reaching out to major charterers. UGS President Melina Travlos, speaking in early June at an International Chamber of Shipping conference, said: “They cannot legislate for shipping without shipping, which remains invisible.” But the game seems lost. The billions are just too many. Greek shipowners, among others, say they’ll pay whatever they’re told because they have no choice. And right then, Trump appeared – backing Angelicoussis’s stance! Through Marco Rubio, he announced that he “unequivocally rejects” the zero-emission framework plan. The U.S. government likened it to a “global carbon tax” imposed on Americans by an “unaccountable UN body” and stressed that its adoption would financially burden American citizens, energy providers, shipping companies, their clients, and the tourism sector. U.S. pressure on allies to block the vote is intense. Everyone else, meanwhile, except for a few, are watching the trains go by.

The new company of Steggos
-Another company has been added to the group of construction magnate Konstantinos Steggos. Specifically, last Friday, September 5, the “Premier Capital Investment Greece Single-Member S.A.” was established, with purposes including the purchase and sale of owned real estate, holding company services, business consulting, and project management outside construction. The new company is headquartered at the group’s offices in Alimos, with initial share capital of €25,000, paid in cash by “Premier Capital Investment S.A.” based on Route D’Esch, Luxembourg, legally represented by Ms. Panagiota Lefaki. The first Board of Directors includes Georgios Steggos as Chairman and CEO, Marianna Steggou as Deputy Chair, and Panagiota Lefaki and Lambros Protonotarios as members.

Cross-border stock market transactions
-Lately, cross-border stock transactions seem to have woken up in Greece. NYSE-listed Bally’s Corporation and our own Intralot are carrying out a multibillion transaction to create an international group. Frigoglass S.A.I.C. is acquiring two new subsidiaries, Spain’s Provisiona Iberia SL and Portugal’s Serflusa Refrigerantes LDA, proceeding with a share capital increase and restructuring its shareholder base, while also achieving its return to the Athens Exchange’s Main Market.

How Shaquille O’Neal made his first billion with Google stock
-Shaquille Rashaun O’Neal, better known as “Shaq,” the legendary former professional basketball player and one of the most dominant centers in NBA history, made a lot of money from basketball – but he became a billionaire by accident, through Google stock. In 1999, before the IPO, when Google’s valuation was just $100 million, Shaq made his move. The 28-year-old was having lunch at the Four Seasons Hotel when Ron Conway walked in. Ronald Crawford Conway had just begun as an angel investor in Silicon Valley. He’s the co-founder of SV Angel and has been called the “Godfather” of Silicon Valley. That day, Conway arrived with his grandchildren and three business friends. The kids recognized Shaq, asked for an autograph, and suddenly Shaq ended up babysitting while the businessmen talked shop. At the end, Conway thanked Shaq for watching the kids and asked him: Want to invest in something that could be big? He pitched him Google, the “big search engine.” Shaq didn’t really understand what “search engines” were back then, but thought it sounded cool. He decided to invest $250,000. He didn’t think about it again until one day he read in the paper how much Google was worth. Shaq had invested $250,000 when Google was valued at $100 million (pre-IPO). Today, Alphabet’s (Google’s) market cap is between $2.1 and $2.15 trillion. That means Shaq’s original stake is now worth $4.75 billion. The stock has dropped around 5–7% in 2025, mainly due to concerns about AI competition and the transition of the search model. But it’s still one of Wall Street’s powerhouses.