Hello, today is a general strike day, which in recent decades happens for two reasons: the first is so that the central union bodies have…something to talk about, since – in essence – the issues of labor and workers no longer pass through them, and the second is because it has mainly become, especially in the public sector, like an annual day off to recall the old good times, remembering the Stamulokollades and Fotopouloi. As for the rest – and seriously – the escalation between the West and Russia is scaring people and markets because it involves nuclear weapon threats, for the first time so directly. And yes, everyone may be hoping that what is happening is just a big escalation before the new global leader, Trump, takes power in America, who has promised that…he will end the war in one day with a phone call, but everyone also fears the mishap, the “accident” that unfortunately happens many times. Let’s hope the well-known safety mechanisms between them will work and that reason will prevail.
News about the President of the Republic
Well, let’s move on to our own matters now, where the development with Samaras’ dismissal has brought to the forefront a so-called serious discussion “about the need for a spectacular move by Mitsotakis regarding the selection of the President of the Republic to win intra-party impressions with chess-like strategies bla, bla, bla…” and other nice coffee shop talk to pass the time pleasantly. In the streets, the name of Nikos Dendias has been mentioned again, and they say it would be hard to find a right-wing MP who wouldn’t vote for him if he’s proposed by Mitsotakis for President of the Republic. I, however, did some reporting both at MM and with “Dendias sources” and I’m writing it down for you, passing on information, because I’m not making any promises. K.M is in no hurry at all to decide on the President of the Republic; in fact, he said he will make the decision in January, so until then…who knows what will happen with the way things are moving, and Dendias, when asked by his friends, said, “I’ve made it clear, I wasn’t proposed and I wouldn’t go.” Now, again, I’ll say it, we have a long way to go until then, so let’s wait.
The new ambassador
Since we’re talking about Trump and America, we had written a few days ago that the Greek-American lawyer and nearly 20-year Republican senator Gus Bilirakis has a good chance of becoming the new U.S. ambassador to Athens, and it seems that’s the direction things are going. The current ambassador, George Tsounis, considers it an extremely positive development because Bilirakis is the closest thing to us and to Greece’s interests. We’ll see if the information is confirmed.
Debate with protests
Now, I’ll move straight to the SYRIZA stuff and I refuse to believe that there are people who will miss tonight’s debate at 8 PM with the Orthodox SYRIZA members on ERT, because at least for me, my curiosity drives me to hear an analysis by Gkletzos or Polakis on foreign policy. The debate will have quite a bit of free dialogue, and I’m sure Pavlaras will triumph, but there will be other spectacles as well, as SYRIZA party workers are expected to be waiting outside ERT, workers who know the meaning of one unpaid salary after another. After all, whoever takes over the “shop” in a few weeks will also have to deal with the hot potato of “Avgi” and the radio station “Sto Kokkino,” since the loan option is becoming increasingly difficult (who would lend to SYRIZA the way it is), and the option of shutting down or selling the operation seems to be looking more and more realistic.
I leave and leave behind me wreckage (H. Alexiou)
It’s a matter of days – if not a few hours – before we see the next departure of MPs from SYRIZA’s Parliamentary Group, which will automatically result in the loss of its status as the main opposition party. According to information, the move toward independence will be a group action, with Theodora Tsakri, Giota Poulu, and possibly Evangelos Apostolakis participating. The initial thought was for the public declaration to happen today, Wednesday, but it will likely be delayed slightly because of the general strike and will probably be announced tomorrow, Thursday.
Leave taking whatever you want, lies, memories, and guilt (P. Terzis)
The departure of the three – if confirmed – will bring SYRIZA’s parliamentary strength down to 28 MPs and place it in third place behind PASOK, which automatically takes the title and privileges of the main opposition. What are these privileges? A larger number of appointees, the three-room office on the ground floor of the Parliament building, and a speech by leader Nikos Androulakis immediately after the Prime Minister’s statements.
Kasselakis’ environment
The possible departure of the three will bring them to the pool of independents, where they will meet the recently independent MPs Alexandros Avlonitis, Kyriaki Malama, Petros Pappas, and Rallia Christidou. These seven MPs are either alongside or very close to Kasselakis’ environment and may follow him into the new party he is preparing. However, they cannot yet form a new Parliamentary Group, as at least 10 independents are required.
When Microsoft Got Left Behind (on Greek Soil) by Data4
Yesterday, Olivier Michel, the CEO of Data4, made a good attempt to speak Greek at the inauguration of the two buildings for their data centers. In the presence of the Prime Minister, Ministers, and others, Michel explained that he sees Greece as a top destination for Data4 investments due to its strategic location. After Germany, Poland, Italy, and Spain, Data4 aims to operate its first large data center in Paiania (behind Intracom’s facilities) by 2027. The cheerful Prime Minister joked that, due to the name (Data4), the company should not build one, but four data centers, and also asked for the Church’s help, saying, “Your Excellency, let’s look together at the…ethical issue with the use of artificial intelligence.” In another part of his speech, the Prime Minister mentioned, “I was thinking about how much time has passed since January 2020, when I first tried to convince a large American company to build a data center in Greece. Back then, it was much harder to talk about Greece as a friendly investment destination. Today, things are easier…”. And this remark made me think of Microsoft and the choices it made for its data centers, resulting in it needing a full four years to reach the starting point, while Data4 completed the same process in just 1.5 years. Who do you think was wrong?
From Schinoussa or the Stockbroker-Hotelier…
Who would have thought, a few years ago, that the (beautiful) Schinoussa would attract significant investments in the hotel and tourism sector? Besides Télis Ninios, former major shareholder of Euroxx, who left the brokerage firm by selling his stake to invest in a hotel on the island, it seems that three more projects are in the works for creating hotel units. One of them is even being carried out under the corporate entity Shinousa Project, established at the end of 2023, behind which stands Dimitris S. Theodoridis, who has known the island for years.
…and the Businessman Stockbroker
And since we’re talking about Dimitris S. Theodoridis, note that his business interests extend beyond tourism and into the stock market. Dimitris Theodoridis is involved in stock trading, as through a company of his, he is a shareholder in “RESET FINANCE S.A.” which was granted a license on 16.9.2024 to provide investment services, order reception and transmission, portfolio management, investment advice, and the placement of financial instruments without commitment, as well as ancillary services related to business consulting and underwriting services.
The MLS Manipulation Case at the Prosecutor’s Office
I wrote yesterday about the delisting of MLS and the “Tsakas strategy,” meaning the promises to shareholders for restructuring plans that never materialize. The comment concluded by stating that no one has been punished for the MLS case, except the auditor from PKF who reviewed the controversial 2019 financial statements. I was wrong, however, because the Hellenic Capital Markets Commission imposed sanctions on MLS for manipulating its stock and violating corporate governance rules, and has transferred the relevant case file to the Prosecutor’s Office.
Matrix Pack’s Golden Straws
As you read this in the dark room, possibly enjoying a coffee with a lid or an iced one with a straw, you should know that these probably have a Greek signature. Matrix Pack, which has industrial production in Ritsona and Evia and additional locations in Bulgaria, the UK, and soon in the USA, as well as ten distribution centers worldwide, is considered one of the largest manufacturers of straws, leading in paper straws, and is one of the most outward-facing Greek groups, with the domestic market representing only 5% of its business. Matrix Pack recently published its financial results for 2023, reporting sales of 41 million euros (+6% from the previous year) and EBITDA of 9.2 million. Recently, the company made an investment of 47 million euros through the Recovery Fund to produce Wooden Fiber products and is now the first in the world to offer both liquid and dry type technologies. Gradually, it is transforming from a manufacturer of single-use products in the food industry into a producer with an expanded sustainable portfolio for short and long shelf-life products across all packaging sectors. Note that since last year, it has initiated procedures to create a unit in the USA (in Kentucky) in partnership with two local producers, Pacific Paper Straws Ltd and Virescent Paper Straws Ltd.
Capital Increase at Lamda Vouliagmenis Mall
A new capital increase within the Lamda Group, this time for the company Lamda Vouliagmenis Mall. Following the decision of the extraordinary general meeting of shareholders on 8/11, the company’s capital was increased by up to 80.49 million euros with a cash contribution, issuing up to 804,860 new common nominal shares, each with a nominal value of 100 euros, bringing the total capital to 315.64 million euros. Recently, capital increases were also made for the other two companies in the group’s mall division, Lamda Ellinikon Malls Holding (97.3 million euros) and Lamda Malls (61 million euros). The company’s management is proceeding with these moves in preparation for the two major retail developments in the Elliniko project: The Ellinikon Mall, with a total area of 100,000 m² and a completion target for 2027, and the smaller Riviera Galleria, covering 19,000 m² at the marina. The total initial cost is estimated at 800 million euros, as stated recently during the group’s nine-month analyst results update, and talks are currently taking place with banks for financing, as, according to Lamda’s CEO Odysseas Athanasiou, the two malls will be the first-phase developments of the project for which bank loans will be used. The closing of the financing is expected by the end of the year.
The Placement Scenarios
On the occasion, I should mention that the column tried to investigate information circulating in the market yesterday that Olympia Group, led by P. Germanos, is considering a placement of its shares in Lamda. Sources from Olympia Group said that nothing is confirmed at the moment, and that the situation is not exactly as it’s being spread, but they have received some inquiries and are thinking it over. Other sources close to Lamda said that while they cannot rule out the possibility, it is not certain at all.
The big (re)insurance deal
Yesterday, the day started with a courteous letter from the CEO of Carpenter Turner, Alexandros Turner, informing his partners and clients that the large reinsurance company Guy Carpenter, which belongs to the global giant Marsh McLennan – listed on the New York Stock Exchange – has signed an agreement to acquire the remaining 51.5% of Carpenter Turner’s shares. Carpenter Turner is a large regional reinsurance brokerage and consulting company, headquartered in Athens. Alexandros Turner is one of the biggest reinsurers in Greece – with commissions exceeding 10 million euros – with a strong specialization in the Greek and Cypriot markets, as well as a significant presence in the Balkans and Turkey. This prominent Greek reinsurer will now operate not as Carpenter Turner, but as Guy Carpenter Greece, that is, as Marsh McLennan. According to reports, the CEO of Carpenter Turner, Alexandros Turner, will remain as CEO of Guy Carpenter Greece for a defined period, reporting directly to Julian Enoizi, CEO of Guy Carpenter Europe. Turner will lead all reinsurance activities in Greece and Cyprus and will work closely with other Marsh McLennan businesses such as Marsh, Mercer, and Oliver Wyman, to support clients.
Stormy weather – not just in the markets
After the “excitement” over the “Trump hurricane,” it was time for the first assessment. The tariffs that will lead to a drop in trade and an increase in prices, the strong dollar that demands high interest rates, the new alliances and directions that are putting great pressure on Europe. Soon after came the threat of World War III. Ukraine used American long-range missiles to strike Russian territory. It used the U.S. Army’s Tactical Missile System (ATACMS) to hit Russia. Russian President Putin “revised” Russia’s nuclear doctrine. The markets are worried. Desperate, they turn to gold and…bitcoin for “safety.” The price of gold rose nearly 100 dollars from last week’s low, despite the strengthening of the dollar. Goldman Sachs issued a “forecast” predicting that gold will rise above 3,000 dollars by 2025. The Dow Jones Industrial Average started the session down 350 points, and the S&P 500 index immediately lost 50% of the gains it had accumulated after Trump’s reelection. The markets are beginning to price in possible disruptions in the oil supply chain and increased geopolitical tensions. The markets have seen hundreds of wars in the past. However, the prospect of nuclear weapon use is something they haven’t faced before.
Geopolitical concerns may explain the multi-day decline in the Athens Stock Exchange
In such a heavy geopolitical landscape, few have the appetite to go against the market trend and invest in stocks that have already recorded high gains since the beginning of the year. The investment strategy of the moment is “long” on gold and “short” on stock indices. This was roughly the case in Athens, where for the 5th consecutive session, the General Index closed in the red at 1,366 points (-1.85%). Most felt relief at the close, as at one point during the afternoon, the General Index had fallen to -2.3%, losing the psychological threshold of 1,400 points, and struggling to maintain the technical threshold of 1,380 points, ultimately without success. This battle around psychological and technical levels raised the trading value to 159.27 million euros. The only stock to avoid the general carnage was the OLP stock, at 29.7€ (+2.59%), and barely Sarantis. At the country’s largest port, there is a persistent and systematic buyer who will eventually be revealed… Cenergy held a teleconference with analysts yesterday afternoon, trying to show its strength up to 8.5 euros (+2.55%), but could not hold up and collapsed to 8.15, with losses of 2.28%.
