Hello! Yesterday’s headlines were dominated by the news of Vardis Vardinogiannis’s passing. The patriarch of Greece’s most powerful business family died at 91, leaving behind, first and foremost, his name to his children and grandchildren, and an enormous business empire. He was a unique character, stern but approachable to those he respected, highly politicized, with a history of resistance against the Junta, and with a strong voice in the country’s political scene, especially after the Metapolitefsi, during the expansion of his businesses. V.I.V. passionately supported his late wife Marianna’s great passion—philanthropy, especially caring for sick children. This is why the couple, Vardis and Marianna, who now rest together, will be remembered in history. Our heartfelt condolences to his family.
Mitsotakis-Androulakis
Moving from this sad news to another unfortunate event yesterday—the funeral of Yiannis Boutaris in Thessaloniki. My source from M.M. tells me something that’s hard to believe, but seems to be true: PASOK leader Nikos Androulakis, who rushed from Parliament to make it to the funeral of the late mayor of Thessaloniki, indeed made it in time but only stayed for a few minutes, just to avoid sitting next to Mitsotakis. Now, you might say this is an exaggeration—how could the leader of (essentially) the Main Opposition not want to sit next to the Prime Minister? I don’t know, but it doesn’t seem far-fetched because this isn’t the first time the reborn leader Nikos has avoided K.M., as if he’s afraid of getting scolded…
Hearts and Incidents
Many say that Zoe Konstantopoulou has “softened” lately, making heart gestures, doing TikToks, and other cute antics. However, the MPs of the Foreign Affairs Committee, who were being briefed yesterday by Foreign Minister Giorgos Gerapetritis, were “groaning” from Zoe’s… love. She showed up for the briefing and stirred things up. She yelled and clashed with the chair, Dora Bakoyannis, who told her she had five minutes, to which Zoe replied, “I’ll speak as long as I see fit.” Even SYRIZA MPs were sighing, while others from New Democracy (Dionysis Hatzidakis, Giannis Oikonomou, Tasos Hatzivasileiou, Evripidis Stylianidis) started shouting, unable to endure the ordeal. For the record, Gerapetritis informed them that he would convene the National Council on Foreign Policy at the end of November, before meeting Fidan again (likely in Malta at the OSCE summit).
Counting Kasselakis
The (party-less as of yet) leader Stefanos took a breather for a couple of days in Spetses with Tyler and returns today, as he has a scheduled interview on Alpha’s main news broadcast tonight. He will need to make some decisions, like choosing new office locations in central Athens. Interestingly, certain surveys have started to circulate, asking the public, “Would you consider voting for Kasselakis’s party?” Even though the current poll results are heavily influenced by recent intense events.
Lots of Snoring
It’s not exactly… a crime, nor is it the first time it’s happened, but it’s funny. During the briefing for ND MPs on the Kerameos labor bill, the snoring of MP Telis Spanias (from Karditsa) went viral among colleagues. Who knows, the man must have been tired.
Open
Indeed, there was a discussion between shipowner Victor Restis about the Open channel, but the chances of this deal going through seem slim. The sale of Open has become a legend exceeding even the tale of the Bridge of Arta. Ivan and his Greek representatives keep talking it over, mainly because the channel is deep in the red, liquidity is scarce for the owner due to Russia, but there doesn’t seem to be a desire to get rid of it either. Unless, of course, some fool shows up willing to buy it at the prices they are asking, which doesn’t seem likely.
Two Foreign Funds Buy Alpha Bank
For the third consecutive session, Alpha Bank’s stock has taken center stage in the stock market. On Monday, November 11, the transaction value reached €21.8 million, with a trading volume of 14 million shares—more than triple the trading activity of other banks. Yesterday, Tuesday, the same scene played out, with transactions amounting to €22 million, and the stock closing at €1.62, up by 2.92%. Clearly, some “big player” is buying up shares because they “see something” in the stock. The dynamic recovery of the stock has naturally sparked various scenarios in the stock market, but the reality is that the purchases are coming from two large foreign funds that have recognized that this stock has the highest upside potential.
The War Over Land Regulations in the Cyclades and the Wolf (Thymios)
Thymios Bakoyannis, Secretary General for Spatial Planning and Urban Environment, displayed remarkable composure—even to the point of being misunderstood—during the recent presentation to the people of Mykonos about the island’s special urban development plan. In a packed hall at the Grypareio Cultural Center, where you couldn’t even drop a pin, the Secretary General and professor at the National Technical University of Athens announced a major change in urban planning regulations: increasing the minimum plot size from four to eight acres. The crowd almost lynched him, but calmer and more composed forces eventually restored order in the hall, which had become tense and hostile, even from the mayor’s side. Some people did not hesitate to shout at “Uncle Thymios,” saying, “What do you understand about this, aren’t you part of the family?” The Secretary General retorted, “Just a namesake,” repeatedly assuring the angry crowd that he wouldn’t lose his cool and urging them to stop wagging their fingers at him. The atmosphere was so charged that when Thymios Bakoyannis proudly stated that it was the first time the plan had been kept secret—even the mayor of Mykonos didn’t know about it—he was met with laughter from the audience. The crowd pointed to the numerous transactions involving large land plots in the Ano Mera area in recent months, a move they said could not indicate ignorance of the plan. The game isn’t over yet; it continues tomorrow with the presentation of the urban plan in Santorini, where it’s anticipated that the atmosphere won’t be very civil either!
Unfortunate Timing
Coincidentally, around the same time news broke of Vardis Vardinogiannis’s passing, a press conference was already underway by ThreatScene, a cybersecurity company linked to the business activities of the Vardinogiannis family. Specifically, the family office of Yiannis V. Vardinogiannis is part of its shareholder structure, and shareholder Katia Tassiopoulou, a former top executive at IBM and now CEO of the company, is also involved. Vardis I. Vardinogiannis, the eldest son of Yiannis Vardinogiannis, also sits on the Board. At the start of the ThreatScene briefing, focused on its expansion into the maritime sector, the sad news was announced, and a moment of silence was observed in memory of the iconic Greek businessman. During the session, the attending Minister of Digital Governance, Dimitris Papastergiou, who was part of the discussion panel with CEO Katia Tassiopoulou and the President of the Hellenic Chamber of Shipping, Giorgos Pateras, expressed his heartfelt condolences on the loss of Vardis Vardinogiannis.
The Filippou Family Delists VIS from the Stock Exchange
Better late than never, because staying on the Stock Exchange had essentially become meaningless. The Filippou family, headed by Ioannis Filippou, has begun the process of delisting VIS. Naturally, the departure of yet another company from the Athens Stock Exchange (with a presence dating back to 1971) is not good news. However, this is a company with a negligible stock market presence, with its shares trading only occasionally and generating just a few hundred euros in turnover. Moreover, VIS—a company that has long been one of Greece’s oldest carton manufacturing industries—has continually required capital injections from the parent group. Its financial performance has been declining, and as of the end of June last year, its working capital was negative by €6.6 million. Earlier this year, the company underwent a restructuring of its bond loan, initially valued at over €11 million. Last year, Ioannis Filippou, through a joint investment account with his wife Vasiliki Filippou, transferred a 10.918% stake to Hellenic Quality Foods (HQF), also part of the Filippou family, which currently controls 91.31%. If the voluntary public offer submitted by HQF (which includes the “Kanakis” and “Mimikos” brands) at a price of €1.144 per share is successful, VIS will be delisted. Note that last year, there were rumors about the potential sale of VIS, which the Ioannis Filippou family denied.
Bagatelle Athens opening this Saturday
Fans of Astir will soon have yet another reason to visit the Vouliagmeni marina, which has become a hotspot not just for luxury shopping, but also for fine dining, especially on Saturdays when it’s nearly impossible to book a table without some serious connections. The well-known Bagatelle Group, which made its debut in Greece via Mykonos, operates nearly 15 restaurants in top tourist destinations worldwide (Saint-Tropez, Courchevel, London, Mexico City, Riyadh, Miami, Doha, etc.). Now, the executives of Astir Vouliagmeni and 7 Management are working feverishly for the grand opening of Bagatelle Athens this coming Saturday, November 16. 7 Management, a hospitality and dining management group with roots in Lebanon and a strong presence in Dubai, has secured the franchise for Bagatelle Athens. The group’s officials mention that the launch of this new restaurant will mark their first major milestone in the European market. The Bagatelle restaurant chain was founded by Frenchmen Rémi Laba and Aymeric Clemente, who met in New York in 2000 and decided to venture into the fine dining scene. Following the success of their first restaurant in New York, the concept expanded globally. “We don’t just offer a meal; we create destinations,” says Rémi Laba. The addition of the Athens location reflects the international appeal of the Athenian Riviera.
The anonymous investor in Epirus
Lately, the city of Ioannina has been abuzz with rumors about a proposal submitted to the Board of Directors of the Cooperative Bank of Epirus by a powerful but anonymous investor. The representative of this investor claims that his client is willing to inject significant funds into the bank, acquire a major stake, and monitor its progress towards obtaining a nationwide license and its transformation into a Public Limited Company (S.A.), eventually leading to a stock market listing. Clearly, something promising has been happening in Ioannina to spark this sudden investment interest. However, when asked, “Who is the investor, and what exactly do they want?” the bank’s management repeatedly responds with, “No comment.” The truth is that they are finding it challenging to evaluate such an anonymous proposal without further scrutiny. This issue is a major topic of discussion among the 10 board members as well as the bank’s union representatives.
Hertz Marketing’s mishap
The car rental company HERTZ in America decided to launch an innovative product labeled “unlimited.” However, one of its customers took Hertz’s promises literally and managed to rack up an astonishing 25,000 miles in a single month with the rented vehicle. The rental agent who provided the car for a month claimed that “reasonable use policy” meant each customer was entitled to 100 miles per day. As seen in a viral TikTok video, the agent argued that the customer was only allowed to drive 100 miles per day and thus charged him $10,000. “I never signed anything saying I could only drive 100 miles a day or that I would have to pay more,” the customer stated in the video. The agent retorted, “But you also never signed anything saying you’d be allowed to drive 25,000 miles in a month.” The customer countered, “Unlimited means 100,000 miles.” The agent then threatened to call the police if the customer left without paying. Eventually, Hertz’s headquarters stepped in, apologizing to the customer. The issue was referred back to the marketing department, which had the brilliant idea to advertise car rentals with “unlimited” usage…
Oil prices keep dropping
At a time when stock prices are hitting record highs, international oil prices have been falling, down 12% over the last 4 weeks, nearing their lowest levels since May 2023. Yesterday, OPEC revised its oil demand growth forecast downward for the fourth consecutive month. China’s demand for oil, as the world’s largest oil consumer, appears to be declining. China’s crude oil imports for the first 9 months of the year dropped by nearly 3% year-on-year, averaging 10.99 million barrels per day (bpd). This marks the fifth consecutive monthly decline. Yesterday, OPEC reduced its forecast for China’s oil demand growth from 580,000 bpd to 450,000 bpd. Overall, OPEC has adjusted its global demand growth prediction for 2024 from 1.93 million bpd to 1.82 million barrels per day.
China, hidden debt, and the $1.4 trillion injection
China’s top legislative body, the Standing Committee of the National People’s Congress (NPC), held meetings for five full days, during which Finance Minister Lan Fo’an announced an ambitious plan worth 10 trillion yuan ($1.4 trillion). The plan aims to allow local governments to refinance their debt alongside other measures to stimulate the economy, which has been suffering from deflation. “Since the beginning of the year, affected by various factors, the tax revenues of both central and local governments have not met expectations,” said the Chinese Finance Minister. Many local governments in China are on the verge of bankruptcy as strict pandemic restrictions and a deep real estate crisis have drained local government coffers, leaving authorities nationwide grappling with massive debt. The Finance Minister revealed that China had a massive hidden debt stockpile of 14.3 trillion yuan ($1.99 trillion), accumulated by local governments. The government’s goal is to reduce this amount to 2.3 trillion yuan ($320 billion) by 2028.
