Hello, then tomorrow morning, barring any unforeseen circumstances, K.M. will announce his cabinet reshuffle, which will most likely be his last before the elections. It will also be the government’s last attempt at a restart, which, of course, has long since put down its pencils. And combined with Tempi, this is evident in the latest poll, where not only has the government’s percentage dropped by 4 points, but its qualitative ratings have also fallen by a full ten points. Last chance, then, for the machine to work and for Mitsotakis to turn things around, but also for us to see his government.

Ηatzidakis – Skertsos duo

The key figure, as we said, is Ηatzidakis at M.M., with Skertsos alongside him. Let’s see how much influence and power this duo will take from Voridis, who may not stay and might go somewhere as a top-tier minister, but also from Mylonakis, who is staying.

On communications

There are no changes in communications. Pavlos Marinakis remains, and they are looking for journalists. Various flashy ministers are making approaches, but serious professionals in the field are turning them down outright.

Finance?

Now, for the crucial position of Ηatzidakis at the Ministry of Finance, the discussion started around Kerameos, but apparently, too many people raised objections, so that idea seems to have been scrapped. Skilakakis and Pierrakakis are being mentioned, but I can’t tell you more. Since yesterday, the name of the deputy governor of the Bank of Greece, Christina Papakonstantinou, has been circulating for the position of deputy or even minister of finance. Mitsotakis knows her through her husband, who works in his diplomatic office, and he also values her as an economist. Now, you might ask, is such a heavy post—at the last minutes of the game—being considered for a name that I had to Google to find?

Infrastructure – Transport

Now, for the hot seat of the railways, probably Kyranakis, and for dealings with contractors, I hear Plevris (Infrastructure).

Energy

I told you about Energy yesterday. Papastavrou is formally reconnecting with his “one and only principal, K.M.” Now, Voridis also wants the Energy Ministry, not the Migration Policy Ministry that he was reportedly offered. “No way Papastavrou gets Energy and I get Migration,” Makis is said to have remarked, so he might just stay where he is. What prime ministers have to deal with… Good thing we aren’t in their shoes!

Civil Protection – Shipping

Here we may see Skrekas returning to Civil Protection and Kikilias moving to Shipping, as he had requested to be transferred from his current ministry.

The list of former ministers

A number of former ministers are taking center stage these days in the speculation surrounding the reshuffle. We’re talking about Kostas Skrekas, Thanos Plevris, Notis Mitarakis, and others, whose names are being floated for various ministries, depending on the reshuffle dynamics and the vacancies that arise. Let me tell you that, apart from Mitarakis, none of them have had a meeting with K.M. However, as a source from M.M. told me, not all of them will be utilized—probably only one or two—otherwise, the reshuffle would look like a “second chance” initiative.

Deputy ministers and phone calls

Until yesterday, K.M. had not finalized his thoughts on the key appointments in the reshuffle, so the next steps had not yet progressed. That is, the evaluation of the deputy ministers in the government, many of whom will be leaving, while there is also a recommendation from K.M.’s associates to reduce the total number of government members. Once the ministers are locked in, the map of deputy ministers will soon follow, and the phone calls will begin. Typically, deputy ministers do not have meetings; they simply receive a phone call an hour before the government announcements. The significant point here is that all “ministerable” ND MPs were left out of the composition of the Preliminary Investigative Committee, making them available for a…call.

Side effects

The team of 14 ND MPs for the Preliminary Investigative Committee is already showing side effects before even stepping onto the field. As this column has learned, the MP for Karditsa, Kostas Kotsos, requested his exemption for serious “personal reasons,” even though he had initially agreed to participate in the committee’s investigative work and had been listed on the “match sheet.” Reports indicate that he faced strong pressure from his close and extended family and friends, as Karditsa is one of the regions that mourned victims in the tragic accident. In his place, Western Athens MP Dimitris Kalogeropoulos was appointed.

The first joint DEI-Kotsovolos store and rents in Kifisia

Let me start the market news with an update on DEI, which has been trending in the stock market lately, as one of the world’s largest institutional portfolios has emerged as a buyer. DEI is now preparing to open its first joint store with Kotsovolos. This is a mix we haven’t seen before and will inaugurate a new generation of stores for the company. For the first pilot store, Kifisia was chosen, specifically Kyprou Street, in the heart of the area’s shopping center. Reports indicate that DEI has leased the store currently occupied by GAP, about 1,000 sq.m., which is relocating. I won’t relay the monthly rent amount reported to this column, as I cannot verify it. However, you can probably guess, since I was told that GAP was paying 50,000 euros.

Private Educational Institutions

With a simple glance at the balance sheet just published by Geitonas Schools, one can determine whether the significant tuition increases implemented by private schools over the past 2–3 years are justified by general inflation and arguments about rising costs or if administrations simply took advantage of the turmoil and the shift toward private education to improve their margins and for some to “tidy up” their finances before starting discussions with investors. Here are the numbers: for the fiscal year 01/07/2023 – 30/06/2024, revenues increased by 10.76%, reaching €11.78 million from €10.64 million in the previous year, while the cost of sales rose by 4.4% to €9.79 million from €9.55 million. As a result, the gross profit improved to €1.8 million from €1.08 million a year earlier, and ultimately, the schools closed with net profits of €266,000 compared to losses of €346,000 the previous year. The shift toward private education, where, as a well-known industry entrepreneur recently observed, the country’s declining birth rate is not apparent—rather, the situation is quite the opposite—has also attracted significant investment interest, which has been ongoing since last summer.

Advance Payments for Renewable Energy

We may not have turned into Norway yet and still complain about electricity prices, but in reality, Greece has become a green energy paradise. We rank second globally in solar energy and seventh in wind energy production, while last year, for the first time, we transitioned from being a net importer to an exporter of electricity. To give you an idea of the numbers, according to Deputy Minister of Energy Alexandra Sdoukou, Greece currently operates 21,500 photovoltaic stations, of which 21,000 are projects with a capacity of less than 1 MW. The striking fact is that of the total number of solar parks, 12,000 are on household rooftops, meaning that an equal number of homes benefit from lower electricity prices. Another interesting statistic from the Deputy Minister is that in recent years, €9.5 billion has been invested in infrastructure and networks, and €188 million has been paid in compensatory benefits to municipalities, communities, and households. For 2024, an additional €43 million will be distributed. However, this is not enough! This is evident from the reactions and the growing movement against wind energy, which has recently expanded to include offshore wind farms in various parts of the country. The government is considering revising the framework for compensatory fees, particularly for wind energy, a topic recently discussed at the Maximos Mansion. The aim is to ensure that the benefits of renewable energy are visible in local communities to secure their maximum acceptance. For this reason, one of the measures to be implemented immediately, and which is expected to be included in the special spatial plan for renewable energy, is the provision of these fees in advance to beneficiaries, meaning before wind farms even become operational, as is the current practice.

Laptop Vouchers by the End of the Month

Fortunately, despite being in the midst of a government reshuffle, someone finally paid attention. Last Monday, we wrote about the problems that arose between companies selling laptops and their suppliers because the retail market had frozen while waiting for the vouchers from the replacement program announced by the government in November 2024. By… coincidence, I assume, the lists of beneficiaries have now been released, appeals are being processed, and barring any unforeseen circumstances, the laptop replacement voucher program will be launched by the end of the month.

The Return of Day Trading in Bank Stocks

In the past, stockbrokers discouraged “active” investors from buying bank stocks because they were “heavy” and “sluggish.” Things have changed due to the upward trends in the stock market, introducing new trading habits. The banking sector has gained depth and a direct connection with the Derivatives Market. Stockbrokers now recommend buying bank stocks even for daily trading, which, combined with derivatives, has evolved into an enjoyable short-term speculation game. All of this, of course, will last as long as the bullish climate in the banking sector is maintained due to financial figures, dividends, acquisitions, and expansion moves.

Risk Management Lessons

Autohellas is a company that sells, rents, and leases cars. This activity is characterized by seasonality and sensitivity to economic fluctuations. Yesterday, Autohellas announced profits and dividends for the 2024 fiscal year, and the stock market rewarded it with a +6.23% rise in its stock price to €11.9. The secret lies in risk management. Eftichis Vassilakis led Autohellas into the share capital of Aegean, which is closely linked to the tourism market, while also acquiring a stake in Trade Estates of the Fourlis Group. Consequently, Autohellas’ results were boosted by €8 million from Aegean and €1.6 million from its participation in Trade Estates. In this way, it secured a €0.85 dividend per share for its shareholders. Additionally, Autohellas has internationalized its core operations across nine different countries, strengthening its results by €184.2 million. Out of these nine markets, when one does not perform well, losses are offset by improvements in the other eight. Autohellas’ market capitalization has surpassed €580 million.

A Sunny Day on the Stock Exchange

The heavy clouds over Athens, combined with African dust, did not affect the mood in the stock market. With net inflows of foreign investment capital, hopes for peace in Ukraine, and a continuous stream of positive announcements, business deals, partnerships, and speculation, yesterday’s session felt like a pleasant springtime party. A notable case was an investor who, at the close of the market the day before, placed an order for 1 million Alpha Bank shares. The buy order was fulfilled only 40%, with the remaining 600,000 shares still looking for a buyer even ten minutes after the session closed, without success. At the start of yesterday’s session, Coca-Cola set the tone, as it stands to gain significantly from peace in Ukraine. Its stock in London opened with a +2.5% increase, pulling Athens along, with daily trading volumes reaching levels usually seen over a week. This was followed by a steady flow of investment capital into Morgan Stanley’s “basket” stocks (Metlen, PPC, Jumbo, TITAN, Cenergy Holdings, Motor Oil, OPAP), while it became evident yesterday that many of the winning shareholders of TERNA Energy chose to continue their journey with GEK TERNA. The trading volume, boosted by AVAX block trades, exceeded €253 million, while the General Index closed at a “devilish” 1,666.21 points, with an impressive rise of +2.58%.

169-Month High

On this occasion, note that yesterday, Athens Avenue, at 1,650 points, reached its highest level in 169 months, dating back to February 21, 2011, when the General Index had closed at 1,668.25 points. The banking index surpassed 1,600 points and set its sights on the 1,682-point mark of November 24, 2015. The Large Cap index broke through the 4,100-point barrier, reaching its highest level since June 20, 2014. The National Bank of Greece is moving full speed ahead toward a double-digit price, extending the record it has held since November 2015. Alpha Bank came within a breath of €2.2 for the first time since May 2018. Finally, Piraeus Bank approached €5, reaching peaks not seen since April 2021.

The Alliance Awarded by the EIB

The first appearance of the Strategic Contracts Unit (PPF) of the Hellenic Corporation of Assets and Participations (HCAP) outside Greece, alongside Grant Thornton and a wide network of international consultants, yielded significant results. The Greek team, in collaboration with Capgemini Belgium as the leader, Stantec, and LDK, secured first place in the European Investment Bank (EIB) competition for the provision of Technical Advisory Services in the Energy sector. The total indicative budget for this specific section amounts to €10,000,000. Their selection in first place confirms their expertise and operational readiness to play a decisive role in implementing energy development and sustainability projects across Europe. Behind this distinction lies an “extroversion mechanism” established within the PPF team of HCAP to export the know-how acquired from managing Recovery Fund resources. The government granted the Strategic Contracts Unit (PPF) – through a special regulation – the ability to participate in programs of third countries. Without the bureaucratic structure of the public sector and with technocratic guidance, it is already participating in various international competitions, competing for similarly large projects.

Who Pays Donald Trump’s Tariffs

More than 22%, or over one in five private passenger cars and light trucks sold in the United States, were manufactured in Canada or Mexico (data from S&P Global Mobility). In 2024, the U.S. imported cars and light trucks worth $79 billion from Mexico – far more than from any other country – and $31 billion from Canada. The U.S. auto market is valued at $300 billion, and North America’s automotive industry relies heavily on an integrated supply chain, with parts often crossing borders multiple times before final assembly. Imposing a 25% tariff will increase costs across all sectors, affecting not only imported vehicles but also domestic models that use foreign components. Higher vehicle prices will push consumers toward the used car market. Insurify predicts that annual car insurance premiums could rise by +8% due to increased repair costs linked to higher vehicle and parts prices. Certainly, the cost of tariffs does not only burden Tesla’s competitors but every American citizen.

Times Have Changed in Art

A few years ago, a musician’s success was measured by record sales and the number of tickets sold at live concerts. Times have changed. Today, downloads from specialized platforms are what count. Spotify, for example, announced yesterday that it paid $10 billion in royalties just for 2024. This is the largest amount ever paid in royalties to the music industry in a single year. Artists ranging from the popular Taylor Swift to individual one-hit wonders—nearly 1,500 artists—each earned more than $1 million. Ten years ago, in 2014, Spotify had paid $1 billion in royalties. This year, the amount has increased tenfold. From its first day of operation until December, it has paid a total of $60 billion.