Greetings. So, since the day before yesterday, the government has been gradually shifting its communication stance on the Tempi issue, clearly realizing that things couldn’t go on like this. First, they were called accomplices of smugglers, then masterminds of murder—what else could they expect? Mitsotakis himself set the tone in Thessaloniki, where he was significantly sharper compared to his first televised appearance after the Tempi protest. K.M. left for the U.S. yesterday and will return on Sunday. A well-informed source assured me there is no reason to worry about his health, and I’m passing that along because I received quite a few calls from readers yesterday asking what’s going on.

Supreme Court

The prosecutor of the Supreme Court, Adilini, who rarely speaks, must have felt that things had gotten out of hand in the public sphere yesterday and took two simple but, I believe, very correct actions. First, she told her judicial colleague, the mother of the unfortunate man who lost his life, “If you have evidence of murder, bring it forward,” so now we wait. Second, she told Famelos that Kalogiros’ mother had been upset when her son’s disappearance was linked to Tempi. You know, the worst part of all this is that everyone involved—politicians, judges, journalists—knows the truth about this tragic case. And unfortunately, they’re all exploiting it, poisoning society.

The result?

As for the opposition, I honestly don’t know what the outcome is, because PASOK and SYRIZA are sinking, and only Zoe is gaining. So, maybe they should all rethink this vulgar brawl.

The composition of the Preliminary Committee

On March 4, Parliament will hold a discussion on forming a Preliminary Committee, as announced yesterday by Pavlos Marinakis. After checking in with Maximos Mansion, I’m hearing that Lefteris Ktistakis, a low-profile but capable lawyer from Boeotia, remains the frontrunner for the presidency. Generally, Maximos wants the members of the Committee to have a moderate profile (not the Markopoulos type). Names that have been mentioned include Anna Efthymiou, Vasilis Ypsilantis, and others, but the final lineup will be locked in next week.

Chrysochoidis’ two visits to Maximos

Given that the demonstrations on February 28—the anniversary of the Tempi disaster—are expected to be massive across Greece, the Hellenic Police have a special plan in place to ensure they remain peaceful and avoid any incidents. I hear that in recent days, Michalis Chrysochoidis has visited Maximos Mansion twice, as the government wants to prevent any provocations ahead of the rallies. I imagine that next week, when Mitsotakis returns from the U.S., Chrysochoidis will stop by again to update the operational details.

Konstantinopoulos’ snub and… Velopoulos

Things are just great over at Nikos A.’s PASOK. Not only are their numbers in free fall, but the internal feuding is reaching new heights. A prime example: a few days ago in Tripoli, local MP Odysseas Konstantinopoulos (an old friend of Nikos A. and a recent supporter of Doukas) didn’t receive a single call from Harilaou Trikoupi regarding a party delegation’s visit to his region, led by party spokesperson Kostas Tsoukalas. As a result, he was absent from a press conference with local media as well as from meetings with the delegation. Even at the party’s pie-cutting event in Tripoli, where Tsoukalas was the main speaker, Konstantinopoulos left quickly. I was puzzled and reached out to a contact in the region who told me that “old-school” Konstantinopoulos didn’t want to be in the same photo as PASOK’s local secretary in Tripoli, Dimitris Loukas, who recently shared a Facebook post by Velopoulos with the elegant title: “Mitsotakis to jail.”

The (almost) €500 million deal of G. Prokopiou for Astir

Let’s start with some market news. Based on reliable sources, here are two key points about G. Prokopiou’s deal for Astir. His agreement with the Arab shareholders of Jermyn Street Real Estate Fund, who owned 77% of Astir, was signed on the night of Wednesday, February 19. The shipowner is paying around €500 million, though not exceeding that amount. Considering that in October 2024, G. Prokopiou bought 33% of the hotel unit from the Dogus Group for €151 million, you can roughly estimate the price for the remaining 77%.

Tasty but pricey dolmadakia

Investment funds have had a steady and ongoing interest in Palirroia Souliotis, a company specializing in ready-made meals and well-known in the Greek market for its dolmadakia. The food sector is high on the list of investment preferences, and with 65 years in the market, it’s no surprise Palirroia is being courted. However, Kostas Souliotis, who runs the company (his brother has retired), along with the Katsos family fund (former Pharmathen), which owns 36% of Palirroia, are currently rejecting offers. Souliotis has told his circle that he would consider discussions if the valuation is between 12 and 13 times EBITDA. Given that Palirroia’s latest EBITDA was reportedly €24 million, we’re talking about a price tag of around €290 million—an amount that discourages potential investors. On the other hand, Palirroia Souliotis is growing at double-digit rates and is on track for €125 million in sales this year.

Dough is rising

Since we’re on the topic of food, the dough industry is particularly active right now. Besides Hellenic Dough, part of Vivartia—which, despite denials, has shareholders in talks with a foreign investor—there are at least eight smaller companies attracting investment interest and appearing to be available. These are companies with distribution networks primarily serving professionals (bakeries, etc.) rather than supermarkets.

The Savvidis Group is dizzy from the ban

The Savvidis Group seems a bit dizzy after the sudden prohibition concerning the Volos Port Authority (OLV). There has been no official reaction, but sources from OLTH—the Thessaloniki Port Authority, which had submitted a €51 million bid—say they will request an official explanation from the Superfund board regarding the reasons for canceling the tender before deciding on their next moves, reserving all their legal rights. They also stressed that OLTH fully complies with its contractual obligations, remains consistent in its commitments, and is firmly focused on its development strategy, transparency, etc.—phrases which, from my skeptical perspective, sound like a subtle expression of concern over how far this ban might go. Anyway, we’ll see how this plays out. Personally, I think that if things remain as they are, we won’t see court cases, appeals, etc. After all, as everyone knows, Prodromos Bodosakis once said: “You don’t mess with the government.”

Dimitris is leaving, Antonis is coming to the Gaming Commission

The Gaming Supervision and Control Commission (EEEP) is an Independent Authority tasked with overseeing all gambling companies in the country, which, according to official data, have an annual turnover of about 40 billion euros and contribute around 1 billion euros in tax revenues to the state every year. The four-year term of the current president, Dimitris Tzanatos, ended in late December, and information converges that a familiar figure from the banking (and not only) market will appear before the Special Permanent Committee on Institutions and Transparency of the Parliament to approve his appointment as President of the Gaming Supervision and Control Commission (EEEP). Therefore, according to information, the former CEO of Pankritia Bank, Antonis Bartholomaiou, is expected to be announced in the coming days as the new President of the EEEP.

New three-year contract for Theodoros Kalantonis

In 2020, he took over as the Region Manager of doValue for Greece and Cyprus. In 2023, he also assumed the position of President of doValue Spain. A few days ago, he was offered a three-year contract renewal for his position at doValue Greece and Cyprus, and so the experienced banker, Theodoros Kalantonis, will continue to steer the largest company in the sector.

METLEN: Capital Day with revelations on April 28th

Speaking to analysts, the President of METLEN, Evangelos Mytilineos, announced that various things about the company’s plans will be revealed on April 28th at the Capital Markets Day. There are two interesting points: One is that the group has firmly entered the process of listing on the London Stock Exchange, and it’s no coincidence that the event will take place at the LSE. Secondly, we will learn where and how the group will invest, as well as what is involved in the corporate transformation it has announced.

Alzheimer’s, confusion, or whatever?

The current management of Folli Follie, which put the company in order after the scandal was revealed, has been working with PwC, one of the Big Four, for some time to audit the financial statements. At last Wednesday’s general assembly, the management proposed PwC again, but the representative of D. Koutsolioutsos voted against the proposal to suggest Dimitris Vernadakis, without providing further details on her suggestion. The column searched for D. Vernadakis in the list of certified auditors available online, but his name was not on it. Quite logical, since he has been removed from the auditors’ registry since 2019. I’ve got something better, though: D. Vernadakis was surprised to find out that he had been proposed as the certified auditor for FF by D. Koutsolioutsos, who, according to sources, claimed that a former acquaintance had introduced him to Vernadakis. The rest of the story is that D. Vernadakis politely thanked D. Koutsolioutsos for the proposal and informed him that he no longer practices as a certified auditor. In other words, D. Koutsolioutsos proposed someone who didn’t even know he was being proposed, and who hasn’t worked in the profession for over five years…

OPAP hits a 16-year high

OPAP emerged as the star of Thursday’s session, as it “soared” to prices it hadn’t seen in 16 years. With a rally of 2.6%, it reached 17.39 euros, the highest level since October 14, 2009. As for other milestones reached yesterday at the Athens Stock Exchange, AVAX closed at 2.2 euros for the first time since March 15, 2010. Eurobank went slightly above 2.5 euros, extending its 9+ year record, as it hasn’t seen a higher value since November 16, 2015. Meanwhile, Piraeus Bank was just a breath away from 4.75 euros, which would mark a 4-year record, specifically the highest closing price since April 13, 2021.

Sports and spectacle at the Stock Exchange

The upcoming week holds many surprises for those involved with the Stock Exchange. A wave of announcements from the major companies in the General Index is expected, and these announcements are usually accompanied by revelations of new initiatives. On Monday, Piraeus Bank kicks things off, followed by the Athens International Airport. On Wednesday, the new CEO of OTE will speak, while Eurobank and HelleniQ Energy will announce results on Thursday. On Friday, the cycle of the systemic banks closes with the results of Alpha and National Bank. The profits, dividends, and especially the announcements of upcoming moves will largely determine the direction of the General Index, assuming there are no dramatic or spectacular developments abroad. This sense of anticipation also characterized yesterday’s session at the Stock Exchange.

Cannabis “lifts” Lavipharm

The medicinal cannabis products produced in Greece by Tikun Olam Hellas and distributed by Lavipharm are finding a response in the local market. In practice, Lavipharm began distributing the products in Greece last September at a slow pace, but now sales are increasing exponentially. According to reports, sales surpassed 200,000 euros in January and already reached 300,000 euros in February. The final target has been set quite high—1.5 million euros in monthly sales. Tikun Olam Hellas is already executing major export contracts for medicinal cannabis products from Greece to Switzerland and is now aiming to conquer the UK and Germany. The medicinal cannabis products in the form of dried flowers are produced from cannabis strains grown with good scientific practices and appear to be of high quality. Over the past three months, Lavipharm’s stock price has climbed by 13.3%, and its market value has surpassed 138 million euros.

OTE hopes for “deregulation”

After the relaxation of excessive bureaucratic regulations in the European Banking Market, which the central bank governors of Spain, Germany, Italy, and France have pushed forward in a joint letter to the European Commission, it seems that a similar move is being prepared in the telecommunications sector. The leaders of this move in Europe are Germany and France, who are asking the EU regulatory authorities to allow the creation of large companies, particularly in the critical areas of telecommunications and air transport, in order to create European champions capable of competing with the US and China. Initially, the efforts of the Germans and the French aim at revisiting competition rules, as well as relaxing ESG rules that make it difficult for European companies to compete. In this game, OTE is also entering, and after getting rid of its Romanian subsidiary, it wants to take a leading role in expanding its influence.

A CEO of a tech giant says “no” to AI investments

The CEO of Microsoft, Satya Nadella, recently gave an interesting interview on the Dwarkesh podcast. He called claims about achieving AGI milestones “nonsense.” Artificial General Intelligence (AGI) is a field of AI research trying to create software with human-like intelligence and the ability to self-teach. The goal of AGI is for the software to perform tasks it hasn’t been specifically trained or developed for. Satya Nadella emphasized that the real bet for Artificial Intelligence is how to achieve global economic growth of 10%! He opposed over-investing in infrastructure, recalling the lessons of the Industrial Revolution, and noted that as entire countries enter the AI game, the best strategy is for Microsoft to lease the cloud GPU. Nadella naturally acknowledged the success of ChatGPT as a service for end users but pointed out that in business software, models are starting to become a commodity, with Microsoft focusing on their practical value and thereby reducing the risk of excessive spending. Essentially, Nadella is the first CEO of Big Tech to set aside the hype and focus on more measured investments.