Hello, the days are holy and festive and people’s mood turns to the weather, which will be quite good, though not perfect according to meteorologists, to strolls and of course to the Easter lamb. Yes, indeed, everything is more expensive than last year, but forgive me, I’ve been hearing this standard cliché “everything is more expensive this year” since 1985 when I entered journalism. We also hear that “traffic in the market is down this year,” but if that were the case, adding up the percentages we would end up below zero—something that simply doesn’t happen. Otherwise, I think yesterday we got a better taste of the OPEKEPE case files, two of those that reached Parliament concerning ND MPs Chatzivassiliou and Athanasiou. “We sent the two cases to the Greek prosecutorial authorities because European financial interests were not harmed,” the European Public Prosecutor’s Office said. So really, whichever “European prosecutor” studied Athanasiou’s case didn’t see that the MP asked about the scoring of a livestock farmer, OPEKEPE’s Melas told him “the system is closed,” and that’s where it ended? Why was it sent for investigation, tarnishing an MP’s name? Something similar happened with Chatzivassiliou. Lawyers tell me such exaggerations—or similar ones—also exist in European cases referred for lifting immunity of political figures, but let’s wait and see.

The misfortune
-Since I’m on the case of Chatzivassiliou, let me tell you a tidbit. It had been strongly rumored lately that in the corrective reshuffle to take place due to OPEKEPE, the injustice in his case would be remedied and he would re-enter the government, given the trust K.M. has in him. After all, as Secretary of International Relations of ND, he accompanies him in all his contacts. However, this somewhat ridiculous case file came along and the decision was shelved, as Chatzivassiliou now has another issue.

Turbulence in the Parliamentary Group
-However, the lifting of immunities, the handling of the situation combined with the announcements about changes to the electoral system, with all this vague talk about incompatibility between ministers and MPs, made things… a bit like summer turmoil in the blue Parliamentary Group. Mitsotakis himself somewhat calmed things down the other day regarding the case files of his ministers and MPs, but he himself put on the table the discussion about all these nice institutional matters, which, however, neither happen without constitutional change nor, as they were presented, point to any specific electoral system. In any case, yesterday Marinakis also came out and said that the preference vote is not being abolished (since only then would incompatibility make sense), and I think the discussion is over for now.

And what about Dendias?
-I also asked my (absolutely reliable) source about Dendias and his supposed διαφοροποίηση on the issue of lifting MPs’ immunity, that is, that he would not go to vote to send a message of support to his tested colleagues. I got the answer: “Nikos was out of Greece for a very happy event (he welcomed another grandchild) and was briefed in detail about what was happening in Athens the day before yesterday. How could he not vote to lift the immunity of an MP who himself publicly and clearly requested it from the very first moment? Dendias always acts institutionally and in an orderly manner; he is a minister of the government. Moreover, the country is currently in an unstable geopolitical environment with war, and he is the Minister of National Defence. He doesn’t make such moves.” I think that’s clear and expected from Dendias’ style and way of thinking.

Meeting on adequacy
-As things in energy are starting to get tight, Papastavrou and Tsafos are today calling market players, institutional bodies and companies, to look at availability and the smooth electricity supply of the country ahead of Easter, as well as to assess the impact of the ongoing crisis in the Middle East. Behind the polished wording, note the market’s concern, despite assurances that thanks to RES we are in a better position this year than others. I hear invitations have gone out to Helleniq Energy, MOTOR OIL, RAAEY, ADMIE, DEDDIE, DESFA, PPC, DEPA, METLEN, TERNA, AKTOR/Atlantic See and GASTRADE.

Changing the agenda with a digital cut-off
-In any case, it is clear that Mitsotakis wants to change the discussion and move away as much as possible from the OPEKEPE case, also with the Easter tables in mind. I hear that today the digital cut-off for social media concerning children under 15 will be announced, with a legislative framework similar to that of France and Australia, pushing digital platforms to check much more strictly—using artificial intelligence—the real age of users. This intervention had also been polled by the Maximos Mansion and had huge, cross-party appeal among parents.

Alpha Bank – Alpha Trust
-A success for Alpha Bank and V. Psaltis is the agreement for the acquisition of Alpha Trust announced yesterday. With around €700 million in private banking and an additional €1.5 billion under management, Alpha Trust was the holy grail of asset management in the Greek market. It is no coincidence that National Bank, Eurobank and Piraeus Bank had also approached it. The first approach for Alpha Trust’s acquisition by Alpha Bank had been made by Yiannis Kostopoulos a few years after its founding, because he wanted the brand name, which had been registered by Phaedon Tambakakis in 1987, when Alpha Bank was still Credit Bank. Kostopoulos’ offer is said to have been financially attractive, but Tambakakis did not accept it. Sources of the column say that Tambakakis and Chris Aesopos have committed to remain in the company for at least three years.

A new sign on Athinon Avenue…
-Two workers on a ladder and a logo being mounted on Athinon Avenue. Euronext is no longer just a stamp on the documents of the Athens Exchange; it is now big letters on the wall. Those who went yesterday morning to the Exchange for Andromeda’s presentation at the Institutional Investors Association may have been disappointed not to hear any comment or detail about Alpha Trust’s acquisition by Alpha Bank, but they saw the market’s change in practice. A week ago, with 79.2% shareholder participation, the Extraordinary General Assembly of ATHEX unanimously approved its renaming to “Euronext Athens Holding S.A.” Along with the new name came a new statute with a smaller board, digital meetings, and alignment with the group’s other markets. Beyond the building’s façade, major changes for investors, listed companies and market members will gradually become visible from the end of 2026, when systems will be transferred to Euronext’s platform.

… and the hefty bill of Euronext Athens for brokerage firms
-Investors who recognize the Euronext logo in Milan or Amsterdam will now recognize it in Athens as well, but along with it comes a hefty bill to be paid by brokerage firms. The reason is that Euronext Athens will discontinue all services that ATHEX provided to brokerages. Brokerage firms have already received notice that from this coming October Euronext Athens will stop providing them with share prices. Therefore, they will have to reach agreements with providers. Also, data for reporting a range of regulatory obligations (such as ARAs, market abuse, etc.) will no longer be provided. Brokerages must purchase their own software to meet these obligations, some of which are very costly. In addition, firms working with institutional clients and wanting direct access to trading rather than via the internet will have to install equipment in picturesque Bergamo, just 40 km from Milan. Besides the significant cost, brokerages face a technological labyrinth to rebuild their systems from scratch to remain competitive. They must comply by June 2027, when the Athens Exchange is scheduled to move to Euronext’s platform. As is obvious, by then private brokerages must answer the dilemma: collective merger or shutdown.

What are the Hungarians doing in Fourlis?
-Within less than a month, Quest Holdings increased its stake in Fourlis from 5.05% to 10.53%. The official narrative is known: a vote of confidence in strategy and prospects. At the same time, alongside Quest, we saw Hungarian Hold Alapkezelo systematically increasing its position in Fourlis to over 10%. According to market sources, this move triggered reflexes in management. When a foreign fund starts quietly accumulating strength in a stock, major shareholders start looking for an ally in the shareholder base. Vassilis Fourlis has such an ally, Theodoros Fessas, who obviously does not make such an investment driven solely by friendship. Some in the market believe that since the two listed companies are major shareholders in respective REICs (BriQ Properties and Trade Estates), perhaps their shareholder relations will extend into real estate. In any case, Quest strengthened its position in Fourlis, and on the stock exchange, 10% is a statement of intent. In yesterday’s conference call, no details were given as to what that intent exactly is. If Fessas’ stake increases further—as rumored—the matter becomes more serious.

Fessas’ deal in energy
-And since we’re talking about Fessas, it should be noted that while investing in Fourlis, he is also divesting from a number of activities of his group. Besides ACS, which is in the process of being sold, Quest Group—put politely—is reassessing the weight of its presence in the energy market. Specifically, its subsidiary Quest Energy sold a large part of its portfolio of photovoltaic plants in full operation, with a total installed capacity of 36.7 MW across various regions of Greece, for €36 million after net debt adjustment. Management states that this move is part of a strategy to rationalize the energy portfolio and strengthen liquidity. At the same time, another subsidiary, QUEST Energy Real Estate, completed a smaller acquisition of photovoltaic plants with a total capacity of 4.2 MW in Attica for €3.5 million. As a result, the consolidated 2025 results announced yesterday include an impairment of €2.9 million related to the sale of the photovoltaic parks. Given that most parks were sold last year as part of the divestment, management expects Quest Energy’s figures for 2026 to be 90% or more lower compared to last year.

Allwyn’s dividend
-Within a week, Allwyn’s share recovered a month’s losses in a period full of major developments. From today, the share trades ex-dividend, shortly after the successful completion of the merger between Allwyn International AG and OPAP, which created the second-largest listed gaming company globally. The dividend amounts to €0.80 per share from the share premium account, with the option of reinvestment through a scrip dividend. The issue price of new shares will be determined by the average of five sessions from April 20–24. In November 2024, an interim dividend of €0.50 had been paid, bringing total distribution to €1.30 per share. From 2026, management has committed to a minimum annual dividend of €1 per share, with the option of scrip dividend and consideration of extraordinary dividends or share buybacks.

Why Hellenic Defence Systems is seeking investors
-With the defence industry now firmly in the spotlight, companies in the sector—and beyond—are trying to secure as large a share as possible of the capital flowing into the market. Among them, Hellenic Defence Systems (EAS), the group formed from the merger of PYRKAL and EBO, has entered a phase of restructuring and growth restart, aiming to reposition itself on the defence industry map. In this context, the company has convened an extraordinary general meeting scheduled for the end of April, with a particularly interesting item on the agenda: the approval of launching a tender to seek investors to finance and upgrade equipment and facilities related to shell and cartridge production, and to transfer the relevant activity to EAS’s plant in Aigio, the company’s only facility outside Attica. It should be noted that EAS has already entered into a strategic partnership with the Czech group CSG (Czechoslovak Group) to produce large-caliber ammunition at its Lavrio plant, a €50 million investment co-financed by the EU through the ASAP program. The defence group CSG, owned by Michal Strnad, aims to replicate in Greece the success story of the Fábrica de Municiones de Granada (FMG) in Spain, where it invested in 2020 and within four years tripled its workforce, expanded production, and significantly increased revenues and profits.

A Vardinogiannis in AI
-An interesting “arrival” was recorded among the new companies established yesterday, Holy Tuesday. It concerns the company under the name “Aegis AI Technologies,” headquartered on Navarinou Street in Athens, with activities including wholesale trade services of electronic equipment and components, services of financial holding companies, investment company services (in shares, securities, real estate, etc.), as well as wholesale trade services of ships, aircraft, and other transport equipment. The initial share capital amounts to €25,000, fully paid in cash, and was entirely covered by Pyrros Vardinogiannis (son of Nikolaos). He, apart from being the sole shareholder, also took over the company’s management.

€1.4 billion lost by Greek Mutual Funds
-From the end of February to the end of March, the Greek mutual fund market lost approximately €1.4 billion in valuation. Total assets closed in the last week of March at €29.66 billion, down from €31.06 billion at the beginning of the month, just before the crisis broke out. This does not mean that unit holders rushed to liquidate their positions in mutual funds. Weekly net outflows stood at €7 million. The major damage occurred in valuations, as portfolios lost value. Greek equity mutual funds recorded -4.64% in assets, with an average return of -4.15% and unit outflows of around €21.3 million in one week. In contrast, international bond funds attracted €27.6 million in inflows, a classic “safe haven” move. Once again, it was confirmed that our market, for now, shows strength and resilience. Even index equity funds recorded small inflows of €4.65 million, evidently because some investors have chosen to buy during the correction. These figures do not yet incorporate the upward movements of Tuesday–Wednesday.

Behind the scenes of the meeting between the Union of Greek Shipowners and Apostolos Tzitzikostas
-On Akti Miaouli, the meeting between Apostolos Tzitzikostas and the leadership of the Union of Greek Shipowners last week was anything but formal. Behind the customary formalities, the discussion moved to a more substantive level, with clear remarks on the course of European maritime policy. The Commissioner himself presented the main lines of the new European Strategy for the Maritime Industry and the Ports Strategy, emphasizing sustainability, resilience, and international competitiveness. However, according to sources, the interest of his interlocutors focused less on declarations and more on how these would be implemented in practice. Board members clearly raised the issue of competitiveness, noting that the European regulatory framework is beginning to create suffocating conditions. Overregulation, as emphasized, increases administrative burden without immediate operational benefit, while competing maritime powers outside the EU operate with greater flexibility. Particular emphasis was placed on the role of Greek shipping, which, as highlighted, represents 61% of the capacity of the European fleet. This did not go unnoticed in the discussion, as it was used as an argument for more realistic policies, given that the Greek-owned fleet is not merely a strong sector but a critical factor for Europe’s energy security and food supply. The tone remained mild, but with evident pressure on specific points. On the issue of the green transition, strong concern was expressed that Europe might move faster than the international framework, creating unequal competitive conditions. The Greek side reportedly called for clear alignment with global developments to avoid unilateral burdens. For his part, the Commissioner listened carefully and, according to the same sources, acknowledged that some of the remarks are valid. The main takeaway from the meeting is that the shipping community does not question Europe’s strategic direction, but is concerned about its implementation. And this concern is not theoretical; it directly αφορά the position of European shipping in an environment where competition is intensifying and margins for error are narrowing, against the backdrop of ongoing military operations in the Middle East, which heighten risks and create new challenges for the uninterrupted functioning of maritime transport.

€300 million and Frangou’s message: Who understood what’s going on in Japan?
-It was not a simple announcement. Nor just another “business as usual” move. Angeliki Frangou placed $300 million into Japanese shipyards and those who know simply smiled knowingly. Because in shipping, where you put your money says more than how much you make. Listed on the New York Stock Exchange, Navios Maritime Partners did not go where the many go. It did not choose cheap solutions or quick deals. It went to the Land of the Rising Sun. Partnerships with giants such as NYK Line, Mitsui O.S.K. Lines and K Line are not just investment moves. They are clubs not everyone gets into. The group already has six vessels under construction in Japanese shipyards, deepening its cooperation with leading Japanese shipping groups. As the Chios-born shipowner commented, Japan offers a combination of high-quality shipbuilding, competitive financing, and reliable charterers. Navios currently has a fleet with an average age of 9.6 years, significantly younger than the market average. Market circles comment that such moves “lock in” charters even before the keel is laid. The more perceptive see that Frangou is buying time. At a time when everyone fears regulations, fuels, and green requirements, she is investing in a fleet that will already be ready when others are still looking for solutions. The question now is who wants—and can—follow Navios.

Beijing, Piraeus and the strengthening of trade routes
-Amid dramatic geopolitical developments, on the backstage chessboard of international shipping and the global supply chain, China, away from the spotlight, with its embassy as the spearhead, is focusing even more attention on Greece. Our country is not considered merely a market or a transit hub for Beijing. Greek-owned shipping and the ports, especially Piraeus, constitute a strategic hub linking Chinese production with European consumption. As I learn, the Chinese side will increase, both through Cosco and through its allied forces in liner shipping, container vessel routes in order to strengthen the port of Piraeus. The stability and predictability offered by Greece are valuable “tools” for the Red Dragon, especially in a period of geopolitical turbulence, with wars and market shifts affecting the flow of raw materials, energy, and goods. At the same time, China is investing in infrastructure and digital technologies, enhancing efficiency and real-time cargo tracking.

Why the stock market went against the current
-Athens Avenue managed to move with relative autonomy, posting gains of over 1% yesterday, while major European markets and Wall Street remained trapped in negative territory. Despite Trump’s ultimatums and the geopolitical uncertainty weighing on international indices, the Athens Stock Exchange found support in specific stocks, allowing the General Index to diverge from the broader sell-off. This picture, however, does not represent a complete “decoupling” from the international environment, but is due to a series of domestic factors and selective positioning. The banking sector provided the necessary boost to keep the General Index in positive territory, with investors focusing on profitability prospects and dividends. Athens’ differentiation compared to other markets is also due to the “special weight” of Allwyn, with the stock continuing its own rally, acting as an autonomous upward catalyst not directly affected by external macroeconomic uncertainty. The market appears to be pricing in that the Greek economy maintains its momentum, regardless of temporary disruptions in global supply chains, betting on the positive scenario. Nevertheless, despite the outperformance, analysts remain cautious. Yesterday’s “against the current” move shows resilience, but in a shallow market like the Greek one, sustaining this course depends directly on maintaining liquidity and avoiding a prolonged crisis in international capital markets, which would inevitably affect Athens as well.

“Golden” Holding
-Another company that began its journey yesterday is Carbion Industrial Mineral Holding, based in Piraeus, which, as its name suggests, is a holding company aiming to acquire minority or majority stakes in Greek or foreign businesses, as well as provide investment services, business consulting, etc. Behind this company, which has an initial share capital of €15,435,000, stands the Kalafatis family of Iokal Group. It is the mining and industrial company Ionian Kalk S.A., founded in 1976 by Giannis Kalafatis. The Group maintains production facilities in Kefalonia, Mandra, and Kavala, employing over 150 people. With annual turnover exceeding €25 million, it holds a leading position in the calcium carbonate sector in Greece and the Balkans, particularly in terms of sales volume. At the same time, it maintains a dominant presence in the Greek market, while its exports extend to more than 70 countries worldwide. The share capital of Carbion Industrial Mineral Holding is divided into 1,102,500 registered shares, with a nominal value of €14 each. Of the total €15,435,000, €15,400,000 constitutes an in-kind contribution of 1,100,000 shares of Ionian Kalk S.A. (99.6997%) from Giannis Kalafatis, while the remainder was paid in cash. He assumed the role of Chairman and CEO of the company, while Konstantina Kalafati (Vice President) and Gerasimia Kalafati (member) also participate on the Board.

Jamie Dimon’s political (war) analysis
-Jamie Dimon runs the largest bank in the world, JP Morgan. Yesterday he gave an interview—where matters—on Fox News and broke every rule of objectivity and “distance” from political events traditionally followed by Wall Street. Speaking on Fox & Friends, he openly supported the US–Israeli military operation against Iran, placing it above any other priority. “It is far more important that it be successfully completed than what the market is doing.” Dimon appeared to believe that a potential failure to deter Iran’s nuclear program constitutes a long-term risk far greater than short-term market disruptions. “Successful completion” functions in his logic as an insurance policy against an explosive geopolitical risk—even if the short-term cost is high. The banker implies that the market has already priced in this scenario and that, if the operation is completed quickly and effectively, the recovery will be equally sharp. The turbulence of these days will be temporary. The biggest risk, for him, is not war, but a war that does not end. His next argument concerns energy security. The closure of the Strait of Hormuz would be a tolerable short-term blow for the US economy, provided the operation permanently limits Iran’s ability to threaten energy networks. An America that produces enormous quantities of oil, Dimon calculates, can withstand the shock better than its European partners. What Jamie Dimon did not say in his interview is who defines when the operation has been “successfully completed.”

Another winner of the war in Wyoming, USA
-We have already referred to the major shortages in the global helium market, which is extremely useful—essential for the global semiconductor production chain. Every crisis, however, has its beneficiaries. Thirty percent of global helium production capacity has already been severely affected, with markets recording in despair the damage to Qatar’s Ras Laffan facility, which was set to increase its share of global production to 34% within five years. This expansion, of course, has been postponed—and that is the great opportunity for Wyoming in the United States. ExxonMobil’s LaBarge plant, deep within America’s mountain ranges, already produces about 1.4 billion cubic feet of high-quality (Grade A) helium each year. Production in Wyoming accounts for 20% of global supply, according to UBS. It reportedly has reserves for another 80 years. A mine in Wyoming has, within days, evolved into critical infrastructure of global scale. Helium is irreplaceable for the manufacturing of artificial intelligence semiconductors (chips). It is used for cooling, leak detection, and MRI scans. The war in the Persian Gulf causes a helium shortage. The helium shortage causes disruption in semiconductor production. The disruption in chip production causes a crisis in the global tech industry. Wyoming wins.