–Greetings. In recent days, things had been looking as though they were going badly for Kimb and that she would not last much longer. But that Donald – what elegance, what finesse in his behaviour! He really hung her out to dry. Don’t ask me to predict the implications for the Vertical Corridor project, but let’s clear up two things that may or may not both be true at the same time. It is certain that the entire project is American and “blessed” by Trump, Rubio and Burgum. Of course, the people involved and their contacts play a role, as you can imagine, and there may well be upheavals. Especially if there is evidence from the WSJ or the midterm elections go awry. Or both.

Huck takes the reins at the Embassy

-Kimberly’s departure may provoke all sorts of reactions here and elsewhere, but for us here there are some practical questions, the first being who will be running the show. I asked the relevant people because there is no recent precedent for something like the ambassador’s abrupt dismissal, and was told that, for the next several months, the job will fall to the Embassy’s number two, Josh Huck. An experienced diplomat and State Department official, Huck arrived in Greece about a year ago, with his main responsibility being to run the Embassy’s operations, beyond public relations and social events. We will see how long this arrangement lasts, as appointing a new ambassador straight away will not be easy after the midterm elections, which will create a new balance of power in Congress.

Polls

-You have been seeing, hearing about and reading the polls for days now. I, for my part, spoke to my source on public opinion research and listened carefully to what they had to say: “New Democracy has remained steady at around 30% for the past 18 months, give or take a little. Tsipras seems to have hit his ceiling quickly – the number of votes he received in 2023 – and has slipped a little, but appears to have stabilised at around 15.5%. PASOK is at 12% today, but let me remind you that it has never exceeded that figure in the past 17 years. So, what makes you think that after 17 years… it will make the difference with Androulakis at the helm?” I have to say, I found this simple, straightforward answer entirely logical.

Pierrakakis heads to Bangkok for IMF and G7 meetings

-The eyes of the global economy will be on Bangkok over the next two days, as the G7 meets on the sidelines of the autumn session of the International Monetary Fund (IMF). The meeting, which Kyriakos Pierrakakis will attend as president of the Eurogroup, is focused on coordinating the world’s leading economies in response to the “twin crisis” affecting the globe as a whole. The Greek finance minister, however, made his intentions to support citizens clear before boarding his flight to the Thai capital, announcing a 30% increase in the heating allowance. He referred to today’s detailed presentation of the measures by Papastavrou and Petralias, who are also expected to announce further interventions. This is an increase larger than initially expected, which will provide some relief to citizens while also signalling the direction of the agenda Pierrakakis will bring to this crucial discussion. Beyond the G7 meeting, during his stay in Asia the finance minister will take part in the summit’s main panel alongside IMF Managing Director Kristalina Georgieva. He is also expected to hold a series of bilateral meetings with fellow finance ministers, heads of organisations and senior executives from investment institutions.

Subsidies and a helping hand from the refineries

-The increase in the heating allowance announced yesterday is very significant, particularly for people in northern Greece, where the cold is beginning to make itself felt. Announcements on heating oil, diesel and petrol will follow today. Let me explain the basic thinking; the figures will be fleshed out later in the day by Petralias, Pierrakakis’s right-hand man, and Papastavrou. Of the 35 cents per litre for heating oil, the government will contribute 15 cents and the refineries the remaining 20 cents, providing substantial support ahead of winter. The aim is for the retail price to stand between €1.55 and €1.60 per litre. As for diesel for road use, the existing subsidy scheme will be extended through joint contributions from the state and the refineries until the end of October, when the situation will be reviewed, although no one expects any significant easing of prices. As for petrol, given the refineries’ contribution towards heating oil, the burden of the 10-cent-per-litre support at the pump will fall on the state budget. I remind you that Mitsotakis – who will almost certainly refer to the measures today during his visit to Larissa – had ranked heating oil as the first priority, followed by diesel and, lastly, petrol.

Notis questions Christos

–Notis Mitarachi, New Democracy’s parliamentary spokesman, has submitted a question to Infrastructure Minister Christos Dimas over water leaking into the new building at Chios “Homer” Airport. In other words, it is a brand-new building, yet it leaked during the very first rainfall – and in the passenger terminal, no less. According to the formal question, “water was entering through the roof”, causing problems in the waiting areas, while staff tried to protect equipment and passengers were forced to use umbrellas even inside the building. Mr Mitarachi describes the situation as “obviously unacceptable” for a new public works project that has only recently been handed over. He says it “does not meet the standards of a modern airport” and raises “reasonable questions about the quality of construction and/or the maintenance of the project”. As you can imagine, the responsible ministry’s response will be of considerable interest, as will the question itself.

The book about prime ministers

-“In the eye of the storm: Greek prime ministers and the management of the economic crisis (2009–2019)”. This is the title of the book co-authored by Kevin Featherstone, a professor at the London School of Economics (LSE), and Dimitris Papadimitriou, a professor at the University of Manchester. The book examines models of governance from 2009, during George Papandreou’s premiership, through the administrations of Lucas Papademos, Antonis Samaras and Alexis Tsipras. It also covers the first months of the Mitsotakis government, focusing primarily on the organisation of the executive-state model. The book launch will take place on 10 November at the National Historical Museum, housed in the Old Parliament House, with Evangelos Venizelos, Anna Diamantopoulou, Deputy Minister Thanasis Kontogeorgis and Euclid Tsakalotos as speakers. Alexis Papahelas will chair the event.

Lining up for Alexis

One by one, former and independent SYRIZA MPs are lining up at the doorstep of the Amalias Street headquarters, as the repeated messages from Tsipras’s team in recent weeks that “the hourglass is running out” for those seeking places on the party’s candidate lists appear to have hit home. The week began with Vasilis Kokkalis; yesterday, Kostas Zachariadis took his turn in the succession of defections, and more are expected to follow. Haris Mamoulakis is reportedly close to joining the party, while also racking up views on TikTok.

No deal between Golden Age and Dryfo

–Contrary to reports circulating in the market, Dryfo, owned by the Menexopoulos brothers, has not been acquired by the Golden Age fund. According to sources, the two sides did indeed hold talks, but they are not close to a deal, and no agreement has been reached. Dryfo is a highly regarded Thessaloniki company specialising in nuts, dried fruit and other products. It has a history dating back to 1950, annual sales of around €90 million, and distributes its products to food manufacturers, the hospitality sector (HoReCa), private-label customers and wholesalers in more than 50 countries.

Pallirroia, V. Katsos and Euronext

-And since we started with the food sector, let’s continue with VNK Capital, owned by V. Katsos and his sister. In 2025, the fund completely exited its position in Lamda Development, eight years after entering with a 12.83% stake alongside Panos Germanos. Last December, it agreed to sell its stake in Innovis Pharma to PharmaPath, in a transaction that the market values in the hundreds of millions of euros. In July, Vasilis Katsos and Periklis Vasilopoulos set up Concordia Healthcare Partners, with offices in Athens and London. One outstanding matter remains in VNK Capital’s portfolio: its 36% stake in Pallirroia, which the fund has held since February 2019. Last March, reports circulated in the market that Kostas Souliotis wanted to buy back his stake, and was willing to pay €90 million, valuing Pallirroia at up to €250 million. Souliotis himself immediately denied the reported figure. In August, the deal was described as “frozen”. In September, banking sources spoke of a sale that had been abandoned because the asking price had not been met. In recent days, however, there has been talk that K. Souliotis has received a proposal to list Pallirroia shares on Euronext Athens, at a valuation of €250 million to €300 million. If the listing goes ahead, VNK’s 36% stake would be worth between €90 million and €108 million. A new production facility will also need financing following the stock market listing, so the public offering will require the issuance of new shares in addition to those sold by the fund. In any case, VNK has not lost out on this investment so far. Pallirroia distributed €20 million in dividends in 2024–2025, of which approximately €7.2 million before tax was attributable to VNK. No distribution was proposed from the 2025 profits of €13.29 million, on revenue of €115.19 million. Why is the listing being delayed? Reports suggest that a partial tax audit of intra-group transactions for 2020–2021 must be completed, with management expecting it to be wrapped up by January 2027.

Banks to organise a career festival

-The banks are seeking to reshape their image on several fronts. Following the €560 million programme to renovate school and university facilities, they are now turning their attention to employment, organising a career festival for late November. The aim is to present themselves as good employers and attract young, highly qualified staff who will help shape the future of the banking sector, from artificial intelligence and digital transformation to new forms of banking and specialised services. The other side of the same coin is voluntary redundancy, as the tools of the digital economy require new skills and fewer people.

Alpha Bank: ‘New Together’ and the benefits that make a difference

-Yesterday, Alpha Bank CEO Vassilis Psaltis and the bank’s management unveiled a clean, progressive brand that shows absolute respect for Alpha Bank’s history, under the central message ‘New Together’. Bearing the design signature of Pentagram, the international design firm responsible for corporate identity projects for major financial groups, technology companies, media organisations and cultural institutions, Alpha Bank’s new emblem and logo seek to connect the bank’s history with its contemporary identity. Pentagram’s portfolio includes work for Mastercard, Microsoft and Citibank, among others. “The change within the bank has already taken place. Today, it is finding its voice,” said Alpha Bank chief executive Vassilis Psaltis, setting the tone for the organisation’s new era. Alpha Bank is changing its entire operating model, putting personalised service for every customer first. Just as people are not all the same, neither are their needs. The bank’s branches are being modernised to support this change in philosophy, while new products will be announced gradually in the coming period to meet customers’ needs. The first to experience ‘New Together’ were the bank’s own employees. The presentation went beyond a refreshed corporate image, however, and was accompanied by initiatives designed to give the message of the new identity real substance: strengthening family ties, recognising the contribution of the bank’s people and creating more opportunities for career development. As part of this effort, management announced medical cover for employees’ parents, a guaranteed minimum gross monthly salary of €2,300 for financial advisers, and new career development opportunities without requiring employees to relocate to Athens or Thessaloniki. These are three initiatives with a distinct social and workplace impact, taking the message of ‘New Together’ beyond corporate image. A new identity acquires real value when it changes not only how an organisation presents itself to the outside world, but also how it treats its people.

Movement on the Mandarin Oriental project at Ellinikon

-Things are moving at Ellinikon on the long-awaited hotel project by the Ensofi group (The Ilisian, Costa Navarino), which has been in the works for three and a half years. The hotel is planned for the site of the former airport, through a joint venture with the project’s developer, Lamda Development. Although delays are a given, a few days ago Belt Riviera S.A., the joint venture established by Ensofi (70%) and Lamda’s Ellinikon Hospitality (30%), received a payment of the full €3 million, representing a partial payment of the company’s initial share capital. Belt Riviera was established in February 2023 and is one of two companies set up following the agreement between the then-TEMES (now Ensofi), owned by the Constantakopoulos and Olayan families, and the LAMDA group, to develop two hotels with branded residences as part of the first phase of the investment at the former Ellinikon airport site. Belt Riviera’s remit includes the hotel to be built next to the prime coastal residential zone of ultra-luxury homes, comprising villas on 27 plots and the low-rise The Cove Residences complex. For this hotel, on a site covering more than 80 acres, an agreement with Mandarin Oriental Hotel Group to manage the property was announced in May 2023. It will be Mandarin Oriental’s second hotel in Greece. The agreement will bring the world-famous brand to Athens as well as Costa Navarino. Three and a half years after the initial agreement, announcements about the second hotel are still pending. The project is being developed through the other joint venture between Ensofi and Lamda, Malt Riviera S.A., with both sides remaining more than… tight-lipped.

Cyprus Stock Exchange: Israelis back in the takeover game

-The privatisation process for the Cyprus Stock Exchange (CSE) has attracted Israeli interest, with the Tel Aviv Stock Exchange (TASE) seriously considering bidding to acquire it. According to reports in the Israeli newspaper Calcalist, TASE is at an advanced stage of evaluating the investment, although it has not yet made a final decision on whether to participate in the tender. It is worth noting that TASE had previously expressed interest in the CSE, but the Athens Stock Exchange (ATHEX) intervened with a view to forming a three-way alliance. Then came the massacre in Israel on 7 October, the war began, and everything came to a halt. The CSE is valued at between €20 million and €40 million, but what interests the Israeli exchange is that acquiring the CSE would give it a European passport. In any case, Nicosia is preparing to privatise the CSE, seeking to upgrade the market and attract international investors. Euronext may also be in the background, given that Athens and Nicosia already maintain close cooperation on stock market infrastructure. For now, however, the most concrete interest made public has come from Tel Aviv, with the final intentions of prospective investors expected to become clear when the tender is announced.

How much longer can the rally last?

-The passing of four years since the S&P 500 began its upward trajectory in October 2022 has revived a familiar question: how much longer can a stock market rally last? Historical evidence shows that the age of a bull market, by itself, is not sufficient evidence that it is nearing its end. According to historical data as of 12 October 2026, the current bull market has lasted 48 months. It therefore remains below the historical average of 67 months, as well as the median of 60 months. This does not, however, constitute a forecast for the remainder of the rally. It does show that a four-year run is not unusually long within this particular historical sample. The variation in the duration of previous bull markets is striking. The longest recorded run lasted 148 months, or approximately 12 years and four months. It is followed by a cycle lasting 131 months, almost 11 years. Other bull markets lasted 86 and 74 months, while two ended after 60 months. At the other end of the spectrum, the shortest lasted just 21 and 26 months. The statistics leave room for the rally to continue, but offer no guarantees. The crucial question is how much economic and corporate momentum – in terms of profitability – remains to carry it through the next phase.

HELLENiQ ENERGY breaks through €19

–HELLENiQ ENERGY emerged as one of the major standout performers in yesterday’s trading session, capitalising on strong buying interest in the refining sector. Its shares rose 3.4% to close at €19.10, setting a new all-time high and closing above the €19 milestone for the first time. The rally was accompanied by increased trading activity, with turnover of €12.47 million and a volume of nearly 660,000 shares. The stock’s year-to-date return has now reached an impressive 128.5%, more than doubling in value in 2026, having started the year at €8.36. The group’s market capitalisation stands at €5.83 billion.

EYDAP reaches a 26-year high

–EYDAP displayed impressive momentum, jumping 7.3% in its strongest trading session in seven months, specifically since 4 March, when it surged 16.96%. The stock closed at €13.28, its highest level in 26 years, after touching €13.44 during the session. The next target is the all-time high of €14.72, recorded on 9 March 2000. EYDAP has also now posted gains for three consecutive sessions, with cumulative returns of 12.35%, while its performance since the start of 2026 stands at 68.95%. Its market capitalisation has now reached €1.41 billion. Strong buying interest may be linked to expectations of improved profitability and an accelerated investment programme, although no specific catalyst for the rally has been confirmed.

Vodafone’s investments

–Achilleas Kanaris is accelerating Vodafone Greece’s investment programme, placing greater emphasis on retail through the modernisation of its store network. Over the next two years, the company plans to complete a €15 million programme to renovate all its stores, which number more than 260 nationwide, including shop-in-shop outlets. So far, 65 sales outlets have been refurbished, including the one at The Mall Athens. At the same time, Vodafone is accelerating the expansion of its own fibre-optic network, which now covers more than 600,000 households, while active fibre-to-the-home (FTTH) connections more than doubled in 2025 compared with the previous year. Under the company’s investment plan, network coverage is expected to reach 850,000 lines by 2027.

Vergina’s avatar

–Macedonian Thrace Brewery and AWG have announced the launch of a partnership centred on AWGMeta AI Avatar, aimed at “collecting and processing information” and “developing strategic issues”. The announcement does not specify the scope, duration or cost of the collaboration. The interesting details, however, lie outside the press release. AWG is a business group that is just one month old. It was created in September through the merger of AWGMeta and Grafima Print, and says it employs 150 people and has 2,500 clients. AWGMeta was co-founded by Spyros Seriatos and Akis Liantzouras. The company maintains a public affairs partnership with former minister Aris Spiliotopoulos and has a relationship with The Livingston Group in Washington. The AI Avatar was unveiled in June 2025 as a tool for retail brands. The Komotini-based brewery, meanwhile, is awaiting a crucial ruling. Within days, the Amsterdam court is expected to deliver its final, though appealable, judgment on the compensation it is seeking from Heineken and Athenian Brewery. An interim ruling on 18 February assessed the damage at €43.34 million, excluding interest. Macedonian Thrace Brewery estimates that it will be awarded at least €83 million. In 2025, its turnover did not exceed €31 million, while operating profit stood at €4.2 million, down 30%. The decline in profitability is attributed mainly to the costs of the legal dispute. If the €83 million is ultimately awarded, it would be equivalent to 2.7 years of sales and approximately 20 years of operating profit. The brewery would be called upon to manage capital many times greater than its annual turnover. Plans already on the table include a €50 million aluminium can manufacturing plant and entry into the bottled water market.

Twelve euros for the shops

–Eurobank Equities has raised its target price for Athens International Airport (AIA) to €11.60 from €10.30, while maintaining a hold recommendation. The stock closed at €12.18 yesterday, up 0.74%. With 318.2 million shares outstanding, the market values the airport at €3.88 billion, equivalent to 18.8 times the earnings forecast by the brokerage for this year. Its target price implies a valuation of €3.69 billion, or 4.8% below the current market value. Including a dividend yield of approximately 5.4%, the total expected return falls to around 0.6%. The interesting question, however, is why the target price was raised. It increased by 12.6%, while earnings forecasts improved by only 2% to 3%. The difference is accounted for by a reduction of approximately 80 basis points in the cost of equity, at a time when bond yields are rising. The stock has become more expensive mainly because the perceived risk has fallen. Earnings, after all, are not growing. The forecast for 2026 is €206 million. In 2025, earnings stood at €207.3 million, already down 12.1%. This is despite traffic increasing by 4.3% over the first nine months of the year. To bring profitability into line with the regulatory framework, AIA introduced a temporary 30% discount on the Passenger Service Charge from 1 October 2025 to 30 April 2026. In the first half of the year, aviation EBITDA fell from €126.5 million to €110.2 million, while non-aviation EBITDA rose from €63.3 million to €65.7 million. That appears to be where the market is placing its bets. Eurobank expects annual growth of 3% in regulated earnings and 7% in commercial earnings through to 2035, with 60% more commercial space following the expansion. The expansion, however, is becoming increasingly expensive. The 40MAP (“40 Million Annual Passengers” programme) is now estimated to cost around 30% more than the original €1.3 billion budget, while the €950 million earmarked through to 2030 will cover only part of the bill. The remainder will fall due after 2030, while the concession expires in June 2046. The dividend distributed for 2025 was €0.66 per share, amounting to approximately €205 million. In May, €83.2 million was reinvested in 8,653,718 new shares at €9.62 each. The number of shares increased by 2.8%. The programme runs until 2028, and the additional aviation capital strengthens the permitted regulated earnings base. AIA is, of course, also bidding for the concession to operate the 22 regional airports. This is not part of the 40MAP expansion plan. At €12, investors are buying runways with a price cap, shops without one, and a contract with an expiry date.

George Economou’s next big business venture

-An interesting business detail lies behind the latest agreement between George Economou’s TMS Cardiff Gas and WinGD. The ship management company specialising in LNG carriers has secured a technical support agreement for six main engines to be installed in three newly built LNG carriers constructed by HD Hyundai Samho. At first glance, this looks like a routine technical agreement. But in modern shipping, engine manufacturers are no longer content simply to sell their equipment. They are seeking a continuous presence on board, providing spare parts, maintenance, specialist personnel, remote monitoring and digital services. In other words, the business model is changing. The initial sale of an engine is merely the beginning of a commercial relationship that can last for many years. For Greek shipowners, this means greater technical support and the ability to plan maintenance more effectively, but it also creates long-term relationships with technology suppliers. At a time when everyone is watching how many ships shipowners are ordering, an entire market is developing around who will maintain, monitor and support these vessels after delivery.

Patitsas, car carriers and the Chinese

–Leon Patitsas has invested in a market that is becoming increasingly strategically important: the maritime transport of cars. But the rapid expansion of Chinese interests in the car carrier sector is raising a different question for independent shipowners. Will Chinese carmakers continue to seek shipping capacity from third parties, or will they try to control an ever-larger part of the transport chain? The answer will affect not only freight rates but also the value of the ships themselves. This is where things get interesting for Patitsas, who sold two such vessels, commonly known in the industry as car carriers. Independent shipowners can be valuable partners for major exporters, offering expertise and access to a modern fleet. On the other hand, as more Chinese groups acquire their own vessels or secure long-term leases, the terms of competition are changing. The next major deal in the market may not depend on who orders the most car carriers, but on who secures the strongest customers. Patitsas operates in a sector where tomorrow’s most valuable asset may not be just the ship itself, but also the relationship with the customer who fills its garages.

Shipping on Rubio’s agenda – And now the hard part begins

-An interesting detail of the sixth Greece–US Strategic Dialogue largely slipped under the radar of the political news cycle. According to the Minister of Maritime Affairs and Insular Policy, shipping was given a separate place on the agenda for the first time in talks between Athens and Washington. On 7 October, an agreement was signed under which Greece would recognise US certificates of competency for seafarers. The agreement underlines the United States’ recognition of the strength of Greek-owned shipping, which accounts for around 20% of global shipping capacity. The real question, however, is what happens next. When the world’s largest maritime power is given a dedicated place in the strategic dialogue with the American superpower, it is difficult to imagine discussions remaining confined to seafarers’ certificates indefinitely. Maritime security, the protection of trade routes, energy transportation and port infrastructure are all areas with wider geopolitical significance. The biggest challenge, however, is whether this first agreement will pave the way for a more substantive maritime agenda between Athens and Washington. Because in international relations, as in shipping, it is not enough simply to take a seat at the negotiating table. What matters is what you manage to get out of it.

Six trillion dollars a year

-Yesterday, South Korea’s Kospi stock market index fell by more than 6%, while Kioxia dropped by around 13%, marking the worst session for artificial intelligence suppliers since late July. Reuters described the sell-off as the strongest sign yet that investor sentiment is shifting. On the same day, the International Monetary Fund (IMF) warned that “the consequences of a correction in Artificial Intelligence could be global”. On Monday, BlackRock’s research unit had downgraded US equities to a neutral stance. Behind this nervous mood lie two figures. The first is straightforward: 3.63%. This is the share of US gross domestic product (GDP) that infrastructure for artificial intelligence is estimated to absorb each year from 2025 to 2032. The 3.63% figure comes from an in-depth study by Stein Van Nieuwerburgh of Columbia University for Brookings, highlighted by the Wall Street Journal. The total comes to $10.3 trillion. During the era of the “railroad revolution”, infrastructure spending between 1870 and 1890 absorbed 2.24% of GDP. Highways accounted for 1.13%, telecommunications in the 1990s for 1.10%, and canals for 0.66%. This year, Goldman Sachs estimates that investment in AI infrastructure will amount to around 1.9% of GDP. The second figure is $6 trillion. That is the annual revenue the industry needs worldwide by 2031 to justify its data centres, according to an analysis by Bain. The calculation is simple: $1.5 trillion in annual investment, equivalent to 25% of revenue. Existing products, from chatbots to business tools, generate at most $1.8 trillion. That leaves a $4.2 trillion gap, which Bain expects advertising, autonomous systems and robotics to fill. Last year, the same consultancy was talking about $2 trillion. In 1873, more than 100 American railway companies went bankrupt. The tracks remained in place and went on to serve others.

Louis Vuitton’s Pyrrhic victory in China

-Late on Monday evening, LVMH announced its third-quarter sales figures (€18.5 billion, with organic growth of 1%). But the real story extended all the way to China. The Fashion and Leather Goods division, which accounts for almost half the group’s turnover and includes Louis Vuitton and Dior, fell by 5% to €8.25 billion. Chief Financial Officer Cécile Cabanis told analysts that purchases by Chinese customers had fallen by around 15%, with a double-digit decline within China itself. Asia excluding Japan was the only region to record negative growth, at -5%. The US and Japan grew by 5% and 6%, respectively. Behind the figures lies a favourable ruling by the Chinese courts. On 29 June, Louis Vuitton won a first-instance ruling in a court in Suzhou, securing 10.3 million yuan (around $1.5 million) in compensation from the Molly Tea chain over a four-leaf flower logo. The ruling attracted 400 million views on Weibo (China’s equivalent of Twitter or X), and the public naturally sided with Molly Tea. Cabanis acknowledged a negative impact, “at least at the beginning of the quarter”. She added that the 5% decline was “small”, closer to 4.5%, and that a logistics provider problem had cost Vuitton more than one percentage point of growth. Jonathan Anderson’s Dior also remained flat for the quarter. Watches and jewellery slowed to 6% growth from 11%. Management ruled out price cuts, while Cabanis left open the question of whether cost controls would fully offset the pressure on margins. LVMH shares are struggling, trading just above their 52-week low and around 40% down since the start of the year. On Tuesday, four investment firms cut their price targets by an average of 9%. European luxury groups have lost around €330 billion in market capitalisation this year. In China, Louis Vuitton won its case and secured $1.5 million in damages. But it lost its Chinese consumer audience.

Shelf war over a difference of 10 euro cents

–Aldi is a major German discount supermarket chain. In reality, it consists of two separate groups, Aldi Nord and Aldi Süd. Greek consumers remember its brief spell in Greece: it arrived in 2008 and left in a hurry in 2010, closing all 38 of its stores as it saw the storm coming. In Germany, Aldi appears to have declared war on Coca-Cola. Its shelves are running out of stock, and supplies are not being replenished. The trade newspaper Lebensmittel Zeitung reported on 8 October that deliveries to the discount chain had been suspended. Quietly. The trigger is the price list. Coca-Cola Europacific Partners, the bottler serving the German market, raised wholesale prices by an average of 3.5% from 1 September. The recommended price for a 1.25-litre bottle rose from €1.59 to €1.69. Lidl and Netto adopted the new price. Aldi is selling its remaining stock at €1.59. Before Aldi, Rewe, according to the same newspaper, froze orders across the entire portfolio, from Fanta and Sprite to Monster. A few days later, Coca-Cola announced that the dispute had been resolved. Aldi responded differently. On 1 October, it cut the price of its own River Cola, in a 1.5-litre bottle, from €0.65 to €0.49, a reduction of around 25%. Lidl and Norma cut the prices of their own brands to the same level. Per litre, Coca-Cola now costs almost four times as much as the private-label product sitting beside it. Germany’s price list does not, of course, apply to Greece, where Coca-Cola HBC handles bottling. The broader trend, however, is the same: private-label products accounted for 27.7% of supermarket sales in the first quarter, according to figures from Circana. On Aldi’s shelves, the world’s most famous brand is currently testing its staying power next to a bottle costing €0.49.