Hello! I’ll start with a corruption case that occupied us a few weeks ago, involving bribery and match-fixing in basketball, for which several people were remanded in custody. I’ve been reading reports and social media posts about when, or indeed whether, the mobile phones of those detained will be unlocked. I naturally assume they will be accessed at some point, and there are rumours that the relevant cybercrime authorities will find, or retrieve, highly sensitive messages concerning bribes, transactions, political favours and the like. A source of mine, one who is rarely wrong, told me that these messages do indeed contain evidence of attempted bribery, but not by the people everyone assumes might have been responsible. My source even assures me that there will be surprises nobody could possibly imagine. Personally, I neither examine nor unlock mobile phones, nor do I even follow basketball, and I don’t know any of those involved. But, as I said, my source is a serious one. So when those phones are eventually unlocked, we shall see exactly what happened and who was involved.

The Tsavdaridis affair: the verdict comes today…

The Tsavdaridis affair, which was revealed by Mega, is genuinely troubling because a minister cannot be allowed to use various legal manoeuvres to secure favourable treatment for a family member. Everything else is just talk, and K.M. understood that yesterday morning. He subsequently put the brakes on matters to examine all the evidence and see how the situation develops, but I don’t know whether the deputy minister will survive politically. That will be decided this morning. But seriously, enough is enough. You are politicians, and everything counts.

Briefing the party leaders

Since yesterday, Foreign Minister George Gerapetritis has been conducting a series of meetings and telephone conversations with political party leaders, inviting them to meet him on Saturday, or another day if their schedules do not allow, so that he can brief them on the handling of the electricity interconnector project. From what I understood yesterday, everyone will attend on Saturday except Natsios, who will be away and will instead visit the Foreign Ministry on Tuesday. The crucial point is that Gerapetritis intends to share the contents of the French diplomatic note to Turkey with the party leaders, but not release it publicly and turn it into material for political and media gossip. This will also test the political leaders’ sense of responsibility, although I cannot say I have particularly high expectations. I should simply point out that parties without parliamentary representation, such as Tsipras’s ELAS and Karystianou’s Elpida, are excluded from the briefing process.

Mayors up in arms, MPs under pressure

The issue of building density coefficients is becoming a sword of Damocles hanging over the government, as mayors in Athens’ northern suburbs are responding in various ways. Yesterday, they sent a letter to Mitsotakis asking the government to withdraw the study that would permit additional square metres of construction in their municipalities. They are also preparing a major event at the end of the month, while the phones of MPs representing the northern Athens constituency have been ringing incessantly. New Democracy’s problem is this: the northern suburbs are among the areas where the party enjoys strong electoral support, and most mayors are politically close to it, while also maintaining friendships with numerous ministers and senior party figures. Against this backdrop, New Democracy MP Zoi Rapti attended yesterday’s meeting of the Filothei-Psychiko Municipal Council and addressed the proceedings. As she is not a minister, she has greater freedom to disagree with the proposal. Many are nevertheless wondering what purpose it serves the government to keep a politically damaging proposal under consultation in an election period, merely to resolve an outstanding issue dating back to the days of Stefanos Manos. May God forgive the new building coefficients.

The Antalya complications

Since I’m discussing environmental matters, I should mention that Stavros Papastavrou is in Antalya, Turkey, where the COP31 climate conference is taking place. EU representation is relatively low-level, with very few leaders attending apart from von der Leyen, while the appearance of Cypriot President Christodoulides was particularly eventful. As you saw, Erdogan did not welcome him, to avoid recognising him. I have also learnt that Christodoulides travelled to Antalya aboard an Aegean charter flight via Rhodes, rather than through Istanbul as other leaders did. The Cypriots, meanwhile, are pleased with the support Greece provided to help them overcome the prospect of a Turkish attempt to block their participation.

Another extension for farmers

The government’s handling of farmers’ applications under the Integrated Administration and Control System (IACS), known in Greece as OSDE, is becoming an increasingly difficult exercise. The 10 November application deadline has passed, and the Ministry of Rural Development and the Independent Authority for Public Revenue agreed to extend it until 17 November. The aim is to make the first payments at the end of November, but the longer the difficulties persist, the greater the risk of renewed tensions with farmers, although there is generally little appetite for a repeat of last year’s confrontations.

A one-off election

Keep in mind the statement made yesterday by Development Minister Takis Theodorikakos, because it is closely connected to the timing of the elections. Essentially, he said that parliamentary elections do not have two rounds: there is one Sunday, and citizens will decide. Theodorikakos did not make this remark by accident. After all, he headed New Democracy’s strategic planning in 2019, when the party secured its first major electoral victory. Consequently, the closer we get to the election, the easier it becomes for Mitsotakis to present voters with stark choices and avoid the risk of a protest vote or complacent voting, something that worries quite a few people within New Democracy and could undermine party unity. Mitsotakis himself has made the same point, but he will obviously return to it as the election approaches.

Helleniq Energy eyes Lukoil’s refinery in Ploiești, Romania

Moving on to market news, let’s begin with Lukoil’s refinery in Ploiești, Romania, which Helleniq Energy’s management appears to be considering. It is a relatively small facility, with a crude oil refining capacity of 48,600 barrels per day, almost 30% of the Aspropyrgos refinery’s nominal capacity. Petrotel is a complex conversion refinery, equipped with a fluid catalytic cracking (FCC) unit and a coking unit. These installations allow heavier fractions to be upgraded into lighter, higher-value products, giving the refinery a level of complexity comparable to that of Aspropyrgos. Operations were suspended in October 2025 for maintenance and have not resumed because of sanctions. At the same time, insolvency proceedings have been announced with the aim of protecting the asset and restoring operations. The refinery forms part of Lukoil’s international portfolio, which is being put up for sale under pressure from US sanctions. The company also operates a network of approximately 300 petrol stations in Romania. Helleniq Energy’s interest remains at a preliminary stage, with the outcome uncertain because of geopolitical conditions and sanctions.

Quarterly profits equivalent to an entire normal year

While we’re on the subject of Helleniq Energy, I should mention that the group will announce its third-quarter results today after the market closes, and the only question is how big the record will be. The most conservative estimate puts operating earnings at €858 million and the most optimistic at €1.109 billion, with a consensus estimate of €936 million and net profits of €630 million. For comparison, Helleniq Energy reported EBITDA of €1.132 billion and net profits of €503 million for the whole of 2025. In other words, the group is generating in three months what it previously earned in twelve. Refining margins are rising to as much as $35.5 per barrel, compared with $17.2 last year and $22.5 in the second quarter. The previous record was $26.5 in 2022. Restricted exports from the Gulf have driven diesel and aviation fuel margins sharply higher, while the group’s refineries have been operating at full capacity. Helleniq Energy has supplied the Greek market with fuel at significant discounts. The next potential surprise comes from Motor Oil, which will announce its nine-month results on 24 November and present its new strategy the following day. Analysts expect refining margins to narrow in the fourth quarter. The record results, however, are already considered a certainty.

Behind-the-scenes battle over Piraeus Bank’s deal with Oakhill

Market rumours suggest that a fierce behind-the-scenes battle is taking place between Piraeus Bank and competitors in the private healthcare sector over the acquisition of IASO. As we have previously reported, the agreement between Piraeus Bank and Oakhill Capital has been signed and is awaiting approval from the Hellenic Competition Commission. The deal has upset some parties, primarily IASO’s competitors, prompting efforts to find ways of challenging it, including through those with influence in Brussels. Nevertheless, market estimates suggest that the transaction is unlikely to be blocked, given that the private healthcare market has several operators, including some that are even stronger than the new group Piraeus Bank intends to create. Moreover, the European Commission’s Directorate-General for Competition, DG COMP, generally responds relatively quickly to the matters it examines.

When the debtor is dead but the loan servicer keeps pursuing him

A loan servicing company served a formal demand for enforcement with the aim of compulsorily seizing a property, but there was one small detail: the debtor had died. The company claimed it was unaware of his death, an argument that failed to convince the court. That was because the proceedings should have been directed against the lawful heir from the outset, rather than against someone who was no longer alive. The court ruled that ignorance of the debtor’s death had no legal bearing and that the proceedings were invalid without any need to prove procedural prejudice. The result? The enforcement demand was annulled, automatically invalidating the seizure proceedings as well. In their efforts to recover debts, servicers must check not only how much a debtor owes but also whether that person is still alive. Enforcement proceedings have rules and cannot be pursued against someone who has died, regardless of whether the system has been updated in time. And just like that, a process nearing completion was sent straight back to the starting line.

Allwyn’s generous voluntary redundancy scheme

Allwyn is launching a generous voluntary redundancy programme for selected groups of employees. The scheme is tiered and offers compensation of up to 48 monthly salaries. In addition to financial compensation, it includes special provisions for employees with disabilities or those supporting relatives with disabilities, while comprehensive medical and pharmaceutical coverage is provided for two years.

The ‘kamikaze drones’ are coming

Last July, the US government approved the sale to Greece of Switchblade 300 Block 20 loitering munitions, commonly known as ‘kamikaze drones’. These are highly advanced systems manufactured by the American company AeroVironment. A month later came the announcement of the establishment of AV Eagle, a joint venture between AeroVironment and the Greek company Eyeonix SA. The plan involves creating a new industrial facility in Greece for the production and assembly of unmanned aircraft systems (UAS), loitering munitions and counter-drone systems. Yesterday, Wednesday 11 November, the next step was taken with the formal incorporation of AV Eagle SA, headquartered in Athens, whose corporate purpose includes the sale of autonomous systems (AxS), including unmanned aerial vehicle systems (UAVs), loitering munition systems and counter-unmanned aerial systems (CUAS). The initial share capital amounts to €100,000, of which €80,000 was contributed by Delaware-based AeroVironment Inc. and €20,000 by Eyeonix SA. The first board of directors comprises Wahid Nawabi, head of AeroVironment, as chairman; Kristy Benson as vice-chair; Trace Stevenson as chief executive; and Georgios Strouzakis as a board member. It is worth noting that AeroVironment is considered a leading defence technology company and one of the world’s largest suppliers of tactical unmanned aircraft systems. It generates revenue of approximately $2 billion and is listed on Nasdaq, with a market capitalisation of $6.8 billion.

Stournaras gives a lesson in Milei’s classroom

Next Monday, Bank of Greece Governor Yannis Stournaras will be in Buenos Aires. Argentina’s central bank (BCRA) has invited him to its ‘Jornadas Monetarias y Bancarias’ conference, taking place on 16 and 17 November at the Palacio Libertad under the theme ‘Growth, Productivity and Inflation’. The panel on which the governor will speak is particularly interesting. Stournaras will sit alongside Economy Minister Luis Caputo and Economic Policy Secretary José Luis Daza. The subject is provocative: ‘Resolving a sovereign debt crisis: Lessons from Greece for economies in transformation’. Greece, which for a decade was held up as an example of what to avoid, is now being invited as a model to follow, before an audience that knows a thing or two about bankruptcies. The conference will be opened by BCRA Governor Santiago Bausili and closed by Argentina’s President Javier Milei himself, the man who had promised to abolish the very central bank now hosting the world’s central bankers. Other speakers include Alberto Musalem of the Federal Reserve Bank of St Louis, the deputy governor of Chile’s central bank, a former governor of Australia’s central bank, an official from Norges Bank and, via video link, Nobel laureate Philippe Aghion. Argentinians have plenty of reasons to seek teachers and examples to follow. Their inflation rate stood at 1.9% month on month in September, equivalent to 33.4% annually. In Frankfurt, 2% is an annual target. In Buenos Aires, 2% is a monthly achievement.

Banks drive the Athens Stock Exchange rally

Banks are at the forefront of the stock market recovery, acting as the locomotive of the Athens Stock Exchange and propelling the market through a strong winning streak. Over the past three sessions, the General Index has gained 4%, with the banking index significantly outperforming, rising by 6.5%. The change in sentiment is striking, considering that just a week ago the banking index was struggling to hold the psychologically important 3,000-point threshold. It has now not only moved well clear of that critical zone but is once again within touching distance of this year’s highs. Following yesterday’s close at 3,245 points, the index stands just 100 points, or approximately 3%, below its annual high of 3,345 points. Breaking through that level could open the way to even higher valuations, as the next reference levels date back 11 years, to mid-November 2015. This performance reflects renewed buying interest in the banking sector, which continues to play a decisive role in determining the direction of the domestic market.

Bank of Cyprus makes another assault on €11

Bank of Cyprus shares are once again within striking distance of the record €11 level, making another attempt to break through a threshold that has remained elusive despite repeated efforts in recent months. Over the past three sessions, the stock has gained 4.3%, climbing from €10.50 to €10.95 and approaching its all-time high of €10.99, recorded on 30 September. On 5 August, the share price reached €10.92 during trading, while between 29 September and 1 October it traded above €10.90, setting its historical record on 30 September. Two further attempts followed in early November, with the stock reaching €10.95 on 4 November and €10.99 on 5 November, without managing to break the €11 barrier. Yesterday, it returned to €10.95, confirming that buyers continue to test this price zone. The repeated approaches to historical highs highlight the importance of the €11 level, which acts as strong technical resistance. The next challenge for Bank of Cyprus is therefore twofold: to exceed €11 for the first time and to remain above that level, confirming the strength of its momentum.

Ten trillion dollars in one room in Athens

Athens is hosting the 18th Annual Meeting of the International Forum of Sovereign Wealth Funds, with Greece’s National Investment Fund, formerly the Hellenic Corporation of Assets and Participations and now known as EthAT, serving as host. The IFSWF has 47 member funds managing assets worth more than $10 trillion. At least 200 executives, including several chairmen and chief executives, have travelled to the Greek capital from China, Qatar, the United Arab Emirates, Singapore, South Korea, Azerbaijan and Africa. Interestingly, EthAT joined the forum as an observer in 2022 and became a full member in 2023, following an assessment against the Santiago Principles. A year later, at the meeting in Oman, EthAT chairman Stefanos Theodoridis presented Athens’ bid to host the event and secured it. The annual gathering is essentially a closed forum for members, with this year’s theme being ‘Sovereign Capital in a Contested World’, covering geopolitics, artificial intelligence, risk management and digital assets. Speakers include the heads of China Investment Corporation and Qatar Investment Authority, NVIDIA’s John Josephakis and officials from the International Monetary Fund. Behind the scenes, significant discussions are taking place. CEO Yannis Papachristou and Theodoridis are holding private meetings with foreign funds, focusing on energy, infrastructure, the digital economy and artificial intelligence.

Greek shipowners are buying… themselves

Ships are not the only assets attracting the buying interest of Greek shipowners. Recently, they have also been buying back shares in their own companies on Wall Street. And the amounts involved are far from insignificant. Nikos Tsakos, through TEN, has approved share buybacks of up to $150 million; Petros Pappas has made substantial purchases through Star Bulk; John Coustas has allocated $235 million through Danaos; and Angeliki Frangou has repurchased partnership units worth more than $104 million through Navios Partners. Performance Shipping, controlled by Aliki Paliou, has also joined the list with a new $4 million programme. These moves indicate that several Greek shipowners believe their companies’ stock market valuations do not fully reflect the true value of their fleets and operations. Instead of allocating all their capital to newbuildings, they are choosing to invest in their own shares as well. In this way, they can reduce the number of shares in circulation, increase the value attributable to each share and send a message of confidence to investors.

What does Nicolas Martinos see that others don’t, prompting him to put $1.6 billion on the table?

Half a billion dollars for two ships that will not begin operating until 2030. And more than $1.6 billion in total newbuilding commitments within just a few months. Nicolas Martinos of Thenamaris is doing more than simply renewing his fleet. He is making a major capital commitment at a time when nobody can say with certainty what the energy landscape will look like in four years. The most interesting aspect, however, is not his return to LNG carriers after eight years. It is that he is simultaneously ordering tankers, ammonia carriers and container ships. In other words, he is investing in conventional energy, alternative fuels and global trade at the same time. Meanwhile, he is selling older vessels, converting part of his existing fleet’s value into capital for the next generation. There is another way to interpret this move. With shipyards’ order books full, securing construction slots for delivery in 2030 could prove just as important as choosing the vessels themselves. Martinos is essentially buying production capacity today for a market that is still taking shape. The question, therefore, is not whether he believes in LNG, oil or containers. It is whether he is preparing for a period in which today’s winners in shipping will not necessarily be tomorrow’s.

Why the number 560 threatens the freight-rate rally

One number is beginning to worry the shipping market: 560. That is how many vessels could find themselves competing for cargoes within a matter of weeks if transit through the Strait of Hormuz returns to normal. And when more ships compete for the same cargoes, freight rates come under pressure. International financial analysts warn that today’s extraordinary profitability is largely supported by the longer shipping routes imposed by geopolitical turmoil. They estimate that approximately 1,800 vessels are being employed as a result of these extended voyages. If routes become shorter, fewer ships will be needed to transport the same cargo volumes. An indication of the dramatic rise in freight rates is that the ClarkSea Index, which measures daily vessel earnings across major shipping sectors, reached $80,300 in October, almost five times its long-term median of $16,300. This gap shows just how high the market has climbed, but also how substantial a potential correction could be. In the very large crude carrier (VLCC) segment, new vessel orders already amount to 33% of the existing fleet. Indeed, under a particularly adverse scenario, the value of a ten-year-old VLCC could fall by as much as 65%. A total of 3,370 newbuildings are expected to be delivered by 2029. Experienced shipowners know that shipping cycles can change abruptly. The question is not whether a correction will come, but how severe it will be and who will have prepared in time.

Greek diaries for Turkish businesspeople

Selling paper diaries to Turkey’s largest mobile telecommunications provider takes courage and considerable entrepreneurial audacity. SD Theofylaktos has managed to do it within 24 months. In 2024, the company established its Istanbul subsidiary, Castelli Milano-Türkiye, securing exclusive distribution rights for the diaries and notebooks of the Italian Castelli group. Two years later, Theofylaktos’s customer list includes Turkcell and the D&R retail chain, while its Turkish subsidiary has returned to profitability despite inflation and the depreciation of the Turkish lira. In Athens, SD Theofylaktos is now run by the second generation, which has increased turnover to more than €6 million, representing growth of 140% over five years.

The $430 billion bracelet

Those who follow the lifestyles of the super-rich seem determined to ignore NVIDIA chief Jensen Huang’s extramarital affair, instead becoming obsessed with the famous bracelet. The internet is awash with photographs and details, with 1.5 million views on X alone, of the Snowflake bracelet by Van Cleef & Arpels allegedly worn by Alice Huang, made of yellow gold and diamonds and carrying a list price of €324,000. Everyone assumes it was a gift from Huang to Huang. Nobody can prove either that the piece of jewellery is indeed the one in question or that he paid for it. There is only her reported claim that NVIDIA’s chief executive celebrated her birthday with dinners and gifts. What has been confirmed, however, is that NVIDIA’s founder admitted his infidelity in writing, without naming anyone. According to the New York Times, US intelligence agencies believe the Megaspeed executive is an agent working for Beijing, while Megaspeed is a customer of NVIDIA. China has dismissed the allegations as ‘slander’. NVIDIA’s board has entrusted the investigation to former prosecutor June Kim and law firm Wachtell Lipton. The company’s shares lost approximately $430 billion in market capitalisation over two trading sessions. Jensen Huang himself, who owns 811.5 million shares, is roughly $14 billion poorer. Dan Ives sees a 15% probability of his removal and estimates that without Jensen Huang, NVIDIA would be worth 25% to 30% less. NVIDIA is due to announce its quarterly results on 17 November. The following day, 18 November, three Republican committee chairmen have requested a closed-door briefing from Huang himself. With $430 billion, you could buy more than one million Snowflake bracelets. The most expensive piece of jewellery in this affair was not sold in a shop window. Its cost was charged to shareholders.

But the bracelet explains only a quarter of the damage

NVIDIA has lost approximately $1.7 trillion in market capitalisation since its 6 October peak. Its value has fallen from $5.78 trillion to $4.08 trillion as of the evening before last, a decline of almost 30% in five weeks. It has slipped to third place, behind Apple and Microsoft. The easy interpretation is to blame everything on Jensen Huang’s romantic scandal. Reality, however, may be different. The CEO’s indiscretion, as mentioned above, cost the company approximately $430 billion over two trading sessions. The remaining $1.27 trillion had already been wiped out before the espionage story broke. On Thursday 5 November alone, NVIDIA shares plunged 9.26%, erasing $448 billion in a single day, roughly the same amount as the entire scandal ultimately cost. The reason, of course, was the outcome of the midterm elections. Democratic victories revived fears of restrictions on data centres, in a market that was already questioning when investments in artificial intelligence would begin delivering returns. Before the scandal, NVIDIA shares were trading at around 13 to 14 times expected earnings, cheaper than the S&P 500. The Information reports that the relationship between the two Huangs facilitated shipments of chips worth at least $7.5 billion to China, approximately 240,000 units. Reuters was unable to verify the claim. The FBI is investigating whether Huang was targeted by a foreign intelligence service. Schumer is calling for tighter export controls, while Republican Senator Kevin Cramer has demanded his resignation. NVIDIA’s founder owns approximately 3.6% of the company and does not control a majority of the voting rights.

The childhood bedroom as an economic indicator

In the United States, 25.2 million adults under the age of 35 were still living with their parents last year. That is a record, surpassing even the peak of the pandemic, and amounts to one in three people in that age group. In 2000, the figure was no more than 17.8 million. The data were analysed by Realtor.com, the property website owned by News Corp, using figures from the US Census Bureau’s population survey. The profile of these young adults and their social characteristics are particularly interesting. Approximately 70% of those aged 25 to 34 who live with their parents are not unemployed but have jobs. One in three people aged 25 to 29 holds a university degree. Among those aged 30 to 34, 12.7% live with their parents, compared with 7.1% in 2000. The problem centres on housing supply rather than employment. The median asking price for a home is $430,000, an increase of 34.4% compared with 2019. The median rent is $1,673, up 17.9%. The housing market is short of approximately four million homes. The typical first-time homebuyer is now 40 years old. Realtor.com estimates that, had the rates of the early 2000s persisted, 4.86 million fewer young adults would be living with their parents. These represent households that were never formed, homes that were never rented or bought, and furniture that was never purchased. Here in Greece, we have different figures to show. According to Eurostat, young Greeks leave their parental home at the age of 30.9, compared with an EU average of 26.3. Croatia is higher, at 31.5, while Finland stands at 21.4. Over there, they call it a housing crisis. Here, we used to call it ‘tradition’ and ‘strong family ties’, until we saw how much rents had risen.