Hello. Faithful readers have been asking me about numbers, polls, etc., perhaps because we always keep a close eye on them from this column. Patience, friends, we are still in a summer mood and half of Athens is empty. What always happens is that, at least from the standpoint of the prime minister’s office, they commission one poll before the Thessaloniki International Fair (TIF), just to see where they stand after the summer, and another after the announcements, to measure what they gained. What I can tell you is what I am learning they believe at the Maximos Mansion about how they themselves will do in the elections, but also what they are saying in Tsipras’s camp. So, I am told that the election team that is taking stock and preparing for the spring ballot says: “Today we have 30%, solidly.” Mitsotakis, I am also told, believes that he currently has 31%-32% and argues that “we’ll get more during the pre-election period, because we know how to run elections.”

And Alexis?

Don’t think that Tsipras believes anything very far removed from what he thinks New Democracy will get—or where it currently stands. Alexis therefore says that all this talk of Mitsotakis getting 24% or 25% is nonsense, because quite simply the numbers don’t add up. He puts New Democracy at 28% on the first Sunday, and in fact believes that, one way or another, it is more likely to form a government with someone. Not that this wouldn’t actually suit him, especially if New Democracy’s coalition partner is PASOK; on the contrary, it would suit Tsipras just fine. As for themselves, in ELAS, they estimate that they are above 18% and dream of 20%. Fine, they have every right to believe whatever they want. They put PASOK somewhere between 10% and 12% and believe that if the numbers come out something like 28%-30% for New Democracy, 18%-20% for ELAS, and 10%-12% for PASOK, Nikos A. will… wave goodbye to his chair after the first Sunday. Of course, these are their own forecasts and estimates, and all of this is taking place in the summer doldrums, seven or eight months before the election. A long road ahead.

Don’t expect big deals until the elections…

Since we’ve started talking about forecasts (early, early), let me tell you that from now on and until we see what emerges from the ballot boxes, we will not be seeing any big and impressive deals. That is what everyone who has “put deals together,” or is generally in a position to know about business agreements in the pipeline, is saying, pointing out that as Greece enters the final stretch toward the elections, it has simultaneously entered a zone of political risk. “Let’s first see whether Mitsotakis will form a government and what that government will look like, and then we’ll talk again,” is their motto, and it seems logical to me.

Reunion for the Recovery Fund

Now to current affairs. The summer holidays may have intervened, and quite a few members of the cabinet may have been rather tanned, but Mitsotakis made no comment on their appearances during yesterday’s first meeting and, as soon as the cameras were switched off following his introductory remarks, he moved straight on to a presentation of what has been done and what remains to be done by August 31. Still, as a gesture of recognition, he also organized a sort of reunion, inviting those who had managed the Fund from its inception to participate in the meeting by videoconference. Taking part via videoconference were Theodoros Skylakakis, Alexis Patelis and Dimitris Skalkos, while Michalis Argyrou, who is now director of the prime minister’s economic office, was at the Maximos Mansion.

One minister in every prefecture

Because the government is moving to the rhythms of TIF, ND secretary Kyranakis is finalizing even today the composition of the teams that will tour all the prefectures of Macedonia next week. From Monday through Friday, every day there will be a minister or deputy minister in each prefecture of Eastern, Central and Western Macedonia, while the blue teams will bring good news concerning each respective prefecture; in other words, they will not simply be recording problems.

Price reductions and the asterisks

At the beginning of next week, the list of measures for price reductions, by at least 5%, will be announced in detail. There will be quite a few product codes included in the initiative, as Theodorikakos explained during the cabinet meeting, enough to cover at least two months, while this framework of a gentlemen’s agreement will certainly remain in place through the end of the year, perhaps with updated product codes. I am told, however, that two sources of risk for the coming winter were highlighted during the cabinet meeting: the prospect of prolonged turmoil in the fuel market, which is pushing prices upward, and the reduction in Ukraine’s grain-export capacity, which is also having a negative effect.

The remedy for non-state universities

Behind the scenes at the cabinet meeting, I learn that Education Minister Sofia Zacharaki informed ministers that the problematic points highlighted by the Council of State’s ruling on licenses for non-state universities will be remedied in the coming days, so that there will be no issue with their operation. I am told that Keele and York will be re-licensed in the coming days, while the issue concerning Anatolia will be resolved during the first week of September. Overall, throughout September and October, the procedures for re-licensing both existing and newly established non-state universities will move forward—a task on which the ministry’s legal service was working in the middle of August.

Pierrakakis–Papastergiou lunch

After the cabinet meeting, Pierr and Papastergiou left the Maximos Mansion together, heading to the Athenee restaurant, which has become the Finance Minister’s regular haunt. Over a working lunch, the two senior ministers discussed, among other things, the TIF measures, since the package includes significant energy interventions made possible by the activation of the escape clause.

The “investor”…

A little old, but interesting: His name is Seth Bernstein, and he appeared in Athens in the spring with “impressive credentials” as a major investor and friend of Trump. Doors were opened wide for him and he met the crème de la crème of the country’s business community, as well as two ministers. He proposed putting money into PPC’s capital increase, lending money to an interested party for ELPE and AKTOR, and so on and so forth… Naturally, just as often as they saw him again, so did we…

Piraeus Bank to securitize step-up loans

In addition to Eurobank, which has already moved in this direction, Piraeus Bank will also put up for sale, through securitization, step-up loans that ultimately will not return to the bank’s portfolio in the form of amortizing loans. At Piraeus Bank, they will wait until the end of the year, when the deadline set by the supervisor expires, so that they have a complete picture, and with the new year the sale process will begin, although preparations for it will get underway earlier. The picture being conveyed by the banks is that the target of converting 70% of step-up loans into amortizing loans is not a simple undertaking, which is why the offers banks are making on interest rates are generous.

Hiring executives

The agreement to establish the joint energy company of GEK TERNA–Motor Oil is moving forward, judging by the fact that the procedures for staffing it have also been set in motion and are already maturing. NRG and HERON are merging, while the joint company (50-50) will also receive 100% of Thermoelectric Komotini, an 877MW natural-gas-fired power plant, which is scheduled to begin commercial operation in January 2027.

Container traffic at Piraeus Port improves

The second half of the year began with a marginally positive change in container traffic at the Port of Piraeus. Specifically, Terminals II and III recorded a 1.8% increase in throughput (351,500 containers), limiting the decline for the seven-month period to 2.2%. The year began with sharp month-to-month fluctuations, clearly affected by geopolitical developments as well, and is gradually showing signs of stabilization, with changes close to last year’s cargo-handling figures.

The factory that changed hands—and its name

I learn that there has been a change of ownership, as well as a change of name, at Landis + Gyr S.A., namely the until-recently Greek subsidiary of the Swiss Landis+Gyr Group. As newmoney had revealed back in December 2025, following a period of intense developments and upheaval—mainly because the company was excluded from DEDDIE’s major “smart meters” tender—there were successive changes in management, while the sale to private equity fund Aurelius was set in motion. This was expected to be completed by the middle of this year. And that is what happened, with the Corinth factory passing into the hands of Aurelius. Thus, at the end of July, an extraordinary General Meeting of the company was held, which decided to change the company name and make the corresponding amendment to its articles of association. The Greek company Landis + Gyr S.A. was renamed “EYKON Solutions Single-Member S.A.” In fact, on August 18 it was announced that Dr. Alexander Henschel, a senior executive of Aurelius, would become CEO of former Landis+Gyr EMEA (now EYKON). It should be recalled that the Greek factory has a “key” role in the EMEA cluster and, as was announced, will continue to serve customers throughout Europe, the Middle East and Africa, while the Landis+Gyr Group will continue operating in the Americas and Southeast Asia. In any case, an effort is being made to convey an image of continuity. Thus, the official Landis+Gyr EMEA website refers to a “former member of the Landis+Gyr Group” that, “as an independent organization, relies on long-standing customer relationships and proven technological capabilities, supported by experienced regional teams.”

Bonus at Astir

In the middle of the summer, specifically on July 21, when the ordinary General Meeting of “Astir Palace Vouliagmenis” was held—the company that owns and manages the iconic Astir Vouliagmeni hotel complex—in addition to approving the financial results for fiscal year 2025, it also decided on the distribution of bonuses to senior company executives. As stated in the relevant resolution, the General Meeting unanimously decided “to distribute an additional portion of the total profits for fiscal year 2025, namely the total amount of €98,617, to senior executives of the company for their contribution, through the effective performance of their duties, to its exceptional financial and operational performance.” Let me remind you that the historic complex has passed into the ownership of shipowner George Prokopiou, and in 2025 it reported revenue of €140.56 million, compared with €127.62 million in 2024 (+10%); profit before tax rose to €30.75 million, from €24.43 million in the previous year (+25.1%); and net profit after tax came to €23.06 million, from €18.73 million in 2024 (+22.1%).

Motor Oil at €60

All day yesterday, the Motor Oil share flirted with €60 and eventually closed at €60, which is an all-time high. Its market capitalization exceeded €6.6 billion, recording a +50% rally in just 32 trading sessions. Today, after the close of Euronext Athens, the company announces its half-year results, while tomorrow at 17:30 it will brief analysts via conference call. In a few days, on August 31, MSCI rebalancing arrives, with the stock returning to the MSCI Standard. The secret of the success lies in limited supply, not increased demand. All the world’s refineries operated at just 80.9 million barrels/day in July, approximately 5 million lower year-on-year. Russian refining fell below 4 million barrels/day following the strikes on TANECO and Novorossiysk. The fuel bulletin returned to Moscow, while even today more than 20% of Middle Eastern capacity remains offline. The result was expected and more or less normal. European diesel crack spreads exceeded $70/barrel, five to six times above normal levels, while Mediterranean refining margins are running above $30 in the third quarter. Eurobank Equities estimates adjusted EBITDA at €481 million for Motor Oil in the second quarter (versus €442 million reported by HelleniQ Energy). It sees the third quarter, however, exceeding €700 million at current spot margins and full-year EBITDA moving toward €1.9-2 billion, whereas at the beginning of the year everyone was expecting €1.4-1.5 billion.

HELLENiQ ENERGY: Ten-day rally and new 27-year high

And since we mentioned Motor Oil, let’s move on to HELLENiQ ENERGY, whose performance on the Athens Stock Exchange confirms the strong investor confidence in the group. The break above €15.50 and the rally of 10 consecutive upward trading sessions, starting from around €13 in early August, took the share to €15.52, marking a new high for almost 27 years. The next milestone is now the €15.66 closing price recorded on January 3, 2000. International houses such as Goldman Sachs recently upgraded HELLENiQ ENERGY’s target price, highlighting its attractive valuation and the rapid reduction in net debt. The activation of a share buyback provides additional support to liquidity, while the €2 billion green-transition investment plan for 2026-2028 reinforces the company’s long-term outlook.

Kri Kri: Breaks through the €1 billion barrier, fueled by MSCI

A new era for Kri Kri, which has entered the Athens Stock Exchange’s exclusive billion-euro club as the 31st listed company to reach this milestone, with its market capitalization now standing at €1.05 billion. The stock is staging an impressive rally, setting one all-time record after another, reaching €32.50 intraday yesterday, before closing at €31.90. The momentum is reflected in the stock’s three-day winning streak, with daily turnover consistently exceeding €1 million, confirming the massive inflow of investment capital. The main catalyst for the rise is Kri Kri’s upcoming inclusion in the MSCI Small Cap Greece index after the close on August 31. According to estimates by Goldman Sachs, this development is expected to trigger net passive inflows of approximately $8 million. At the same time, the company’s enhanced international expansion in yogurt and widening profit margins are further strengthening its re-rating. Overall, inclusion in MSCI broadens the international visibility of the Serres-based dairy company, putting it on the radar of institutional portfolios.

Dynacom bets on the turmoil

Dynacom has one of the largest VLCC fleets internationally, while its vessels have repeatedly found themselves at the center of the new trade flows created by the crisis in the Middle East. What is interesting is that it does not appear to be treating the crisis purely defensively. Since June, its tankers have been moving toward the region, and subsequently Greek vessels were securing charters that would have seemed unreal just a few months ago. In shipping circles, however, what is being discussed most is the bigger picture. Newbuild VLCCs for the next decade, a presence in today’s expensive spot markets, and at the same time exposure to LNG, bulkers and containerships through the group’s different companies. It is not simply diversification. It is the classic logic. When most people see uncertainty, you look for which asset will become scarce tomorrow.

Greeks are selling high, but they are not abandoning tankers

There is an interesting paradox behind the big tanker party. At a time when freight rates have soared and the geopolitical premium has been reflected in vessel values, several Greek shipowners are appearing on the selling side amid wartime uncertainty, with brokers noting that the more experienced players have started liquidating precisely when prices have become particularly attractive. The interesting part, however, lies in the second half of the picture. The money is not leaving shipping. In several cases, it is returning to newer or newbuild vessels. And this is perhaps where the real Greek trade lies. Selling an asset that is 12, 15 or more years old at a price that would have seemed excessive a few years ago and replacing it with a next-generation vessel. The Greek orderbook has already reached levels comparable to the era of the great boom of 2008.

Paliou walked away from the deal, not from Genco

Don’t consider the Diana-Genco story over just because the takeover proposal was withdrawn. In Piraeus shipping offices, there are quite a few people who believe that the most interesting part of the story is only now beginning. Semiramis Paliou may have withdrawn the offer from the table, but Diana remains Genco’s largest shareholder. The rhetoric did not die down after the deal collapsed. The company’s management went on the offensive, directly challenging Genco’s management and implying that ultimately the market will decide who did a better job of protecting shareholders. There is something else interesting, too. Wall Street analysts estimate that the increase in the value of Diana’s stake in Genco has generated approximately $70 million in unrealized gains for Diana. In other words, the door closed on the takeover, but Diana is still sitting inside the room—and so far, it has actually made (on paper) money from the affair. That is why in Piraeus the conversation is not so much about what happened. It is about what Paliou will do with her shares. Will she wait? Will she increase her stake at some point? Or will she turn a failed takeover into an exceptionally profitable financial investment?

Tesla’s big show on September 3

On September 3, in Austin, Texas, Tesla will officially launch the Cybercab. It is its first vehicle without a steering wheel, without pedals and without mirrors. The event is closed, by invitation only, with identity checks and an age limit of 21. Invitations were sent on Saturday, August 22. Behind the staging, there are the numbers and the economics. The first Cybercab rolled off the production line at Giga Texas on February 18, 2026. Mass production began in April, with installed capacity of more than 125,000 units annually. The car was priced below $30,000, with sales to private individuals beginning in 2027. It was certified at 165 Wh/mile and declared the world’s most efficient non-production electric vehicle, with a 48 kWh battery. Tesla set a target operating cost of $0.20 per mile, versus the $0.81 that Morgan Stanley currently estimates for Tesla itself, $1.43 for Waymo, and $1.71 for traditional ride-hailing. If the equation ultimately works, the business model of Uber and Lyft will take a serious hit at its core. The cost of the drivers… The if is a big word. Today, according to market estimates, Tesla operates just 20 to 42 driverless vehicles in Texas. Alphabet’s Waymo operates approximately 3,000–4,000 robotaxis, carries out 500,000 paid rides per week in more than 10 U.S. cities, and was valued at $126 billion in the $16 billion funding round in February 2026. The autonomy race is not decided by launches; it is decided by miles, and on that front Waymo has logged almost 200 million fully autonomous miles, while Tesla has approximately 1.7 million paid miles. Consequently, September 3 may not be the day that changes the world of transportation. It will be the day Tesla tries to convince the markets that it can still be the one to change it—and not Google.

The patient who “shorted” his cancer

At 87, Greg Byrne from Arizona made the most unusual investment move of the year. When, two years ago, he joined Moderna’s experimental study of a personalized mRNA vaccine against melanoma, he bought shares in the company, as the Wall Street Journal reveals. Last week, when Moderna and Merck announced that the Phase 3 trial had succeeded, the stock soared as much as 177% intraday, reaching an all-time high of $176.66, before ending the week at $145.13 (+129%). This story had two dimensions. The first is the stock-market dimension, since 14.1% of Moderna’s free float—almost 50 million shares—was sold short before the announcement. Short sellers lost approximately $5.5 billion in a single trading session. Bank of America raised its price target from $40 to $170, while the company’s market capitalization went from $25 billion to $62 billion. The second dimension is even more interesting. Greg Byrne, who remains perfectly healthy even today, did not break any law. American legal scholarship has concluded that a clinical-trial participant, unlike the doctor, researcher or company adviser, who are considered “temporary insiders,” does not owe a confidentiality obligation to the listed company unless they have signed an explicit undertaking. In other words, he can buy shares based on what he sees in his own body. There is, of course, an irony in the methodology as well. The INTerpath-001 study, involving 1,137 patients, was double-blind. Byrne did not even know whether he was receiving the vaccine or only Keytruda. His “bet” was not based on confidential information; it was based on faith. He believed in the science, the company, his own luck, and the possibility that he would live long enough to collect the profit. On Wall Street, insider information is prohibited for everyone. Except the person who is experiencing it—literally—under his own skin…