Greetings. Unfortunately, in today’s note I cannot help but begin with the violent incident involving MEP Nikos Pappas and journalist Nikos Giannopoulos, whom the former punched and kicked in front of a stunned crowd at a restaurant in Strasbourg. This is not the first time that this particular guy—a classic thug and nothing more—has used violence; perhaps in previous instances it was only verbal. Therefore, Tsipras, who put him there, and Famelos, who had him in his party, are absolutely accountable to public opinion for the behavior of their MEP. And of course, a long time ago—given what he was saying (some tough-guy talk of the type that he would throw… peinirli, meaning bombs) and generally with everything he does—he should not have been an MEP. Let us hope that the European authorities will function better than the Greek ones.

Farmers

Let’s move on now to current affairs. The bras de fer with the farmers continues; I will tell you a bit more about it below, but before that let me give you the news: with a special digital application that farmers and fuel station owners will download on their smartphones, the refund of the excise duty (EFC) on agricultural diesel will be carried out directly at the pump. The competent ministries are working intensively to prepare the relevant application, which will leave no back door open to smuggling phenomena. According to information from this column, data will be drawn from the AADE database regarding the exact quantity of fuel used by each farmer last year. These are the data on the basis of which the refund of the special tax is in any case made retroactively. Subsequently, the digital application will contain the individualized data of each farmer; that is, the total quantity of fuel to which they are entitled. Each time they fill up the tractor or their agricultural machinery with diesel, the corresponding quantity will be deducted from the total via scanning the QR codes of the applications held by the farmer and the fuel station owner.

Near heart attacks and solutions

As yesterday dawned for the government, a number of officials at the Vice-Presidency and at the Ministry of Agricultural Development almost dropped dead over the mistake that was made whereby the farmers’ money was withdrawn for ELGA contributions before they were paid. “I almost had a stroke,” I am told Minister Tsiaras said to a colleague of his. In any case, after painstaking efforts all payments were made, and correctly, by OPEKEPE and ELGA, and by the end of the day the farmers received the money they were supposed to receive. However, already-damaged trust was clipped yet again, and the extremists once more took the lead at the “blockades.” On the other hand, the government also resolved the issue with ATAK for the fields of farmers from Serres, and they too will now be paid. Of course, the question now is whether they will go to dialogue, although the government estimates that there is no footing for not going. In any event, if the hard line prevails at the blockades, the government will readjust its stance—just so you know.

Increases in EYDAP tariffs decided today

According to information, today, Thursday, RAAEY is scheduled to meet in order to approve increases in EYDAP tariffs. According to the same information, the increase is estimated to be around 2 to 3 euros per month, per meter. If confirmed today, the increase is estimated to concern approximately 3.5 million connections, as 1 million connections relating to socially vulnerable groups will be excluded.

ELGA and AI

K.M. casually invited ND MPs yesterday and, admittedly, the atmosphere was good, without many unpleasant remarks. I am told that in some small groups there was discussion about agricultural issues, and that ND MP Andreas Katsaniotis also had a discussion with Mitsotakis, telling him that AI should be applied at ELGA, and that agronomists should be hired to carry out on-site inspections. Katsaniotis, meanwhile, is the MP who raises the most objections to bringing OPEKEPE under AADE, but he will vote normally and will speak today in Parliament, even though he wanted to leave for France and be present at the delivery of the first Belharra together with Dendias. And he will point out that he is voting so that there will be control over payments from now on.

Tie – Frigate

The Speaker of Parliament, Nikitas Kaklamanis, “stole the show,” gifting the prime minister a tie with frigates on it, with Kyriakos Mitsotakis replying that he will wear it at their delivery, while the countdown is on for the first frigate, the “Kimon,” to sail toward Greece.

An end to New Year wishes

In his private meeting with K.M., Tasoulas informed him that he is abolishing the submission of wishes. What is the submission of wishes? Every year, after the New Year Doxology at the Holy Metropolis of Athens, where the President of the Republic is present, it is traditionally followed by the submission of wishes to the President at the Presidential Mansion by the political leadership as well as other official figures. Tasoulas is abolishing it as of this year, a ceremony that had been followed uninterruptedly since the era of the monarchy. For what reason? First, officials submit their wishes at the Metropolis. Why then go afterward to the Presidential Mansion to submit their wishes again? Second, the President of the Republic considers that this ceremony had in any case effectively abolished itself, since in recent years 360 people were invited and about 90 went to the Presidential Mansion. “The Presidency of the Republic must function in a less pompous manner,” Tasoulas said to K.M., who of course did not disagree.

Mitsotakis in Davos

The World Economic Forum, which is the organizer of the annual major Davos forum, informed yesterday via a post that among the invitees of this year’s forum (January 19–23) will be Prime Minister Kyriakos Mitsotakis. Indeed, in the same post it also publishes the link through which its followers can watch the discussion that Kyriakos Mitsotakis had in Davos in 2024 on the topic “Achieving Security and Cooperation in a Fragmented World.” At this year’s Davos forum session, things will be very different for Greece, which is making a major return, as also shown by the recognition of the country’s progress with the election of Kyriakos Pierrakakis to the presidency of the Eurogroup.

Zoe, reality TV, and the “shadows”

I don’t think anyone disagrees that every appearance of Zoe Konstantopoulou at the Parliamentary Investigative Committee on OPEKEPE turns the process into the best judicial reality show since the establishment of Greek television. However, in recent hours some are raising various “shadows” on the occasion of complaints by New Democracy about the operation of an NGO that is directly linked to her and her party. Possibly, of course, she herself above all must give sufficient answers and shut mouths. I must, however, admit that her initial reaction—in which she rushed to downgrade the company to a simple “educational body”—was somewhat… incomplete. Unless, of course, the company constitutes the lawful “vehicle” for the collection of state subsidies that all parties receive for educational purposes.

Justice for All

For those who do not know the issue, let me explain. Last week a request for the lifting of the parliamentary immunity of the party president was forwarded to Parliament. The file was formed following a lawsuit by a journalist for defamatory libel. From the content of the lawsuit it was ascertained that this journalist was working at the Civil Non-Profit Company (AMKE) “Justice for All” and was being paid through the issuance of electronic invoices. In total she had collected in 2024 approximately €40,000, while, as the complainant claims, about €16,000 in accrued wages are owed to her. As the address of the AMKE, “Vatatzi 6” in Exarchia is declared, which is also the address of the offices of the party Course of Freedom – Zoe Konstantopoulou. The relationship between company, party, and Zoe is in any case confirmed by the open data of GEMI. In the administration of the company, which was established on 17.12.2020, the following are listed as “active” members: the political party Course of Freedom, Apostolos Balmpouzis as member-manager, and Zoe Konstantopoulou as partner-member.

The questions of ND

Up to this point everything is fine, as the parliamentary office is not incompatible with the capacity of a simple member of a company, provided of course that it does not contract with the State. ND, however, raises various questions, such as for example whether the said company receives projects from the State—and whether the president declares her participation in her assets declaration (pothen esches). In any case, from an initial detailed look I took at the available asset declarations for fiscal years 2021, 2022, and 2023, the president declares only her participation in the law firm she has with her father.

Papachelas documentary

Let me write one opinion, without… claiming infallibility, about the divergence of views created by the partial state funding (within the framework in which dozens of series are subsidized) that was to be given to a documentary by Papachelas (SKAI) about 17N, in which Koufontinas would speak. I fully understand the sensitivity of the relatives of the victims, but in Western countries journalists record everyone. Including the murderers. It is neither the first nor the last time that—especially in historical documentaries—the viewpoint of the killer is “heard,” whether he is a common criminal, a terrorist, or whether he is unrepentant or remorseful. I also believe that from this particular documentary the only loser would have been Koufontinas himself, because public opinion would once again bring to mind his heinous crimes.

The Credia Bank – Pantelakis Securities deal closed

Let’s move on to business news with the agreement that was closed for the acquisition of Pantelakis Securities by Credia Bank. The due diligence at the brokerage was completed, the board of Credia Bank gave the green light for the transaction on Tuesday, and yesterday the staff of the brokerage were informed by the shareholders about the sale. Logically, and barring the unforeseen, the relevant announcements should be made today as the agreement for exclusive negotiations is signed. E. Vrettou is moving at a fast pace for the development of the bank, adding—after the acquisition of HSBC Malta—the brokerage activity to the group. Credia Bank acquires a new revenue-concentration sector, while for the brokerage and its employees it is also a positive development, as other growth prospects are created. Pantelakis Securities had profitability on the order of €1 million and a turbulent sea ahead of it due to Euronext. The transaction does not include asset management, which has a different shareholding structure. Information speaks of a price in the region of €15 million—half in shares, half in cash. A large part of the consideration will be paid immediately, but for the next three years earn-out payments linked to targets are also provided for. The Euronext era is particularly difficult for non-bank brokerage firms, which must have strong capital adequacy (€5 million) to participate in the market, double capital strength to be active in the derivatives market, and a multiple capital base to be active in the bond market as well.

The next acquisition concerns an Asset Management company

In the current environment, banks are recording high profitability. Dividend distribution is subject to SSM restrictions (up to 50% of net profits), therefore the remainder must be utilized through acquisitions of healthy businesses that will add value to each bank’s portfolio, together with the possibility of cross selling (leveraging the customer base). Market information indicates that the next acquisition by a large systemic bank sitting on a pile of liquidity will concern a company operating in a sector where the bank is lagging. That of asset management, which, as Greek society “matures,” appears to be a sector that promises strong growth. The track record of the company to be acquired is impressively positive, something that is also evident from the glamorous Christmas parties it organizes every year around this time.

Top-level changes at Nova

We had management changes with a strong imprint at Nova. Nikos Stathopoulos stepped down from the position of Chairman of the Board at NOVA Telecommunications & Media to give his seat to Stanley Miller, CEO of United Group, Nova’s parent company. Miller replaced Victoria Boklag last June and took the helm of the UN group, having previously served, among other roles, as CEO of KPN Mobile. The company has set as priorities investments in the 5G network, infrastructure for the new FWA products, and the development of its proprietary fiber-optic network (FTTH), as well as the expansion of its pay-TV subscriber base, but also further development and expansion in the B2B corporate customers market and ICT projects. For last year’s fiscal period it announced its financial results a few days ago, according to which total revenues increased by 7.6%, reaching €881.5 million in 2024. Revenues in the ICT projects sector reached €86.8 million in 2024 compared to €30.6 million in 2023, marking a significant increase of 184%, as the company undertook an increased number of large-scale projects mainly related to digital transformation. EBITDA reached €314 million (+7%), while the net loss for 2024 amounted to €47 million, compared with a loss of €45.4 million in the previous year.

Swiss franc borrowers and Teiresias

The ordeal of Swiss franc borrowers is well known, as from 2010 to 2025 the exchange rate of the Swiss franc against the euro increased by approximately 45%, which means that although interest over such a period has been paid off, this does not hold true since the loan principal remains unchanged due to the appreciation of the currency. There is one more issue pending in relation to the regulation: whether or not Swiss franc borrowers who will be included in the regulation—which will likely be submitted to Parliament even today—will be reported to Teiresias. Any regulation of loans based on legislation implies an inability to pay on the part of the borrower relative to the original loan agreement and leads to registration with Teiresias. If and when the loan is serviced normally and becomes performing over time, that record ceases to exist. As regards Swiss franc loans, stakeholders involved in the matter note that in most cases they concern borrowers who have carried out more than one restructuring and are already listed with Teiresias. There are, however, borrowers who are not listed with Teiresias because they service their loan normally without having previously restructured it. For these cases, it is likely that provision will be made so that these specific borrowers will not be registered with Teiresias due to the regulation that the ministry has “built” for them.

Odysseas’ surprise in Lamda’s results

Yesterday the Lamda Development share once again surpassed the price of €7 and a market capitalization of €1.24 billion; the company is announcing its 9M 2025 results today. The market expects a continuation of the impressive course recorded in the first half, where operating profits quadrupled to €237 million. Eurobank Equities forecasts EBITDA of €115 million and net profits of €125 million versus losses of €14 million last year. The secret in today’s announcements by Odysseas Athanasiou may lie in the revaluation of the real estate portfolio—by €95 million—which reflects the explosive increase in demand as well as in property prices at Ellinikon. Essentially, this is the accounting recognition of goodwill that already exists, as prices in Little Athens have reached €7,600–7,700 per sq.m., exceeding initial estimates by 30%–40%. If and when the information is confirmed, the share’s NAV is strengthened. In addition, the four shopping centers are recording records with 99% occupancy, while the two malls under construction have pre-agreed 63%–69% of leases at prices higher than existing ones.

OPAP and the impatient ones

A surprise—but not without explanation—was the behavior of the OPAP share yesterday on the Athens Stock Exchange. The decision, following feedback from the investment community, to include within the deal with Allwyn the issuance of preferred shares that would have enhanced rights, was expected by the market to extend the upward streak of recent days for the share. Instead, there were pressures and the OPAP share closed trading with losses of 2.1% and returned to €18, having a daily high of €18.61. What happened: Brokers report that a number of portfolios had positioned themselves in the share at lower prices, close to €17, betting on voting down at the upcoming General Meeting (on 7/1) the proposed merger with Allwyn and being paid the cash consideration of €19.04 per share, the so-called “exit right.” These portfolios now appear to be exiting because, as brokers explain, shareholders who exercise the exit right of €19.04 per share will have their shares and capital locked from the date of exercising the right (i.e., from January 7) until the payment date, which is expected after 3–4 months. Also, the interim dividend of €0.80 that has been announced to be distributed after the completion of the transaction will be given only to shareholders who do not choose the exit right. In practice, investors are leaving the share who did not position themselves based on the significant prospects created by the merger, but who sought a “safe” profit with a short-term horizon.

The Stock Exchange in a tug-of-war

With 16 alternations in the sign of the General Index, Wednesday’s session took place on the Athens Stock Exchange, balancing between one group of shares that came under strong pressure and another group that continued to outperform. Selectivity is due in part to the fact that several investors have closed their books for this year, already having their eyes set on 2026. As for the positive protagonists, Metlen managed to stage a rebound and, with gains of 2%, put an end to the three-day downward streak. Titan extended its all-time record by surpassing €48, while ElvalHalcor came within a “breath” of the 18-year high of €4. At the same time, AVAX recorded a jump of over 4% and closed at a new 16-year high. Among the negative protagonists, we find Eurobank once again, which continued for a second consecutive session in sharply negative territory and with a large volume of block trades. OPAP was also in the “red,” retreating by more than 2%.

The icon Kim

That Kimberly Guilfoyle is a celebrity, you have understood. The point is that when you experience her up close, you grasp it in its full dimension. Then you realize that she is an icon resembling a pop star. Two days ago she made an appearance at the AMVER Awards event, co-organized as every year by the Propeller Club Port of Piraeus, with president Kostis Fragkoulis, together with the U.S. Embassy. AMVER is a United States Coast Guard system in which countries from all over the world participate with the aim of rescuing people in danger at sea. Moving on. Wherever Kim appears, pandemonium ensues, to the extent that they don’t even let her eat. “The other day she went to eat a spoonful of soup and a lady came up to her and persistently asked to take a photo,” I was told. As a result, her security team now forms a cordon around the table where she sits and deters the indiscreet. Kim, of course, remains friendly and does not refuse photographs to anyone, but within a framework of rules of courtesy and discretion.

Maria Angelicoussis sweeps the awards in shipping

You could also call her the person of the month. Maria Angelicoussis, head of the Angelicoussis Group, came to the forefront of publicity during December. It began with her award, at the beginning of the month, as Personality of the Year by the Greek Shipping Awards, a distinction which—as the jury stated—rewards her leadership, integrity, and active contribution to shaping the future of the sector. This was followed by her ranking in eighth place in Lloyd’s List’s Top 100 of the most influential personalities in global shipping, above all the Greek presences, which this year totaled 17. And two days ago, her group was honored as the top company in participation at the AMVER Awards with 1,027 vessels over the 10-year period 2016–2025, as well as for the year 2024 with 130 vessels.

TEN: The Greek shipping company running the marathon of energy markets

From New York, Dr. Nikos Tsakos, founder and CEO of Tsakos Energy Navigation (TEN), sent a clear message: in energy markets, geopolitical developments set the rules of the game, and he commented: “Investors who follow Wall Street must understand that TEN is not a ‘simple shipping company’ but an energy infrastructure company with stable revenue streams and strategic alliances.” The company recorded 96% fleet utilization, stable profits, and a share price increase of almost 40% during 2025, with an enhanced dividend. Its secret? Long-term partnerships with energy giants such as Exxon, Chevron, Total, and Equinor, which ensure payments without delays and protection from short-term turbulence. In practice, TEN defies the usual market reactions: falling oil prices often “punish” the stock, while in reality they increase transport volumes. Seventy percent of the balance sheet is supported by 6–7 major energy groups, ensuring stability and protection from geopolitical shocks. As Tsakos emphasizes, “shipping is not a sprint but a marathon.”

Behind the scenes of the Commission: Green transition of shipping or competitive defeat

Intense behind-the-scenes activity and clear messages from the EU on the future of European shipping were sent from Brussels in the context of the celebrations for the 60th anniversary of the European Community Shipowners’ Associations (ECSA). Fotini Ioannidou, Director at the Directorate-General for Mobility and Transport, and Apostolos Tzitzikostas, European Commissioner for Sustainable Transport and Tourism, signaled through their statements a common strategic line: the green transition is not negotiable and the competitiveness of European shipping remains a top priority. F. Ioannidou did not avoid reference to the recent October deadlock at the IMO regarding the Net Zero framework. Disappointment was evident, but the message was clear: Europe is not going to wait, and the transition is a one-way road. She analyzed the Commission’s plans for the Maritime Industrial Strategy and the Strategy for European Ports, focusing on safety, decarbonization, digitalization, and strengthening the human factor. The creation of a European maritime cluster that will operate complementarily across the entire chain is considered a central objective. On the same wavelength, the Commissioner stressed that “competitiveness is my absolute priority for all transport sectors, and especially for shipping.” He acknowledged the sector’s concerns about excessive regulation, committing to simplification and deregulation where possible, so that European shipping companies can operate efficiently without unnecessary administrative burdens. Regarding the green transition, he underlined that the EU will fully align its policies with the future global framework of the IMO. “Without an internationally accepted system of rules,” he stressed, “European shipping risks losing its competitive advantage in a globalized market.” This approach strengthens the prospect of the EU remaining a pioneer in the adoption of new fuels and technologies, turning the challenges of the green transition into opportunities for growth and innovation.

Nasdaq asked the SEC to establish 24-hour stock trading

The Nasdaq Stock Exchange submitted an official request to the Securities and Exchange Commission (SEC) for the establishment of 24-hour stock trading. In reality, it proposes 23 hours of trading and one hour for clearing—or, more precisely, it proposes two sessions each day. It is obvious that the Nasdaq market faces fierce competition from crypto platforms that operate continuously, while at the same time it is losing revenue as significant transactions shift to after-hours sessions with reduced liquidity and higher spreads. Behind Nasdaq’s proposal lie strong interests. Large institutional investors want the market to react immediately to geopolitical events that occur outside U.S. trading hours, in European or Asian developments. Hardcore day traders also want the change. The U.S. Securities and Exchange Commission, however, has its reasons to hesitate. Serious questions are raised regarding the protection of retail investors, who would find it difficult to monitor their portfolios 24 hours a day. There are also concerns about market manipulation during hours of low liquidity. There are analysts who believe that if the Nasdaq proposal is accepted, Wall Street will evolve into a Las Vegas that never closes, and the ability for analysis and clear information will be lost. The discussion, of course, also affects European stock exchanges. If the Americans open Pandora’s box, its curses will certainly reach our own land as well.

When Brussels hands Europe’s companies over to the Chinese

The case of the company iRobot should be of particular concern to European governments that take pleasure in over-regulation. The bankruptcy of iRobot and the transfer of control to China’s Shenzhen PICEA Robotics today constitutes a classic example that Brussels’ over-regulation can destroy value while trying to protect it. iRobot became globally known during the pandemic when millions of consumers trapped in their homes bought Roomba robotic vacuum cleaners. The return to normality brought a collapse in sales, as Chinese competitors offered similar products at half the cost. In 2022, Amazon offered to acquire the collapsing iRobot. The European Commission, however, was concerned that Amazon would use home-mapping data from Roombas for targeted marketing. Ultimately, salvation came from the East. Shenzhen PICEA was already a main supplier of components to iRobot—it knew every detail of the technology. Now it is taking over the entire company at a particularly low price. It acquires an American brand (brand equity) and patents worth billions. Amazon, in January 2024, decided to pay the $94 million break-up fee and withdraw gracefully, rather than become involved in a time-consuming legal battle with the EU. European bureaucrats prevented the American acquisition in order to protect Europeans’ “personal data” and allowed American technology and IP to be handed over into Chinese hands.