-Hello, we are officially in the last week of summer, and just before the “kickoff” of the new political season, which always starts with the Thessaloniki International Fair, the topic of discussion “in cafés across the country,” as the old political reporters used to write in newspapers, is that… starting Monday there will be revelations, winter will be wild, OPEKEPE 2, the little houses, the huts, the soup kitchens, the shacks, the EU funds, and… the Vespa, the PR companies that used to get all the jobs, etc., etc. Let me clarify from the outset that after 40 years in this job, I’ve gotten used to being very careful and distinguishing what is being heard (for months), what is being written (and why and by whom), what is true, and what is proven. The truth is that OPEKEPE, because of wiretaps in which snakes are heard—not necessarily from politicians, and certainly not only ministers or MPs, but from party members or even unrelated people—created a bad impression and image (at least for the moment) in society. Six years of government weigh heavily, and of course, a topic can blow up much more easily. I asked my source whether, in these last months of the “OPEKEPE era,” there are negative findings in focus groups where citizens are surveyed, and I got this answer: “Of course, people don’t like all this, and there’s a polling hit since July. Remember, there was also the Tempi case during the sawdust period, and it passed. Today, citizens are frustrated about OPEKEPE; there is a widespread impression that corruption exists, but they don’t blame Mitsotakis. They say, however, that it is a product of the government’s absolute power—and omnipotence, I would add—over the last six years and the lack of opposition.” Now, I asked whether citizens in the focus groups suggest any coalition government, some “hand” to get the train back on track (like Panaras Kammenos with Tsipras… bless them), but the answer I got was something like “are you kidding us now, with whom, Androulakis or Zoe?” I’m just reporting this, and we’ll see what holds up.

Thessaloniki
-Half the government is heading up to Thessaloniki today, a week before the TIF, as Mitsotakis will speak at an event at the Megaro Mousikis on major infrastructure projects in Northern Greece. As I mentioned the other day, on the menu are the extension of the metro to Kalamaria, the Flyover, and the Western Thessaloniki Suburban Railway. Alongside Mitsotakis will be over ten ministers, not counting deputy ministers, who have their own appointments and meetings. Two panels with ministers will take place after Mitsotakis’s speech, while the prime minister broke the “tradition” of holding some meetings at the City Hall and ordered that everyone meet at the Megaro Mousikis, where he will also hold the usual meetings with productive sector representatives.

Meeting with MPs
-One of K.M.’s first appointments in Thessaloniki will be with the blue MPs of the 1st and 2nd Thessaloniki constituencies. Already, a broad meeting took place the day before yesterday at the city’s Administrative Committee, and on Monday tours with party teams will begin across Northern Greece. Mitsotakis wants to hear the recorded problems, as Thessaloniki is surprisingly a “black hole” for New Democracy. Even in the 2023 elections, when he swept nationwide, the percentages in 1st Thessaloniki lagged significantly behind the national average. Also, in Thessaloniki prefectures, parties to the right of ND (Velopoulos, Latinopoulou, NIKI) “damage” their scores, and things are worse outside the city center.

Meeting on energy
-A detailed discussion on electricity issues, as well as other energy projects, took place yesterday at M.M. with Mitsotakis, Stavros Papastavrou, and Nikos Tsafos from the Ministry of Environment and Energy. The minister briefed K.M. on wholesale electricity prices, which this summer were lower than last year, and on the activities of the Task Force that was formed. Energy interconnections, ADMIE matters, etc., were also discussed. Ahead of TIF and the press conference, Mitsotakis wants a full picture of all outstanding issues, and electricity consistently concerns citizens.

Pavlos – Androulakis
-Closing the political section, I’ll write a few words about yesterday’s new episode of Pavlos Marinakis – Androulakis, where the latter went after the former harshly because the government spokesperson supposedly said that PASOK voted with Zoe on the Tempi proposal for referral for high treason. Okay, it’s known and obvious (from the video) that Marinakis didn’t say that, and that PASOK had voted “present.” I wonder, even if Androulakis got carried away at that moment on TV and didn’t realize it, wouldn’t a simple “sorry, wrong info” afterward hurt anyone? Truly, you have to… admire these guys in PASOK. Dudonis came out and said that every time Mitsotakis is cornered… Tsipras saves him. As if the party Tsipras is doing it for Mitsotakis. Whatever… and it shows in the polls and on the street.

Ivan the port boss
-I’ve been hearing this scenario for a long time, often from reliable and respected sources; it even repeats from time to time with particular emphasis, but I conclude that Ivan Savvidis will only be removed from the Thessaloniki Port Authority over his dead body. The man shouts it in every way. First, the stock: In recent days, some were systematically collecting OLTH shares below €38. Yesterday, everything froze, and transactions worth… €56,000 took place, while previous trades were five times higher. Probably temporarily, because after the regular session ended, in the auction process, someone placed small orders totaling €10,000 to close the stock below €38, 20 cents lower at €37.8, just so we have something to talk about today. Market info says that recent OLTH purchases were from Ivan’s allies, but the column recommends caution because I heard the Capital Market Commission is monitoring transaction by transaction. If OLTH’s stock behavior is an indication that Ivan doesn’t want to leave OLTH, his visit yesterday (not counting his public appearances for PAOK at stadiums and airports) to Thessaloniki port, accompanied by executives and photographers for the “shareholder briefing” on project progress, sent a clear message. Ivan Savvidis wanted to remind everyone that he is and remains “the boss” of the port, and anyone with other plans should discuss them with him. Incidentally, the Dreifus family’s interest in OLTH remains active.

G. Papavasileiou in the spotlight
-Among the day’s highlights is the administrative change at Europe Holdings of S. Kokkalis, which brought to the forefront the person planning the insurance company’s business moves. The new CEO, G. Papavasileiou, who is fully trusted by chairman Socratis, preferred to keep his cards close at yesterday’s assembly, saying everything and nothing, with phrases like “capitalization in insurance sub-sectors,” “leveraging synergies among subsidiaries,” etc. Iron-willed.

Kolokotronis Museum in Athens by Stasinopoulos-BIOCHALCO Foundation
-A plan that has existed for years now seems to be quietly moving forward by the “Michael N. Stasinopoulos – BIOCHALCO” foundation. Information about creating a Museum of Theodoros Kolokotronis in Athens had circulated—not widely—but now it is taking shape. The museum will be housed at the building at 46 3rd September Street & 13 Marni Street in Athens, owned by the group company “ElvalChalcor S.A.,” which is listed as a monument, hence the permits are demanding and require approval from the Ministry of Culture. From a review of past reports, for example, the foundation had acquired the famous oath of Kolokotronis and members of the Peloponnesian Senate, recorded in a document of October 16, 1822, bought at a 2019 auction.

The “golden” dividends of Asteras
-Asteras Vouliagmenis may have passed into the ownership of shipowner Giorgos Prokopiou, but the previous shareholders, namely the Arab-Turkish Apollo consortium, continue to collect profits. Thus, as this column has learned, on July 20 an Extraordinary General Assembly of Aster Palace Vouliagmenis took place, and according to the records, “the Chairman of the Extraordinary General Assembly reminds the attending shareholder that by the decision of May 23, 2025, of the self-called universal Ordinary General Assembly of the company’s shareholders, the financial statements for the fiscal year 2024 were approved and informs him that, based on the possibility provided by Article 162, paragraph 3 of Law 4548/2018, the general assembly can decide on the distribution of dividends from profits of previous years, and based on the above, the sole shareholder of the company is invited to approve the distribution of dividends from profits of previous years.” Subsequently, the EGA unanimously decided to distribute a dividend of €4,704,000 from retained earnings of previous years. But there are also some debts… Thus, the General Assembly, “taking into account the existing debt of the sole shareholder Apollo Lux S.A. to the law firm Dechert LLP, unanimously decides that, following the instructions of the sole shareholder, the amount of USD 746,873.87, at the current exchange rate in euros, from the approved dividend will be paid directly by the Company to Dechert LLP, on behalf of and for the account of Apollo Lux S.A., and the remaining dividend amount will be paid to Apollo Lux S.A. itself.” Furthermore, the necessary authorizations were given to the Vice Chairman of the Board and Chief Financial Officer Dimitrios Lampropoulos, and the CEO Iraklis Pavlou, “acting jointly in pairs, in the name and on behalf of the Company, to do everything necessary or appropriate for implementing this decision, such as determining the start date for dividend payments and the paying bank.” We’ve said it many times: the Arabs and their Turkish partner, when they bought Asteras… made their fortune, having pocketed crazy profits from the “golden” plots for the villas as well as the entire activity of the iconic complex…

Expectations for Iktinos marble
-In the past month, discreet investment interest has emerged for Iktinos Marbles, which is approaching a capitalization of €60 million. The scenario behind this 6%-7% rise in the stock predicts the sale of a relatively large tourist property of the company in Crete, in Ormos Faneromenis, on the northeast coast of Lasithi, near Sitia and just 3 kilometers from the city airport. The project area (Sitia Bay Resort) covers approximately 2,690 acres, with a seaside frontage and sea view. In Crete, “information” is circulating that the sale of the property has been “locked,” with a price of €25 million, which would significantly relieve the company of its debt burden and allow it to continue its path back to profitability. Some even “heard” that the price may have exceeded €30 million. In its core activity, Iktinos Marbles shows an upward trend and is trying to increase production to meet rising demand for Volakas-type white marbles, which make up 70% of the company’s output.

Who will dare to raise money from the market first
-At the brokerage offices, bets are flying. In this climate of geopolitical uncertainty and political instability in Europe, which company will take the bold first step to try to raise money from the Greek capital market? Logically, it’s Intralot, whose public offer completes today, followed by the major €400 million capital increase. Or will a bank dare to go to the market? In any case, the first mover will open the way for the others and set the milestones…

Full speed toward the 10th consecutive month of gains
-The market would have to have the sky fall on its head, and the General Index lose more than 4% today and tomorrow, for August not to close up—the 10th consecutive rising month for the Athens Stock Exchange. Yesterday, the General Index tried to maintain the upward momentum from the previous day, but after the first hour of trading, pressure on the heavyweights led to a significant drop. Then, once again, foreign institutional forces supporting Alpha Bank throughout this period appeared, giving the signal for a rebound that, however, did not hold until the end. The General Index closed at 2,069.74 (-0.33%), having fallen to 2,060.83 (-0.76%) and risen to 2,091.04 (+0.7%). Alpha traded €67.3 million and closed at €3.561 (+0.59%), although it had climbed to €3.65. Total transaction value exceeded €225.26 million, with €45.1 million in block trades. The other banks didn’t follow Alpha’s enthusiasm. NATIONAL (-1.94%) fell to €12.16, Piraeus (-1.51%) to €6.90. Eurobank (-1.56%) at €3.29 maintained second place by market capitalization at €12.1 billion. Bank of Cyprus also fell (-1.78%) to €7.74. JUMBO (+3.12%) took the opportunity to surpass €31, but the strong rise from the start of trading of ELVALHALCOR (+2.95%) to €2.79 drew attention, showing that the Group’s leadership interest is not limited to Cenergy (-0.73%) at €10.92. OTE rose above €16.2 (+1.73%), while Alumil (+1.74%) in mid-cap continued its 5th consecutive rising session at €5.78.

The new situation in Japan changes global market dynamics
-For decades, the Japanese bond market operated like a “parallel universe” in the markets. Zero interest rates, total control of the yield curve, and ultimately the most extreme form of quantitative easing (QE) worldwide. Investors borrowed cheap yen and invested in global markets. The data has changed. The 30-year yield on Japanese government bonds (JGB) has reached historic highs (3.23%), marking a seismic shift. The Bank of Japan is under pressure to “normalize” its bond market. For years, it kept inflation below target. But rising living costs and higher wage demands proved that zero interest rate policy is not sustainable. The Japanese market acted as a “liquidity conduit.” For decades, Japanese funds, insurers, and pension funds went abroad (USA, Europe) seeking higher returns. Instead of 0.2%-0.5% offered by Japanese bonds, they sought the 4%-5% of US Treasuries. Now that yields in Japan have improved significantly, many funds are motivated to “repatriate” capital. As the Japanese reduce positions in US Treasuries or Eurobonds, secondary pressure immediately shifts to the yield curve. Until now, the “risk-free rate” in investments was set by the 10- and 30-year US Treasury yields. Today, the “zero-risk yield” exceeds 4%. And this changes everything. Major tech giants are valued on stock markets using earnings growth models and low discount rates, which no longer exist. Japan “unlocks” the yield curve, and we are facing the end of the “global liquidity subsidy” from Asia.