-Hello there, yesterday unfolded in the afterglow of Olympiacos’ great basketball night, but today let’s take a look at… our Alexis’ Barcelona. Now Barça usually has 15-20 top-class players and behind it there is always the legendary La Masia (in Spanish, the farmhouse), which is the Catalan superteam’s player academy. I don’t mean anything bad, but let me first see Barça in Alexis-version and then we can discuss it again. Other than that, and since we’re heading into the Holy Spirit long weekend, once we return the polls will come pouring in too… with a bit of everything. Although it’s still far too early to draw conclusions about the course of the two new parties, I imagine their rivals must be anxious, especially PASOK since Alexis is fishing in the same waters. Now that I mentioned PASOK, really, what was that yesterday with them not voting in favor of Stournaras’ reappointment? Meanwhile, I’m told that at first rapporteur Koukoulopoulos was praising Stournaras and then, after stepping outside the Parliament chamber for a bit, as if by magic he changed his stance. He came out with some one-liners like those of the… famous Edessaikos president and then declared that PASOK would vote “present.” Naturally everyone was caught off guard by this decision, which undoubtedly bears the signature of leader Androulakis. Even Pierrakakis didn’t expect it and said in Parliament that “the ‘present’ vote says nothing about Giannis Stournaras’ value and competence, but it says a lot about PASOK itself.” Truly, the leader must be under enormous pressure and in total confusion to “add up” yet another enemy, especially someone like Stournaras, who stood ideologically with absolute consistency alongside the broader Center-Left from the very start of his career. And during the country’s difficult SYRIZA years, he was always there and standing firm to keep Greece in the European Union, something that had been appreciated by everyone—after all, PASOK itself had voted for him twice before. The man’s burning oil, isn’t he?

PASOK-No Confidence (2)

-I should also tell you that yesterday Maximos Mansion expected PASOK to move toward filing a motion of no confidence against the government after the rejection of the inquiry committee on the wiretaps affair. Except that to file such a motion, 50 signatures are needed, which PASOK does not have. The logical partner for coordination would have been SYRIZA and New Left. Except that today Tsipras’ party is being unveiled, so the SYRIZA people themselves are experiencing a psychological split, since the debate, if it took place, would clash with the presentation of the new party. So the no-confidence motion went out the window.

PASOK-Nerves (3)

-I’ll stay with PASOK, where the nerves over Tsipras’ brand-new party are obvious, before it has even made its appearance. I don’t consider Panagiotis—or Takis to friends—Doudonis’ warning shots accidental at all. In yesterday’s TV appearance on Open, he went after Tsipras’ new spokesperson Theoni Koufonikolakou, linking the tough questions she received a few days ago in an interview with the departure of the journalist who interviewed her from Kontra Channel. Doudonis especially finds it easy to go after Tsipras, since he started his career from the anti-SYRIZA front as a commentator on Action24, back when he was friendly toward New Democracy.

Cabinet of everyday life

-Faithful to the logic that he does not want to enter the discussion about the new parties and the new political landscape, Mitsotakis is convening the Cabinet today, which in reality is a cabinet focused on everyday issues. The key bill on the agenda is Kerameus’ bill on equal pay between men and women, which also includes the inclusion of nurses in the heavy and hazardous professions category. Also on the agenda are bills by Theodorikakos, Floridis and Pierrakakis, while Papathanasis will give a monthly update on the course of the Recovery Fund.

The new secretary this week

-Back to New Democracy, to tell you that this week Mitsotakis is expected to make his decision on the party’s new secretary. Next week, after Holy Spirit Monday, the political committee will convene, where the choice will be confirmed. Based on current data, and despite the second thoughts that existed, the scenario of the position going to an MP is back on the table.

Karamanlis-Samaras duet

-I wrote to you yesterday about Karamanlis’ speech at the presentation of the book by Konstantinos Arvanitopoulos and Konstantinos Filis, which is taking place today at the Megaron Music Hall. Let me tell you that Samaras will also be in the audience, confirming the impression that the two former prime ministers are moving as a duet. Also invited are other former figures (generally speaking), such as Pavlopoulos, Venizelos and Meimarakis, along with several ND ministers and MPs.

Pierrakakis heads up to Thessaloniki

-Kyriakos Pierrakakis is in Thessaloniki today, as tonight he is the keynote speaker at an event of the Economic Chamber. During his stay in the co-capital, the Finance Minister and Eurogroup president will meet with representatives of the city’s institutions. Among them will be Thessaloniki mayor Stelios Angeloudis, with whom Pierrakakis has an exceptionally productive cooperation. In general, the minister’s “away-game” appearances are one of the government’s strong cards: from his hometown of Laconia to Lamia, and from “our own” conference in Heraklion, Crete to Larisa, wherever Pierr goes he “makes news” and rallies the New Democracy base. And something tells me that, the closer we get to the elections, the more frequent these tours are expected to become.

The example of Cyprus that avoided turning Parliament into… a circus

-Although this column may not regularly host comments and news about Cyprus, it always maintains an active interest, especially now that parliamentary elections were held on the island. A good Cypriot friend, experienced and cool-headed in political analysis, told me the following… “for the knowledge and compliance of our Greek brothers who see new parties sprouting like mushrooms”: In Cyprus, under the fear that Parliament would turn into a circus because of Fidiases and some obsessive former auditors, they pulled themselves together politically λίγο before the elections. Of course, party mechanisms also got to work in recent times and people understood that these are not times for experiments, especially with eccentric candidates. In other words, the logic of “the lesser evil is preferable” prevailed, and the traditional forces of DISY and AKEL benefited. To give you an idea, the polls were giving DISY 21% to 23%, and in the end it got more than 27%, recording losses of less than one percentage point compared to the previous elections. At the same time, my source tells me, ELAM — a far-right party with grassroots legislative initiatives — was rewarded for the serious parliamentary stance it maintained over the previous period.

The battles for the presidencies

-According always to the source from Cyprus, the big game will be played among the 2-3 major parties, namely DISY, AKEL, ELAM and DIKO. The smaller parties, in any case, ran without proposals or a program, solely in order to “sell” their percentages ahead of the crucial presidential elections in February 2028. All this helps Christodoulides, perhaps not only to win the elections again but certainly to get legislation through Parliament concerning the stability of the Cypriot economy, foreign policy and defense. A major battle, however, will also take place for the presidency of the new Parliament, and that’s because ELAM has declared that it will support any person proposed by DISY except the current president Annita Demetriou. Under these circumstances, it is very likely we may see Nikolas Papadopoulos as the new president. In any case, the alliances that will be formed in the new Cypriot parliament will also indicate those that will prevail about a year and a half from now in the presidential elections.

One of the best quarters in MOH’s history

-Tomorrow, Wednesday, Motor Oil will announce results, with converging market estimates placing adjusted operating profits at 350 million euros, while inventory valuation differences are expected to add another 150 million euros to the published first-quarter EBITDA. Analysts say that if Motor Oil approaches 500 million euros in operating profitability, it will be one of the best quarters in its history, with the record having been set in the third quarter of 2023, when it posted operating profits of 622.8 million euros. For adjusted net profits, converging market estimates expect 185 million euros, while on a reported basis they are expected to approach 300 million euros. In any case, the estimates are optimistic, as investors have already priced in the strong fundamentals, with the group’s market capitalization having reached 3.9 billion euros.

The fees

-PPC did not include in the prospectus it issued for the 4.25-billion-euro capital increase information regarding the costs of the increase, as it was entitled to do since the relevant EU legislation — with which Greek legislation has been harmonized — does not require it. This resulted in various figures regarding fees circulating in the market, especially for Citigroup and Goldman Sachs, which prepared and organized the increase as joint bookrunners. The numbers rumored in the market are far from reality because the fees were actually higher, since the second-largest capital increase in the history of the Greek stock exchange was covered very successfully in a very short time.

GAIAOSE’s “due diligence”

-Those involved in the real estate market know very well that the most exhausting part of managing a public portfolio is not the major developments, but the major pending issues. Urban planning violations, compensations, encumbrances that have been “buried” in archives for decades. GAIAOSE decided to take action and is launching a tender for the recording and technical inspection of all urban-planning encumbrances and compensations concerning railway properties. Essentially, this is a “due diligence” process on its own assets. GAIAOSE has multiplied its net profits tenfold and quadrupled its equity since its transfer to the Superfund. The year 2026 has officially been designated a milestone year, as the maturation of 4 emblematic railway stations is underway, while the maturation of 12 significant properties will also accelerate. At the Superfund’s management, which is planning its gradual transformation from a state holdings management body into an investment organization that matures projects and mobilizes capital, this methodical logic of the subsidiary is viewed positively. A company that knows exactly what it owns, what it “carries,” and what it can utilize is a company capable of attracting investors, private individuals, institutions and foreign funds without unpleasant surprises.

GEK TERNA approached record highs fueled by Santander and MSCI

-GEK TERNA’s stock, with a 5.7% rally and closing at 42.9 euros — with turnover exceeding 11 million euros — narrowed the distance from its historic high of 43.2 euros. The group’s positive momentum is being significantly strengthened by Santander’s new report, which reaffirmed its “outperform” recommendation and the target price of 53 euros. Analysts at the international house place particular emphasis on the strong backlog of projects and the company’s leading position in the concessions sector, which ensures stable and predictable cash flows for the coming years. At the same time, the market is moving to the rhythm of the upcoming restructuring of the MSCI indices, where GEK TERNA will be added to the Standard Greece index. This development is expected to bring significant capital inflows, increasing the listed company’s visibility on the international investment stage. On the board, the stock continues to confirm its long-term upward trend. The accumulation of strength at current price levels is accompanied by satisfactory trading volume, something that demonstrates the smooth absorption of supply by strong portfolios. The next milestone date is June 2, as the group will announce first-quarter financial results before the opening of the Euronext Athens session.

Flights of the Aegean (stock) have taken off
-With the New York and London markets closed yesterday (Memorial Day), European airline stocks started soaring, with the STOXX Europe Total Market Airlines index posting gains of more than +2.8% as markets priced in scenarios of de-escalation in the Middle East crisis. The takeoff of the Aegean stock, however, had already begun last Tuesday when the share started at €10.8 and closed at 11.02, before continuing its upward climb to yesterday’s €12.05 (+3.34%). Any indication of a geopolitical de-escalation acts as a direct catalyst for airline sector stocks. Last week, Optima had warned of the impending reaction when it reiterated its “buy” recommendation and €14.70 target price for the Aegean share, estimating that the company continues to demonstrate resilience in its operating performance. Particular emphasis was placed on the new codeshare partnership with Air China, the addition of routes to Bari, Paphos, Rotterdam and Casablanca, as well as the target of 22 million available seats across 164 destinations.

Starbucks under the… constellation of Alshaya Group
-The former “Marinopoulos Coffee S.A.” has already entered the… orbit of Alshaya Group. As is known, a few weeks ago the “end of an era” was announced for the Marinopoulos family in the Starbucks coffee chain, with the transfer of Marinopoulos Coffee S.A. to the powerful Arab group. Let me remind you that the Marinopoulos family brought the popular American chain to Greece in 2002 and today the chain has 30 locations in Greece and another 18 in Cyprus. The transfer, for the symbolic price of 1 euro, naturally also includes the restructuring of the Greek business, which carries accumulated losses and debt. In any case, the change in shareholding has already been reflected both formally and substantively. Thus, with recent amendments to the articles of association, the name of Marinopoulos Coffee S.A. was changed to Alshaya Hellas Single-Member S.A., while the company headquarters were moved to Halandri. Other amendments to the articles “outline” part of the restructuring agreement as well. So, before the official announcement of the deal, and specifically at the Extraordinary General Meeting on March 20, the mandatory issuance of restricted shares and the pre-existing restrictions on share transfers were abolished. As a result, the shares became ordinary registered shares. At the next Extraordinary General Meeting held on April 1, it was decided to offset losses amounting to 36.2 million euros through a corresponding nominal reduction of the company’s share capital and the cancellation of 362,000 ordinary registered shares, bringing the share capital to 30,000 euros divided into 300 ordinary registered shares with a nominal value of 100 euros each. Subsequently, it was decided to increase the share capital by 5 million euros through the issuance of 50,000 new ordinary registered shares. Following these moves, the company’s share capital now stands at 5.03 million euros, divided into 50,300 ordinary registered shares of 100 euros each. In addition to the 5 million euros for the capital increase, Alshaya Group has committed, within the framework of the restructuring agreement, to inject another 13.2 million euros which will be directed toward repaying loan and other obligations. The new Board of Directors, elected by the General Assembly on April 3, includes Despoina Antoniadou as Chairwoman and CEO, as well as Spyridoula Antoniadou and Georgios Sarafoglou as members. It is recalled that Alshaya Group is a gigantic family-owned conglomerate from Kuwait founded in 1890, present in 13 countries, where it controls more than 3,500 stores and manages over 50 international brands.

A “red-and-white” political gossip piece with a scent of… the port
-The letter from the president of the Hellenic Chamber of Shipping, Giorgos Alexandratos, to the strongmen of Olympiacos BC, Panagiotis and Giorgos Angelopoulos, on winning the Euroleague, was not just a typical congratulatory gesture. As Alexandratos notes in his familiar style, “Olympiacos represents not only a team, but an entire maritime and business culture that knows how to win through adversity.” And elsewhere, he sets the tone: “This success goes beyond the boundaries of sports and touches every Greek active internationally.” It was yet another reminder that in Piraeus, business, shipping and sports all move to the same rhythm. Because wherever you look… it’s Piraeus. From the ships and shipping offices, to SEF, Karaiskakis Stadium and European trophies. It is no coincidence that the shipping community rushes every time to “embrace” successes like that of Olympiacos. After all, the Angelopoulos brothers represent a business philosophy that speaks directly to maritime culture. Persistence, strategy, endurance through storms and, ultimately, vindication. Behind the scenes, some note meaningfully that such moves are not merely symbolic. They are also a reminder of Piraeus’ “soft power,” which manages to unite different worlds, from ship decks to European finals.

Georgiopoulos’ big return to VLCCs is shaking up the freight market
-After almost a decade away from VLCCs, Peter Georgiopoulos is making a δυναμic return to the “heaviest” game in the global tanker market. The order for six VLCCs by United Overseas Group (UOG) of “G” and Leo Vrondissis at China’s Wison New Energies did not go unnoticed in the international shipping community. Not only because we are talking about an investment estimated at close to 750 million dollars, but mainly because the man who once built General Maritime and later Gener8 Maritime appears to believe that the new tanker supercycle is only just beginning. Market insiders say Georgiopoulos is not one of those who move opportunistically. When he returns to a segment he left in 2018, it’s because he “sees” something ahead. And what he seems to see is a decade of increased tonne-miles, geopolitical turbulence and explosive demand for crude oil transport. The more initiated even point out that the timing is anything but random. VLCC orders worldwide are rising, newbuild prices have returned to 15-year highs, while the market believes that increased production from the US, Brazil and Guyana will keep demand for “big hulls” alive for many more years. Some in the market are already talking about a “two-way bet.” On one hand, his own return to the crude trade, and on the other, China’s attempt to further break Korean dominance in large tankers. At the same time, the move is interpreted as a message to competitors. Lately, several powerful Greek shipowners have been repositioning themselves in VLCCs, seeing that the energy transition is not “killing off” oil nearly as quickly as markets had predicted a few years ago.

Short sellers in online betting
-Hedge funds that have bet on the decline of online betting company shares have pocketed at least 2.3 billion dollars during 2026, as the sector faces pressure both from the explosive rise of prediction markets in the US and tax increases in the UK. According to data company S3 Partners, short sellers betting against Flutter, DraftKings and Entain have recorded estimated paper profits of around 2 billion dollars, 351 million dollars and 35 million dollars respectively since the beginning of the year. Part of those profits has already been locked in through position closures. What happened? The reason is prediction markets, which allow users to bet on the outcomes of future events and are currently regulated in the US as derivative financial products by the Commodity Futures Trading Commission (CFTC). This allows them to bypass state bans and taxes that apply to sports betting. Their rapid rise — with billions of dollars in monthly wagers — has intensified concerns that they will erode the profitability of traditional operators.

Barclays sees a possible relief rally
-Flutter, the world’s largest listed gambling company with dual listings in London and New York, has lost more than 50% of its value during 2026. DraftKings, the main competitor to Flutter’s FanDuel in the US, is down about 30%, as investors worry that prediction markets are taking market share from the 17-billion-dollar US sports betting market. Meanwhile, Britain’s Entain, owner of Ladbrokes and Coral and co-owner of BetMGM alongside MGM Resorts, is also posting a decline of around 30%. However, not all bearish bets have succeeded. Short positions against Evoke — owner of William Hill and 888 — have led to losses of around 3.5 million dollars, as the stock rebounded more than 50% from its December lows amid takeover speculation. Despite the pressures, Barclays does not rule out a possible “relief rally” for Flutter and DraftKings, as prediction markets are now facing growing regulatory scrutiny, legal battles and concerns that they could open the door to new insider trading phenomena.

Leadership change at AstraZeneca Greece
-The reports persist and are not being denied. The President and CEO of AstraZeneca Greece and Cyprus, Elena Houliara, has already submitted her resignation and will be replaced by a group executive coming from abroad. Houliara’s decision is attributed to “personal reasons.” Alongside her, Vice President Giota Kotsekidou is also departing, having likewise made the decision “for personal reasons.” Houliara took over leadership of AstraZeneca Greece and Cyprus on December 1, 2016. AstraZeneca’s turnover in Greece reached 425 million euros in 2025, while for the 2026-2028 period, the approval of 17 new medicines and 51 new therapeutic indications by the European Medicines Agency is expected. Recently, last March, she had pointed out that with the funding gap exceeding 1 billion euros and mandatory rebates (clawback) reaching 80% for hospital medicines, access of Greek patients to cutting-edge therapies can no longer be considered guaranteed. The management transition will take place smoothly and within a timeframe that leaves room for pending matters to be settled.

Viohalco valuation rises above 5 billion euros
-Viohalco recorded yet another historic high. The industrial group’s stock gained more than 2% and closed yesterday’s session at 19.6 euros, widening its recent record and setting course for 20 euros. This upward movement pushed its market capitalization above the 5-billion-euro milestone, specifically to 5.08 billion euros. This development brings Viohalco within breathing distance of related company Cenergy Holdings, whose valuation is slightly ahead at 5.33 billion euros. The gradual convergence of the two valuations reflects the market’s effort to reduce the parent company’s historic discount, recognizing the group’s hidden value. Investors continue to position themselves aggressively in the stock, positively valuing the prospects of heavy industry in an environment of strong international demand. The fact that Viohalco is recording consecutive historic highs, supported by the impressive figures of its subsidiaries, confirms its strategic upgrade in the eyes of institutional portfolios, which see the group as a pillar of growth and extroversion.