ROKOS: There is a certain irony in the timing. At the moment when Alexis Tsipras proposes a “patriotic contribution” of 1% on the net wealth of the richest 1% of Greeks, one of the richest people in the British City is preparing to leave there and come to Greece.
The Greek-origin billionaire Chris Rokos, founder of Rokos Capital Management which manages about $22 billion, is moving his tax residence to Greece according to the Financial Times, while The Times writes that an office in Athens is also being planned.
It is probably no coincidence that his reported move is taking place as Britain increases tax pressure on the very wealthy and has abolished the old “non-doms” regime.
In short, Greece is gaining a very rich taxpayer (the Sunday Times Tax List ranked him third in Britain this year, with an estimated tax contribution of £330 million), because another country became less attractive to him.
This is probably something Tsipras should also pay attention to.
From what has been announced so far, Alexis' “patriotic contribution” concerns the richest 1%. However, we do not know the exact scope of the measure. Nor whether the criterion will be citizenship, tax residence, or some combination of the two.
This is not a simple “technical” detail. Because the truly rich -shipowners, entrepreneurs, major investors- have an option that the average taxpayer does not have.
To move companies, investments, activities and, when it suits them, their tax residence. Rokos is simply a fresh and very impressive piece of evidence.
This does not mean that the very rich should not be taxed more. It does mean, however, that there is a fine line between “I will take more from the rich” and “the rich will go pay less elsewhere”.
Britain is currently conducting a similar experiment. And one of those abandoning it is coming to us.
NOVARTIS: An official request to retrieve the case file on Novartis from the archive is being submitted today by a delegation of SYRIZA, under Pavlos Polakis, accompanied by a lawyer authorized (by the party).
The request focuses on the “unexplained amounts” concerning Adonis Georgiadis and, according to the announcement by Koumoundourou, “the initiative is part of a broader plan for the full clarification of the aspects of the Novartis scandal, which was covered up by the government with the assistance of a perjured part of the Judiciary”.
The Health Minister's response? That this is absurdity due to SYRIZA's anxiety to get past 3% and enter Parliament. And that, instead of asking him for forgiveness for the conspiracy “for which the false witnesses were irrevocably convicted by Greek Justice, it is also asking for more”.
For there to be a new (pre-election) clash on the issue, the request to retrieve the case file must be accepted.
So, pending.
BONDS: Soaring natural gas prices and rising political risks are accelerating the sell off in Europe’s bond market.
The long-term borrowing costs of France, Italy and the United Kingdom have risen more than those of any other G7 country over the past month, with yields reaching multi-year highs.
Even Germany, once a “safe haven”, has not remained unaffected -investors are demanding the highest risk premium since 2011 to buy 30-year German debt.
Investors are worried about a new energy shock at a time when public finances are under enormous pressure. Natural gas prices have risen by more than 120% since the start of the war with Iran, reaching a three-year high last week.
At the same time, natural gas safety reserves are at a historic low level for this time of year.
French debt has underperformed relative to the bonds of other countries, as the candidates seeking to succeed President Emmanuel Macron come from the extremes of the political spectrum.
In Germany, meanwhile, business leaders are sounding the alarm about the risks from the rise of populism, as highlighted by the victory of the AfD in Sunday’s elections in the eastern state of Saxony-Anhalt.
As for Italy, it is preparing for the polls next year…
MOTOR OIL: A very strong second quarter was recorded by Motor Oil’s waste management/circular economy sector, with EBITDA amounting to 22 million euros, after a “weak” first quarter, making the target of 50 million euros in EBITDA this year achievable.
It is recalled that MOH has signed an SPA with Aktor for the sale of 75% of Manetial Ltd, which controls 100% of HELECTOR and 92.5% of Thalis.
The agreed enterprise value of the target companies amounts to 300 million euros (i.e. for 100%).
The consideration for the sale of 75% will be determined, upon completion of the transaction, after the deduction of net debt and other adjustments provided for in the sale and purchase agreement.
MOTOR OIL I: Last May, Motor Oil sold 41,750,000 ELLAKTOR shares to Reggeborgh, for a consideration of 37.2 million euros. Due to the significant reduction in participation (10.4% from 22.4%), the remaining stake (36,250,000) ceased to be classified as an investment in an associate and is measured at fair value.
Due to the change in accounting treatment, Motor Oil recorded, at company level, revenue of 58.6 million euros. However, there was a loss from measuring ELLAKTOR shares at fair value amounting to 7.35 million euros.
FOURLIS: Today, after the close of the session, the group announces second quarter financial results.
It is recalled that during the Annual General Meeting the group’s management presented its estimates for this year’s financial figures, which was described as a “year of transformation”.
Specifically, for 2026 management forecasts sales of 645 million euros, a gross profit margin of 46.5%, EBIT between 15 and 17 million euros and an EBIT margin from 2.3% to 2.6%.
On the board, the stock has been on a corrective course since mid-August. Specifically, from 4.45 euros it closed yesterday at 4.11 euros (-7.6%).
For the year as a whole it is posting losses of 3.3%.
SARANTIS: Sarantis is also announcing half-year results this afternoon, and it is also on a downward course on the board.
The stock closed yesterday at 13.6 euros with a drop of 1.88% and completed five declining sessions. The year high was 15.64 euros on May 28.
For the company, weeks ago NBG Securities maintained its “outperform” recommendation, even raising the target price to 17.40 euros, from 15.30 euros previously,
The brokerage estimates that the market has not yet fully priced in the improvement in profitability, the strengthening of high-margin products and the prospects for further growth of the group.
NBG Securities revised its forecasts following the new guidance from management, estimating that sales will amount this year to 621.4 million euros and EBITDA to 96.1 million euros, while for 2028 it forecasts EBITDA of 116.9 million euros and net profits of 73.6 million euros.
QUALCO: The stock closed yesterday with strong gains of 4.46%, at 6.09 euros, completing two rising sessions.
The noteworthy aspect of the move is in the trading volume. Almost 329 thousand shares changed hands with a total value of 1.9 million euros. To find a similar number we have to go back to mid-July.
The company announces half-year financial figures on September 15.