Hello. Today, the eyes of the entire world are fixed on America, where the midterm elections are expected to be extremely difficult for Trump and his administration. The moment has arrived, so predictions suggest that we may have quite a bit more to say tomorrow and, certainly, the day after. Today, there is another… big showdown in Europe, and not only because it is of interest to other countries and other players. The bidding process for UEFA’s package of Champions League, Europa League and Conference League rights for the next four-year cycle is taking place in Geneva. As we said, in Greece the interested parties are Per Capita (television channels) and Alafouzos’s Sport FM, which is now setting up its own platform. International platforms, such as Disney or Netflix, may also enter the bidding for the rights with offers that are not limited to Greece. We are hearing about enormous sums, but let’s wait and see what they actually offer. The winner or winners, because there are five different packages covering matches on Tuesdays, Wednesdays and Thursdays, can also resell part of the package and, of course, use the rights on their own platforms or free-to-air channels. There is money around…

Athens A Electoral District Poll

You read yesterday about the Alco survey. I noticed only minor differences, but I managed to obtain from one of my sources an equally recent poll for the First Athens Electoral District, conducted in October, with some interesting breakdowns. I am presenting the main findings. So, New Democracy (ND) stands at 31.2% in voting intention estimates, Tsipras at 17.1%, our Nikos at 8.6%, followed by the KKE (Communist Party of Greece) at 8.2%, Zoe at 6.3%, and then the Kasidiaris camp (Alliance of Greeks) at 4.9%, Velopoulos at 4.8%, Varoufakis at 4.4%, Afroditoula at 3.8%, Niki at 3.1%, and Maria Karystianou at 3%, right on the threshold. The others—for example, SYRIZA—do not appear anywhere. To give you an idea, New Left is… polling higher than the former governing party (in name only), appearing at just 1.5%. I repeat that we are talking about the First Athens Electoral District, in other words, an upmarket area. So you can imagine what will happen in working-class areas and in northern Greece with the far-right parties. Note that the polling company is considered one of the most reliable. As for which party is regarded as the most substantial opposition, the poll puts PASOK (come on, Nikos!) in first place with 16.4%, compared with Tsipras at 12.7%. However, our Alexis beats Nikos hands down when respondents are asked, “Which politician do you identify with?” In that same question, of course, Mitsotakis stands at 28.3%. This poll also notes that 60.8% rate the government negatively, while 38.9% have a positive assessment of it. ND can only hope that even 35% of public opinion in the rest of Greece will rate it positively. It will stroll to victory at the ballot box. The survey also records the ranking of candidates for MP in the First Athens Electoral District. In this poll, Pierrakakis reaches almost 80% (79.8%, to be precise) and is in a league of his own. He is followed by Kikilias and Syrigos, then Plevris, and finally Olga Kefalogianni, since ND will presumably elect five MPs in the first constituency.

The NGO Is Not Even Registered with the Foreign Ministry

The Filirinis NGO scandal has everyone up in arms. He was promising financial assistance to families with sick children, but instead spent the money on nightclubs and hotel suites. Meanwhile, government agencies have also begun looking into the matter. In its articles of association, the NGO claimed to be registered in the Foreign Ministry’s records for international fundraising campaigns. However, the investigation by officials revealed something even more interesting: the YDAS, the department with which the NGO supposedly appeared to be registered, had been shut down years ago. Consequently, the NGO was not registered anywhere, meaning that the system apparently could not see it and therefore could not audit it. In other words, the individual in question claimed to have registered with a Foreign Ministry registry, but the relevant department had been closed for years.

Halva at the Cabinet Meeting

Yesterday’s cabinet meeting was a little underwhelming, Mitsotakis said on camera, particularly when he urged ministers not to focus so much on getting elected—the preference vote—but rather on doing their jobs in their ministries. Naturally, there was also a presentation of each ministry’s priorities for the coming period. However, let’s not delude ourselves: ministers will be looking after both their preference votes and their jobs. I am told that Mitsotakis showed particular interest in resolving outstanding issues concerning the railways, because it is a troubled matter. Meanwhile, the Minister of Digital Governance, Dimitris Papastergiou, whose birthday it was, took it upon himself to sweeten the Cabinet meeting with some halva, prompting Mitsotakis to wonder whether it was fattening. All good…

Changes Within the Party

Since we are on the subject of the government, Mitsotakis also convened yesterday the Executive Secretariat of ND. My assessment is that, now that we have seen it once, we probably will not see it again on the road to the elections. It is a body that emerged from the party congress, though, so why not? During this discussion, ND Secretary Kyrianakis also presented some ideas for changing the way the party’s internal bodies operate. The main proposal involves more regular meetings of the party’s Political Committee, attended only by members elected at the congress—for example, once a month. The aim is for the committee to advise the government and propose political initiatives. In reality, however, it is also a way of activating all the party cadres without too much effort.

Alexis and the Golf

Our Alexis visited the… hallowed ground of Messinia yesterday, although political interest in the region is now focused on the right. Antonis is rolling the dice over the prospect of forming a party. For heaven’s sake, man, make up your mind! They are all on tenterhooks… figuratively speaking. Alexis Charitsis was absent from the region, despite everyone expecting to see him. He is considered to be very close to the New Left (the Greek abbreviation is NAR), but he also has a personal channel of communication with Androulakis. The most amusing part of Tsipras’s appearance, however, was that he arrived in an old VW Golf, more than ten years old, apparently leaving the proper vehicles from his security entourage back in Athens, in order to appear closer to ordinary people who are struggling financially. Not like Mitsotakis, whom he called the “high priest of cronyism”—a nice opportunity to recall his old friendship with Karamanlis.

New Company Founded by Th. Varvitsiotis

The well-known communications and public relations entrepreneur Thomas Varvitsiotis (co-founder of V+O Group) established a new company yesterday, Monday, November 2. The new company is called Alveo Capital Advisors S.A. It is based in Athens, and its stated business activities include, among other things, the provision of business and management consulting services; asset-utilisation services for legal entities; business valuations ahead of mergers or acquisitions; brokerage services for the export of goods; and research, organisational and operational studies, among other activities. Varvitsiotis will also take on the representation of international investment houses in Greece. The initial share capital amounts to €25,000, divided into 2,500 shares of €10 each, all of which have been contributed by Varvitsiotis himself, who has also assumed management of the company. I therefore assume that, firstly, Thomas has probably made a definitive move towards entrepreneurship, and specifically into the same sector as V+O or an even broader one, and, secondly, that he is thereby putting his thoughts about entering politics behind him.

Developments, Restructuring and Expansion in the Beer Market

Heineken has a bigger challenge ahead of it than the €111 million in compensation awarded in favour of Macedonian Thrace Brewery: reorganising its European operations. The plan is now in the hands of the group’s new CEO, Rafael Oliveira, who is responsible for implementing it. Heineken is moving from 23 operating companies to eight larger units that will cover more markets, effective January 1. During the conference call with analysts, Heineken CFO Harold van den Broek explained what the pilot structures that preceded the reorganisation had demonstrated. “We began learning from one another how to improve customer engagement, accelerate innovation and leverage synergies in procurement, advertising and commercial activation,” he said. This experience, he added, convinced management that larger units working closely together represent the right direction for Europe. For Athenian Brewery, the reorganisation comes at a time when it is already undergoing a management transition. The company has been integrated into G9 Europe, which covers nine markets, including Greece, Bulgaria, Romania and the Czech Republic. G9 is headed by Alexandros Daniilidis, who has once again temporarily taken over the management of Athenian Brewery following the sudden departure of Sebastian Sanchez, who had succeeded him at the Greek subsidiary. No specific changes concerning Athenian Brewery were announced during Heineken’s conference call. The competition, however, has reason to smile. This was evident from the management of Carlsberg, which controls Olympic Brewery and appeared particularly pleased with the launch of Mythos in Britain. During the conference call on its third-quarter results, the group’s CEO, Jacob Aarup-Andersen, described the launch over the summer as “very good” and said that Carlsberg would expand distribution, seeing significant potential for the beer within the international brands category. Mythos is not exported from Greece: it is produced and packaged in Britain by Carlsberg Britvic. Its distribution began at Tesco and Booker stores in March and expanded more widely across the British market in September. Carlsberg is banking on the brand recognition Mythos has acquired among British tourists visiting Greece, bringing a beer associated with their holidays onto the shelves of their home market.

The Little Vergina (€111 Million Worth) Heads to Athens

Meanwhile, Macedonian Thrace Brewery, which produces Vergina beer, is meeting the press tomorrow at a central Athens hotel. The meeting is taking place two weeks after the Amsterdam District Court ruled in its favour, awarding it €111 million from Heineken N.V. and Athenian Brewery: €43 million in compensation and €68 million in interest for abusive practices during the 1998–2014 period. CEO Dimitris Politopoulos, accompanied by lawyers and representatives of microbreweries, will explain why this particular ruling matters to every Greek business competing against a multinational corporation. The key to the case lies in the interim ruling of October 2024. The Dutch court determined that the parent company and its Greek subsidiary constitute a single economic entity and are jointly liable. As a result, the decision of the Hellenic Competition Commission (a €31.5 million fine, December 2015) was transformed into a compensation claim that could be adjudicated at the group’s headquarters, with interest exceeding the principal amount. The lawsuit was filed in 2017. This entire process took nine years. Heineken described the claim as unrealistic, challenging the assumptions about sales and profitability under a “hypothetical scenario”, and will appeal the ruling. Consequently, the question for the press conference is the timeline. If Heineken files an appeal, the deadline being January 21, 2027, the €111 million will remain an accounting figure rather than available cash. Of course, interest will continue to accrue, to the benefit of Macedonian Thrace Brewery, if the ruling is upheld. For the microbreweries following the press conference, the message is that competition law now has a price tag: 2.6 times the original fine.

K. Nebis at the Helm of OTE Until 2030

No one can claim that the intention to renew Kostas Nebis’s term as head of OTE came as… unexpected news. Nevertheless, the unanimous decision of the Board of Directors to recommend, following a proposal by the Remuneration and Nomination Committee, the re-election of K. Nebis as Chairman of the Board and CEO for a three-year term at the 2027 Annual General Meeting of Shareholders provided an opportunity for some positive comments about his performance. In short, he is being credited with having taken over the baton from a successful manager such as M. Tsamaz and, despite doing so at a time when the sector was facing numerous challenges, having led the group through significant progress. The overall trajectory is generally characterised as excellent, both internally and externally, and this was also confirmed by the recently announced financial results.

The Chinese Have Big Plans for the Port of Piraeus

The 11.4% increase in container traffic at Piraeus Terminals II and III during the third quarter of 2026 was the headline news. The more important development, however, lies in what the Chinese are planning for the future of Greece’s largest port. COSCO Shipping Ports is officially including Piraeus among the four port hubs in its international network that it is prioritising for the enhancement of operational capabilities. The 1.09 million TEUs handled over three months indicate that Piraeus is regaining commercial momentum. Nevertheless, the increase of just 1.7% over the nine-month period serves as a reminder that the recovery needs to be sustained before it can acquire a stable character. The essential point is that COSCO is not limiting itself to handling more cargo. It wants more shipping routes, more frequent vessel calls and stronger connections between Piraeus and its global network. This means seeking a larger share of Mediterranean freight flows, particularly if normal operations through the Suez Canal are restored. There is, however, a second way of looking at this. The more deeply Piraeus becomes integrated into Chinese planning, the greater its geopolitical significance becomes, at a time of intense competition for control over international supply chains. The question is whether the increase in cargo volumes will translate into greater economic activity for Greece. Without effective railway connections, modern logistics infrastructure and access to Central European markets, part of this potential will remain untapped. The Chinese are showing that they are counting on Piraeus. The question is whether Greece will make use of this potential so that the port evolves from a major transshipment hub into a fully integrated European trade and logistics hub.

Revoil Increases Its Market Shares

Revoil increased its market shares during the first nine months of 2026, recording higher sales volumes in a declining fuel market. In petrol, its sales increased by 7.98%, compared with a 1.18% decline in the overall market. Its market share consequently rose to 7.05%, from 6.50%. In diesel, volumes increased by 10.96%, compared with a 1.85% contraction in the market, raising its market share to 10.45%, from 9.20%. Across motor fuels as a whole, Revoil achieved sales growth of 9.95%, compared with a 1.57% decline in the market, expanding its market share to 9%, from 8.05%. In heating oil, sales fell by 10.94%, a milder decline than the 16.79% contraction recorded by the market. Meanwhile, across all light petroleum products, volumes increased by 6.34%, compared with a 3.23% decline in the market. The figures confirm the strengthening of the company’s commercial position, although the ultimate impact on profitability will depend on trading margins, distribution costs and working capital requirements. The company also recorded more than a doubling of sales of solar water heaters during the first nine months of 2026. The number of units sold reached 7,027, compared with 3,370 during the corresponding period of 2025, an increase of 108.5%, or 3,657 units. The strong increase in volumes is a positive indication of the expansion of the company’s activities beyond the fuel business.

Y/KNOT’s Chartering Deals

Y/KNOT’s management, apparently also in view of yesterday’s Euronext Athens Small Cap Conference, announced the chartering of the tanker Amethyst to a petroleum trading group. The agreement provides for daily revenue of $175,000 over a period of 1.5–2.5 months. The vessel’s first charter, which ended on October 29 after 96 days, had generated $4.32 million, equivalent to $45,000 per day. Under the new charter, the vessel is expected to generate $7.9–13.1 million, depending on the duration of the agreement. Y/KNOT had paid $44.1 million for the 105,599-dwt Aframax tanker, built by Hyundai in 2009. The company’s investor information document put the average Aframax TCE (Time Charter Equivalent) rate for 2026 at $93,936 per day, with operating costs of $8,000–8,300. In other words, the $175,000 daily rate is almost double the average for what is already an exceptional year, with freight rates soaring sky-high because of geopolitical tensions and longer shipping routes. Since October 27, Y/KNOT’s shares have been included in the Euronext Athens General Index, following the absorption of Europe Holdings by CrediaBank.

BIOTER Is Fighting to Return to the Stock Exchange

Seventeen months after trading was suspended (June 2, 2025), BIOTER is taking the final step before requesting its return to the stock exchange. The information memorandum for a capital increase of up to €2 million has been published, and 5,186,049 new shares will be issued at a price of €0.38565 each. The exercise of subscription rights, from November 9 to November 30, will evidently take place off-exchange, with technical support provided by Euroxx. One particularly interesting detail is that €1.4 million of the €2 million has already been deposited as an advance by TRIALFAM S.A., which is already a BIOTER shareholder with a 4.87% stake. The company’s principal shareholder and CEO, Ms Antonia Katsarou, has relinquished her subscription rights. This means that TRIALFAM’s stake will rise to 19.71%, making it the largest shareholder. Ms Katsarou’s own stake will be reduced to 10.67%, while the free float is estimated at 60.68%. This was preceded by a capital reduction of €67.86 million (reducing the nominal share value from €4.16 to €0.30) to offset accumulated losses. Over the summer, on July 31, a restructuring agreement was signed with Alpha Bank, Cepal, Intrum and doValue, involving debt write-offs and the transfer of urban real estate assets through three special-purpose subsidiaries. The application for court approval was filed with the Athens Multi-Member Court of First Instance in August, and a decision is still pending. Consequently, the company believes that its net equity position as of September 30 is now approximately €15.6 million at group level, having previously been negative, and that there is therefore no longer any reason for trading to remain suspended. Of the €2 million capital increase, approximately €600,000 will go towards implementing the restructuring, while €1.3 million will be allocated to working capital.

Refineries: The Worst Trading Session in Months Does Not Erase Their Impressive Gains

Refinery stocks came under heavy pressure yesterday, as a plunge of more than 6% in oil prices triggered coordinated sell-offs. Motor Oil fell by 5.80% and HELLENiQ ENERGY by 5.86%, recording their largest daily losses since March 2026 and April 2025, respectively. The sharp correction reflects investors’ caution regarding the easing of crude oil prices. Nevertheless, the long-term stock market performance remains particularly strong. Since the beginning of the year, Motor Oil has recorded an impressive gain of 101.75%, while HELLENiQ ENERGY has posted even higher gains, amounting to 103.8%.

Lamda Development Returns Above €6

Lamda Development has regained the psychologically important €6 threshold for the second time in a month, recording a 2.2% increase yesterday and closing at €6.05. The share price has moved away from its year-to-date low of €5.85. However, it continues to show losses of 15% since the beginning of 2026. Investor attention is now turning to the nine-month results, which will be announced on Wednesday, November 4, after the market closes. A conference call to discuss the results will follow on November 5. It will also be the last one with Odysseas Athanasiou at the helm, before Evi Kostaki takes over on January 1, 2027.

The Contracts, the Ships and the Northern Aegean

Ferry service contracts are rarely examined by anyone beyond those directly concerned. However, the two agreements for the Northern Aegean contain details that carry their own political significance, particularly for elected island representatives, who know how frequently conversations with residents end up focusing on ferry schedules. The AIOLIS will continue operating the Agios Efstratios–Lemnos connection, with seven weekly sailings. The new contract began on November 1, with its maximum validity period extending to October 31, 2027. For Agios Efstratios, maintaining this frequency means preserving a stable connection with Lemnos and ensuring that residents’ everyday needs can be met. The second agreement concerns the Blue Star Mykonos and one weekly sailing from Kavala to Lemnos, Mytilene, Chios, Vathy on Samos and Agios Kirykos, with a return journey. This route connects different island regions with northern Greece and is important for travel, visits and professional commitments. The provision that deserves greater attention concerns Patmos. For thirteen weeks, from May 31 to August 29, 2027, the vessel is scheduled to call at the island without any additional charter payment. This is a specific summer addition, with clearly defined dates and no extra contractual remuneration. From the perspective of local politics, such decisions have a particular characteristic: they allow representatives of each region to talk about something entirely concrete.

A School in Alexandroupolis with the Shipping Industry Behind It – The Piraeus Propeller Club Initiative

A port that is becoming increasingly important, both geopolitically and geostrategically, also needs a new generation capable of taking advantage of the opportunities around it. In Alexandroupolis, the Piraeus Propeller Club’s sponsorship and adoption of the 4th Model Vocational High School (EPAL) seeks to connect these two dimensions: the city’s prospects and the professional future of its students. The initiative is interesting because it brings the discussion about development directly into the classroom. The port represents an immediate point of contact with transport, trade and shipping activities. From there, however, the horizon extends to the entire maritime industry, including ships, companies and the many different professions that support their operations. The cooperation provides for mentoring by industry professionals, educational visits, training opportunities, equipment support and, where feasible, scholarships. These are tools that can help a student move from general awareness to making a conscious career choice. For the Piraeus Propeller Club, the initiative marks a more permanent presence in this remote border-region city and represents a commitment by the shipping community to its young people. The sponsorship builds on a three-year relationship with the local educational community and creates the conditions for a more systematic connection between the school and the industry.

The Enormous Cost of Healthcare and the American Vote

Since 2000, the US medical care price index has increased by 132%, more than housing (+127%), food (+112%) and the overall Consumer Price Index (CPI) (+99%). Over this quarter of a century, American voters have watched every major household expense increase faster than the average, but healthcare services have become more expensive more rapidly than any other category of expenditure. Today, as Americans head to the midterm elections, this bill has become a political issue. According to data from KFF (formerly the Kaiser Family Foundation, an independent, non-profit research and information organisation focusing on US health policy, based in San Francisco), 28% of adults skipped or postponed necessary medical care during the past 12 months because of the cost. Among insured adults aged 18–64, the figure is 30%, and approximately one in four has struggled to pay medical bills. Fifteen per cent say their health deteriorated because they postponed a medical visit. Six in ten people are either “very” or “somewhat” concerned about whether they will be able to afford healthcare costs. The figure is 63% even among insured people under 65. Following the expiration of the enhanced Obamacare tax credits at the end of 2025, the average insurance premium rose from $497 to $625 per month, while the average insured person now pays $178 out of pocket, compared with $113 previously. Insurers have finalised another increase of 13% for 2027, marking the second consecutive double-digit increase. Under employer-sponsored insurance, employees are paying almost 10% more, while the average deductible for an individual policy has reached $1,886. Pharmaceutical expenditure rose by 12.7% to $915 billion in 2025 and is approaching $1 trillion this year, with GLP-1 drugs accounting for 14% of the total. All of this, translated into plain language rather than figures, means that approximately nine out of ten voters say healthcare costs will influence their voting behaviour. In the AP-NORC survey, healthcare ranks as a top issue for 69% of respondents, behind only the economy and the cost of living. The White House is responding with its “Most Favored Nation” agreements on medicines, which, according to its estimates, will generate $1 billion in savings. Sixteen years ago, in the 2010 elections, Washington lost the House of Representatives because of a healthcare law. In 2026, it risks losing it because the subsidies provided under that very same law are expiring.

$75 Million in Revenue from Skin Tissue of Deceased Human Donors

The beauty industry is now also using human skin tissue from deceased donors to manufacture injectable aesthetic products. Tissue from the United States is transported to South Korea, where it is processed and turned into products sold for skin-rejuvenation treatments. Annual sales in this category in the South Korean market are expected to reach $75 million. The donor provides the tissue without compensation, but the donation subsequently acquires commercial value. The critical question is whether the donor or their family knows that the tissue may be used for aesthetic treatments and that a profitable business is being developed around its handling. Clearly, collection, processing and distribution all involve costs. That, however, does not exempt anyone from the obligation to explain clearly the possible uses of the donated tissue. Describing a product as a “love filter for cells” may help sales, but it does not answer the question of informed consent.

Pepsi’s Defeat

In the soft drinks war, some defeats cost companies sales, while others require… a digestive aid. KFC’s decision in the United States to switch from Pepsi to Coca-Cola probably belongs in the second category. That is because the chain once belonged to PepsiCo. And when a former member of your own family starts serving your biggest rival, the problem takes on a family dimension as well. Estimates of approximately $500 million in annual sales give an idea of the financial significance. The communications and branding impact, however, is not so easily captured in an Excel spreadsheet. Every meal is a small advertisement sitting on the tray. And now Coca-Cola will occupy that space. The unpleasant question left behind for Pepsi by this departure is whether, if such a long-standing partner is willing to switch sides, how many other supposedly “guaranteed” customers might also be up for grabs. Of course, nobody loses an entire market simply because one contract changes hands. Nor will Pepsi disappear from refrigerators. Nevertheless, this particular story serves as a reminder of something that major corporate management teams prefer to forget: customer loyalty has a renewal date.