Hello there. Friday and Saturday brought considerable anxiety, and the danger has not entirely passed, as an apparent understanding between France and Turkey over the smooth resumption of surveys for the Crete-Cyprus electricity interconnection came close to collapsing before the work had even begun.

The problem was that each side appeared to interpret the agreement in the way that suited it.

Athens had given the green light for the issuance of a NAVTEX maritime notice, but Turkey’s immediate response, issuing its own counter-NAVTEX and a statement from its Foreign Ministry, caused considerable alarm. It created the impression either that the necessary understanding had never actually been reached or that Ankara was retreating from its commitments.

A fresh round of diplomatic activity became necessary to prevent a crisis before the survey operations had even started.

According to our information, this included two telephone conversations between Greek Foreign Minister Giorgos Gerapetritis and his Turkish counterpart, Hakan Fidan, one on Friday evening and another on Saturday morning.

Athens had already secured its central objective. The application for authorisation of the surveys had been submitted to Greece, meaning that permission would be granted exclusively by Greece and, naturally, by Cyprus for the section falling within its jurisdiction.

That, however, provoked objections in Ankara, which apparently had not received what it had expected from the understanding reached through France.

Late on Friday afternoon, according to our sources, France provided Turkey with further clarification, part of which was also communicated to Athens and Nicosia.

Among other things, the French clarification stated that France would not become involved in “claims concerning maritime zones in the region”.

Another round of consultations followed, and Turkey appears to have accepted the new explanation. What remains unknown, however, is what else that communication may have contained concerning Ankara.

Meanwhile, we understand that the Americans are also intervening discreetly through diplomatic channels in Ankara, Nicosia and Athens, following the approach associated with US Secretary of State Marco Rubio.

These developments may help explain Fidan’s subsequent declaration that “everything is fine”.

With this particular politician, however, it is never entirely clear what such a statement means, especially when it is made at a social event amid numerous questions and comments.

Attention may now turn to the Turkish cabinet meeting, expected to take place in Ankara today, where the issue is likely to feature on the agenda.

Athens, for its part, is certainly not complacent. All the diplomatic understandings and interventions will ultimately be tested on the ground, when the vessel is expected to reach the disputed area, probably by tomorrow.

Mitsotakis’ anger with Gerapetritis

There is another element to add to this already complicated picture.

Prime Minister Kyriakos Mitsotakis was far from satisfied with some of Gerapetritis’ initial handling of the situation.

According to information reaching us, the Prime Minister’s raised voice could be heard beyond the walls of Maximos Mansion, the prime ministerial headquarters in Athens.

That does not necessarily mean the episode will have consequences for the leadership of the Foreign Ministry.

Nevertheless, it is worth noting that Mitsotakis himself had to intervene personally to extinguish the diplomatic fire.

COP31, Erdoğan and the electricity interconnection

The official opening of the COP31 climate conference is scheduled for Wednesday in Antalya, Turkey.

Why should that concern Greece?

For several reasons, one of which is directly connected to the electricity cable.

Turkish President Recep Tayyip Erdoğan will attend as host, welcoming guests from around the world, including representatives of the European Union.

The EU has designated the electricity interconnection as a project of European interest and is therefore providing co-financing.

European Commission President Ursula von der Leyen will attend, alongside Greece’s Stavros Papastavrou and Cypriot President Nikos Christodoulides.

As previously reported, the Turkish side had raised objections to Christodoulides’ attendance, but those objections ultimately failed.

It is reasonable to assume that a generalised confrontation over the cable would make such high-level representation by both the EU and Cyprus considerably more difficult.

As far as Greece’s own participation is concerned, an event will take place at the Greek pavilion on Thursday to showcase the country’s recent environmental protection initiatives.

Mitsotakis dines with bishops as Samaras, Tsipras and the Church enter the conversation

On Saturday evening, Mitsotakis had dinner with no fewer than ten bishops from northern Greece at the home of Metropolitan Theologos of Serres.

The political significance is obvious. As Greek electoral history has demonstrated for generations, the Church remains an important factor in election campaigns.

The atmosphere was warm, according to those familiar with the gathering.

Indeed, relations between the government and senior clerics had apparently not been this cordial since before the legislation legalising same-sex marriage.

Former Prime Minister Antonis Samaras also came up in conversation, with one or two bishops reportedly speaking dismissively of him.

Mitsotakis was in good spirits and spoke at length about what his government had done for the wider region, including infrastructure projects, roads and hospitals.

At one point, a bishop reportedly remarked that the Church should not be allowed to become an offshore company.

Another commented on Archbishop Ieronymos, suggesting that he appeared to alternate between supporting New Democracy and Alexis Tsipras.

A warm welcome in Serres and another meeting with farmers

Someone who witnessed Mitsotakis’ reception in Serres, a traditional stronghold of the political tradition associated with former Prime Minister Kostas Karamanlis, described the atmosphere as particularly warm.

That was especially evident after the religious procession through the city centre, when Mitsotakis stopped for coffee with his associates and local MPs.

One of the government’s important outstanding issues in Serres concerns farmers.

Last year, tensions were running extremely high. At an agricultural exhibition, protesters had come close to physically attacking Deputy Agriculture Minister Giannis Andrianos.

This year, the atmosphere is considerably calmer, partly because payments have been made, although several outstanding matters remain unresolved.

Mitsotakis met representatives of the farming community, held an initial discussion with them and agreed to arrange a follow-up video conference involving Deputy Prime Minister Kostis Hatzidakis and Agriculture Minister Margaritis Schinas.

More broadly, the government is attempting to resolve its disputes with farmers.

Whether it succeeds will depend largely on ensuring that the necessary payments are made correctly before the end of the year.

Otherwise, further problems are likely.

Pierrakakis brings NATO chief Mark Rutte to the Eurogroup

Today’s Eurogroup meeting, chaired by Kyriakos Pierrakakis, has a particularly significant guest and a demanding agenda.

NATO Secretary General Mark Rutte will attend the gathering of eurozone finance ministers to discuss major European defence projects in the context of the fiscal escape clause for defence expenditure.

The ministers will also discuss potential successors to Christine Lagarde, with national representatives presenting and defending their preferred candidates.

Decisions are expected by the end of the year at leaders’ level.

The two candidates represent different schools of thought within the eurozone: Dutchman Klaas Knot and Spain’s Pablo Hernández de Cos.

A €332m Champions League gamble transforms Greece’s television market

Over the past week, we have reported extensively on UEFA’s tender for the Champions League broadcasting package in Greece.

The rights have gone to Sport FM, owned by businessman Giannis Alafouzos, for approximately €332 million over the next four years.

Alafouzos has developed a platform that will broadcast a proportion of the roughly 500 football matches available annually on Tuesdays, Wednesdays and Thursdays.

Under the terms of the agreement, some matches must also be made available on free-to-air television, either through his own SKAI channel or through other broadcasters to which he agrees to resell the relevant rights.

Companies associated with Alafouzos also control broadcasting rights to other sporting competitions and teams.

These include Panathinaikos, the football club he owns, PAOK and Iraklis, as well as the Greek basketball championship and the Greek football cup.

According to sources close to the operation, the platform currently has around 150,000 to 200,000 registered subscribers, although access remains free for now.

Technical improvements are still being carried out.

The €332 million price tag is unprecedented by Greek market standards.

The previous UEFA arrangement, primarily held by Cosmote, is understood to have cost no more than approximately €19 million annually.

The new agreement works out at around €83 million per year, illustrating the extraordinary increase.

Alafouzos has therefore secured a significant victory over rival television owners and Magenta, formerly Cosmote, while simultaneously damaging their efforts to establish a competing platform.

That rival venture is built primarily around Greek Super League football, an undoubtedly attractive product costing approximately €60 million annually.

At the same time, Telekom has lost a major part of its sports offering, consisting of around 500 matches a year.

But there is another question that the market is asking.

Could the €330 million Champions League acquisition, combined with another €60 million to €70 million for the remaining sports content, ultimately cause even greater financial damage to its new owner?

There is no straightforward answer at present.

The Alafouzos camp argues that it is making a long-term investment in sports and television.

Its calculations are based on the existing subscriber market.

According to those estimates, Magenta has approximately 700,000 subscribers and Nova another 400,000, including around 250,000 who subscribe exclusively for sports.

If the new platform manages to attract half of those customers with a compelling product priced at €20 per month, its backers believe the numbers work.

Businesspeople outside the specialist television market, however, offer another interpretation.

As long as shipping businesses continue to generate hundreds of millions of euros annually, personal ambitions and high-profile victories may matter more than financial losses.

The opposing camp at Per Capita takes a sharply different view.

Its representatives describe the €332 million expenditure as financial madness and argue that the project will never become commercially viable.

They point to their extensive experience in the industry and their understanding of the market.

One source argues that even the former Cosmote, with an established base of hundreds of thousands of subscribers, half the Greek football fixtures, the entire UEFA package and a substantial entertainment offering beyond sport, was losing money.

Against that background, the source considers it almost impossible for a new platform carrying annual costs of around €100 million to avoid very substantial losses.

Another element in this equation is the potential sale of Nova’s television business, NOVA TV.

Nova controls the rights to European basketball, a particularly valuable product, as well as English football.

It is an established operation with approximately 350,000 to 400,000 subscribers, although its current annual performance is loss-making.

Every potential buyer will naturally make their own calculations.

What appears clear to those involved in the television industry is that the traditional free-to-air model is gradually giving way to subscription-based services, as has already happened in much of the international market.

Greek television owners are therefore looking for content that can be sold directly to subscribers, following the example of entertainment platforms such as Netflix, Disney and Paramount.

Sports rights have become one of the most powerful weapons for acquiring, retaining and potentially transferring paying customers.

Greek tax authority targets major nightclub tax evasion network

Saturday brought another major intervention by Greece’s Independent Authority for Public Revenue, the AADE.

Its newly established enforcement unit, DEOS, targeted a large tax evasion network operating in Thessaloniki and Halkidiki.

The case reportedly involves some of the most prominent figures in Thessaloniki’s nightlife sector and concerns substantial sums of money.

The operation represents a significant success for AADE governor Giorgos Pitsilis and the authority’s enforcement services.

Credit should be given where it is due.

What remains difficult to understand, however, is why so many entrepreneurs in the entertainment industry appear unable to operate through an ordinary, properly registered tax identification number.

It would be particularly damaging to public confidence if those involved were to emerge without consequences a few months from now.

That is precisely the sort of outcome the public tends to judge most harshly.

GEK TERNA moves into aviation maintenance with Greek Air acquisition

Turning to business developments, GEK TERNA is reportedly expanding into aviation services through the acquisition of Greek Air.

As detailed in a related report by newmoney, the transaction would take the infrastructure and construction group into the specialised field of aircraft technical maintenance.

According to information from a reliable source, which has not yet been confirmed by the company, GEK TERNA has reached an agreement to acquire Greek Air.

The objective is to provide technical support not only to civil aviation but also to aircraft operated by Greece’s Civil Protection services and the Hellenic Air Force.

Stournaras, Mystakidis and speculation over Aegean Baltic Bank

A warm handshake between Bank of Greece governor Yannis Stournaras and businessman Telis Mystakidis attracted attention at a recent Aegean Baltic Bank event at Asteria.

The two men were seated at the same table alongside Athens Stock Exchange chief executive Yianos Kontopoulos.

The encounter was particularly interesting at a time when speculation is circulating about the next moves of Aegean Baltic Bank’s major shareholder.

This is not a reference to the already established plan for ABBank to open a branch in Thessaloniki.

Rather, market rumours point to a new initiative involving the bank during the first half of 2027.

If those rumours prove accurate, the development could attract considerable attention.

Of course, the fact that the governor of Greece’s central bank and the head of the Athens Stock Exchange were seated alongside Mystakidis does not, in itself, establish that any particular transaction or development is under way.

Nevertheless, such meetings inevitably generate interest.

Also among the guests was Nikos Nanopoulos, whose career includes a long and successful period at the helm of Eurobank.

The evening at Asteria therefore provided plenty of material for discussion the following day.

As often happens at such events, what is said after the formal speeches can be just as interesting as what is announced from the podium.

Planning reforms, political concerns and a crucial 25 November meeting

Greece’s Ministry of Environment and Energy faces a series of difficult decisions over urban and spatial planning in the coming weeks.

The challenge is far from straightforward.

Bringing order to Greece’s fragmented planning system may sound self-evidently desirable, but in practice greater clarity can disrupt arrangements that have benefited from uncertainty.

Once building conditions, land-use classifications and development restrictions are clearly defined, many property owners may face unwelcome surprises.

The government is well aware of the potential political cost.

Indeed, we understand that a government figure recently raised the possibility of postponing the implementation of the major Local Urban Plans initiative.

And by postponement, the implication was clear: until after the elections.

The difficulty is compounded by the proposed reform of local building authorities, known as YDOM, which would transfer certain responsibilities to the Hellenic Cadastre.

The proposal has provoked strong opposition from municipal authorities.

At the Central Union of Municipalities of Greece, or KEDE, conference in Kalamata on Friday, the political leadership of the Environment Ministry was present in force.

Minister Stavros Papastavrou attempted to ease tensions and promote cooperation.

He clarified that responsibility for local spatial planning would remain with local government, while the proposed changes primarily concerned the issuing and inspection of building permits.

He also presented figures illustrating existing weaknesses in the system.

Of Greece’s 332 municipalities, 149 do not have their own building authority.

At least 28 municipalities with populations exceeding 25,000 also fall into that category.

Papastavrou outlined plans for a unified digital application using the gov.gr infrastructure and promised continued dialogue with KEDE.

He also assured local authorities that there would be no surprises.

The mayors, however, remain unconvinced.

Athens Mayor Haris Doukas reiterated that local building authorities should remain under municipal control rather than be transferred to central government or the Cadastre.

Regarding the Local and Special Urban Plans, Papastavrou announced another meeting at the ministry on 25 November.

The purpose will be to discuss the consultation process with local authorities.

The announcement appears designed, at least in part, to address concerns that major planning initiatives are being announced without sufficient engagement with municipalities.

The government is also attempting to improve relations with mayors through the prospect of cheaper electricity.

Discussions are already under way about establishing a special electricity tariff for municipalities.

The potential benefit is significant.

Greek municipalities paid a combined €765 million for electricity in 2024 and 2025, with charges reaching 25 to 26 cents per kilowatt-hour, compared with approximately 10 cents for large consumers.

The central question, however, is not simply what will happen to electricity prices or what will be agreed on 25 November.

It is how many politically sensitive planning reforms the government will actually be prepared to advance before voters return to the polls.

Urban planning may be a reform whose effects last for decades, but its political consequences can materialise much sooner.

Premia Properties establishes new €38m hotel investment company

Premia Properties established a new company last Friday under the name Premia Hotel 1.

The company is headquartered at Premia Properties’ offices on Vasilissis Sofias Avenue in Athens.

Its initial share capital amounts to €38 million.

Judging by the numbering in the name, further similarly structured companies could follow.

The company’s stated purposes are extensive.

They include participation in domestic and foreign companies and joint ventures of any legal form operating in property acquisition, development and management.

They also cover self-financed or co-financed projects, private and public construction works, maintenance services, technical operations and the management of facilities, equipment and supplies.

Tourism and shipping-related business activities are also included.

The company may acquire, construct, develop, manage and sell real estate, as well as own and operate tourism facilities.

These can include hotels, restaurants, entertainment venues, conference centres, thalassotherapy facilities, marinas and sports facilities.

Premia Properties, whose main shareholder is the Swedish Sterner Stenhus group controlled by the Georgiadis brothers, is pursuing an ambitious investment strategy.

Its property portfolio is expected to exceed €1 billion in value by the end of the year.

Hotels are a particularly important part of this strategy, accounting for investments exceeding €500 million.

The group currently controls approximately 2,800 hotel rooms and aims to increase that figure to 4,500 within two years.

Historic Stadiou Street building set for €6.56m restoration

Another historic building on Athens’ Stadiou Street is moving towards restoration, adding to the wider transformation of one of the capital’s principal thoroughfares.

The property is the neoclassical building at 47 Stadiou Street, associated with Greek benefactor Alexandros Soutsos.

On 6 November, Culture Minister Lina Mendoni approved the tender documentation and launch of a €6.56 million competition for the building’s structural stabilisation, conservation and reuse.

It is intended to become the archive and library of the Theatre Museum.

The building forms part of a collection of architecturally significant properties that preserve the historic character of Stadiou Street.

The original structure was already in existence in 1892, when Soutsos, a major benefactor of the visual arts, is believed to have purchased it.

In his will of 1896, he donated the property to the Greek state, together with his collections and furnishings, for the establishment of the National Gallery.

Over subsequent decades, conversion of the neoclassical building into commercial premises contributed to serious structural problems.

Its condition gradually deteriorated, and all use of the property was abandoned in 2012.

An earthquake in 2018 and a fire in May 2020 caused further damage.

The Culture Ministry’s new intervention is part of a broader wave of redevelopment along Stadiou Street.

One of the most prominent projects is Legendary Food’s investment in the Arsakeio Arcade.

Alpha Bank and Eurobank are also renovating and modernising their buildings on the street.

Among projects already operating is the development at number 54, where BOB W offers furnished apartments in a former office building.

That project followed a long-term lease agreement with Blend Development, the property company headed by Paris Kallitsantsis, son of Dimitris Kallitsantsis.

Blend Development has made the conversion of older central Athens buildings an important part of its strategy.

Stengos family launches Premier Investments International

The Stengos family has made another investment move as it continues to broaden the activities of Technical Olympic.

Its newly established company is called Premier Investments International and is based in Alimos, where the family group’s offices are located.

The company’s activities include real estate management, construction of residential and non-residential buildings, and conservation, restoration and support services relating to cultural heritage.

It may also undertake construction work on a wide range of properties, including offices, commercial buildings, depots, hotels, entertainment venues, hospitals and religious buildings.

Its initial share capital is €500,000, fully paid in cash at incorporation.

The funds were provided by Cyprus-based Suntopia Limited, represented by Pan. Lefaki.

The first board of directors comprises Georgios Stengos as chairman and chief executive, Lambros Protonotarios as deputy chairman and Ioannis Giannakopoulos as a board member.

Titan shares tumble as US subsidiary disappoints investors

Titan was among the biggest casualties of the two-day sell-off on the Athens Stock Exchange, suffering combined losses of 7.23% over the final two sessions of the week.

The shares fell 4.18% on Thursday and a further 3.18% on Friday, closing at €45.70.

During Friday’s session, the price dropped as low as €44.74, a level not seen for more than six months.

Friday’s closing price was the lowest since late April, while the move below the psychologically important €45 threshold took the shares back to levels last recorded in March.

The fall was not simply a consequence of the wider market decline.

Investors were also reacting to specific concerns about the performance of Titan America, the group’s US subsidiary, its nine-month results and the outlook for construction activity in the United States.

Titan America, based in Norfolk, Virginia, reported third-quarter figures that fell well short of expectations.

Revenue reached $461.6 million, an increase of 5.7%.

However, approximately $30 million came from the acquired Keystone business. Excluding that contribution, revenue was down by around $5 million.

Adjusted EBITDA fell to $95 million from $116.7 million, a decline of 18.6%.

Net profit decreased to $39.8 million from $57.4 million.

Earnings per share were $0.22, substantially below the consensus forecast of $0.37.

The following day, during the broader Wall Street sell-off, Titan America shares plunged 18.3% to $11.68.

The company also lowered its own guidance for the second time this year.

It cited weakness in the housing market, higher energy and transport costs, record September rainfall in south-eastern Florida, labour shortages and an unplanned shutdown at its Roanoke plant.

At the same time, broader questions about the sustainability of investment in artificial intelligence infrastructure and data centres are adding another layer of uncertainty.

Those investments have been an important source of demand for building materials in the United States.

Investors are now focusing on whether Titan can absorb the pressure in the American market while preserving its longer-term growth prospects.

Demand for infrastructure projects, investment in energy networks and the possibility of a recovery in residential construction will be crucial.

For those who follow the finer details of the market, there is another interesting comparison.

On 31 August, Ambrosia Capital initiated coverage of Titan Cement International with a Buy recommendation and a price target of €70.75.

At the time, that implied potential upside of 33%.

Eleven weeks later, with the shares trading at €45.70, the implied upside has increased to 55%.

Kri Kri’s remarkable rally values Serres dairy producer at €1.19bn

Greek dairy producer Kri Kri has been moving in the opposite direction to the broader stock market, recording successive all-time highs.

Its rally has been accompanied not only by rising prices but also by a substantial increase in trading activity.

Kri Kri has completed six consecutive positive sessions, breaking through both the €35 and €36 levels for the first time.

On Friday, the shares closed at a record €36.05, having reached €36.40 during the session.

Trading value amounted to €4.33 million, an unusually high figure for the stock, while volume exceeded 120,000 shares.

Over the six-session period, the shares gained 6.2%.

Their performance since the beginning of the year has reached an extraordinary 89.7%.

The company’s market capitalisation now stands at €1.19 billion.

The rally is being attributed to expanding yoghurt exports, a stronger presence in major international markets and substantial growth in financial performance.

There is, however, a risk worth monitoring.

Rising production costs could place pressure on profitability and offset some of the benefits of revenue growth.

Still, €1.19 billion for a factory in Serres: is that too much, or not?

Chios airport closure prompts plans for emergency ferry routes

The temporary closure of Chios airport has prompted Greece’s Coastal Shipping Council to examine additional ferry connections.

The council has unanimously approved a recommendation to tender two emergency routes.

The first would provide three weekly sailings from Piraeus.

The second would offer another three weekly departures from either Lavrio or Rafina to Mesta, on Chios.

Both services would be required to continue to Mytilene without additional compensation.

The proposed arrangements cover the period from 30 November to 28 March.

Before the tender can be published, however, the necessary funding must be secured.

Two potential operators are already being discussed in shipping circles.

According to information available, Blue Star Ferries and SeaJets are expected to submit applications once the tender is issued.

The possible involvement of SeaJets introduces the prospect of high-speed vessels.

However, the council’s recommendation does not specify a particular vessel type or minimum speed for the Lavrio or Rafina route.

It does require capacity for at least 950 passengers, 1,000 square metres of vehicle deck space and a vessel length exceeding 80 metres.

The ships proposed by each operator will become clear once bids are submitted.

The most important outstanding detail concerns the amount that the state will pay for each complete sailing.

For the Piraeus route, the council has specified even the number of berths, requiring 300 under the standard specification, or 200 if no suitable offer meeting the higher requirement is received.

But the subsidy per sailing remains unknown.

That is the figure the shipping companies are now waiting to hear.

ONEX pursues submarine projects as Skaramangas targets LNG vessel repairs

At the launch of the South Korean submarine Seo Hui, ONEX chairman Panos Xenokostas was accompanied by representatives of Greece’s National Defence General Staff and the Hellenic Navy.

The composition of the delegation was significant.

ONEX is trying to ensure that Greek shipbuilding is involved in future defence procurement programmes from the earliest stages, while operational requirements are still being developed.

Project Trident, presented in May, is a €1.35 billion investment plan involving ONEX and South Korea’s Hanwha Ocean, with American support.

Centred on the Elefsina shipyards, the project envisages expanded shipbuilding and repair capacity.

Its most ambitious phase would introduce production lines and specialised equipment for submarine construction.

The next stage for ONEX will depend on the terms of the first contract it secures.

Important questions include which components will be manufactured in Greece, which activities Greek technical teams will be trained to carry out, and who will take responsibility for maintenance and support after delivery.

The final issue is especially important.

Submarine construction creates employment for the duration of a procurement programme.

Maintenance and support can preserve technical expertise and sustain shipyard activity for decades.

At Skaramangas, the next test is more straightforward: who will book the next dry dock?

The shipyard recently announced completion of work on Maran Gas Amphipolis, a liquefied natural gas carrier belonging to the Angelicoussis Group.

According to the shipyard’s management, it was the first repair of an LNG carrier at a Greek shipyard.

Skaramangas has also obtained GTT Approved Repair Yard certification.

GTT, or Gaztransport & Technigaz, is the French company specialising in membrane containment systems and thermal insulation for the transportation of LNG at temperatures of approximately minus 163°C.

The certification covers maintenance and repair work on those systems.

The Angelicoussis vessel provides Skaramangas with a completed project that it can present to prospective customers.

If other LNG carrier operators begin booking repair slots, the shipyard could establish a new source of recurring revenue.

That business would follow its own commercial cycle, independently of when major defence procurement programmes are eventually agreed.

Melina Travlos calls for unity across Greek shipping

Speaking at the 90th anniversary of the Hellenic Chamber of Shipping, Melina Travlos recalled that she had previously served on its board before becoming president of the Union of Greek Shipowners.

She has therefore experienced the industry’s institutional challenges from both sides.

The Union represents shipowners, while the Chamber brings together seven sectors of merchant shipping.

The cooperation Travlos called for becomes particularly important where the priorities of those different sectors no longer coincide.

One phrase from her speech stood out: “realistic policies”.

In my reading, that message was directed partly at those inside the room.

Anyone hoping to influence government policy has every reason to approach the relevant ministry with a proposal that has already survived scrutiny and disagreement among the industry’s own representatives.

By describing shipping as a strategic national advantage, Travlos also raised expectations of the organisations representing it.

In essence, she called on them to agree on the industry’s priorities and articulate those demands clearly enough for the state to respond.

Giorgos Alexandratos, president of the Hellenic Chamber of Shipping, identified a practical issue on which that cooperation could be tested.

The Greek ship register.

There is broad agreement around the objective of making the Greek flag more attractive.

The difficult negotiations begin when discussion turns to which procedures should change first and who will take responsibility for implementing those changes.

That will determine how far the unity advocated by Travlos can actually extend.

CrediaBank leads €46m capital increase for ONYX Tourism

The invitation to ONYX Tourism’s extraordinary general meeting on 30 November proposes a share capital increase of up to €46 million, with existing shareholders’ pre-emption rights removed.

What the invitation does not reveal is who will participate.

According to available information, the investor group will be small, consisting of no more than ten participants.

Of the planned €46 million increase, €5,845,270 relates to shares to be received by major shareholders Leonidas and Fokion Zisiadis in exchange for funds they have already provided to the company as working capital.

The remaining approximately €40 million in fresh capital is expected to be raised through a private placement organised by CrediaBank and Pantelakis Securities.

The plan involves roughly ten investors contributing €4 million to €5 million each.

The arrangers’ fee has been set at 2.5%, equivalent to precisely €1 million.

That corresponds to the amount allocated to “capital increase expenses” in the board’s report.

The objective is for the new shares to begin trading no later than 15 December.

The board’s report explains the decision to remove pre-emption rights.

A conventional rights issue would require at least three weeks, whereas a private placement can be completed within a few days.

That accelerated timetable is necessary because of strict deadlines associated with Greece’s Recovery and Resilience Facility funding.

CrediaBank has a dual role in the transaction.

It is already involved in financing the project, providing €99.1 million of the €229.6 million Recovery and Resilience Facility financing agreement signed in May.

It is now also helping to secure the equity investors.

In other words, the lender is finding the shareholders as well.

Of the capital raised, €31.3 million will finance the company’s equity contribution to the €387 million resort development at Sani.

The remaining portion of the required €57.4 million equity contribution is being covered through the land, as originally announced.

Another €3.3 million will be used to acquire additional property in the area, while €1.5 million will repay borrowing.

The balance will provide working capital.

The transaction could involve the issuance of up to 191,666,666 new shares with a nominal value of €0.24 each.

The final issue price will be determined by the board following pre-marketing.

Euronext Athens seeks new listings from northern Greece

Euronext Athens will host an event in Thessaloniki on Thursday, 19 November, under the title “Greece and Euronext: The New Era of the Greek Capital Market”.

The event will take place at The Met Hotel.

It is not primarily aimed at companies already listed on the stock exchange.

Instead, the target audience is businesses in northern Greece that may never previously have considered the stock market as a source of financing.

Applications closed on 6 November for the first Greek edition of IPOready, Euronext’s free six-month preparation programme.

The initiative is scheduled to begin in January 2027, in cooperation with INSEAD and a network of more than 80 partners.

It is intended for companies considering a stock market listing within the next one to three years.

The Thessaloniki event will also present Elite, a programme designed to prepare private companies for their next stage of development and potential access to capital markets.

Speakers will include G. Mylonas of Alumil and H. Dimitrakopoulos of Softweb.

The president of the Thessaloniki Chamber of Commerce and Industry, Giannis Masoutis, will also deliver an address.

Wall Street confronts the reality of the AI investment boom

Wall Street has endured its most turbulent week since April 2025.

The S&P 500 fell 2.7% to 7,376.86 points, while the Nasdaq declined 3.4%, marking its fourth consecutive week of losses.

The technology-heavy index is now in a correction of approximately 12% from its October high.

The Dow Jones Industrial Average performed somewhat better, falling 0.9%.

The optimism generated by the US midterm elections lasted just two trading sessions.

On Thursday, following the Democrats’ sweeping electoral “blue wave”, the S&P 500 plunged 4.36% and the Nasdaq lost 5.52%.

Approximately $3 trillion in market capitalisation disappeared in a single session.

The sell-off reflected investor concerns about the possibility of a moratorium on data centre development in states such as Texas.

Friday brought some relief, unexpectedly, from the labour market.

The US economy added 165,000 jobs in October, significantly above forecasts of 60,000.

Unemployment declined to 4.1% from 4.2%, while average hourly earnings increased by 0.4%.

The figures suggest that the labour market is not collapsing under the pressure of artificial intelligence, as some had feared.

Nevertheless, the picture is less encouraging when it comes to long-term unemployment.

Around two million people are classified as long-term unemployed, representing 27.6% of all unemployed Americans.

The strength of the labour market also means that the probability of a Federal Reserve interest rate increase on 9 December remains at 85%.

Not everyone, however, is pessimistic about the market outlook.

Matt Bush of Guggenheim believes that anxiety surrounding artificial intelligence is reducing concerns about the US economy overheating.

Sam Rines of WisdomTree considers fears about Texas excessive.

He also argues that slower growth in data centre investment could mean major technology groups such as Amazon, Alphabet, Meta and Microsoft require less borrowing and generate more free cash flow.

Jeff Blazek of Neuberger believes the market may be moving towards more rational capital expenditure, rather than an indiscriminate spending spree.

That would also help ease inflationary pressures.

Jim Caron of Morgan Stanley Investment Management offers perhaps the clearest framework for understanding the debate.

Nobody seriously disputes that demand for artificial intelligence exists.

The real question is when the enormous sums being invested in the technology will begin to deliver adequate returns.

Remove the conversational opening and tighten the lead