Hello, the situation that has developed in Crete in recent days with new waves of migrants, after almost two months of calm, has an explanation in Athens: according to competent sources, it is related to the government’s activity in the energy sector and specifically to the licenses granted to Chevron for the plots south of Crete. So, Libya—closely aligned with Turkey—sends a few hundred migrants our way to show that it still has a lever of pressure, at least while the weather is good and allows for this dangerous crossing.

The mainland and the decisions

Because the issue is dangerous and causes concern, especially among Cretans, after meetings with all relevant authorities and ministries, it was decided to transfer migrants from Crete to the mainland. After all, they are all detainees, as they cannot submit asylum applications. Until recently, there was disagreement among the authorities about transferring several hundred to mainland facilities, since the police had concerns about guarding them. Now the issue is resolved, and by Thursday the transfers will have taken place. Also, by early October, depending on the numbers, the government will decide whether to extend, for example by a month, the suspension of asylum applications for those arriving from Libya.

Festive election without speeches

I asked a parliamentary source whether Friday’s meeting of ND’s Parliamentary Group, concerning the election of a new secretary (Charakopoulos), would allow MPs to make statements after Mitsotakis’ customary speech. “It’s not foreseen; M. Charakopoulos will be elected by acclamation, and K.M. will speak,” the source replied, adding that there is no atmosphere of tension among MPs despite some concerns about their electoral prospects. Besides, what grounds would they have to complain about after TIF?

Message to Ankara on Asia Minor Greeks

The Turks are generally on edge these days, and they even issued a statement on Sunday reacting to Greek officials’ remarks marking 103 years since the Asia Minor Catastrophe. Government spokesman Marinakis officially responded yesterday in Ankara. Notably, he is himself a descendant of a refugee family, like many others. “We will not allow history to be rewritten,” he said pointedly, adding that the prospect of a Mitsotakis–Erdogan meeting next week in New York does not mean that dialogue entails changing historical facts. You could call it a message to the right wing of ND, and overall, I see the government “picking up the pace” just as the Turks are turning to…the tsamiko dance.

Novartis

A comment regarding the conviction of the two “witnesses” in the Novartis case, sentenced to a few months in prison for a misdemeanor. Many people wonder: “So what happened? They got a suspended sentence, pocketed huge sums for a brutal conspiracy against former prime ministers, ministers, etc., and it’s as if nothing happened.” To be completely honest, there’s no easy answer, although the law is the law—we can’t tailor justice. However, if this case is left as is, meaning if anyone can get away with just a misdemeanor in such a conspiracy while pocketing millions of euros, we will surely see this play out again. Of course, there are lawsuits, investigations into blatant tax evasion, and naturally the moral instigators.

Doudounis – Disgrace

At this point, closing the political part, I wanted to mention something said yesterday by PASOK MP Doudounis, a pleasant and seemingly modern young man. He called it a “disgrace” that some of us commissioned polls on the government’s announcements at TIF “before the opposition made its own statements.” Obviously, he means us among others, since like other media we commissioned a poll, but I don’t take it personally. According to Doudounis, we should have waited to hear what PASOK would say—as if any Greek would think, “I’ll go with PASOK (at 13.5%) because if elections are held and they win, they’ll give us more.” I wish him a speedy recovery.

Macquarie in talks over DEDDIE

Now to market news, starting with a fresh and quite interesting story. You may remember Macquarie, the Australian giant that in early 2022 acquired 49% of DEDDIE for €1.32 billion and later, in mid-2023, 50% of Enel Green Power Hellas. Well, according to our sources, Macquarie is in talks with institutional investors regarding its 49% stake in DEDDIE. Note: these are talks, not finalized deals. I assume today they will try to ward off speculation with denials, but discussions are indeed happening.

Financing sought for purchase of…Porto Carras

By the way, our radar has picked up other market mysteries without easy answers. For example, lately a fellow countryman has been wandering around looking for financing to buy Porto Carras. Wishful thinking, or have we missed an episode? Honestly, I have no idea.

Metlen: Extensive management changes coming

By the end of the month at the latest, Metlen is expected to make official announcements regarding the details of its reorganization, code-named BIG3. According to our well-informed sources, the plan includes extensive changes in the company’s management structure in key positions.

Lamda Development’s €300 million profit

I have updates on the very important deal between Lamda Development and the Italian group ION for the Hellinikon project. The phrase “very important deal” is no exaggeration, because Greece attracted an investment that Italy itself had been pursuing. It’s a deal that strengthens the country in the field of research and innovation and, in addition, acts as a catalyst both for the Hellinikon project and for Lamda. Information indicates that due diligence by ION is currently underway and is expected to take about another month and a half to complete. Once that is finished, the agreement will be signed for a price estimated at €450 million. Based on Lamda’s asset valuations, analysts estimate the company’s profit from this deal will be around €300 million. The payment will be received in installments by Lamda depending on the progress of relevant licensing. At the same time, Lamda is preparing a bond issue to be listed on the Athens Stock Exchange, said to potentially exceed €400 million.

Banks playing tricks

Some banks have already started “fouls,” trying with “fine print” to bypass the government’s intervention that reduced—and in some cases eliminated—the cost of fees for our daily transactions. For instance, in the “service price list” of a large systemic bank, there’s an asterisk under the instant payment service for amounts from €1 to €5,000, where by law a mandatory fee of €0.50 applies. Right below, the bank notes that an additional €0.50 “management fee” will also be charged. Thus, an instant payment transfer up to €5,000 actually costs €1 at that bank.

The dottore and OLH’s master plan

In Crete, specifically in the Port of Heraklion (controlled by the Grimaldi Group), the master plan is ready, and by the end of September it will be submitted to the Ministry of Shipping and Island Policy. The workers call Emanuele Grimaldi “the dottore,” and he follows the principle of “everything in its time.” The mandatory works in the master plan amount to roughly €20 million, which will be covered by the investor, the Neapolitan group. But a long bureaucratic process will come first. Initially, as mentioned, the plan will be submitted to the Ministry of Shipping and Island Policy, which will make comments and return it to OLH. The organization will then make adjustments and, in parallel, prepare a Strategic Environmental Study to be submitted to both the HCAP (Hellenic Corporation of Assets and Participations) and DIPΑ (the Environmental Licensing Directorate). Meanwhile, the plan will also be submitted to ESAL (Port Planning and Development Committee). If DIPΑ approves and ESAL raises no objections, a Presidential Decree will follow. The master plan’s projects are estimated to take 10 years from approval to completion. The dottore and his team hope that approvals, signatures, and the entire bureaucratic process will be completed by late 2026 or early 2027. The first mandatory investment at the port is the construction of a new building to house the Coast Guard, scheduled for completion within 24 months.

New investments by U.S. bank DFC in Elefsina Shipyards

During his visit to Greece last week, U.S. Secretary of the Interior Doug Burgum also stopped at the Elefsina Shipyards, which belong to U.S.-owned ONEX. Beyond what was publicly announced, I learned that the U.S. government’s development bank DFC, which has already approved €125 million in funding for these shipyards and begun gradual disbursements, will provide more funding for further development. The Americans’ plans are ambitious, always in collaboration with the Greek government. The aim is to turn Elefsina into a hub supporting shipping, energy transition with cutting-edge technologies, allied fleet support, and strategic logistics development for commercial shipping, defense, and energy. The hub will serve not only Greece but also the wider Eastern Mediterranean, North Africa, and Southeastern Europe. Greece, in turn, will provide Europe with energy security, supply security, and green transition. U.S. circles stressed that DFC will further support ONEX financially because Washington’s plan for the region is broader. They even added, in casual conversation, that the goal is to develop strategic port infrastructure in Elefsina, creating a logistics, shipping, and energy hub.

Insurance deals

The insurance market remains abuzz with speculation, and developments in the sector are frequent, with more expected. Already there have been shake-ups following the acquisition of Mega Brokers by Unilink, the largest insurance brokerage company in Central and Eastern Europe, controlled by the global fintech Acrisure. Headquartered in Michigan, Acrisure is the 5th-largest broker worldwide, with revenues of $4.6 billion last year and 19,000 employees in 20 countries. The deal is similar to Howden’s acquisition of Matrix some years ago. At the same time, Mega Brokers has acquired “Kalypsi” based in Thessaloniki, while the Europa Group is considering more acquisitions in the insurance sector over the long term, following recent ones (NAK Insurance Brokers and AMYNA). Market chatter suggests other moves are coming too, involving both shareholding changes and partnerships by well-known companies.

The book sector in Greece also changing dramatically

Express Publishing is a small Greek multinational that has recorded an impressive 37-year track record in publishing. It operates competitively in 140 countries, producing—here in Greece—foreign language learning books (especially English) and employing over 300 people. Last Friday, it officially announced its rebranding, having realized that to remain competitive in the diverse educational systems of 140 countries, it must invest in quality but above all in innovation in language learning. For this reason, it has set up a large R&D department with 35 employees who, in addition to books, are now creating new digital personalized language learning systems. From being a publisher, Express Publishing has evolved into one of the most important international providers of “educational material.” With turnover exceeding €25 million, and with all systems produced in Greece by Greek scientists, Express Publishing is now investing in strengthening its digital presence, developing multilingual educational platforms, and creating partnerships that will allow it to enter new markets.

Adamantios Polemis and the Deal with the Koreans

A deal with a Greek signature seems to be bringing the HSG Sungdong shipyards in South Korea back into active business. Specifically, Adamantios Polemis’ New Shipping is reportedly in advanced negotiations with Korean Samsung Heavy Industries (SHI), under whose umbrella HSG Sungdong operates, for an order of up to four suezmax tankers. Two are considered “locked in,” while there is an option for two more, at a cost of under $85 million per ship. Notably, these vessels will be built at the historic HSG Sungdong shipyard in Tongyeong, which had exited the market seven years ago after entering court protection.

The Rally of CrediaBank

The former Attica Bank is “building” momentum, as shown by the fact that it is not deterred by profit-taking on the board, nor by corrective moves in systemic banks. CrediaBank is charting an independent course, reaching its fifth consecutive rise, from €1.418 on September 8 to yesterday’s €1.642. This translates into a cumulative gain of 15.8%. It also closed above €1.6 for the first time since last November’s €735 million share capital increase, with €2.16 (close of 15/11/2024) as the next resistance level. Its market capitalization rose to €2.65 billion, climbing to 16th place among Athens Exchange-listed companies. Investor interest remains strong, with turnover exceeding €3.3 million yesterday. More than 2 million shares traded hands, with only Eurobank, Alpha Bank, Intralot, and Piraeus Bank trading more.

New Highs for VIO-CENER Ahead of Results

ElvalHalcor sparked the recent outperformance of Viohalco group shares but yesterday ended a five-day rally that had pushed it to 17-year highs. The torch was picked up by parent Viohalco and affiliate Cenergy Holdings. VIO extended its winning streak for a third straight day, closed above €6.8 to renew its two-year high, and is “sailing” toward €7 — a price last seen intraday on September 1, 2023, and at close on August 31 of the same year. Meanwhile, CENER has ignored negative territory for seven sessions, posting a new all-time high. It closed at €11.44, hitting €11.48 intraday, with €11.5 just ahead. These record highs come just before the release of half-year results on September 17 (Cenergy) and September 18 (Viohalco), which will serve as a crash test for holding on to their recent gains.

Lavipharm on the Offensive

Lavipharm’s share (+1.31% at €0.8490) stood out yesterday amid general market hesitation and inactivity, with its capitalization surpassing €143.5 million. The pharmaceutical company’s representative on the stock exchange is set to announce first-half results the day after tomorrow, with investors awaiting clear signs of its transformation from a “turnaround story” into a Greek “growth story.” The company’s management has promised to double revenue within five years. Market sources suggest that Lavipharm will announce significant growth in operating profitability for the first half, with projections for a substantial revenue increase by year-end, driven by its strategy of entering new markets and strengthening collaborations with other international pharma companies.

Revoil: Buy the Rumor, Sell the Fact

Revoil officially announced its intention to acquire “Maltezos SA” — as reported yesterday — and improve its financials. The stock market initially welcomed the news with enthusiasm, pushing the share to €1.950. However, sentiment shifted midday, and Revoil eventually closed down -6.32% at €1.78. While Maltezos may not be in peak condition, this does not justify the violent intraday correction. Even after yesterday’s plunge, Revoil, with a capitalization of €39 million, remains +5.33% higher than a week ago.

Bond Market Turmoil, Stocks in Zen Mode

FITCH opened Pandora’s box on the French economy, regional elections in North Rhine-Westphalia nearly tripled far-right power in Germany, and Trump’s pressure on Powell to cut rates despite high inflation have created turmoil in the European bond market. Stock markets, however, largely ignored the bond market warning signals and rising gold throughout yesterday. On the Athens Exchange, it became clear that the 2,100-point stronghold will not be taken easily, as every upward attempt met ready sellers. By close, the General Index was down -0.25% at 2,057.5 points, with turnover at €165.37 million, including €23 million in block trades — a sign of general reluctance for strategic trades. Shares of DAIOS (+26.5% at €7.15) and Attikes Ekdoseis (+14.79% at €1.63) demonstrated the potential of the “special market makers” they hired under new stock exchange rules. Among other trades, Performance (+4.3% at €6.3) stood out, not only announcing significant growth in operating profit (+56%) and net profit (+63%) but also proving it can achieve this with negative leverage — that is, with net cash after deducting €7.83 million in loans. Credia (+3% at €1.64) led among banks, though overall turnover remained low throughout the session.

Trump Wants to Change the Rules on Wall Street Too

As usual, he used his favorite Truth Social platform. His proposal, however, already caused a stir and controversy. President Trump believes listed companies should not report financial results quarterly but every six months. This brings to the surface a longstanding debate among capital markets, companies, and regulators. Despite Trump’s urging, such a change requires approval from the U.S. Securities and Exchange Commission (SEC). The issue touches on corporate governance and executive incentives. The main advantage of Trump’s proposal is reduced administrative and financial costs for companies. Preparing quarterly reports is burdensome, requiring resources from management and accounting teams, without necessarily offering strategic depth. Semiannual reporting, Trump argues, would allow managers to focus on sustainable growth and operational improvement, free from short-term market pressures. It would also reduce “short-termism” — decision-making driven by next quarter’s results rather than long-term company value, a structural issue especially in U.S. markets. On the other hand, quarterly reporting is a cornerstone of transparency and effective oversight of public companies, giving investors timely and reliable information on performance and risks. Less frequent reporting could increase informational risk and give management more leeway to conceal significant changes or adverse developments. For fast-growing companies or in volatile markets, investors need frequent updates. Trump’s argument for a long-term horizon (e.g., 50–100 years like in China) does not change the fact that Western markets rely on continuous information and accountability — elements that build investor trust and facilitate capital mobility.