Hello! Yesterday’s news was dominated by what we in journalism refer to as the “aftermath” of the NTUA report on the Tempi incident. In Parliament, there was considerable activity and spectacle, particularly from Floridis, who, despite his unassuming appearance, has a knack for stirring things up. Faced with Velopoulos, he turned the atmosphere lively with his comments—a character I honestly don’t understand why anyone would want to debate. There’s always been a “Velopoulos” in Parliament as far back as I can remember. It’s true that these bizarre theories about the missing railcars, wood alcohol, smugglers, and hidden NATO weapons have been perpetuated by the opposition for the past three months, and at times, they felt believable. However, it’s a shame—if only the trains had been fixed to prevent such tragic losses. This only underscores that the conspiracy theorists have always been with us.
What about the Opposition?
The “serious opposition,” which includes our leader Nikos as well as SYRIZA, has been hamstrung by a sense of awkwardness, reminiscent of the lyrics from a Vissi song: “awkwardness, what can you say to me, what can I say to you?” There have been some minor announcements and vague comments regarding the Karonis report, and PASOK has put forth a proposal for a preliminary investigation. However, as Tzakri pointedly remarks, when it comes to the Tempi issue, “we pretty much got screwed.”
Mitsotakis and Adonis
Yesterday, Mitsotakis spoke alongside Adonis at a ygeiamou.gr conference. Before taking the stage, an associate asked him what he would say about the Karonis report, knowing he’d face questions about it, especially from the moderator Sroiter, who had an infamous interview with him three months ago. Adonis, earlier in the event, urged him to speak candidly about Tempi, even playfully asking for a good word about his own stance. Yet, Mitsotakis opted for a brief mention of the issue, aware that it wasn’t exactly a topic for celebration, stating only that “it always proves that lies have short legs; we’ll discuss the rest in Parliament.”
Laskaridis’ Proposal for €1 Billion in Sponsorships
In another development yesterday, before attending the ygeiamou.gr conference, Mitsotakis visited the Supreme Military Command of the Interior and Islands (ASDEN). There, he and Dendias inaugurated four state-of-the-art drones as part of the “Achilles’ Shield” weapon system, aimed at enhancing the security of our Aegean islands. This system was another generous donation from Thanasis Laskaridis, who previously contributed to a Special Cyber Unit under development at the Ministry of National Defense. After thanking Laskaridis for his ongoing support, the shipowner proposed that if the top 100 Greek shipping companies donated €10 million each annually, it could total around €1 billion. Such funds could significantly impact national defense and address pressing issues like demographics. Let’s hope someone considers this proposal, as €1 billion per year in state sponsorships could bring substantial improvements in healthcare, education, and demographic efforts, in addition to defense.
The Divani Hotel Sale Stays on Track
In the hotel sector, notable developments are taking place, particularly regarding the Divani Group hotels. Banking sources indicate that the sale process is not stalled, even though initial offers came in below the set threshold of about €700 million. Meanwhile, there’s growing interest in the President Hotel on Kifisias Avenue, which boasts a prime location and 517 rooms, attracting attention from funds and foreign investors eager to expand in the Greek market.
OLTH: Behind the Scenes and Guarantees
Just before the Thessaloniki Port Authority (OLTH) shareholders’ assembly, the state representative withdrew objections to convening the assembly. The Superfund clearly aims to take a proactive stance in its investments, signifying that it is not just a passive entity. This shift indicates that the government, through Superfund’s actions, is sending a message to concessionaires that infrastructure development is a shared concern that needs to adhere to established plans and investment commitments. The urgency surrounding Pier 6 and other projects at OLTH has risen, as the government aims to make Thessaloniki a key economic hub for the Western Balkans and Europe. Before allowing the assembly to proceed, the Superfund secured concrete guarantees for the projects’ swift kick-off and uninterrupted completion.
Changes in the Board and Government Intentions
Tomorrow, shareholders will receive a €2 dividend per share from OLTH, amounting to €1.90 after tax. The assembly was notably calm, revealing Ivan Savvidis’ side’s aim to reshape balances on the Board of Directors. Although Thanasis Liagos has not officially resigned, he will no longer serve as President and seems to be caught in a power struggle, shifting to an advisory role. Currently, South Europe Gateway Thessaloniki (SEGT) Ltd holds 67% ownership of OLTH, while the Superfund has 7.3% and the general public owns the remaining 25.7%. It’s worth recalling the government’s recent intervention in the Volos Port tender, which was annulled, indicating its commitment to the future of Thessaloniki.
Airports Continue to Thrive
The 14 regional airports managed by Fraport Greece are experiencing steady growth. In April, passenger traffic rose by 4.9%, totaling 1.75 million. International traffic also saw a similar increase, reaching 1.14 million passengers. Thessaloniki led the way, with over 626,000 passengers—an 8.1% increase. International figures for Thessaloniki improved even more, growing by 9.4% to 389,000 passengers. Among significant destinations, Rhodes and Chania noted substantial increases, while Santorini faced a notable decline in April.
The Master Builder’s Struggles
Dimitris Koutras, known as a “master builder” in the field, is facing challenges with his plans for Domiki Kritis. Transitioning from a local to a nationally recognized construction company requires significant structural development, which the company still needs to achieve. Recent profits have decreased significantly, partly due to a slowdown in construction projects. Although Domiki Kritis is the temporary contractor for the Kelefina dam, legal complications have stalled progress. If resolved soon, this could provide crucial momentum amidst existing project delays. The company is also the lowest bidder on a pedestrian bridge in Elliniko and has secured renovation work for Panteion University.
Insurance Sector Activity
A capital increase in Europe Holdings is nearing completion, with a rights exercise period ending soon. This period sees two acquisitions: NAK Insurance Brokers and the full control of AMYNA—Insurance Brokers. The insurance sector as a whole is buzzing with activity, and further deals are anticipated across the market. Meanwhile, Mega Brokers, a significant player in Greek insurance brokerage, has acquired “Athinaiki Insurance Agents,” further expanding its footprint.
HelleniQ Energy’s Results
The forthcoming results from HelleniQ Energy are unlikely to impress investors, particularly due to lower profitability driven by a four-week closure of one refinery, coupled with falling international oil prices. Refining margins have significantly declined, impacting overall production. Despite the setbacks, HelleniQ Energy’s stock is tracking closely to Motor Oil, which enjoys higher capitalization.
OLP Hits 1.1 Billion Euros
OLP’s stock made a surprise entry into the MSCI Greece Small Cap Index, boosting visibility and trading activity. The share price reached an impressive high, climbing 3.5% to €44.5. With a cumulative performance of +48.3% this year, it surpasses a market value of €1.1 billion, and a proposed dividend indicates potential upside.
Qualco’s Stock Trading Begins
Qualco’s stock is set to begin trading at €5.46 today after a successful Public Offering, where shares were oversubscribed significantly. The company raised funds intended for a five-year investment plan focused on strategic mergers and acquisitions both in Greece and abroad.
Stock Market Update
The General Index aims for a 1,800-point mark but faces resistance beyond 1,780 points due to profit-taking. While the index dipped initially, it bounced back to close at 1,790.99 points. Most banks saw positive movement, while some stocks, like OTE, dropped due to unmet market expectations.
Genekor’s Upcoming Deal
Genekor Medical SA, a fully Greek enterprise in molecular diagnostics, is on the verge of announcing a strategic alliance in the Balkans that aims to enhance various healthcare services, further establishing Greece’s reputation in high-level healthcare.
A Shift in Stance on Nuclear Power
Once staunchly opposed to nuclear energy, Scandinavians are now rethinking their positions. Denmark is reconsidering its nuclear ban, and Sweden’s new government is supporting nuclear energy to meet growing energy demands driven by AI technologies, highlighting a significant policy shift regarding nuclear energy.
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