Erdogan’s frustrations, Netanyahu and the opposition, what (and where) Geroulanos is shaking, Xenokostas and the Americans, the field cots ///

Hello, arsenic of the clip we were penning our regular quality report, we did not yet person a definitive representation of whether the postponed gathering betwixt Mitsotakis and Erdogan would instrumentality place, but mostly speaking, there’s a Greek proverb astir the …ship that’s late. Still, from what a authorities root said precocious past night, it doesn’t look good. So we cognize for definite that so the scheduled gathering yesterday evening astatine 9 (Greek time) was postponed for a existent reason. Trump scheduled his gathering with the Arab countries astatine astir the aforesaid clip Mitsotakis was expected to conscionable Erdogan (with fractional an hour’s difference), truthful of people the Turk wouldn’t ditch that gathering for the Greek Prime Minister. In the end, however, the American President’s gathering with the Arab leaders was delayed by astir an hr and a half, which meant some Erdogan and Trump slotted successful different meetings successful the meantime. But we besides cognize conscionable arsenic good that if Erdogan couldn’t “find”… fractional an hr contiguous successful his docket for this meeting, it simply means the Turk ne'er wanted it to hap successful the archetypal place. Not good, but of people not …the extremity of the satellite if the Turk doesn’t privation to conscionable the Greek. And successful that sense, the opposition’s reaction, conscionable fractional an hr aft the postponement was announced and earlier they adjacent knew that the gathering was definitively off, is beyond words. Or rather, it’s a disgrace for the state that lone a fewer minutes aboriginal Greek parties onslaught the Greek Prime Minister due to the fact that the Turk canceled connected him. Honestly, I don’t judge nationalist sentiment would person expected specified an “instant” absorption from the absorption (from PASOK to Velopoulos) successful bid to applaud them — fixed 1 tiny detail: let’s not forget, we’re talking astir a Greek and a Turk.

Is determination an explanation?

• Now, if the gathering is yet scrapped, according to my source, determination are explanations: First, that Greece does not admit the Palestinian state, which annoys some the Arab countries and Erdogan. But betwixt us, if determination is immoderate accidental the Turks won’t get the F-35s, that accidental is …Netanyahu. So the classical regularisation applies: the force of my enemy… And second, well, let’s look it, Erdogan did not get the aforesaid attraction nether Biden, truthful present he’s venting his frustrations, since with Trump the speech goes differently, particularly connected concern matters.

Geroulanos

• Meanwhile, yesterday we had a tempest of events successful New York, and slipped nether the radar was a due …warning doorbell that Geroulanos rang for Androulakis. “If the needle (he meant the polls moving upwards) doesn’t displacement successful the adjacent 2 months, we’re going to person occupation shifting it by the elections,” Pavlos told our person Nikos A. Now, to archer you the truth, I don’t cognize however PASOK’s needle is expected to determination upward — and successful conscionable 2 months astatine that — but I bash spot a inclination by Pavlos, Haris, and Anna to beryllium …let’s accidental politely, wagging their digit astatine Nikos.

The gathering with Al Sara

• Among K.M.’s meetings successful New York, 1 stands retired arsenic alternatively important and was not announced successful his archetypal schedule. I’m talking astir the one-on-one expected with Syria’s transitional president Al Sara (formerly Joulani), who, from erstwhile being connected the wanted list, present shows up suited and mingling with diplomats. It’s not their archetypal meeting, arsenic they had crossed paths successful a four-way successful Paris, but for us, the Middle East objectively matters rather a lot.

Maximos’ appointments

• After the ceremonial confirmation of Maximos Charakopoulos’ assignment arsenic secretary-general of ND’s Parliamentary Group, the Larissa person has started gathering assorted MPs, trying some to “warm up” the ambiance and to administer roles for the regular work. Speaking of ND MPs and with Maximos “leading the charge,” present making media appearances, I spot that respective person started to “gain courage” and telephone for Samaras’ return. The question, of course, is whether they are speaking to deaf ears, since this patching-up workout is thing but easy.

Xenokostas eyes shipyards

• A fewer weeks ago, Panos Xenokostas received an authoritative invitation from U.S. Secretary of the Interior Doug Burgum to sojourn the United States. Having seen up adjacent the “resurrection” of the shipyards ONEX achieved successful Syros and Elefsina, Burgum reportedly asked Xenokostas to sojourn corresponding U.S. shipyards to research imaginable acquisitions. According to reports, the ONEX brag has already visited 2 American shipyards and plans to sojourn 2 much successful the coming period.

Theodorikakos joins in

• The authorities is rushing to instrumentality vantage of the favorable clime for the Hellenic Shipyards. A dense stock of the effort to boost Greece’s shipbuilding manufacture present falls connected Takis Theodorikakos. The Minister of Development has undertaken drastic interventions to fortify the shipyards’ competitiveness, and soon helium is expected to bring to Parliament a caller bundle of important legislative changes. For the archetypal time, shipbuilding has been included successful the caller Development Law arsenic portion of flagship and strategical investments, granting it privileged status. The adjacent step, according to reports, volition beryllium the submission to Parliament of this legislative framework, which volition see broad measures for the rebirth of Greece’s shipbuilding manufacture arsenic a strategical sector, with accent connected larboard infrastructure and vigor modulation done caller technologies. Specifically, for the Elefsina and Syros shipyards, investments worthy €250 cardinal are already planned.

High flying for Bank of Cyprus

• The Bank of Cyprus has present marked 1 twelvemonth connected the Athens Stock Exchange and, connected this occasion, organized a meal with its enactment and journalists. The bank’s absorption came from London, wherever they had successfully presented their exemplary to organization investors, focusing connected 22% instrumentality connected equity, CET1 exceeding 20.6%, and dividend distributions this twelvemonth reaching 70%. Over its 1 twelvemonth connected the Athens Exchange, astir 20% of the bank’s shareholding has changed hands, portion the stock terms roseate 62% — combined with dividends and interim distributions, that’s 80%. According to Chairman Takis Arapoglou and CEO Panikos Nicolaou, the bank’s strategy includes selective enlargement overseas with loans to ample corporations and shipping, aiming to rise its overseas portfolio to €1.5 billion. One of the astir absorbing points absorption mentioned is that yearly lodging loans successful Cyprus magnitude to €1.2 cardinal (compared to €1 cardinal successful Greece).

Progressive’s unsafe flirtation

• Progressive’s wide meetings usually person a …family atmosphere. Few attendees, astir of whom already cognize each other. Last week (9/19/25), however, 2 caller faces showed up astatine the listed company’s wide assembly. Naturally, the newcomers drew attention, particularly erstwhile they said they weren’t shareholders but from the Capital Markets Commission, and had travel to observe the gathering to cheque if firm governance was being followed and mostly to spot procedures firsthand. The Progressive enactment was astatine archetypal amazed and past alternatively unsettled by the unexpected visitors, who made themselves comfy successful the country and watched the proceedings. I’ve ne'er heard of Commission officials showing up astatine a wide assembly before, truthful I presume determination are much surprises to come. I punctual you that connected August 7, the CMC had sent a missive to Progressive regarding rumors of a concern partnership, to which the institution replied: “If and erstwhile immoderate statement arises, the Company volition marque the indispensable announcements to the investing public.” Letters, visits, a unsafe flirtation…

Strong request for GEK TERNA bond

• Strong request was recorded connected the archetypal time of the nationalist offering for the GEK TERNA bond, according to banal marketplace sources. Specifically, request astir reached the size of the issue, portion it is estimated that successful the adjacent 2 days it volition stay high. The nationalist offering concludes tomorrow, Thursday, September 25, and the involvement complaint scope has been acceptable betwixt 3.20% – 3.50%. The radical volition usage the €500 cardinal funds for the implementation of its improvement plans.

Qualco wants to play successful the large leagues

• On Monday, September 29, Qualco’s absorption (€5.75 +0.52%) has scheduled the announcement of its half-year results. At the aforesaid time, however, absorption has decided to signifier an accusation lawsuit to contiguous the breadth of its activities, since astir see it simply a “bad indebtedness handler and indebtedness collector.” Already, the institution has agreed and secured a 3rd Market Maker connected the Stock Exchange, aiming to go a “high-liquidity” listed company. At the aforesaid time, it is besides eyeing an betterment successful its capitalization (currently €401 million) with the assistance of acquisitions. In June, it acquired Empedus to make the company’s exertion arm, and successful July it bought Cenobe, specialized successful cybersecurity.

Climbing for Trade Estates, shallow waters for Fourlis

• With dilatory and dependable steps, Trade Estates is closing the spread from its IPO terms of €1.92, reaching €1.80 for the archetypal clip since December 2023. Yesterday it closed astatine €1.79, with an intraday precocious of €1.82, having strengthened by 4.3% implicit the past 4 sessions. Trading measurement was higher connected Tuesday’s league compared to accustomed levels, surpassing €500,000 with 285,000 shares changing hands. Eurobank Equities sees the banal astatine €2.23, citing generous dividend distributions and an mean yearly maturation of 9% successful rental income until 2029, driven by retail parks and the logistics sector. The dependable upward people of Trade Estates contrasts with the crisp fluctuations of its affiliate Fourlis, which has posted 2 days of cumulative losses of 2.55%. Yesterday it fell beneath €4.40, losing further crushed from its yearly precocious of €5.

Cenergy’s rally boosted Viohalco

• Parent institution Viohalco controls 71.46% of the shares of its subsidiary Cenergy. Following Cenergy’s caller upward question yesterday, its valuation reached €2.629 billion. Consequently, 71.46% of Cenergy is worthy €1.8 billion. The full Viohalco radical (which controls ElvalHalcor, Sidenor, Sidma, Noval, Corinth Pipeworks, Stomana, Sovel, Dojran Steel, CPW America, Epirus Metalworks, etc.) is worthy contiguous €1.8 billion. Of course, with holdings, valuations often enactment retired this way. Still, Cenergy Holdings consolidated its presumption supra €12, arsenic with a 3.16% leap it extended its grounds high, closing astatine €12.38 and hitting €12.44 intraday. Last week, Eurobank Equities acceptable the people terms astatine €14.10, lowering the upside imaginable from 20% erstwhile the study was published to 13.9% today. Gains for the banal successful 2025 transcend 31%, with capitalization reaching €2.6 billion, making it the 16th astir invaluable listed institution connected the Athens Stock Exchange. Viohalco, the “parent,” besides benefited from Cenergy’s rally, staying connected an upward way for the 9th consecutive session. It adjacent reached €7.20, a caller all-time high.

Alumil keeps fighting

• Tomorrow greeting astatine 10 a.m., Alumil’s absorption (+3.8% €5.46) volition contiguous its half-year results to analysts via teleconference. The marketplace rewarded the betterment successful nett profitability to €8.7 million. G. Mylonas reduced involvement expenses by €1.5 cardinal and astatine the aforesaid clip managed to amended fiscal income by €1.1 million, evidently done aluminum hedging and moves successful the forex markets. Debt remains precocious astatine €135 million, but Alumil’s beingness successful much than 60 countries with 34 subsidiaries acts arsenic a “natural daze absorber” — erstwhile 1 marketplace struggles, others marque up for the loss. In markets similar Turkey, wherever income indispensable beryllium successful section currency, Alumil invoices successful euros and instantly converts receipts, frankincense eliminating risk. Finally, G. Mylonas stated helium is not acrophobic of the U.S. 50% tariffs connected aluminum profiles due to the fact that helium sells implicit projects. In the projects undertaken, the metallic outgo is simply a tiny stock of the last price, since the added worth lies successful engineering, design, and technology.

Tailwinds for refineries

• Russian bombings connected lipid accumulation units person accrued the worth of the still-operating refineries. International lipid prices stay nether power (Brent astatine $66.2 and U.S. WTI astatine $62.3), but refining margins are rising importantly arsenic options are limited. In Greece, Motor Oil is valued astatine €2.8 cardinal and HelleniQ Energy astatine €2.56 billion. Both are trading astatine 5–6 times their operating profits, contempt marketplace conditions boosting their equilibrium expanse revenues by respective tens of millions each month.

Maximos Mansion and the strengthening of the Greek registry

• Shipping is 1 of the cardinal items connected the Maximos Mansion agenda. The Prime Minister wants to fortify the Greek vessel registry — that is, for Greek shipowners to registry much of their ships nether it and alert the Greek flag. First move, I hear, volition beryllium further simplifying vessel registration procedures, since presently it requires a upland of paperwork and a time-consuming process. V. Kikilias mentioned the substance to Greek shipowners successful London past week, during a meal hosted successful his grant by the Greek ambassador astatine the ambassador’s residence. The adjacent measurement is to bring guardant the measure connected modernizing maritime education. The measure was expected to beryllium presented successful the fall, but I perceive it’s being pushed to aboriginal December. Entry scores are precise low, resulting successful students struggling to travel courses, with a important percent dropping retired halfway. Recall that nether Christos Stylianides, a study by the Eugenides Foundation connected upgrading Maritime Education had been published. It was accepted some by the Union of Greek Shipowners and the minister, but was ne'er implemented. It wasn’t adjacent discussed successful the Maritime Education Council of the Ministry. Or rather, it was enactment connected the docket the time earlier the Council meeting, but withdrawn the adjacent day. Maximos is moving present retired of interest for the aboriginal of the Greek registry. We are seeing a steep diminution successful ships flying the Greek flag, which is present supported by lone a fistful of patriotic shipowning families.

The aging ferry fleet, the €4 cardinal and the bankers

• Under caller biology laws, the renewal of ferry and Short-Sea Shipping (SSS) fleets is imperative. The strategy is collapsing, due to the fact that the amounts required are enormous, financing is difficult, and clip is moving retired for everyone. Implementation of the Fit for 55 package, nether which successful 2023 the European Commission extended the Emissions Trading System (ETS) to maritime transport, alongside related enactment agreed astatine the IMO, makes the replacement and modernization of Greece’s aging SSS fleet urgent. More than 70% of ships are implicit 30 years old. Also, by 2030, 70–75 ferries volition request to beryllium replaced owed to property and strict emissions regulations. It is estimated that astir €4 cardinal volition beryllium required for renewing the Greek ferry fleet, to comply with caller biology rules and fortify assemblage sustainability. For this reason, connected September 30, 2025, determination volition beryllium a gathering betwixt the committee of the Hellenic Chamber of Shipping and the Union of Banking and Financial Executives of Greek Shipping to sermon financing methods. In the background, however, determination look to beryllium nary investors funny successful either ferries oregon SSS, which is peculiarly worrying.

Greeks successful Indonesian shipyards and the program for the adjacent day

• Indonesia is connected a way of economical maturation and is made up of 17,508 islands. Now that maturation has arrived, the authorities is focusing connected shipyards, successful the archetypal signifier to physique ferries but besides cargo ships for Short-Sea Shipping, to transport goods betwixt islands. The effort is starting methodically, and the Indonesians turned their eyes toward Greece. Greek shipbuilders clasp cardinal positions, liable for gathering commercialized ships alternatively than ferries. There are besides Greek shipowners who person cautiously started placing orders oregon are assessing conditions to determination forward.

The large measurement successful America

• Analysts see the statement precocious struck by Allwyn International, OPAP’s genitor group, to get 62.3% of U.S. phantasy sports institution PrizePicks, arsenic important arsenic the earlier program for listing connected Wall Street. The archetypal terms tag of the woody is $1.6 billion, valuing PrizePicks astatine $2.5 billion, portion if definite targets are achieved betwixt 2026–2028, the valuation could scope up to $4.1 billion. The acquisition volition importantly fortify Allwyn International’s beingness successful the monolithic and lucrative U.S. gambling market, particularly successful Daily Fantasy Sports (DFS), which are skill-based and truthful disposable adjacent successful states wherever betting is not yet licensed. Thus, Atlanta-based PrizePicks present counts millions of progressive users per period successful much than 45 states, with adjusted EBITDA of $339 cardinal for the 12 months to June 2025, implicit 60% yearly gross growth, and beardown currency flows.

Field cots (just successful case)

• The file astir broke retired successful acold sweat reasoning we mightiness beryllium preparing for …call-up orders erstwhile it learned that the Superfund is moving a tender for 1,777 tract cots. However, the tender, to beryllium conducted done the National Electronic Public Procurement System, concerns thing else: a motion of the superior — and already existing — impacts of clime change. The Superfund, via its Strategic Contracts Unit and acting connected behalf of the “Ministry of Climate Crisis and Civil Protection,” undertook to instrumentality the contract, with a full estimated worth of €109,000 positive VAT, for instrumentality that allows the contiguous lodging of populations affected by earthy disasters. Specifically, the declaration concerns the procurement of campy beds – tract cots, for contiguous accommodation of radical aft disasters, for the needs of the Ministry’s General Secretariat of Civil Protection and its section services. You see, aft Daniel and everything happening due to the fact that of the clime crisis, the mode specified situations are handled is present precise different.

A Greek astatine the Turkish House successful New York

• At the Turkish House successful New York, the time earlier yesterday, CEOs of firm giants specified arsenic Amazon, Ford, Coca-Cola, IBM, GE Aerospace, Boeing Global, JPMorgan, and Bank of America were invited. On the Greek side, besides astatine the array arsenic a impermanent of the Turkish President was Byron Nicolaides, Founder and CEO of PeopleCert, the Greek multinational with a planetary footprint. Byron Nicolaides, calved successful Constantinople, maintains adjacent ties with the City and works done assorted initiatives to support the Greek assemblage alive. An absorbing fact: Most of the executives of the Fortune 500 companies that participated successful the circular array person utilized PeopleCert’s certifications. The company’s merchandise portfolio is disposable successful much than 200 countries and utilized by 50,000 companies arsenic good arsenic 800 authorities organizations worldwide.

Today’s banal markets and the “golden” time of cardinal banks

• Bank of America published a revealing chart: money managers are thrilled with banal markets and clasp conscionable 3.9% successful cash. In contrast, cardinal banks are hoarding golden successful their vaults. Gold reserves person surpassed 1.2 cardinal ounces, the highest since the 1970s. The terms of golden — successful 2025 unsocial — has risen by +42% to $3,825 per ounce. This year, golden has delivered triple the returns compared to the S&P 500 scale connected Wall Street, which itself is breaking grounds aft record. The representation is bizarre: stocks are rising, bonds are rising, golden is rising, cryptocurrencies are rising, and lodging prices are rising. Is everyone winning? Central bankers, however, are softly stockpiling gold.