The political and business landscape: Election preparations gather pace, questions surround the Metro Line 4 project, Damco reports strong liquidity and Greek shipowners prepare shareholder payouts.

Europe is confronting another railway tragedy in Spain, while Greece is grappling with major tax evasion investigations, renewed speculation about early elections and significant developments across the banking, energy, property and shipping sectors.

Corruption scandals and the fight against organised crime

Europe has been shaken by another deadly railway accident in Spain, raising questions about the safety of a mode of transport that had long been regarded as exceptionally reliable.

The tragedy inevitably brings back memories of the Tempi railway disaster in Greece, where apparent human errors in traffic control became the subject of intense political controversy.

In Greece, meanwhile, attention remains focused on tax evasion scandals, particularly the investigation involving the Choriatiko bakery chain.

The scale of the alleged wrongdoing has prompted questions about how such activities could have continued for so long without attracting the attention of the authorities.

According to the column, significant investigations have been conducted over the past 12 to 18 months by police officers who faced threats, attempted bribery and pressure as they pursued organised criminal networks.

The investigations have also brought renewed attention to corruption within the police, tax authorities, social security administration and local government.

Citizen Protection Minister Michalis Chrysochoidis is described as a central figure in the current crackdown, drawing on his previous experience in tackling organised crime and terrorism.

Nevertheless, the question remains whether investigations will eventually reach individuals occupying more influential positions.

Election planning points towards May or June 2027

Speculation about the timing of Greece’s next general election has intensified following a remark by Health Minister Adonis Georgiadis that May 16 would be a suitable date for polling.

Political circles have subsequently examined potential election Sundays in April, May and June.

According to information cited in the column, New Democracy’s main election campaign preparations, including successive regional visits by Prime Minister Kyriakos Mitsotakis and senior government figures, are expected to begin in March.

At present, the party is reportedly working around two possible scenarios: elections in either May or June 2027.

Ministers resume regional visits

New Democracy is also restarting ministerial visits to strategically important regions, aiming to cover all regional units through a coordinated programme each month.

The latest round begins on October 29 in Epirus, with ministers travelling to Arta, Ioannina, Thesprotia and Preveza.

Deputy Minister Thanasis Kontogeorgis is coordinating the presentation of government policies and achievements.

Each visit will also include a meeting with the governing party’s regional organisation, attended by party secretary Kostas Kyranakis, Giannis Smyrlis and Stelios Kontadakis.

Mitsotakis and Tasoulas discuss political developments over dinner

On the evening before the October 28 military parade, Prime Minister Kyriakos Mitsotakis dined with President of the Republic Konstantinos Tasoulas at Diavasi, a restaurant in the Thessaloniki district of Pavlou Mela.

The two men reportedly enjoyed the restaurant’s well-known soutzoukakia, gyros and accompanying dishes, alongside a bottle of red wine.

Although there is no direct account of their conversation, the column suggests that Greek-Turkish relations were among the likely subjects discussed.

Tensions are expected to increase as work begins on the electricity interconnection cable, potentially creating further friction between Athens and Ankara.

Domestic developments within New Democracy may also have featured, particularly former prime minister Kostas Karamanlis’s recent speech and the political activities of Antonis Samaras.

Despite speculation about a possible meeting between Mitsotakis and Karamanlis, the column considers such an encounter unlikely.

Mitsotakis in New York as Turkey promotes candidate for UN leadership

Mitsotakis left the Thessaloniki military parade early on October 28 to return to Athens and board a commercial flight to New York.

On October 29, he is scheduled to attend engagements at the United Nations, including chairing an afternoon open debate during Greece’s presidency of the UN Security Council.

The discussion will focus on emerging technologies and maritime security.

Foreign Minister Giorgos Gerapetritis has been in New York since the weekend.

Meanwhile, Turkish reports suggest that Ankara is approaching several Security Council members in an effort to overcome the deadlock surrounding the selection of the next UN Secretary-General.

Turkey is reportedly promoting experienced diplomat Feridun Sinirlioğlu for the position.

The column expresses scepticism about his prospects but suggests that President Recep Tayyip Erdoğan is seeking to strengthen Turkey’s diplomatic influence.

Erdoğan’s recent telephone conversation with French President Emmanuel Macron is presented in this context.

Pierrakakis makes unscheduled visit to Soufli

Finance Minister and Eurogroup President Kyriakos Pierrakakis continued his tour of Eastern Macedonia and Thrace, visiting Kavala, Xanthi and Drama before arriving in Alexandroupolis on Tuesday evening.

On the eve of the October 28 national holiday, he delivered the keynote address at an event organised by the Region of Eastern Macedonia and Thrace on the role of Greece’s regions in the country’s future.

His programme for October 28 included participation in national commemorations and a subsequent visit to Orestiada.

However, Pierrakakis requested an additional stop in Soufli to express the state’s gratitude to military personnel serving in the border area.

Following a visit to the Officers’ Club, he toured local shops renowned for their silk products and spoke with residents.

Greece seeks greater EU flexibility on energy subsidies

Greece continues to press European Union institutions for greater flexibility in implementing the already approved energy escape clause.

Athens wants the framework to allow funding for certain consumer subsidies, while domestic energy support measures are expected to continue throughout November.

Energy Minister Stavros Papastavrou is due to raise the issue at the EU Energy Council meeting in Luxembourg on October 29.

The next important milestone will be the Eurogroup meeting on November 9, chaired by Kyriakos Pierrakakis.

Negotiations over Attica Group acquisition appear to have collapsed

Fresh information indicates that negotiations for a transaction involving ferry operator Attica Group have effectively ended.

Goldman Sachs Asset Management had previously withdrawn from discussions involving a consortium with the Kyriakou family’s K Group and the Qatar Investment Authority.

The consortium had been exploring the acquisition of Attica Group.

Following Goldman Sachs Asset Management’s withdrawal, negotiations had initially appeared to continue under businessman Theodore Kyriakou, with the possibility of acquiring a minority stake.

However, according to the latest information cited in the column, no transaction is now expected.

The development could increase pressure on Piraeus Bank, as the Single Supervisory Mechanism (SSM) wants the lender to dispose of non-banking holdings, with the exception of healthcare investments.

The column also dismisses rumours that news of the deal’s collapse was celebrated with a private gathering at the office of K. Mageiras, attended by close associates and shipping agents.

Damco reports €51.85 million in pre-tax profits as cash reserves surge

The Damco Group, controlled by the Copelouzos family, delivered substantial financial results for 2025, despite a decline in revenue and pre-tax profits.

The group’s portfolio includes interests in Redex, Damlot, Prevision Clean Energy, Horizon and Novaera, among other companies.

During 2025, Athens Metropolitan Expo and its wholly owned subsidiary Metropolitan Events SA were brought into full consolidation after Damco increased its ownership stake to 51.25%.

Previously, the investment had been accounted for using the equity method.

The group also disposed of its holdings in Gepem Energy, Delta Airport Investments and its remaining stake in the associated company Alexandroupolis Power Generation SA.

Its financial figures show a mixed performance.

Financial indicator	2025	2024
Revenue	€217.5m	€306.5m
Pre-tax profits	€51.85m	€63.7m
Equity	€356.23m	€296m
Cash and cash equivalents	€110.42m	€28.4m

Accumulated profits reached €143.76 million.

The most striking development was the increase in cash and cash equivalents from €28.4 million at the beginning of the period to €110.42 million at year-end.

The improvement was attributed to a €79.39 million increase in cash flows from operating and investing activities.

Management nevertheless highlighted several uncertainties affecting future financial performance.

These include limited market liquidity, rising material costs linked to the energy transition, shortages of skilled construction workers, delays in tendering new construction projects, narrower profit margins and late payments from customers.

The company warned that these challenges could affect future liquidity.

Costamare acquires land for new headquarters at Ellinikon

Shipping group Costamare has purchased a plot of land in the business district of the Ellinikon development, where it plans to construct an office building.

According to the column, the investment is not intended to generate rental income.

Instead, the planned building will accommodate the maritime operations of the family-controlled group.

Separately, Achilleas Konstantakopoulos, through TEMES and in cooperation with Lamda Development, is advancing a strategic investment at Ellinikon involving two hotels and residential properties.

Metro Line 4 faces questions over flooding at Foreign Ministry

Questions have emerged over whether flooding in the basement of the Greek Foreign Ministry building, at the junction of Panepistimiou Avenue and Vasilissis Sofias Avenue, may be connected to construction work on Athens Metro Line 4.

Hellenic Metro SA denies that the flooding is linked to the project.

The column cautions that, should a connection ultimately be established, the development would further reinforce concerns about delays and complications surrounding the construction of Line 4.

Coca-Cola HBC prospects supported by parent company’s results

The Coca-Cola Company’s third-quarter 2026 results have provided encouraging indications for Coca-Cola HBC, particularly regarding sales volumes and demand resilience across Europe, the Middle East and Africa.

The parent company reported a 5% increase in volumes and 7% organic revenue growth, alongside a positive price-mix contribution of 1%.

Comparable operating profits in constant currency increased by 7%, supported in part by lower cost of goods sold.

Global sales of Coca-Cola Zero Sugar grew by 16%.

The parent company also highlighted positive commercial momentum in Greece, including the introduction of its new 500ml Supercan packaging.

These developments support expectations for Coca-Cola HBC’s sales volumes and profit margins.

The bottling group had already reported organic revenue growth of 9.6% and a 7.5% increase in volumes during the first half of 2026.

The parent company’s upgraded annual outlook has further strengthened confidence in the resilience of its distribution network.

Coca-Cola HBC is scheduled to announce its third-quarter sales results on Wednesday, November 4.

Corinth Canal restoration nears completion as tourism investment plans advance

Restoration work at the Corinth Canal is expected to be completed by the end of March 2027.

The extensive project, which began in 2021, has focused on stabilising the canal’s slopes following earlier damage.

The Corinth Canal Company, known as AEDIK and operating under the National Investment Fund, formerly the Hellenic Corporation of Assets and Participations, recorded improved financial results in 2025.

Revenue increased by 20%, reaching €6.3 million compared with €5.2 million in 2024, supported by the passage of more vessels and larger ships.

Pre-tax profits rose to €1.62 million, compared with €741,000 in the previous year.

Once restoration work is fully completed, annual revenue is projected to reach €10 million.

Beyond its role as a shipping passage, the canal is now being considered for a broader property and tourism development programme.

Plans cover approximately 180–185 stremmata, or 18–18.5 hectares, in the Isthmia and Poseidonia areas.

The objective is to establish a more comprehensive tourism destination rather than simply improve an existing transport corridor.

Urban planning preparations are already under way, with the aim of potentially launching a development tender in 2027.

The proposed investment could include cultural and thematic attractions, a museum, marina and small hotel, with particular emphasis on highlighting the area’s historical significance.

New corporate governance provisions reopen debate over independent directors

A new Finance Ministry bill is renewing scrutiny of the independence of company board members, particularly their relationships with major shareholders and business interests.

The proposed changes affect Article 9 of Law 4706/2020.

Under the existing provisions, a standalone restriction excludes board members holding more than 0.5% of a company’s share capital from being classified as independent.

The bill removes that separate restriction from paragraph 1 but incorporates the 0.5% threshold into the dependency criteria established under the revised paragraph 2.

It also retains provisions addressing individuals who represent shareholders controlling at least 5% of voting rights without written instructions.

The changes are particularly relevant to banks, where significant shareholders often play an active role in governance.

A professional relationship with a major shareholder does not automatically establish dependency.

Nevertheless, the proposed framework brings renewed attention to the need to examine actual relationships and potential conflicts of interest rather than relying exclusively on formal designations.

US senator challenges Greek tanker shipment of Russian diesel

US Senator Richard Blumenthal has reportedly written to Greek shipowner Thanasis Martinos, requesting the recall of the tanker AGIOI FANENDES.

According to the senator’s letter, the vessel is carrying approximately 40,000 tonnes of Russian diesel, with New York and New Jersey listed as its destination.

The Trump administration has granted a special authorisation covering the relevant imports.

However, Blumenthal questions whether this authorisation is sufficient to override restrictions approved by Congress in 2022.

The dispute highlights differing interpretations within the United States over the legality of the shipment.

The senator has requested detailed responses by October 31, including information identifying the seller, buyer, charterer, insurer and any instructions issued by US authorities.

The entire commercial chain associated with the cargo is therefore under scrutiny.

The suggestion that the shipment may be unlawful reflects the senator’s position and does not constitute an established judicial finding.

Tsakos to address maritime security and environmental challenges in New York

Greek shipowner Nikos Tsakos, founder and chief executive of Tsakos Energy Navigation (TEN), is scheduled to deliver a keynote address at the annual North American Marine Environment Protection Association (NAMEPA) conference in New York on October 29.

The discussion will cover international trade, geopolitical developments, energy security and the environmental responsibilities facing the shipping industry.

The central question is how international maritime commerce can develop while meeting increasingly demanding standards for protecting the oceans.

For companies transporting crude oil and natural gas, these considerations influence decisions about fleet investment, routes and operational strategy.

The conference programme also includes representatives of the US Coast Guard and Jan-Willem van den Dijssel of Cargill Ocean Transportation, who is taking over the presidency of NAMEPA.

Participants will therefore represent both maritime regulators and commercial shipping operators.

Greek shipping companies announce major shareholder distributions

Several Greek-controlled shipping companies are increasing shareholder returns through dividends and share buyback programmes.

Tsakos Energy Navigation is raising its first semi-annual payment to $1 per common share, double the corresponding payment for 2026.

The distribution is scheduled for January 2027.

The company has also approved share repurchase authorisations worth up to $150 million.

However, it has not yet disclosed its total dividend for 2027.

Dynagas LNG Partners is preparing a distribution of approximately $1.69 million to Series A preferred shareholders on November 12.

Capital Maritime Finance, meanwhile, is highlighting its proposed dividend policy as part of its planned listing on the Athens Stock Exchange.

The company aims to distribute between 60% and 70% of adjusted net profits on a quarterly basis, although specific payment amounts remain subject to approval.

AI OKTO has also announced a distribution of $3.50 per common share, payable in cash or shares under the conditions outlined in its announcement.

The payment is subject to a special procedure governing the transfer of entitlement rights.

French deposit flows raise concerns as Greek bank savings continue to grow

Fresh analysis of European household bank deposits has highlighted contrasting trends between major eurozone economies.

Former Institute of International Finance chief economist Robin Brooks published nine charts covering monthly household deposit flows from 2004 to September 2026.

The countries examined included Greece, Italy, Spain, Portugal, Cyprus and Ireland, alongside Germany, France and the Netherlands.

The analysis uses July 2012, when European Central Bank President Mario Draghi delivered his landmark “whatever it takes” commitment, as a key historical reference point.

Brooks acknowledges that the figures do not indicate a repeat of the severe deposit flight recorded during the eurozone debt crisis.

At that time, Greece experienced outflows of €6 billion in May 2012, while Italian banks recorded withdrawals of €15 billion in 2011.

Nevertheless, the latest data show notable deposit inflows into German and Dutch banks during September 2026, contrasting with outflows from French and Italian institutions.

The movements remain relatively small.

In France, regulated savings accounts, including Livret A products, recorded outflows of €5.3 billion in September, twice the amount reported a year earlier, according to Jefferies.

Macquarie has also warned that social unrest in France could contribute to deposit flight.

Greece presents a markedly different picture.

According to figures released by the Bank of Greece on October 28, private-sector deposits reached €227.2 billion following a €2.8 billion increase during September.

Household deposits stood at €157.3 billion, their highest level since August 2011.

The figures underline the transformation of Greece’s banking sector since the sovereign debt crisis, with deposits continuing to flow into the financial system.

Greek-Australian pilot makes history at Sydney’s new international airport

Twenty-five-year-old Greek-Australian pilot Aglaia Papadokokolaki, who grew up in Sydney’s Blacktown district, played a central role in the inaugural commercial flight from Western Sydney International Airport.

She piloted Jetstar flight JQ362, which departed for the Gold Coast at 11:22am on Sunday, October 25.

The flight marked the beginning of commercial operations at Australia’s first major new airport since Melbourne’s Tullamarine opened in 1970.

The Airbus A320 carried a full complement of passengers for the historic service.

Located at Badgerys Creek, approximately 45 kilometres west of central Sydney, Western Sydney International cost A$5.3 billion to build.

Unlike Sydney’s existing Kingsford Smith Airport, it is wholly owned by the Australian federal government through WSA Co.

When associated metro and road infrastructure investments are included, the total development cost approaches A$20 billion.

The metro project accounts for approximately A$11 billion, while road infrastructure represents a further A$4.4 billion.

The airport has an initial annual capacity of 10 million passengers, with plans for eventual expansion to a theoretical capacity of 82 million by the 2060s.

One of its main commercial advantages is the ability to operate around the clock.

Sydney’s existing airport operates under a statutory curfew between 11pm and 6am, established under legislation passed in 1996.

The absence of a night-time curfew at the new airport creates opportunities for airlines to increase aircraft utilisation.

Qantas Group plans to deploy 15 aircraft at the airport during its first year, comprising 10 Jetstar aircraft and five operated by Qantas itself.

However, the parent airline does not expect to begin its own operations there before March 28, 2027.

A significant difficulty remains the airport’s ground transport connections.

The A$11 billion metro link intended to connect the airport with St Marys in approximately 15 minutes is now expected to open no earlier than late 2027, potentially slipping into 2028.

The delay has been attributed to a dispute with the construction consortium, which is reportedly seeking up to A$2.2 billion in additional funding.

Until the rail connection becomes operational, passengers can use a free shuttle bus running every 30 minutes.

Taxi fares, however, can exceed the A$59 cost of a Jetstar airline ticket.

Brazilian markets suffer sharp losses following Lula’s re-election

Financial markets in Brazil have reacted sharply to the re-election of President Luiz Inácio Lula da Silva, after investors had widely anticipated a victory for Flávio Bolsonaro.

Market participants had associated a Bolsonaro presidency with greater fiscal discipline and lower interest rates.

Lula’s victory triggered a rapid reassessment of those expectations.

Brazil’s Bovespa stock index fell by 13.9%, while the real lost 8% of its value.

Concerns over the country’s fiscal position remain significant.

Brazil’s budget deficit is close to 8% of GDP, while its benchmark interest rate stands at 13.75%.

The incoming economic team will therefore face considerable challenges in financing the administration’s commitments.

However, the market reaction also illustrates the risks of treating political forecasts as certain outcomes.

Investors who positioned their portfolios heavily around a Bolsonaro victory were left exposed when voters delivered a different result.

Lula must now explain how his government intends to finance its policy commitments, while investment managers face questions about their exposure to political risk.

McDonald’s ends 32-year World Cup sponsorship partnership

McDonald’s has decided to end its sponsorship of the FIFA World Cup after 32 years, bringing to a close one of the tournament’s longest-standing commercial partnerships.

The fast-food chain has been associated with every men’s World Cup since the 1994 tournament in the United States, including the 2026 competition.

The latest sponsorship agreement, signed in 2023, covered the Women’s World Cup in Australia and the 2026 men’s tournament.

A FIFA representative confirmed to Adweek, which first reported the development, that the arrangement would not be renewed.

McDonald’s has stressed that its decision is unrelated to recent reports about FIFA President Gianni Infantino’s abandoned proposal to sell a stake in future World Cup profits to private equity investors.

Instead, the decision appears to reflect a broader reassessment of marketing effectiveness.

The company’s 2026 World Cup advertising campaign, created by Wieden+Kennedy, featured football stars David Beckham, Ronaldinho, Thierry Henry, Son Heung-min and Lamine Yamal across 110 countries.

It represented McDonald’s largest advertising investment of the year.

Nevertheless, chief financial officer Ian Borden acknowledged during the second-quarter results presentation that advertising performance had fallen short of expectations.

Comparable sales in the United States increased by just 0.8%, compared with 2.5% a year earlier, before turning slightly negative in July.

Global comparable sales growth slowed to 1.3%, from 3.8%.

Research by Kantar found that only 24% of American adults associated McDonald’s with the World Cup.

That placed the company behind Coca-Cola, at 36%, and Adidas, at 27%.

Together, the brands have spent approximately $1.4 billion on World Cup advertising in the United States.

McDonald’s global chief marketing officer Morgan Flatley had already signalled the change of direction in September, warning that the company had become overly dependent on intellectual property belonging to others.

Chief executive Chris Kempczinski subsequently made a similar observation to analysts, referring to marketing partnerships involving the World Cup and Minecraft.

The new “McDonald’s Next” strategy will place greater emphasis on food quality, flavour and digital creators.

Sport will remain part of the group’s marketing activities, but with reduced spending.

Existing partnerships include France’s Ligue 1 McDonald’s and the All-American Games in the United States.

For FIFA, the withdrawal represents a significant commercial setback.

The organisation generated approximately $2.7 billion from sponsorship and marketing rights during the 2023–2026 cycle.

The departure of such a longstanding partner, particularly after its largest advertising campaign, raises questions about the value major sponsors place on an event offering enormous global exposure concentrated into four weeks every four years.