Hello, since yesterday afternoon when I read Kammenos’ interview with Sroiter (or “Zroiter,” as Banos calls him), where he said that his wife, the sweet Julie, will form her own party — I have to admit, I was a bit taken aback. I thought to myself, “Now what am I going to do, who will I vote for?” Because, you see, I had decided to go all-in for Alexis. But then I learned that Panoulis has it all figured out: Julie will get 15%, the great helmsman Alexis will get 25%, and bam — there’s your government. What shall we call the new alliance? Hmm, maybe “Julialex” — like SYRIZANEL — or perhaps “BanAlex” (from Banos and Alexis). When I asked my source at the M.M. (Maximos Mansion) for a reaction to this development, I got the feeling those people are in their own world. “Which Julie is forming a party — Alexandra-tou?” they asked, genuinely puzzled. Rumors that Trump’s team has already been approached to allow Kimberly to move to the Julialex Ministry of Foreign Affairs are denied.

Did Samaras call Karamanlis?

Another source of mine — not from the M.M., of course — told me that Samaras called Karamanlis (in Rafina) and said, “Kostas, don’t go to Evripidis’ book presentation where Mitsotakis will speak.” But Karamanlis replied that this wasn’t possible, and he didn’t want to create misunderstandings — neither with Stylianidis, nor because it wouldn’t be proper. I’m passing this along as a rumor, since I can’t verify it, but I think it’s a juicy one…

And now?

Meanwhile, we’re living through small dramas here in Athens. Winter is slowly coming, and the “Indignants reloaded” won’t have much to do. Routsis has started eating again, Gaza seems to be nearing an end, the tent will be gone from Syntagma… what a life!

The bill is coming…

Let me tell you — the government is looking for a legal formula to charge the return travel costs to the activists who went with the flotilla to break the Gaza naval blockade. Marinakis mentioned it yesterday at the briefing, and when the M.M. looked into it, they realized there’s no legal framework to do that. Also, I understand that in the coming days there will be an effort to tidy up the situation in front of the Tomb of the Unknown Soldier — with all the paints, the lanterns for Tempi, and so on — because, together with Routsis’ tent, the scene looked rather odd.

Voridis–Varras Vol. 2

Voridis seems determined to skin alive Varras. Yesterday on Open he spent half an hour previewing what’s to come in the Parliamentary Inquiry when Varras is called in. Voridis insists that the real reason for Varras’ resignation wasn’t what’s being implied — that he interfered on behalf of a company in a consultancy tender — but something else entirely. Interestingly, Voridis also revealed that when Varras left OPEKEPE, they asked him to become an advisor to the Presidency, and he agreed. So, there wasn’t a major feud — just a breakdown in communication. As for why Varras is still at the M.M., Voridis wonders, but the government (through Marinakis) defended him, saying he has no criminal liability — thus responding to Varras — and that if they dismissed him, it would look like a retaliatory firing.

The energy issues of the Recovery Fund

K.M. (Mitsotakis) has decided to focus intensively on the Recovery Fund’s pending projects since the deadline (summer 2026) is approaching. Yesterday at the M.M. there was a meeting with Hatzidakis, Papastavrou, Tsafos, and Papathanasis to discuss the energy files. The main news: the “Apollo” program for energy communities is heading for exclusion from the RRF, and other funding sources will be sought, mainly from the NSRF. There’s already backlash from regional authorities, and next week there’s a scheduled meeting of the regional energy community network about this. They also discussed adjustments to projects on carbon capture and storage (CCS), wind farms, and the “Exoikonomo” (Energy Efficiency) program.

“Gas” for the BOAK

In another meeting with the four construction companies involved in the BOAK highway (GEK TERNA, Aktor, AVAX, METKA) and the Minister of Infrastructure, Dimas, the message from K.M. was clear: regardless of their internal frictions over the concession contract, they must move fast on the sections funded by the RRF — there’s no time to waste. “The Recovery Fund ends in the summer of 2026, and the requirements are strict — this isn’t the NSRF or the Development Law,” was the message from the M.M., stressing that the project can’t stall.

The Telco on payments

Realizing that if payments to farmers don’t happen soon the “music will start playing,” the government is rushing to meet deadlines. I’m told that every day around 3 p.m. there’s a telco involving Hatzidakis (handling negotiations with the Commission), Tsiaras (on the farmers and payment action plan), and Pitsilis from AADE, who will take over OPEKEPE, among others.

The crowd at Patelis’ event

Over 300 people gathered yesterday at the National Gallery for Alexis Patelis’ new book — and the mix of guests was quite different from Stylianidis’ book event. From politics, it was mostly ministers and deputy ministers, not many MPs. In the front row, besides K.M., Mareva, and Sakellaropoulou, I saw Hatzidakis, Skertsos, Kerameus, Zacharaki, Adonis, Dora, Dimas, Mendoni, Michailidou, Efthymiou, Takis Pikrammenos, and others. Bankers like Psaltis, Karavias, Megalou were there too, along with M.M. associates such as Marinakis, Mylonakis, Kontogeorgis, Nezis, Kapi, Zografos, Peloni, Amyras, etc. Among MPs: Staikouras (who knew him as Finance Minister), Maria Antoniou, Spyros Kyriakis, Nefeli Chatziioannidou, and more. The absence of MPs and the stronger presence of government officials isn’t surprising — Patelis was always focused on work inside the M.M., not on cultivating ties with MPs. And that’s exactly what his book chapters describe.

The Arab Spring of Banks — or Some Headed for Dubai, Others for Abu Dhabi

Greek banks are experiencing their own Arab Spring — one we hope will yield better results than the uprisings of 2010–2012, which, despite limited political gains, left us with civil wars in Libya and Syria. The systemic banks, aiming to expand their lending portfolios, are now reaching out to Arab countries to participate (with small shares) in large syndicated loans. Eurobank will open a representative office in Mumbai by the end of the year and has already applied for similar offices in Dubai and the United Arab Emirates. Piraeus Bank is setting course for Abu Dhabi, while National Bank of Greece, following a management trip, is awaiting approval for a representative office in Riyadh, Saudi Arabia. If the banks’ international expansion up to 2010 focused mainly on the Balkans, this time — with much more cautious and calculated moves — it is centered on the Arab world.

Alpha Bank: Strengthening Its London and Luxembourg Subsidiaries

Alpha Bank seems to be moving in the opposite direction, although it keeps an eye on the Arab markets through Alpha Bank Cyprus. Its interest in syndicated lending is mainly directed toward the European market (Italy, Spain, etc.) due to its partnership with UniCredit. Within this framework, sources say Alpha Bank’s management has decided to strengthen its London and Luxembourg subsidiaries.Incidentally, note that the semiannual Alpha Bank–UniCredit meeting is just around the corner, where decisions will be made on how to further structure the collaboration between the two banks.

Warnings of a Market Correction

Global markets are rising — here in Greece we’ve seen the 2,100-point level — all asset classes are climbing, everything seems fine. Yet, prominent market figures are beginning to issue public warnings that the party cannot last forever. A week ago, Goldman Sachs CEO David Solomon said that equity markets are likely to face a correction after a long rally fueled by artificial intelligence. He recalled the adoption of the Internet in the late 1990s and early 2000s, which led to the dot-com bubble, and predicted a similar pattern this time, adding that “it wouldn’t surprise me if within the next 12 to 24 months we see a correction in stock markets.” Another heavyweight, JP Morgan’s Jamie Dimon, told the BBC that he is “much more worried than others” about a serious market correction, which he said could come within the next six months to two years — warning that the risk of a sharp decline in U.S. equities is higher than markets currently reflect. Just two or three days ago, the Bank of England also cautioned that U.S. stock valuations are now similar to those seen near the peak of the dot-com bubble, noting that U.S. Treasuries would be vulnerable to any erosion of the Federal Reserve’s credibility. The Bank concluded that “the risk of a sharp market correction has increased.”

CVC Goes to School

The CVC fund has completed a deal with Greek relevance, acquiring a 20% stake in the International Schools Partnership (ISP) — one of the world’s largest international education platforms in primary and secondary schooling. The ISP is already well-known in Greece, having recently acquired three private schools: Platon Schools, the Hellenic-German School, and Avgouleas–Linaras Schools. The deal values ISP at €7 billion, with Partners Group retaining the majority stake. Today, ISP operates 111 schools in 25 countries, educating over 110,000 students. With CVC’s entry, ISP further strengthens its position in the global education market, which continues to attract strong interest from institutional investors.

The Sons of Theodoros Angelopoulos Expand Their Fleet

Metrostar has registered two newly built LR1-type tankers of 75,000 tons each under the Greek flag — the Metro Mistral and Metro Livas. The company, led by brothers Panagiotis and Dimitris Angelopoulos, sons of the late Theodoros Angelopoulos, is expected to take delivery of a third new tanker by the end of October, marking the completion of its shipbuilding program. The vessel in question is the Metro Venetian, an Aframax-type tanker with a capacity of 115,000 tons. With the addition of the Venetian, Metrostar’s fleet will total eight tankers, all managed by an affiliated ship management company.

Selective Buying by Greek Shipowners

The Greek shipping community continues to play a dynamic role in international ship markets, with recent moves highlighting a strategy to expand fleets with state-of-the-art vessels. New Shipping, owned by Adamantios Polemis, has expanded its presence in the Suezmax segment through new orders at Samsung Heavy Industries, with scrubber-equipped vessels and additional options. In the secondhand market, Greek interests have acquired the Suezmax pair Fairway / Brightway, also with scrubbers, for around $89 million en bloc, as well as the modern Ultramax Andiamo for $30.5 million — reflecting a selective but steady appetite for high-quality, eco-efficient tonnage. Overall, the strategy of Greek shipping interests appears to combine prudent investment in new technologies, selective acquisitions in the resale market, and the sustained renewal and preservation of their fleets.

The New Intralot CEO and the Next Chapter

Once again, Socrates Kokkalis and the Intralot management appeared at the Athens Stock Exchange for the ceremonial opening — ringing the bell — after completing a €429 million capital increase, marking the conclusion of the complex merger with Bally’s Interactive. The focus now shifts to how the new corporate structure will move forward, with an international footprint in the iGaming and lottery sectors. At the executive level, Robeson Reeves (CEO and Board Member of Bally’s Corporation), who attended yesterday’s event, becomes CEO of the new entity. Nikos Nikolakopoulos assumes the role of President and CEO of the Lottery Division, while Chrysostomos Sfatos becomes Chief Financial Officer. Given Bally’s Interactive’s strong presence in online gaming, the new Intralot will seek to expand its B2C operations into new markets. In presentations to analysts during the capital raise, Intralot’s clear message was a strategic pivot toward online gaming. And since the new entity retains Greek DNA and remains listed on the Athens Exchange, many believe that sooner or later, the Greek online gaming market will be part of its roadmap. For now, Intralot’s narrative appears convincing. Despite the flood of 1,263,707,073 new shares entering trading yesterday, the stock held steady at €1.17, with a market capitalization of €2.1 billion. All last week, the “impatient” investors exited to secure gains from the gap between the stock’s market price and the new share issue price of €1.11. Yesterday, however, the “strong hands” that participated in the capital increase and bond placements made their presence felt. The stock closed up 0.86%, with 40.2 million shares traded.

Greece and Cyprus: Tangled on Earth (Cable), United in Space

While the two countries may have gotten their “wires crossed” over a cable project, Greece and Cyprus are moving forward together in space. At the 2nd Hellas Sat Space Symposium, held as part of World Space Week, there was particular interest in the statements of Digital Governance and AI Minister Dimitris Papastergiou and Secretary General for Telecommunications and Post Konstantinos Karantzalos regarding Greek–Cypriot cooperation. Papastergiou emphasized the geostrategic importance of both nations, noting that they have developed joint digital platforms and projects, and that their partnership has not only national but also European significance, fostering digital sovereignty, operational autonomy, and active participation in regional security. Karantzalos highlighted Greece’s role in supporting Cyprus’s admission as an associate member of the European Space Agency (ESA) — a milestone to be formalized on October 22 in Paris. Meanwhile, Hellas Sat CEO Christodoulos Protopappas provided a detailed overview of the capabilities and future prospects of the upcoming Hellas Sat 5 satellite.

The U.S. Minister, the Shutdown, and Kimberly

The U.S. government shutdown continues, as the federal budget has yet to be approved. Nearly 400,000 federal employees are not reporting to work and are unpaid. And here’s where it starts to affect us: no one knows whether this situation will further delay the arrival of Ambassador Kimberly in Athens. The answer I get is: “Under current circumstances, yes — it will be delayed. But we don’t know if separate funds exist for such cases.” Meanwhile, on November 6–7, Greece will host the Partnership for Transatlantic Energy Cooperation (P-TEC) conference, which will be attended by U.S. Energy Secretary Chris Wright. The question is whether Ambassador Kimberly will have arrived in time to present her credentials and welcome the Secretary. There’s also concern that the budget impasse could affect the Secretary’s visit itself. However, I’m told that preparations at the U.S. Embassy in Athens for the ministerial visit are continuing, despite its limited operations.

Barrage…

Not one, not two, but 11 new companies were established just yesterday by shipowner Stathis Topouzoglou, known for his involvement in the shipping company Prime Maritime Management and in Energean. Since the end of last year, in collaboration with Michalis Chalkias, they founded PrimeHospitality Holdings and Investments S.A., aiming at participation in other companies, construction activities, short-term rental services, real estate management, and more. At the time of its establishment, shareholders with equal 50-50 participation were Gencorp Management Limited and Novial Company Limited. However, yesterday, Thursday, 10 new companies were registered in the General Commercial Registry (GEMI), under the names Novi Real Estate Investment and Novia Real Estate Investment (with corresponding numbering — I, II, etc.), each with an initial share capital of €100,000, totaling €1 million. Their purpose: buying and selling real estate, leasing and management services, etc. In all the above companies, headquartered on Agiou Spyridonos Street in Piraeus, the shareholder is Novial Company Limited, while Stathis Topouzoglou undertakes their management. In addition, another company was established yesterday, Homerun Investments S.A., focusing on capital management services, investment advice, and related activities. The initial share capital amounts to €30,000, of which €18,000 (60%) was contributed by Topouzoglou and €12,000 (40%) by Georgios Saliaris-Fasseas. Mr. Saliaris-Fasseas assumed the roles of Chairman and CEO of the new company, whose board also includes Stathis Topouzoglou (Vice Chairman) and members Eleni-Aphrodite Topouzoglou, Ioanna Topouzoglou, and Vasiliki Tsitziloni.

The TITANic transformation in America

Titan America has announced that it has finally obtained the much-coveted Miami-Dade County certification for more than 40 lintel (overhead beam) products. This is a development of strategic importance, with significant implications for the TITAN Group on the stock market. Florida’s construction regulations are the strictest in the U.S. The Miami-Dade County approval opens doors to the entire U.S. market. Titan America, moving beyond cement and aggregates, is entering the precast building materials market — one with higher profit margins and access to new sales channels. Florida is experiencing a construction boom, while new hurricane-resilience regulations are driving demand for certified, high-spec materials. The parent company’s share, TITAN, is traded simultaneously on three stock exchanges — the Athens Exchange, Euronext Brussels, and Euronext Paris. In Europe, it trades at an Enterprise Value of about 6.2x EBITDA, while in the U.S. the sector averages 9x EBITDA. Titan America contributes 55–60% of TITAN Group’s total EBITDA, yet the Group’s current market capitalization is under €3 billion, with the stock at €37.2/share.

Yiannis fears the beast…

With bank shares up 89% since the start of the year, it’s natural that every upward move in the market brings the temptation to cash out and lock in profits. The General Index faces the 2,100-point level with awe — every time it surpasses it, it feels dizzy and alone. That explains yesterday’s €278.89 million in trading volume, of which only €26.1 million were in pre-arranged block trades. Banks were once again the protagonists, but more importantly, a solid base has now been formed for other stocks to follow — as happened yesterday with the refineries, Cenergy (+2.43%, new all-time high at €13.48), PPC (+2.39% at €14.54), and others. Motor Oil (+2.02% at €26.26) and GEK TERNA (+1.87% at €22.94), together with tech firms Profile (+5.82% at €7.64) and Performance (+10% at €7.22), showed trading volumes promising better days ahead.

Free phones and Artificial Intelligence

It’s not just happening in Greece — it’s happening everywhere. Every respectable telecom operator now announces something related to Artificial Intelligence, and that’s the new reality. Last Monday, Cosmote announced the launch of the new T-Mobile 3rd-generation smartphones, with built-in AI services. Earlier, NOVA had already unveiled its Nova 5G Pro 2 Smartphone and Nova 5G Tab, offered free of charge to subscribers choosing the Unlimited All and Unlimited Talk & SMS + 30GB plans. At the same time, NOVA announced its entry into the “Agentic AI” field. AI Agents are the next evolution of artificial intelligence — systems that can act autonomously to achieve goals, rather than merely respond to questions. At Nova, they believe that Agentic AI will be the catalyst for the future of Telecommunications and ICT (Information & Communications Technology). They call it the “coming of age” of AI. In practice, telecom providers are competing through AI, luring customers with free smart devices on long-term contracts.

The U.S. bank merger dance begins

There are currently 2,160 regional commercial banks operating in the U.S. Two years after the collapse of Silicon Valley Bank, which shook public confidence in smaller banks, a major wave of regional consolidation has begun. Last Monday, Fifth Third announced its merger with Comerica, aiming to create the 9th largest banking group in the U.S., with assets of $288 billion. But this deal is not an isolated case. Earlier, PNC merged with FirstBank. The merger of Pinnacle with Synovus ($8.6 billion) is already in progress, and the Capital One–Discover merger was completed this summer. Regional banks have realized that scale matters. The Big Four (JPMorgan, Bank of America, Wells Fargo, Citi) already enjoy massive advantages in technology, compliance costs, and especially wealth management, which smaller banks simply cannot match. The Fifth Third–Comerica deal has an intense backstory: An activist investor first appeared at Comerica, pressuring the board for a sale and “alternative strategy.” Then Fifth Third made its move — paying for something it had always wanted but couldn’t build organically: a presence in Texas, California, the Southeast, and 17 of the 20 fastest-growing U.S. markets. The secret: Fifth Third isn’t just buying deposits and branches — it’s acquiring core banking systems, data analytics, and payment infrastructures. Smaller banks simply can’t afford the investments required for AI, cybersecurity, and digital banking — hence, they merge.

The bitter taste of cocoa

Eighteen months ago, in April 2024, headlines everywhere reported the explosive rise of cocoa prices to $12,000 per ton. Back then, everyone blamed the climate crisis that devastated crops in West Africa, with droughts and disease cutting production sharply — and fears that chocolate might become unaffordable. Cocoa prices went on a terrifying roller-coaster ride: up +600% in two years, then down –58% in London and –50% in New York. Climate conditions changed. The rains returned to Ivory Coast and Ghana, harvests rebounded, and consumers — who had seen chocolate prices soar — began cutting back. Now, everyone sees that the bubble burst abruptly. But that doesn’t mean cocoa is cheap again: even at $6,000/ton, prices remain double the 20-year average of $2,700. So we haven’t returned to “normal” — only corrected the excess — in a global market where everything is exaggerated. Producers in Africa see prices swing wildly without being able to plan, processors struggle with costs, and consumers still pay for expensive chocolate, even after the “collapse.”