Hello, well, I was telling you that we were going to have a pre-election period… lasting many months at this rate. We started the day before yesterday with our leader Alexis’s “Thessaloniki Program 2026.” And of course, yesterday the endless nonsense started along with it, when ELAS’s deputy head of the economic affairs sector, Pappas (same name, yes, but brother, how symbolic, eh?), came out to explain to us what the patriotic levy is that our leader announced in Thessaloniki he would impose on the rich. Apparently, once the asset register is ready, they will find all of each person’s assets and impose a tax (1%) on them, deducting the other taxes. That’s where giant Pappas No. 2 got a little mixed up with safe-deposit boxes, jewelry and valuables and turned the whole thing into a complete mess. Just what Tsipras needs to lose another couple of points before the pre-election match even begins, from the locker room. You may remember how SYRIZA was comprehensively defeated in the 2023 elections. Every disgruntled soul would come out and say whatever popped into their head: new taxes and levies from Katrougalos, some local currencies from Tsakalotos, etc. Anyway, good luck finding the rich man’s wealth—shares, bonds, cash and untold sums—which, as you can understand, naturally can neither be calculated nor “stay in Greece” once their owners realize that someone wants to take it from them. Good start, Alexis, and good luck getting out of this mess, but brother, your system can clearly handle the left-wing bullshit.

Tax increase coming for non-shareholder board members

Now, until Tsipras taxes wealth, finds the fortunes… and the votes to get elected, I hear the government is going to impose a tax. More precisely, it will increase the tax on the remuneration of board members who are not shareholders. Today it is 5% (the same as the dividend tax), and it will double or triple it, because the economic team believes that ordinary board members who collect some astronomical sums cannot possibly be paying such a tiny tax; normally, their remuneration should be taxed according to the income-tax scale, as is the case with all other executives.

No more state security for ministers at airports

These are DETH days and days of tours and excursions, but I hear that there were “thunderous scenes” at the Maximos Mansion, in Kyriakos Mitsotakis’s way, because various ministers decided to make grand appearances, as it is obvious that they are enjoying ministerial life. What did they do? As part of the teams appointed by ND Secretary Konstantinos Kyranakis, they would take planes to go here and there. So they would land, for example, at “Makedonia” Airport and, while buses were waiting for the flight passengers, a separate bus would be waiting for the minister, arranged to be there by the state security detail. Mitsotakis learned of two or three blatant cases (there were others, of course), and at the same time ordered his secretary-general, Stelios Koutnatzis, to “cut the crap” with the state security and for everyone to travel in the prescribed manner.

Mitsotakis’s arrival

Today is the day K.M. arrives in Thessaloniki, and of course all the ministers and hangers-on have taken up battle positions in cafés, restaurants and bars, trying to decipher the DETH package. The Maximos Mansion and the economic team are still holding on to a few surprises tooth and nail, while Mitsotakis will not attend any of the ministerial events, but will stop by Papanikolaou Hospital and other projects completed in the city before heading to the Electra Palace. After that, he will probably also drop by ONNED’s drinks at Ark, while he will stay for the 11th year at The Met hotel, because lucky charms are meant to be observed.

Karamanlis on a different field

Now, the situation with ND’s “former” leaders is not going particularly well, because besides Samaras, Karamanlis (Rafina) is also… generally indisposed. Naturally, he will not attend Mitsotakis’s speech—he did not even attend the event for ND’s anniversary at Rigillis—but he will be in Xanthi, where he has commitments concerning SEKΕ’s tobacco business. Still, on Saturday afternoon he will be on… a different field, as he will “show up” at the Old Town Hall to speak at the event presenting Kostas Bliatkas’s book titled “The General and the Gunner – The Short One and the Tall One. The Greatness of Friendship” (Militos Publishing). The book is dedicated to the two legends of Panathinaikos and Greek football, Mimis Domazos and Antonis Antoniadis, chronicling their journey from 1968 and the deep friendship that united them for almost six decades. Finally, I believe he’ll have a kebab somewhere in the City.

Samaras’s offices

A month and a half ago, in mid-July, I wrote to you that Samaras had a direct line to Ilias Livanis, discussing the offices he owns above the publishing house’s bookstore. As you will have seen since yesterday, the work is moving forward and the lease starts running from mid-September, which means that, gradually, the pace is also picking up for the party currently being set up, with Samaras’s office at the beginning of Dimokritou serving as its base—and meeting point. There, on the corner of Solonos and Ippokratous, Ilias Livanis also had his personal office, and Samaras maintained a close personal relationship and regular contact with him, while Ilias signed the “91” statement last summer, calling for the former prime ministers to become active “to save the country.” And saved it was!

Costello at Papastavrou’s event

Gone are the days when Irishman Declan Costello came to Greece as the European Commission representative in the unforgettable Troika of the bailout memoranda. Now he comes as a senior Commission official—he heads DG Reform—and oversees the implementation of reforms. So today he will be in Thessaloniki in the morning, at an event organized by the Ministry of Environment (Papastavrou) together with Nikos Pappathanasis on the progress of the Recovery Fund, as the Ministry of Environment was a major recipient of RRF funds and pushed to complete the major projects assigned to it. Therefore, Costello’s presence alongside Papastavrou (whom he has known since the memorandum years) is a tangible recognition of the effort.

Miracolo… at the Superfund: The multiplication of bids

I think that after the Gospel according to Matthew, where Jesus’s miracle of multiplying the five loaves for 5,000 people is described, there is no other comparable reference. The new miracle happened yesterday at the National Development Fund (formerly the Superfund), which is running the international bidding process for the development of the “Markopoulo Olympic Equestrian Centre” property. On Wednesday, September 2, in the afternoon, it announced in a press release that it had received two financial bids for the 996,920-square-meter property, from APLEKTON HOLDINGS Co. Ltd. of the Melissanidis Group and ELIA CORPORATION S.A. of G. Mytilineos together with Tatoi Club. The next day, Thursday, September 3, shortly before noon—with a corrected version of the press release—the bids… multiplied, with the Superfund announcing that it had also received a third financial bid, this one from the Hellenic Equestrian Federation (HEF). The president of the HEF is Kostas Karakasilis, while its board includes Isidoros Kouvelos as a member, who also holds the dual role of HEF representative to the Hellenic Olympic Committee (HOC), where, as is well known, he is also president. What happened to these people? Did they issue an announcement about the tender, forget to include one bid, and notice it the next day? What are they going to say? That… the envelope got misplaced.

The Federation welcomes the issuance of a corrected announcement…

In fact, you can hardly call the relevant announcement issued by the HEF very… neutral: “On Wednesday, September 2, 2026, the HEF submitted a bid in the National Development Fund’s tender for the development of the Markopoulo Olympic Equestrian Centre. Since 2005, the Centre has been the home of Greek equestrian sport and the only Olympic property which, thanks to the HEF’s continuous presence and activity, continues to operate uninterrupted to this day for the purpose for which it was built, in full accordance with the principles and requirements of the Olympic Legacy of the ‘ATHENS 2004’ Olympic Games. With its bid, the HEF is demonstrating its commitment to the future of equestrian sport in our country, safeguarding the Centre’s equestrian use, as provided for by law and the decisions of the Council of State, preserving the Olympic Legacy, as well as utilizing it for animal rescue in cases of natural disasters and for the benefit of the public interest. The HEF’s bid reflects the Centre’s true value, both tangible and intangible. The HEF notes, finally, that the Fund’s original press release made no reference to its bid. It therefore welcomes the issuance of a corrected announcement, which restored the true picture and confirmed the Federation’s submission of its bid in the tender.”

Sir Stelios on the economy, startups and doctors’ positions

As every year, Stelios Haji-Ioannou’s business awards were presented yesterday. Clelia and Polys Haji-Ioannou, Deputy Prime Minister K. Hatzidakis, Development Minister T. Theodorikakos, former Cyprus Commissioner M. Kyprianou and others were present at the event. As was mentioned at the event, last year—in a discussion between Stelios and Hatzidakis—the idea emerged for sponsoring 50 doctors’ positions on small islands, at €1,500 a month for seven years. It was also mentioned that 30 of the positions have already been filled, while 45 of the 50 positions had remained vacant for more than a decade. In the conversations that followed the awards ceremony, Stelios said he was optimistic about startup entrepreneurship in Greece and left open the possibility of a partnership with Easy. He added that together with last year’s winner, G. Karavokyris, they have now launched Easy Influencer Travel, which matches influencers with hoteliers. As for the broader economic climate, he said there are difficulties and fuel prices are through the roof, but personally he is not worried because there are prospects, citing Apollo’s interest in EasyJet.

OTE: The big change to Telekom and Magenta

And so, officially, the end of an era has arrived for the Cosmote brand, as the transition to the Telekom brand for OTE officially began yesterday. The departments involved in all these changes have been and will continue to be on high alert, as the transition from Cosmote Telekom to the unified Telekom commercial brand is not simply a logo change. It is an extensive rebranding that will gradually extend to products, services and customer touchpoints, integrating the Greek company even more clearly into Deutsche Telekom’s international ecosystem, with Greece now incorporated into the strategy of the international Telekom brand. CEO Kostas Nebis had already given an indication of the changes at last June’s general meeting, describing them as a “natural evolution,” with the Telekom name having already been added alongside Cosmote in 2025. The transition will take place in waves and will peak next week in a… festive atmosphere at the headquarters on Kifisias Avenue, while there is talk that high-profile guests from Bonn and DT management are expected as part of the rebranding. According to OTE, the gradual implementation of the new Telekom brand and the corporate color Magenta at every customer touchpoint began yesterday, while the transition to the new brand will peak on September 8 with the launch of the communications campaign. It should be noted that the change concerns the commercial identity and not the official corporate name. “Hellenic Telecommunications Organization S.A.” remains unchanged, as do the trade names “OTE S.A.,” “OTE” and “Cosmote.” The company’s articles of association, however, have already been amended to secure names incorporating the term “Telekom,” with the names “Hellenic Telekom,” “Telekom Greece,” “Telekom Ελλάδος” and “Telekom Ελλάδας” added. As for the second major part of the change, it goes by the name Magenta, DT’s corporate color, which has evolved into a key element of the group’s global brand architecture and, above all, an “umbrella” for the naming and organization of products and services. Cosmote Insurance has already become Magenta Insurance, while COSMOTE 5G is being renamed Telekom 5G, COSMOTE Fiber becomes Telekom Fiber, and the network indicator on mobile phones will change to TELEKOM.GR. Likewise, COSMOTE stores will be renamed Telekom. Plans are also underway to transition payzy to Magenta Pay and Cosmote TV to Magenta TV, DT’s commercial name in markets where it offers pay-TV services. The name Telekom will also be added to all subsidiaries; for example, OTE Estate will become Telekom Estate.

Nebis’s message

It is interesting that the presentation of the new Telekom did not take place first among customers or in the market, but inside the company. Kostas Nebis chose the employees to first explain the rationale behind the change and to make clear that this is not simply a new logo and a new color. His phrase, “we are not changing who we are, but how far we can go,” encapsulates the business rationale as well. COSMOTE remains the foundation on which OTE’s current position was built, while Telekom gives the company something a purely local brand cannot offer: international scale, synergies and technological leadership. “Today is the right time to take the next step. To build on COSMOTE’s success without the limitations that come with a local brand and to fully harness the power of Telekom, the world’s leading telecommunications brand,” said Panagiotis Gavriilidis, Chief Commercial Officer. For his part, Chief of Corporate Communications Dimitris Michalakis noted that the company is not changing. It remains the Hellenic Telecommunications Organization, retaining its Greek identity, customers’ trust, leading networks, and its people. The global strength of Telekom is now being added to this legacy.

Historical performance for refining margins
-The picture for the third quarter so far is exceptionally strong for refining margins. Based on the July–August monthly averages, benchmark margins have increased by $19–26/barrel compared with this year’s second quarter. There is, however, an important distinction: the price of oil has not increased on a quarterly basis; it has fallen by about $11/barrel. In August, the trend strengthened further compared with July, exceeding even $40.6 at hydrocracking units. The figures point to a very strong third quarter, given that the measurements concern benchmark indicators that vary according to the complexity of each refinery. If September follows the same trend, then we will be talking about the strongest quarter ever, as—in addition to the contribution from the refineries—the figures will also be boosted by the seasonally strong months for transport fuels due to tourism, as well as by high wholesale prices in the energy market.
Goldman Sachs: +10% PPC EBITDA
-Shortly before midnight on Wednesday, London time, Goldman Sachs raised its price target for PPC to €27 (from €26.5), with a “Buy” recommendation and +13.4% upside from that day’s €23.80 closing price on the Stock Exchange. Goldman Sachs cited Greek media reports and wrote that the first agreement for the Kozani hub “could be announced very soon.” This means 300 MW in the first phase, construction starting by the end of the year, and operations beginning at the end of 2028. If the project scales up to 1 GW by 2033, with total invested capital of around €4 billion, excluding cooling and IT equipment costs, GS estimates +10% EBITDA from 2030 and an additional €4 per-share value. Consequently, the theoretical target rises to €31 and the stock’s total upside to around 20%. The 16% EBITDA return comes from PPC’s own assumptions, while GS conservatively assumes an internal rate of return (IRR) of 12%, compared with the 14% announced by PPC. In other words, GS’s estimates remain below PPC management’s targets (which envisage a tripling of net profits by 2030), free cash flow remains negative throughout the decade due to capital expenditure (capex), and net debt climbs from €6.5 billion to €11 billion in 2030. Of course, none of this is new when it comes to PPC’s special relationship with Goldman Sachs. In March 2024, Goldman Sachs had a €14 price target for PPC. In 30 months, it has almost doubled.
IDEAL Holdings: Acquisition valuations are expensive
-The half-year results of IDEAL Holdings showed that sales increased by +27% to €274.6 million. Excluding the consolidation of Barba Stathis, organic revenue increased by +10.6%. The interesting part, however, lies in the Group’s investment moves and the allocation of its cash reserves. The Group—the company says—looked at new acquisitions in food, industry and IT. It rejected all of them as too expensive. Instead, it invested €118.8 million for the 25% of Kymora held by Oak Hill Advisors. Indirectly, it bought 25% of Byte Group, 17.5% of Attica Department Stores and 25% of Barba Stathis. There is an important detail here. The acquisition is being made at the multiple of Oak Hill Advisors’ initial investment. It does not take into account today’s inflated multiples in a market trading at 17+ year highs. The transaction implicitly values IDEAL at €6.7 and Attica Department Stores at €3.3 per share, around 10% above the market price. OHA, exiting Kymora, is buying 1 million IDEAL shares at €6. In other words, it is leaving the private vehicle while remaining in the listed company.
Expectations for Lamda
-On the board, yesterday’s move was conspicuous. After five consecutive declining sessions, Lamda’s share jumped +8.98% from the start of the session to €6.735 on increased volume. The stock eventually closed at €6.60 (+6.88%), with €3.3 million worth of transactions (514,510 shares). There was no press release or any corporate announcement. When a stock makes such a jump without any news, it usually means that some people believe “the news is coming.” Most believe the news will have to do with Andrea Pignataro of ION and that the signatures will finally be put on paper. In the other scenario, management presents an alternative for developing the land. The market is obviously betting that the answer will not be delayed beyond September 16.
The 24 scholarships and the message to the next generation
-At a time when Greek shipping is urgently seeking new officers to staff its vessels, the Athina I. Martinou Foundation is investing where much of its future is decided: in the Merchant Marine Academies and their people. The Foundation has once again announced 24 scholarships for newly admitted male and female students at the Merchant Marine Academies, covering all 12 academies in the country, from Aspropyrgos and Macedonia to Oinousses, Kalymnos and Neapoli Lakonias. Each scholarship amounts to a total of €15,000 and extends over six academic semesters. That means a total commitment of €360,000, with a clear focus and nationwide distribution. The substance lies not only in the amount. The choice to support first-year students is particularly significant, as the first years of study are often the most difficult, especially for young people who have to move far from their place of residence. Such initiatives send a tangible message: the sea still offers prospects.
With second-hand ships, age tells only half the story
-If one looks only at the build years, the moves by Greek owners this week seem contradictory. On the one hand, they are selling vessels built in 2006, 2008 and 2010 and, on the other, they are buying tankers from 2007 and 2008. The explanation lies in the technical specifications and the immediate availability of tonnage. Greek-controlled buyers spent a total of $78 million on the Suezmax SUEZ ICE SUPREME and the LR1 CABO SAN VICENTE. The former has 1A ice class and a scrubber, while the latter has reinforced construction for ice navigation, epoxy coating in its cargo tanks and also a scrubber. They therefore did not simply buy two 18- and 19-year-old vessels, but two immediately available units with features that broaden their commercial options. In sales too, time appears to matter more than age. The Aframax MINERVA NOUNOU fetched $40.1 million after recently undergoing a special survey and dry-docking. The containership NAVIOS JASMINE was agreed at $34.5 million, but delivery will take place free of charter in July 2027. Navios Maritime Partners is, in other words, locking in the sale price now while retaining the vessel’s commercial operation until then. The scrubber-fitted Capesize ERATO was also placed at $38 million. Meanwhile, the second clock is ticking—the one at the shipyards. Seanergy Maritime is linked to a new 211,000-dwt Newcastlemax at Hengli Heavy Industries, while Navios Maritime Partners is reportedly exercising an option for another 319,000-dwt VLCC in Wuhu Shipyard’s program at the former Rongsheng facilities. The real game, then, is not simply “old versus new.” It is which vessel can perform today, which one is sold at the right time, and which one the fleet will need in 2029.