Inside stories

With a shuffled deck, September enters today, in the stock market, after the major rearrangements in the positions brought about by Friday’s rebalancing.
Starting today, it remains to be seen whether the market’s reluctance over the past fortnight has had anything to do with rebalancing.
However…

It has to do with the prime minister…

What they convey to me from the market, rebalancing was the reason.
The reason is the leaks that exist for the Prime Minister’s package at the Thessaloniki International Fair.
Allowances, pensions, social benefits.
Not that the market is strongly averse to these, but they should not be the only ones.

Philoinvestment test

After more than a year of the government showing proverbial inaction on the pro-investment reform front, the market wants to hear something that shows it is getting back on track.
Or at least that the rates of absorption of the funds of the Recovery Fund are accelerating.
Especially foreigners are betting on them and if the underperformance continues, as the latest budget figures showed, they too will turn their backs.
No matter how many advertisements are made, as the Ministry recently decided. of Finance, with the 4.3 million it will allocate.

Crucial quarter

So September is an important month since a lot will be decided for the future.
Let’s not forget that it is the last quarter for the exhibition of foreigners in Athens Street, since their books close in November.
They don’t want to walk away with only January’s profits, since the seven months that followed were at best “neutral”.

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Central banks and Moody’s

Of course, it is not only the Thessaloniki exhibition that will influence.
Interest rates from the ECB and the Federal Reserve, but also the strict Moody’s report will be catalysts.
The package of National will of course follow, with the developments accelerating from this week, while it is possible to see another placement in Helleniq Energy.

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Electricity subsidies

And in September the government will subsidize household electricity bills as prices for the third consecutive month starting in July are on an upward trajectory.
And the relevant provision existed from the legislative regulation of the Minister of Environment and Energy Theodoros Skylakakis which was submitted and voted in July in the Parliament.

Theodoros Skylakakis

Electricity prices are causing a severe headache for the government as their increases come to swell the wave of precision hitting consumers.
I learn that the analyzes that the Minister of Environment and Energy Theodoros Skylakakis has in his hands show that the problem with electricity prices does not end in September…
And he himself, the information tells me, is expected to march in the coming months with the weapon of subsidies instead of legs…

PPC

Of course, the minister has PPC as an ally in the effort.

Although, of course, the company now operates with private financial criteria, the fact of how it did the turnaround did not go unnoticed. Where everyone was expecting unchanged prices, PPC did its miracle again… It made a reduction in tariffs…

The reactions

And to come back to the subsidies and the intention of Minister Skylakakis to move with them when things are forced, the question is the collection of the revenues to be able to subsidize household bills at any time and moment…
And if this is the continuation of the imposition of the extraordinary tax on natural gas, surely the power producers will not be left idly by…
As one of them typically told me, “all these measures, colored tariffs, extraordinary taxes and extraordinary contributions, are bordering on constitutionality…”.
And the mind…

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When marketers “grumble” justifiably

The first “bells” came from the summer sales.
The course of consumption in the trade… shows noticeable arrhythmias, as market people with many miles in the industry complain in the column.
“Things are serious,” they note meaningfully.
Even if some insist that we are doing well (see Maximou). When the tourist season is over, they point out, then the true size of the problem will be seen.
They even refer to the situation prevailing in wholesale. Orders placed by traders for next season are noticeably down.
It is characteristic that orders at a large unit in neighboring Bulgaria that produces and supplies the Greek market with well-known brands received 30% fewer orders for 2025 than for 2024!
“This is a huge difference”, as our sources typically say.
The clouds have thickened dangerously. Is anyone listening?

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What (new) Sammy Feis is up to

Sammy Feis is very close to another major deal.
The active businessman, we learn, will close a large contract for expansion abroad.
It is yet another extroversion move aimed at taking advantage of the opportunities presented in a dynamic segment of the market.
It is a matter of time, as our sources say, for the relevant signatures to be signed and the relevant announcements to be made.
Soon we will have more details, when the deal has been formally sealed.
A little patience and soon you will hear from us…

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What are they preparing at… PASOK/KINAL?

However, we do not see any news on the PASOK/KINAL front.
A leading veteran of the party explained to us that there is a lot of… quietness in X. Trikoupi.
Not that there are no processes and alliances. But there is not yet the person who will lead the race for the presidency.

The “Papandreou” trap

Some candidates have fallen into the “Andreas Papandreou” trap, as there are not a few tributes for the 50 years since the Founding Declaration of September 3, 1974.
Others, as an executive of a polling company comments to us, those under 40 hardly have reports from this period. Those over 45 have other priorities now… so the “audience” of nostalgia is very limited.

Maximou may be keeping a secretive attitude about the “basket” of announcements at the International Exhibition of Thessaloniki, making some meaningless leaks, but Kyriakos Mitsotakis will not deviate from the well-trodden path.

The announcements will have a social sign, or at least this will be attempted, in order to appease the discontent that exists. Especially on the housing cost front.

For rents, as for the prices on the supermarket shelves, the anger is great… and it can be heard, even if there is no opposition.

The oil is to blame…

That’s why the prime minister hastened to communicate, through the ministry, that if it weren’t for the increase in olive oil prices, the food index would start to decline.

Of course, in the new “olive oil” season it seems that the situation is going towards normalization, but this will take a long time to be seen on the shelf.

There is, however, consideration for a temporary reduction of the VAT on olive oil, from the current 13% to 6%.

But I emphasize… the reduction will be temporary for possibly a few months, while we will be talking about a reduction in the price of about… 1 euro per liter.

The housing crisis avalanche

The Prime Minister cannot fail to mention, and if he does not do so he will be asked about it, the major problem of housing that is facing the big urban centers.

Students are also looking for accommodation recently and there are not a few of them.

The percentage of income that is “eaten up” by rent now exceeds 35% (Recognite data), but if you consider that the big problem is more young people (absence of own residence), who are paid less, then the percentage can exceed even 50%.

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The mixture

As I understand there is a plan for the government to “play” with tax rates in order to create incentives in the market.

That is, to increase the rate for short-term rentals, like AirBnB, and reduce it for long-term ones, so that the owners change their tactics.

But those who keep their apartments closed, at the mercy of taxation, should also change their tactics and make them available.

Two measures that, as market people have commented to me, are doomed. And this is because they are moving in the wrong direction.

The main thing they commented to me is that the government will “suffocate the cow” of AirBnB, a main source of income for many and for the tax authorities themselves.

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Contact with servicers

Another plan that Maximou is working on is to dispose of foreclosed properties by servicers, i.e. claims management companies, in order to increase the supply.

After all, the servicers themselves have submitted proposals to the Ministry of Finance to facilitate the entry into the market of a very important real estate stock.

It is not easy, however, as any measures should also include speeding up the relevant actions by mortgage offices and courts.

On this front, however, I learn that there is nothing for the prime minister, since Minister Floridis will speak about domestic violence.

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The business world?

The absolute darkness, however, also exists on the business front, especially at a time when the latest data from the Bank of Greece showed negative credit growth in July.

Seasonality may also be to blame, but the news from the Recovery Fund funds front was not the best either. I refer you to the latest report on the execution of the budget…

Thus, several foreign investors may be waiting for the prime minister, together with Moody’s analysts to give the final “score” on the economy on September 13, but Kyriakos Mitsotakis does not seem to intend to give a more pro-business sign to the speech of.

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Cable that… burns

Even when his political interventions may be more than necessary, especially in the large project of 2 billion euros for the Greece-Cyprus cable.

ADMIE even received an ultimatum from Nexans, that if the issue is not resolved it will suspend development work.

And it makes sense since the Cyprus Energy Regulatory Authority (CERA) is blocking the project, showing that the solution is now at a political level. Perhaps even higher… since in the relationship of those involved there is also… a third party (see Turkey).

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ETAD’s properties

The exploitation of ETAD’s properties is now moving to a political level. The thermometer has risen in the market and this can be seen in the opening of many holdings.

After all, the privatization plan is over for TAIPED and now the weight is given to real estate concessions.

And one of the “headaches” for the Superfund is the utilization of ETAD properties.

And as I read in the interview of the Minister of National Economy and Finance Kostis Hatzidakis in Sunday’s Kathimerini, the plan envisages the creation of holding companies where the tourist properties will be gathered for exploitation.

Dimitris Politis

I looked it up a bit more to see what the minister meant and learned how the managing director of TAIPED Dimitris Politis had this idea and the Minister of National Economy and Finance was quick to adopt it.

As I am informed, if and as long as ETAD succeeds in collecting a sufficient sample of 1,000 properties to be exploited then they will be divided into groups.

Each group will include homogeneous properties, e.g. commercially. These will be included in one holding company. There the way will be opened for the entry of developers by acquiring a package of shares and with the help of the public their utilization will proceed.

Other forms of exploitation

However, until this is done as, according to my sources, ETAD has a lot of work ahead of it to dispose of the “clean” properties, TAIPED will proceed with the utilization of the portfolio in other forms.

B.C. the model with the logistic park in Phyli, which is the competitive dialogue. And I learn something like this about the former Gonou camp in Thessaloniki and possibly about Tae Kwon Do…

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When does Maximou decide for National?

So a lot of work awaits the government when the TIF ends. After all, we also have the matter of the national team in front of us.

Time is counting down for the “team” of consultants who will undertake to run the placement for the remaining 18% of the share capital of National Bank from the HFSF.

Some information wants Maximos to make the final decisions next week.

The advisers who want to take the job are many, and they are pressuring – enough as we learn – the government to hasten its verdict.

The project is estimated to start immediately after the completion of the Prime Minister’s visit to the TIF. And certainly before the American elections…

Which, as we have repeatedly emphasized, hide… traps. Because no one can predict what will happen should Donald Trump return to the Oval Office of the White House.

However, the investment interest in National Bank remains strong since the Greek banks as a whole have a strong story to… sell in the coming years.

And enough profits to distribute to their shareholders…

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A “white knight” for Folli Follie

The quest to find a “white knight” in Folli Follie continues at a feverish pace.

The company’s bond lenders have long tasked an outside partner with finding a strategic investor to throw in a lifeline.

It looks like the bondholders are not willing to hold the breather much longer…

I am informed that the effort is in full swing, with the consultants scouting possible targets both in Greece and abroad.

The influx of new capital is considered absolutely necessary for the survival of Folli Follie, after the court’s refusal to put the frozen assets in favor of the reorganization plan.

I remind you that the company has been operating for the last 6 years without a loan, prepaying its merchandise purchases in cash.

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Unbelievable…

It was incredible what we heard in the last few days. I don’t know how else to describe it…

The central facilities of the Tsakiris Family in Thessaloniki were completely burnt down… by arson!

For this act there was an acceptance of responsibility in a text on a well-known website of the anti-authoritarian space, which is signed by the self-styled group MAZ (Front for the Liberation of Lives).

He “punished” the company for killing animals, while also issuing threats of similar action in the future if, as it is reported, “you rebuild it.”

I remind you that the American FBI characterizes such acts as… “eco-terrorist”… Or are they… family?

The big day has arrived as today the head of the Federal Reserve, J. Powell at the Jackson Hole Symposium.

The whole world is waiting for it to get the signal that the biggest central bank of the planet will give about its interest rates.

Along with the people of L. Athens, who saw the AX locked in the waiting room this week, following a narrow path of low interest.

No matter how much we think about the “autonomization” of the AXA, the over-dependence of the Athens Stock Exchange on the moods of the global markets is not going to be broken.

Of course, as has happened many times in the past months, Powell’s Fed speech may turn out to be less enlightening than expected.

It is not excluded (on the contrary, in fact) that he will confirm the “mantra” of his counterparts in Europe that future decisions will depend on the data.

Safe game from the policy makers…

The Olympic Games supported France

On European soil, the data confirmed the strong boost the eurozone received from the Paris Olympics, which boosted private sector growth at its fastest pace in three months.

For France’s economy in particular, preliminary data showed it benefited in August from their holding, as a sharp rise in the country’s services sector offset continued weakness in manufacturing.

The comparison with Greece

The comparisons with the Athens Olympics are therefore reasonable, although 20 years have passed.

However, no matter how much one doubts whether or not Greece should undertake them, the study prepared by IOBE was clear.

He concluded that Greece’s GDP would have been 2.5% lower if the 2004 Olympics had not taken place.

In fact, he had argued that if the Olympic facilities had been used better, then the benefit would have been even greater.

So… it’s all about management.

Didn’t the Olympics bankrupt us?

In any case, however, the organization of the Athens Olympics “sits” in the soft underbelly of the Greeks, although there were no shortage of moments of national pride.

But the reason for the criticism is the feeling that the organization charged the Greeks more than what they could bear.

But it is enough to look at the country’s debt in 2004, when it was 183 billion euros, while in 2009 it had reached 299 billion euros.

In other words, we are talking about more than 100 billion of debt that was added in a five-year period.

Five years after the Games…

The wrath of Leros

A few 24 hours after the “warm” reception of the Minister. of Health, Adonis Georgiadis, from the residents of Leros, the decision of the Ministry of Shipping was issued for the upgrade of the port in Lakki.

I don’t know if it’s a coincidence, but the project will cost 800,000 euros, on an infrastructure that was dangerous for pedestrians and vehicles.

The amount was not that big so it didn’t take so long. In addition, Minister Georgiadis saw for himself the mess in which the ports are located on several islands and pressured the people of the Akti Vassiliadis building.

After all, Leros was not among the 17 port projects that were included in the Development Program of Contracts of Strategic Importance.

The change of baton at OLTH

And since we are talking about ports, an old acquaintance returns to the port of Thessaloniki.

Yiannis Tsaras took over as managing director of the Organization after the resignation of the Dutchman, Arie Koppelaar.

Now what happened and the Dutchman only stayed ten months in his position…

A message to Maximos?

However, Mr. Tsara’s position, apart from the fact that he is a man who knows the port well, was considered by many to be a message to Maximos.

The head of the PPA for six whole years, in the period 2004-2010, is considered in the co-capital as an old Karamanlikos, something that should not “excite” Megaros Maximos.

Cohabitation suits… retail

Yesterday I wrote to you about the retail battle, with supermarkets being the focus.

However, as we are informed, the battle is growing and alliances are already being formed. On a different basis now.

Ten years ago we had “cohabitation” due to the need to reduce costs. But now the powerful retail brands look at their “roommates” with a different eye.

Aim to bring the consumer to the hub

From the idea of ​​the coexistence of IKEA, Intersport and Holland & Barrett in a Retail Hub with the signature of Fourlis, to their coexistence with Plaisio at the airport and the concepts that big brands want to share spaces.

Like Kritikos with Jumbo in Argos, and deals like Pepco’s with AB Vassilopoulos, which show the level of cooperation between naturally non-competing businesses.

The aim is to improve the efficiency of each point of sale with the expected increase in traffic and the creation of new poles of interest – commonly it is done by… cohabitation or otherwise “one hand washes the other”…

Her “lonely journey”. Coca Cola

Of course, Coca Cola does not need partnerships to continue its good course.

That is why the strong execution of its business plan has already been incorporated into the numbers, as Eurobank Equities also found, which, however, sees the margins for the stock narrowing.

The price essentially incorporates an increased risk premium due to its exposure to emerging markets.

Positive operational surprises are therefore needed to restore the buy recommendation, as he downgraded it to hold, as the stock remains 10% below its long-term average.

In any case, however, the listed company has a healthy balance sheet, well positioned to benefit from the growing soft drinks market.

You will of course remember the strict warnings of the authorities about gross plots and houses at the beginning of the summer.

A platform was also created for people to declare that they actually cleaned their house, so that we can all contribute to reducing the risk of fires.

There were also warnings of stiff fines…

A measure initially correct, although with many problems in its implementation, since there was no provision for what would become of the discarded materials!

A little empathy…

If you remember it… then you will be outraged by the fact mentioned by the government representative, Pavlos Marinakis.

He said that 8 out of 10 affected plots, houses and buildings, i.e. those that are now marked, yellow or red, in Northeast Attica were grossly their plots.

I have no reason to dispute the figures given by the government spokesman, but reasonable questions are raised as to how well that measure has worked with platforms and clean-ups.

Don’t talk about those who have land next to forests and neglect the basics…

No matter how many firefighters we have, they are not enough, so no lives will be lost by sheer luck…

Luck did not laugh…

Because luck often does not smile for some. Like a couple of taxpayers who, by … luck, of AADE, were caught in the nets of tax fines.

They were identified by AADE’s electronic system, which scans bank accounts and correlates their movements and balances with the owners’ declared incomes.

So it appeared that they had not filed tax returns for the past 15 years, but they had deposits!

It is unthinkable in the age of Artificial Intelligence to talk about such cases of tax evasion…

The paradox

The paradox of this case is of course different.

The legislation provides that, if a tax return is not submitted, the tax office has the possibility to impose taxes and fines within 15 years from the year in question.

If they had submitted tax returns in the years in question, regardless of what they declared, their cases would have been time-barred and the tax authorities would not have been able to audit them!

The incredible things about bureaucracy…

For history, the fines reached 100 thousand euros.

The “algorithm” of water

And the tax office may be trying to make cross-references, with systems that other countries have decades ago, but EYATH informed that in September there will be updates on price increases.

That is, the price of water will be determined by… an algorithm based on – among others – the population served, water losses, debts, investments and operating costs.

And it will apply to all water providers in the country… I hope there are no Eutrapelas.

Port of Piraeus

Disappointing are the figures from the movement of containers through Piraeus, with the total drop since the beginning of the year reaching 11.7%.

The crisis in the Middle East has mainly affected the ports of the Eastern Mediterranean, with trade diverted to the Western Mediterranean and Northern Europe.

And it may be that in the summer the rate of decline shows signs of slowing down compared to the previous months which saw a double-digit decline, but the carriers of

Piraeus does not bring us optimistic messages.

I recall that DBRS at the beginning of the year had estimated a 30% drop in Piraeus port traffic.

What is happening in Romania?

It is time to hear news about the project to sell Telekom Romania Mobile by OTE.

The “silence” on that front may be going unnoticed as the stock has been on a roll lately, but I’m learning there are obstacles, from the Romanian Competition Commission.

Of course, the head of OTE, Mr. Nebis, recently stated that the buyers (West Network Invest SRL) are in continuous cooperation with the authorities and this means that the process is progressing.

The grid

But as stock market sources explain to me, the web of interest is… complicated.

And I explain: The Greek administration was discussing with Quantum Projects, interests of Adrian Tomsa, owner of Clever Media media group in Romania.

There were obstacles from the Romanian Competition Commission.

Thus, another scheme was created, West Network Invest SRL, with majority shareholder Digi Romania SA and minority shareholder Clever Media, of Tomsa.

Digi, however, is on the radar of the entire European industry.

It is the interest of businessman Zoltan Teszari, and a few days ago he signed an agreement to purchase the Portuguese Nowo Communications, the fourth largest mobile and fixed telecommunications provider in Portugal.

In addition to the deal with Nowo, however, Digi also signed an infrastructure sharing agreement with Spain’s Telefonica. It also starts operations in Belgium in collaboration with Citymesh.

We will have developments in the European TelCos, I am told by some of the specialist analysts of the sector.

Metlen’s repurchases

However, apart from OTE, calmness prevails in this regard.

That’s not to say there isn’t interest, of course, with Metlen’s moves on buyers’ radars.

It is indicative that the company proceeded with its own purchases

If anything is interesting on the Greek dashboard (buypack) only in the week of August 15th (August 12-16) with 85,850 shares, worth 2,924,761 euros.

There seems to be a lot of confidence in her potential and upcoming plans.

After all, the president and managing director Evangelos Mytilineos also bought shares on Monday with 25,000 shares, worth 853,516 euros.

As the figures show, Mr. Mytilineos is proceeding with such a move after some time, so this move shows something for the future of the company.

The battle of the supermarkets

I am learning that the machines of the retail trade will be in full swing in the near future, with the big “players” trying to find the gaps that will direct their development.

As they convey to me, the “x-ray” of tourist flows has entered the crosshairs of a large chain, with the management team looking for ways to exploit this field.

In other words, an increase in turnover in tourist destinations has been observed since the beginning of the summer, with local small supermarkets entering the radar of the big ones.

Because of their position, of course.

At the same time, another big “player” has targeted delivery services, where it had lagged behind.

The targeting is twofold, as in addition to the proximity it acquires with the consumer, the reduction of the costs of the stores is also considered, restructuring their geography.

In any case, we will have developments in the next period.

It is no coincidence that according to Circana, the turnover of supermarkets during the first half of 2024 increased by 3% compared to the first half of 2023.

It even reached 5.86 billion euros, from 5.69 billion.