AUDI – TRUMP: A political storm has erupted in Germany after Audi chief executive Gernot Döllner appeared alongside Donald Trump at a campaign rally in Georgia.
The US president trumpeted the news that the German carmaker, a subsidiary of the Volkswagen Group, would invest $4bn in a new US factory, creating 4,500 jobs.
Audi’s chief then took to the stage, completing the delivery of a valuable campaign gift just days before the midterm elections.
There was, of course, uproar in Germany.
Daniela Cavallo, head of the VW Group works council, accused management of “taking part in Trump’s propaganda show”, while the president of powerful union IG Metall called the appearance “politically unacceptable”.
The Left even called for Döllner to resign, while Social Democrats and even Christian Democrats also voiced criticism.
But there is something else striking about this, particularly by Greek standards.
Audi’s corporate rules ban public appearances alongside political candidates or parties during the final three months before an election! Döllner is therefore also accused of breaking rules he had signed himself.
AUDI – TRUMP II: The real crux of the matter behind the storm, however, lies elsewhere. As Audi prepares to invest billions in the US, its parent company Volkswagen is undertaking a major restructuring in Germany, planning to cut its workforce by 50,000 jobs, while the future of four factories remains uncertain.
One of them is Audi’s own factory in Neckarsulm.
The Germans are turning to the US because Trump’s tariffs cost Audi €1.2bn in 2025, while the investment in Georgia could secure up to $1.4bn in government incentives.
In short, they have yielded to the stick of tariffs and the carrot of subsidies that Trump is using to attract industrial investment.
The matter is not yet settled, as the investment must be approved by Volkswagen’s supervisory board, where employee representatives have a strong voice.
The laments in Germany, however, show just how great the fear is that iconic factories in the car industry will be lost.
LAMDA DEVELOPMENT: In an emotional atmosphere, Odysseas Athanasiou yesterday looked back on his 18 years at the helm of the listed company.
In 2009, the company had a portfolio worth €400m. Today, the group’s assets are worth around €5bn. It has come a long way, with several milestones along the way and, of course, Ellinikon, Europe’s largest urban regeneration project currently under way.
As he noted, the long journey also involved several hard lessons. “We had to overcome huge institutional and planning obstacles. Many people told us we were crazy. Me personally, too. They laughed,” he said.
On the other hand, these are the experiences that give rise to good stories. And it seems that a second book by Mr Athanasiou may also be in the works.
There had been market talk for some time that he might leave his post. He had already discussed it with Lamda’s main shareholder, Spyros Latsis, 13 months ago. They also agreed then on how the handover would take place.
Mr Athanasiou’s next chapter will include an advisory role at Mr Latsis’s Consolidated Lamda Holdings (CLH). The possibility of launching a business venture of his own also appears to be on the table. He did not want to reveal much, but offered a hint: his idea combines the construction industry with technology. It will be interesting to see what comes of it.
For Lamda, of course, the road ahead remains long, and the challenges of Ellinikon are far from few. The first piece of advice he would give Evangelia Kostaki, who is taking over from him, is to listen carefully. “I had learned to listen very carefully,” he said.
And she will probably need to. Everyone has an opinion about Ellinikon.
PIERRAKAKIS: The brief trip to Xanthi and visit to the facilities of SEKÉ, whose president is former prime minister Kostas Karamanlis, gave an impression of “business as usual”, as the Anglo-Saxons say.
A day after the former prime minister’s “fiery” speech on foreign policy, with clear barbs aimed at the government, the two men met but, according to the finance minister, focused on the economy.
“Today in Xanthi, at the SEKÉ facilities, I met with former prime minister and president of the Cooperative Union of Tobacco Producers of Greece Kostas Karamanlis, as well as its chief executive, Alexandros Kontos, with whom we discussed the challenges and prospects of the sector,” Kyriakos Pierrakakis wrote yesterday, hastening to share a photograph of himself and Kostas Karamanlis arm in arm.
PANAGIOTIDIS: Petros Panagiotidis has reshuffled the fleet of his listed shipping interests, with the sale of a liquefied petroleum gas (LPG) carrier from AI Okto to affiliated company Robin Energy.
Specifically, AI Okto Corp, which was listed on the Nasdaq in New York this month, agreed to sell the 5,000-cubic-metre Dream Arrax, built in 2015, for $18m. The transfer is expected to be completed in the fourth quarter of the year. VesselsValue estimates the ship’s value at $14.4m.
After the transaction, AI Okto will have just one vessel, the similarly sized Dream Vermax, while Robin Energy’s fleet will grow to three LPG carriers.
The two companies were formed through the spin-off of businesses from Toro Corp. Panagiotidis is the main shareholder in all three listed companies, as well as Castor Maritime. In total, his shipping interests include 17 listed vessels of various types.
DELAPORTAS: DryDel Shipping generated about $47m from the sale of the ultramax Delmax66, just five months after taking delivery of it from the Tsuneishi Cebu shipyard. The 66,600-dwt vessel, built in 2026, was sold to a European buyer outside Greece, according to reports.
Company chief Kostas Delaportas told TradeWinds that the price was among the highest ever achieved for an ultramax, an assessment borne out by data from Clarksons. Resale prices for ultramax vessels have risen significantly as freight rates for mid-sized ships trend upwards.
DryDel is taking advantage of the strong second-hand market to fund the renewal of its fleet. Since June 2024, it has sold 11 vessels, generating around $350m, while investing about $600m in a similar number of newbuildings.
Its overall newbuilding programme exceeds 25 bulkers, with a budget of around $1bn.
GEK TERNA: Yesterday’s session completely reversed Friday’s picture, with the listed company going ahead with a Eurobond issue and securing orders worth €2.3bn.
One notable feature of the issue was that foreign demand was so strong that the allocation to Greek banks was zero—something that has never happened before in a Eurobond issue by a Greek issuer.
According to reports, 54% of demand came from continental Europe (mainly France and Italy), 17% from the UK and 25% from Greece (through private banking and high-net-worth individuals).
The share closed at €39.82, up 3.43%.
ALPHA INTERNATIONAL HOLDINGS: Alpha International Holdings, the international investment arm of Alpha (Alpha Bank Cyprus, Alpha Holding Luxembourg, UniCredit Romania and others), carried out a €20m capital increase.
The capital increase is likely related to the banking licence for Alpha Holding Luxembourg and its intention to begin operations in the second quarter of 2027.
Alpha International Holdings ended 2025 with profits of €21.6m and net assets of €1.03bn.
ALLWYN: Political developments in Brazil have kept the operation of the online betting market in focus, with the Greek market following events because of Allwyn’s stake in Betano.
As Eurobank Equities noted in its morning report, President Lula’s victory in the runoff election reduces the likelihood of an immediate reversal of the ban on online betting imposed in September. Betting platforms have been offline since 6 October under temporary measures, which must be ratified by Congress to become permanent.
Interest in Allwyn stems from its 36.75% stake in Betano, with Brazil accounting for more than 40% of the latter’s revenue, according to the brokerage’s estimates.
Eurobank Equities estimates that a permanent loss of this market could affect annual income from associates of €110m-€120m, equivalent to about 6% of the group’s adjusted EBITDA, as well as the related cash distributions.
It is worth noting, however, that the brokerage has already factored this possibility into its valuation, with a price target of €11.10. Attention is now expected to turn to Congress’s decisions and how long the restrictions remain in place.
P.S. As expected, the share came under heavy pressure, closing at €11.10, down 4.52%, on turnover of €7.7m.
AIA: Athens International Airport (AIA) will announce its third-quarter and nine-month results today after the market closes, with passenger traffic and progress towards its annual targets in focus.
Eurobank Equities, in its morning report, estimates that the 4% year-on-year increase in passenger traffic in the third quarter will lead to a similar rise in total revenue, with a corresponding increase in EBITDA and net profit. The latter is forecast at €98m, up 5% from the same period last year.
Based on the brokerage’s forecasts, nine-month net profit will come to around €179m, down 3% year on year. To meet management’s target of net profit of €200m for 2026 as a whole, about €21m will be needed in the fourth quarter, in line with the result for the previous year.
According to Eurobank Equities, the timing of the recovery of regulatory revenue carried over from previous periods will be a key factor in quarterly profitability.