Hello, look, I can’t say that the heat has intensified in a natural/meteorological sense because we’re only around 30°C, but politically, from what I’m seeing, you can very easily say that we’re talking about…a heatwave. First of all, I’ll start with the remarks made the day before yesterday by KKR (Kostas Karamanlis of Rafina) (unfortunately my commentary slipped through earlier), who I think has taken things and developed them to another level. So he gave a speech in Thessaloniki at a graduation ceremony and started reciting some lyrics from Kilaidonis’ song: “we say no to the clueless, to the uptight, no to the posh,” and then added, “in other words, love life, nature, forests and seas, animals and people…” The sexier version of that line, as the older ones among you will remember, was the anarchists’ slogan: “hashish, f***ing, back to nature”, well, it rhymes in Greek…) He also said another line: “watch out for those who are excessively in love with themselves, money, and power.” Meanwhile, he himself and his circle have never in their lives, as descendants of a political family, dealt with anything other than power, while to this day, as far as I know, he spends his summer days and nights on a hundred-meter yacht belonging to a very famous shipowner, sailing around the Aegean, the Adriatic, etc. Not that there’s anything wrong with that, my friend—fine, he’s a private citizen and has five rich friends—but in general his profile was not, and is not, what he is trying to portray now. Anyway, KKR is a likable guy: food, drink, cigars, and good company—but that’s about it, let’s not get carried away. Yesterday we also had the lovely atmosphere in which Paiteris asked (always tactfully, with the discretion and tact that characterize his generation) Aphroditoula Latin whether “her mother had slept with a Gypsy and that’s how she was made.” So you can imagine that if one adds Karystianou, Zoe, and Velopoulos, the situation in PASOK, and Tsipras’ retro tax ideas, what kind of opponents Mitsotakis will be dealing with in the elections!

The “Karamanlis Operation”

The recent distinction made between Samaras and Karamanlis in the interview K.M. gave to Hatzinikolaou was not accidental, just as it was not accidental that from the moment the new secretary, Kostas Kyranakis, took office, contacts began with former party presidents such as Meimarakis, who has somewhat “warmed up” again. In this climate of outreach moves, I noticed with interest yesterday the announcement of an event being organized next Monday in Thessaloniki by the Konstantinos Karamanlis Institute for Democracy, together with the Secretariat of Former ND Officials and the city’s governing committee. The keynote speaker will be Kostis Hatzidakis, who from a certain point onward was a key minister in the Karamanlis government, along with the Deputy Governor of the Bank of Greece, Theodoros Pelagidis. The topic is “Challenges and Opportunities for Greece in 2030,” but I think that in these cases the titles don’t matter much.

Samaras’ Disappointed Followers

Anyone passing through Valaoritou will see associates of Samaras sitting in a well-known café making phone calls. Samaras himself is also making calls to a number of people, some of whom are also being sounded out for ND electoral lists. Since the Messinian has a list dating back to the period when he was involved in drawing up candidate lists, he is approaching former ND officials, disappointed right-leaning figures, and former MPs. In many prefectures it is said that he already has two or three locked-in candidates and is continuing, although the polls remain discouraging regarding how far his venture can go.

Tzitzi’s Handling of Passenger Rights

A few days ago, the European Commission announced a package of measures concerning airline passenger rights. The package, which was approved and also passed by Parliament, includes larger compensation payments depending on flight distance in cases of delays longer than three hours, a simplified refund process, better protection for children and families, etc. The package did not pass without a… human factor, as the Greek Commissioner in the Commission, Apostolos Tzitzikostas, took charge and unstuck the “haunted” process, since discussions had dragged on since 2013.

PASOK: Trouble Is Coming Even for the Candidate Lists

Meanwhile, in PASOK, you can see the miracles happening. Nikos, in his long-suffering party, expected trouble from one place and found it coming from another, while everyone is holding their breath awaiting the next polls. So, while he was flying to Brussels for the meeting of the European Socialists—where it would not be surprising to soon see Alexis Tsipras appear as a new “shareholder”—he began hearing about Anna Diamantopoulou’s statements, which turbocharged another PASOK soul, Haris Doukas. Some believe Anna has been irritated lately because Androulakis has not appreciated the support she gave him and has cut back on the many discussions with her about the “strategy of PASOK” for the difficult times ahead (laughter here). They even say she emphasizes at every opportunity to her interlocutors that she is no longer head of Political Planning (since the Congress) and therefore bears absolutely no responsibility for the party’s performance. One thing Diamantopoulou and Doukas agree on is not the line on post-election alliances—“ridiculous,” according to her, and “not ridiculous” according to others—but that Androulakis continues to make decisions with a narrow circle of associates at Charilaou Trikoupi. How often does the Political Council actually meet, so that Doukas, Anna, the other senior officials, and the president can sit down together and talk face to face over tea with sympathy and understanding? Doukas, meanwhile, after the Holy Spirit holiday, decided to limit his appearances on issues unrelated to the agenda of the Municipality of Athens. But, as we all know, old habits die hard. Besides, he now talks more often with Tsipras supporters and Syriza members than with PASOK members, many of whom continue to “bet” that at some point he will open the door and leave. The nastier comrades in PASOK even spread rumors that he is aiming for a State List position (Tsipras’ list, of course), since with Androulakis he has no chance of such a thing. After all, the center-right Anna and the left-leaning Haris do not exactly have their election in the bag, given how things—and especially the polling numbers for PASOK—have developed.

Whom Will Androulakis Leave Out of Parliament?

On top of that, lately there have been endless scenarios about where Nikos will run as an MP candidate. As party leader, he has the privilege of running in three constituencies and choosing one in the end (the one he has probably already circled, though he won’t say which). His decision to run in an Attica constituency as well—considered certain this time—is known, but what is not being discussed intensely is whether he will run again in Thessaloniki, since now there is no Haris Kastanidis (his internal party rival) to take the seat from him in Thessaloniki A. In Attica, there is first of all Athens A. Some Androulakis supporters who do not like Pavlos Geroulanos let it be heard that “why shouldn’t the president himself run in Pavlos’ area in order to boost PASOK’s percentage there?” I don’t believe it. Geroulanos remains strong in the area and is investing in support from all factions. Unlike Anna and Haris, moreover, he does not intend to climb onto the rooftops any time soon and shake up Charilaou Trikoupi with poisonous comments about its performance. PASOK officials, meanwhile, consider it extreme to imagine Androulakis taking the one and only seat in Athens A—meaning leaving Geroulanos, one of his main rivals in the leadership race, out of Parliament.

Christidis, Diamantopoulou

Could Androulakis run in South Athens, as he did last time, leaving everyone holding their breath until he decided which seat to keep, affecting his “ally” Pavlos Christidis? But in the South, Anna Diamantopoulou is also running for the first time, seeking—like Christidis—to come first, in order to secure (?) her entry into Parliament. The rivalry between Anna and Pavlos is already fierce in the southern districts. Anna’s unfriendly friends even say that an alliance with Manolis Christodoulakis, who has many internal party allies in the area, would be a lifesaver. Is it a coincidence that Diamantopoulou’s network is holding an environmental event next week with Christodoulakis as the keynote speaker?

Christodoulakis, Giannakopoulou, Apostolaki

Christodoulakis, meanwhile, may see another surprise candidacy in his constituency in Eastern Attica, where Tsipras is pushing hard among the center-left electorate. Could PASOK MP Nadia Giannakopoulou suddenly find Androulakis appearing in Western Athens? Local party officials acknowledge Nadia’s popularity (and her role as a leadership candidate who had “cut Androulakis down to size” in the internal elections), but note that Lefteris Karchimakis, a close associate of Androulakis and son of veteran PASOK member Michalis Karchimakis, is also competing there for the single seat. In the northern districts, almost everyone believes Milena Apostolaki’s first-place finish cannot be challenged by the candidacy of the likewise presidential ally Dimitris Mantzos. Androulakis is unlikely to disturb the balance there, given his good relations with both officials. A PASOK official I spoke with considers it much more likely that, given PASOK’s momentum in Crete, Androulakis will run not only in Heraklion but also in Lasithi, and ultimately keep the seat in one of the island’s two constituencies. Difficult times for PASOK candidates in Crete as well…

ERT and SKAI

I read that ERT outbid SKAI’s offer (€21 million for three years) for the television rights to the basketball championship, reportedly offering slightly more. Last year ERT, which held the rights, paid €6.5 million for one year. The tender is therefore not over, and I do not see ERT going above €7.5 million per year over the three-year period. So I think SKAI will eventually get them by offering another €1–2 million.

Cepal Is Flirting with Intrum

And now to market news, where everything suggests that this summer will not be a quiet one. Along with us, lawyers, auditing-firm executives, investment banking departments of banks, and generally everyone involved in due diligence will not be resting either. Demand appears to be high because—apart from the Kyriakou-Qatari due diligence concerning the Attica Group ferry company—there are rumors that another due diligence process is underway: Cepal’s due diligence on Intrum. If the rumors are true and we are indeed at the due diligence stage, nothing should yet be considered certain.

Piraeus Bank: SSM Approval for the Dividend Expected Next Week

As for the banking sector, let me add that Piraeus Bank, with a large delegation of executives in Frankfurt, answered all of the ECB’s questions, and next week the green light from the SSM for the dividend is expected. Don’t hold me to it, but I heard something about August 6.

The…New Marinopoulos Family

As this column has already informed you, after the deal for the acquisition of Marinopoulos Coffee—the company that manages the Starbucks chain in Greece and Cyprus—by the Arab giant Alshaya Group, the necessary moves were made both at the capital level and regarding headquarters, which were moved from Alimos to Chalandri. At the same time, in early April, a new management team was appointed, consisting of Despoina Antoniadou (as Chairwoman and CEO), Spyridoula Antoniadou, and Georgios Sarafoglou. This management’s role was transitional. Thus, at the extraordinary General Assembly of shareholders held in May, the new Board of Directors of Alshaya Hellas was elected. It consists solely of members of the Arab family of the same name. Saoud Alshaya became Chairman, Mohammad Alshaya Vice Chairman, and Ayman Abdulatif Ali Alshaya a board member. They are the ones truly calling the shots.

Greek Shipowners See Golden Opportunities in Persian Gulf Reconstruction

While most people follow geopolitical developments in the Middle East through the lens of oil and energy prices, some Greek shipowners seem to have already prepared for the next day. And that next day is reconstruction. The Memorandum of Understanding (MoU) between the United States and Iran, which opens the way for an economic reconstruction plan worth at least $300 billion, is creating new expectations for enormous transportation needs in the region. Cement, steel, pipes, machinery, industrial equipment, materials for ports, power stations, and refineries will have to be transported to Iran and the Persian Gulf countries over the coming years. It is no coincidence that a leading Greek shipowner, with a strong presence in dry cargo shipping, had already hinted at this to his interlocutors at a maritime forum in Corfu a few weeks ago. At the time, many considered excessive his assessment that “the next major market for dry bulk may emerge from the reconstruction of the Middle East.” Analysts estimate that restoring energy facilities destroyed during the Middle East war alone will require between $34 and $58 billion, without counting the broader economic reconstruction program. The work is expected to last at least three years, creating a prolonged period of increased demand for transporting raw materials and industrial equipment. And if there is one thing Greek shipowners know well, it is that behind every major reconstruction program lie thousands of cargo shipments.

Smiles Return to Cosco Regarding the Port of Piraeus

Some people have begun looking again at the map of the port industry in the Eastern Mediterranean with greater interest, especially at the commercial port of Piraeus. Not because the financial figures have returned to the levels Cosco executives would like, but because for the first time in many months they see a glimmer of optimism where until recently they saw only uncertainty. The 2.8% increase in container traffic in May at Cosco’s terminals may not have executives in Neo Ikonio popping champagne corks, but it is the second consecutive positive sign and, above all, the largest monthly increase in a year. The more experienced port professionals, however, are not focused so much on May’s 347,000 TEUs as on developments hundreds of miles farther south. Everyone knows that the real driving force behind Piraeus lies not in its terminals but in the Suez Canal. As long as the large container ships continue sailing down to the Cape of Good Hope and around Africa, the Great Port will operate with the handbrake on. The de-escalation in the Middle East has revived scenarios of some regular shipping lines returning to the traditional Asia–Suez–Mediterranean route. If that happens, Piraeus will be among the first to benefit.

Signs That a New Renewal Cycle of the Greek-Owned Fleet Is Beginning

The second-hand ship market may still be offering opportunities for buying and selling vessels, but the real message of the week is coming from Chinese shipyards, where Greek shipowners continue to sign contracts at a pace reminiscent of other eras. In the second-hand market, Greek interests are reportedly behind the sale of the Aframax tanker SAMOS for $44.5 million, while the Panamax PROTEAS has also changed hands, ending up with Chinese buyers. However, these transactions seem more like part of a broader fleet-renewal strategy than simple profit-taking. Aegean Shipping appears particularly active with new orders for VLCCs as well as Aframax/LR2 tankers, while Venergy Maritime is expanding its presence in both tankers and containerships. In the container sector, Technomar continues investing in new 6,000-TEU vessels, while Erasmus Shipinvest is also strengthening its position in that market. The figures from the past 12 months are revealing: 268 new ship orders, 235 second-hand purchases, and 317 sales by Greek interests. Industry insiders, however, say that several recent second-hand vessel sales were made precisely to create room and secure liquidity for even larger investment plans to come. If true, then the moves by Tsakos, Dynacom Tankers, Aegean Shipping, Venergy Maritime, Technomar, and Erasmus Shipinvest may be only the beginning of a new renewal cycle for the Greek-owned fleet.

Top Rankings

GEK TERNA can boast an important distinction, according to the results of the 2026 Extel Emerging Markets survey. Company executives ranked first in the categories of: Chief Executive Officer (G. Peristeris), Chief Financial Officer (P. Lazarizou), Investor Relations Officer (A. Gkonis). The Board of Directors also received first place recognition. Not coincidentally, the company’s stock is trading at all-time highs, holds investment-grade ratings from two agencies, and is included in the main MSCI index. The distance separating the company from the €5 billion milestone—the next step toward eventual inclusion in the developed-markets index—has now narrowed significantly.

Renos Art

It has become common nowadays for artists—singers, actors, and others—to organize their professional activities through their own companies. Popular actor Renos Charalambidis followed the same path yesterday by establishing a company called “Renos Art”, headquartered in Zografou. The company’s purpose includes acting, directing, scriptwriting, screenwriting, as well as the production and presentation of artistic events. Its share capital is €1,000, contributed by Charalambidis himself, whose full first name is Eirinaios.

The Businessman with Four Letters

This could almost be a game-show question: Which businessman active in Greece has a full name consisting of only four letters? And yet such a person exists, although he is not Greek. It is Yu He, who established a new company earlier this month called “Sunrise Antiques P.C.”, headquartered on Kifisias Avenue in Marousi. The company’s activities include: Buying and selling residential buildings and plots of land, Wholesale trade in folk-art items, Trading in antiques and old art objects. Its initial share capital amounts to €5,000, provided by Mr. Yu He, who also assumed management of the company.

Barrage of Block Trades in Piraeus Bank

Piraeus Bank was at the center of investor interest during yesterday’s trading session, reflecting much of the overall picture of the Athens Stock Exchange. Total market turnover reached €361 million. A significant portion came from pre-arranged transactions in the banking sector, with Piraeus Bank leading the activity. Specifically, eight block trades involving 6.51 million shares were executed, representing 0.53% of the bank’s share capital, with a total value of €61.18 million. The activity started strongly within the first quarter-hour of trading, when two large blocks worth a combined €41.07 million were transferred (€20.53 million each). The transactions were executed between €9.31 and €9.41 per share. On the board, the stock showed resilience, ultimately closing unchanged at €9.38 after trading between €9.306 and €9.426. With total turnover in the stock reaching €98.7 million and trading volume totaling 10.5 million shares, Piraeus remained close to €9.50, which is both its 2026 high and a five-year high.

Bank of Cyprus: Defying the Trend and Within Striking Distance of €10

In a session where the banking sector generally performed poorly, Bank of Cyprus stood out. The stock moved against the broader decline, gaining 1.43% and closing positively at €9.94. With this move, the share price once again approached its recent highs, specifically the annual high of €9.975 reached in May. This market behavior reflects strong buying interest and investor confidence, as investors chose the stock as a safe haven amid pressure on other banks. Bank of Cyprus is now within touching distance of €10. That level would represent a historic milestone for the institution, as the stock has never reached that price before. Its current trajectory suggests that breaking this record is now the market’s immediate objective.

Four-Day Rally for Bally’s Intralot — Back Above €1.20

Bally’s Intralot remained on a positive course, extending its momentum with a fourth consecutive rising session. Yesterday the stock gained 1.17% and closed at €1.21, while reaching an intraday high of €1.222. The close carries particular technical and psychological significance because the stock broke through the €1.20 barrier and remained above that level for the first time since last October. The rise was supported by increased trading activity, confirming strong investor interest. Turnover reached €9 million, while trading volume totaled 7.42 million shares. This performance placed Bally’s Intralot third by trading volume, making it one of the most actively traded stocks on the exchange.

CrediaBank, Real Consulting, and ONYX Join the General Index

Starting next Monday, immediately after the index rebalancing, the stock of the small tourism company ONYX Tourism will join the Athens Exchange General Index, alongside CrediaBank and Real Consulting. They will replace Ilyda, Unibios, and the historic Athens Medical Center. ONYX debuted on the Alternative Market in July 2023 as a swimwear manufacturer (under the name MED), with a valuation of €10.2 million. It transferred to the Main Market in October 2025 and is now valued at approximately €103.8 million. From fabric manufacturing to a stock-market index in less than three years. The company is expected to make announcements regarding its project in Sani, Halkidiki. The development is a tourism complex spanning 650 stremmas (about 160 acres), with a budget of €390 million (over €500 million including land value), featuring: A five-star hotel, 428 bungalows, 120 suites, 108 residences, 120 villas in a second phase. Undoubtedly a major project with significant challenges and a staggering budget. Initial financing has been secured through Credia Bank and the Recovery Fund, while the resort operator has not yet been announced.

The “Little Secret” Behind a 37% EBITDA Margin

A small listed company on the Alternative Market is operating with an EBITDA margin of roughly 37%. DOTSOFT’s revenue surged by 74.3% in 2025, reaching €24.81 million from €14.23 million in 2024. Gross profit climbed to €11.95 million, with the gross margin increasing to 48% from 44%. EBITDA jumped by 111.5% to €9.19 million. Its backlog now exceeds €50 million. According to information, revenue is expected to grow by another 35% in 2026. The secret lies in the business model. DOTSOFT develops integrated smart-city solutions and applications, meaning it manages and sells its own software. It does not distribute hardware manufactured by others. Hardware dilutes profitability; software code concentrates it. The company’s core product is proprietary and recurring (SaaS), meaning each new project flows almost directly to the bottom line. Its portfolio includes complex smart-city projects in Greek municipalities, international contracts (Sofia, Issy-les-Moulineaux, Pilsen, Grenoble, Prijedor), European organization tenders, and AI-powered document-digitization applications.

The American Central Banker Announced a Change in the Rules

The first meeting of the Federal Reserve’s Open Market Committee under Kevin Warsh (June 16–17) left ample room for misunderstandings and speculative interpretations. With inflation at its highest level in three years and interest rates unchanged at 3.5%–3.75%, markets rushed to decode every word of the Fed’s statement—but using the “codebook” from the Powell era. That is precisely where the mistake lies. Anyone expecting “forward guidance” encountered a chairman who announced that he intends to say very little from now on. The official FOMC statement was reduced to fewer than 150 words, containing no forecasts, with Warsh explaining that guidance “does not fit the current environment.” The real story lies in the five task forces he announced. They will examine: Communication strategy, Balance-sheet management, Data sources, The framework for interpreting inflation, The relationship between productivity, employment, and the broader economy. The Fed chair’s authority is largely delegated by the Board and the FOMC. The task forces are Warsh’s way of bringing other members toward his preferred approach, with the assistance of external experts he personally selects. Warsh cannot quickly change the composition of the committee. The Atlanta Fed presidency remains vacant but does not vote before 2027, while Lisa Cook awaits a Supreme Court decision regarding Trump’s effort to remove her. Former chairman Jerome Powell remains a governor. The new Fed does not hide messages inside its statements. Going forward, the Fed will speak less because it intends to commit itself more deeply to the day-to-day management of the economy.

The iPhone Is Becoming More Expensive Because of Artificial Intelligence

The Wall Street Journal no longer has any doubts. Price increases for Apple products are “inevitable,” because the company can no longer absorb the rising cost of memory and storage chips. “We’re trying to shield our customers, but the situation has become unsustainable,” Tim Cook reportedly told the newspaper. The reality is that exploding demand for AI data centers has thrown consumer-electronics companies into fierce competition as they struggle with limited semiconductor supply. The pressure is concentrated in the DRAM market. An increasing share of production is being redirected toward high-bandwidth memory (HBM) used in AI servers. “Less supply at a time when consumers want devices,” Cook summarized. Artificial intelligence is consuming memory that until recently went into smartphones. Apple says it is prepared to help finance increases in supply but does not want to build its own memory factories. At the same time, China is leveraging its domestic memory manufacturers. American companies require special licensing for national-security reasons. In September, Apple will unveil its first foldable iPhone and launch the new iPhone 18 Pro and Pro Max. Industry groups representing automotive, retail, and electronics sectors are already warning of major price increases for consumer goods. The artificial-intelligence revolution—beyond fueling soaring stock prices on Wall Street—is now beginning to appear directly on consumers’ bills.