GARBI - SCHOINAS: “Do the maths”, sang Kaiti Garbi years ago, to lyrics by Kostas Tournas.
Some time ago, of course, it was the Court of Appeal that did the sums and sent the bill to her and her husband, Dionysis Schoinas!
We are talking about the high-profile case involving €60,000 in advance payments for performances that never took place.
As a reminder, the Court of Appeal overturned the first-instance ruling and ordered Schoinas to repay €40,000 and Garbi €20,000, plus interest and legal costs.
The couple then appealed to the Supreme Court and ultimately secured a suspension of the ruling’s enforcement until their appeal is heard.
The most interesting details, however, are in yesterday’s press release from the law firm “Nikos Agapinos and Associates”, which represents the opposing party.
According to the firm, attempts to recover the money before the suspension was granted proved unsuccessful. This was because the two artists’ bank accounts appeared to be heavily overdrawn and subject to multiple seizures, while their properties were reportedly encumbered by debts and seizures worth many times their value!
The statement also refers to a freeze imposed by the Authority for Combating Money Laundering, adding that the relevant supporting documents are available to anyone interested.
If these claims reflect the actual situation—which is not implausible, given that they were made formally in a press release by a well-known law firm—then the bill is much larger than the €60,000 at issue.
That lends a particular irony to the story, since in the same song mentioned earlier, Kaiti Garbi asks: “Give me back what you owe”.
Lyrics are one thing, you might say, and … creditors another. And you would be right!
POLITICS: The question of whether someone can enter national politics by inheriting their parents’ votes comes up whenever a similar candidacy is announced on a party’s ticket.
It has resurfaced with the official announcement by New Democracy that Argyro Tragaki will stand for the party in Piraeus B. That is the same constituency where her father, Giannis Tragakis, has been elected as a New Democracy MP since … 1974, with a few brief breaks over those 52 years.
The question of “whether they can” is not, of course, a legal or constitutional one, but a question of merit: “The son or daughter of a politician is clearly entitled to stand in a general election, but might they be expected to exercise that right in a different constituency?” is the rhetorical question asked by those who discuss the issue (in whispers and behind closed doors…).
What makes it particularly interesting is that Piraeus B will see a contest between … political heirs, since the PASOK candidate, Dimitris Diamantidis, is also the son of the party’s long-serving MP for the same constituency (and former minister), Giannis Diamantidis.
When the parties’ candidate lists are drawn up, it will be particularly interesting to see how many … lucky candidates “inherit” their father’s or mother’s voters.
Not that there are no sitting MPs who did not enter parliament by right of inheritance…
GIANNAKOPOULOU: So far, three women politicians have cried during a televised confrontation or just after the cameras stopped rolling: New Democracy spokeswoman Alexandra Sdoukou (after a heated clash with PASOK MEP Nikolas Farantouris), deputy spokeswoman for the Hellenic Police Anna Papadopoulou (after former PASOK MP Dimitris Konstantopoulos spoke extremely harshly about her) and, two days ago, PASOK MP Nadia Giannakopoulou (after a heated political clash with New Democracy’s “blue” Makarios Lazaridis).
The latter’s tears came on air, while the other two held back until the cameras stopped rolling.
Frayed nerves? More fragile characters than those of the older … battle-hardened women politicians? Intense pressure ahead of the coming elections? Or bullying that goes beyond all the bounds of political debate?
All interpretations are possible. What is clear, though, is that male politicians who are not known as … hooligans or misogynists say they will now agree to appear on television panels only if they are facing male colleagues. They say it is to avoid things getting worse “out of the blue”.
Although after these three incidents, such behaviour by prominent men on television panels is (it is thought) unlikely to occur…
BEKIRIS: Alongside the Hellenic Police, which has been raising the issue for days, PASOK is also bringing up the “Bekiris affair” almost daily, calling either for an explanation or for his removal.
The man in question is Michalis Bekiris, who is serving as the prime minister’s director in parliament despite no relevant government gazette notice of his appointment having been published. The government says he contributes in this role as a “volunteer”, without explaining who has institutional responsibility for the work of the prime minister’s office.
PASOK headquarters, known as Harilaou Trikoupi, in turn points out that “Mr Bekiris serves in key institutional positions as a ‘volunteer’, without an appointment notice in the government gazette and without submitting certificates for the qualifications required for the post”. Otherwise, it argues, “Mr Bekiris’s removal is the only option”.
It is worth noting that, in addition to the above, Amalias is also calling for the “volunteer” director’s asset declaration.
LOANS: Excess liquidity in the banking system is not translating into cheaper borrowing for Greek businesses.
The average interest rate on new business loans rose to 4.5% in August, 84 basis points above December, according to the Bank of Greece.
The ECB’s composite cost-of-borrowing indicator for Greek businesses stands at 4.44%, compared with 3.77% in the eurozone. The gap widened to 67 basis points, from 16 in December, partly reversing the convergence that began in the summer of 2024. Put simply, the “premium” Greek companies pay to borrow has grown.
At the same time, credit growth to businesses slowed to 9% in August, from 11.3% in December. Bank lending to businesses rose by 6.3% over the six-month period, while loans to households edged down (-0.5%).
STOCK MARKET: Greek-listed companies are embarking on a new round of meetings with foreign institutional investors, as the Athens Stock Exchange’s integration into the Euronext ecosystem appears to be boosting European investment firms’ interest in the Greek market.
In this context, the recent visit to Athens by TP ICAP is of particular interest. One of the world’s largest financial intermediation groups, it specialises in European small-cap and mid-cap equities. The group has an extensive network of institutional clients, including more than 250 investors who follow the Greek market.
According to sources, the meeting schedule, organised by Monogram Advisors, included, among others, Alter Ego Media, Avax ,Bally’s Intralot, Fais Group, Qualco and Real Consulting. These companies are attracting the attention of foreign institutional investors looking for opportunities beyond the traditional FTSE 25 constituents.
This interest is particularly significant because the biggest challenge for Greek mid-caps remains broadening their investor base and improving the liquidity of their shares.
The growing presence of international financial firms in Athens is creating the conditions for more Greek companies to gain access to a wider European investor base.
TUFTON: Record profits and a flurry of new charter deals for Tufton Investment Management, which is making the most of a buoyant shipping market.
The London-listed company, led by Greek CEO Nikolaos Tyrogalas, successfully renewed charters for eight tankers and bulk carriers (including the Mia Grace, at a rate 81% higher, or $39,000 a day), lifting quarterly operating profit to $13.5 million from $7.9 million a year earlier.
Mr Tyrogalas described it as “another good quarter”, with total net asset value (NAV) return reaching 5% in the third quarter of 2026. He was particularly optimistic about the outlook, saying: “High newbuild prices, geopolitical tensions and regulatory uncertainty are creating favourable conditions for our diversified fleet, enabling us to capitalise on market opportunities”.
With its 21-vessel fleet providing strong revenue visibility, Tufton raised its dividend by 10% ($0.0275 per share).
For 2027, Tufton expects a particularly positive outlook for product and chemical tankers, forecasting that freight rates and vessel values will rise again as the crude tanker market is expected to absorb more capacity.
LASKARIDIS: Lavinia Bulkers, a company controlled by Greek shipowner Panos Laskaridis and his family, has reportedly ordered four Newcastlemax bulk carriers in China, according to information cited by TradeWinds.
The vessels, each with a capacity of 212,000 dwt, are expected to be delivered in 2030, with construction costs estimated at about $78 million per vessel. The total value of the deal is estimated at $312 million.
The contracts were reportedly signed last week with China’s Zhoushan Changhong International Shipyard.
If confirmed, the deal would mark the company’s first Newcastlemax order in 13 years, its last being for six vessels in 2013.
Lavinia is gradually renewing its fleet of around 50 bulkers, having also sold older vessels for nearly $90 million earlier this year.
PISTIOLIS: The estimated net asset value (NAV) of Rubico, the Nasdaq-listed shipping company controlled by Greek shipowner Evangelos Pistiolis, rose by 41% to $258 million on 30 September, up from its previous valuation on 16 July. The $75 million increase is attributed to higher tanker values, according to TradeWinds.
Based on the company’s estimate, NAV amounts to $20.49 per common share, compared with a share price of just $0.18 in New York. Management says the stock is trading at a 94% discount to its estimated value.
Rubico’s fleet includes two suezmax vessels, while three newbuild MR tankers are due for delivery in 2029. The company also has a 60-metre mega-yacht under construction, which it plans to sell in order to release significant capital.
Chief executive Kalliopi Ornithopoulou clarified that the NAV valuation is based on vessel values, without taking existing charters into account. She noted, however, that current freight markets are significantly stronger than the rates on the contracts the company has already secured. Taking this difference into account over the remaining charter periods, the discount to adjusted NAV stands at 92%, she said.
Management says it does not intend to sell any more vessels, while emphasising that long-term charters with reliable charterers provide revenue and cash-flow visibility.
METLEN: Aggregate Net Short Positions (ANSP), as recorded by the FCA in Evangelos Mytilineos’s company, fell to 6.47% from 6.76% on 19 October.
The decrease represents 415,936 shares.
The share showed considerable resilience yesterday, closing down just 0.41% at €48.5.
ALLWYN: Opposition in Brazil’s Congress to a ban on betting is gaining ground, with 35 of the 97 proposed amendments seeking to ease or overturn the restrictions. Several proposals backed by parties aligned with Bolsonaro would preserve sports betting but ban online casino games.
The developments are moderately positive for Allwyn, Eurobank Equities says. As a reminder, the listed company owns 36.75% of Betano, with Brazil accounting for about 42% of the latter’s revenue.
Even if the ban is partially overturned, however, a significant part of the business would remain at risk. The outcome remains uncertain ahead of the second round of the presidential election on 25 October, while any legislative changes are unlikely to provide immediate relief for earnings, it notes.
On the stock market, however, the share closed higher (+0.8%) at €12, after three consecutive sessions of losses.
EYDAP: The water utility’s expansion into neighbouring prefectures has got off to a good start.
Municipalities considering merging their municipal water and sewerage utilities with EYDAP have until the end of the month—or perhaps a little later—to respond, but the first signs are positive.
The first green light from the municipal council of Nafpaktia suggests the plan is beginning to find receptive ears.