The talk of the town yesterday was the open event of the BSE general assembly.
At the Concert Hall after 7 pm, the cabinet and almost all the business “fireplaces” were almost together.
To start with the simplest from the political scene, besides Prime Minister Kyriakos Mitsotakis who was sitting next to the President of the Republic Katerina Sakellaropoulou and the former Prime Minister Panagiotis Pickrammeno, as I told you it was almost all the ministers. Even Michalis Chrysochoidis who does not have a productive ministry.
Hatzidakis, who is at the IMF, is absent, of course Theodorikakos is present.
From the opposition parties, the president of PASOK, Nikos Androulakis, was present, while SYRIZA was represented (?) by Admiral Apostolakis, and if I discerned well in the midst of so many people, I also saw MP and actor Bibila from Konstantopoulou’s party…
The fireplaces…
As I told you before, all the old and new business “fireplaces” of the country were at the BSE event.
I singled out Papalexopoulos and Kanellopoulos (Titan), Giannis Stasinopoulos (Viohalco), Dimitris Daskalopoulos, Aristotle Panteliadis (METRO), Giannidis (Vitex), Giannis Chitos (Green Cola), Giotis, Kikizas, Souliotis (Paliroia) and others.
Also present was Iulia Tseti (OFET) who, despite the fact that she does not participate in the BSE Board of Directors, I learn that she has a way and follows the developments…
The former and the present
After the end of the event, the reception established for SEV followed in the foyer of the Megaros Musikis.
It is not possible for me not to describe to you the embrace of the former president of SEB Dimitris Papalexopoulos to his successor Spyros Theodoropoulos. After all, the last one was Papalexopoulos’ proposal as his successor in Xenophontos Street.
The two industrialists talked for a while and did not hesitate to pose in front of the cameras…
The star…
The star of yesterday’s event for the general assembly of the BSE was undoubtedly its president Spyros Theodoropoulos.
At the end of his speech he was applauded by the businessmen present, while many of them wanted a photo next to him…
And he did not hesitate to give it to them… Either with selfies… from mobile phones, or with the lenses of photojournalists….
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Waiting for Godot
Open it curtain of the results of the “big” Metlenas usual, but as good as the market was, it remained in the well-known spring dormancy.
What a spring that is, since since February he has not said to move from a range that he is now tired of.
The reasons are of course known. They have been thoroughly analyzed in the pages of the “OT”.
They are waiting in vain for the reaction to Athens Street, which, as my source told me, will not come unless the banks “decide”. That is, their shares.
The fronts of the banks
The paradox is that while in the last two years the industry “cashed in” on even the smallest positive news, it no longer seems to react to the reassuring comments of foreigners about the open fronts.
And I mean one which is interest income and the other which is deferred tax (DTCs).
On the first front, what is being communicated in the industry is that the tendency to lower interest rates by the ECB may also strengthen credit expansion, which has “sat” in recent months. The return to the system of the 4 banks of cured former bad loans will also work positively.
There will be compensation, without taking into account the “distance” that still exists from the freezing of mortgage rates.
The “Odines”
On the second front, however, I learn that the… odines have begun. In other words, there are processes for administrations to announce actions to accelerate the depreciation of DTCs.
Of course, expectations are still low, since there will have to be agreements with Frankfurt, however, it is not excluded that we will see a road map when the 3rd quarter results are announced.
I remind here that Piraeus announces on November 1st, on November 7th National and Eurobank and one day later Alpha.
Good timing, I think, given that we will also know the next occupant of the White House.
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Nikos Mantzoufas
Nikos Mantzoufas was the longest-serving general secretary and special secretary in the Greek government.
An experienced executive with knowledge of European financial tools but also of the overall way of organization and operation of Brussels, he held positions related to private investments and PPPs, while most recently he was an administrator at the Recovery Fund.
Until 2023, when the not so harmonious relations with the Deputy Minister of National Economy Nikos Papathanasis led him to leave the ministries and to look for a new job in the private sector.
Sunlight’s Bisalas
With a successful portfolio from the public sector, it was not difficult for Mr. Mantzoufas to find himself in the labor “embrace” of private groups.
In fact, at a time when the funds of the Recovery Fund are pouring in… and businesses are thirsty for resources and ways to unlock support from various European financial instruments.
Nikos Mantzoufas was added to the list of notable and dynamic Sunlight executives of the Olympia Group.
And of course the CEO of the industrial group Lambros Bisalas does not let such talents go to waste… He stands out for his persistence and stubbornness… From administrative decisions to talent hunting…
The ideal combination…
The Bisala – Manzoufa collaboration is already bearing fruit.
And especially on the front related to European institutions and financial instruments.
With a piece of news that has been leaked… it became known that Sunlight is one of the few out of a total of 85 companies that received a high subsidy from the Innovation Fund.
For the battery manufacturing factory in Western Macedonia, he got the green light for an aid of the order of 245 million euros.
I must tell you that the 85 companies received a total of more than 4.5 billion euros, which means that each corresponds to about 55 million euros.
If nothing else, Bishala’s tenacity and the expertise of Sunlight’s Chief Funding and Institutional Affairs Officer… are an ideal combination…
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The “fine print” of Scope
Scope gave me the opportunity to explain to you a paradox about the Greek debt.
It is essentially the main variable for the evaluation of Greece.
The that debt as a percentage of GDP is reducedit is a given. After all, when the denominator also increases, i.e. GDP, the fraction decreases.
But what Scope said is that as Greece is financed by the markets and repays its bailout loans earlier, its debt structure gradually weakens.
Net interest payments are rising as government refinancing through more expensive market issues absorbed 6.3% of income this year, rising to 7.9% by 2029.
The long-term weighted average debt duration of 19.2 years is also gradually declining.
The dilemma of the Directive
Now, questions are reasonably being raised why ODDICH is proceeding with bond issues…
The answer clearly lies in increasing the supply of government securities and flattening the debt curve.
After the investment grade, the Greek securities entered the indices of the providers, such as those of Bloomberg.
In other words, the country could not not restore the offer.
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They didn’t make it
Two other companies opened the door to the Innovation Fund for investment: Elval and Advent.
They got approval for aid of 20 and 35 million euros, respectively. And they succeeded.
However, I am learning how big names in Greek business were excluded from the community funds.
I won’t tell you their names, but I will intrigue you to look it up, if you’re interested….
It is an energy group, an industrial group and a company that manages large natural gas transmission networks…
Of course, to avoid misunderstanding, it doesn’t mean anything in terms of the projects they are preparing.
Funding can easily be sought elsewhere…
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The pricing of major companies is up in the air
Serious problems, I learn, exist in the market from the technical problems that exist in printing documents from the ICISnet application.
The problems have caused chaos for all customs authorities, in fact, allowing the printing of only absolutely necessary documents.
I remind here that the ICISnet Import Subsystem covers the process of importing goods from third countries.
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In Lam
I was watching her campaign the other day Lamda Development for its new portfolio, Lamda Malls.
He essentially announced the two new malls in Elliniko.
Let me remind you that Lamda Development has an EBITDA of 44 million euros only from the four shopping centers in operation.
Of course, I am waiting for CEO Odysseus Athanasiou when he will give us news regarding the introduction of Lamda Malls to the stock exchange…
You say the time is coming…?
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