Greetings, today—as you will read below—the government is presenting some initiatives to curb price increases in the market, for bank loans, etc. I should say that all this is correct regarding inflation and they are right to put it together, and the app with prices too. But inflation stemming from inflationary pressures that is mainly imported cannot unfortunately be fought. Only if oil prices gradually fall internationally, provided the war ends, will inflation start easing everywhere, from the supermarket shelf to the fuel tank, restaurants, everywhere. Nevertheless, I believe that although it is by far the biggest problem in society—as is also reflected in the polls (around 65%)—people want to see the government trying. And it is good that it is trying, even with mediocre results.

Interventions for the many

• Just before departing for Brussels and the EU Summit, which has as its central topic the European Budget for 2028–2034, K.M. will enter the frame for interventions in favor of the many. Today the presentation of the app I mentioned above and wrote about the other day will take place at Maximos Mansion, under the discreet title “Poso Kanei”, with the presence of Theodorikakos and the head of the Independent Authority for Consumer Protection Despina Tsaggari, and the idea is for consumers to be able to compare product prices or their shopping basket in real time across supermarket chains, as well as compare prices with Europe. Inflation is, after all, the main issue highlighted in all focus groups, which is why yesterday government spokesperson Marinakis subtly warned the energy sector that the government is “lying in wait” for companies to reduce fuel prices at the pump, provided prices in the market also drop due to de-escalation in the Gulf. Also, the multi-bill from the Ministry of Finance and the Ministry of Development has been submitted to Parliament, which includes a series of positive measures, as well as provisions protecting consumers from unfair banking practices and excessive charges.

Inauguration with Pierr

• On the campaign trail side, I find the presence of Pierr interesting tonight in Patras, where he will be the keynote speaker at the inauguration of the new offices of the New Democracy Prefectural Organization in the capital of Achaia. I assume he is considered a lucky charm as Eurogroup president to cut the ribbon, so the locals are expecting him with interest, while let’s not forget that Patras is historically a “green” (PASOK) region and always requires special handling, and he definitely has that “sensitivity”, so to speak.

Baloney continues…

• Yesterday and the day before I wrote to you about the brilliant and original idea of the enlightened leader Alexis and his “political tail” Nikos A. to announce free public transport, although in this case I won’t be unfair to Androulakis—I think he was the first to think of this amazing measure. Today I’ll deal a bit with that baloney that was thrown into the media by some Saoulidis, a former PASOK member and now aligned with Tsipras. He says we’ll target all tax IDs declaring over 900,000 euros—about 1,500 people—and slap a tax on them and collect a few billion, 2, 3, 4 billion euros, who knows. As you can see, this time they’ve started the nonsense early. I remind you that in 2023 they did it in the last month with various taxes and it “worked well”: they got 20% the first time and 17% the second. Two remarks on this “measure” to Tsipras, because there’s no point even engaging with Saoulidis. First, he should ask the few competent people around him whether real deep wealth is “hidden” in tax IDs declaring such incomes or other revenues. And second, if he really wants to raise serious money, let him tax the sponsors. What, no?

Another poll is coming

• From polls I hear and learn something every day and pass it on to you. So I think one will come out at the end of the week giving ND at 29%, Tsipras at 14%, Androulakis at 9%, and Karystianou at 10%. It’s not final because they will measure until Thursday or Friday, but roughly that’s where things stand. Difficult times are expected in the autumn, but PASOK should have been more careful.

The last one to leave, turn off the lights

• A period of internal purges is underway in every sense in SYRIZA. The current president, Socrates Famellos, yesterday removed Nikos Pappas from parliamentary spokesperson of the party, having previously expelled Pavlos Polakis. Famellos’ disciplinary measures are directed exclusively at MPs of the minority; with Kostas Zachariadis the split was painless. Not so for those who question the Central Committee’s decision not to run independently in elections and instead support Tsipras’ “All-ELAS”. Tsipras insists he does not cooperate with parties but with individuals, such as MPs preparing to move to Amalias in September. For now none of the MPs are leaving, although at the level of cadres and members Koumoundourou will soon resemble a mausoleum due to departures. Now, “where is Famellos going with this?” many wonder, to the point some even fed his latest interview into ChatGPT to find an answer (and I’m being precise). Others speculate Tsipras will eventually back down—especially if elections are held in the autumn—and gather the “whole SYRIZA, except the dead weight”, while according to some it is only a matter of time before the party comes under the control of Pavlos Polakis (Pappas and Dourou), setting up a confrontation with ELAS that will be more than head-on.

Mangos

• Usually general secretaries in ministries are people coming from party obligations, though not all of them of course. However, the choice by Kikilias of the 12-year mayor of Lipsi, Fotis Mangos, is one that stands out, because the man knows very well by experience the issues of the islands, especially small and remote ones with daily difficulties like Lipsi. The administration should not only be a party pipeline.

How the Chinese see us (true incident)

• From a good source I relay a recent dialogue between the Premier of China Li Qiang and the president of a major European bank during the latter’s visit to Beijing. It is interesting, to understand how the Chinese see us. Li Qiang says to the European: In Europe you are capitalists, rich, green, and… lazy. We in China are Marxists, poor, we provide you with all green technology, and we work hard 9-9-6. The president of the European bank is speechless, and asks what 9-9-6 means: from 9 in the morning to 9 at night, 6 days a week. Maybe we should send President Nikos to discuss with Li Qiang about increasing productivity through the 4-day work week?

The Macquarie, the DEDDIE shares and the clause that is expiring

• In general, Macquarie Asset Management is considered a long-term investor, and it often stresses that it is committed to its investment in DEDDIE, while it also supported the operator’s investment programme. However, in the coming period the lock-up period during which Macquarie was obliged under the original agreement to hold (lock-up period) the 49% stake it owns in DEDDIE’s share capital expires, with the remaining 51% belonging to PPC. The fact that we are close to the period when the clause that had so far bound Macquarie expires creates interest regarding how it currently values and what it plans for the €2.1 billion investment it made in 2021. Will it maintain its shareholding position and remain firm in its stated commitments to implement €3 billion in investments by 2030 for digitisation, undergrounding of cables and network automation? Will PPC buy back its stake or part of it? Will there be some placement?

Binance withdraws licensing file

• According to information, Binance yesterday withdrew the file it had submitted to the Capital Market Commission in order to obtain an operating licence. This creates a difficulty for Binance, as by 30/6 it must have obtained a licence from a European supervisory authority under the MiCA crypto regulation.

Under the ECB microscope the strategy of Ethniki Asfalistiki

• The CEO of Ethniki Asfalistiki, Dimitris Mazarakis, and the CFO of Piraeus Bank, Theodoros Gnardellis, departed yesterday for meetings with the European Central Bank, with the aim of presenting in detail the insurance company’s strategy and its new business plan. The visit was announced at the insurance company’s sales conference, which concluded yesterday, by the CEO himself. The visit is part of contacts with the European supervisor, as developments around the insurance arm of the Piraeus Group are accelerating and becoming increasingly important for the group’s overall capital profile. The ECB is expected to assess the programme’s dynamics, focusing on capital cost and the impact it may have on the bank’s ratios. In a second stage, the assessment will be a critical factor for the potential approval of the so-called “Danish compromise”, which could provide a capital advantage to Piraeus Bank.

The SEV elections in 145 words

• Yesterday we had elections at SEV with 17 candidates for 14 board seats. First of all, participation was high as SEV now has 816 members and more than 500 voted and took part in the assembly. In general, it was a calm election, as only Sp. Theodoropoulos had stood as a candidate for president, while his opponent in the previous elections, I. Tseti, this year did not claim any position. The changes we had were, on the one hand, the upgrade of Alpha Bank CEO V. Psaltis, who took over as vice president, and on the other hand four first-time elected board members, namely Ach. Konstantakopoulos, N. Loulis, Olga Vagena (BIC) and Al. Kikizas (Melissa). From the previous board composition, the three who were not elected are G. Peristeris, P. Antonakou (Google) and G. Triantafyllou of Motor Oil, who ran in place of P. Kyriakopoulos.

ADMIE does not want more capital

• The capital increase of ADMIE Holdings is heading for significant oversubscription, aiming to raise €530 million. Of this amount, €271 million concerns the participation of the Greek State, while Capital Group as cornerstone investor is contributing €70 million. Although demand is strong, at yesterday’s joint press conference with ADMIE CEO Manos Manousakis, ADMIE Holdings CEO Giannis Karabelas ruled out the possibility of increasing the amount of the capital increase due to high demand, as happened for example in the case of PPC, since the company wants to maintain a balance between equity and debt. ADMIE Holdings is proceeding with a public offering for a capital increase of up to €530 million, in order to participate in ADMIE’s €1 billion capital strengthening for financing an investment plan of around €6 billion by 2029, with an average rate of €1.7 billion annually. In addition, management confirmed that doubling ADMIE’s asset base by 2029 supports the prospect of higher returns for shareholders, with Karabelas stressing that dividend distribution for the same period is expected to remain at roughly 100% of distributable profits.

ADMIE becomes the 30th billionaire of Euronext Athens

• As an addition, ADMIE Holdings’ share, with an impressive 4.32% jump, closed at the day’s high and a new all-time high of €4.35. Strong investor demand was clearly reflected in the increased turnover, which reached €10.9 million. With this rise, the company’s market capitalisation reached €1,009,200,000, allowing ADMIE to break through the €1 billion threshold and officially become the 30th listed company to enter the closed club of billion-euro companies on the Greek stock exchange. The rally in the share is fuelled by the strong investment climate surrounding the ongoing €530 million capital increase.

Aktor: Double-digit jump with a “sweep” of supply

• Aktor emerged as the absolute protagonist of yesterday’s trading session on Euronext Athens, posting an impressive double-digit jump of 12.5% to close at €11.14. Although it started with initial losses of up to 1.5%, during the last two hours of trading an aggressive wave of buyers appeared. Strong buy orders “swept” through the supply and led to a major accumulation of shares from the €10 levels, with turnover exceeding €5.3 million (total volume of 521 thousand shares) and the group’s market capitalization reaching €2.27 billion. Investors are pricing in a steady flow of profitability from the strong backlog of projects and new strategic investments in RES (renewables). The impressive acceleration toward the close brought the stock back above the psychological €11 threshold, pushing it within striking distance of the €11.44 peak.

HELLENiQ ENERGY boosted by Chevron

• Alongside Aktor, HELLENiQ ENERGY also stood out in Tuesday’s session, strengthening by 2.16% to close at €10.39. During the day, the stock strongly “flirted” with its yearly high of €10.54, touching €10.55 at intraday highs. At a technical level, a breakout of these levels opens the path toward the next major target of €11, levels the group has not seen since January 2008. Strong investor momentum is directly linked to developments around Chevron. HELLENiQ ENERGY is cementing its position on the Eastern Mediterranean energy map, strategically expanding its partnership with the US oil major. It is recalled that the two sides officially announced a farm-in agreement for “Block 10”, with Chevron acquiring a 70% stake and taking over as operator, while HELLENiQ retains 30%. Investors are pricing in that these developments could “unlock” significant value, strengthening HELLENiQ ENERGY’s profile.

Kastelli: Ready in 2026, but… will take off in 2028

• Even though bulldozers at the new Kastelli airport continue to work at full speed and construction works are expected to be completed by the end of 2026, full operation of the project seems to require more patience. According to statements made yesterday by GEK TERNA’s Chairman and CEO, George Peristeris, during the annual general meeting, the new airport in Crete will not be able to enter immediate operation once construction is completed. This is because all necessary air navigation systems and aids must also be installed, the procurement and operation of which fall under the Hellenic Civil Aviation Authority (HCAA). Thus, although construction is expected to be completed by the end of 2026, the airport’s full operation is postponed to 2028. In other words, the new Kastelli airport will be ready in 2026, but… will take off in 2028.

The “Nammos Beach Concept”

• A new company was established on Tuesday, June 16, under the… weighty name “Nammos Beach Concept Single-Member I.K.E.” It is based in Marousi and, as is easily understood, it is connected to the “golden” chain of restaurants and hotels Nammos, which started in Mykonos and has expanded to Dubai, Cannes, Limassol, etc., while in the hotel & resort segment, resorts are coming in Saudi Arabia, the Maldives and other exotic destinations. As for the company’s stated purpose, it includes a wide range of activities such as food service with full restaurant service, retail trade of cigarette lighters, smoking pipes and cigar pipes, retail trade of smoking goods and specifically cigars, cut cigars, tobacco substitutes, etc. It also includes wholesale food, beverage and tobacco trade, parking services, holiday accommodation, room and unit rental services for youth hostels and holiday cottages, furnished apartment rentals, retail of tourist goods, catering services for events, even property management, car washing and polishing services, operation of sea games, beach umbrella and chair rentals, wedding organization and various others. The somewhat strange element is that the company’s share capital was set at €1, “divided into 1 capital share of €1, fully paid upon incorporation.” This €1 was contributed by “Benestar Property S.A.” also based in Marousi, which also undertook the management of “Nammos Beach Concept” and is represented by Sanjay Nandi. He is the CEO of ADMO Lifestyle Holding Group, a luxury hospitality and catering joint venture involving Alpha Dhabi Holding and Monterock International, specializing in managing global luxury brands such as Nammos, Nammos Hotels & Resorts, Em Sherif Group, AlphaMind, CÉ LA VI, Barbarossa Group, Ilios Restaurant & Beach Club, Nalu Restaurant & Lounge.

Temperatures rise and so do energy prices

• Oil prices are falling, but the heat is keeping peak-hour prices high. The wholesale electricity price for today (June 17) is up 18.23% compared to Tuesday, June 16, with the System Marginal Price (SMP) reaching €119.31/MWh. This brings prices back above the €100/MWh level after a period of relative easing. Despite the strong participation of Renewable Energy Sources (45.33%) in the energy mix, natural gas still covers a large share of demand (39.14%), keeping the market vulnerable to fuel cost fluctuations. Imports contributed 8.76%, while hydroelectric generation covered about 5.9%. The price increase is likely linked to higher demand due to elevated temperatures, combined with greater reliance on thermal units during peak hours. Although renewables remain the dominant source of generation, dependence on natural gas continues to significantly influence price formation in the Greek electricity market.

Transfer to the Saracakis Group

• Giannis Emirzas has taken over as Chief Commercial Officer at the Saracakis Group. He will report directly to Giannis Saracakis and will oversee five commercial directorates covering all group activities and KINSEN, from car imports to leasing. Emirzas is a certified analyst (CFA), with experience in treasury at the National Bank, former CFO at Kontellis and Sfakianakis, Head of Finance at Hyundai–Kia Hellas, and Administrative Director at Autohellas/Hertz. Before joining Saracakis Group, he was CEO at Kosmocar. The Saracakis Group, a family-owned business with 947 employees and 104 years of history, returned in 2024 from years of losses to profits of €10.36 million with revenue of €230 million. In 2025, revenue rose to €305 million. The management change appears to signal a shift in the group’s economic model. Until now, it was strong in “heavy” vehicles (Volvo trucks, Komatsu, Massey Ferguson) and Honda motorcycles. Now it is investing in activities with recurring revenues, including KINSEN (targeting €84 million annual revenue in financing/leasing), Europcar Greece, Apollon Insurance Services, and even Enser in municipal cleaning.

Pizza Hut in the era of Mounjaro and Ozempic

• The American group Yum Brands announced the sale of the Pizza Hut restaurant chain for a total consideration of $2.7 billion, in a move reflecting the challenges faced by the company due to increased competition and slowing consumer demand in the fast-food market. This development reflects broader changes taking place in the fast-food sector. Demand remains subdued as consumers become more cautious with spending and increasingly turn to healthier dietary choices. At the same time, the growing use of weight-loss drugs in the GLP-1 category, such as Mounjaro and Ozempic, is increasingly affecting consumption habits, reducing demand for traditional fast-food products.

A step back from Palaiou, but pressure on Genco continues

• The battle between Diana Shipping and Genco is entering a new phase, but only for those closely following Wall Street. Semiramis Palaiou has changed strategy for a full board overhaul at Genco, withdrawing four of the six candidates she had originally proposed. Behind the scenes, this development is mainly attributed to the stance of major proxy advisors, with ISS sending a clear message that Genco’s current board is properly handling the takeover proposal and that Diana’s offer does not constitute a sufficient basis for negotiations. For institutional investors in New York, the opinion of proxy firms remains a critical factor. Despite stepping back, Diana is not leaving the game. It is attempting to place two of its own people on the board, maintaining a presence at the decision-making center. The move is interpreted as an effort to keep open the channel of pressure on Genco’s management, even if the current takeover proposal does not go ahead. On the other side, Genco is taking a hard line, calling this a “last attempt at influence,” arguing that Diana is seeking to acquire the company at a price below its fair value. Attention now turns to the annual general meeting.

In the mind of Maria A. and Haris V.

• The latest business moves by Maria Angelikoussi and Haris Vafias have different starting points but lead to the same conclusion. The two shipowners of Chios origin believe that the current environment offers opportunities to lock in value and strengthen financial flexibility. In the case of Maria Angelikoussi, the sale of two capesize bulk carriers aged 17 and 18 appears to be part of a fleet renewal strategy. Maran Dry already has four capesize vessels under construction in China, and the disposal of older units reduces the average age of the fleet. At the same time, the prices achieved by the company are considered satisfactory for vessels of this age, in a market where capesize charter rates have recovered and second-hand values have strengthened. Management is essentially taking advantage of a favorable exit window for assets approaching the end of their commercial life for top charterers. For Haris Vafias, the rationale is more financial. StealthGas already has high liquidity and zero debt obligations. The continuous sale of older LPG carriers during a period of elevated valuations further strengthens the company’s cash position without materially disrupting its operational profile. This is a choice that allows management to wait for future opportunities either in the second-hand vessel market or in potential new investments. From a Wall Street perspective, both moves suggest that shipowners are not betting exclusively on the continuation of the shipping upcycle. Instead, they are choosing to monetize part of their fleet while valuations remain strong.

Byron Vassiliadis joins the Greeks’ “dance” with Hengli

• Posidonia 2026 may have featured many deals and even more hallway discussions, but one name stood out in the announcements of China’s Hengli Heavy Industry. That name is Byron Vassiliadis and Venergy, which appears among the Greek shipowners who trusted the fast-rising shipyard with new orders for Suezmax tankers. In the shipping market, the choice is not seen as random. Hengli is trying to establish itself as a new major player against traditional Chinese and South Korean shipyards, and the vote of confidence from a Greek entrepreneur with a strong presence in energy and shipping adds particular prestige to the venture. Many also noted that Venergy appeared in the same list as major Greek shipping names that signed for Kamsarmax, Capesize and LR2 tankers, in a package of orders with a total value approaching $2.2 billion. In the corridors of Posidonia, it was widely discussed that Vassiliadis’ presence in newbuilding projects reflects a strategy of positioning early in markets and partnerships that are gaining momentum before they become the next global shipping “trend.”

A historic decision in Tokyo

• The Bank of Japan raised its benchmark interest rate early yesterday morning by 25 basis points, to 1%. This is the highest level since September 1995, meaning the cost of money has gone back 31 years. BoJ Governor Kazuo Ueda was not present; he was hospitalized with a liver cyst, making it the first regular central bank meeting without a governor. The meeting was chaired by his deputy, Shinichi Uchida. The final vote ended 7–1. Toichiro Asada voted against, seeing a greater risk to production and employment than to prices. This was the first hike since December 2025, when the yen rate rose to 0.75%. Two moves in six months signal that the upward path of rates was a predetermined decision. The trigger came from abroad. The energy shock from the war with Iran pushed the producer price index to +6.3% in May, the fastest pace in three years. The central bank fears pass-through into consumer prices. It is notable that core inflation fell to 1.4% in April, the fourth month below the 2% target. This figure was artificially affected by the removal of fuel taxes and free secondary education. Markets had already priced in the move. The yen strengthened slightly to 160.22 per dollar, the Nikkei 225 closed +0.46%, and the 10-year JGB yield stayed at 2.615%. Uchida spoke about uncertainty in oil supply despite the ceasefire and assured that monetary policy is not targeting the exchange rate. Japan was the last major economy to exit zero interest rates. The problem is that inflation has not come from strong growth and consumption, but from war.

SpaceX has started acquisitions. The rocket is buying code

• Five days after its impressive Nasdaq debut valuing it at $2 trillion, SpaceX announced to the U.S. Securities and Exchange Commission (SEC filing 8-K) that it intends to acquire Anysphere, the company behind Cursor, for $60 billion. The payment will be made entirely in (overvalued?) shares. Its subsidiary X67 Inc. will merge with Anysphere, which will remain as a 100% subsidiary. Cursor shareholders will receive SpaceX shares. How many exactly? That will be determined by the average SpaceX share price over the seven trading days before the deal closes. The deal is expected to be completed after regulatory approvals this summer. Not a single dollar from SpaceX’s $86 billion IPO proceeds will be used for this transaction. The key element of the deal was Colossus, xAI’s supercomputer in Memphis following the February merger. Cursor found a way to run faster. Elon Musk found revenue. Business code is becoming the first field where artificial intelligence turns into cash flow. Markets embraced the narrative. If it holds, SpaceX overtakes Amazon as the fifth-largest company in the world. “Vibe coding,” born in Cursor in 2022, becomes a trillion-dollar battlefield.