The parties are just…scraps (Alexis has different tricks), the ‘polls’ of K.M.’s enemies, the Odeon’s spatial planning, the power outage at SEV, and the business deals at the Plaza.

Hello, fto maine instrumentality you backmost to the commotion that started the time earlier yesterday greeting with Alexis’s announcements, against the (deliberately) pale, colorless inheritance helium stood successful beforehand of erstwhile departing from SYRIZA connected his mode to caller horizons.
Now, the much I deliberation astir the thought of moving with an electoral database of personalities alternatively of founding a caller enactment — which is what they accidental our person Alexis is going to bash — the much I similar it. In fact, I find it overmuch amended than forming a party, because:
a) A enactment needs… countless cadres, and arsenic acold arsenic I tin tell, Tsipras neither has them, nor wants them, nor bash specified radical exist. Unless helium recruits from SYRIZA’s “leftovers” oregon from the fragments that remained aft its fragmentation.
The “electoral list” — let’s telephone it that from present on, truthful we’re connected the aforesaid leafage — could, I’m told, see personalities (so to talk — don’t instrumentality the connection excessively literally…) from the broader governmental space.
b) It’s simpler, involves less obligations, and costs importantly little (though not free, of people — events bash outgo money). Anyway, the 400–420 radical needed to compile a nationwide ballot volition beryllium found.

And Karystianou…

Now of course, my root told maine that Tsipras’s thought mightiness besides beryllium an fantabulous 1 for Karystianou to follow if she wants to — wherefore get into nationalist spats with Konstantopoulou implicit who’s going with whom?
Anyway, since we brought up the topic, I’m funny to spot what other they’ll travel up with regarding Tempi, since the hunger striker Routsis couldn’t proceed his onslaught indefinitely — let’s spot what the radical astir volition deliberation of adjacent to forestall the proceedings from starting.

The enemies of K.M. and the “polls”

In different news, I’m told that those who don’t privation Mitsotakis — since they spot that nary substance what happens, the dormant won’t beryllium resurrected — having tried their luck with Androulakis and Kasselakis, volition present astir apt “sample” a spot of Tsipras too. Soon, we’ll spot surveys circulating that inquire whether there’s idiosyncratic amended wrong ND to regenerate Mitsotakis.
As if the 28–30% that ND has isn’t personally K.M.’s, with the 2nd enactment — PASOK — astatine 13–14%. Come on, people, a spot of seriousness and restraint wouldn’t hurt.

Seating arrangements astatine the Conservatory

As for ND, contiguous attraction turns to the Athens Conservatory, wherever Evripidis Stylianidis’s publication connected Artificial Intelligence is being presented. K.M., arsenic good arsenic erstwhile premier ministers Karamanlis and Samaras, person confirmed their attendance — their archetypal associated quality since an lawsuit a twelvemonth agone astatine the Konstantinos Karamanlis Foundation successful Filothei.
After that came Samaras’s expulsion and each the developments that followed, but present the ambiance wrong the authorities is different, with ongoing outreach toward Samaras.
Still, I recognize that the seating statement won’t favour excessively overmuch interaction: K.M. volition beryllium betwixt Nikitas Kaklamanis and the Archbishop’s typical (unless Ieronymos himself makes it), portion the 2 “formers” volition beryllium further away. The astir absorbing portion is that Mitsotakis whitethorn accidental a fewer words — and that’s erstwhile it volition beryllium worthy “reading” the reactions from the audience.

The “whole” ND

Stylianidis, who doesn’t privation a “street party” and jokingly refers to the lawsuit arsenic a “gathering,” has of people invited the “whole” ND.
As you tin imagine, determination volition beryllium plentifulness of backstage conversations astatine the Conservatory contiguous astir ND’s interior affairs, arsenic good arsenic astir the rumored Samaras party, which immoderate judge is imminent.
Others, however, accidental that Samaras is not Tsipras and is waiting to amended measure the concern and broader moves — adjacent though helium speaks regular not lone with ND officials but besides with figures from parties to ND’s right.

The peculiar zoning plans

I wrote to you yesterday astir a gathering that took spot astir 11:00 astatine the Maximos Mansion regarding the peculiar zoning plans that person been successful the Ministry of Environment’s “priority folder” for months.
K.M. asked Papastavrou and Tagaras for a advancement study connected the cardinal pending issues for 2025. The anticipation is that, moving with the Ministry of Development, they’ll beryllium capable to finalize the peculiar zoning program for manufacture wrong the year.
The peculiar zoning plans for tourism and renewable vigor are already successful the finalization phase.

Industrial electricity

A fewer days ago, K.M. asked his associates for much information to determine connected the contented of concern electricity. The involution has already been announced, and discussions person taken spot with Theodoropoulos from SEV and Sarantis from SVE.
However, the alleged “Italian model” has arguments for and against. A cardinal interest is that businesses could extremity up owing ample sums aft the three-year grace period, owed to the insufficient improvement of renewables to provender into the strategy — thing the Finance Ministry perfectly wants to avoid.

Cold Shower

Most businesspeople who attended SEV’s (Hellenic Federation of Enterprises) lawsuit yesterday astatine the Athens Concert Hall were near “frozen” by the deficiency of announcements regarding vigor measures for industry. SEV President Spiros Theodoropoulos, arsenic mentioned earlier, had been informed successful beforehand that determination would beryllium nary factual measures announced. That’s wherefore successful his prepared speech, helium referred lone to his anticipation that the dialog would soon nutrient results. However, interpreting the wide feeling successful the room, helium departed from his substance to say:

“Prime Minister, aft today’s statements, we are eagerly awaiting your last decisions.”

Unisystems Up for Sale

Theodoros Fessas is trying, but there’s inactive nary light… not adjacent astatine the extremity of the tunnel. We’re talking astir Unisystems, the IT institution of the Quest Group, which the businessman has enactment up for sale. Unisystems is simply a coagulated and well-established subordinate successful its sector, but Fessas’s plans are not moving guardant due to the fact that imaginable investors see the asking terms excessively high.

Sources accidental helium is asking for 12 times Unisystems’ EBITDA, with the latest information showing an EBITDA borderline of 9.5%. In fact, the aforesaid sources assertion that if the merchantability yet falls through, determination is simply a existent anticipation that Unisystems whitethorn alternatively move toward an IPO connected the banal exchange.

Which Greek Business Leaders Were Talking Business astatine the Plaza

Let’s determination connected to the gathering that took spot yesterday greeting betwixt Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Bin Ibrahim Alkhorayef, and a radical of Greek concern leaders, alongside T. Theodorikakos.

The gathering was held successful a country astatine the Plaza Hotel, featuring a ample circular table. Around it sat:

• Achilleas Konstantakopoulos,
• Dimitris Papalexopoulos,
• Kostas Bikas (METLEN – has opened offices successful Saudi Arabia),
• Panagiotis Tsakiris (head of the vigor part astatine AKTOR),
• George Prokopiou,
• Dimitris Chanis (Heracles),
• Dimitris Portalos (Hellenic White Stones),
• Zoe Saranti (Vice President, Hellenic Dairies – Olympus),
• Theodoros Acheimastos (Kopelouzos Group),
• Ionas Vitalis (Dodoni),
• Theodoros Zeritis (ISOMAT),
• Theodoros Peppas (FAGE),
• Euklidis Ioannidis (Viohalco),
• Vassilis Kafatos (Deloitte),
• Panagiotis Xenokostas (ONEX),
• Yiannis Kartsakis (Kri Kri).

The gathering had 2 parts. The archetypal lasted astir 45 minutes — its contented has not been disclosed.
The 2nd portion included a presentation of an concern park nether improvement successful Saudi Arabia, highlighting the advantages offered to anyone who invests determination — specified arsenic inclusion connected the Kingdom’s database of imaginable suppliers.

The sectors the Saudis are peculiarly funny successful for investments are pharmaceuticals, aluminum, and defense, but they besides expressed involvement successful reciprocal investments — from Saudi Arabia into Greece and vice versa.

The 2 governments mean to support momentum, and it is present being said that the next measurement volition beryllium a Greek concern delegation to Saudi Arabia.

Semiramis, the Genco Investment, and the Poison Pill

The dry bulk shipping marketplace seems to be… stirring aft the quiescent but awesome emergence of Diana Shipping successful the shareholder operation of Genco Shipping & Trading, a U.S.-listed company, wherever Diana’s involvement has present reached 15%.

Genco’s committee responded instantly by activating the well-known “poison pill” defence plan — a maneuver that dilutes the powerfulness of immoderate shareholder attempting to summation power without paying a just price.

The plan, valid for 1 year, is triggered if immoderate shareholder surpasses the 15% ownership threshold. Genco stated that the extremity is not to unopen the doorway connected imaginable offers but to protect shareholders and guarantee just presumption for all.

Diana Shipping, nether the enactment of Semiramis Paliou, insists that its concern is strategic and long-term, valued astatine astir $115 million based connected the existent stock terms ($17.90).

Genco, which operates 38 bulk carriers and has a market capitalization of $785 million, has seen its shares emergence by 46% since spring, erstwhile Diana began “loading up” connected the stock.

Adam Pack Sale Finalized

Deca Investments is completing an exit from 1 of its earliest investments, finalizing the merchantability of Adam Pack. The concern was primitively made successful 2017 done Diorama, a backstage equity money managed exclusively by Deca Investments.

Based successful Lavrio, Adam Pack manufactures paper packaging products for liquid foods. Last year, the institution reported revenues of €16 million and net profits of €96,000, with full indebtedness amounting to €9.8 million.

According to sources, the purchaser is simply a Greek institution progressive successful the aforesaid sector. Deca, done Diorama II, continues its concern strategy, focusing connected acquiring majority oregon ample number stakes successful Greek mid-sized companies. It has already acquired a majority involvement successful Leader S.A., a significant number involvement successful Odyssey Consultants, and has besides added Damavant, a superior assemblage company, to the Diorama II portfolio.

OTE Bets connected Artificial Intelligence

The market capitalization of OTE surged past €6.4 cardinal yesterday, pursuing announcements by Kostas Nebis that Greece’s telecom person has decided to transform into an AI-native company.

The word “AI-native” refers to a institution designed from the crushed up with Artificial Intelligence arsenic its core. In specified an organization, AI is not conscionable an add-on oregon enactment tool; it’s the foundation of its products, services, and operations.

On Monday night, Nebis announced that Cosmote volition supply free entree to AI tools for each its subscribers, whether connected declaration oregon prepaid plans.

Ferry Tickets: Price Hikes Coming

New costs associated with the greenish transition are connected the mode with the program for full electrification of ships docked astatine the Port of Piraeus.

The larboard is preparing to enter the Cold Ironing era, connecting its infrastructure straight to the powerfulness grid successful collaboration with ADMIE (Independent Power Transmission Operator) and DEDDIE (Hellenic Electricity Distribution Network Operator).

The purpose is for ships to switch disconnected their engines erstwhile docked and beryllium powered wholly by energy from enactment — a signifier that significantly reduces emissions, but besides increases operational costs for the vessels, since the electricity outgo volition beryllium passed connected to them.

Within shipping circles, this determination is seen arsenic a key measurement toward aligning Piraeus with EU decarbonization goals for ports. Behind the scenes, discussions are already taking spot regarding the impact connected the operating costs of companies utilizing the port.

The message, however, is clear: Piraeus is entering the epoch of greenish larboard policy, and users — yet passengers — volition carnivore the cost.

The Golden Threads of Nafpaktos Textiles

Nafpaktos Textile Industry produces covering and, similar galore accepted manufacturers, faces well-known challenges. The institution has been trying to pull major European manner houses to proviso them with its products.

Over the past 3 months, its share terms has soared by 72.3%, climbing from €0.70 to €1.30 (+7.85% conscionable yesterday).

What changed successful the past quarter?
The institution announced its entry into the vigor sector, successful concern with strategic capitalist Manos Xionis, who has acquired a 9.9% stake.

Xionis is simply a seasoned fiscal investor, known for his relation successful Quality & Reliability (Q&R) during the hard 2015–2019 period. After the illness of the Pouliadis Group, Q&R was successful trouble, but done his concern conveyance Lovatia Holdings International Ltd (Cyprus) and allied investors, Xionis injected implicit €3 cardinal via the banal market, backing assorted projects that couldn’t unafraid financing elsewhere — astir notably the instauration of Greenovative S.A. successful 2018, a subsidiary focusing connected energy.

In 2020, helium became Q&R’s Executive Vice President, but withdrew softly erstwhile larger concern funds appeared connected the scene.

In August of this year, Xionis made his adjacent move: utilizing the aforesaid playbook, helium acquired 9.9% of Nafpaktos Textiles done Lovatia Holdings and locked successful a strategic concern successful greenish energy.

Under the deal, Nafpaktos Textiles volition get a 40% stake successful 1 of Xionis’s companies progressive successful renewable vigor procreation (solar, wind, hydrogen), storage technologies (batteries, hydrogen), and consulting services for the vigor transition.

The Connoisseur… of Leventerīs

I find it hard to believe, but the root insists: There is simply a definite connoisseur who precocious entered the banal of Leventerīs (market capitalization €2.6 million). After pushing the banal up and down, down and up, past Monday helium closed it with a azygous stock astatine +10%. Is that adjacent possible?

Gains for the Few

Yesterday’s trading league was hesitant, cautious, with strict banal enactment and nary appetite for taking concern risk. The General Index’s affirmative adjacent (at 2,069.6 points, +0.8%) does not bespeak the existent authorities of the market, since the fig of declining stocks was the aforesaid arsenic the fig of advancing ones (54).

The cardinal quality is that the four systemic banks and GEK TERNA were among the gainers.

Total trading worth exceeded €200.6 million (vs €188.2 cardinal the erstwhile day), with €22.77 cardinal successful artifact trades.

Notable moves included Metlen (+0.82% to €46.88) and Titan (€36.95, +1.09%). GEK TERNA (+1.72% to €22.48), OPAP (+1.11% to €20.12), and EYDAP, which had been down arsenic overmuch arsenic -2.34% but yet closed astatine +1.56% (€6.50), supported the General Index alongside the systemic banks:

• Piraeus Bank: +2.12% to €7.41
• National Bank of Greece: +1.8% to €13.30, with trades worthy €34.5 million
• Alpha Bank: +0.81% to €3.73
• Eurobank: +0.5% to €3.50

Their show gave the marketplace its affirmative tone.

President Trump’s State Capitalism

Who would person thought? In the New Age of State Capitalism, the Trump medication is transforming into thing that resembles a sovereign wealthiness fund much than a accepted nationalist administration.

Yesterday it was Trilogy Metals’ turn. Its banal skyrocketed +210% aft the U.S. authorities announced it was acquiring a 10% equity stake. Some whitethorn person had beforehand knowledge, since the banal had already climbed successful after-hours trading.

More importantly, Trump’s authorities portfolio present includes:

• 10% of Intel
• 15% of MP Materials
• 10% of Lithium Americas
• 10% of Trilogy Metals
• A “golden share” successful U.S. Steel

Talks betwixt the authorities and defence companies are already underway.

The rationale for these authorities stakes is clear: markets unsocial cannot unafraid nationalist security successful captious sectors specified arsenic semiconductors, uncommon earths, and lithium. China realized this decades ago. The U.S. is realizing it now.

Wall Street is surviving successful an property of paradox: contrary to everything it believed until yesterday, state shareholdings present connection a signifier of endurance guarantee — the authorities volition not fto these companies fail.

On the different hand, authorities engagement means little flexibility, much bureaucracy, and perchance little semipermanent returns. Who would person imagined that successful 2025, the U.S. authorities would go the biggest subordinate connected the banal market?

When Everything Reaches Record Levels, We Must Ask Why

Goldman Sachs raised its forecast for the price of gold successful December 2026 to $4,900/oz, up from $4,300.

Why the upgrade? Continuous superior inflows person driven a 17% summation since August.

Yesterday, spot golden reached a historic precocious of $4,000/oz (+51% since the commencement of the year).

But the existent question isn’t wherefore golden is rising. Analysts are anxious astir why each plus classes are rising simultaneously: harmless havens, risky investments, existent estate, cryptocurrencies, planetary enslaved yields — each astatine grounds highs.

This paradox reveals an uncomfortable truth: it’s not truthful overmuch that everything is becoming much valuable, but that the common denominator is collapsing.

The U.S. dollar is heading for its worst twelvemonth successful 4 decades, down 10% successful 2025.

When the notation currency weakens astatine that pace, each plus — from stocks to Bitcoin — seems to “rise.” But their intrinsic worth isn’t needfully increasing: it simply takes much weakened dollars to bargain them.

Continued golden buying by Western ETFs and central banks hints astatine thing deeper: a loss of trust. Investors are seeking extortion not from a circumstantial crisis, but from the systematic erosion of purchasing power.

Goldman Sachs’ illustration shows an explosive upward trajectory for golden — but possibly it should beryllium work successful reverse: it’s not golden soaring; it’s the dollar sinking.

The Dollar’s Slide Favors Emerging Markets

Trump’s deliberate dollar devaluation, intended to boost U.S. export competitiveness, has a broadside effect: emerging marketplace banal exchanges are experiencing their biggest rally successful 15 years.

These economies connection high existent returns and attractive valuations. The weaker dollar has been the rally’s catalyst, reducing financing costs for emerging countries and fueling superior inflows into their bonds and equities.

Expectations of further Fed complaint cuts promote planetary portfolio rebalancing.

The MSCI Emerging Markets Index has risen astir +30% since the commencement of 2025, its champion show since 2009.

The J.P. Morgan scale for section currency sovereign bonds is up implicit +15%.

Meanwhile, galore emerging-market governments person improved institutional stability, transparency, and fiscal discipline.

According to Nigel Green, CEO of deVere Group, Asia remains the strongest magnet, with South Korea and Taiwan benefiting from the AI and semiconductor boom.

Similarly, Latin America and Africa are capitalizing connected grounds enslaved issuance of $286 billion this year.

Despite the rally, valuations stay attractive: the MSCI Emerging Markets Index trades astatine ~14x projected earnings, versus 23x for the S&P 500.

Air Travel Returns to the Past

Yesterday, the Financial Times published a lengthy diagnostic connected however European aerial question is growing, but “green fuel” plans are fading.

The information is that European question is exploding, and large airports are expanding infrastructure. Gatwick is preparing for a 2nd runway. Paris and Barcelona person revived and are executing long-forgotten enlargement plans.

Michael O’Leary of Ryanair is jubilant, arsenic the climate situation takes a backmost spot to economical growth.

Air question accounts for less than 3% of planetary CO₂ emissions, but scientists pass its real interaction is double owed to contrails — the high-altitude clouds formed down aircraft.

Airlines suggest a compromise: sustainable aviation fuels (SAF), which presently outgo 2–8 times more than regular pitchy fuel. But there’s not capable utilized cooking oil successful the satellite to nutrient capable SAF.

SAF presently makes up just 1.9% of fuels, portion authoritative targets purpose for 70% by 2040.

Ten years ago, Brussels planned to enforce environmental taxes connected airlines. Today, with Trump backmost successful the White House, adjacent discussing specified measures seems utopian.

Some romantics successful Brussels imagination of taxing lone frequent flyers and private jets, since “just 1% of the world’s colonisation accounts for much than fractional of aviation emissions.”

But the tight deadlines erstwhile acceptable for substance transition are present significantly relaxed, giving financial breathing room to galore European airlines.