1. Set the oven at 350 degrees. Have on hand a baking sheet. 2. In a large bowl, whisk together the vinegar, salt, and pepper. Gradually whisk in the oil. Taste for seasoning and add more salt and pep...
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Monday, January 28, 2019
British Museum chief: taking the Parthenon marbles was 'creative'
Museum director sparks anger by saying removing sculptures from Greece was ‘a creative act’ The director of the British Museum has provoked anger by suggesting the removal of the Parthenon marbles from Greece in the 19th century could be seen as “a creative act”. Hartwig Fischer gave an interview to the Greek newspaper Ta Nea in which he ruled out returning the 2,500-year-old sculptures, which many people in Greece and elsewhere regard as stolen. Continue reading...
Greece Set to Return to Bond Market
Greece is set to return to international bond markets for the first time since the country’s exit from its bailout era last August. The Greek government has hired banks for the launch of a new five-ye...
Greek Bishop Convicted Over Comments Attacking Gays
ATHENS, Greece — A Greek court has convicted a prominent Orthodox Church official of violating laws against racism and abusing his office over an anti-gay blog posting. Amvrossios, Bishop of Kalavryta ...
NATO rushes to invite FYROM under its new name “North Macedonia”
FYROM Foreign Minister Nikolai Dimitrov received an invitation by NATO Secretary General Jens Stoltenberg to join the North Atlantic Alliance. The letter addressed to the Republic of North Macedonia was received late Monday afternoon, media report. The invitation of North Macedonia’s accession to the NATO came just three days after Greek lawmakers ratified the Agreement. … The post NATO rushes to invite FYROM under its new name “North Macedonia” appeared first on Keep Talking Greece.
Six Greek Restaurants in New York, “Having a Moment”
NEW YORK – For those in the know, Greek restaurants in New York have been “having a moment” for quite a long time. It is […] The post Six Greek Restaurants in New York, “Having a Moment” appeared first on The National Herald.
Greece ordered to recover illegal aid funds paid to Larco
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Doritos Locos Tacos, telecom towers, and tugboats: Inside the $60 billion Wall Street machine that's transforming the unusual into investment grade - with added risks
[wall street security cash 2x1] * A Wall Street business that transforms unusual assets like Taco Bell franchises or cell-phone towers into investment-grade bonds is flourishing. * The industry known as esoteric or non-traditional asset backed securitization has almost doubled in the past four years to $62 billion in issuance in 2018. * Other esoteric deals involve cash flows from assets such as aircraft leases or rail cars, but bundling entire businesses like fitness centers or fast-food chains is among the fastest growing and most complex parts of the market. * Issuers like this method of financing because it affords a higher rating and cheaper borrowing rates; investors get added security and more yield than similarly rated municipal or corporate bonds. * But critics warn these investments carry added risks, including increased complexity, assets lacking historical data, and some deal structures that haven't been tested in bankruptcy court. One day last November, Barclays bankers and salespeople sitting on a second-story trading floor in the firm's Manhattan headquarters received an unexpected perk. A Taco Bell feast. The spread included over 120 tacos, including many that were Nacho Cheese Doritos Locos, not to mention nachos, Cheesy Gordita Crunches and Cinnabon bites. Why Taco Bell? It was the celebration of a Wall Street deal expected to become more commonplace this year. The transaction — $1.5 billion in bonds backed by royalty payments from thousands of Taco Bell franchises that Barclays helped sell — is known as a whole-business securitization. It's one type of transaction in a growing part of the bond market known as esoteric or non-traditional asset-backed securities. Other esoteric deals involve cash flows from assets such as aircraft leases or rail cars, but bundling entire businesses like fitness centers or fast-food chains is among the fastest growing and most complex parts of the market. About $7 billion of whole business securitizations were done last year, according to figures compiled by Guggenheim Securities. The broader esoteric ABS market almost doubled in the past four years to $62 billion in issuance in 2018, according to data provider Finsight. Right now that's enough to comprise around 20% of the total ABS market. One banker estimates it could account for as much as 50% of the total ABS market in the next few years. _SIGN UP HERE FOR OUR WEEKLY NEWSLETTER WALL STREET INSIDER, A BEHIND-THE-SCENES LOOK AT THE STORIES DOMINATING BANKING, BUSINESS, AND BIG DEALS._ "There are other emerging asset classes that could be eligible for securitization," said Benjamin Fernandez, a managing director at Barclays who runs the esoteric ABS group. "If issuers continue to get credit from their investor bases for adding structure and security, I think we could certainly continue to see more growth." In ancient Greece, where the root meaning of "esoteric" first arose, it referred to belonging to an inner circle. For centuries, the term was used in philosophical thought as a catch-all category for beliefs held outside the accepted canon, including freemasonry, the occult, and magic, according to historian Wouter Hanegraaff. An early instance of esoteric being used for Wall Street investments was in 1979, when the New York Times quoted an investor who owned a hodgepodge of businesses like pinball arcades, a footwear product maker, and a refrigeration company. “We specialize in the esoteric,” he said. These days on Wall Street, esoteric is defined almost more by what it's not — bonds backed by credit-card receivables, auto loans, mortgages, and student debt — than what it is. Among the many types of assets that underlie deals in this category are airplane leases, tech-enabled consumer loans, cell-phone payment plans, tax liens, and whole businesses. The last category is most commonly made up of franchise food deals like Taco Bell due to franchisee fees seen as predictable revenue streams. Arby's was one of the earliest adopters and its sale of nearly $300 million in bonds backed by franchise royalty fees in 2000 launched the industry. Dunkin Brands followed with a $1.7 billion issuance in 2006. Others include: Applebee's, Cinnabon, Church's Chicken, Domino's Pizza, Five Guys, Hardy's, Hooters, IHOP, Jimmy John's, Sonic, Wendy's, Wingstop. A notable exception is McDonald's, which is large enough to raise efficient, investment-grade financing at the corporate level. The way the deals are structured should be known by anyone familiar with how mortgage bonds work. In this case, a company sells an asset, be it a fitness center, intellectual property, or a tug boat, to a shell company. The shell then issues debt to investors, using the cash to repay the corporate parent for the asset, and servicing debt with cash flows from the businesses it now owns. The assets are structured so that they're protected from a bankruptcy of the corporate parent, at least in theory. [wall street securities flowchart] For the banks that sell these deals, it's another way to scale the securitization machinery they pioneered in the 1970s. Within Barclays' securitized products origination group, for example, revenue from non-traditional ABS grew more than that of any other business in 2017 and 2018, according to a person familiar with the performance. While Guggenheim and Barclays typically lead the esoteric ABS league tables, Goldman Sachs and Deutsche Bank are also very active. For the issuers, it's a cheaper way to access the bond markets, sometimes by multiple percentage points and often with an investment grade rating that they can't get otherwise. And for the insurance companies and mutual funds that invest, the deals usually offer more yield than similarly rated corporate securities. Critics worry that in their haste to grab yield, investors may be overlooking some significant risks. Few transactions have historical data showing how the underlying asset has performed during multiple economic cycles. Not all the structures have been tested in bankruptcy court. And some varieties of whole business securitizations get pretty complicated. "A legal structure diagram of the deal can sometimes span two pages," said one investor, who declines to invest in whole business deals and asked for anonymity to preserve relationships in the market. Making matters worse, some of the newer whole business deals involve most or all of a company's assets, raising questions about whether creditors of the parent could seize them in the event of a bankruptcy, the investor said. "Will the bankruptcy court agree that these assets sit outside the parent?" asked one investor, adding that for some of the more complex securitizations, it's still an open question. _READ_ MORE:_‘Someone’s going to get hurt’: JPMorgan chief issues a stark warning on the market for risky loans_ Paul Norris, a managing director at investment management firm Conning, argues that whole business deals lack the history and simplicity that he finds in aircraft leases and container deals, which bring decades of performance data and have structures that are easier to understand. Add in the fact that whole business deals are opportunistic for the issuer and the underwriters and Norris says he won't touch them. "All of it adds up to something that is extremely complicated, not all that liquid, and has not been proven," Norris said. [annual esoteric abs issuance chart] Even the deals that Norris invests in require careful underwriting due to the idiosyncratic nature of different types and ages of airplanes or rail cars. Defenders of the whole business model point to almost two decades of history wrapping restaurant franchises into bonds, and suggest that many securitizations in the sector follow similar structures. One note: prior to the 2008 US financial crisis, the deals were backed by bond insurers and assigned AAA ratings. When the financial crisis hobbled those insurers, bankers began to sell the deals without insurance. Now many, including Taco Bell's, hold a BBB rating, one notch above junk. "This is a market that a number of us have been developing since before the financial crisis,” said Katrina Niehaus, who leads Goldman’s esoteric ABS business. “Historically, ABS, which takes more work up front and has more controls, was generally viewed as being a safer asset class. We didn’t see that in the last crisis, because mortgage ABS was at the epicenter, but the hope is that we revert to that historical logic." Ron Joelson, the chief investment officer at Northwestern Mutual, is more optimistic about the broader esoterics market even though he hasn't done many whole-business deals either. In his view, yields are high enough to compensate investors for their added risk. And as predictions for a recession mount, it's also nice that the deals are secured, he said. _READ MORE: Meet 2018's Rising Stars of Wall Street shaking up investing, trading, and dealmaking_ "There is something appealing about hard assets as we approach the latter part of the cycle," said Joelson, who said he plans to more than double his allocation to esoterics in the next couple of years to $3 billion. He oversees a $200 billion investment portfolio. "We generally have expertise to analyze those transactions although, because the historical track record isn’t that long, you have to do your homework." Recent deals have tested the market's growth. Barclays had to postpone a deal last year for the parent of IHOP when investors grew wary of the credit, while Guggenheim's deal for $455 million in bonds backed by tug boats and barges later ran into trouble. The tug boat bonds, for a firm called Harley Marine, were downgraded after higher-than-expected operating expenses cut into investor returns and allegations of CEO fraud frightened investors. Despite those hiccups, investors don't yet seem to be souring on the broader esoterics space. "What we're hearing from some investors is that there's a preference for structured finance over corporates or high yield," Barclays' Fernandez said. "They see it as a defensive play in a volatile market." * Read more: * Wall Streeters fled to Silicon Valley to chase riches, influence, and a better life. Now they're bouncing back to banking. * The David Solomon era at Goldman Sachs kicked off with 43 words Lloyd Blankfein would never say Join the conversation about this story »
Greece plans 11 percent minimum wage hike, unions, employers say not enough
ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras announced on Monday plans to increase the standard minimum monthly wage by about 11 percent, the first such hike since the country’s debt ...
Greek Bishop Amvrosios Found Guilty of Homophobia and Hatred
Amvrosios, the Greek-Orthodox bishop of Kalavryta, was found guilty of abuse of ecclesiastical office and incitement to hatred by a court in Aigio on Monday. The northern Peloponnese bishop had ...
Multicultural Greek Council prepares for coming recruitment week
Asian interest fraternity Lambda Phi Epsilon, progressive multicultural interest sorority Sigma Psi Zeta and progressive multicultural interest fraternity Phi Iota Alpha in the Multicultural Greek Cou...
Envirocleanse LLC inTank™ Ballast Water Treatment System Receives Fleet Sale Commitment from Enterprises Shipping & Trading S.A. (Athens, GREECE)
The first approved BWTS to treat during voyage: No Filter, No Change to port activities, The highest confidence of compliance with the least impact to vessel operations. HOUSTON, Jan. 28, 2019 /PRNews...
Greek bishop sentenced for inciting violence against gays: report
A Greek Orthodox bishop has been sentenced on appeal to seven months in prison for inciting violence against homosexuals and abuse of his office, Greek media reported Monday. Bishop Amvrosios, whose n...
Greece moves towards ending austerity with rise to minimum wage
The Greek prime minister, Alexis Tsipras, arriving for a cabinet meeting on Monday. Photograph: Anadolu Agency/Getty Images Greece’s prime minister, Alexis Tsipras, has announced the first increase to ...
Greece: Anti-Racism Law Invoked in Jewish Memorial Vandalism
THESSALONIKI, Greece — A prosecutor in the northern Greek city of Thessaloniki has ordered an urgent investigation into the destruction by unknown vandals of a local Jewish memorial. Prosecutor Evange...
Greek Prime Minister announced minimum wage hike
During a cabinet meeting he chaired on Monday Prime Minister Alexis Tsipras announced plans to increase the minimum wage in the countryThe Greek premier said the minimum wage
Protesting farmers block lanes in Athens-Thessaloniki motorway
Protesting farmers have been blocking with their tractors lanes on the Athens-Thessaloniki highway since Monday morning. Some 200 farmer tractors arrived at the Nikaia inter junction in the morning and block the lane to Athens. The first tractors arrived at Nikaia from Farsala, as organizers are expecting more and more farmers to join the protest … The post Protesting farmers block lanes in Athens-Thessaloniki motorway appeared first on Keep Talking Greece.
Tsipras: Everyone Starting to See that Greece is a Different Country
The government’s goal was that by October 2019, Greeks will be able to clearly compare Greece today with the country delivered by the governments of […] The post Tsipras: Everyone Starting to See that Greece is a Different Country appeared first on The National Herald.
Protesting Farmers Block Bboth Directions at Nikea, in Athens-Thess. Highway (Pics)
LARISSA, Greece – Farmers from Thessaly shut down the Athens-Thessaloniki highway in both directions at the Nikea roundabout, Larissa area, on Monday. Farmers from Larissa, […] The post Protesting Farmers Block Bboth Directions at Nikea, in Athens-Thess. Highway (Pics) appeared first on The National Herald.
Bareburger Feud Could Close Some Locations
NEW YORK – The first Bareburger opened in Astoria in 2009 by a group of Greek friends who wanted to produce and serve superior quality […] The post Bareburger Feud Could Close Some Locations appeared first on The National Herald.
Amid highway protest, Greece hikes wages, eyes market return
Greece announced plans to return to bond markets and increase the minimum wage Monday, amid protests against bailout-era measures by farmers who used tractors to block the country's main highway. Auth...
The British Museum’s Director Says It Won’t Return the Elgin Marbles to Greece
Hartwig Fischer. Photo by Sean Gallup/Getty Images. British Museum director Hartwig Fischer is facing international backlash after defending an English nobleman’s removal of sculptures from the ...
Greek PM announces minimum pay rise as elections loom
Athens (AFP) - Greek Prime Minister Alexis Tsipras on Monday announced an 11-percent rise in the minimum wage, the first after a decade of austerity and months ahead of legislative elections. Tsipras, ...
Touting recovery, Greece hikes wages, tests market return
Greece announced on Monday plans to return to bond markets and to increase the minimum wage by more than expected, five months after exiting its bailout program and ahead of elections. Authorities unv...
Greece announced the return to the markets with a 5-year bond
The sponsors of the new 5year bond issue announced today the Greek State In particular the Hellenic Republic has mandated BofA Merrill Lynch Goldman Sachs HSBC JP Morgan Mor
Things to Do in DC This Week (January 28-30): Greek Food, Make Your Own Plants, and a Funny Ballet
FOOD Greek food journalist and Zaytinya‘s chef partner Aglaia Kremezi will host a dinner highlighting dishes from her new cookbook The Foods of Greece. Enjoy Eliopites (olive pies with potato and pine ...
Tsipras announces 10.9% increase of minimum wage, to €650 from €586
Prime Minister Alexis Tsipras announced on Monday the much anticipated increase of minimum wage. During a cabinet meeting that was live broadcast, Tsipras said that the minimum wage will be increased from 586 euros gross to 650. He added that the sub-minimum wage for those up to 25 years old, the minimum wage of 510 … The post Tsipras announces 10.9% increase of minimum wage, to €650 from €586 appeared first on Keep Talking Greece.
FYROM’s Name Change – What Does the Country Have to Do?
SKOPJE, FYROM (AP) — FYROM is changing its name to North Macedonia in return for Greece dropping its objections to its northern neighbor joining NATO […] The post FYROM’s Name Change – What Does the Country Have to Do? appeared first on The National Herald.
Name Deal With Greece Opens NATO, EU Doors for FYROM
The Greek Parliament’s ratification of a deal changing the name of The Former Yugoslav Republic of Macedonia (FYROM) to North Macedonia could see that country […] The post Name Deal With Greece Opens NATO, EU Doors for FYROM appeared first on The National Herald.
US Ambassador Pyatt: Prespes Agreement Contributes to Region’s Prosperity, Security
ATHENS – The Prespes Agreement contributes to the prosperity and security of the region and is a turning point for Greece, which is a pole […] The post US Ambassador Pyatt: Prespes Agreement Contributes to Region’s Prosperity, Security appeared first on The National Herald.
Greece to raise minimum wage by about 11 percent-PM
ATHENS, Jan 28 (Reuters) - Greek Prime Minister Alexis Tsipras announced on Monday plans to increase the standard minimum monthly wage by about 11 percent, the first such wage hike in the country in a...
Three Things to Know: Paul George makes MVP case, Thunder bottle up Greek Freak in win
Every day in the NBA there is a lot to unpack, so every weekday morning throughout the season we will give you the three things you need to know from the last 24 hours in the NBA. 1) Paul George makes ...
The Green Organic Dutchman Comments on Greek Ministry of Agriculture Press Release and Media Coverage
TORONTO , Jan. 28, 2019 /CNW/ - The Green Organic Dutchman Holdings Ltd. (the "Company" or "TGOD") (TGOD.TO) (US:TGODF) would like to comment on the Greek Ministry of Agriculture's press release ...
'Silence of Greek churches on anti-Semitism is disturbing'
President Reuven Rivlin spoke with Greek President Prokopis Pavapoulos Monday to condemn the destruction of the monument to the Jewish community in Thessaloniki. The monument, which was vandalized las...
EU Warns of “Potential Instability” in Greek Banking Sector
Valdis Dombrovskis, Vice President of the European Commission, warned on Sunday of “potential instability” in Greece’s recovery due to its increasing amount of non-performing loans (NPLs).
Experience traditional Greek dining (and dish smashing) at Dubai’s OPA
There's no need to board a plane to experience Greece anymore – because OPA's traditional flavours will transport you straight there. With a charming atmosphere and delightful cuisine, expect signatur...
Greek PM to announce minimum wage increase
ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras is expected to announce an increase in the minimum wage during a cabinet meeting on Monday, the first such wage hike in the country in almost a d...
Thunder's Paul George puts Greek Freak on a poster
Jan. 28 (UPI) --Paul George jumped and slammed in a gigantic dunk over Giannis Antetokounmpo during the Oklahoma City Thunder's 118-112 win against the Milwaukee Bucks. George connected on the physica...
More Than 230 Migrants Arrive in Greece on Monday
Six dinghies carrying migrants and refugees landed on the Greek islands of Lesvos, Chios and Oinousses on Monday. Three dinghies carrying a total of 123 people reached the coast of Lesvos.
Greece Begins Process for First Bond Issue since Bailout Exit
Greece's debt agency on Monday said it had begun a process for the country's first bond issue -- a five-year sale -- since exiting the last bailout. The agency said the bond, carrying an April 2024 ma...
Greece plots return to foreign debt market with new bond issue
Greece plans to tap the international bond market for the first time since emerging last August from its third bailout programme, it was announced on Monday. The country revealed plans to issue a five ...
European shares drift lower ahead of key US-China trade talks – business live
Chinese vice premier Liu He heads to Washington this week and Fed is expected to hold rates steady * Pound falls ahead of Brexit vote 12.09pm GMT AMUNDI, EUROPE’S LARGEST FUND MANAGER WITH €1.45 TRILLION OF ASSETS UNDER MANAGEMENT, BELIEVES THAT THE WORLD ECONOMY CAN AVOID A RECESSION. NO GLOBAL RECESSION IN STORE: An excess of pessimism naturally results in a decline in the financial markets and renewed volatility. Based on our calculations, market participants priced in twice the slowdown risk that economic fundamentals justified. The market went too far in December, pricing in a recession, and while we think risks are skewed to the downside, we have a more balanced view. Except in the case of an extreme shock, nothing leads us to bet on a recession in Europe or the United States for the next 18-24 months. We are more inclined towards convergence towards potential growth, with a second half of the year that is more favourable than the first. 11.48am GMT Greece is preparing to issue a new five-year bond – its first attempt to tap financial markets since the country emerged from its third international bailout programme since 2010 last August, Reuters is reporting. The bond issue will be launched “in the near future, subject to market conditions,” the Greek authorities said in a bourse filing. Continue reading...
Greece Plans Return to Markets With Five-Year Bond
Greece’s debt agency announced the country’s return to the bond markets on Monday, with a five-year syndicated issue of the financial product. The bond issue will be launched “in the near ...
Greece moves to exit markets for 5-year bond
The Hellenic Republic instructed 6 banks to assume the task
Greece names TAP, IGB among most important int’l projects
The Trans Adriatic Pipeline (TAP) and Interconnector Greece-Bulgaria (IGB), which envisage transportation of Azerbaijani gas to Europe, have been named among important international energy ...
Post-bailout Greece readies for return to bond market
ATHENS, Greece (AP) — Greece has announced plans to raise up to 3 billion euros ($3.4 billion) via a 5-year bond, in what be the country’s first market test since the end of its international ...
FYROM Name Deal Fury Roars On, Greek President Jeered, Denounces Nazis
THESSALONIKI — About 250 nationalist protesters angry that Greek President Prokopis Pavlopoulos didn’t take a stand in the deal that the ruling anti-nationalist Radical Left […] The post FYROM Name Deal Fury Roars On, Greek President Jeered, Denounces Nazis appeared first on The National Herald.
Greek-American Women Judges Take the Oath of Office in Nassau County
MINEOLA, NY – The induction ceremony at the Nassau County Supreme Court on January 25, had a decidedly Greek aspect as two Greek-American women were […] The post Greek-American Women Judges Take the Oath of Office in Nassau County appeared first on The National Herald.
Big Banks Bad Loans Dragging Down Greek Recovery
While Prime Minister and Radical Left SYRIZA leader Alexis Tsipras said he’s bringing recovery from an 8 ½-year long economic crisis – without mentioning it […] The post Big Banks Bad Loans Dragging Down Greek Recovery appeared first on The National Herald.