Hello, now that we’re done with the “Unknown Soldier,” we’ve taken on a new little sieve, ELTA (Hellenic Post). The devil had nothing to do and…was cursing his own children, as the paraphrased proverb goes. Anyway, it was certain that that poor CEO of ELTA would pay the price, and equally certain that the opposition would focus so much on an issue like ELTA, which probably doesn’t concern anyone except MPs. The opposition, because they don’t know how to find something more serious and substantive among the dozens of issues in everyday life, and the government side, because the MPs are simply upset that Mitsotakis isn’t appointing them as ministers. You might say they’re not wrong—every MP aims for a ministerial post during their party’s time in government. That’s true, but honestly, if they think they’ll gain votes for fighting to keep the ELTA offices in…Kolopetinitsa open, they’re probably confused.

The conclusion…

We’ve said again that the handling of ELTA is the ultimate case study in repeated government mismanagement. And the massive “black hole” of daily management issues that M.M. [Kyriakos Mitsotakis] apparently faces. Always considering that the second term, especially toward the end, is something like the seven years of itch in marriages, making everything more difficult.

On substance…

Substantively, as we said, the CEO of ELTA paid the price. The plans to close provincial branches will be frozen, and Pierrakakis will take over after they find a new CEO, so that in 3–4 months, cuts can proceed without causing unnecessary fuss. In other words, they will leave some branches open in isolated villages or assign the work (how much work, one wonders?) to some community or small municipality, to a local shop where grandma can go to pay her bills or collect her pension if there’s no ATM. I repeat: the government won’t fall over issues like ELTA or the “Unknown Soldier,” but it certainly doesn’t help in regaining the lost support of the New Democracy party, because there are voters who supported ND to be done with such issues, not to swallow them.

Counterattack with taxes

In this context, it’s clear that M.M. wants to extricate himself from the ELTA discussion. A good platform is Pierrakakis’ tax bill, which will pass through Parliament on Thursday. I hear Kyriakos Mitsotakis is considering going to speak (he’ll decide today), while ND may request a roll-call vote to… watch the opposition reject positive measures.

Tassoulas’ impressions

Kimberly Gilfoyle spent about an hour on the Presidential couch talking with Tassoulas, who does well in English, having worked at a law firm in London in the late ‘80s. I understand from a conversation with my source at the Presidential Palace that the ambassador left an excellent impression, as she knows her subjects well. She discussed energy issues, which will be central to her mission, with Tassoulas and Alexandra Papadopoulou, and they also touched on Greek-Turkish relations. Tassoulas reportedly told his associates afterward that the ambassador came informed and battle-ready, which is entirely positive.

M.M. and the reception

Regarding Ms. Gilfoyle’s schedule today, she will visit M.M. twice: once around 10:00 to meet K.M. on Greek soil, whom she had met in New York, and again in the afternoon with ministers Doug Bergam and Chris Wright, who are coming for the major energy forum P-TEC starting at Zappeion on Thursday. To honor the American officials, Ms. Gilfoyle is also hosting her first reception of the era at Jefferson House tonight, with guests including forum participants arriving in Athens that evening, shipping and energy sector figures, and many ministers. A quick glance suggests that Papastavrou and Tsafos, the Greek hosts of the conference, Pierrakakis, Kerameos, Theodorikakos, Kikilias, Adonis, and several other Greek government figures are expected to attend.

Peletidis the giant

Moving to Patras, where KKE Mayor Peletidis, after receiving bank sponsorships under the state “Marietta Yannakou” program for improving and reconstructing school buildings, removed the plaques acknowledging the sponsors. He made a statement typical of communist rhetoric: “Today we proceeded to remove the plaques that promote the banks, which have sat on our necks, ruined people’s lives, and now present themselves as saviors.” All fine. The money from the bankers, who suck the blood of the people, was used for the schools under the municipality’s responsibility, but he also pocketed some. Did you say something?

Motor Oil and the sale of 49% of ANEMOS

According to information, Morgan Stanley has been running—for some time—a sale process on behalf of Motor Oil to sell 49% of ANEMOS. Motor Oil owns 100% of ANEMOS, so selling 49% would provide a significant benefit to the balance sheet and possibly a strong partner, as it appears that a major energy company with very deep pockets has gained an advantage in the advanced process. Considering that 25% of ANEMOS sold to Motor Oil in 2023 changed hands for €123.5 million, if the deal closes, it will be significant financially. More importantly, it could create a strong business entity in the renewable energy sector with international operational and investment capacity.

Venetis revives “Dodoni Ice Cream”

Six months after the approval of the restructuring agreement and the transfer of all Dodoni Ice Cream assets to Panagiotis Monevasiotis’ “Kremeria Dodoni” (Venetis), efforts have already begun to bring back the once-powerful ice cream brand. Recently, the main shareholder of Venetis invested €4.5 million as part of a capital increase in Kremeria Dodoni as the basis of the investment plan. The plan is expected to reach €10 million initially, including interventions in the production facility in Pallini, development of a new store concept with synergies with Venetis, and acquisition of a farm in Boeotia to secure raw materials. For the record, after the capital increase with cash contributions, the share capital of Kremeria Dodoni reaches €4.6 million.

Tourism Ministry clears the ashtrays (better late than never…)

Smoking is being banned at the Tourism Ministry by Olga Kefalogianni, which theoretically should be… obvious, but in practice, apparently not. By a decision published yesterday in the “Diavgeia” portal, the ministry is “preparing a plan to prevent smoking and enforce anti-smoking legislation in its facilities (Central Services, Regional Tourism Offices, and Educational Units).” The plan includes, among other things, banning smoking in all indoor areas, posting signs, taking preventive measures (e.g., removing ashtrays and lighters, posting announcements), and informing staff about the legislation regarding smoking and tobacco product use (including e-cigarettes, new tobacco products, and herbal smoking products, which are treated like tobacco products). Responsible individuals, such as unit heads, are designated, and fines are set: €100 for an employee smoking indoors and €500 for the manager, doubling in case of repeat offenses.

Christos Harpantidis in a key role at PMI

Christos Harpantidis, former CEO of Papastratos, is rising higher in Philip Morris International (PMI) following a new administrative transformation soon to be announced. Harpantidis, who developed Papastratos into a regional PMI hub and served as Vice President for Southeast Europe and head of External Affairs reporting directly to CEO Jacek Olczak, will now work to change the company’s image in over 150 markets and open doors in decision-making centers worldwide. Specifically, he takes on expanded duties and a leadership role in the group’s new holding, shaping the company’s global future, including entry into new markets and services.

Grimaldi begins collecting from Igoumenitsa

The investment in the port of Igoumenitsa is proving extremely profitable for Emanuel Grimaldi, as profits are rising rapidly, naturally inflating the dividends as well. In fact, the Igoumenitsa Port Holdings Company, under Paul Kyprianou—the vehicle through which the consortium Grimaldi Euromed, Minoan Lines S.A., and EKEB AE acquired 67% of the Igoumenitsa Port Authority in 2023 in a deal worth €84.17 million—will also pay an interim dividend this year. In the provisional statements it published, covering the eight-month period from January to August 2025, the company’s net profit reached €3.94 million.

DEI, Data Centers, and market-sensed developments

According to information, DEI’s management announcements on November 16 will include many interesting news items for investors regarding investments in Data Centers, and we may also hear about the new pricing policy for industrial electricity. DEI’s Data Centers project is very expensive (it may reach a total of €8 billion over time) and will require new capital and equity partnerships. This is not unrelated to CVC Capital’s plans, which has already completed its first profitable investment cycle in DEI’s regeneration. The market “senses” developments, and the stock is standing out on the Exchange, heading rapidly toward a €6 billion market capitalization.

Who’s Temu? Vakakis

A very striking finding was hidden in Eurobank Equities’ report on Jumbo (November 4, 2025). Analyst Stamatis Draziotis, who authored the report, examined whether Jumbo is threatened by the well-known Chinese platform Temu. He conducted a comparative price analysis—a so-called “price audit”—of fifty products between the e-jumbo.gr online store and temu.com, covering key product categories. The comparison showed a median price difference of just €0.21 per product. Such a small deviation is practically negligible, especially considering additional factors affecting the final purchasing experience. Eurobank notes that Temu, despite its aggressive low-price policy, faces disadvantages in delivery and service. Shipping times are significantly longer—sometimes from one to three weeks—and there may be obstacles such as customs delays or limited post-purchase support. Thus, even if Temu offers slightly lower prices, the overall benefit to the consumer is limited by delays and uncertainty around quality and delivery. Conversely, Jumbo offers immediate product availability, the possibility of physical pickup, and reliable service experience, enhancing the value of purchases through its network. Importantly, Jumbo maintains strong competitiveness in categories that generate consistent customer flow and repeat visits, reinforcing long-term trust with its audience. Eurobank concludes that Temu’s threat to Jumbo is more “perceptual,” projecting a low-cost image, rather than “structural,” as Temu currently lacks the capacity to significantly affect Jumbo’s profit margins or market position.

Greek banks in Cyprus

Competition is strong in Cyprus between banks as they compete on interest rates. Competition is particularly intense among the three major banks now in the system (Eurobank LTD, Bank of Cyprus, and Alpha Bank Cyprus). Banks are entering the market aggressively to capture or maintain market share, mainly in the corporate sector. At the same time, banks operating in Cyprus are gradually expanding their shipping loan portfolios. Eurobank announced it already holds a $500 million shipping loan package. Bank of Cyprus has already granted loans of similar size, and Alpha Bank is entering the market with Astro. The total exceeds $1.3 billion. Greek shipowners use the flexible, tax-attractive wealth management services of Greek banks in Cyprus as additional collateral for loans they take from the island. This creates a triple protection network: Greece-Cyprus-Dubai. Nicosia emerges as a key hub, offering a European framework with Cyprus’ tax flexibility, while Dubai provides a Western alternative for those seeking liquidity with minimal questions. One thing is certain: the Athens-Nicosia-Dubai triangle is establishing itself as a very strong base for shipping finance.

Over 650 ships on order for Greek interests

Greek shipowners are also leading in shipbuilding, with over 650 ships on order for Greek interests across all major types. Greeks hold nearly 18% of global orders, from bulk carriers and tankers to containerships and LNG/LPG carriers. Many wonder what’s happening with the Greeks. I recently asked one of them at an event, who is active in the New York capital market. He told me that shipping companies have made so much money in recent years—and continue to—that they “don’t know what to do with it.” He added, “Indeed, the orders we’ve placed, and continue to place, are very many,” and smiled, asking, “Let’s see what we’ll do with all these ships.” He then explained the reasoning: “With so much cash on hand, most of us choose to strengthen our fleets. New builds are expensive, but so are second-hand ships. So we opt for new ships, which won’t lose value. Even if the market turns, we can control it. Used ships, under the same conditions, would have low resale value. That’s simple.”

“Green sea” with… red numbers for Greek shipping in 2026 (1)

At a time when Greek shipping is testing its limits amid rising environmental obligations and high energy costs, 2026 is shaping up as a year of balance and adjustment. Companies are entering a phase of careful moves, focusing on both route sustainability and the necessary fleet renewal, which is now unavoidable. The announcement of the new four-year public service contract tender provides a more stable framework for so-called unprofitable routes, offering companies the predictability needed to invest in greener technologies. At the same time, however, the implementation of the EU ETS and the upcoming FuelEU Maritime regulation significantly increases operating costs, highlighting the need for a special “Fund & Reward” to return emissions revenue to the sector. Ferry operators are calling for a stable tax environment and a review of the scheduling framework to reflect the reality of a highly seasonal market.

Discussion open on VAT reduction (2)

The discussion on reducing VAT on ferry tickets remains open, with Greece maintaining one of the highest rates in Europe, directly affecting company competitiveness and passenger costs. The Ministry of Shipping, for its part, seeks to balance this pressure with port fee reductions and support measures, recognizing ferry services as not only an economic sector but also a vital social link for the islands. Industry executives noted that 2026 will be a year of decisions.

Hand in hand: DEI and OTE

Although a duopoly has emerged between OTE and DEI following DEI’s entry into telecommunications, yesterday both avoided negative market sentiment and were two of four blue chips gaining over 1%. DEI approached €16 per share, trading at levels unseen since September 2009. Turnover reached €17.2 million, well above usual levels, with over 1 million shares traded. This year, it has gained 28.6%. OTE also gained momentum, closing above €16, a six-week high, though still below the yearly high of €17.7. In a recent Deutsche Bank report on the DEI-OTE telecoms competition, the German firm set a €20 target for OTE, a level last seen in May 2008. Morgan Stanley gives the same target, highlighting OTE as one of the most attractive European telecom stocks.

The dream turned nightmare for Palantir

Palantir Technologies is a U.S. software company specializing in data analytics and AI. Founded in 2003 by Peter Thiel (co-founder of PayPal) and other investors, it works closely with U.S. government agencies on security and monitoring, especially regarding migration. It is also considered highly innovative in data analytics, converting data chaos into actionable policies for counterterrorism or corporate optimization. Yesterday morning (U.S. time), Palantir stock hit record highs ahead of its earnings announcement. Hours later, the dream became a nightmare as the stock fell 14%, from $214 to $191–192. Trading volume indicates significant institutional selling, as many believed the market had overvalued growth. With P/E ratios high and AI hype showing fatigue, the sell-off shook Wall Street. Interestingly, Palantir has become a bellwether for the AI trade—when it falls, it drags Nvidia, Microsoft, and the entire AI ecosystem with it.

Major correction in cryptocurrencies, led by Bitcoin

Some talk of the end of the bull run. Others suspect a “Trump trap,” as rumors circulate in Washington that the government is considering new cryptocurrency regulations, despite pre-election “crypto-friendly” rhetoric. The U.S. SEC is tightening oversight of crypto exchanges, with speculation about potential taxation on crypto transactions. Yesterday, Bitcoin dropped to $103,923, falling $2,625 over two days, reaching the lowest levels since June 2025. The sharp correction began from $111,500. Bitcoin broke critical technical support at $106,000 and $105,000 with high trading volumes. Technical analysts now watch the psychological $100,000 level; if it breaks, the next support is $95,000, signaling a 15% correction from recent highs. Optimists dream of $150,000 per Bitcoin.