Hello, let me take you back to the commotion that started the day before yesterday morning with Alexis’s announcements, against the (deliberately) pale, colorless background he stood in front of when departing from SYRIZA on his way to new horizons.
Now, the more I think about the idea of running with an electoral list of personalities instead of founding a new party — which is what they say our leader Alexis is going to do — the more I like it. In fact, I find it much better than forming a party, because:
a) A party needs… countless cadres, and as far as I can tell, Tsipras neither has them, nor wants them, nor do such people exist. Unless he recruits from SYRIZA’s “leftovers” or from the fragments that remained after its fragmentation.
The “electoral list” — let’s call it that from now on, so we’re on the same page — could, I’m told, include personalities (so to speak — don’t take the word too literally…) from the broader political space.
b) It’s simpler, involves fewer obligations, and costs significantly less (though not free, of course — events do cost money). Anyway, the 400–420 people needed to compile a nationwide ballot will be found.

And Karystianou…

Now of course, my source told me that Tsipras’s idea might also be an excellent one for Karystianou to adopt if she wants to — why get into public spats with Konstantopoulou over who’s going with whom?
Anyway, since we brought up the topic, I’m curious to see what else they’ll come up with regarding Tempi, since the hunger striker Routsis couldn’t continue his strike indefinitely — let’s see what the people around will think of next to prevent the trial from starting.

The enemies of K.M. and the “polls”

In other news, I’m told that those who don’t want Mitsotakis — since they see that no matter what happens, the dead won’t be resurrected — having tried their luck with Androulakis and Kasselakis, will now probably “sample” a bit of Tsipras too. Soon, we’ll see surveys circulating that ask whether there’s someone better within ND to replace Mitsotakis.
As if the 28–30% that ND has isn’t personally K.M.’s, with the second party — PASOK — at 13–14%. Come on, people, a bit of seriousness and restraint wouldn’t hurt.

Seating arrangements at the Conservatory

As for ND, today attention turns to the Athens Conservatory, where Evripidis Stylianidis’s book on Artificial Intelligence is being presented. K.M., as well as former prime ministers Karamanlis and Samaras, have confirmed their attendance — their first joint appearance since an event a year ago at the Konstantinos Karamanlis Foundation in Filothei.
After that came Samaras’s expulsion and all the developments that followed, but now the atmosphere within the government is different, with ongoing outreach toward Samaras.
Still, I understand that the seating arrangement won’t favor too much interaction: K.M. will sit between Nikitas Kaklamanis and the Archbishop’s representative (unless Ieronymos himself makes it), while the two “formers” will sit further away. The most interesting part is that Mitsotakis may say a few words — and that’s when it will be worth “reading” the reactions from the audience.

The “whole” ND

Stylianidis, who doesn’t want a “street party” and jokingly refers to the event as a “gathering,” has of course invited the “whole” ND.
As you can imagine, there will be plenty of private conversations at the Conservatory today about ND’s internal affairs, as well as about the rumored Samaras party, which some believe is imminent.
Others, however, say that Samaras is not Tsipras and is waiting to better assess the situation and broader moves — even though he speaks daily not only with ND officials but also with figures from parties to ND’s right.

The special zoning plans

I wrote to you yesterday about a meeting that took place around 11:00 at the Maximos Mansion regarding the special zoning plans that have been in the Ministry of Environment’s “priority folder” for months.
K.M. asked Papastavrou and Tagaras for a progress report on the key pending issues for 2025. The expectation is that, working with the Ministry of Development, they’ll be able to finalize the special zoning plan for industry within the year.
The special zoning plans for tourism and renewable energy are already in the finalization phase.

Industrial electricity

A few days ago, K.M. asked his associates for more data to decide on the issue of industrial electricity. The intervention has already been announced, and discussions have taken place with Theodoropoulos from SEV and Sarantis from SVE.
However, the so-called “Italian model” has arguments for and against. A key concern is that businesses could end up owing large sums after the three-year grace period, due to the insufficient development of renewables to feed into the system — something the Finance Ministry absolutely wants to avoid.

Cold Shower

Most businesspeople who attended SEV’s (Hellenic Federation of Enterprises) event yesterday at the Athens Concert Hall were left “frozen” by the lack of announcements regarding energy measures for industry. SEV President Spiros Theodoropoulos, as mentioned earlier, had been informed in advance that there would be no concrete measures announced. That’s why in his prepared speech, he referred only to his hope that the dialogue would soon produce results. However, interpreting the general feeling in the room, he departed from his text to say:

“Prime Minister, after today’s statements, we are eagerly awaiting your final decisions.”

Unisystems Up for Sale

Theodoros Fessas is trying, but there’s still no light… not even at the end of the tunnel. We’re talking about Unisystems, the IT company of the Quest Group, which the businessman has put up for sale. Unisystems is a solid and well-established player in its sector, but Fessas’s plans are not moving forward because potential investors consider the asking price too high.

Sources say he is asking for 12 times Unisystems’ EBITDA, with the latest data showing an EBITDA margin of 9.5%. In fact, the same sources claim that if the sale ultimately falls through, there is a real possibility that Unisystems may instead move toward an IPO on the stock exchange.

Which Greek Business Leaders Were Talking Business at the Plaza

Let’s move on to the meeting that took place yesterday morning between Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Bin Ibrahim Alkhorayef, and a group of Greek business leaders, alongside T. Theodorikakos.

The meeting was held in a room at the Plaza Hotel, featuring a large round table. Around it sat:

• Achilleas Konstantakopoulos,
• Dimitris Papalexopoulos,
• Kostas Bikas (METLEN – has opened offices in Saudi Arabia),
• Panagiotis Tsakiris (head of the energy division at AKTOR),
• George Prokopiou,
• Dimitris Chanis (Heracles),
• Dimitris Portalos (Hellenic White Stones),
• Zoe Saranti (Vice President, Hellenic Dairies – Olympus),
• Theodoros Acheimastos (Kopelouzos Group),
• Ionas Vitalis (Dodoni),
• Theodoros Zeritis (ISOMAT),
• Theodoros Peppas (FAGE),
• Euklidis Ioannidis (Viohalco),
• Vassilis Kafatos (Deloitte),
• Panagiotis Xenokostas (ONEX),
• Yiannis Kartsakis (Kri Kri).

The meeting had two parts. The first lasted about 45 minutes — its content has not been disclosed.
The second part included a presentation of an industrial park under development in Saudi Arabia, highlighting the advantages offered to anyone who invests there — such as inclusion on the Kingdom’s list of potential suppliers.

The sectors the Saudis are particularly interested in for investments are pharmaceuticals, aluminum, and defense, but they also expressed interest in reciprocal investments — from Saudi Arabia into Greece and vice versa.

The two governments intend to maintain momentum, and it is now being said that the next step will be a Greek business delegation to Saudi Arabia.

Semiramis, the Genco Investment, and the Poison Pill

The dry bulk shipping market seems to be… stirring after the quiet but impressive rise of Diana Shipping in the shareholder structure of Genco Shipping & Trading, a U.S.-listed company, where Diana’s stake has now reached 15%.

Genco’s board responded immediately by activating the well-known “poison pill” defense plan — a tactic that dilutes the power of any shareholder attempting to gain control without paying a fair price.

The plan, valid for one year, is triggered if any shareholder surpasses the 15% ownership threshold. Genco stated that the goal is not to shut the door on potential offers but to protect shareholders and ensure fair terms for all.

Diana Shipping, under the leadership of Semiramis Paliou, insists that its investment is strategic and long-term, valued at roughly $115 million based on the current share price ($17.90).

Genco, which operates 38 bulk carriers and has a market capitalization of $785 million, has seen its shares rise by 46% since spring, when Diana began “loading up” on the stock.

Adam Pack Sale Finalized

Deca Investments is completing an exit from one of its earliest investments, finalizing the sale of Adam Pack. The investment was originally made in 2017 through Diorama, a private equity fund managed exclusively by Deca Investments.

Based in Lavrio, Adam Pack manufactures paper packaging products for liquid foods. Last year, the company reported revenues of €16 million and net profits of €96,000, with total debt amounting to €9.8 million.

According to sources, the buyer is a Greek company active in the same sector. Deca, through Diorama II, continues its investment strategy, focusing on acquiring majority or large minority stakes in Greek mid-sized companies. It has already acquired a majority stake in Leader S.A., a significant minority stake in Odyssey Consultants, and has also added Damavant, a primary sector company, to the Diorama II portfolio.

OTE Bets on Artificial Intelligence

The market capitalization of OTE surged past €6.4 billion yesterday, following announcements by Kostas Nebis that Greece’s telecom leader has decided to transform into an AI-native company.

The term “AI-native” refers to a company designed from the ground up with Artificial Intelligence as its core. In such an organization, AI is not just an add-on or support tool; it’s the foundation of its products, services, and operations.

On Monday night, Nebis announced that Cosmote will provide free access to AI tools for all its subscribers, whether on contract or prepaid plans.

Ferry Tickets: Price Hikes Coming

New costs associated with the green transition are on the way with the plan for full electrification of ships docked at the Port of Piraeus.

The port is preparing to enter the Cold Ironing era, connecting its infrastructure directly to the power grid in collaboration with ADMIE (Independent Power Transmission Operator) and DEDDIE (Hellenic Electricity Distribution Network Operator).

The aim is for ships to switch off their engines once docked and be powered entirely by electricity from shore — a practice that significantly reduces emissions, but also increases operational costs for the vessels, since the electricity cost will be passed on to them.

Within shipping circles, this decision is seen as a key step toward aligning Piraeus with EU decarbonization goals for ports. Behind the scenes, discussions are already taking place regarding the impact on the operating costs of companies using the port.

The message, however, is clear: Piraeus is entering the era of green port policy, and users — ultimately passengers — will bear the cost.

The Golden Threads of Nafpaktos Textiles

Nafpaktos Textile Industry produces clothing and, like many traditional manufacturers, faces well-known challenges. The company has been trying to attract major European fashion houses to supply them with its products.

Over the past three months, its share price has soared by 72.3%, climbing from €0.70 to €1.30 (+7.85% just yesterday).

What changed in the last quarter?
The company announced its entry into the energy sector, in partnership with strategic investor Manos Xionis, who has acquired a 9.9% stake.

Xionis is a seasoned financial investor, known for his role in Quality & Reliability (Q&R) during the difficult 2015–2019 period. After the collapse of the Pouliadis Group, Q&R was in trouble, but through his investment vehicle Lovatia Holdings International Ltd (Cyprus) and allied investors, Xionis injected over €3 million via the stock market, funding various projects that couldn’t secure financing elsewhere — most notably the creation of Greenovative S.A. in 2018, a subsidiary focusing on energy.

In 2020, he became Q&R’s Executive Vice President, but withdrew quietly when larger investment funds appeared on the scene.

In August of this year, Xionis made his next move: using the same playbook, he acquired 9.9% of Nafpaktos Textiles through Lovatia Holdings and locked in a strategic partnership in green energy.

Under the deal, Nafpaktos Textiles will acquire a 40% stake in one of Xionis’s companies active in renewable energy generation (solar, wind, hydrogen), storage technologies (batteries, hydrogen), and consulting services for the energy transition.

The Connoisseur… of Leventerīs

I find it hard to believe, but the source insists: There is a certain connoisseur who recently entered the stock of Leventerīs (market capitalization €2.6 million). After pushing the stock up and down, down and up, last Monday he closed it with a single share at +10%. Is that even possible?

Gains for the Few

Yesterday’s trading session was hesitant, cautious, with strict stock selection and no appetite for taking investment risk. The General Index’s positive close (at 2,069.6 points, +0.8%) does not reflect the true state of the market, since the number of declining stocks was the same as the number of advancing ones (54).

The key difference is that the four systemic banks and GEK TERNA were among the gainers.

Total trading value exceeded €200.6 million (vs €188.2 million the previous day), with €22.77 million in block trades.

Notable moves included Metlen (+0.82% to €46.88) and Titan (€36.95, +1.09%). GEK TERNA (+1.72% to €22.48), OPAP (+1.11% to €20.12), and EYDAP, which had been down as much as -2.34% but finally closed at +1.56% (€6.50), supported the General Index alongside the systemic banks:

• Piraeus Bank: +2.12% to €7.41
• National Bank of Greece: +1.8% to €13.30, with trades worth €34.5 million
• Alpha Bank: +0.81% to €3.73
• Eurobank: +0.5% to €3.50

Their performance gave the market its positive tone.

President Trump’s State Capitalism

Who would have thought? In the New Age of State Capitalism, the Trump administration is transforming into something that resembles a sovereign wealth fund more than a traditional public administration.

Yesterday it was Trilogy Metals’ turn. Its stock skyrocketed +210% after the U.S. government announced it was acquiring a 10% equity stake. Some may have had advance knowledge, since the stock had already climbed in after-hours trading.

More importantly, Trump’s government portfolio now includes:

• 10% of Intel
• 15% of MP Materials
• 10% of Lithium Americas
• 10% of Trilogy Metals
• A “golden share” in U.S. Steel

Talks between the government and defense companies are already underway.

The rationale for these state stakes is clear: markets alone cannot secure national security in critical sectors such as semiconductors, rare earths, and lithium. China realized this decades ago. The U.S. is realizing it now.

Wall Street is living in an age of paradox: contrary to everything it believed until yesterday, state shareholdings now offer a form of survival guarantee — the government will not let these companies fail.

On the other hand, government involvement means less flexibility, more bureaucracy, and potentially lower long-term returns. Who would have imagined that in 2025, the U.S. government would become the biggest player on the stock market?

When Everything Reaches Record Levels, We Must Ask Why

Goldman Sachs raised its forecast for the price of gold in December 2026 to $4,900/oz, up from $4,300.

Why the upgrade? Continuous capital inflows have driven a 17% increase since August.

Yesterday, spot gold reached a historic high of $4,000/oz (+51% since the start of the year).

But the real question isn’t why gold is rising. Analysts are anxious about why all asset classes are rising simultaneously: safe havens, risky investments, real estate, cryptocurrencies, global bond yields — all at record highs.

This paradox reveals an uncomfortable truth: it’s not so much that everything is becoming more valuable, but that the common denominator is collapsing.

The U.S. dollar is heading for its worst year in four decades, down 10% in 2025.

When the reference currency weakens at that pace, every asset — from stocks to Bitcoin — seems to “rise.” But their intrinsic value isn’t necessarily increasing: it simply takes more weakened dollars to buy them.

Continued gold buying by Western ETFs and central banks hints at something deeper: a loss of trust. Investors are seeking protection not from a specific crisis, but from the systematic erosion of purchasing power.

Goldman Sachs’ chart shows an explosive upward trajectory for gold — but perhaps it should be read in reverse: it’s not gold soaring; it’s the dollar sinking.

The Dollar’s Slide Favors Emerging Markets

Trump’s deliberate dollar devaluation, intended to boost U.S. export competitiveness, has a side effect: emerging market stock exchanges are experiencing their biggest rally in 15 years.

These economies offer high real returns and attractive valuations. The weaker dollar has been the rally’s catalyst, reducing financing costs for emerging countries and fueling capital inflows into their bonds and equities.

Expectations of further Fed rate cuts encourage global portfolio rebalancing.

The MSCI Emerging Markets Index has risen almost +30% since the start of 2025, its best performance since 2009.

The J.P. Morgan index for local currency sovereign bonds is up over +15%.

Meanwhile, many emerging-market governments have improved institutional stability, transparency, and fiscal discipline.

According to Nigel Green, CEO of deVere Group, Asia remains the strongest magnet, with South Korea and Taiwan benefiting from the AI and semiconductor boom.

Similarly, Latin America and Africa are capitalizing on record bond issuance of $286 billion this year.

Despite the rally, valuations remain attractive: the MSCI Emerging Markets Index trades at ~14x projected earnings, versus 23x for the S&P 500.

Air Travel Returns to the Past

Yesterday, the Financial Times published a lengthy feature on how European air travel is growing, but “green fuel” plans are fading.

The truth is that European travel is exploding, and major airports are expanding infrastructure. Gatwick is preparing for a second runway. Paris and Barcelona have revived and are executing long-forgotten expansion plans.

Michael O’Leary of Ryanair is jubilant, as the climate crisis takes a back seat to economic growth.

Air travel accounts for less than 3% of global CO₂ emissions, but scientists warn its real impact is double due to contrails — the high-altitude clouds formed behind aircraft.

Airlines propose a compromise: sustainable aviation fuels (SAF), which currently cost 2–8 times more than regular jet fuel. But there’s not enough used cooking oil in the world to produce sufficient SAF.

SAF currently makes up just 1.9% of fuels, while official targets aim for 70% by 2040.

Ten years ago, Brussels planned to impose environmental taxes on airlines. Today, with Trump back in the White House, even discussing such measures seems utopian.

Some romantics in Brussels dream of taxing only frequent flyers and private jets, since “just 1% of the world’s population accounts for more than half of aviation emissions.”

But the tight deadlines once set for fuel transition are now significantly relaxed, giving financial breathing room to many European airlines.