Hello, the economy-focused days continue at Maximos Mansion (the Prime Minister’s office), with a major meeting yesterday chaired by the Prime Minister, attended by Finance Minister Kyriakos Pierrakakis and other relevant figures, on the utilisation of state-owned real estate. This is an extremely interesting but also thorny issue that could, under the right conditions, greatly help the economy, the market and ultimately the public. Meanwhile, today, as the saying goes, half the cabinet will travel to Thessaloniki for the inauguration of the metro line extension towards Kalamaria. Also of interest will be Prime Minister Kyriakos Mitsotakis’s meeting today at the Thessaloniki Concert Hall with New Democracy (ND) MPs from the Thessaloniki A’ and B’ constituencies. He will be joined by his aides, as well as by Zisis Ioakeimovits, chairman of ND’s governing committee, and the meeting will be used to record proposals and concerns so the government can respond accordingly.

The backstory to the lunch

Judging by yesterday’s announcement from Maximos Mansion, Mitsotakis’s meeting with British Conservative leader Kemi Badenoch was anything but a formality. That is because Mitsotakis and the leader of Britain’s official opposition did not have a simple introductory meeting, but a working lunch with a fairly extensive agenda. Also worth noting was that, alongside Mitsotakis and Badenoch, Pierrakakis and Britain’s former National Security Minister, Tom Tugendhat, were also present. The Greek Finance Minister and Eurogroup president, Pierrakakis, and Tugendhat have known each other for years and are on friendly terms, and indeed it was the two ministers who arranged the details of the meeting. In any case, in a discussion centred on developments in the Middle East, the presence of Pierrakakis and Tugendhat rather confirms that Mitsotakis and Badenoch had far more to discuss than the pleasantries of a first meeting.

Talk of a Floridis candidacy

Keep this in mind: Maximos Mansion wants to bring out all its heavy artillery for the election battle, which is why there is strong central interest in having Justice Minister Georgios Floridis enter the race in Thessaloniki A’. This is a constituency where there is a mismatch between satisfaction with the government’s work (high, thanks to infrastructure projects) and ND’s poll ratings there (fairly low, around 25%). A discussion on the matter between Floridis himself and Mitsotakis is still pending and is expected to take place sometime soon.

5.3 billion euros from the new Climate Fund

Today we can expect good news from Brussels for Greece, as our country will be among the first to receive money from the new Climate Fund, with several popular programmes attached. The money earmarked from this year to 2032 is far from negligible, we’re talking about 5.3 billion euros, with specific programmes set to launch in the coming period. Let me give you a few examples: a large new “Exoikonomo” home energy efficiency scheme covering 62,000 households and 10,000 small businesses, with infrastructure upgrades and energy-saving measures, 280,000 new heat pumps and water heaters, 280 new homes built to bioclimatic standards for vulnerable families, as well as a subsidised leasing scheme for electric vehicles. The Greek proposal was drawn up by the relevant ministries, coordinated by Deputy Prime Minister Hatzidakis together with Skertsos, and was submitted to the European Commission last March.

Nikos’s table

Within PASOK, our leader Nikos is trying to warm up the, to put it mildly, subdued (sic) mood among his officials ahead of his trip down to Crete. The grumbling in gatherings and around dinner tables is a given, as anyone will hear from talking to PASOK officials in the Attica basin (the Athens region), which has turned into a “black hole” for the party. So, before reminding them of 3 September (the anniversary of the party’s founding declaration) and organising a motorcycle rally in Heraklion, Andrulakis will take them out for a meal at a taverna in Psychro, Lasithi, the village his mother’s family comes from. The place specialises in meat dishes, I’m told, and PASOK’s MPs, along with the members of the Political Council, have been invited. Well, it’s a safe bet they’ll eat and drink well, but we’ll see what happens from next week, when the opinion polls start coming in.

Opinion polls

Now that I’ve mentioned opinion polls, let me point out that pre-Thessaloniki International Fair (TIF) surveys began on Monday, at least for Maximos Mansion, to gauge what happened over the summer. I’m told the results are generally good, but it’s still early days.

Fairfax’s Recipy eyes Everest and Goody’s

Fairfax’s portfolio includes a fast food restaurant company in Canada called Recipy. It is this company that is interested in acquiring Evergood, that is, the catering operations of Vivartia (Everest, Goody’s and others), for a price in the region of 300 million euros. Reports suggest that Recipy’s negotiations with CVC are at an advanced stage, but the two sides have yet to reach an agreement. Although no one can ever be certain until the signatures are in place, sources give the impression that the deal is only a matter of time.

The Georgiadis brothers’ plans for Ioli water

Expanding the product range, seeking out new markets, and strengthening its presence internationally are the three priorities this year for Ioli water, under the Georgiadis family’s management. According to its 2025 financial statements, the company Ioli Pigi SA posted turnover of 6.77 million euros, up from 6.47 million euros in 2024, while its gross profit margin fell last year to 23.17% from 25.97% in 2024. The company reported a pre-tax loss of 1.11 million euros for 2025, compared with a pre-tax loss of 483,000 euros in the same period a year earlier. In 2025 the company made only limited additions to its fixed assets, mainly relating to upgrades to its buildings and the purchase of machinery. It is worth recalling that in 2023, Athenian Brewery agreed with Premia Properties and Sterner Stenhus Greece on the transfer of the properties, the business and the bottling and marketing trademark for “Ioli” water. Under the agreement, the water bottling plant in Moschochori, Fthiotida, was transferred into the ownership of Premia Properties, while the business and the “Ioli” brand were transferred to the newly established single-member company Ioli Pigi SA, a subsidiary of Sterner Stenhus Greece, which also has Premia Properties (a real estate investment company, REIC) under its umbrella, with the Greek-Swedish brothers Ilias and Thomas Georgiadis playing an active role.

PPC’s deal with the hyperscaler

Market talk suggests that the deal between PPC (Public Power Corporation) and the American hyperscaler for the data centre in Western Macedonia will be announced on 5 September by the Prime Minister from the podium at TIF. A mega data centre with a capacity of 300 MW at the Agios Dimitrios power plant, with its first phase operational by 2028 and a possible expansion under consideration of up to 1 GW, amounts to a national strategic move rather than a corporate initiative. It features a modular design in 75 MW blocks, powered directly by renewable energy sources, arranged behind the meter, with no additional burden on the grid. PPC is undertaking investments of around 1.2 billion euros under the new scheme. PPC’s chief executive, Giorgos Stassis, has stated that the first agreement will cover the 300 MW, while the second phase will be the subject of a new agreement, most likely within the coming year. The name of the partner is frequently mentioned behind the scenes but remains unconfirmed. That it is American can be inferred from the Prime Minister’s meeting with White House official Michael Kratsios in New Delhi.

Staying with PPC, I want to draw attention to the company’s announcement yesterday about its 100 new-generation stores, which should be read alongside the financial results of Kotsovolos, filed with the General Commercial Registry (GEMI) on 10 August. Together, they show the plan and how it is being carried out. The “old” PPC was an organisation that measured itself in queues. Today’s PPC handles more than 5 million calls, with an average response time of 13 seconds and a callback option if you cannot wait on the line. In its stores, the average waiting time is now 3 minutes and appointments are booked online. Opening hours run from 8am to 8pm, three days a week. The branch that once used to cash in bill payments now sells fibre optic connections.

As for Kotsovolos, it reported sales of 753.63 million euros across 110 stores, 98 company-owned and 12 franchises. It has zero bank borrowing and 78 million euros in cash reserves. It is not simply a network of shops and a brand, but a ready-made nationwide logistics and last-mile infrastructure, with warehouses, a delivery fleet, a call centre and installation teams. Combined, the two networks create 210 doors, two call centres, and a delivery reach that goes all the way to the customer’s kitchen. The 2026-2028 plan envisages a single customer touchpoint for energy, technology, connectivity and the home. Competition in the electricity retail market sells kilowatt-hours through websites. PPC has an address on 210 street corners.

There is, of course, the fine print in the balance sheet too. Synergies brought in 3.3 million euros, or 0.4% of turnover. Net profit stood at just 16,000 euros. The network has been paid for, but its returns remain a promise for now. PPC is a group with adjusted EBITDA of 1.2 billion euros for the half-year, making retail a small drop in the ocean. The investment was not made for the profits, but for the doors it opens.

PPC rallies with its sights on an 18-year high

On top of that, PPC’s share price led the way on the Athens Stock Exchange, posting a strong two-day rally. After Tuesday’s 2.7% gain, the stock rose a further 3.86% yesterday to close at 23.7 euros, driven by heavy trading activity. The listed company recorded the highest turnover on the market, reaching 37 million euros on a volume of 1.57 million shares. With this move, the stock narrowed the gap to its yearly high of 24.2 euros, reached in early July. Technically, approaching this resistance level is pivotal, as a potential breakout above 24.2 euros would open the way to price levels the stock has not reached since July 2008, underlining its strong, long-term momentum.

Upward revisions on the way for Motor Oil

Motor Oil’s strong first-half performance is laying the groundwork for upward revisions to the market’s full-year estimates. The current consensus forecast for adjusted EBITDA in 2026 stands at 1.44 billion euros, while Motor Oil has already achieved around 970 million euros in the first half. At the same time, management expects second-half EBITDA to come in at least at the level of the same period in 2025, that is, around 720 million euros, despite the impact of scheduled maintenance work on the hydrocracking and catalytic cracking units, which will take place in September and October. Based on this guidance, the market’s current forecast looks rather conservative.

IPTO’s cables

IPTO Holding (the Independent Power Transmission Operator) closed yesterday at 4.56 euros. Its 52-week low is 2.75 euros and its high is 4.925 euros. The trajectory looks like a rally driven by expectations ahead of its inclusion in the Stoxx indices on 18 September. Then again, perhaps not. Between those two extremes came a 530 million euro capital increase. A total of 130,864,197 new shares were issued, with offers below 4.05 euros not taken into account. There are now 362,864,197 shares in circulation, up from 232 million before the capital increase, yet the price stands 12.6% above the issue threshold. This suggests that those who took part in June’s capital increase were not interested in MSCI inclusion, but in IPTO’s development plan, which appears to be on track according to its timetables. The interconnection of the southern Cyclades, a 385 million euro project, was completed on 1 July. With the full interconnection of the Cyclades and the double interconnection of Crete, savings on Public Service Obligation (PSO) charges for 2026-2030 are estimated at an average of 550 million euros.

At the same time, attention is turning to RAAEY (the Regulatory Authority for Waste, Energy and Water), which has put IPTO’s proposal to revise the regulatory leverage on the Greece-Cyprus interconnection out for public consultation, running until 11 September. The proposed reduction in regulated debt (50-60% for construction, 40-50% for depreciation) favours a higher weighted average cost of capital (WACC) and, by extension, higher returns on the project’s regulated asset base. IPTO did not sell the stock market a place in the indices, it sold a regulated return on infrastructure that has no competitor. Investor interest was also fuelled by the upcoming distribution of the remaining dividend for the 2025 financial year, totalling 7.18 million euros. The net dividend amounts to 0.0188 euros per share, with the ex-dividend date tomorrow, 28 August, and payment starting the following Friday, 4 September.

Louis Vuitton’s guide to Mykonos

Louis Vuitton has put a Mykonos guide on sale, priced at 20 euros a copy, with a message that beneath the champagne showers and packed harbours, the island “still has a Greek soul”. The guide lists “lesser-known addresses”. In other words, the world’s biggest luxury brand is selling people a way to avoid Mykonos while still being on Mykonos. Clearly, the little booklet serves Louis Vuitton’s broader strategy. LVMH’s Fashion & Leather Goods division managed to return to positive growth (up 1% in the second quarter, after seven consecutive quarters of decline). In the first quarter it recorded a 2% drop, blamed on the Middle East. Luxury brands are trying once again to win back the customer who left first, the middle-income buyer who used to purchase their first handbag. It is that customer the word “soul” is aimed at.

In Greece, the same week, Bank of Greece data showed what everyone had already seen for themselves in Mykonos: more visitors, but lower spending per head. That is called volume, not luxury. Greece, however, is preparing for the opposite. The Conrad Athens The Ilisian opened on 23 April 2026 in the former Hilton building, a 340 million euro investment. A Four Seasons is planned for Kalo Livadi in Mykonos. Four Seasons, Waldorf Astoria and Six Senses properties are also planned for the Argolis region, Ermioni, Crete and Evia, with budgets running up to half a billion euros. In Mykonos, more than 1 million cruise passengers arrive each year, spending just over 100 euros each, plus a 20 euro per-head disembarkation fee. LVMH’s guide is a reminder that revenue comes from scarcity, not from crowds. Luxury is not about going to Mykonos. It is about knowing where not to go once you are there, and knowing who to ask.

Iran’s blacklist knocks on Greek shipowners’ door

Tehran’s list may run to 45 ships, but in Greek shipping circles what is being discussed most is not just who is already on it, but who might be next. And that is where the real story lies. The blacklist has a Greek dimension too. Fresh details from the published names show that some of the vessels are linked to Greek shipping interests. However, in the offices of Greek shipowners, the biggest alarm bell is ringing over something else. Tehran is warning that a ship that is completely “clean” today could find itself on the list tomorrow if it carries out a ship-to-ship (STS) transfer with a vessel that is already blacklisted. And that changes the game entirely.

Greek owners have a huge presence in the tanker market and are highly active in the waters around Fujairah and the Gulf of Oman, where STS operations are an everyday tool of the trade. As a result, it is no longer enough to check who the charterer is and what cargo is being taken on. Owners now also need to know which ship the cargo was previously in contact with. What makes matters even more complicated is that shipowners find themselves caught between two fires, Tehran’s demands on one side, and the American sanctions regime on the other. Some describe the situation as a new “compliance bind” for international shipping, a double trap of compliance. If Tehran follows through on its threat over STS transfers, the list could start to grow like a line of falling dominoes. And then, for Greek shipowners, the question will no longer just be whether they are on the list, but above all, who their ship carried out an STS transfer with.

Billion-euro battle in London over shipping’s green transition

Anyone who read between the lines of Melina Travlou’s statement will have understood that the battle at the International Maritime Organization (IMO), the United Nations’ shipping body, is not just about decarbonisation. It is, first and foremost, about who will foot the bill. The president of the Union of Greek Shipowners described the current Net-Zero Framework as a framework that “clearly is not the solution”, pointing instead to the proposal put forward by Argentina, Liberia and Panama. Her reasoning is simple: you cannot require a ship to use a fuel that is not available in sufficient quantities, or whose cost is prohibitive. They are proposing that emissions-intensity targets for fuels take real availability and cost into account, while also calling for greater flexibility on compliance and a different approach from the central IMO Net-Zero Fund.

The real story, however, runs deeper. A strict global system creates a bill worth billions for shipowners and charterers, but at the same time opens up a huge new market for green fuel producers, shipyards, technology groups and energy infrastructure. It also opens up a difficult debate over who will collect the money the international mechanism raises, and how it will be redistributed. That is why what is clashing in London is not simply two environmental approaches. What is clashing are interests, investments and billions of euros, over who will pay and who will ultimately profit from shipping’s green transition.

Greeks commit billions, placing a risky bet against time

Within the Greek shipping community, the more cautious voices are already looking ahead to 2028, and, above all, to how many newbuild vessels will have hit the water by then. Because behind the wave of new orders lies a far bigger financial gamble. Greek shipowners are placing a huge bet against time. They are committing billions today for ships due in 2028-2030, at a time when the market is at historic highs and the orderbook is starting to look dangerously large. Greek owners have positioned themselves aggressively in tankers, from VLCCs and Suezmaxes to LR2s and MRs, and the names involved carry serious weight. What stands out is that they are buying expensive new tonnage today without knowing what kind of market it will meet on delivery. The global orderbook for crude tankers has already climbed to around 27% of the existing fleet.

So why do they keep ordering? The answer lies in the age of the fleet. Almost one in four crude tankers is now more than 20 years old. Greek owners are essentially betting that, by 2028-2030, the retirement of older vessels, environmental regulations and rising energy transport volumes will absorb the new tonnage. There is, however, one detail that I am not sure is being fully taken into account in shipping offices in this era of euphoria and unprecedented profits. In shipping, the biggest mistakes are usually made when everyone orders at the same time. That is why the real question is not how many ships Greek owners have ordered. It is what kind of market those ships will be delivered into.

Green Beverages’ export steps

Photos posted yesterday on LinkedIn by Green Beverages, showing its products on shelves in Tokyo, reveal some interesting figures. The images show Green Cola in 500ml PET bottles, carrying the line “Born in Greece. Bottled in Japan”. It is sold exclusively through convenience stores (konbini) in Tokyo, Saitama, Chiba and Kanagawa, from 12 May. A two-day launch event was held in Shibuya in May, and nationwide distribution began on 4 August. The company’s partner and ally in the venture is Asahi Soft Drinks, a subsidiary of Asahi Breweries, the third-largest player in the Japanese market with a 14% share and turnover of around 3.3 billion euros. Asahi produces and distributes Green Cola and pays royalties of 3% on gross revenue up to 3 billion yen (16.4 million euros), and 1% on sales above that threshold. Green Beverages also earns revenue from selling the concentrate used for production in Japan. The exclusive licence covers Japan, Taiwan and Mongolia, with two further product codes to follow in 2027.

Green Beverages is a group with turnover of close to 119 million euros, operating profit of 8.5 million euros in 2025, and net debt that peaked at 51 million euros. Japan is therefore not seen as a revenue engine for the group, but rather as a pilot for future expansion. Advanced talks are already under way with the Arizona Beverage Company, with Al Rabie on local production and bottling in Saudi Arabia, and with an Indian group with 19,821 stores…

The state paying 100 billion a day in interest

Japan’s Ministry of Finance will request a record 36,638.6 billion yen to service its debt in the 2027 budget, which begins in April. Converted into dollars, that is 230 billion dollars. Around 16.6 trillion yen relates to interest payments and 20 trillion yen to debt repayments. The 17% increase on this year’s initial budget of 31.28 trillion yen is the largest in the past 20 years. As a result, the Japanese state will need to set aside 100 billion yen every single day just for interest and repayments (around 630 million dollars). Every day.

The interest rate on long-term bonds is now estimated at 3.8%, up from 3%. The 10-year yield rose to 2.945% on 18 August, a 30-year high, while the 30-year yield is trading above 4%, beyond the record set in January, when Prime Minister Sanae Takaichi called for more spending alongside a suspension of the 8% VAT on food, and called early elections. She won them. The bill for these measures remains unfunded. Total ministry requests for 2027 will exceed 130 trillion yen for the first time, up from around 122 trillion yen this year, because Takaichi is folding into the initial budget spending that for decades used to be passed through supplementary packages, and because the new public investment scheme allows requests with no pre-set ceiling. Debt servicing now accounts for 28% of the total. The government may need more than 10 trillion yen in additional resources, while tax revenue for 2027 is projected to rise by only 680 billion yen.

The government’s problem is that bonds issued at low interest rates are maturing and being refinanced at higher ones. The Bank of Japan (BoJ) has already raised its rate to 1% and is withdrawing from the markets. Life insurers become forced sellers if the 30-year yield passes 4.5%. In America, Treasury Secretary Scott Bessent is buying back 30-year bonds to keep the yield at 5.3%. Tokyo has no such tool. It only has the GPIF (Government Pension Investment Fund), the state fund that invests the reserves of Japan’s public pension system, worth 1.8 trillion dollars, as a buyer of last resort. For thirty years, Japanese debt was virtually free. Now, it costs dearly.

Meta paid up, Wall Street rewarded it

Meta’s share price opened yesterday’s session at $591.33 (up 1.97%), after a 4.4% rise in pre-market trading. The company settled and agreed to pay up to $16.68 billion over the harm its products are alleged to cause children through addiction. Ahead of the trial’s start on 18 August, Meta had said that California, Colorado, Kentucky and New Jersey were seeking fines of up to $1.4 trillion. The states argued the figure was closer to $200 billion. The market had been pricing in triple-digit-billion risk. It got a double-digit figure instead. Meta did not admit to acting unlawfully, but it did agree to the settlement.

The way the fine is being paid is particularly interesting. The participating states will receive around $12.7 billion (70%) over the next decade. The remaining 30% ($5.3 billion) will only be paid out if Google’s YouTube and TikTok adopt specific changes (daily time limits for young users, age-verification measures, night-time restrictions), and if those competitors pay a comparable amount themselves. Half of that sum is tied to a payment from YouTube, and half to one from TikTok. In other words, Meta is certain to pay $12.7 billion in 10 instalments, and has pledged a further $5.3 billion if its competitors accept the same restrictions. The settlement requires time limits on scrolling for minors and bans disabling safety settings without parental consent.

The trial covered 29 states, and the settlement also covers the lawsuits related to Cambridge Analytica. There was already a legal precedent: in March, a jury in New Mexico awarded $375 million, and on 6 August a judge ruled that Meta had created a public nuisance and imposed a further $567 million. Thousands of lawsuits are still pending, and the trial in Nashville continues. Wall Street paid little attention to the substance of the case. It simply priced in the removal of uncertainty. Ten years of instalments for a company that earns this much in a single quarter is not a punishment, it is an operating cost with a payment schedule.