An interpreter for ADRA Serbia, she is translating Arabic to English at a remote refugee camp on the slopes of Mount Olympus in GREECE. The children ...
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Tuesday, June 14, 2016
Archaeologist says he found chunk of throne from ancient GREECE. Officials think it's part of a stone ...
ATHENS, GREECE — A Greek archaeologist believes he has found a fragment of the lost throne of the rulers of Mycenae, famous from ancient myth and ...
How Is Square’s Payment Technology Impacting Vendors?
Kylie Monagan, manager of modern Greek restaurant, Amali Mou, is one of 22 vendors at New York's UrbanSpace, that utilizes Square's payment technology. Monagan said that she appreciates the point-of-sale device and the time and attendance functionality ...
(Photo: Audible)
... who defied the Theban king Creon to bury her brother—who was killed trying to lay siege to the city—only to end up as the subject in her own GREEK ...
One of the world's biggest hedge funds is preparing for a 'worst-case scenario'
[low tide water liquidity drought boats]Wikimedia Commons Brevan Howard, one of the world's biggest hedge funds, is said to be preparing for more investors to withdraw funds. The move comes as the firm's performance stagnates and two of its star traders have left to start competing firms. The details of the plans were shared by three people with knowledge of the matter who declined to be named. The firm cut staff numbers and closed several of its funds last year, and the planning is now said to be in preparation for a "worst-case scenario" in case a significant number of investors ask for redemptions, according to one of the people. Brevan's contingency planning, which is aimed at ensuring that it can withstand outflows, includes a scenario in which assets fall by as much as 40%, two of the people said. There's no indication that the firm will lose that amount, and contingency planning by funds that would have to unwind investments in case of redemptions isn't unusual. Brevan Howard, best known for its flagship fund, posted a loss of 2% last year and was down 1.8% through April this year, according to a fourth person familiar with the returns. The fund hasn't reported a year of gains since 2013, the Financial Times reported in May. The firm manages about $20 billion, another person said. That's down by about $3.7 billion from the assets reported by the Hedge Fund Intelligence Global Billion Dollar Club at the start of the year. One of the people said the firm's assets had fallen further. Brevan was the 19th-biggest hedge fund in the world at the start of the year, according to the ranking. The drop in assets is coming mostly from investors who are pulling their money, upset with the firm's performance and high fees, according to the people. A representative at Peregrine Communications, which represents Brevan Howard, said the firm has no contingency plan. Large funds often plan ahead of time how they will unwind assets if need be, especially in cases in which other investors may sell those same assets first, further depressing the price. [London Big Ben]Wikimedia CommonsStill, the preparation for such a decline represents a changing tide for Brevan, a titan in the industry that as recently as 2013 managed about $40 billion. Brevan isn't the only large hedge fund to face outflows or investor concern following underperformance, but its prominence as one of the preeminent "macro" hedge funds in Europe signals the challenges the industry is facing at large. Macro funds, which bet on economic events, lost 3.2% last year and are up 0.6% this year through May, according to eVestment. Brevan Howard has opened up retail "alternative" mutual funds in Europe that could help shore up the investor base. But the firm is increasingly facing headwinds. One of its star traders, Ben Melkman, recently left to start his own macro hedge fund in New York and is expected to take investors with him for his new fund, which is targeting $400 million at its initial launch. Another one-time Brevan star, Chris Rokos, started his own firm last year and has already raised at least $3.5 billion. _Note: This article has been updated to add a comment from Brevan Howard's public-relations firm._ NOW WATCH: FORMER GREEK FINANCE MINISTER: How I dealt with stress when Greece nearly defaulted
A few random shareholders just made the Valeant CEO sound stumped in less than 20 minutes
[little palestinian girl refugee school raise hand] Valeant Pharmaceuticals had its annual shareholder meeting in Leval, Canada, on Tuesday and, as is custom, after the company's presentation the floor was opened up to questions from shareholders. The shareholders, few though they were, came impressively prepared. They asked tough questions that new CEO Joe Papa was forced to skirt in typical smooth CEO fashion. They asked about why they hadn't heard more about the scandal that brought Valeant's stock careening down 90% since October. They asked questions about the company's accounting and its issues with regulators over its drug-pricing practices. Papa's responses to them were canned at the very best. After platitudes about how Walgreen's had been a "good partner so far" to the company, and after praise for Valeant's product line and a reframed commitment to its research-and-development pipeline, it seemed as if Papa is still a little stumped about what's next for the company. DEBT AND DISTRIBUTION But first let's talk about the presentation. There were two big takeaways there. The first was that Valeant will try to pay down a ton of debt, and fast. The company plans to use $1.7 billion to do so in 2016. Papa said debt reduction was "important to the future of the company," which jibes with the Bloomberg report that Valeant just contracted Morgan Stanley to help it sell some of its dermatology assets. Papa didn't rule out selling more assets, but he's walking a fine line. The company's projected earnings for 2016 of $4.8 billion to $4.95 billion already put it in danger of falling below threshholds it must meet to comply with creditor agreements. The other big issue in the presentation was Xifaxan. It's a drug used to treat irritable bowel syndrome that Valeant projected would be a $1 billion product this year. Well, now it looks as if it won't be, and Papa is focused on ramping up its sale to the 10% to 15% of American adults who suffer from IBS and other gastro issues. No plan was laid out for doing that, but one thing is for sure: It will cost money. [VRX CASHFLOW] Now for the questions. There weren't many, but they were of pretty high quality. For example, right out of the gate, the first shareholder asked about how much goodwill Valeant had on its books. Goodwill is a measure of intangible assets that a business collects after making an acquisition. Papa didn't seem to know the answer to this at first, but then a member of his staff said the company had $18.5 billion in goodwill on the books. Valeant has an $8 billion market cap. Makes you wonder exactly what all that goodwill means (or meant) in the first place. The next question from a shareholder is key. He's a dermatologist who sells Valeant products. He said he thought the problem with the Walgreen's deal, which Papa acknowledges is off to a bumpy start, wasn't really Walgreen's but rather the insurers. "We need to address the insurance issue," he said. "I think that's what blocks it and prevents my patients from getting products on a more timely basis." Papa didn't really have answers for that. Part of the issue is that Valeant's scandals frayed the company's relationships with insurers and healthcare providers. S0me severed their relationships with Valeant when it was found that the company was using a now-defunct private pharmacy to trick insurers into paying for Valeant drugs outside their client's offerings. Repairing those relationships will take time, and Valeant needs cash now. [VALEANT PAYMENT SCHEDULE] Papa also got a question about why shareholders didn't know more about what's going on with Valeant's price-hiking problems and the rest of the scandal that took place this fall. Papa didn't answer that. One angry shareholder asked why former CEO Michael Pearson, who presided over Valeant's near-demise, got a $9 million pay package. Papa said it was in his contract but failed to discuss the fact that Valeant is retaining Pearson as a consultant for two years along with perks like paying for his travel, health insurance, and office. Lastly, Papa skirted a question about Valeant's changing business model. A shareholder asked whether Valeant's seemingly newfound focus on research and development was a new business model. Papa said simply that the company didn't focus on how much it spends on R&D, just how productive that R&D is. Plus, let's be real: It doesn't have the cash. It doesn't have the cash (or the ability, thanks to its creditor agreements) to go back to growing through acquisitions either. Eventually (after who knows how many asset sales and legal issues) this will all be over, and Valeant will have to be something — the question is what. You can see why Papa is stumped. Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: How I dealt with stress when Greece nearly defaulted
The heroes of 'Flash Boys' are a step closer to winning their ugly battle with Wall Street's establishment
[IEX team] IEX, the company founded by "Flash Boys" hero Brad Katsuyama, has won the backing of the Securities and Exchange Commission's staff in its bid to become an exchange, according to a report from The Wall Street Journal. According to WSJ, the SEC staff recommended the company win its bid to become an exchange. That suggests that IEX will win full approval when the SEC's commissioners vote on the matter Friday. IEX had no comment on the report. IEX in September filed with the SEC to become a stock exchange, triggering an ugly war of words between its backers and its enemies. Opponents of IEX's plan say that approving the application could destabilize the stock market. They include the New York Stock Exchange and Nasdaq, which — through its law firm — said that the SEC could be sued if it approves IEX's application. Primarily at issue is IEX's use of a "speed bump" when routing orders, which the firm says puts all traders on its platform on a level playing field. Existing exchanges have said this results in investors using IEX's platform receiving stale quotes for their trades. Business Insider recently sat down with Katsuyama and discussed high-frequency trading and the firm's journey. We asked Katsuyama, who was named to Business Insider's inaugural Creators list, what would happen if the SEC approved the IEX application. Here's the excerpt from the interview: MATT TURNER: You'll have news by June 18. What will happen if you get good news? BRAD KATSUYAMA: If there is good news, the brokers will need some time to connect and configure their systems, and we will give them some time to do that, and a couple months after that it would be our official launch date. We also asked how he was feeling ahead of the big decision. He said: KATSUYAMA: I try not to think about it too much. It is just another data point. Everything that needs to be said has been said. We've done what we can do, and I do believe we've done enough. Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: How I dealt with stress when Greece nearly defaulted
Eurogroup Chief Tells EP that ESM Will Approve 7.5-Bln-Euro Bailout Tranche for Greece
Eurogroup Chief Jeroen Dijsselbloem, speaking at the economic and monetary committee of the European Parliament, on Tuesday said he believed that the European Stability Mechanism would approve the disbursement of the 7.5-billion-euro loan tranche as Greece has met all the prior actions. Responding to a question posed by SYRIZA MEP Dimitris Papadimoulis, Dijsselbloem said that
Extreme Weather: Destructive Tornado Blows Through Xanthi [pics]
A tornado whizzed through Xanthi, a city in Thrace, northeast Greece, spreading panic and destruction in its path early on Tuesday. The extreme weather phenomenon came in the wake of three earlier tornadoes that had swept through the plains of Xanthi. Destruction was noted at the municipalities of Avdiron and Topirou, whereas problems were also
There's A Mysterious Company Getting Ready To Announce New Hardware
image credit: wonder I took an interesting phone call the other day, amidst all the craziness that is the early days of E3 -- angry Greeks hitting trolls with axes, exploding zeppelins and the like. It was with entrepreneur and former Zynga/scopely exec Andy Kleinman, who's apparently starting a new company [...]
Bloomberg: Tsipras' Tax Hikes May Dampen Start-Up Economy
“GREECE has competitive advantages for startups, such as excellent and internationally recognized scientists and engineers, and low personnel costs ...
Your Navy Operating Forward – Romania, Greece, Germany
Right now your Navy is 100 percent on watch around the globe helping to preserve the American way of life. Whether it be operating and training off the coast of Spain or forward deployed to the Arabian Gulf, the flexibility and presence provided by our U.S ...
Hot Openings: Santorini Heights, Greece
Santorini Heights, a boutique villa hotel perched on the tallest hill on the Greek island of Santorini, opened in April. “The construction of the property was a fusion of luxury and local, natural materials to make it eco-friendly to please even the most ...
Swap steak for GREEK salad to slash your risk of diabetes: Risk falls by third in people who eat a ...
It has long been used as a model of healthy eating to protect our hearts. Now the 'Mediterranean diet' has been proven by scientists to also ...
Greek Leadership Awards recognize outstanding students
Greek Leadership Awards recognize members for outstanding scholarship, leadership and civic responsibility. To view these students click here: http://uakron.meritpages.com/achievements/Greek-Leadership-Awards-recognize-outstanding-students/57907
Welcome to Wall Street's 'Valley of Death'
The investment-banking business has split in two, with two main strategies that banks can choose from to deliver returns for shareholders. Banks can employ a scale strategy, in which they are big enough and in enough business lines that they become key to clients and are able to generate attractive returns. JPMorgan fits the bill here. Or they can be a niche player, picking their spots in particular business lines in which they have a competitive strength. The Swiss bank UBS has had success with this strategy, and "doing a UBS" is now shorthand for slimming down in investment banking. Some banks, however, are stuck between those strategies. The middle ground, where banks have the cost base of a scale player and the revenues of a niche firm, has come to be known on Wall Street as the "Valley of Death," or "the Killing Fields." Basically, you don't want to be there. Macquarie analysts led by Piers Brown touched on this in a big note out Friday and said that as many as eight firms find themselves in a dreaded "mid-tier" position. The note said: We think many banks have simply not been selective enough and find them caught in unprofitable mid-tier positions across multiple product segments with balance sheets 30-40% smaller than scale peers but 2-3x larger than successful niche players. This applies to most European banks except UBS, as well as to MS and BAC amongst US peers. The note added that further restructuring looks inevitable for the banks in the middle-tier group, a group that includes Credit Suisse and Deutsche Bank, which have already announced measures to slim down, as well as Bank of America and Morgan Stanley. "For this group of banks we estimate cost bases are probably at least 20-40% too high unless there is a sizeable improvement in the revenue environment," the note said. Expect more job cuts, in other words. [Screen Shot 2016 06 14 at 9.00.33 AM] SEE ALSO: IEX CHIEF: STOCK EXCHANGES ARE OVERCHARGING INVESTORS BY BILLIONS OF DOLLARS Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: How I dealt with stress when Greece nearly defaulted
The tasty treats are ready for you at the Holy Trinity GREEK Festival
NEWS9's Jennifer Black tries her hand at cutting the meat for a gyro on Tuesday morning at the GREEK Festival in downtown Steubenville (WTOV).
Archaeologist claims he's found ancient Greek kings' throne
A Greek archaeologist believes he has found a fragment of the lost throne of the rulers of Mycenae, famous from ancient myth and the story of the Trojan War.
Greece Mycenaean Throne
Greek archaeologist Christofilis Maggidis speaks as a photograph of a stone he believes belonged to the lost royal throne in the ancient palace of Mycenae, heart of the Mycenaean civilization, in southern Greece, during a press conference in Athens, on ...
PlayStation VR UK release date announced, launch line-up detailed
Source: www.mcvuk.com - Tuesday, June 14, 2016 Sony’s PlayStation VR tech is being released in the UK and Europe on the same day as in America . The brand new hardware will be launched on October 13th in the following regions: Australia, Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, New Zealand, Norway, Poland, Portugal, Russia, Saudi Arabia, Spain, Sweden, Switzerland, United Arab Emirates and the United Kingdom. It was announced back in March that PlayStation VR will set UK gamers back £349 . The firm has also detailed PlayStation VR’s launch line-up. Available to buy at launch are Rigs, VR Worlds, Until Dawn: Rush of Blood, Super Stardust, Hustle Kings and Tumble VR. “PlayStation VR is a virtual reality system that takes PS4 to the next level of immersion,” said PlayStation Europe boss Jim Ryan. “With the launch of PlayStation VR on the horizon, we are looking forward to showing consumers that innovation has never been stronger at PlayStation as we offer unique experiences that truly embody VR’s potential.” All Related
Summer Cocktails- Ouzotini & Ouzini
Ouzo served with mezedes and a cool glass of water is a classic way to enjoy the Greek national spirit. Mixing ouzo into cocktails adds the iconic flavor of anise to your drinks. The ouziotini is a variation on the martini while the ouzini was developed in Cyprus. Try the following refreshing recipes at your
GREECE'S Finance Minister warns Europe needs to listen to its people
Although GREECE is still far from getting out of its debt crisis EU officials and ministers admit it is making a big effort. This means adopting painful and ...
Yanis Varoufakis: "The homeless problem in GREECE is going to get far, far worse"
GREECE is set to witness a “vulgar” escalation in homelessness over the next year, the country's former finance minister Yanis Varoufakis has warned.
Brexit camp resorts to 'GREEK statistics'
Noting that “the past is certain, the future obscure,” ancient GREEK scientist Thales of Miletus could not have imagined that reliance on doubtful “GREEK ...
GDPR? It’s all Greek to us say Britain’s SMEs
General Data Protection Regulation is not exactly floating the boat of small- and medium-sized firms The majority of the UK’s small- and medium-sized businesses have either not heard of, or are uncertain about, the impact of the EU’s new data ...
GREECE: Improving living conditions while clowning around
Over 50,000 people are currently stranded across GREECE. As they are expected to stay for months in hastily established camps the Hellenic Red ...
Eurogroup president: GREECE has met all prior actions
In reply to a question by SYRIZA MEP Dimitris Papadimoulis, Dijsselbloem underlined that GREECE and its lenders have entered a different phase.
First meeting of Council of National Communication Policy in GREECE
Its mission is the building and coherent management of the country's positive picture in GREECE and abroad. Interior Minister, Economy Minister, ...
A Brexit 'would open Pandora's box' in Europe
[pandora's box] Everyone is suddenly talking about the coming Brexit vote. With Britain preparing to vote in a June 23 referendum on whether to leave the European Union, the latest polls seem to suggest that Brits are leaning toward Leave: * The ICM phone and online poll: Remain 47% / Leave 53% * ORB phone poll: Remain 48% / Leave 49% * YouGov online poll: Remain 39% / Leave 46% The Sun, which has the largest circulation of any British newspaper, has come out in favor of a Brexit, which is notable given that The Sun has a great track record in general elections and has always backed the winner. On the markets side of things, the British pound has been getting slammed over the past few days following each new poll result. But while the looming vote is exciting, a team of Barclays analysts previously argued that the outcome could have serious consequences for the rest of Europe. "In our view, markets are overlooking two crucial aspects of the UK referendum on EU membership that is likely to occur this year and which must take place by end 2017," Marvin Barth of Barclays wrote back in January, before the issue heated up. "First, the referendum is generally seen as a 'UK' or 'GBP' issue, when it is better seen as a _European_ issue," he argued. "Second, it has largely been viewed as an economic issue, but should best be analyzed through the lens of political economy." As for why one should look at the potential political ramifications here, Barth argued that a Brexit could inspire other European countries to think about leaving the EU whenever things got tough (emphasis ours): A UK EXIT WOULD SET AN UNWELCOME PRECEDENT FOR COUNTRIES TO LEAVE THE EU WHENEVER DOMESTIC PRIORITIES CONFLICT, AND WOULD DO SO AT A TIME WHEN POLITICAL RISKS AND POTENTIAL FOR SOVEREIGN-EU CONFRONTATION ALREADY HIGH. Simultaneously the UK would present Continental opponents of immigration with a politically potent example (and threat) of how to deal with one of the thorniest and most emotionally charged trans-national issues confronting European voters: immigration. Though this may seem somewhat extreme, it's worth nothing that last year analysts warned that a similar domino effect could happen after a Grexit, or Greek exit from the EU. And that was before the migrant and refugee crisis turned Europe upside down. Barth added (emphasis ours): "THE PRECEDENT OF A MEMBER STATE LEAVING THE UNION WOULD OPEN PANDORA'S BOX: it could be used as a political argument by populist and extreme parties in several countries, both from the right and the left, to push for an EU exit, including for some euro area countries. "Such events would certainly revive the 'redenomination risk' in the euro area." In short, get ready for that June 23 UK referendum. It might just make Britain the first domino to fall. SEE ALSO: AN IVY LEAGUE PROFESSOR EXPLAINS CHAOS THEORY, THE PRISONER'S DILEMMA, AND WHY MATH ISN'T REALLY BORING Join the conversation about this story » NOW WATCH: These are America's 2 most hated fast-food restaurants
How Many Refugees are in Greece? Here’s the Head Count Ahead of World Refugee Day!
The Refugee Crisis Management Coordination Body’s data shows that there are 57,042 refugees in Greece at the moment. Of these, 5,501 refugees are staying at UNHCR-created settlements, whereas 5,759 are staying at non-organized facilities. Another 1,500 people are scattered. The East Aegean islands are currently hosting 8,449 refugees of which 56 were recent arrivals who
Greek civil aviation strike coming up
… flights between the country and Greece. Authorities agreed to lease the … Greece’s two largest ports in Piraeus and in the northern Greek … in popular tourist islands including Corfu and Santorini. The German firm …
A powerful vision of Britain as a European leader – thank Gordon for that
Gordon Brown’s intervention in the EU referendum debate on behalf of the Remain camp was long overdue. The campaign has come to be seen as a sort of Dave and Boris show – a blue-on-blue battle for the Conservative soul. Fresh on the heels of his Scottish referendum success, the former Prime Minister has produced a document outlining how Britain can make a positive contribution to reforming the EU. It’s a welcome change from trying to frighten people into voting to remain in the EU. It is true that Brown has chosen some curious examples of European successes so far on the campaign trail – you don’t, for example, appeal to Brexiters by talking about how active the EU is on human rights issues or enlarging the union to more countries. But some of his points have a good chance of resonating. It is particularly welcome to hear him speak of how Britain can be a leader in Europe and of how Europe can lead in the world. It has shown its potential in the financial crisis and the Paris climate change talks. Brown is calling for Britain to take its European Union Presidency in 2017 seriously, and to commit to creating jobs from within Europe. He wants to see reforms to European energy and environmental policy and action on tax havens. All told, he is providing the bigger picture aspiration that has so far been strikingly absent in the referendum debate. MAKING UP FOR LOST TIME Brown’s call for action is a useful reminder that this should be a debate about the UK’s standing in Europe and the world. It is ultimately a stark choice between isolationism and continuing to be a strong international player. “Too little, too late”, critics might argue. They might also point out the conflicting messages being sent out by the Remain camp. Brown’s internationalist view is at odds with David Cameron’s renegotiated deal safeguarding the UK’s “special status” in the EU, which boils down to a series of exemptions from some fairly important EU rules. Then, of course, there is Jeremy Corbyn, who rates his passion for the EU at a miserable seven (or maybe seven-and-a-half) out of ten. If you are still undecided about how to vote, how do you reconcile all this? This is an important point, because mobilising undecided voters will be vital. Others might see Brown’s approach as a desperate effort to appeal to post-imperialist – chauvinistic – visions of continuing British grandeur. We can look to the Scottish and Greek referendums for guidance on this. In both cases, ultra-patriotic rhetoric proved deeply appealing to voters. Against this backdrop, and with only days to go, can Gordon Brown realistically hope to reverse the damage inflicted by the many years of Conservative party (in concert with UKIP and tabloid media) scapegoating the EU? Labour has sat on the fence for a dangerously long time but if Brown does believe in the vision he is peddling, there are valuable lines of argument to develop. From the economy, to law, to free movement and culture, Britain has contributed hugely to what Europe represents today. It is among the countries with the highest number of citizens living in another EU country (the government estimate is approximately 2m people). The City of London is the economic centre of Europe. British corporate law rules and practice have influenced the shape of EU regulatory regimes for the protection of shareholders and the prevention of market abuse. The European Court of Human Rights (ECtHR) often draws upon decisions of the UK Supreme Court. Many protections for EU citizens as consumers have been modelled on British legislation. Legal aid, fair trial guarantees and protections for defendants when they are arrested provide inspiration for EU legislation. British intelligence agencies are highly relied upon in the common fight against terrorism and organised crime in Europe. British universities attract some of the best talent from Europe and produce a critically important volume of research, being among the largest recipients of research funding in the EU. The list is endless. It highlights how much Britain already leads in Europe, providing a refreshing alternative to rhetoric about bullying Brussels. It might not be too late for voters to be persuaded about the benefits of staying in the EU. [The Conversation] _Dr Dimitrios Giannoulopoulos is the founder and director of the 'Britain in Europe' (BiE) think tank. BiE is based at Brunel University London and brings together academics, legal practitioners and human rights NGO members from across the UK and Europe. Dr Giannoulopoulos is grateful to BiE members, Prof Julian Petley and Prof Arad Reisberg, for contributing views to this comment. He has also drawn on research and public engagement work undertaken by other BiE members, notably Prof Justin Fisher (on undecided voters), Sir Geoffrey Nice QC (on the UK and European human rights), Mr Stephen Kon (on the business case for 'Bremain') and Prof Valsamis Mitsilegas (on security and EU law)._
Sophia Catharios talks about the artist Dina Tourva: "Portraits of Greek women in Australia"
Meet Dina Tourva this coming Friday at the Greek Bilingual Bookshop Performance Space THE VAULT and view her artwork from the series Women's Portraits. Meet some of the women depicted in the portraits as well. Also see some of her previous work in cards of ...
SYRIZA Blasts “Hostile” Protests for Tsipras to Resign
Greece's SYRIZA-led government, which welcomed protests, says a movement calling on Prime Minister Alexis Tsipras to quit is "hostile."
Greece Puts 23 More Regional Airports On Sale
Backtracking on promises to halt privatization, Greece's SYRIZA-led government wants to sellf 23 regional airports and 10 ports.
Tsipras Says Greece’s Battered Image Needs Upgrading
With protests and despair growing over more austerity, Prime Minister Alexis Tsipras said Greece needs a new image abroad.
Krinos Foods Opens New State-of-the-Art Facility in the Bronx
BRONX – The largest importer, distributor, and manufacturer of Greek, Mediterranean, and Middle Eastern specialty foods, Krinos Foods opened its new facility in the Bronx on June 15. Two days earlier, TNH toured the facility and spoke with Krinos Chairman Eric Moscahlaidis. The state-of-the-art facility in the Tremont section of the Bronx is an impressive
GREEK airport concessions spark strike
Athens: GREEK civil aviation workers plan a five-day strike next week in protest at the long-term lease of 14 regional airports, complicating government ...
GREEK civil aviation staff to stage strike over privatization plans
Under the accord, worth EUR 1.2 billion (USD 1.35 billion), Fraport and its GREEK partner, the energy firm Copelouzos, secured a 40-year lease on the ...
My Big Fat GREEK Wedding 2 on Blu-ray and giveaway!
My Big Fat GREEK Wedding 2 Blu-ray Nia Vardalos was the little Canadian comedienne who could. My Big Fat GREEK Wedding is the highest-grossing ...
Inside the underground economy that's propping up New York City's food carts
[nyc food cart]Andrew Burton/ Stringer When Sharif leaves his home in Flushing, Queens, it’s too early to say goodbye to his wife and three kids. Long before sunrise, he drives 15 minutes to a cold, brightly lit garage in Long Island City that smells of spent fuel, cleaning fluid and food that’s about to turn. There, Sharif, an Afghan native in his mid-40s, stocks the front window of his food cart with muffins and bagels from a wholesale bakery in Queens, sold to him at a markup by the garage’s owners. Like the five dozen food-cart vendors busy alongside him, Sharif has brought his own perishables; for most, it’s the seasoned chicken, rice and vegetables that will become halal dishes by lunchtime. Western Beef and two Costco stores— favorites for bulk provisioning—are a short drive away. Sharif double-checks the propane tanks and grill, hangs his food-seller’s permit around his neck, hitches the rig to his car and heads for the Queens-Midtown Tunnel. (To protect cart owners and vendors from being prosecuted for illegally renting out or selling permits, Crain’shas declined to identify them by their full names or exact locations.) An hour later, on a corner in midtown, Sharif has already sold the first of the day’s 125 coffees. At 6 a.m., he’s joined by Zamir, a younger Afghan immigrant. For the next few hours, with Zamir standing over the hot griddle, they sell egg-and-cheese sandwiches to a steady stream of regulars and early rising out-of-towners. Though Sharif owns his food cart, a portion of his earnings is sent to “a guy in New Jersey”—likely "Mr. Q" Sharif has been working on the same corner for 17 years. “It’s hard work, six, seven days a week,” he said, “but I have bills to pay. I have a family.” Working nine hours a day, food-cart vendors like Zamir take home as little as $400 to $500 for a six-day week. Many are new immigrants hoping to start new lives. During a brief lull in lunch service, Zamir, 22, told me he served as a translator for U.S. troops in Afghanistan before he was wounded and then awarded a visa to settle here. A generation ago, after a few years of hard work and saving, Zamir could have become his own boss. Sidewalk vending was long an option for immigrants eager to improve their lives. That’s no longer the case. Today’s mobile food vending business is one of day laborers and shift workers who, despite hustling all week long, may not earn minimum wage. Even for bosses like Sharif, financial autonomy is not guaranteed. Though Sharif owns the actual food cart—“I built it three years ago,” he said—a portion of his earnings is sent to “a guy in New Jersey.” According to records obtained by Crain’s through a Freedom of Information Law request, that guy is in all likelihood “Mr. Q.” While Sharif owns the food cart and his own vendor’s license, it’s Mr. Q who controls the mobile food vending permit—a tiny piece of adhesive plastic that makes this cart more than just a griddle on wheels. Without it, Sharif has no business. On a nearby block, it’s a similar story. In a smaller cart equipped to sell just coffee and baked goods, another Afghan, a 54-year-old man who asked to be identified only as Steve, has been fighting for market share with Starbucks, Dunkin’ Donuts and their predecessors for 27 years. He supports a wife and five children on the $600 to $700 he earns every week—about $35,000 a year.[starbucks]Andrew Burton/ Stringer At least, like Sharif, Steve is the boss—almost. “I own 35% of the cart,” Steve said proudly. “When I started 20 years ago, they paid me a salary.” It was unclear if Steve bought or earned a share in the cart; it was also unclear who “they” are. Like most of the vendors interviewed for this article, Steve wasn’t keen to elaborate on his business. One thing is certain: The name on the permit is not his. Either like Sharif, Steve leases his permit from the legitimate owner—for upward of $10,000 a year—or that’s why he’s ceded nearly two-thirds of his business to silent partners. The city's administrative code is clear that permits can’t be sold or transferred. Section 17-314.1 (b) of the code reads: “No vehicle or pushcart used to vend food in a public place shall be assignable or transferable with a license, permit or plate that has been issued under this subchapter attached thereto.” Sharif and Steve are just two of the thousands of unwitting lawbreakers in a black market for cart permits that operates in plain sight of the city’s enforcement agencies. That black market is worth an estimated $15 million to $20 million a year, costing the city millions of dollars in potential fees while making it harder for immigrant entrepreneurs to build equity and take the first step up the economic ladder.[food cart nyc 2]Andrew Burton/ Stringer Historian Mark Kurlansky writes that in the 19 th century, food carts peddled fresh oysters for 6 cents apiece. When the oyster beds died off and new waves of immigrants arrived, offerings diversified; it wasn’t uncommon to find corn, pickles and sausages for sale on city sidewalks. In 1890, Jacob Riis wrote, “There is scarcely anything else that can be hawked from a wagon that is not to be found, and at ridiculously low prices.” It was these “ridiculously low prices” that drove the first wedge between mobile food-sellers and restaurateurs. The latter, burdened by rent, insurance, payroll, equipment and other overhead, struggled to compete with 6-cent oysters and their successors. The relationship between vendors and retailers hardly improved over the next century. Embarrassed by the lower-class food carts, Mayor Fiorello La Guardia decreed that sellers had to stand behind their carts, and eventually formed a network of covered markets to get the peddlers off the sidewalks. Four decades and six mayors later, Ed Koch inherited this mess. The irascible Koch had little sympathy for the vendors. Of midtown’s crowded sidewalks, the mayor told The New York Times, “This is not supposed to look like a souk.”[ed koch]Andrew Burton/ Stringer Under pressure from brick-and-mortar retailers, in 1981 Koch set a limit of 3,000 citywide permits for mobile food carts and trucks. The mayor’s move turned pushcarts into the new taxis, whose medallions—not the cars themselves—are the valuable asset. For $50, just about anyone can get a license to sell food on a city sidewalk. The application process is cumbersome, but as bureaucratic chores go, it sits somewhere between the drudgery of renewing a driver’s license and the complexity of filling out a tax return. The problems come with registering the food carts themselves, and with the plastic inspection sticker known as the mobile food vending permit, or MFVP, for which the Department of Health and Mental Hygiene charges $200, and which is usually valid for two years. But many permit holders, having put in their time slinging souvlakis and moved on to more lucrative businesses, such as driving a cab, keep renewing their permits and renting them out, often with the cart attached, on a lucrative black market. Illicitly renting a two-year permit from its legitimate holder can cost as much as $20,000 for a cart that serves hot food and can bring in far more revenue than a simple coffee-and-doughnut cart, or as much as $30,000 for a food truck—a fully mobile kitchen. Because they’re so valuable but not legally transferable, these permits never officially change hands. Instead, brokers help permit seekers find permit holders who no longer want to man a cart. The vendor who needs a permit—and a cart—might pay a flat fee every two years, upon renewal, or work out a profit-sharing arrangement. [Food cart nyc 3]Andrew Burton/ Stringer LIST PRICE: The city charges $200 for a two-year city-wide mobile-vendor’s permit PAY TO PLAY: Expect to pay $20,000—or more—to rent a permit from a licensed holder LOTTA DOGS: 3,000 mobile food vendor permits have been issued by the health department In this manner, an estimated 70% to 80% of permits are illegally in use by someone other than the permit holder. Some have been legally owned by the same person for two decades, even if he or she hasn’t touched a shawarma since the administration of Mayor Rudolph Giuliani. (The health department, which distributes the permits, couldn’t produce back records of permit ownership.) At the center of this underground economy sits a loose network of garages known as licensed commissaries where, by law, every food cart must be cleaned and stored each night. While these garages serve as a meeting point for the food cart world, there is a decentralized network of owners, brokers and would-be vendors that has evaded the haphazard efforts of law enforcement. On a cold, rainy morning earlier this year, I visited nearly a dozen of these garages to figure out how, exactly, this illicit system operates. In Manhattan, the commissaries are clustered in Hell’s Kitchen. Most are no wider than a single-car garage, deep as a typical railroad apartment, and hidden in plain sight behind hanging strips of thick clear plastic. Often, a broken food cart sits along a back wall, awaiting repairs. The licensed commissaries are largely modest operations, garages that store and service just 10 to 15 carts whose operators pay upward of $600 per month. The commissary owners often require vendors to buy their provisions from the garage. Commissary owners make most of their money from a 5% to 10% markup on supplies. Manhattan’s largest commissary doesn’t even store or clean food carts. From their headquarters on West 37 th Street, Tom and George Makkos have run M&T Pretzel for more than three decades. Born in Athens, the Makkos brothers immigrated to New York in their teens with their parents; like many Greek immigrants of the time, their father supported his family with a food cart. After college, Tom and George returned to the family business. Seeing opportunity in Koch’s permit cap, they amassed a fleet of food carts—and, crucially, the permits that made them legal. It’s not known exactly how many permits the Makkoses held at their peak, but a current employee (who insisted on anonymity) told Crain’s it was “thousands.” By 1995, the brothers, dubbed the Hot Dog Kings by The New York Times, were in a position to pay the city a $288,200 franchise fee for the right to vend for one year from a single hot dog cart in front of the Metropolitan Museum of Art. That same year, they paid $480,400 for the rights to Central Park’s 60 concessions, making them the Parks Department’s second-largest revenue driver, after Tavern on the Green.[central park]Andrew Burton/ Stringer Soon enough, the high-flying Makkos brothers—and at least one other mini-empire of hot dog carts—attracted the unwanted attention of Mayor Giuliani. In February 1995, the City Council passed a law limiting mobile food vending permits to one per person or company, effective Jan. 1, 1996. The idea was to once again make the food-cart business a path for aspiring entrepreneurs. With the end nigh, the Makkoses diversified (Tom is a longtime co-owner of the upscale Italian restaurant Nello), relinquishing the pushcarts as their permits expired and becoming suppliers instead. Twenty years later, by all appearances, M&T Pretzel is nothing but a wholesaling business, and has nothing to do with amassing—or renting—food cart permits. Along the back wall of the large, well-lit space, a row of humming commercial refrigerators holds enough hot dogs to feed a stadium. Stacks of soft drinks fill more of the remaining floor space. The Makkoses still appreciate the power of a monopoly. Said one older man at a nearby garage, “If you buy a bottle of Poland Spring in the city, you go through them. Period.” That’s barely exaggeration: The lot next to M&T is filled with shrink-wrapped pallets of beverages—many with the familiar Poland Spring logo, stacked two-high and packed Tetris-tight by two busy men on forklifts. Tom Makkos—charming, funny, recreationally vulgar and good with a handshake—declined to speak on the record with Crain’s when I met him that morning. Reached by phone several weeks later, he told me he’s no longer involved in the retail end of the business. “I do not own any permits,” he said. “I don’t own any carts. I have nothing to do with that.” Just one block away, I met Hell’s Kitchen’s other commissary king, Zizo—“No last name, please”—who came to the U.S. from Egypt in the early ’80s. He’s been in food carts ever since, clawing his way up from vendor to garage owner. Today he has the second-largest commissary in Manhattan. Like M&T Pretzel, Zizo’s garage (whose trade name was never made clear, and defied research efforts) is also enormous by industry standards. I found Zizo sitting at a cluttered desk in the back. He looks to be in his 50s, fit and solid in that manner of men who don’t actually sit for a living, and he was eager to talk about how the business has changed over the years. Not that food vending was ever easy, he made clear, but it’s harder than ever. When he arrived, “everybody got a permit,” he said. “Everybody could work.” The barrier to entry was low enough to encourage entrepreneurship. In the 1980s, Zizo said, a classic hot dog pushcart cost $3,000 to $4,000 to buy; today’s carts, equipped to prepare halal lunches with griddles and coolers, can easily run $35,000.[hot dog cart]Andrew Burton/ Stringer When asked about permits, Zizo sighed, stood up and pointed to my notebook. “The price of permit going up, up, up,” he said, jabbing his finger to make sure I got his point. Today, he said, a permit costs $20,000 for a two-year black-market rental. He expects that number to rise to $22,000 next year. New rules by the city have only made it more expensive to rent a permit illicitly. In 2015, the health department began requiring permit holders to show up in person to contest tickets for violating the myriad rules of where and when carts can operate. (Previously, the licensed food seller was held responsible.) To account for this greater risk, owners are pricing permits higher still. Some even require a security deposit in addition to the biennial fee. “Where are these permits changing hands?” I asked. “Go to Astoria,” Zizo said. “That’s where the brokers are.” When Giuliani instituted the one-person, one-permit rule in 1996, the food cart business was dominated by Greeks. “Then,” Zizo said, “the Egyptians took over. Now it’s Bangladeshis and Iranians and Turks.” Astoria has been home to all these groups, and that’s why Zizo sent me to Queens to find the permit brokers. On a late Saturday afternoon in March, working with just a few cross streets and first names, I went looking for “Dmitri” and “Effie,” both said to handle certain tasks on behalf of food vendors. I wasn’t optimistic—one can’t swing a souvlaki in Astoria without hitting a Dmitri—but an hour of cold-calling in local storefronts turned up a different lead. In the window of a tiny, unkempt real estate office under the elevated N and Q subway line, I found a flier. “FOOD VENDOR CART with 2 Year Citywide Permit + Spot [in] Very Busy Area in Queens,” it said. The photo showed a typical halal cart, ready for business. According to an older man inside the storefront, “some Indian guy” had asked him to put up the sign; he himself was not involved, he said. He did, however, know a Dmitri (or “Jimmy,” in its Anglicized form) who was involved with food carts. Like Zizo, he offered me cross streets and a polite dismissal. On the way to find Dmitri, I called the number on the flier. A man who gave his name as Mr. Singh picked up and, in a very thick Indian accent, explained that he was selling his truck. It’s in Jamaica, near the subway, and it “includes everything,” he said. “The permit is included?” I asked. “Yes, all five boroughs,” Mr. Singh said. “I have a new job. I am selling everything.” “How much do you want?” “No, no, please, come out, see the truck. We’ll talk price.” Street vendors often refer to the larger carts as trucks. Eventually, I got an asking price of between $20,000 and $30,000, and I would be buying the truck and the permit from him directly. Mr. Singh refused to say more unless I met him. “Buying” Mr. Singh’s permit would be illegal—and, as a practical matter, impossible—as permits are not transferable on the city’s ledger. I doubt that’s what Mr. Singh actually meant. More likely, Mr. Singh would sell me his cart with the permit attached; together, we would go to the inspection center in Maspeth, and he would sign the renewal papers. I wouldn’t see Mr. Singh again for two years, in time to renew the permit that would again bear his name. On a nearby corner, I bought a $3 souvlaki from a man in his late 30s named Ioannis. I tipped him a few bucks and asked about Dmitri and Effie, about food carts, about getting a permit. He shot me the suspicious side-eye I had come to know. “Effie, I don’t work with her. Dmitri? This is Dmitri,” he said, pointing to a young Greek guy sitting on a folding chair. It was not the right Dmitri. I thanked him and turned away, but Ioannis grabbed my arm lightly and asked, “You want a cart? I have a cart.” He whipped out his iPhone and pulled up photos of a classic pushcart, perfect for selling $2 hot dogs. “How much?” I asked. “No, I don’t sell it,” he said. “We work together. You pay me every month.” “How much? A thousand dollars a month?” “No, no,” he said, “we talk price later. You come see the cart. It has the sticker.” I pressed—$800? Finally, he relented. “The permit costs $18,000,” he said. While the real Dmitri proved elusive, Effie revealed herself without much effort. She runs a clearly marked business called Effie’s Food Vendors out of a modest storefront on a quiet residential street in Astoria. Every weekday from 6 p.m. to 9 p.m. and Saturdays from 10 a.m. to 1 p.m., Ifigenia “Effie” Tsatsaronis serves as an expediter, helping food vendors navigate the tangle of bureaucracy that defines their business.“We renew people’s licenses,” she told me from behind the single desk that dominates her modest office. “We get them a license for the first time, we renew their permits, we adjudicate their violations, we do their sales taxes.” Tsatsaronis charges $15 to contest a ticket, $50 to help get a new operator’s license and, curiously, $90 to renew that license. For vendors earning subsistence wages, it’s more cost-effective to hire Effie than to waste days hauling paperwork around town. Years ago, Tsatsaronis was also known to broker deals between permit holders and buyers. In 2009, along with five others, she was arrested in a sting by the city’s Department of Investigation and charged with criminal possession of a forged instrument in the second degree and falsifying business records in the second degree. The charges were dismissed and the records sealed. Tsatsaronis is refreshingly frank about her arrest. “There is an industry, and there are things happening everywhere. We happened to be the subject of the raid, so we paid for everybody’s sins at the time. We were the only ones who had to pay the consequences.” Tsatsaronis said the system is not broken—perhaps because she’s built a cottage industry on its inefficiencies. “The city has a point in saying, Okay, you have a permit that is your property for as long as you use it.” But if a vendor no longer wants to stand all day in a cart, she said, the permit should revert to the city. “Then more people get a chance for the $200 fee every two years, like it should be,” she added. In my months reporting on this story, I got no sense of there being a criminal mastermind or an evil overlord running this black market. By and large, this trade is done face-to-face, through texts, and on Craigslist. Rightly or wrongly, most permit sellers are just taking advantage of a system that happens to be broken in their favor. Sean Basin ski, founder and director of the Urban Justice Center’s Street Vendor Project, agreed. “It doesn’t make it any better,” he said of the permit owners, “but it’s former vendors who are not rich people—because why would they have been vending in the first place? Now they’re doing a little bit better. Maybe they’re driving a taxi.” Indeed, Mr. Singh said he has a new job, which he wouldn’t name; Ioannis has graduated to a larger truck. But they’re holding on to their permits. “It’s $20,000 every two years,” Basinski said. “It’s almost like a retirement fund, like a pension.” Why doesn’t the city lift the cap on permits? Or, at least, relax the limit and charge more than just $200, putting money in the city’s coffers? For one, the city’s business improvement districts, or BIDS, staunchly oppose any legislation that would increase the ranks of mobile vendors. They see sidewalks clogged with cheap meals. They see carpetbaggers occupying valuable real estate. They see ugliness, visual clutter, noise and fumes from diesel generators, unfair competition, litter and lines of customers blocking access to their own storefronts. Basinski says vendors do not compete with local businesses. “The removal of vendors has led to a loss of foot traffic that harms brick-and-mortar small businesses,” he has written. Andrew Ri gie, executive director of the New York City Hospitality Alliance, which advocates for the city’s restaurants, bars and hotels, agrees. “Most brick-and-mortar business owners aren’t anti-vending,” he said. Rigie’s organization wants a new permit program, though he can’t say how it would work. “There are a lot of honest people who want to comply with the law who might be eligible for a permit under a different system,” he said. “But until the various stakeholders come to the table, it’s difficult to say what a new system would look like.” The City Council has spent more than a year looking for a compromise everyone can support, or at least can tolerate, and is no closer to a solution. Finally, there’s the issue of bureaucratic appetite. Officially, city agencies are concerned. “The health department has taken significant steps to increase enforcement and reduce the illegal transfer of mobile food vending permits,” said a spokes-person for the Department of Health and Mental Hygiene. “This has increased compliance and reduced permits being illegally transferred or sold.” In fact, fewer than 70 permits have been removed, suspended or placed on probation since 2014, and the health department failed to provide any proof of “increased compliance.” On the street, there doesn’t seem to be any slowdown in permits changing hands. The Department of Investigation has been running occasional stings to tamp down the black market, but appears to have little interest in making arrests. In 2014, for instance, the department confirmed that permits were being sold on Craigslist and referred those findings to the health department. The police are tasked with ticketing vendors. The black market preys upon working-class immigrants, discourages entrepreneurship and has done nothing to foster financial security. The vendors who started under Giuliani are now well into middle age, and most have little to show for their decades of hard work. “What else am I going to do,” asked Steve, the 54-year old who has sold coffee and pastries in midtown for 27 years. “Who’s going to hire me? I’m not an electrician.” With a resigned grin loaded with gallows humor, he noted, “Who knows what will happen? A few weeks ago, I know one guy who dropped dead in his cart.” With that, he shrugged, snapped a plastic lid on my coffee and turned back to his line of customers, $1.50 richer by my hand—but still a long way from being able to retire. NOW WATCH: Scientifically proven features men find attractive in women
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