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Welcome! Before diving into an exciting update, let’s review the Prime Minister’s international commitments starting today. President Zelensky is awaiting his arrival in Odessa, where the Greek government is particularly interested in the city’s reconstruction, a significant site of Hellenism with a notable Greek heritage. This meeting coincides with the Southeast European Summit that the government initiated in Summer 2023. Following this, K.M. will head to Moldova, a nation currently under Putin’s scrutiny, and then travel to Stockholm to meet with Prime Minister Kristersson. This meeting marks K.M.’s participation in the Bilderberg Club for the first time since 2018, back when he was in opposition.
Unexpected Developments
The Election Court’s decision to remove three members of Parliament from the far-right party stunned many within the chamber. The timing caught everyone off guard, especially as the final verdict from the special court was released right after the Pentecost holiday. With the recent criminal court ruling that acquitted the far-right members of deceiving voters, it was widely believed they would also escape the Election Court’s decision.
Historic Low in Parliamentary Membership
What adds complexity for the Parliamentary leadership is the Election Court’s ruling not to fill the three vacant seats. For the first time since 1952, the Parliament will operate with fewer than 300 MPs, specifically 297, until the next national elections. Adjusting to this situation poses challenges. While most parliamentary officials and constitutional lawyers agree that a simple majority will now be calculated based on 297 MPs—requiring 149 votes for bill approvals instead of the usual 151—some legal scholars, like Evangelos Venizelos, argue that the total number of seats remains 300 and that the majority threshold should still be 151.
Upcoming Vote for the Preliminary Investigation Committee on June 18
The disagreement over the majority threshold may seem like a minor procedural issue. However, given past disputes, it could be used by the opposition to suggest that the government, in collaboration with the judiciary, is attempting to lower the majority threshold due to fears of defections during the vote for the Preliminary Investigation Committee. Sources from Maximos clarify that there’s no intention to dispute the threshold: “We have a strong majority of 155 MPs…” they assert. Discussions about the Preliminary Investigation are expected to take place on Wednesday, June 18, and until then, it’s unlikely that the Election Court’s decision will have reached Parliament, meaning the final vote will likely include all 300 members.
Coalition Dynamics
Government spokesman Pavlos Marinakis drew an interesting comparison between the current coalition of Zoi-Velopoulos-Natsios-Kasselakis and past events, highlighting a historical precedent of cooperation between far-right and left-leaning factions. He suggested that, in certain scenarios, the ends justify the means.
Tsipras and SYRIZA’s Direction
Former Prime Minister Alexis Tsipras seems poised to take the political initiative, rallying “all of SYRIZA” and other progressive forces who attended a recent event seeking a “key” to a better Greece. Although he kept his plans vague, attendees heard a political manifesto that galvanized support, except for Polakis. Early on, members from his close circle were sent to capture the moment. Attendees ranged widely, with significant figures from Katerina Papakosta to Panagiotis Kouroumplis and others, suggesting a brewing internal shift before the upcoming Congress.
Spetses: Issues of Law and Order
Following up on previous discussions about “vehicles of Hydra,” we are now focusing on Spetses, another island facing challenges. There, officials are grappling with safety and aesthetic concerns tied to illegal moorings, linked to issues of organized crime and significant financial misconduct. In 2017, the first complaint was made regarding unauthorized moorings at the Old Port. Fast forward to December 2023, inspections revealed 77 illegal moorings, leading to a series of legal complications. The new municipal leadership is now addressing these concerns by working on the reform of the Old Port’s operations to ensure legality and transparency in revenue collection.
PPC Launches Internet Retail
Recently, PPC has officially launched internet retail, expanding competition alongside major telecom providers. With plans to offer 100% fiber optic networks, starting at €17.90 per month and up to 2.5 Gbps speeds, PPC aims to reach over 600,000 households in 13 municipalities in Attica. The fast installation of fiber optic cables aerially positions PPC to cover vast areas quickly, ultimately targeting 3 million households and businesses nationwide within a year.
Coca Cola HBC’s Acquisition Plans
While many companies are adopting a cautious approach due to global fluctuations, Coca Cola HBC is looking at acquisition opportunities. CEO Zoran Bogdanovic expressed interest in integrating within the Coca-Cola ecosystem, while also considering smaller acquisitions to fill strategic gaps. If no suitable targets emerge, Bogdanovic mentioned issuing a special dividend, highlighting the company’s strong liquidity.
Goldman Sachs Financial Conference
During today’s financial conference in Berlin, prominent investment funds from the U.S. and Europe will scrutinize Greek and Cypriot banks. Major players are keen to assess the banks’ responses to fluctuating interest rates, especially as they seek assurance on dividends and revised business strategies for the coming years.
Olympia Dialogues Event
The Zappeion Hall hosted a bustling audience for the “Olympia Dialogues” event featuring discussions led by prominent figures, including Dr. Josef Ackerman. In attendance were executives from various banks and businesses, emphasizing the event’s significance. Notably, Panos Germanos, founder of the Olympia Group, was spotted at the event, suggesting potential upcoming developments for the Group.
KEKROPS Shareholder Meeting Postponement
Last Friday’s General Assembly for KEKROPS was unexpectedly postponed due to low attendance. Following a recent surge in stock price, a slight correction occurred. However, interest seemed to rebound yesterday, resulting in a notable price increase, though the reasons for the fluctuations remain somewhat unclear.
Athens Airport Stock Reaches New Heights
The stock for Athens International Airport recently achieved a new all-time high amid continued investor interest driven by increased passenger traffic and new routes. Analysts had raised their target price, signaling confidence in the airport’s performance.
Thessaloniki Port Authority Trading Updates
Following a period of stagnation, Thessaloniki Port Authority’s stock saw renewed trading volume and price activity. A significant increase occurred following aggressive buying, suggesting strategic shifts may be underway among major shareholders.
Stock Market Trends
The Athens Stock Exchange is steadily climbing, buoyed by U.S. funds increasing their stakes in the market. After a series of gains, the market approached long-term highs with key stocks, such as National Bank and Eurobank, showing remarkable performance, indicating a robust investor sentiment.
NVIDIA’s Ambitious European Expansion
NVIDIA’s CEO Jensen Huang is engaging in significant deals across Europe, including unveiling Germany’s largest AI Data Center. Following this, he will make his way to London, where major investments aimed at enhancing the UK’s computing capabilities have been announced. Huang’s objective is clear: to ensure Europe remains competitive in the rapidly evolving AI landscape, amid substantial investments from global players.
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