Hello, I find political news today less interesting than two other issues that are much more serious. The first concerns that tragic accident last Friday in Pagrati, in which an 84-year-old driver hit and killed a 75-year-old woman who was walking with her 30-year-old daughter with disabilities. When, finally, in this country will elderly people undergo serious tests in order to renew — or NOT renew — their driver’s license? It is time to put an end to an issue that literally kills innocent people. The second concerns the sudden work stoppage by STASY, due to a tragic accident that occurred in one of the company’s engine sheds in Piraeus. The work stoppage on the metro and tram paralyzed all of Athens yesterday afternoon and caused hardship to hundreds of thousands of citizens. The incident is tragic, but there is a prosecutor and an investigating judge looking into it and, if there is responsibility, it will be assigned through the Justice system. What is gained, and by whom, from making all of Athens suffer? Will working conditions change because of yesterday’s strike?

The bet with the Urban Planning Offices

Since the Thessaloniki International Fair, Stavros Papastavrou and Dimitris Papastergiou sat down to design how the reform announced by K.M. at the Fair will be implemented — specifically, the transfer of Urban Planning Offices from municipalities to the Cadastre. The plan has been prepared, will be presented today to the Cabinet, will begin to be implemented on a pilot basis in 2026, and fully by 2027. What it practically provides: integration of the Urban Planning Offices into the Cadastre Offices, both in substance and in the information system, and of course a reduction in physical contact points, through the digitalization of procedures. My understanding is that there will be one local Cadastre office per regional capital and one central office per region. Also, with the digital pool of cases, when one Urban Planning Office has a heavy workload, another with less can handle the work, without requiring contact with the engineer, the citizen, etc.

Dinner with Eurogroup on the menu

Today at 20:00 K.M. has a scheduled dinner with the president of the EPP, Manfred Weber, who is in Athens with the candidate prime minister of the state of Baden-Württemberg, Manuel Hagel. Under other circumstances the dinner would be social in nature, but here it is obvious that K.M. wants to lobby on the issue of the Eurogroup and the prospect of the EPP supporting Pierre’s candidacy, who has just returned from Berlin. With K.M. at the central Athens restaurant will be Chatzidakis, who is also vice-president of the EPP, and ND’s Secretary for International Relations, Tasos Chatzivasileiou, who gets along well with the Germans.

New “ELTA”?

I asked my source who was describing the plan whether the matter of the Urban Planning Offices will stir up local reactions, as happened with the Hellenic Post. “Look, there are municipalities that react, but we do not want to put the mayors in opposition. There are also municipalities that don’t want to have anything to do with Urban Planning Offices,” he told me. As for the staff of the Urban Planning Offices, those who wish will be given the right to remain in the new structure, but if they do not want to, they will be absorbed into other services.

Industrial electricity

I understand that perhaps even before year-end there may be an agreement between the government and industrialists on the issue of electricity and the subsidy that SEV is insistently demanding. After the issue of collective agreements, President Spyros Theodoropoulos has set course for an agreement and is in open communication with both K.M. and Chatzidakis. If I can make an estimate, the agreement will probably be somewhat less than what the industrialists wanted, but still—better than nothing…

ND pre-congresses

At the end of the week ND’s leadership will sit down to draft the plan for the party’s pre-congresses, which will pave the way for the party congress after Easter. There is information circulating that the start may be in Patras in the first ten days of December, but there is also the view that there is no point in doing anything before the holidays, as the party mechanism has already been mobilized one way or another due to internal elections. Therefore, the start may come in January, while the cities that will host the at least four pre-congresses will also be finalized.

CVC sells 26 marinas in the Mediterranean — 4 in Greece

And we move on to market news with an interesting story about a fresh deal in the making. According to information, CVC is launching a process to sell D-Marin, the company that owns and manages marinas. It is a major deal, as the price is estimated to reach €1.5 billion. The Greek interest lies in the fact that included in the “package” coming to market are the marinas of Zea, Pylos, Lefkada, and the large marina in Gouvia, Corfu. According to the same sources, the sale process is taking place abroad. D-Marin owns 26 marinas in nine countries — Greece, Malta, Turkey, Croatia, Italy, France, Spain, Montenegro, and Albania.

The Masoutis–Kritikos deal is nearing completion

They sweated, but they are approaching the finish line. This concerns Masoutis and the acquisition of Kritikos, which barring surprises will be finalized by year-end. Initial estimates pointed to October, but it turned out not to be a walk in the park. The deal creates the third-largest player in the supermarket market in terms of turnover. Competitors argue that it will take time until the new entity is well organized and operates smoothly.

Intralot paid for its 60% exposure to the UK market

Many shares of British gambling companies “went into the bucket” as the Labour government — making a dramatic effort to increase state revenue — decided to raise taxes on online gambling. The Remote Gaming Duty (RGD), imposed on online gambling, will rise to 40% in April 2026 from today’s 21%.
Finance Minister Rachel Reeves aims to add over £1 billion annually to the state budget as a result of the new levies. However, the tax increase leads to a significant rise in costs for gambling companies, especially those offering online casino, betting, etc., with consequences for their suppliers and the entire sector’s chain. This may reduce profit margins, especially for smaller companies; some may be forced to downsize or restructure their activities through mergers or even leaving the market. Analysts believe there will be a drop in investment in the sector, as the increased tax burden makes the market less attractive.
In this climate, the most affected shares were those of companies with high exposure to the British market. A characteristic example is Evoke (888, William Hill, etc.), which dropped 14%, while Entain (Ladbrokes, Coral, etc.) managed to absorb the pressure, and Flutter (Paddy Power, Betfair, FanDuel, etc.) closed in positive territory as it has significant presence in the U.S. Intralot, now controlled by Bally’s Interactive, was hit hard on the Athens Stock Exchange (-17%, at €0.92) due to its significant dependence on the UK market, since 60% of the new entity’s activities take place in the UK, where, among other things, it operates the highly popular online brand Monopoly Casino.

OPAP’s lotteries

Analysts consider the price of €80 million that OPAP will pay for the State Lotteries to be fair, if not advantageous. The company won the Hellenic Corporation of Assets and Participations (HCAP) tender for the 12-year concession of the exclusive management rights of the State Lotteries. It will pay a lump sum of €80 million, as well as 30% of gross profit annually, with a minimum guaranteed annual payment of €20 million. In April 2026, the current contract for the Lotteries held by Hellenic Lotteries expires, so OPAP managed to keep them in its portfolio until 2038. It is also noteworthy that OPAP will now have 100% of Hellenic Lotteries S.A., the company that has been running the State Lotteries to date, since Scientific Games is selling its 16.5% stake. Yesterday we also had the management’s conference call for the nine-month results, but no news emerged, and analysts and the market now await updates on the Allwyn–OPAP merger at the upcoming Capital Markets Update.

The Folli Follie case drags through the courts

The legal saga of Folli Follie continues, and at the latest hearing (November 25), objections were filed by the defendants — D. Koutsolioutsos, Aik. Koutsolioutsou and I. Begeitis — against the participation of shareholders supporting the accusation for fraud and forgery. Similar objections were filed against the participation of HCAP and EFKA. All objections will be decided at the next hearing. Regarding the FF request, the court announced it will give the floor only after its decision on the guilt or innocence of the defendants — that is, at the end of the trial. Despite the fact that this procedural order is provided by law and was followed at first instance, in practice, for cases such as this, it amounts to a form of “penalty” against the damaged party, who ends up being heard last, when everything has already been decided. The trial was again adjourned, to December 18, 2025. It is worth noting that the hearing at the Court of Appeal was originally set to begin on April 9, 2025, but since then it has been constantly postponed — from adjournment to suspension and back again. Time passes, the case drags on, and the administration of justice is tested by its own delays.

Today the first official appearance of Mystakidis for PAOK basketball

Early this morning, at the five-star September City Resort Spa & Conference operated by Hotel Brain, in Pylaia, Thessaloniki, the entry of Telis Mystakidis into PAOK BC (KAE PAOK) is officially announced. The entrance into the new era begins with an “injection” of 5.5 million euros from the new major shareholder, while immediately afterwards a large share-capital increase will follow. To make all this happen, an extraordinary General Assembly of PAOK BC shareholders has already been convened for December 17, as required by the institutional framework, with the main item being the election of a new Board of Directors. This process constitutes the final formal step for the full and clean transition to the new ownership structure.

The Church of Greece and the…”auction“

It is well-known that the Church of Greece owns large real-estate holdings throughout the country. Now, however, these are the reason it appears on the lists of electronic auctions—albeit indirectly. To avoid misunderstanding: this is not a hammer due to debts, nor is it being hunted by servicers. As the column learns, it is found—formally—in the position of debtor, with a private individual as the party initiating the auction, because she and the Church are co-owners, each holding 50%, of a “prime” plot in Thessaloniki. In this auction, scheduled for 28 January 2026, in the position of “defendant–co-owner–party against whom the auction is directed,” appears the Legal Entity of Public Law under the name “Church of Greece,” headquartered on Iasiou Street in Athens. The entire procedure is based on a recent decision of the Multi-Member Court of First Instance of Thessaloniki, ordering the partition of the plot. It is a complete and buildable plot of 310 sq.m. in the municipality of Thessaloniki, on Polyxenis Antoniou Street, at the borders of the historic center and Ano Poli, near the Ministry of Macedonia–Thrace. Among the scenarios examined in the valuation report was its division, which was not advantageous, while the preferred solution proposed was either selling it as a whole or exploiting it by constructing a multi-story building and distributing the resulting horizontal properties. And so we arrived at the auction, which will take place with a starting price of €402,000. As for the ownership titles, they go as far back as a Royal Decree from 1952.

Pappas’ philosophy with a scent of Wall Street

In New York, Petros Pappas continues to be one of the few Greek constants closely monitored by the funds in the dry-bulk market. And it’s not only the financial results of the third quarter of 2025—net income $18.5 million, EBITDA $73.6 million, and an average daily charter rate of $16,634/day—that drew attention. Pappas’ philosophy continues to be read like a manual of financial discipline: the 19th consecutive dividend, steadily $0.11/share (with cumulative returns of $13.12/share since 2021), and above all, dedication to value creation through streamlining the share base. There aren’t many Greek shipowners talked about at trading desks for their buybacks, but Star Bulk has already “burned” about 5 million shares, investing $82.1 million, while another “wallet” of $91.4 million remains available. On Wall Street, this translates as follows: “Pappas knows what his stock is worth and buys when others hesitate.” It is the classic recipe of value operators who are not afraid of volatility, as long as the balance sheet can withstand it. At the same time, Pappas does not miss the chance to buy tonnage when prices are right. The three Kamsarmax newbuilding resales from a Chinese shipyard, delivering in Q3 2026, are read by analysts as a targeted bet on the fleet tightness ahead. The age fatigue of the global bulk fleet is now a given, while regulatory uncertainty—from U.S.–China fee measures to the postponed decision on the IMO Net Zero Framework—works more in favor of strong balance sheets than against them.

Greek barrage of new shipbuilding orders

The week in shipbuilding confirms a pattern that, on Wall Street, is now considered structural: Greek shipowners act as the most consistent source of demand for new tonnage in sectors with different cycles and risk profiles. In bulkers, Atlantic Bulk Carriers is methodically expanding its footprint with four new supramaxes in China—continuation of an order sequence reflecting confidence in future freight rates despite volatility. Pricing at $33.75 million per unit places the company in the “value buyers” zone, exploiting stable construction costs before new inflationary pressures appear. The moves by Danaos and Oceanbulk in container ships reveal a parallel reading of the market: feeder orders remain strong, as supply chains are being reconfigured and regional feedering gains importance. The fact that Danaos is closing a six-vessel 1,800-teu series at a yard specializing in LPG carriers shows the Chinese industry is seeking more flexible capacity use. Meanwhile, Oceanbulk’s two 3,100-teu ships indicate that Greek owners are operating in the “mid-size box” category, where the greatest supply–demand balance is expected after 2026. In the tanker market, VLCC orders have increased in intensity and frequency. Maran Tankers returns with four new vessels at Hanwha Ocean, while a parallel European order at HD Hyundai shipyards shows the crude-oil market is renewing a fleet that has aged faster than the historical average. Prices at $128–130 million indicate that shipyards have regained bargaining power and owners are pricing in resilient earnings over the next four years. The appearance of two LNG carriers in HD KSOE’s books is the exception proving the rule: the LNG market remains conservative with new orders.

Diplomatic games in exchange for votes and balances

Workings and backstage movements at the headquarters of the International Maritime Organization, where Vassilis Kikilias represents the country ahead of the electoral process for Category A, in which Greece aims for first place. Given that the IMO is the maritime arm of the UN, what I can tell you is that in the days before the elections, interesting diplomatic games take place with votes and balances as bargaining chips. The Greek delegation has a clear goal: to remind partners of Greece’s role in international shipping—not as a given, but as a responsibility it wants to continue serving. In private meetings, the minister repeated the spirit of his speech: respect for procedures, commitment to cooperation, and a discreet but clear reminder that “Greeks are people of the sea.”

What the Czech head of the SRB saw in Athens

The three-member delegation of the Single Resolution Board (SRB) in Athens, led by the well-dressed Czech gentleman and the exceptionally discreet Asian-origin lady, did not hide their enthusiasm after their meetings with the managements of Greek banks. SRB visits are never “courtesy calls” or filled with pleasantries. They arrive with a pre-prepared questionnaire seeking gaps in MREL capital adequacy, the ability for rapid asset transfers, and the readiness of IT systems to operate under emergency conditions. Particular attention this year was paid to the cross-border activities of Greek banks. It appears the inspection results were absolutely satisfactory—something they reportedly did not hide in their final assessment.

Market trends favor Aegean

Aegean’s market capitalization reached €1.3 billion, as it closely follows the trajectory of major European airlines hoping for an end to the war in Ukraine. The European aviation index Stoxx Europe Total Market Airlines recorded another rise yesterday (+1.91%) and on a weekly basis its gains exceeded +5.40%. The index is composed of shares of 10 airlines (Ryanair, IAG, Lufthansa, EasyJet, Air France–KLM, Norwegian Air Shuttle, Wizzair, Finnair, Enter Air, and Norse Atlantic), all of which always trade at valuations lower than justified by their figures, as the sector is extremely sensitive to climate or geopolitical shifts. Over the past week—since even faint echoes of peace have been heard—there has been significant capital inflow into the aviation sector, and Aegean is benefiting from this trend. On 19 November, Aegean’s share price was €13.14; yesterday we saw it at €14.60. In last Monday’s session, 158 thousand shares changed hands; on Tuesday the number nearly doubled to 257 thousand, and yesterday, Wednesday, exceeded 100 thousand shares. AEGEAN continues to stand out for its cash position, holding €379 million in net cash, while implementing an ambitious investment plan that will allow it to spread its wings even to India.

Sunlight also turns to Defense

High-level international delegations have recently been visiting Sunlight’s factory in Xanthi. Recently, a French delegation led by the French Consul General in Thessaloniki visited the facility, while a few weeks earlier, there had been a large visit of Defense Attachés from 23 countries across 5 continents. The close timing and nature of these two visits are not considered coincidental. France, as the second-largest market for industrial batteries in Europe, represents a strategic market for Sunlight, which simultaneously maintains a long-standing international presence in the market for energy solutions for defense applications. The Greek multinational group Sunlight is rapidly strengthening its role in the new international environment, where energy independence, security, and technological innovation are acquiring decisive importance.

Stock Market: Balanced rise with the help of all forces

Excluding Intralot, which we mentioned above (-17.27% at €0.92) and its issues with the British budget, which dragged down all shares of the Kokkalis Group in its decline, yesterday’s session was a victory for balanced growth. The sixth consecutive upward session pushed the General Index above 2,100 points (2,106.9, +0.94%) with increased trading value of €311.55 million, including €70.6 million in pre-agreed block trades. Banks performed well and raised the pace, but the rise spread across almost all blue-chip stocks, with a clear protagonist being the DEI (Public Power Corporation) share (+2.29% at €7.19), for which investment firms are publishing a series of positive reports these days. Eurobank (+3.62% at €3.52) had many supporters yesterday, and trading in the stock approached €70 million (€49.6 million in blocks). National Bank (+3.38% at €13.06) and Piraeus (+2.31% at €7.19) also raised expectations high, while Alpha (+0.86% at €3.64) continues upward steadily without spikes. Notable is the performance of TITAN, which again reached the price of €45.6 (+1.22%).

War at the heart of Artificial Intelligence

The mere publication of the news immediately knocked NVIDIA’s stock down by -6%. However, the consequences are broader. Zuckerberg’s Meta (Facebook) announced that it chose Google’s TPU chips instead of Nvidia’s GPUs. In doing so, it broke the monopoly that Nvidia had built in AI infrastructure. Nvidia immediately issued a press release expressing its “enthusiasm” for “Google’s success,” while simultaneously losing $250 billion in market capitalization. At the same time, it reminded that “we continue to supply Google,” since Google still depends on Nvidia’s H100 and GB200 chips for the most demanding AI tasks. Nvidia did not want to attack its best customer directly, despite its “infidelity.” For this reason, it made sure to remind the market that its own chips offer “greater performance and flexibility.” It aimed to warn every other hyperscaler and every company considering following Meta’s example. But for the rest of the market, the message is clear: Nvidia’s dominance is being challenged. Its stock lost 11% in ten days. Google’s TPUs are cheaper, may be limited in certain functions, but competition has knocked on the door of costly Nvidia, and this is just the beginning of another war at the heart of Artificial Intelligence.

Labor Party imposes taxes on rentiers

The submission of the 2026 Budget by the Labor government in the UK targets all those who have chosen London as a taxation base for their income. Savers and property income earners will face a straight tax increase of 2 percentage points on income from interest, rents, and dividends. This means that taxes on savings income start at 22%, rise to 42%, and reach 47%. Dividend tax rates rise to 10.75% for basic-rate taxpayers and go up to 35.75% at higher scales. Chancellor Reeves has budgeted an additional £500 million per year in tax revenues from savings and property income, and an additional £1.2 billion from dividends. For decades, the London market attracted income-focused investors precisely because of the large number of companies paying generous dividends every year. Clearly, these developments also concern Greeks who have purchased apartments in London to collect rent, as they now face a new headache. The tax increase comes in a context of rising inflation, high living costs, and increasing financial pressures.