Greetings, I asked my reliable source in M.M. how they see the developments in our domestic affairs, with the extreme polarization, the “wild conspiracy ramblings” echoing inside Parliament, from PASOK’s center-left to Velopoulos’ far right. “Listen, this is the first time I’ll agree with Tsipras,” said the source, with an obvious taste for black humor. “The dogs bark, but the caravan moves on. We will continue governing. We went to Thessaloniki, saw how the Flyover project is progressing, then visited the ‘Children’s House,’ etc. We keep working until the end.”

And immediately after, the M.M. source, leaving behind the humor about the caravan but not K.M.’s intention to stay focused on governance, added: “This extreme atmosphere is also… somewhat influenced by the other side of the Atlantic. Our base is the ‘Yes’ crowd, those who voted ‘Yes’ for the country’s European future in 2015, and with them, we will continue, they are about 40% of the people. Now, of course, there’s the remaining 60% who voted ‘No’ back then, everyone’s welcome, but we don’t forget what’s happening around us in the country.” I’ll just leave this here for the record.

The Woke Conspiracy…

Now that we’re on the topic of conspiracy nuts, I can’t skip a juicy story that’s been making the rounds online, but mainly spreading from phone to phone via SMS. Some… incredibly well-known and oh-so-reliable Greek-American Institute is circulating a… “top-secret” report titled “US Embassy Athens: The Woke Ecosystem.” According to this bombshell report, the whole of Greece was apparently getting paid off by Biden to support the woke agenda. In other words, it was (literally) a madhouse party. It name-drops everything—the Niarchos Foundation, the Onassis Foundation, the American College, the Hellenic-American Chamber of Commerce, the Bodossaki Foundation… every single one of the country’s benefactors and their foundations (21 in total, mind you) were supposedly pledging allegiance to Gay Pride with American money. Sit tight, we’re in for a show, and the term hasn’t even started!

The Videoconference and YMCA

A special room equipped with the right lighting and a videoconferencing system with the appropriate security setup was set up yesterday at the Electra Palace hotel, allowing Kyriakos Mitsotakis to connect with the Élysée Palace for the meeting on Ukraine organized by Emmanuel Macron. Earlier, however, the Prime Minister had a surprise waiting for him when he visited YMCA Thessaloniki. He was welcomed by the administration of the Brotherhood as well as old friends from the group he traveled with to the U.S. in 1982. Before taking a few shots at the hoops of the historic YMCA indoor basketball court—built in 1933—Mitsotakis spent some time in the ZANAS lounge with his old American trip buddies, watching a video about the group’s history.

No Volos Port for Savvidis

If I were in their shoes, I’d be worried because the news for Savvidis’ group is not good. The Hellenic Corporation of Assets and Participations (HCAP) canceled the tender for the 67% concession of the Volos Port Authority, which had been completed back in September 2023. The process had declared Thessaloniki Port Authority (OLTH), controlled by Ivan Savvidis, as the preferred investor with an offer of €51 million. This offer had been widely discussed since it was twice as high as the runner-up bidder, Goldair, which had offered €25 million. Goldair had even taken legal action against the tender conducted by the Hellenic Republic Asset Development Fund (HRADF), citing a “conflict of interest.” And here’s the kicker: HCAP claimed they canceled the tender… for the bidder’s own good! The destruction caused by storms Daniel and Elias had heavily damaged the port, requiring massive investments to restore it. So, they said they were protecting the highest bidder. The truth, however, is that insiders emphasize that “critical infrastructure of the country always takes into account geopolitical parameters and geostrategic interests.”

Vardinogiannis at the Pentagon

Nikos Dendias has launched an important donor program with the country’s largest businesses to upgrade the Armed Forces’ infrastructure and secure critical funding. Today at the Ministry of Defense, in one of his rare public appearances and statements, we’ll see Motor Oil Chairman and CEO Yiannis Vardinogiannis. His company is being honored for its contribution to the Hellenic Navy. It’s well known that the late Vardis Vardinogiannis supported the Navy—where he served—until the end of his life. Currently, his company is set to sponsor the construction of new wings and renovate the Naval Cadet Academy’s medical facility.

Skagias (SKAG) vs. Vakakis (Jumbo) – Round Three

In April, we’ll witness the third round of the legal battle between the Skagias family and Tolis Vakakis of Jumbo. SKAG, the well-known manufacturer of school notebooks—a solid, dynamic, and export-driven company—took legal action against Jumbo and Vakakis, accusing them of copying and using a registered trademark belonging to SKAG’s notebooks. Although SKAG won both the first and second trials, they appealed to the Supreme Court (Areios Pagos). The hearing is set for April. SKAG took the case to the highest court because, despite winning and claiming €2 million in damages, the lower courts awarded them a measly €6,815.25 while only requiring Jumbo to cover the court fees. The Skagias family is determined to fight this to the end, even if it means taking the battle to European courts.

A Blast from the Past at Folli Follie

Yesterday at Folli Follie’s headquarters, we had a show straight out of the old days when the Koutsolioutsos family, through their lawyers, tried—unsuccessfully—to sabotage the company’s restructuring and blame the current management for mismanagement. This all unfolded at a repeat general assembly requested by D. Koutsolioutsos, who threw twenty agenda items on the table! In the first scheduled assembly, no one from the convicted (17-year sentence for the Folli Follie scandal) Koutsolioutsos family showed up. Yesterday, at the repeat assembly, again, no lawyers from Koutsolioutsos’ side attended—perhaps because they were already tangled up in legal battles. Instead, representing Koutsolioutsos was M. Kasidiaropoulou, a former Investor Relations officer at Folli Follie who worked there for years before and after the scandal, only leaving in 2023. Kasidiaropoulou, as Koutsolioutsos’ representative, fired off a series of questions aimed at undermining management’s credibility and challenging the legitimacy of the court rulings that approved the company’s restructuring. But—she contradicted herself, allowing management to go on the offensive. She claimed the company’s assets were not just frozen, but fully confiscated by the state, implying that restructuring was already completed and management’s term was over.

Folli Follie’s legal team shot this down, stating that assets remain frozen—because if they were fully confiscated, the same would apply to Koutsolioutsos’ shares…

The Quirks of the National Insurance Building

Since National Insurance is back in the spotlight following Piraeus Bank’s recent moves, here’s a fun fact circulating in the real estate market: The impressive building of the insurance company at the beginning of Syngrou Avenue comes with some peculiarities. Sources familiar with the real estate scene say that since it was built specifically to suit the company’s needs, it cannot be easily divided into separate floors for different activities. If someone wanted to convert it into a hotel, they’d have to spend a fortune on renovations—practically rebuilding it from scratch, making the investment unviable. However, none of this would stop Piraeus Bank from moving its headquarters from Amerikis Street into the building—if they decide to go for it.

Here is the translation of your provided Greek text into English while maintaining the exact meaning, including idiomatic expressions and humor:

Fifteen Candidates for CFO at EYDAP

Finding a capable candidate from the private sector for the role of Chief Financial Officer (CFO) at EYDAP turned out to be no easy task. After numerous interviews, the headhunting firm handling the process on behalf of EYDAP’s management compiled a shortlist of 15 CFO candidates, outlining the strengths and weaknesses of each. The scope of EYDAP’s activities, combined with the various “constraints” of a utility organization in Greece and the salary caps, make the selection process even more challenging.

METLEN – Rio Tinto

We don’t have many publicly listed companies in Greece that can announce deals with international giants like Rio Tinto or cover more than 25% of Europe’s total alumina production. METLEN’s new agreement establishes it as a key player in the global alumina market while simultaneously addressing the biggest challenge in today’s aluminum industry—securing a stable bauxite supply. In addition to its international footprint in the energy sector, METLEN has now gained significant European clout in the metals industry through its deal with Rio Tinto.

TITAN’s Winning Streak and the Management’s Hesitation

In just a few weeks, the management of Titan Cement International SA managed to make a grand entrance into the New York Stock Exchange, open the doors to the Indian market, cement itself as the largest cement producer in the Balkans, and expand its prospects in Africa, starting with Egypt. As of yesterday, the TITAN Group freed itself from a loss-making operation—its Turkish subsidiary, which, due to the continuous devaluation of the national currency and ongoing social instability, was dragging down the consolidated balance sheet despite the increasing demand for cement. The only dark cloud in TITAN’s otherwise stellar stock market performance is the hesitation shown by its management in choosing to list only 15% of Titan America on Wall Street, leaving the remaining 15% for a future public offering. This approach creates an overhang of shares, which is slowing down the stock’s rise on the U.S. market.

Theon International’s Rally

The latest developments involving the U.S., Russia, and the war in Ukraine leave no doubt: Europe is now obligated to support and invest in its defense industry. Markets are currently betting on defense sector stocks, and one of the winners of this trend is a Greek company—the Amsterdam Stock Exchange-listed Theon International Plc, owned by Christian Hadjiminas. A year ago, Theon held its IPO at a price of €10 per share, raising €150 million. Today, its market capitalization has surpassed €1.25 billion, while its stock price is trading above €18, with a 4.99% increase in yesterday’s session.

Just Saying, Brother…

Not that it’s any of your business—heaven forbid—but just in case you happen to be interested, as I read in an EU announcement “promoting tax transparency,” there are 11 countries where one can stash money without the EU noticing. These are: American Samoa, U.S. Virgin Islands, Anguilla, Vanuatu, Guam, Palau, Panama, the Russian Federation, Samoa, Trinidad and Tobago, and Fiji.

TIRESIAS: Disappointing ESG Results from 50,000 Questionnaires

Since last summer, TIRESIAS, in collaboration with banks, has been distributing a rather complex questionnaire to a sample of 50,000 small and medium-sized businesses with outstanding loans, aiming to assess how well they comply with ESG (Environmental, Social, and Governance) criteria in their daily operations. Before long, a European directive will make ESG compliance a major factor affecting companies’ financing costs. TIRESIAS took this initiative to gauge how prepared businesses are for the new era. The truth is, the 80 questions posed to companies are challenging, requiring significant work hours to compile responses and fully align with ESG standards. On the flip side, the new European reality demands that businesses—even small ones—operate and be governed according to these new ESG rules. So far, based on the data TIRESIAS has gathered, Greek businesses are still far from meeting the desired standards…

Stock Market Dip with a Smile at the ASE

When the DAX index in the pre-election German market drops by 1.5% from this year’s gains, yet the Athens General Index holds steady above 1,600 points with only a -0.7% decline, brokers are happy, and investors stay calm. All major European stock markets closed in the red yesterday, while in Athens, with a trading volume of €152.6 million (of which €17 million was in block trades), the General Index closed at 1,613.78 points (-0.71%). Both the Banking Index (-0.73%) and the Large (-0.6%) and Mid-Cap Indices (-0.98%) allowed for portfolio rebalancing—selling profitable stocks and buying shares with better prospects. The standout gainers were Jumbo (+1.31%) at €27.78 and Aegean (+1.09%) at €11.15, while the biggest losers were Athens International Airport (-1.82%), PPC (-1.54%), Motor Oil (-1.50%), OTE (-1.97%), and Cenergy (-1.05%). Tomorrow evening, FTSE Russell will announce its new index composition, currently comprising 29 companies, with any changes set to take effect after the close of trading on March 21.

Gold Bar Demand Keeps Rising

Since the beginning of February, gold prices have been hitting new record highs. This marks the fifth consecutive week of gains, with gold trading at $2,940 per ounce (+11% overall), making history. The last time we saw such a rally in gold prices was back in early 2020. Last year, gold prices surged by 27%, reminiscent of the 1980s. What’s even more remarkable is the continuously increasing physical demand for gold. Some investors aren’t buying contracts; they’re buying actual gold bars and storing them away. For the first time in history, central banks worldwide have purchased over 1,000 tons of gold annually for three consecutive years.