Hello. As expected, the US elections turned into a referendum against Trump and his policies, both at home and abroad, with corruption at the forefront. In exit poll questions, it emerged as a major concern for nine out of ten Americans, alongside, of course, the cost of living. The defeat in both the House of Representatives and the Senate was crushing. What is certain is that a new reality will dawn tomorrow for the United States and, by extension, for the rest of the world. It is still too early to predict what Trump will do or what his next moves will be. Yesterday, however, from the very first hours, he reacted with his usual aggression and nervousness, shifting the blame both within and outside his party and, naturally, onto the… accursed media. Today will also be extremely interesting for the markets, given the humiliation of the US administration and the instability created by this whole new situation.

What Mitsotakis sees coming after the midterms

Developments in the United States are clearly on Mitsotakis’s radar. He has direct lines of communication with many people on the other side of the Atlantic to get a sense of how things are unfolding. After all, he was in New York again only a few days ago. In the Prime Minister’s assessment, the prospect of a shift in the balance of power in the House of Representatives and the Senate means that difficult months lie ahead, with Trump likely to focus on foreign affairs because of domestic constraints. It is therefore unlikely that we will see a move towards de-escalation of the war in Iran. For European economies, this means additional pressure and a fresh wave of inflation, with all that this entails in terms of the need for government support.

The battle for preference votes in the Northern Sector

Meanwhile (well, since we are talking about American elections), I have come across yet another opinion poll of the kind that never gets published because the client is not a media outlet. This one concerns Athens’ Northern Sector, one of the country’s largest electoral districts. So, the New Democracy (ND) party is doing well there, polling at 35.8% on current figures, although in 2023 it was ten points higher. Our Alexis is not doing quite as well here as he is in Athens A (where, theoretically, the more sophisticated voters cast their ballots), polling at 13.9%. Meanwhile, Nikos is still going round in circles… they bring them out with the sun, they put them away with the sun — what is it with these poor creatures that they keep dying? In other words, he is on 8.2%. As for the rest, Zoe is on 7.2%, Velopoulos on 5.8%, and so on and so forth, none of it particularly significant, since this poll did not include the Kasidiaris supporters. The government’s overall approval rating stands at 40.5%, while its disapproval rating is 58.1%. The government would have every reason to celebrate if 40% of the public viewed it positively. In the battle for preference votes, Hatzidakis is comfortably in the lead, with around 69–70%. Behind him, not too far away but clearly trailing, are Marinakis and Adonis Georgiadis. A little further down is Kerameus, while Kairidis, Papanathasis and Zoe Rapti are also doing reasonably well. They will only get elected if the ND secures a high share of the vote. The conclusion: If the pollsters are right, and the ND is polling above 30–35% in most of its constituencies in Athens, while Tsipras and Androulakis are running at half that level, then Mitsotakis has every reason to believe that a good pre-election campaign could take him even further. He has more or less closed all his fronts and, if anything, only a few minor issues remain. He has made deals everywhere, and I am left wondering why he keeps taking digs at Tsipras every so often, monotonously bringing up the IOUs he allegedly paid off through the 2023 criminal code changes. Why doesn’t he tell us himself what that is all about?

Two years of the Greek FBI

A large crowd gathered at the Athens Concert Hall yesterday to mark two years of the Greek FBI’s operations. And the truth is that it has become one of the Police’s most productive units, with more than 1,500 serious cases solved to its credit. Those in attendance included President of the Republic Konstantinos Tasoulas, Mitsotakis, Chrysochoidis, several MPs — not only from the ND — as well as Admiral Apostolakis and Athina Linou. There was considerable discussion in the informal groups about the service’s contribution to solving major cases that have come to light in recent days, cases that might well have remained unresolved had it not been for its methodical approach and organisation. Chrysochoidis identified the next objective as striking even deeper at the financial structures of criminal networks, following the American principle of “follow the money”. Mitsotakis, meanwhile, sounded the alarm over the various parasites, as he called them, even within the Greek public sector.

After Kalamata, Serres

I return to the ND to say that, following Kalamata — the political stronghold of Samaras, which he is visiting on Thursday — Mitsotakis is also setting his sights on a deeply Karamanlis-friendly prefecture: Serres. The Prime Minister will travel there for the celebration of the patron saints, the Most Holy Archangels, and the return of the ecclesiastical treasures stolen by the Bulgarians in 1917. The immediate occasion is clearly the recent interstate agreement signed in Thessaloniki. However, Serres has traditionally been a Karamanlis stronghold, and it is also home to disgruntled farmers who need some soothing words — and money.

UEFA: Champions League rights auction heads for a second round

The UEFA rights auction (Champions League, Europa League and Conference League) took place yesterday. We hear that there were two bidders: Alafouzos and Per Capita, together with their respective television channels. There is, after all, no third player. Reports suggest that the two bids — each worth more than €200 million for the next four years — were very close, with a difference of less than 10%. UEFA therefore exercised its right to call for a second round of bids, which is expected to take place by tomorrow. We also hear that negotiations involving Per Capita, NOVA’s television operation and Alafouzos are intensifying. The battle is on…

Pierrakakis summons candidates for central bank chief

Christine Lagarde is leaving on 7 February 2027, nine months before the end of her term, in order to be in time for the French presidential election in April. The President of the Eurogroup, Kyriakos Pierrakakis, yesterday asked the 21 eurozone governments to submit nominations by Friday, 6 November. According to his spokesperson, the Eurogroup meeting on Monday, 9 November, will “take note” of the names. Between the deadline and the Eurogroup meeting, there will be a meeting with its president. According to reports, Kyriakos Pierrakakis intends to invite the candidates to meet him on Friday, as soon as nominations close and before the names are put before the finance ministers. In other words, the Greek minister will be the first to hear from those vying for the Frankfurt post, ahead of Merz, who had scheduled meetings with Knot and de Cos in October, and Macron, who wants the successor decided before he leaves office. The names being mentioned include Pablo Hernández de Cos of Spain, general manager of the Bank for International Settlements (BIS), who has had Sánchez’s public backing since September, and Klaas Knot of the Netherlands, former governor of De Nederlandsche Bank (DNB), who has the support of Jetten and has received discreet praise from Lagarde. Joachim Nagel of the Bundesbank, who has Klingbeil’s backing but not yet Merz’s publicly, is being described as an “unknown quantity”. If Berlin submits a candidate by Friday, there will be three contenders. Neither Spain nor Germany has ever held the ECB presidency. Germany, however, already has the European Commission. Last January, at the first Eurogroup meeting under a Greek presidency, Boris Vujčić defeated Olli Rehn in three rounds of voting to secure the vice-presidency. The same process — a recommendation by the Eurogroup, an opinion from the European Parliament and the ECB’s Governing Council, followed by a decision by EU leaders — is now under way for the presidency. Next comes the appointment of a successor to chief economist Philip Lane in May. Three of the six seats on the Executive Board will change hands within 12 months.

Pierr 2

Anyone following current affairs solely through the activities of the opposition might think that, in recent days, the Ministry of Finance had been trying to legislate the seizure of people’s homes by funds “with one law and one article”. Yesterday afternoon, National Economy and Finance Minister Kyriakos Pierrakakis put things into a more reasonable perspective. He began by setting out all 16 measures to protect borrowers and tackle abusive practices by loan servicers, challenging the opposition to specify which of them it intended to vote against. He did not stop there, adding two more measures: a fixed interest rate of 3% for vulnerable and eligible debtors entering the out-of-court debt settlement mechanism, and a tenfold increase in the maximum fine that the Bank of Greece can impose on servicers. Pierrakakis thus quite reasonably asked how servicers could have dictated a bill that is so clearly against their interests, as the opposition claims. Whether his political opponents understand that their insistence on voting “no” will put them at odds with borrowers remains to be seen in today’s plenary session.

Naval Group signs new contracts with 75 Greek companies as Swedish interest grows

Last Friday, as the Greek flag was raised in Lorient, France, on the second Belharra-class frigate, the Nearchos, this column also highlighted another aspect of the programme with considerable business significance. We reported that Naval Group had signed more than 120 contracts with around 70 Greek businesses, which had managed to join the supply chain of the French shipbuilding giant. During a visit by Greek journalists to the dry dock where the fourth frigate, the Themistocles, is being built, the French company offered an interesting clarification. The number of Greek companies participating in Naval Group’s frigate programmes has now risen to more than 75. And, of course, the longer the list, the better for Greece’s defence industry. There is, however, more to come. Euronaval 2026, one of the world’s largest international naval defence exhibitions, opened its doors in Paris yesterday, Tuesday, with a strong Greek presence and a Greek Pavilion organised by the Hellenic Association of Defence Equipment Manufacturers (SEKPY), featuring the participation of Greek companies. The meeting attracting particular interest is scheduled for today, Wednesday, at the Naval Group stand, where, according to reports, new contracts with Greek companies are expected to be signed. According to the same sources, the event will have a Swedish as well as a Greek presence. After all, Sweden has already signed a contract with Naval Group for four FDI frigates, worth €4.3 billion. It remains to be seen whether the presence of the two sides also conceals a business “surprise”. Alongside the new Greek-French contracts, there could also be partnerships formalised through agreements between Greek and Swedish companies.

Investors prepare for battle over Tatoi estate

Investors are waiting for the tender documents, which will spell out in detail the scope of the project and its individual functions, concerning the Tatoi estate. This is the second phase of the tender launched last spring by the National Development Fund for the concession of the right to reuse, develop, restore and exploit buildings and sites within the former royal estate of Tatoi. AKTOR Concessions, EKTER, DIMAND, ELIA Corporation (which is linked to Giannis Mytilineos) and REINA Hellenic Properties Capital Partners (the joint venture between property developer Hellenic Properties and the Douzis brothers’ Ergon Foods) all submitted expressions of interest last spring during the first phase of the tender process. All have qualified for the second phase, in which they will be invited to submit binding offers. The concession concerns the development of 24 buildings and their surrounding grounds, out of approximately 40 located within the estate, in the historic area of the former royal property at Tatoi. The stated emphasis is on “protecting the natural environment and preserving its heritage character”. The proposed uses include accommodation facilities and hotels, restaurants, a greenhouse, a winery and other low-impact development activities. The project may also include cultivable land, with the aim of reviving the estate’s agricultural character in harmony with its natural environment and historical identity, including the restoration of its vineyard and olive grove.

Edison sets out EYDAP’s future

The management of EYDAP, the Athens Water Supply and Sewerage Company, has hired Edison for £60,000 a year to analyse and henceforth cover the activities of the new EYDAP Group. Its first, 27-page report outlines EYDAP’s prospects for foreign investors through to 2028. According to Edison, EYDAP’s core valuation is €11.4 per share. The share closed at €13.7 on the day the report was published, while yesterday it closed at €13.8 — 75% higher than at the start of the year and 20% above the model’s valuation. This difference is explained by the report’s description of its figures as an “indicative scenario”. The 43 water supply networks in Attica, Boeotia, Phocis and Euboea that Law 5325/2026 transfers to EYDAP; 20% more customers; an increase in 2028 EBITDA from €97 million to €116.5 million; and an acquisition cost of €75 million. The report cannot assess the value of the networks being absorbed by EYDAP — the company is now hiring an audit firm to establish this — who will pay, how much integration will cost, or whether the Regulatory Authority for Waste, Energy and Water (RAAEY) will include the acquisition price in the regulated asset base, allowing a return of 6.24%. Management promises a “clearer picture by the end of the year”. The Regulated Asset Base (RAB) is estimated at €700 million, rising to €1.6 billion over the next decade. Planned investments amount to €2.8 billion, half of which will come from European grants. The company has net cash of €280 million, while its operating costs amount to 90% of revenue. The regulator has already rejected historical claims relating to raw water and financial costs. The state is simultaneously a 61.3% shareholder, the grantor of the concession, the water supplier and the architect of the regulatory framework. Edison forecasts a dividend of €0.18 per share in 2026, following no dividend in 2025. It therefore expects the share price to rise to €14.3, and subsequently to €16.5 in 2029 and €17.3 in 2030.

Qualco: A short delay, with plenty of possible explanations

Cross-checked information suggests that some suppliers of Qualco Group have reported that payments due on Friday, 30 October, were not made. They were subsequently informed on Monday, the day before yesterday, that the payments would be settled on 13 November. The company has made no comment. This practice is not unknown on the stock market. Several listed companies postpone payments by a few days around the end of the month so that their cash balances on the final day present a stronger picture. In Qualco’s case, however, the end of October does not coincide with the publication of financial statements. Whatever is being made to “look better” is therefore for internal or banking purposes. Possibly for the benefit of a third party. On 30 June, cash and cash equivalents had fallen to €21 million, from €55.1 million at the beginning of the year. Excluding the remaining proceeds from the initial public offering (IPO), the figure stood at €11 million, down from €39 million. Operating cash flow for the first half of the year was negative, at €2.8 million, with working capital absorbing around €14 million. Net debt to trailing 12-month EBITDA rose from 0.8 to 1.3 times. Management attributed this to slow collections from the public sector and the Middle East, and pledged that cash flows would turn positive by the end of the year. In August, €10 million in new loans from Piraeus Bank were added, along with a further €3 million credit facility from Optima. On 29 October, one day before the payments in question, €1.24 million from the IPO proceeds was reallocated to working capital. At the same time, the company has called a general meeting for 24 November to approve a buyback of up to four million shares. It has applied to the Bank of Greece for a credit institution licence for embedded finance and says it is in “advanced discussions” with retailers and lenders. This is where the market’s second interpretation comes in. Some believe that a deal is being prepared and that management wants the balance sheet to be looking its best.

Lanakam is back

One of the most interesting companies to appear at the small-cap conference the day before yesterday was Lanakam. For those with long memories — and the age to match — Lanakam is the universal successor to the once-glorious listed company Kamsizoglou. The mere fact that the company took part in a presentation to outline its business plan is news in itself. It certainly suggests that, after numerous adventures, both business-related and otherwise, management feels ready to return to investors’ field of vision. Perhaps not that of major institutional investors, but certainly that of retail investors. Last year, this small trading company generated €2.4 million in revenue and recorded profits of €62,000 — figures unlikely to excite investors with deep pockets. However, Lanakam is valued at a 35% discount to the value of its property assets, despite not being a real estate investment company (REIC). And that may be of some interest.

The Margi’s financial performance

The hotel company The Margi, which operates the well-known five-star hotel of the same name in Vouliagmeni, recorded positive financial results in 2025. Although turnover showed little change compared with the previous year, standing at €16.75 million against €16.38 million in 2024, pre-tax profits were similarly stable, at €7.73 million compared with €7.79 million. The point of interest, however, lies in the company’s “retained earnings”, which show accumulated profits of €15.5 million. Total liabilities also fell to €11.3 million in 2025, from €14.68 million in the previous financial year. It is worth recalling that The Margi, owned by Maria Stavridi, operates not only the hotel complex in Vouliagmeni but also other hospitality venues, including three tourist villas — in Vari, Attica, Vouliagmeni and Agios Sostis in Mykonos — as well as an events venue in Kalyvia Thorikou. It also owns and leases properties with a view to developing them for tourism in the future. These include the building on Rigillis Street that formerly housed the New Democracy party’s headquarters. As for this year, management expects a slight increase in revenue compared with 2025.

Dramatic turnaround for bank shares

Bank shares made an impressive comeback on the Athens Stock Exchange yesterday, turning steep early losses into significant gains. The banking index, which had fallen by 1.27% to 2,955 points at its session low, eventually closed 1.42% higher at 3,036 points, regaining the psychologically important 3,000-point level. The rebound ended a two-day losing streak during which losses had accumulated to more than 2.5%. Alpha Bank led the gains, rising 2.5% after having earlier fallen by 1.1%, with attention turning to its Investor Day on Thursday, 5 November. Piraeus Bank gained 2.25%, reversing intraday losses of around 2.37%, while Eurobank closed 1.77% higher after falling by as much as 2.96% earlier in the session. National Bank of Greece recorded gains of 0.63%, having been down by as much as 2.46% at its intraday low. The banking sector’s counterattack began after 3pm, coinciding with announcements by National Economy and Finance Minister Kyriakos Pierrakakis on a fixed 3% interest rate for vulnerable and eligible debtors entering arrangements through the out-of-court debt settlement mechanism, and a tenfold increase, to €5 million, in the maximum fine that the Bank of Greece can impose on loan servicers.

Elefsina: Clear the shipwrecks before bringing in investors

In Elefsina, discussions are under way about investment, logistics, new port activities and upgrading the area’s geoeconomic role. There is just one detail: part of this valuable stretch of sea is still occupied by vessels that have been reduced to rusting hulks over the years. The question is how the state can plan to attract investment capital to a strategically important port when, for decades, it has failed to clear the bay of abandoned vessels. This is not an aesthetic issue. It is primarily an economic one. Every square metre of sea space that remains occupied has potential value for port operations. And every delay in removing the wrecks restricts the options for putting that space to use. Those in the market know that salvage operations are costly, require specialist handling and often run into ownership disputes and legal complications. The real test for the government is not how many investment plans are presented for Elefsina, but how many wrecks are removed, according to what timetable, and who will foot the bill.

Angeliki Frangou offers 33% more for shares that have paid no dividends in 10 years

Angeliki Frangou has raised Navios Maritime Holdings’ offer to buy back its preferred shares from $12 to $16 per share, while also extending the acceptance deadline to 9 November. The 33% increase is hard to overlook, particularly as the shares in question have not paid dividends since 2016. They are the Series G and Series H preferred shares, with annual dividend rates of 8.75% and 8.6% respectively. The new price represents a significant premium over their average market prices in the previous quarter: $9.40 for Series H and $8.97 for Series G. The process, which began on 12 October, is intended to reduce financing costs. At the same time, it gives holders of the securities the opportunity to obtain immediate liquidity. The timing of the move is also significant. Navios Holdings has already delisted from the New York Stock Exchange, while in 2022 it sold its fleet of 36 dry bulk carriers to Navios Maritime Partners for $835 million. The increased offer and extended deadline suggest that the company is seeking to attract more preferred shareholders. How many will ultimately accept remains an open question.

The dottore is investing more than €4bn in new ships, sending a message to competitors

Investments of more than €4 billion, new shipbuilding orders in Asia and the sale of older vessels make up the business plan of the Italian Grimaldi Group. The dottore, Emanuele Grimaldi, has signed letters of intent for the construction of up to 10 pure car and truck carriers (PCTCs) at Chinese shipyards, with deliveries scheduled for 2030–31. The order comprises five vessels with capacity for 10,000 vehicles and another five capable of carrying 11,000 vehicles. At the same time, an order has been placed for a tenth passenger and vehicle ferry (ro-pax), worth €160 million, while negotiations are continuing with three Asian shipyards for new con-ro vessels. This is a type of cargo ship that combines the transport of containers with wheeled cargo (Ro-Ro). On the sales front, the group secured $106 million from the sale of the Grande Scandinavia and Grande Ellade, both built in 2001. These sales followed those of the Grande Colonia and Grande Napoli. Meanwhile, the group is awaiting delivery of three more newbuilds, each with capacity for 9,800 vehicles, with its existing 17-vessel shipbuilding programme due to be completed next April.

Three major investments and a satellite

Fourteen months after its establishment, the Hellenic Innovation and Infrastructure Fund (HIIF), the investment arm of the National Development Fund (formerly the Hellenic Corporation of Assets and Participations, or Growthfund), designed with BlackRock FMA as its adviser, has completed and signed its first transaction, according to reliable information. The announcement is expected in the coming days. The sector comes as no surprise. Officially, HIIF had spoken only of “digital infrastructure”. Since June, however, as Dark Room reported, information had been circulating in the market that the investment might not concern infrastructure on Earth, but in space. Speaking at a conference, Antonis Tzortzakakis of Phaistos reminded attendees that 28% of its capital is already invested in space technology and that three microsatellites have been designed and built in Greece. The ecosystem was already there. HIIF came along to complement and finance this important Greek initiative. Reports suggest that two more investments will follow shortly, perhaps even more significant ones. One will be in a data centre in the wider Athens area, and the other in a storage facility in northern Greece. Behind the three moves is a structure that bears no resemblance to a public-sector organisation. Stelios Fragkos (Yale and London Business School) joined HIIF from his position as Partner and Managing Director at AlixPartners, where he led restructuring projects internationally, having previously served as interim chief executive of an investment fund with $1 billion under management. His team consists of just 12 people, none of whom come from the public sector. Above it is a five-member board chaired by George Kofinakos, former chief executive of Citigroup Global Markets Greece. The National Development Fund retains one seat. Fragkos has said publicly that the problem is not a lack of capital, but a shortage of mature projects. The team’s job was precisely to bring such projects to maturity. The first three investments are exactly what Stelios Fragkos described as “inextricably linked”: digital infrastructure and energy. If the first announcement is made in the presence of the Prime Minister, it will be the first time the National Development Fund presents an acquisition rather than a sale.

The “extend and pretend” strategy is coming to an end…

Brookfield built the tallest residential tower in California in the centre of Los Angeles. The 64-storey building has 785 apartments. Construction cost $600 million and it was completed in 2023. Three years later, according to the Wall Street Journal, Brookfield is handing the keys to its lender, choosing not to refinance the $360 million loan. It is not that the building has failed. It is beautiful and imposing. The problem is that refinancing the loan at current interest rates would cost “tens of millions” more. The cost of borrowing had already wiped out the company’s equity in the property. When equity is zero, the rational thing to do is walk away. The lender was not a bank, but Bridge Investment Group, part of Apollo, which is now putting the loan up for sale. The phenomenon is widespread. According to the Mortgage Bankers Association, $875 billion in commercial mortgage loans will mature in 2026. That represents 17% of the total $5 trillion. A further $652 billion will mature in 2027. Official figures show that of the $957 billion due in 2025, only 50–55% was repaid. The rest was given an “extension”. The average new loan now costs 6.2%, compared with approximately 4.3% for the loans it is replacing. The figures show that the much-discussed “extend and pretend” strategy no longer has a place in an era when central banks are raising, rather than lowering, interest rates. A building is worth as much as its loan can be refinanced for. Everything else is a matter of aesthetics and architecture.

Even models are at risk from artificial intelligence

The fashion industry has found a way to use models without having to call them in for every photoshoot: it creates digital replicas of them using artificial intelligence. Their faces and bodies remain available for new images, but the person behind them may never need to be paid again. Some proposed contract terms allow such replicas to be created without additional compensation, while others provide for photographs to be used to train AI systems. Put simply, a job today could give a company the material it needs not to hire you tomorrow — if you are a model. For businesses, the benefit is obvious: digital production services promise to cut costs by more than 90%. For models, the question is who will control their image, where it will be used and for how long. Agreeing to have a photograph retouched is one thing; appearing in new advertisements without a new agreement and payment is quite another. The irony is that the fashion industry sells authenticity at a premium, while increasingly seeking ever-cheaper copies of the people who promote it.