Hello, M.M but also the entire government is living under the constellation of gatherings for Tempi next Friday. In the meantime, as the days pass, some new elements sporadically appear regarding the case, either partial findings on the collision or forensic examinations for the unfortunate son of the investigator who was found dead. None of these have uncovered anything that brings the theory of cover-up in the accident or the man’s murder closer. Nevertheless, the government considers mass public participation a given and is preparing for it.

They pulled back a little…

The only thing that has changed in recent days is that PASOK and SYRIZA have pulled back, because every poll that comes out shows them…lower and lower, so they say, ‘hold on a bit, because the identification with Zoi is not going well.’

Mitsotakis-Merz

Kyriakos Mitsotakis has known Friedrich Merz of the Christian Democrats for several years. In fact, the two met about a month ago in Berlin at an event organized by the EPP for Merz’s international support. A source from M.M tells me that they have very good chemistry, after all, they both have a similar profile with technocratic characteristics. On the other hand, Merz is positioned further to the right of K.M on the map. With him as Chancellor, however, there will be a direct line (between the two and their staffs), something that was not so certain with Scholz and not at all with Merkel.

Musk’s message

The significant rise of AfD in the German elections, with more than double its percentage, shows something beyond changing social developments: Musk will play the role of disruptor in Europe, wherever elections take place. Already, in the German elections, X, his platform, played a very tough algorithmic game in favor of AfD. He has even identified his next target, supporting Santiago Abascal of Vox in Spain. It is obvious that Trump’s Americans, who have little regard for the European establishment, will play ‘dirty’ in the coming period in an attempt to influence electoral contests.

Prem Watsa’s ban, private equity, and Eurobank’s reactions

A ban on new hotel investments, sources in the market say, was issued by Prem Watsa for Grivalia Hospitality. It is well known that, with the exception of Amanzoe in Porto Heli, the rest of the hotels have not performed well, to put it delicately. Especially One & Only in Glyfada, which is Grivalia’s most expensive investment in the hotel sector, has not met expectations at all and has become a major headache. In fact, I heard from a very reliable source a great story: A private equity firm had acquired a 20% stake in One & Only in Glyfada. When the fund saw that the hotel was not performing as expected, the private equity people went to Watsa and asked for their money back. The Fairfax boss, to close the issue, asked his Greek companies to buy the 20%, which they did, thus resolving the matter bloodlessly. G. Chrysikos, who recently left his CEO position to become President, is now trying to find a way for Grivalia Hospitality to turn a profit. In fact, I was told there was even an attempt to transfer part of Hospitality to Eurobank, but there were domestic reactions—including from the bank’s board of directors—so the plan was abandoned.

SSM and Piraeus Bank in open line

And then they say there is no competition in banks. Suddenly, the SSM started examining the acquisition of National Insurance from a different perspective, unionists began giving interviews hinting at the scent of scandal in the sale of National Insurance from NBG to CVC, and other such fine things. However, the treasure turned out to be coal, because it only takes a couple of remarks to be made to the supervisor, and then it is logical and necessary for it to be investigated—but still, nothing is happening, since the SSM had put intense pressure on NBG to sell the company as part of a memorandum obligation, and it oversaw and approved the sale. Essentially, however, the SSM communicates daily with Piraeus Bank and is aware of every development concerning negotiations with CVC, and when the time comes to decide, it will do so in a way that takes into account all the data of the transaction. Simply put, we are heading towards CVC-Piraeus Bank signatures at the end of March. The truth is, this deal is stirring up new fires and scratching old wounds in the banking market, but that is not for now.

Everyone is looking towards Hellenic Energy

Evangelos Mytilineos set the system on fire during the conference call following Metlen’s Q4 results when, towards the end of the call, he stated that by 2028 the group will have EBITDA above 2 billion euros (from 1.08 billion euros in 2024), adding that the estimate for 2 billion EBITDA includes size to be acquired through acquisitions. The market is now waiting for Metlen’s capital markets day on April 28 in London to learn more, while rumors in the stock exchange scene have turned all heads towards Hellenic Energy.

PPC and Damac investment moving forward

The joint project worth 162 million euros by PPC and UAE’s Damac for the creation of data centers in Spata is in the implementation phase. The investment is being carried out through Data In Scale, a joint venture in which Damac, through Caio Holdings, holds 55% and DEI 45%. The first phase of the investment’s development includes the creation of infrastructure with a capacity of 12.5MW, with the prospect of expansion to 25MW. The investment is partially financed by the Recovery Fund and bank loans. To meet investment needs and cover short-term financial requirements, shareholders are proceeding with a 28.5 million euro bond loan issuance to Data In Scale, with PPC’s contribution, based on its 45% stake, amounting to 12.8 million euros. Grant Thornton, which was assigned to conduct a fairness opinion study, deemed the transaction fair and reasonable. The project is currently in the design and permitting phase and is expected to begin construction within the next 1-2 months, with a completion horizon of two years.

The “Sthenos” of Chatziminas

They say that usually, “the apple doesn’t fall far from the tree.” This is evidently the case in the Chatziminas family of Theon International PLC, which is writing an international success story as a leader in the field of night vision systems. Let me remind you that the company, founded and led by CEO Christian Chatziminas, closed 2024 with a turnover of 352.4 million euros (+61.1% compared to 2023) and a backlog of 654 million euros, while in early 2025 alone, it had new orders worth 53 million euros from 12 countries. Last week, a new company emerged, named “Sthenos Artificial Intelligence Single-Member S.A.” with the trade name “Sthenos AI.” The company was established with an initial capital of 25,000 euros by 23-year-old Markos Christianos Chatziminas, son of Christian (Christian) Chatziminas, and is headquartered in Neo Psychiko. The purpose of the new company includes “the development and commercialization of innovative artificial intelligence tools and applications, primarily targeting the defense industry and secondarily the civil protection and technology sectors.” Additionally, it focuses on “providing advanced, high-quality solutions to enhance its clients’ operational capabilities and ensure maximum efficiency,” conducting studies and analyses in artificial intelligence fields, executing and implementing technology transfer and industrial cooperation programs, and more. The Board of Directors of “Sthenos AI” consists of Markos Christianos Chatziminas as Chairman and CEO, Evangelos Samaras as Vice President, and Raphael Georgiadis as a member.

Kerastaris in the hotel business

Antonis Kerastaris became known in the market through his tenure first at HOL and then for five years as CEO of Intralot. Since the summer of 2020, he has been the Chairman and CEO of Brink’s Hellas. However, it seems that he (too) has decided to get involved in tourism. As I learned, on Friday, February 21, a new company was established under the name “Hotel Services AIK Single-Member S.A.,” headquartered in Marousi, with an initial share capital of 1.2 million euros. The company’s purpose includes hotels and similar accommodations, business consulting services, property leasing and management, tourism promotion services, and visitor information, among others. The three-member Board of Directors includes Antonis Kerastaris as Chairman and CEO, and Emmanouil Katsidoniotis and Panagiotis Prountzos as members. The 1.2 million euros in share capital was contributed by the sole shareholder, Vaya Holdings S.A., represented by Antonis Kerastaris. Vaya Holdings S.A., which is headquartered at the same address as the new company, was established in October 2022 with Antonis Kerastaris as its sole partner and manager.

The 9 out of 9 on the Stock Exchange and what follows

Smiles abound on the Stock Exchange as the market has completed 9 consecutive weeks of gains, pushing the annual return above 10%. And all this before February has even ended. BETA Securities notes that something similar happened last year when the market saw 9 consecutive weeks of gains in February, ending the streak on March 3. This is the third time in 25 years that something similar has occurred, and investors should take note. At the same time, bank stocks are not slowing down, and three of the four systemic banks have extended their multi-year records. The banking sector index closed above 1,480 points for the first time since November 24, 2015, increasing its return since the beginning of the year to +15.35%. National Bank reached a new 9-year high, its highest level since November 27, 2015. Alpha Bank set a 5-year record and Piraeus Bank a 4-year record, with the former achieving its best close since January 2, 2020, and the latter since April 9, 2021.

GEK TERNA and the indices

The stock market value of GEK TERNA is just shy of 2 billion euros, about 30% higher than its capitalization a year ago. As of last Friday, the data for the stock has changed, as GEK TERNA is now included in the Large Cap Index of FTSE Russell. In October 2024, FTSE Russell placed the Athens Stock Exchange on a “watch list” for an upgrade to developed markets within the next 12 to 18 months. The reassessment will take place in a few weeks, in March. From March 10, when the changes to the Large Cap Index take effect, GEK TERNA, with its 2 billion euro capitalization, will receive different treatment from funds that focus exclusively on the top 20 stocks of the Athens Stock Exchange. By the end of the week, we will also see the restructuring of the MSCI Indices.

Developments in Occupational Insurance Funds

Step by step, through small, discrete legislative interventions, the government is correcting its mistakes in the field of Occupational Insurance. Articles 35 and 36 of Law 5178/2025 were passed, introducing improvements to the second pillar of insurance. Specifically: The cap on contributions that employees and employers can pay annually into Occupational Insurance Funds and/or Group Insurance Contracts has been increased. Additionally, deductions from taxable income for salaried employees now include contributions for dependent family members (spouses and children) for medical and hospital coverage under group insurance policies in Occupational Insurance Funds or health insurance contracts, up to 1,500 euros per year per employee. More importantly, these changes have led to renewed growth in the sector. The Panhellenic Federation of Tourism and Catering Workers signed a new sectoral collective labor agreement, providing for the creation of an industry-wide occupational insurance fund covering approximately 10,550 businesses and nearly 150,000 hotel employees. This fund will be fully financed by employers through a 2% insurance contribution. As a result, it will become the largest sectoral Occupational Insurance Fund in the country.

The logistics centers

Tomorrow at noon, the Governmental Committee on the supply chain of our market will meet at the Ministry of Development. Besides planned interventions for the “from farm to shelf” initiative, two major, highly significant projects stand out, with a total budget close to 1 billion euros: the construction of a logistics center in Fyli for the Attica region and another at the Gonou military camp for Thessaloniki. The first project is in Phase B1 of the competitive dialogue, during which the five bidding consortia (Aegean Oil – Melissanidis, Goldair, Ediseofoniki Hellas – Call Center Hellas – Levante Express, Orpheus Veinoglou – HIG, FINCOP – Kopelouzos) will begin site visits before submitting binding financial offers for the 35-year concession to develop, build, operate, and maintain a major transport and logistics center. The second project, at the Gonou military camp in Thessaloniki, is completing the evaluation of Phase A, and the competitive dialogue is beginning among four investment groups (Goldair Cargo – Aktor, Trade Logistics – INTERKAT, Noval Properties, and the Thessaloniki Port Authority) for the 30-year concession to create a storage and freight management center just a few kilometers from the Thessaloniki Port.

Cosmote and Vodafone against Nova (the enemy of my enemy is my friend)

For the past two weeks, Nova has been heavily advertising that it was ranked as the most reliable mobile data network in Greece for the last quarter of 2024, according to the latest report by Opensignal, which thoroughly examines the quality and stability of data services. Its competitors (Cosmote and Vodafone) appealed to the Hellenic Telecommunications & Post Commission (EETT), arguing that Nova’s advertisement (“we are the most reliable mobile network”) was excessive and misleading for consumers, as it referred to a specific time period with very specific parameters. As a result, Nova was required to change the wording of its advertisement.

Expectations for interest rate cuts are coming down

In the U.S., markets today assign a 63.7% probability that the FED will cut dollar interest rates within the first half of the year, according to the CME FedWatch Tool. This percentage is up from 50.4% a week ago but still reflects concerns and uncertainty over monetary developments. The two-year U.S. government bond currently yields 4.19%, while the ten-year bond yields 4.42%. In Europe, everyone is confident that Eurozone inflation will settle at 2% in 2025, but the European Central Bank’s chief economist, Philip Lane, warns that achieving this target “may take longer than expected.” The next question is WHETHER any move by central banks on interest rates will be triggered by slowing price increases or by an economic slowdown.

Warren Buffett’s message

This weekend, everyone involved in stock markets had one and only one central topic of discussion: Berkshire Hathaway’s cash reserves. Last year at this time, 94-year-old Warren Buffett had warned investors that “there are now very few companies left that could significantly boost Berkshire’s results. And those have either already been selected by us or by others.” This year, he proved his sincerity. In 2024, Berkshire Hathaway unloaded $143 billion worth of stocks and invested only $9 billion in new stocks. It now holds $286.5 billion in U.S. Treasury bills and $44.3 billion in cash within its insurance and other operations. For comparison, the U.S. Federal Reserve (FED) currently holds $195.3 billion in U.S. Treasury bills. This means that Berkshire Hathaway today has $91.2 billion more in Treasury bills in its portfolio than the central bank. Whether the “Oracle of Omaha” is right in holding cash to take advantage of a market correction or not will become clear in the coming months.