Welcome to July, the most summery month of the year. Fortunately, despite Force 6 and 7 winds, we have so far avoided a major wildfire, although it is still early days. What we have not escaped—though that is hardly a bad thing—is “Athina Oikonomakou’s tears during her wedding vows”. The home-grown heroine-influencer, filling a media agenda short on stories, married her previously little-known partner Bruno Cerella. Not Bruno Cirillo, the former AEK footballer. Never mind—it’s summer, after all, and exceptionally hot. I even came across a statement by a well-known journalist claiming that “Alexis Tsipras has deservedly earned a place alongside De Gaulle, Mitterrand and Adenauer. He is evolving into a leader of the peoples of Europe!”

More Opinion Polls…

This week, starting tomorrow I believe, we will probably see the final round of opinion polls before the summer holidays. Don’t expect anything different from what we have seen so far. New Democracy remains around 30%, “Adenauer-Alexis” sits comfortably on 16.5%, while Nikos-“I’m aiming for the Conference League” is just above 10%, neck and neck with President Maria, who, judging by her own social media posts, appears to be carrying out the fastest internal party purge in history. She founded the party and is already cleaning it out. A source also told me that people in Alexis’ camp, who certainly have political experience and know how to read the situation, believe Karystianou will not fall below 8%, because her support base is compact and unconcerned with such “details” as programs, policy positions and the like. They cite Natsios’ Niki party as an example, which quietly secured 4%-5% in 2023 despite hardly anyone knowing who they were. The polling team at Maximos Mansion also believes Maria’s numbers will not fall much further, as they reckon her supporters are not the sort of people who answer pollsters’ phone calls.

Meeting on a “Gentlemen’s Agreement”

At around midday today, a closed-door meeting chaired by Prime Minister Kyriakos Mitsotakis will take place at Maximos Mansion with representatives of the business community, aiming to reach a “gentlemen’s agreement” to reduce prices on thousands of essential goods. Alongside Mitsotakis, those attending include Development Minister Takis Theodorikakos and Despoina Tsangari, head of the Independent Consumer Protection Authority. Representing the market will be SEV President Spyros Theodoropoulos, Ioannis Giotis, President of the Hellenic Food Industries Association (SEVT), and Ioannis Masoutis, President of the Hellenic Supermarket Association. What is the government’s main negotiating tool? The profit margin cap, which expires at the end of June. The government wants an agreement immediately, with households feeling the benefit straight away. In return, it would not extend the cap. Businesses, however, believe the agreement could begin in September, once people return from their holidays. They also do not want it to last too long. We shall see where the talks end up, but Mitsotakis’ message to the market was clear: price reductions resulting from the de-escalation of the war should be passed on to consumers.

Full-Speed Regional Tours

Mitsotakis continues to insist that the next general election will take place in 2027. Until then, however, he is putting the system through its paces with an intensive program of regional visits. This week alone, two visits are scheduled in Attica. This afternoon he will visit western Athens, specifically Aigaleo, while on Thursday he is expected to visit the renovated Penteli Children’s Hospital before heading to another nearby location. The party machine is equally active. Yesterday, a major event took place in politically challenging Kalamata because of Antonis Samaras, while next week attention will shift to Thessaly, centered on the Political Academy, which will be held either in Larissa or Volos.

The First “Clean” Payments to Farmers

Speaking of Thessaly, one of the government’s biggest problems in recent months has been the significant delays in payments to farmers. There were major technical challenges during OPEKEPE’s transition to the Independent Authority for Public Revenue (AADE), and some difficulties remain. However, from today a substantial amount of money will begin flowing into the market, with some recipients even receiving more than they expected. Considerable work has taken place over recent days involving Schoinas, Pitsilis, Hatzidakis and Petralia to release an initial payment package worth around €700 million, allowing producers finally to receive their money. These payments are described as “clean”, carrying the AADE’s seal of approval and backed by the negotiations Schoinas is conducting with Brussels. By the beginning of next year, total payments will have reached €1.2 billion, with the major autumn payment package still pending. Another compensation payment is also scheduled later this week. On Tuesday, Schoinas will brief the Cabinet in detail, while on Wednesday he and Pitsilis are due to hold a press conference to present further details.

Pierrakakis to Officially Open Centre in Thessaloniki

In mid-July last year, Kyriakos Pierrakakis announced the agreement between Greece and the International Organization for Migration to establish the Global Supply Chain Management Centre in Thessaloniki. As he explained at the time, this is an extremely important project sought by many countries, given that the IOM manages annual procurement exceeding €1.7 billion worldwide. The center also has a significant geostrategic dimension, as its mission is to support people affected by humanitarian crises—not only in host countries but primarily in their own countries. Within twelve months, the agreement has been completed, the necessary legislation passed, the location selected and the center is already fully operational. As a result, the Finance Minister travels to Thessaloniki today for the official inauguration.

PASOK and Tzakri

The split between Theodora Tzakri and Stefanos Kasselakis had been expected for quite some time. She was simply waiting for the right trigger, which came after Adonis gave an interview to Kasselakis. The question now is where she goes next. There is some hesitation within PASOK because Nikos Androulakis supported a constitutional amendment barring anyone who has served as an MP for more than 20 years from standing on the party’s electoral lists. Tzakri has represented Pella continuously since 2004. She was first elected with PASOK, defected to SYRIZA in 2015, and left again in 2024 to join Kasselakis. I asked sources at Harilaou Trikoupi, who told me that no final discussions have taken place with her and that her resignation is unrelated to PASOK, instead stemming from an… ideological disagreement with Stefanos (I’m crying!). The issue, however, is that PASOK has created expectations of high-profile political transfers. Instead, Tsipras appears to be steadily attracting its members. “We thought we’d get four or five MPs. Nobody knows what’s happening; everyone is asking questions and we’re all waiting. But the longer we delay, the more problems arise. If he’s going to take Tzakri or Admiral Apostolakis, he should do it now, because anything left to fester eventually ends badly,” one prominent PASOK MP told me. Nevertheless, associates of “our Nikos” (there are still some) do not believe he is thinking along those lines. “Right now, his focus is on producing policy (I’m crying again!). He wants Tsipras to expose himself, to look like he’s taking every last unelected PASOK member and simply offering jobs. So transfers will happen—but not now,” my source insisted. For some reason, it reminds me of Karagiozis, who, while being beaten up, would say: “He’ll beat me, he’ll sweat, he’ll get sick…”

Just One Vote…

As if Androulakis did not already have enough problems, one of his closest associates and strongest defenders during the wiretapping affair, Christos Kaklamanis, added to them. What did the son of the historic PASOK figure say? Simply the obvious: that things have become much harder now that Tsipras has a party, and that you cannot be in third place while claiming you are going to finish first (whereas when Tsipras had no party…). “He misspoke,” one PASOK friend told me. But what difference does it make when the entire situation within PASOK seems to have spun out of control?

A New Business Venture for Alexis Patelis

Alexis Patelis is returning to familiar territory—advising major companies with a focus on macroeconomics while taking into account developments in artificial intelligence. The former head of the Prime Minister’s Economic Office will launch a new consultancy on 1 January 2027 specialising in exactly that field, having also written an interesting book about his years working alongside Mitsotakis. I also hear that a private meeting with major family offices recently took place at a seaside hotel. This development clearly means Patelis is no longer in the running for the upcoming Deputy Governor position at the Bank of Greece. Meanwhile, the name of Professor Dimitris Tsomokos has begun to circulate for the role.

AKTOR’s Next Moves

Today, barring any unexpected developments, we are expected to learn more about AKTOR’s strategy. According to well-informed sources, attention is focused on energy infrastructure, where initiatives appear to be maturing that could significantly alter the group’s trajectory. Within this framework, sources say AKTOR and Motor Oil are in advanced discussions regarding, among other things, the Dioryga Gas FSRU project at Agioi Theodoroi. This would become Greece’s second LNG regasification terminal, a project that has reached an advanced licensing stage and has regained momentum following the successive energy crises of recent years. Some reports suggest discussions between the two groups extend beyond this single project into other areas of shared business interest across the energy market, with further announcements potentially expected in the coming days. This activity complements the energy strategy recently presented to investors by the company’s management. With US LNG, entry into the retail electricity market—which also represents a new area for the company—renewable energy and energy storage forming the core pillars of the new business plan, everything suggests that the group’s next phase of growth will rely not only on organic expansion but also on strategic partnerships capable of accelerating implementation. Market observers have also noted that AKTOR’s energy strategy is taking on an increasingly strong American dimension. The relationships the group has developed in recent months with US energy and financial circles through the Vertical Corridor project and LNG are seen as adding considerable weight to the investment case ahead of its forthcoming capital increase.

A Fully Underwritten Deal Not Seen Since the 1990s

Since we began with AKTOR, let’s continue by noting that last Friday’s announcements surprised no one more than the bankers themselves. The reason was the fully underwritten issuance, backed by some of the biggest names in investment banking. Their surprise was understandable, because Greece has not seen a fully underwritten transaction since the 1990s—and now AKTOR has secured two of them, one for its bond issue and another for its capital increase. Under this underwriting model, AKTOR already has the €950 million in its coffers. The fact that Bank of America, Goldman Sachs and UBS are willing to guarantee both the capital increase and the bond issue indicates that there is a business plan behind it—presumably the one outlined above—that fundamentally changes the picture.

Vassilis Psaltis: Banks in the Age of AI

Technology and the changes it is bringing to the banking sector featured prominently in Alpha Bank CEO Vassilis Psaltis’ address to shareholders. He spoke of the rapid transformation of banking through artificial intelligence, stressing that the sector will change more over the coming years than it has over the past two decades. According to Psaltis, Alpha Bank already has more than 55 advanced analytics models in live operation and is the first Greek bank to deploy a generative AI chatbot at full scale, handling more than 20,000 conversations each week and delivering measurable annual benefits of €10 million. Elsewhere in his speech, he said that if banks are to fulfill their role as drivers of economic growth, they must channel financing towards innovation, international expansion and businesses capable of growing in both scale and ambition.

Apostolopoulos’ €20 Million Bonus and Asklepios

Significant developments could arise following the rejection by 42% of shareholders in Athens Medical Group of the board’s proposal to revise the company’s Remuneration Policy in order to grant additional compensation to the group’s former Chairman and founder, Giorgos Apostolopoulos. This was not a symbolic bonus. The proposal involved the equivalent of 120 monthly salaries—three for each of the forty years he served as chairman—amounting to as much as €20 million. At Friday’s general meeting, the proposal was approved by a narrow majority of just 57.8%, while all other agenda items passed with what could only be described as Ceausescu-style majorities of 99% and 100%. It was widely discussed that the 42% voting against the former chairman’s bonus included the German healthcare group Asklepios, the Apostolopoulos family’s long-standing partner and the company’s second-largest shareholder with a 36.5% stake. The company’s leadership—Giorgos Apostolopoulos’ sons, Vasilis (the current chairman) and the CEO—attempted to play down the issue during the meeting, arguing that the €20 million payment represented recognition of a lifetime’s work and that it was entirely appropriate to acknowledge the achievements of the company’s founder. However, the 42% clearly did not share that view, particularly considering that Athens Medical Group posted losses of €4.6 million in 2025, recorded EBITDA down by 14%, ended the year with negative working capital, mainly due to investments, had net debt of €151 million and outstanding receivables of €156 million. It remains to be seen whether, and to what extent, the issue will affect the balance of power between the Apostolopoulos family and Asklepios going forward. The management also stated—perhaps in an effort to ease criticism—that the bonus of up to €20 million would be paid in such a way, most likely in instalments, that it would not place a financial burden on the company. Some might describe that as little more than cold comfort.

Greek Companies Sign Up to Ukraine’s Reconstruction Plan

Among the almost 30 energy agreements and memoranda of understanding signed on the sidelines of the Ukraine Recovery Conference (URC 2026), held last week in Gdańsk, Poland, two agreements with Greek involvement stood out. Of all the companies selected by Ukraine’s Naftogaz to sign memoranda of understanding, only four groups made the shortlist: Siemens Energy, ORLEN, GEK TERNA Group and Greece’s DP Pumps Group. The two Greek agreements outline the role Greek businesses are expected to play in Ukraine’s reconstruction. According to information available, GEK TERNA Group’s memorandum with Naftogaz provides for cooperation in developing natural gas, renewable energy and energy storage projects in the Odesa region. DP Pumps Group’s agreement, meanwhile, covers water infrastructure projects, pumping systems for power stations and other critical energy facilities. For GEK TERNA, the new partnership builds on its existing presence in Ukraine. As early as November 2025, through its wholly owned subsidiary TERNA, the group signed a memorandum of understanding with the state-owned hydroelectric company Ukrhydroenergo to jointly develop two major pumped-storage hydroelectric projects in western Ukraine, with a combined budget of around €1.5 billion. These projects include the 1,263 MW Dniester PSPP pumped-storage plant and a new 220 MW pumping station, while both parties also left open the possibility of cooperation on additional hydroelectric and pumped-storage projects. The agreements form part of Ukraine’s broader energy reconstruction strategy. The Ukraine Recovery Conference has now become the leading international forum for Ukraine’s reconstruction, bringing together governments, international financial institutions, development banks and major corporate groups to mobilise public and private investment for rebuilding infrastructure and supporting the country’s economic recovery. This year’s conference resulted in 28 international energy agreements securing almost €2 billion in financing and investment. These include, among other projects, the construction of a new 650 MW natural gas plant by DTEK and GE Vernova, financing for new wind farms, upgrades to Ukrenergo’s electricity transmission network and a series of memoranda between Naftogaz and leading international energy companies. According to Ukraine’s Energy Minister, the goal is to restore 54 GW of installed generating capacity by 2035, returning the country’s energy system to pre-2014 Russian invasion levels. At the same time, more than €550 million in international financing has already been mobilised to prepare the energy system for the coming winter, although overall funding needs remain far greater.

Athena Research Centre Moves into the Former ETHNOS Building

The historic ETHNOS newspaper building, located beside Doukissis Plakentias Metro Station and close to the Attiki Odos interchange, is entering a new chapter. In its second life, the complex will house computing infrastructure and data centers, robotics laboratories, modern office space and collaborative work areas, a large auditorium, a reading room, as well as catering and leisure facilities. The premises will become the new home of the Athena Research Centre, one of Greece’s leading research and innovation organisations, following the completion of the final purchase agreements with the owner, ELLAKTOR, for €18.95 million. The tender process, conducted under the Recovery Fund, was managed throughout the past year on behalf of the Athena Research Centre by the National Development Fund (formerly the HCAP Superfund). The procedures have now been completed, partly because of the strict deadlines attached to Recovery Fund financing. The overall project will exceed €36 million, in line with the tender specifications, which stated that: “The total budget for the acquisition of the property, together with any necessary reconstruction, renovation, refurbishment or adaptation works, amounts to €36.3 million (including VAT), while no more than €20 million may be allocated to the purchase of the property itself, prior to any reconstruction.” At the complex—where a significant chapter of modern Greek press history was written before the collapse of Pegasus Publishing last decade—structural reinforcement and repair works were completed at the beginning of June. The Athena Research Centre includes institutes and research programs working in cutting-edge digital technologies, including artificial intelligence, data science, information systems and robotics. It is one of Greece’s principal public technology research institutions and employs around 1,000 people, the majority of whom are specialists in computer science and the natural sciences.

And… Private Safe Deposit Boxes

Among the many new companies established last Friday, one that caught my attention was “Vault247 Private Security Services S.A.”, trading as Vault247 S.A., headquartered in Marousi. It stood out mainly because its principal business activity is the provision of safe deposit box rental services outside the banking system. In addition, the company will engage in business consultancy, storage services, property leasing and management, as well as security services. The company’s initial share capital amounts to €25,000, paid in cash upon incorporation by Dionysios Potamitis, who contributed €24,750 for 24,750 shares (representing a 99% stake), and Ioannis Koufogeorgas, who invested €250 for 250 shares (a 1% stake). Alongside the two shareholders—Potamitis serving as Chairman and Chief Executive Officer, and Koufogeorgas as Deputy Chairman—the board also includes Georgios Douvros as a director. I imagine the banks’ safe deposit boxes must already be completely full, and since market gaps rarely remain unfilled for long, private alternatives are now emerging. Should I therefore assume that… there really is money around?

The New “Deterrence Bank” DSRB and Athens’ Decision

A series of high-level meetings will take place this week as the Greek government considers a particularly important question: whether, how and to what extent Greece should participate in the newly created Defence, Security and Resilience Bank (DSRB). Time is running short ahead of the NATO Summit in Ankara on 7-8 July, where the new organisation is expected to be officially unveiled. Originally conceived as a “NATO Bank”, the initiative is now being actively promoted by Canadian Prime Minister Mark Carney, a former central banker, together with Luxembourg Prime Minister Luc Frieden, following their joint article in the Financial Times. The DSRB’s headquarters will be located in Toronto, with its European headquarters in Luxembourg. Nineteen founding members have already selected Canada as the host country. Using modern financial engineering techniques, the DSRB will raise capital from financial markets, provide guarantees that unlock bank lending for defence companies and SMEs, while also coordinating defence investments to prevent duplication. The key feature of the initiative is that member states’ contributions to the DSRB will count towards NATO’s defence spending target of 5% of GDP. According to reliable information, Greece has participated in discussions from the outset as an observer, represented by a highly respected senior figure, while also playing an active role in shaping the organisation’s initial operating framework. For Athens, the objective is access to low-cost, long-term funding for defence without placing additional strain on the national budget, while also securing a seat at the table where the rules for the next phase are being written. There are, however, significant obstacles. The United States will not participate in the DSRB, while London remains cautious. The initiative appears less like an institution of NATO itself and more like an alliance of middle powers using the NATO banner as a political lever. Final decisions are expected later this week.

First-Half Winners: Industrial Stocks Lead the Market

The first half of 2026 produced a clear winner in terms of market performance: the industrial sector. GEK TERNA, Lavipharm, Viohalco, Cenergy and ACAG make up the top five performers on the Athens Stock Exchange (ATHEX) in the first six months of the year, each posting gains of more than 60% since the start of 2026. Of the 25 large-cap stocks, seven are trading below their closing levels of 31 December, with the biggest losses recorded by Allwyn and Jumbo. Although the General Index has gained 15% so far in 2026, the variation in individual stock performance is striking. This reflects differing expectations across sectors, as well as investors’ focus on companies expected to be included in international benchmark indices as the Greek market enters a more mature phase. The most actively traded stocks of 2026 have been Y/Knot (107.3%), Real Consulting (76.3%) and Alpha Bank (65%). At the opposite end of the spectrum, Yalco has recorded the lowest trading activity, with just four shares changing hands in a single trading session, while Vioter has also traded in only one of the 117 trading sessions held so far in 2026.

OTE’s Next Phase of Transformation

The day after tomorrow marks two years since Kostas Nebis took over as CEO of OTE. At precisely this point, the management restructuring at the group’s Marousi headquarters is entering a new and deeper phase. Aligned with Deutsche Telekom’s strategy, the new leadership continues to build what it consistently describes as “OTE 2030”. The group is evolving into a technology company that extends beyond traditional telecommunications, focusing on artificial intelligence services and preparing to adopt the Telekom brand in the coming months. According to information available, this transformation will be accompanied by a new round of changes at the highest management level. Experienced executives with long careers at the company are reportedly preparing to step down under an honourable departure scheme that recognises their contribution while creating opportunities for a younger generation of senior managers. Among the names being mentioned is Group Chief Financial Officer Babis Mazarakis, who has served as CFO since 2012 following previous roles at National Bank of Greece and Titan, and who currently also chairs OTE Estate. According to market speculation, he could return to the broader financial and insurance sector, where he has longstanding professional roots. The same wave of departures is also expected to include the head of OTE’s Legal Department, a senior executive with more than 25 years of service. Further management changes are also reportedly in the pipeline. Beyond personnel changes, however, the strategy rests on two key pillars. OTE is moving into new services centred on the AI era while simultaneously beginning a more active utilisation of the group’s extensive real estate portfolio. For years, the property portfolio remained significantly underutilised, but it has now become a strategic priority. Every change of leadership inevitably creates tensions. At OTE, however, the management transition is being presented less as a rupture and more as a natural evolution.

Coca-Cola HBC Closing in on a €21 Billion Valuation

Coca-Cola HBC continues to display remarkable resilience, recording five consecutive gains despite the broader market remaining trapped in a four-day losing streak. The stock has comfortably broken through the €56 barrier. It closed Friday’s session at €56.20 after reaching an intraday high of €56.60, setting a new all-time record. The company is now on the verge of a €21 billion market capitalisation, with its market value standing at €20.97 billion.

HELLENiQ ENERGY Reclaims the €11 Mark

HELLENiQ ENERGY has reached a significant milestone, breaking through a price barrier that had stood for 18½ years. After several sessions hovering around the €11 level, last Friday’s 3.2% rally pushed the stock to close at exactly €11 for the first time since mid-January 2008. The shares have completely decoupled from the recent decline in international oil prices. Instead, investors are focusing on positive business developments and the company’s strategic partnership with Chevron, which is providing fresh growth prospects for the group. Following this latest advance, HELLENiQ ENERGY’s gains since the beginning of 2026 now stand at 31.5%.

Qube Finds Itself Trapped

ADMIE’s shares reached a new all-time high on Friday, rising 6.29% to €4.90, while trading volume surged to nearly five million shares. It appears that the stock market laid a trap for professional short sellers. The apparent target was London-based hedge fund Qube Research & Technologies. The fund had logically bet that the listing of 130.8 million new shares—issued through the company’s €530 million capital increase, which was oversubscribed sevenfold—would put downward pressure on the share price. Accordingly, it carefully built up a short position, increasing it to 0.625% on 22 June. The bet failed. The new shares began trading last Wednesday. There was no selling pressure whatsoever. Qube’s position was automatically diluted to 0.45% following the increase in the company’s share capital. That was precisely when the market struck. Demand from investors who had been unable to secure allocations during the capital increase flooded the market, far exceeding available supply. Part of the subsequent rally bears all the hallmarks of short covering, with investors forced to buy shares to close out positions. Official data from the Hellenic Capital Market Commission, however, reveal something else. Qube has not surrendered. It has increased its short position again, to 0.51%. The battle continues, with buyers still firmly on the offensive. Since its March low of €2.76, ADMIE’s share price has surged 68%. Since the beginning of the year, gains exceed 50%. US investment firm The Capital acted as cornerstone investor with a €70 million commitment. The company’s market capitalisation now exceeds €1.7 billion. According to management, ADMIE has “come of age”, evolving from a national operator into a regional player. Qube continues to maintain its short position, while time is becoming increasingly costly.

SpaceX Set to Disrupt the Telecoms Market

SpaceX is planning a major entry into the US mobile telecommunications market through its Starlink Mobile service, expanding beyond satellite broadband. According to information presented to investors during the roadshow for its recent IPO, the company is considering launching a retail mobile phone service and even building its own terrestrial mobile network, placing it in direct competition with Verizon, AT&T and T-Mobile. Until now, Starlink has worked alongside telecommunications providers such as T-Mobile, offering satellite coverage in areas lacking adequate terrestrial infrastructure. A move into direct consumer sales would give the company access to a much larger market while reducing its dependence on telecom partners. Should the venture prove successful, the next step could well be expansion into markets beyond North America through the acquisition of mobile spectrum licences.

Avin’s Strategic Return to Dry Bulk Shipping

The Vardinogiannis family appears to have decided to return to the dry bulk shipping market, bringing Avin International back into the bulk carrier sector with the acquisition of the Handysize vessel Kriti Atlas. Although the investment currently involves just a single vessel, it is difficult to regard it as a coincidence. The company exited this market segment only last year, while also selling several vessels during a period of elevated market valuations. Now it is returning at a time when Handysize vessel prices are rising, freight rates are strengthening and analysts see growing activity in the second-hand market. Kriti Atlas may simply represent the first step in a broader and more organised return. After all, experienced Greek shipowners have repeatedly demonstrated that they prefer to move ahead of the market cycle rather than follow it. If the upward trend in the Handysize segment continues, it would come as no surprise if this latest acquisition proves to be the opening move in a wider strategic expansion rather than an isolated purchase.

First Positive Signal from COSCO Fuels Fresh Optimism for Piraeus

The figures may appear modest, but in the container shipping industry they often tell a much bigger story. The 2.8% increase in container throughput at Piraeus’ Piers II and III during May is not enough to justify celebrations. It is, however, sufficient to revive optimism that Greece’s largest port may finally be emerging from the difficult period caused by disruptions to international shipping routes. Market participants have noted that this marks the second consecutive month of growth in 2026 and, more importantly, the strongest performance recorded over the past twelve months. Attention is now turning elsewhere. All eyes are on the Suez Canal. If the major container shipping lines begin returning in greater numbers to the traditional route, Piraeus could regain the position it established as the leading transhipment hub in the Eastern Mediterranean.

When Cybersecurity Becomes a Seal of Credibility

In the ferry industry, investment was once measured in new ships, refurbishments, cabins and engines. Today, however, the real battle is increasingly being fought within the invisible systems that underpin a company’s operations. MINOAN LINES’ ISO 27001:2022 certification may appear to be just another technical announcement, but it actually sends a much broader message to the market. The protection of information systems, electronic transactions and passenger data is rapidly becoming a competitive advantage rather than merely a regulatory requirement. The ferry sector has fully entered the digital era. Electronic tickets, online bookings, digital payments, onboard Wi-Fi, fleet management systems and ever closer integration between vessels and headquarters create new opportunities—but also new risks. A cyberattack today threatens far more than a single computer. It can cause operational disruption, financial losses and serious damage to a company’s reputation. Nor is this relevant only to one operator—it signals the direction in which the entire industry is expected to move.

China Builds a “Golden” Path to De-Dollarisation

Last month, China imported 163 tonnes of gold, marking its largest monthly purchase since March 2024. This came at a time when the price of gold had fallen by around 25% from its record high reached in January. The West is selling gold. The East is accumulating it. During the first five months of 2026, China’s gold imports reached 692 tonnes, a year-on-year increase of 76%. The People’s Bank of China added another 10 tonnes to its reserves, marking its nineteenth consecutive month of purchases and lifting total holdings to a record 2,331 tonnes. Wealthy Chinese investors also appear to be favouring the perceived safety of gold, as retail demand for gold bars continues to rise, supported by “gradual accumulation programs” that allow ordinary savers to build gold holdings much like filling a piggy bank. Part of May’s surge may, however, have been artificial. A new import licensing regime came into force on 1 June, prompting some banks to use up their quotas before the rules changed. At the same time, imports via Hong Kong declined by 38% as shipments shifted to direct channels, while domestic gold ETFs experienced outflows. The conclusion remains the same. The world’s largest gold buyer continues to take advantage of falling prices while absorbing Western sales. China is building the de-dollarisation of its trade transactions one gram of gold at a time.

The New Inflation Trend in Entertainment: Funflation

It is inflation driven by the pursuit of happiness. The term funflation describes how, since the pandemic, consumers have become willing to pay almost any price for a live experience. The entertainment industry has changed dramatically. In the United States, the average concert ticket reached $144 in 2025, 45% higher than in 2019. Tickets for sporting events recorded the highest inflation of any category in the consumer price index over the course of a single year. Consumers continue to spend. Almost four in ten Americans say they are willing to take on debt to fund travel and entertainment, despite outstanding credit card balances totalling $1.13 trillion. The FIFA World Cup took the trend to its extreme. For the first time, FIFA introduced demand-based dynamic pricing, effectively treating ticket prices like a stock market. The most expensive ticket for the final in New Jersey surged from $6,730 to $10,990. Front-row tickets reached $32,970, while one seat briefly appeared on the official resale platform for an astonishing $11.5 million. FIFA President Gianni Infantino joked that he would personally deliver a hot dog to anyone willing to pay $2 million. Donald Trump, meanwhile, said he would not pay even $1,000 to watch a match from the stands. At the other end of the scale, the cheapest tickets across 11 host cities fell by an average of 37%. The algorithm gives—and the algorithm takes away. Meanwhile, prosecutors in New York and New Jersey are investigating FIFA over allegations of artificial scarcity and misleading consumers. The experience has become a luxury. And that luxury is increasingly being financed through debt. FIFA expects revenues exceeding $11 billion, paid for by increasingly indebted consumers.