Greetings. Yesterday’s talking point of the day emerged from an interview with a (refreshed) Nikos A., who believes he has now made Alexis feel his breath on his neck in the opinion polls. The leader of PASOK told Skai: “If we come first, New Democracy will be in opposition and PASOK will form a government with those parties that will exist and be able to respect our programme, our principles and our values. And the prime minister will be the leader of the first party.” According to the political grapevine, the last sentence from Androulakis is where the real meat lies. To be honest, what Nikos said about the leader of the first party becoming prime minister is absolutely standard practice around the world, especially if the leading party is some 15 points ahead of the second-placed one — something that is highly unusual internationally, needless to say. So, if the leader of the first party becomes prime minister with PASOK in first place, the same applies to all parties, including Mitsotakis. And that is where, on Wednesday evening, the intrigue began: “Nikolas is flipping the burger” — in other words, changing his tune. And given that PASOK is locked in a single-front confrontation with Tsipras, we should apparently get ready for a New Democracy–PASOK coalition, and so on and so forth. Since yesterday in particular, Alexis’s camp has been pushing this attractive narrative hard, saying: “We told you so — the man is ready to form a coalition government.” I also asked my source in the Prime Minister’s Office, who told me: “We don’t believe it, but I can assure you that PASOK MPs will pressure Androulakis not to go to a second election.” That is because, particularly in two- and three-seat constituencies, half of them could lose their parliamentary seats if PASOK drops two or three percentage points in the second election. Personally, I do not believe Nikos has “flipped the burger”, as they say. But I know, from my best source, that if PASOK comes third and K.M. secures the share he believes he will get — namely 31–32% — he will start putting the squeeze on Androulakis at 9pm on election Sunday and keep it up until the end, either to force a coalition government or to pin the blame for a second election on him. Remember that.

Panos is not right-wing

-The other sexy topic of the day was generated by our Alexis, who declared that “they have not governed with the Right”. Personally, I think it is unfair to describe Panos as right-wing, because he is a category unto himself — and not just politically. I asked my source in Alexis’s camp, who laughed and said: “But Panos is on the Russians’ side too. What do you mean, right-wing, mate?” You can see where this is going: in the end, they will ask Mitsotakis to change the electoral law, form a government on his own and be done with it…

Karamanlis… the Swiss

-The third sexy political topic of the day is that reports have been circulating since Wednesday that Karamanlis has been telling people he will not support Samaras’s party, saying that his own history and his family’s history would not allow it. Some interpreted this leak as a rebuke to the party Samaras is preparing to launch. Officially, however, sources from Karamanlis’s office deny the statements attributed to him and stress that he will maintain a position of strict neutrality ahead of the forthcoming political developments. Read carefully, this means that while he will not publicly support Samaras’s party, he will not do the same for New Democracy, either. So, in plain English, am I to assume that KKR is playing Switzerland when it comes to the very party his uncle founded?

Mitsotakis, Merz and the extra shirts

-We may be consumed by energy issues, but for most European leaders the main topic of discussion is the European budget. There is considerable pressure to finalise the package at the December European Council summit, as many believe that if negotiations drag on into the summer, they will have to deal with a potential political bombshell from France. On the one hand, the Germans and their allies will push for substantial cuts to the budget; on the other, Greece and several other countries disagree with the “frugal” camp and want to preserve the Cohesion Funds and the Common Agricultural Policy (CAP). Against this backdrop, Merz warned journalists yesterday, as he entered the summit, that leaders would need to bring a few extra shirts for the December European Council. Mitsotakis heard about it too, and I am told he found it amusing, since the German chancellor had copied him. You see, Mitsotakis had said exactly the same thing earlier at the European People’s Party (EPP) summit, so Merz had evidently taken inspiration from him. In any case, December is shaping up to be a nail-biting European Council summit, much like the negotiations over the Recovery Fund a few years ago.

Same-sex couples’ adoptions

-Yesterday’s interview with Latinopoulou on Proto Thema opened up several issues, but one prompted a reaction from an official source: her remarks about the adoption of children by same-sex couples since the law was passed. An official source contacted me and asked: “Do you know how many children have been adopted by same-sex couples since the law was passed? The civil registry records 155 adoptions by same-sex couples: 81 by men and 74 by women. All concern existing children for whom one of the two partners was already the guardian.” In other words, children who already existed and were the child of one of the spouses were legally recognised; there were no new adoptions.

Avis subsidiary and new ambitions

–Avis Budget Greece (Olympic Commercial and Tourist Enterprises) has established a new company. It is one of the two leaders in the car rental market, which, as is well known, is controlled by the Turkish business giant, the Koç family. The new company is called Cardom S.A., is based at Avis’s headquarters and has among its objectives the provision of intermediary services for specialised retail sales of motor vehicles; the wholesale trade of passenger motor vehicles; the retail sale of passenger cars and specialised light passenger motor vehicles; and electronic systems programming activities. Cardom’s initial share capital has been set at €750,000, comprising €18,000 in cash and €732,000 in contributions in kind. Its sole shareholder is Olympic Commercial and Tourist Enterprises. The first board of directors comprises Andreas Taprantzis, vice-president and managing director of the parent company, Avis Budget Greece, as chairman; Evangelos Atherinos as managing director; and Nikolaos Galanopoulos as a member. Over the summer, Avis Budget Greece’s articles of association were also amended, with changes to the article setting out the company’s objectives. The following activities were added: the provision of services for the distribution of parking cards, telephone cards, internet cards and mobile telecommunications services in general, both retail and wholesale; wholesale trading in electronic and telecommunications equipment and components; and the retail sale of telecommunications equipment. Given that other additions made earlier this year covered internet services, electricity storage and management, as well as the construction of non-residential buildings, Avis appears to be broadening its horizons well beyond four wheels.

The fibre-optic battle shifts to subscribers

–Competition is entering a new phase as market players shift their focus from infrastructure development to attracting subscribers, increasing fibre-to-the-home (FTTH) penetration and making better use of their networks. In this environment, OTE has accelerated the expansion of its fibre-optic network, which already covers 2.2 million households and businesses, against a target of 3.5 million by 2030. With approximately 730,000 active subscribers, analysts say, network utilisation stands at around 31%, leaving considerable room for further growth. According to their estimates, this figure could gradually rise to 47% by 2030, with OTE benefiting from the country’s largest FTTH network, its existing customer base and its ability to offer bundled packages combining fixed-line, mobile, 5G and subscription television services.

Nova ICT without Nova

-When the shareholder that gave you your name disappears from the shareholder register, the name becomes a problem. According to information obtained by this column, Nova ICT is preparing a major rebranding, and the reason is obvious. Since August, Nova Telecommunications has not held a single share in the company that carries its brand. Nova ICT was established in May 2023 as a 50-50 joint venture between Nova and Cyprus-based Pinston Holdings, part of the Vardinogiannis Group, with share capital of €1 million. Three years later, Motor Oil acquired the 50% stake held by Nova through IREON Technologies for €60.5 million, valuing the company at €121 million. On the same day, 21 July, EOS Capital Partners, founded by Apostolos Tamvakakis, and the Latsco Family Office of the Latsis family acquired a 30% stake from IREON. As a result, the current shareholding structure is Pinston 50%, EOS–Latsco 30% and IREON 20%. Not a trace of Nova. Nikos Stathopoulos’s United made its position clear: “B2G is not a core part of our strategy.” Consequently, BC Partners cashed out of an asset worth 121 times its original capital, just before the Recovery Fund money runs out in 2026. Nova retained only the “commercial partnership” and, for the time being, the licence to use the name. For the other partners, however — Vardinogiannis, Latsis and Tamvakakis — the problem is a practical one. How will they market cybersecurity and defence projects in Europe under the brand of a telecommunications provider owned by a foreign fund? The rebranding should therefore clear the air and perhaps signal the next strategic move, which could well be a stock market listing. Nova sold the IT business and kept the name. The buyers got the projects and will ditch the name.

The wind god determines electricity prices

-On Tuesday, 14 October, the wholesale electricity price in Greece stood at €138/MWh. It was the cheapest in Europe, apart from Poland (€137) and Scandinavia. Germany was paying €179, Hungary €191, Bulgaria €214 and northern Italy €230. Today, Friday, Greece’s average electricity price is rising to €207/MWh, with the highest 15-minute price reaching €350 early in the morning, at 08:15. The wind makes all the difference. On Tuesday, wind farms generated 75 GWh, three times Monday’s output. Together with 26 GWh from solar power and 10 GWh from hydropower, renewable energy sources covered 67% of electricity generation and 88% of demand. Natural gas accounted for just 26%, down from 52% the previous day. Greece became a net exporter, exporting 38 GWh — around 30% of its daily consumption. When the wind drops, TTF takes the reins of energy prices. European natural gas is trading at €87/MWh, its highest level since December 2022. That is three times the price before the war in Iran. Qatar’s LNG exports fell in September to a quarter of their pre-war average, European gas storage facilities are 74% full, compared with 83% last year, and Germany’s are at 60%. In Greece, the result is a market in which prices shoot from zero at midday, when there is a solar power glut, to €350 in the morning, when gas-fired plants are needed. Those able to shift consumption to midday — industries, batteries and pumped-storage hydropower facilities — can buy electricity for almost nothing. Everyone else pays Qatar’s price.

The Archbishop’s little plot in Tanagra and Ieronymos’s praise for Papastavrou

-The meeting between Environment and Energy Minister Stavros Papastavrou and Archbishop Ieronymos II of Athens and All Greece was anything but a mere courtesy call. Behind the smiles and particularly warm words lay a… little plot of almost 20 stremmas in Tanagra — nearly two hectares — that had put one of the Archbishopric’s charitable projects on hold. The property covers 19,723.85 square metres in the municipal district of Dilesi, within the Municipality of Tanagra, outside the town plan and settlement boundaries. It belongs to the non-profit civil company “Ecclesiastical Care” and is earmarked for the construction of a modern elderly care facility. The key to moving the project forward now lies in a bill from the Ministry of Environment and Energy, which is open to public consultation until 24 October. A special provision defines the site and establishes the land uses required for the complex to operate. In addition to the elderly care facility, the plan allows for physiotherapy services and psychosocial rehabilitation units, as well as pedestrian walkways and parking areas. Ieronymos himself made clear just how important it was to unblock the project. The Archbishop acknowledged that the plot had presented “problems and difficulties”, which was why the project had been delayed. Now, he said, with the help of the state, the government and “especially Mr Papastavrou”, those difficulties had been overcome, and the Archbishopric was preparing to lay the foundation stone “in a few days”. And the compliments did not stop there. Ieronymos described the minister as “one of our close collaborators”, praising his knowledge, determination and character. But behind the little plot in Tanagra lay a second, considerably bigger discussion. The Archbishop revealed that he had already raised the question of making use of Church property with the Prime Minister and the minister, referring to an “innovative partnership” between Church and state. Without providing further details about the model under consideration, Ieronymos made it clear that discussions were already under way, bringing back to the table one of the most complex and financially significant chapters in relations between the state and the Church.

The Church’s property

-The Church of Greece wants to provide affordable housing for students and workers. Of its once-vast property portfolio, it has just 4% left, according to His Grace Bishop Nikodimos of Epidavros, Director-General of the Church’s Central Financial Service (EKYO), who spoke yesterday on the second and final day of Prodexpo’s real estate conference. He noted that a significant part of the property remains tied up, citing as notable examples Evangelismos Hospital, built on land belonging to Petraki Monastery, and Sotiria Hospital and Asklepieio Voulas, for which the relevant agreements with the state have expired. Under the law of the Gospel, the Church is obliged to increase its assets and pass them on to future generations, so that they can be put to use for the benefit of citizens and society. According to Bishop Nikodimos of Epidavros, the Church’s aim is to transfer ownership and make use of its property for the benefit of society, including the creation of affordable housing for students and workers. Incidentally, among the major tenders recently launched by EKYO was one for insurance coverage for dozens of urban and commercial properties, primarily in Attica and Thessaloniki, as well as in Patras. The value of the properties included in the public tender was €266.34 million, plus an additional €10.42 million — bringing the total to €276.76 million — to cover potential rental income losses if a property were damaged and unable to generate revenue. By way of example, the value of the flagship property at 15 Mitropoleos Street, covering 12,731 square metres and housing the five-star Electra Metropolis hotel, is listed at €34.37 million. Another prime property is located in the city centre at 27 Stadiou Street and 2 Dragatsaniou Street. Covering 5,962 square metres, it is leased to house services of the Ministry of the Interior, with an insured value of €14.9 million.

New rules for the digital projects game

-The Strategic Contracts Unit (PPF) of the National Development Fund has put a model methodology for evaluating technical bids in IT projects out for public consultation. The invitation, signed by Deputy Chief Executive Panagiotis Stampoulidis, is addressed to contracting authorities, companies in the sector and scientific bodies. Essentially, the National Development Fund is asking the market to help endorse the rules by which it will be judged. The methodology seeks to tackle the problem of technical bids receiving “positive assessments” without a measurable basis, criteria copied from one tender notice to another, and objections that delay projects for months. Since 2021, the PPF unit has handled more than 900 tender procedures and contracts worth over €10 billion. It has gained experience through digital projects such as modernising the Hellenic Police’s systems, the new identity cards and passports (€400 million) and, from this week, the digital transformation of the Ministry of Maritime Affairs. The methodology proposes a pool of 15 criteria — ranging from architecture and interoperability to cybersecurity, artificial intelligence, cloud services and ESG — from which each tender can select those relevant to the project, using published scoring scales instead of vague assessments. It also provides for a live demonstration of the proposed system — not slides — based on predetermined scenarios, under equal conditions for all bidders and with minutes kept. A mathematical formula will apply to the experience of the project team, counting only years of experience beyond the minimum requirement, with a weighting factor of four for the project manager and two for key roles. The methodology is formally binding only for projects awarded through the PPF. If it becomes a standard, however, it will serve as a benchmark for every contracting authority and make life more difficult for those accustomed to winning tenders with technical bids that look good “on paper”. Sources at the National Development Fund describe it as a reset of the way major digital projects are tendered and executed.

Significant tax relief

-It is a problem facing thousands of small and medium-sized business owners today. Some are directors or shareholders in a private company (IKE), limited liability company (EPE) or société anonyme (AE). The company owes money to the Independent Authority for Public Revenue (AADE) but is keeping up with its payment arrangement. When the director or shareholder wants to sell their own flat, however, Taxisnet suddenly saddles them with the company’s debt, and the notary is legally required to withhold 7% of the sale price and demand a mortgage over another property to secure the remainder of the company’s debt, up to 70%. The Ministry of National Economy and Finance has decided to untangle this Gordian knot and has put a provision out for public consultation: Article 297 of the ministry’s omnibus bill would eliminate the withholding requirement and abolish the mortgage requirement for shareholders with a stake of more than 5% — or 0.5% in listed companies. There are, however, four conditions that must all be met simultaneously. The company must have been established at least five years ago; all its debts must be covered by an active payment arrangement that is up to date; there must be no debts dating from more than three years before the arrangement was entered into; and no instalment must have been paid late during the past five years. There are also the “small print” details, as TLS Tax and Accounting points out. The provision, which remains open for consultation until next week, stipulates that the 5% ownership threshold includes the combined stakes of a spouse, a partner under a cohabitation agreement and first- and second-degree relatives. In other words, a “small” shareholder whose parent also holds shares in the company could find themselves classified as a “large” shareholder. Just one late instalment during the five-year period is enough to overturn the zero-withholding treatment. Furthermore, if the company fails to comply with its debt repayment arrangement after the property is sold, AADE will pursue the person who obtained the tax clearance certificate as a priority. In short, the provision does not write off debts or remove joint and several liability. The state is relinquishing its security, not its claim.

Coca-Cola HBC: The heavyweight that limited the Athens stock market’s losses

-Defying the negative market climate, Coca-Cola HBC rose 2.3% yesterday to €52.6, its highest level in four weeks. Thanks to its market weight, the stock acted as a buffer against selling pressure on the Athens Stock Exchange, helping to limit losses and keep the General Index above 2,580 points, despite dipping to an intraday low of 2,570 points. Coca-Cola HBC has recorded six positive sessions in the past seven, with cumulative gains of 5.4% since 6 October. Despite its recent recovery, it remains below its all-time high of €60, reached last July. Its market capitalisation stands at €19.63 billion, bringing it close to the €20 billion milestone once again.

The €1.10 battle for Bally’s Intralot

–Bally’s Intralot rebounded after two consecutive sessions of losses, reclaiming the psychological threshold of €1.10. The stock gained 2.1% yesterday to close at €1.114, with trading activity picking up: turnover reached €7.22 million, while 6.61 million shares changed hands. The €1.10 level is particularly significant because it was the subscription price in the October 2025 share capital increase, which was carried out to finance the acquisition of Bally’s international interactive business. Also standing out was a large block trade of 5 million shares, equivalent to 0.27% of the company’s share capital. The pre-agreed transaction was executed at €1.089 per share, for a total value of €5.44 million. Keeping the stock above the price of last year’s capital increase remains a key reference point for its short-term performance on the stock market.

Xenokostas’s “thank you” to shipowners and the message behind the words

-A remark by Panos Xenokostas at the 25th Navigator Forum was particularly interesting, not only for what he said but, above all, for the message he sent to Greek shipowners. “Everything we have achieved is thanks to you. We are here because of you. Thank you for everything,” said the head of ONEX, addressing the people who control the world’s largest merchant fleet. This was no routine compliment delivered from a conference podium. Xenokostas knows that the revival of the shipyards of Syros and Elefsina, backed by private investment exceeding $130 million, would not have gained the same momentum without the trust of Greek shipowners. That is why his “thank you” was accompanied by a clear business invitation: “Come to us. You know us.” But there is more to it. The ONEX chief is now seeking to shift the discussion from ship repairs to the strategic security of Greek shipping. In other words, he wants to convince shipowners that Greek shipyards are not merely a competitive option, but a reliable partner in a world of geopolitical uncertainty. And while he talks about a 15–20-year plan, partnerships with American and South Korean groups, and ambitions to build both warships and commercial vessels, he knows that the real test is played out every day in the dry docks of Syros and Elefsina.

The $90 million deal and the $16 million gain in nine months

–An interesting move is taking shape, showing how millions can be made in shipping before a vessel even hits the water. Capital Axis Maritime, formed through a partnership between Capital Executive Ship Management and Nikos Madias’s Axis Maritime, is reportedly negotiating the sale of the newbuilding Capesize vessel ARRIKTOS, with a carrying capacity of 181,250 tonnes, for $90 million. The vessel is under construction at China’s Hengli shipyards and is expected to be delivered in October 2027, while prospective buyers are based in China. The real story, however, is in the numbers. According to shipping brokerage circles citing VesselsValue data, the vessel was acquired last January for approximately $74 million. If the deal goes through, the price difference will therefore amount to $16 million, or 21.6%, in just nine months. The price also exceeds the vessel’s estimated market value by approximately $7 million. If confirmed, the agreement would represent the highest reported Capesize sale of 2026.

The London–Washington battle over the shadow fleet and the headache for Greek shipowners

-I hear that in shipping circles in London and on Akti Miaouli, the discussion is no longer just about how high tanker freight rates might climb, but who will ultimately set the rules of the game. The trigger is the apparent divergence between Washington and London over Russia’s “shadow fleet”. The Americans are considering easing certain sanctions to increase available shipping capacity and curb the explosive rise in freight rates. The British, by contrast, are calling for tighter controls on maritime services. The most interesting behind-the-scenes story lies elsewhere. Even if Washington opens the door to certain tankers, London still wields considerable influence through the marine insurance market and financial services. And that is where the calculations begin in Greek shipowners’ offices. Allowing a voyage under American rules is one thing; being able to carry it out with the necessary insurance and financing cover is another. The question troubling the international shipping community is who will ultimately have the final say if the Americans ease sanctions while the British remain firm. A mess.

Small-cap stocks seek deep-pocketed investors

-With 14 listed companies taking part, Euronext Athens will hold its Small Cap Conference 2026 on 2 November 2026 at the Divani Caravel hotel. The event aims to strengthen links between small-cap companies and the investment community at a time when most trading activity and foreign portfolio interest remain concentrated in large-cap stocks. The participating companies are Alpha Trust Andromeda, AS Company, Biokarpet, Plastika K. Dais, Elton Group, European Innovation Solutions, Lanakam, Quality & Reliability, Revoil, Softweb–Adaptive I.T. Solutions, Trek Development, Unibios, Verallis and Y/Knot Invest. This is a diversified group of companies, spanning sectors including IT, industry, plastics, energy, consumer products, investment and property development. The event will consist exclusively of one-to-one meetings between senior executives, stock market analysts and institutional investors. This format gives management teams the opportunity to present their strategies, prospects and investment plans in greater detail, as well as address issues that are not usually covered adequately because smaller companies receive limited stock market research coverage. At last year’s small-cap conference, a total of 433 individual and group meetings were held, with 19 listed companies participating.

Crowding on the capital highway

-In Bangkok, where the annual meetings of the International Monetary Fund and the World Bank are taking place this week, Citi has issued its own warning: a “new era of capital competition” is beginning. Governments and businesses are competing for the same finite pool of money. Governments need funding for defence, energy and infrastructure, while corporate groups are investing in artificial intelligence and data centres. All this is happening in an interest-rate environment that, according to the bank, will remain “higher for longer”. The IMF forecasts that global public debt will reach 100% of GDP by the end of the decade, returning to levels last seen during the Second World War. Across the G7, it already stands at a record 124%. Yields on 10-year government bonds across the G7 have risen by around 120 basis points since February, with US yields at their highest level since 2002. Meanwhile, Goldman Sachs estimates that global investment in artificial intelligence will exceed $1 trillion this year. Already, 10% of the investment-grade corporate bond market is linked to “superintelligence”, up from just 1% in 2024. Against this backdrop, Citi is recording a shift away from the dollar in bond issuance. Governments and corporate groups will turn to the Chinese yuan, the Australian dollar, the Hong Kong dollar and the Singapore dollar to diversify their funding costs and liquidity. The dollar’s role as a reserve currency is not under threat, Citi says. The bank also predicts that Gulf sovereign wealth funds will direct more capital towards domestic infrastructure and artificial intelligence. With gold above $4,000 an ounce and central banks buying 63 tonnes in September — a two-year high — central banks are exploring new hedging strategies, liquidity management and gold-backed borrowing. Finally, for emerging economies, Citi is promoting debt-for-development swaps and liability management exercises. The conclusion is simple. Everyone wants to borrow at the same time. The question is at what price.