– Hello, let me start today with two observations rather than the news – we’ll get to that later – but I think they are important. First observation: Political criticism and a clash of opposing views are one thing; a parliamentary preliminary investigation committee is quite another. It is essentially a court of law. I am referring to the 2019 Criminal Codes, an issue on which New Democracy made clear yesterday that it would not proceed simply because someone from the opposition had proposed it. Besides, the case is time-barred. But even if it weren’t, Mitsotakis was right to put a stop to it through his spokesman, Marinakis. Second observation: PASOK was right to vote in favour of at least 77% of Pierrakakis’s bill on servicers, although I really couldn’t understand why it had to vote “NO” on the bill in principle, “YES” to 77% of its provisions and “PRESENT” on the bill as a whole. A bit like Edessaikos, if you ask me. Still, some progress is progress when PASOK actually votes for something sensible, because until now it had been blindly voting against everything.

Right-wingers are sentimental

– A few days late, I’m passing on a conversation that took place at the New Democracy Executive Secretariat on Monday, one that was interesting both politically and on a human level. Senior New Democracy figures were discussing the potential political influence of parties to the right of the governing party, and various views were expressed, the prevailing one being that the damage to the ruling party would not be significant. Then Adonis Georgiadis stepped in with this line: “You centrists are rational people; we on the right are emotional.” What Adonis meant was that right-wing voters also vote with their hearts, and New Democracy therefore needs to win them back through an emotional appeal, primarily by rekindling their sense of belonging.

A windfall for municipalities (and who is footing the bill)

– On his way to Kalamata for the KEDE conference, Mitsotakis had more on his mind than taking the political temperature over the Samara­s-backed party in the making. He had been briefed that there was considerable discontent among local authorities over the lack of resources, a problem made all the more acute by high inflation. The mayors’ complaints were voiced at the highest level by KEDE’s New Democracy-affiliated president, Lazaros Kyrizoglou, despite the infrastructure projects delivered in many parts of the country through the Recovery Fund. Livanios, who had picked up on the mood some time ago, had already made the necessary points to the Maximos Mansion. So Mitsotakis turned up before the mayors with an announcement package worth well over €500 million for the coming years, as well as plans for debt arrangements in cooperation with the Public Power Corporation (PPC), opening the door to a special electricity tariff for municipalities. Of course, those who will lose out as a result of Mitsotakis’s announcements on additional funding are businesses in the hospitality and tourism sectors, which will see the accommodation tax rise from 0.75% to 1%. Meanwhile, the municipalities’ local road improvement programme will receive additional funding through a special levy on fuel purchases, but only once international prices have stabilised.

Reforms until the end of the year

– The other day, Mitsotakis asked Hatzidakis and Skertsos to present the consolidated priorities for each ministry to the Cabinet, telling his ministers to spend less time actively chasing votes and more time getting on with their work and tackling the outstanding issues in their portfolios. Adonis, however, was rather explicit yesterday at Ygeiamou’s vaccination conference, addressing an audience from the pharmaceutical market and healthcare sector. He warned them that he still has serious reforms to carry out before the end of the year. After that, as we enter an election year and the political leadership of the ministry is very likely to change, a more managerial, business-as-usual approach will take over.

The opposition’s free lunch never goes away

– One of the opposition’s oldest parliamentary tricks for escaping the government’s grip and avoiding a vote in favour of positive measures when they come before Parliament is to table its own counterproposal. The government, for example, offers a €500 pay rise, and the opposition comes along and proposes €1,000. The minister says he will build schools? The opposition raises the stakes, promising to build schools and children as well, and so on. When you are sitting on the opposition benches, the free lunch never goes away. Whenever the opposition tables its own bill or amendment, we automatically know it will not support the corresponding government measures. That is an iron rule.

Champions League super deal

– Well, the entire UEFA package has finally gone to Alafouzos’s Sport FM for the staggering sum of €330 million over the next four years. Sport FM’s bid was approximately €83 million a year, compared with around €65–70 million from Per Capita. Proportionately, this must be among the largest sums ever paid in any other country, and it naturally changes the landscape of the market. From now on, anyone wanting to watch their team – as well as the foreign clubs – in the Champions League, Europa League and Conference League, along with the football cup, the basketball league, and Panathinaikos and PAOK in football, will have to subscribe to Alafouzos’s platform. For the rest of the Greek football league, however, viewers will have to turn to Per Capita, which also has its own platform and partnerships with Cosmote and Nova (for the time being). As we’ve said before, sport is not just expensive… it is eye-wateringly expensive, and the new landscape will inevitably bring business rivalries in its wake. The market, with around 1.1 million subscribers currently between Magenta (formerly Cosmote) and Nova, is extremely interesting, but the real question is who gets what. Both sides now have strong, attractive products – and very deep pockets.

Major Dimand deal with foreign group in Crete’s tourism sector

– And now to market news, where we have a rich menu, with plenty of stories. Let’s start with a significant deal being talked about in the market, which is reportedly the largest transaction ever carried out in Greece in the hospitality sector. According to market rumours, Dimand has struck a major deal in Crete’s tourism sector – something in western Crete is what we’ve heard – with an international hotel group controlled by financially powerful shareholders and with an existing presence in Greece.

Chania Bank: Sale process moves ahead – VDR opened

– Another interesting story, once again from Crete, concerns Chania Bank. The bank’s advisers have sent the bid to prospective investors and are awaiting the interest shown in acquiring the institution. The Virtual Data Room (VDR) was also opened yesterday, allowing interested parties to access the information they need through the online platform. The entire process is being conducted under the watchful eye of the Bank of Greece, which has set a specific timetable so that the identity of the buyer of Chania Bank will be known by the end of the year.

Why Paulson is selling shares in Piraeus Bank

– The market was caught off guard by the sale of Piraeus Bank shares by Paulson the day before yesterday. The reduction of his stake to 8.4%, compared with his previous holding, shows that the 2.8% placement marked the completion of a quiet round of sell-offs. Paulson is evidently selling because he has made substantial gains: Piraeus Bank’s announcement states that he acquired the shares at €1.15 each. By selling them at €9.51, he is therefore pocketing enormous capital gains. At the same time, there are developments that are probably connected to these latest disposals. The 70-year-old Paulson became embroiled in a bitter divorce from his 55-year-old wife, Jenny Paulson, in 2021, after 21 years of marriage and with whom he has two daughters, all over his 37-year-old girlfriend, Alina de Almeida. The legal battle centred on their $4.7 billion fortune, while the aggrieved Jenny also sued him, among other things, accusing him of concealing $1 billion in assets. After five years of keeping the lawyers well paid, the dispute ended on 4 May 2026 with an agreement whose terms were not made public. Jenny withdrew her lawsuit over the $1 billion, and both sides signed agreements confirming that they had no further claims against one another. During those five years, Paulson had another daughter with Alina, is now expecting their second child and is preparing to marry his girlfriend in Monaco. Under New York law, where the divorce was heard, assets acquired during a marriage are divided equitably on a 50/50 basis, taking into account the length of the marriage, each spouse’s contribution, their respective financial circumstances and other factors. Even if one spouse has a trust in their name, if it was established during the marriage, they are required to include it in the 50/50 settlement. Presumably, what is now taking place is the settlement – as Paulson himself might put it – of a divorce that has proved costly, including for his Piraeus Bank shares, on which he had made gains of just under 840%.

Alpha Bank: Active balance-sheet management and better shareholder returns

• One could describe it as a quick game of ping-pong. That is more or less how the management of Alpha Bank is now operating, opting for active balance-sheet management: conservative assumptions about the course of the economy, but greater emphasis on the growth potential of the bank’s own business operations. And if the economy ultimately performs better, so much the better for profits and distributions to shareholders. It is a strategy that impressed investors and analysts when the bank presented its business plan for the coming three years. “Things have changed a lot,” said the bank’s CEO, Vassilis Psaltis. Whereas in the past the bank had limited scope for active management, it can now draw on more options – something he believes investors also recognise. There is also a shift in its shareholder remuneration policy. With the share price at higher levels, share buybacks are becoming more expensive, while cash returns of capital are taking on greater importance.

New business ventures for Nikos Th. Vardinogiannis

• Thomas Roumbas and AVE Group, whose interests are associated with Nikos Th. Vardinogiannis, are making their presence felt in new business ventures. Roumbas, who has served as head of Dionic and as a senior executive at the AVE Group (and is now Vice-Chairman of its Board), is involved in two new companies incorporated yesterday, Thursday 5 November. The fact that both are based in Pallini, at AVE Group’s headquarters, suggests that there is a connection. The first, named Neo-Cortex Solutions, has as its main purpose to “develop an integrated technological Meta-Platform and Operating System supported by Artificial Intelligence, seeking to provide practical solutions to everyday, corporate, critical and specialised problems for citizens, businesses, government bodies and services”. More specifically, its activities will include research, development, design, production, marketing, distribution and the provision of services relating to artificial intelligence and operating-system technologies, products and solutions, including, indicatively, the creation and development of AI agents and automated decision-making systems. It will also develop machine-learning software, natural language processing, pattern recognition and other artificial intelligence applications, among other things. The company has initial share capital of €25,000. Among its shareholders, with a 5% stake, is Roumbas’s daughter, Evangelia, alongside others, while Thomas Roumbas himself sits on the Board of Directors, whose Chairman and CEO is Ioannis Pastromas. Vassiliki Papapashali, the company’s principal shareholder, is also a board member. The second company, Sena Professional S.A., was established by Cyprus-based AVE Participation Limited and businessman Hector-Ioannis Seilopoulos, who is the Managing Director of SENA, one of the longest-established and most powerful players in hygiene, cleaning and paper products. The two sides each contributed 50% of the initial share capital of €100,000. As for its corporate purpose, it covers… almost everything. Its main activity is the import, representation and wholesale trade of paper products, paper, cardboard and printed materials, boxes, letter holders, sacks and bags made of paper or cardboard. Beyond that, the list also takes in cleaning materials, detergents, rinsing preparations, polishing substances, tablecloths, cleaning, filling, packaging and wrapping machines, water filters, electrical appliances, household furniture and… padlocks. The Board of Directors comprises Thomas Roumbas as Chairman, Nikolaos Tzanakis as Vice-Chairman, Hector-Ioannis Seilopoulos as CEO, and Apostolos Voulgaris and Vassilios Voskos as members.

The Russian businessman who sent Coca-Cola HBC plunging

• Coca-Cola HBC opened at 5,015 pence in London yesterday morning, with analysts raising their price targets for the stock even further following the strongest third quarter in the European sector (organic revenue growth of 9%, volumes up 5.4% and upgraded guidance). Suddenly, eight minutes past 2pm, the share price collapsed to 4,374 pence (-11.35%), hitting an intraday low of 4,306. In Athens, 3E shares began the morning up 2.55% at €60.30, but after 4pm they were down 12%. The explanation came from Moscow, in two instalments. First, a Putin decree was made public placing the Russian subsidiaries of Japan Tobacco under “temporary management”. The second, decisive piece of news came from Kommersant, which revealed that Bochkari, a brewery and soft-drinks producer from Altai, 98% owned by Vadim Smagin (with turnover of 8.64 billion roubles in 2025), had asked Putin in mid-October to place Multon Partners, formerly Coca-Cola HBC Eurasia, under external management, with Bochkari itself appointed as manager. The request was forwarded to the government and, according to sources, has received partial support from deputy prime ministers. Bochkari’s arguments were that Multon’s suspension of investment was damaging the economy and tax revenues, and that Coca-Cola supports Ukraine and sponsors the World Cup and the Olympic Games, from which Russian athletes are excluded. Bochkari is promising investment in the “historic territories”, as well as investment in “social policy”. Multon, Russia’s largest soft-drinks producer (Dobry, Rich), is valued by Infoline at at least 245 billion roubles, of which 95 billion is in cash. In September, Smagin bought the Russian Canpack, which manufactures drinks cans. There is also a recent precedent. In August, an unknown company, KS Logistika, requested the same arrangement for Nestlé. The decree followed in September. Danone and Carlsberg ended up being forced to sell. In Russia, an acquisition no longer requires a bid. All it takes is a letter to President Putin.

The worst trading session since the Covid crash

• All of the above was enough to send Coca-Cola HBC to its biggest one-day fall in six years, as developments in Russia triggered a wave of selling, wiping out the upward momentum that had built up following the strong nine-month results. The share price fell by 14.12%, closing at €50.50, in its worst trading session since 16 March 2020, when it dropped 16.93% amid the stock market turmoil caused by the coronavirus pandemic. The intensity of the sell-off was also reflected in trading activity, with turnover reaching €19.5 million and volume exceeding 360,000 shares – levels many times higher than usual for the stock. Coca-Cola HBC’s plunge also caused more than €3 billion in market value to evaporate in a single session, with the group’s market capitalisation falling to €18.84 billion, from approximately €21.94 billion on Wednesday.

Trump’s ICE and TITAN’s construction sites in the US

• Marcel Cobuz, head of the TITAN Group, offered a particularly interesting picture of how American politics affects the real economy during a conference call with analysts. On the one hand, he directly linked the shortage of workers at construction sites in Florida to the intensification of operations by ICE, the federal immigration enforcement agency. On the other, he viewed the Democrats’ electoral gains positively, estimating that they could provide fresh impetus to public investment and the housing market. His comments carry particular weight, given that the US is by far TITAN’s largest market, accounting for more than half of its turnover. In the first nine months of this year, sales there reached €1.15 billion, with EBITDA of €228 million, despite the pressures facing construction activity. Cobuz explained that ICE operations had affected a number of construction sites, particularly in Florida, exacerbating staff shortages at a time when the building sector is already being tested by mortgage interest rates, which, he said, are hovering around 7%–7.5%. He also cited an increase from approximately 25,000–27,000 to 50,000 people per month affected by the agency’s interventions, although he estimated that the impact on construction activity would be temporary. By contrast, commenting on the midterm elections, he estimated that the Democrats’ gains, particularly in East Coast states where TITAN operates, could keep investment in infrastructure and energy high on the political agenda. In particular, he believes that Democratic control of Congress could provide additional support for public works. He also expects initiatives on housing policy and transport, noting that the US housing shortage is approaching six million homes. Of course, as he acknowledged, political priorities are one thing and the speed with which they translate into actual projects is another. For TITAN, however, which has invested hundreds of millions in the American market, developments in Washington have a direct impact on its factories, construction sites and, ultimately, its financial results.

…and the forecasts

• TITAN’s management estimates that conditions in the US market will remain at levels similar to those of 2026 during the first half of 2027, with demand potentially reaching a turning point in the second half, as residential construction is expected to recover gradually and infrastructure investment to accelerate. The US housing shortage is approaching six million homes, while investment in data centres continues to gather pace, already accounting for around 10% of sales volumes in the Mid-Atlantic region, where the group has a significant presence. Despite pressure from high mortgage rates, labour shortages in Florida and delays to public works, management expects operating margins to widen in 2027. Since 1 January, cement price increases of $12 per tonne have been announced, while corresponding increases are planned for ready-mix concrete and fly ash. At the same time, the US cost-saving programme has already delivered $20 million in 2026, with a target of $50 million in total over the coming years. At Keystone, the operating margin improved from 10% to 16% by the end of the third quarter, with management reaffirming its target of $30 million in synergies. Overall, improved profitability is expected to be driven mainly by price increases, synergies and more effective cost management, even without a substantial recovery in demand.

ADMIE sets its sights on new highs

• ADMIE Holdings is setting its sights on record highs, completing three consecutive positive trading sessions during which it has accumulated gains of almost 7%. The broader picture is even more impressive, with the share price rising in seven of the past eight sessions, recording cumulative gains of around 12.5%. Yesterday it closed at €4.69, having climbed as high as €4.76 earlier in the session, marking its highest closing price in the past four months and, more specifically, since early July. The share’s strong rebound has significantly narrowed the gap with its all-time closing high of €4.90, recorded in late June. It is now just 4.5% below that level, while its absolute intraday record stands at €4.925. The positive momentum is also reflected in its overall performance in 2026, with gains since the start of the year reaching 54.3%. Meanwhile, the listed company’s market capitalisation has now reached almost €1.7 billion.

14 phone calls, three air forces

• Two AEGEAN flights, A3552 Thessaloniki–Milan (scheduled departure 08:10) and A3860 Athens–Vienna (08:35), joined a list that is growing by the hour yesterday. At least 14 European flights received bomb threats yesterday, for the third day in a week. The total number exceeded 20, with Ryanair reporting at least seven. None of the threats proved genuine. The airline confirmed that “the threat was unfounded” and that all safety protocols had been followed. The financial cost of the false alarms, however, is very real. Fighter jets from Italy, France and Bulgaria were scrambled to escort the “suspicious” aircraft. The Aer Lingus Dublin–Rome flight, carrying 151 passengers, landed at Évreux air base. Bulgarian MiG-29s escorted three Ryanair flights to Sofia, while the Finnair flight to Rome completed its journey under fighter-jet escort. Fiumicino suspended flights for 30 minutes. On Tuesday, Warsaw airport had been temporarily closed. The British government spoke of “malicious hoaxes”, the Czech police described the threats as having “low credibility”, and an aviation security expert speaking to CBS said the scale pointed to a “deliberate act”. Bloomberg placed the wave of threats alongside recent cyberattacks on supermarket refrigeration systems and drone incursions into European airspace. The impact on stock markets was clear. The STOXX European airlines index fell by 2.24%. For AEGEAN, the day came as the stock was already depleted, trading below €11.50 and closing at €11.31 (-1.14%), down 6.46% from the previous quarter’s levels. Its market capitalisation had already fallen below the €1 billion mark on 26 October (€954 million), when the share price touched €10.50 – its lowest level since April 2025. The reason for that earlier fall was expensive fuel. Yesterday’s was the threatening phone calls.

George Tsunis: From the embassy to hotel investments in Athens

• George Tsunis may have completed his tenure as US ambassador to Athens, but his ties to Greece are no longer limited to the friendships and social connections he made in recent years. The Greek-American businessman spends considerable periods of time in the country and, it seems, is also looking at the Greek market through an investor’s lens. According to information, the former ambassador recently purchased a building on Syngrou Avenue, with the intention of converting it into a hotel. If the information is confirmed, the move would be entirely consistent with his business background. After all, Tsunis did not discover the hotel industry in Greece. In the United States, he built up considerable wealth through investments in hospitality and real estate, long before taking on diplomatic duties. His return to private business may also acquire a Greek address.

The godmother of the third Belharra comes from commercial shipping

• Following Panos Laskaridis, who sponsored the frigate Kimon last December, and Thanasis Martinos, who followed almost 10 months later with the second, Nearchos, I hear that the third Belharra, Formion, will have a godmother this time – and she, too, will come from Greek shipping. She is Ioanna Martinos, daughter of Konstantinos (Dinos) Martinos, who was awarded the honorary rank of Commodore on 16 December 2025, during the inauguration of the maritime simulator at the Hellenic Naval Academy. She is president of the Athina I. Martinos Foundation, which is active in education, healthcare, maritime training and social welfare. Formion is scheduled to be received by the Hellenic Navy on 17 December this year.

The billions of Greek money travelling to Asia

• There is an interesting contradiction that goes almost unnoticed amid the torrent of shipping investment. Greek shipowners have ordered more than 1,000 vessels at shipyards around the world, 463 of them tankers. The Haris Vafeias group alone has a shipbuilding programme under way in South Korea for 20 tankers worth $2.05 billion. And this is where the Greek angle begins. At the same time as the Skaramanga and Elefsina shipyards are seeking to make a strong comeback on the industrial map, the great wave of Greek orders is heading to Asia. Of course, repairing a ship is one thing and building a supertanker is another. Nor does Greece currently have the production capacity to compete with the giants of China, South Korea and Japan. The question, however, is a different one, and concerns the government more than the shipowners. Is there a specific plan to ensure that part of this enormous investment activity also creates jobs in the Greek shipbuilding industry? Not necessarily through the construction of entire vessels, but through equipment, specialised work, technology and services.

Money talks, but voters are no longer listening

• The major media outlets (CNBC, TIME, Mother Jones and The Intercept) have reached the conclusion that the midterm elections amounted to a “remarkable defeat for big money”. Elon Musk spent around $474 million. Some 93% of his America PAC’s spending (PAC = Political Action Committee) went towards races that were lost. The artificial intelligence industry set up a super PAC with more than $100 million, but in the end did not dare to spend it. Just 5% went towards competitive seats, because three out of four voters (in a particular poll conducted in three states, with a clear political leaning) said that a donation from an AI company made them less inclined to support a candidate. AIPAC (American Israel Public Affairs Committee) spent around $84 million across 333 races, with $55 million going to candidates who lost. In Michigan, Abdul El-Sayed publicly thanked the lobby for the $42 million it spent against him, “giving me the opportunity to beat it twice”. The most instructive battleground was data centres. Some $173 million was spent on advertising, almost all of it negative. Fifty-six per cent of voters told NBC’s exit poll that the issue had significantly influenced their voting decision. Texas, with more than 300 facilities, elected a governor (Gina Hinojosa) who is calling for a moratorium. In local referendums, opponents of data centres won almost every contest that was put to a vote. In the end, money can buy exposure, not forgiveness. When the electricity bill goes up because your neighbour is a server farm, no advert can convince you that artificial intelligence “creates value”. The same thing happened with petrol prices and the war in Iran. Everyday life casts its vote before the lobby does.

Eight voted for +0.25, one for +0.50, and nobody could afford to wait

• The Bank of England’s interest rate increase to 4% yesterday was the most widely anticipated move of the year in London. What was interesting, however, was the distribution of votes in yesterday’s decision at Threadneedle Street. Nobody thought of proposing, “Let’s wait; let’s give it a little more time before deciding.” Instead, the sole dissenting vote, cast by Catherine Mann, called for a 50-basis-point increase, to 4.25%. The nine members of the Monetary Policy Committee – the Governor (Andrew Bailey), the four Deputy Governors (including Chief Economist Huw Pill and Clare Lombardelli) and the four external members (Catherine Mann, Megan Greene, Swati Dhingra and Alan Taylor) – voted in favour of immediate tightening. In September, the same Committee had voted 6–3 to keep rates unchanged at 3.75%. In just one meeting, the “hawkish bloc” (Greene, Mann and Pill) evolved into an almost unanimous majority. The first increase in interest rates on the pound came in August 2023, following six consecutive meetings at which rates had remained unchanged after the December 2025 cut. The Bank of England forecasts inflation of around 4.5% in early 2027 and close to 5% in the middle of the year – more than double its 2% target. Mann cited “non-linear inflationary risks” and five years of inflation above target, averaging 4.7%. Markets are pricing in a rate of 4.25% by February, while the Committee said it was “not on a predetermined path”. The Bank of England is becoming the last major central bank to enter the tightening cycle, two months after the European Central Bank (2.50% on 10 September).