Greece’s wine industry is undergoing significant shifts, driven by changing market dynamics and evolving company strategies. While the sector once featured a few dominant players, including Tsantalis, Kourtakis, and Boutari Winery, the landscape has shifted dramatically. Tsantalis is now in bankruptcy, and Boutari, though acquired by Greek-Swedish businessman Elias Georgiadis and a group of investors, including basketball star Giannis Antetokounmpo, has yet to regain its former market dominance.

With over 1,500 wineries across the country, Greece’s wine market remains fragmented. The 42 largest wineries had an estimated market value of €307.5 million in 2022, with a robust annual growth rate of 16.8% from 2019 to 2022. However, many leading companies, such as Ktima Biblia Chora, Ktima Gerovassiliou, and Ktima Alpha, are still relatively small, with annual sales ranging from €10-15 million.

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The biggest current players are Cavino and Kourtakis. Cavino, despite not having a strong established brand in Greece, stands as a significant player, with €36 million in sales in 2024, up from €32.56 million in 2023. The Anastasiou family-owned company made strides after gaining control of distribution for the sweet wine “Samos” at Lidl, following the shift in leadership from Kourtakis. It further strengthened its position with acquisitions, including the Nemion Estate in Nemea and the majority stake in the distillery of Anestis Babatzimopoulos.

Meanwhile, Kourtakis, once a leader in the Greek wine market, is currently up for sale. After facing a loss of €30 million from its previous Red Bull distribution partnership, Kourtakis struggled with declining sales, with 2024 revenue just above the €20 million mark. The company is burdened by debt and needs substantial investment to modernize its operations.

The disruption of Kourtakis’ dominance has allowed Cavino to rise to the forefront. In 2024, Cavino’s turnover surpassed that of Kourtakis, marking a significant shift in the competitive landscape. Hellenic Wine Cellars, another player in the industry, is seeking to strengthen its market position by expanding its portfolio. In 2023, it signed a deal with Katsaros Distillery, and it continues to maintain a strong presence in both domestic and international markets.

The Greek wine industry is witnessing consolidation as companies adjust to modern market demands, striving to compete both locally and globally. As the market continues to evolve, the quest for stronger, more resilient players capable of navigating an increasingly complex global wine market is more crucial than ever.

Boeing reported a staggering loss of $11.8 billion in 2024, nearly a billion dollars each month, marking its worst financial performance since 2020. The company’s struggles were driven by a combination of safety crises, quality control issues, and a damaging strike.

The final quarter of the year, impacted by industrial action, saw Boeing lose $3.8 billion. Alongside well-documented problems with its commercial aircraft division, the company also faced setbacks in its defense programs. CEO Kelly Ortberg acknowledged the need for “fundamental changes” to restore Boeing’s financial health and rebuild trust.

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A key blow came in January 2024 when a door panel fell off a new 737 Max shortly after take-off, highlighting serious quality control lapses. This incident, linked to both Boeing and its supplier Spirit Aerosystems, reignited safety concerns following the 2018-2019 737 Max crashes that killed 346 people. As a result, regulators demanded major changes to Boeing’s production processes.

Boeing’s challenges were compounded by a seven-week strike in September, which halted production of critical aircraft models, including the 737 Max, 777, and 767 freighter. The strike cost Boeing billions and was settled in November, but its impact lingered.

In response, Boeing laid off 10% of its workforce and raised over $20 billion through share sales and borrowing to safeguard its credit rating. The company also pushed back the launch of the 777X, now slated to enter service in 2026 instead of 2025.

While Boeing delivered 348 commercial aircraft in 2024, its competitor Airbus delivered 766. Boeing’s defense business also underperformed, losing more than $5 billion due to rising costs on fixed-price military contracts.

Ortberg remains focused on stabilizing Boeing’s operations and improving safety and quality, to restore the company’s performance and regain trust from customers, employees, suppliers, and investors.

Cypriot Minister of Finance, Mr. Makis Keravnos, addressed the “3 Business Presentations of Cyprus in Greece” event in Athens on January 29, 2025, where he highlighted the importance of strengthening economic ties between Cyprus and Greece. He emphasized the long-standing historical and economic connections between the two nations and their resilience in the face of geopolitical challenges.

Mr. Keravnos pointed out Cyprus’ strategic position as a bridge between Europe, Asia, and Africa, noting the dynamic growth of the Cypriot economy. He highlighted key sectors such as tourism, financial services, shipping, and technology as crucial to the country’s development. In his speech, the Minister noted that Cyprus achieved a growth rate of 3.7% in 2024, surpassing the EU average. Unemployment fell below 5%, and inflation dropped from 3.5% to 1.8%. Cyprus also recorded a primary surplus of 5%, which will contribute to reducing public debt below 60% of GDP by 2026.

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The Minister called on Greek businesses to explore opportunities in Cyprus, underscoring the government’s commitment to attracting international companies and investment funds. He highlighted particular focus on sectors such as renewable energy, health, education, and the defense industry, which he described as a promising area for collaboration between Greek and Cypriot businesses.

Mr. Keravnos also discussed ongoing reforms, including strengthening the financial system through the Cyprus Equity Fund and the creation of the National Development Agency, as well as tax reforms aimed at fostering growth. He concluded by emphasizing Cyprus’ dedication to enhancing its international reputation, ensuring a stable business environment, and creating favorable conditions for investors.

London-based alternative investment manager Caius Capital has reduced its stake in Bank of Cyprus to below 5%. The company’s holding now stands at 4.98%, down from 5.65%, equating to 21,953,267 voting rights.

Caius Capital, founded by António Batista and William Douglas, specialises in distressed and special situation investments, focusing on long- and medium-term opportunities across various capital structures. The firm’s investment portfolio spans corporate issuers, financial institutions, and sovereign entities in the EMEA region, with a strategy grounded in extensive research and risk management.

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Alpha Bank has acquired 100% of FlexFin, a pioneering FinTech company that offers liquidity solutions to small and medium-sized enterprises (SMEs). This strategic move aims to integrate FlexFin’s factoring operations with Alpha Bank’s ABC Factors, strengthening its presence in the factoring market.

FlexFin, founded in 2017 in Cyprus and later expanding to Greece, provides innovative factoring services, helping businesses quickly turn invoices into cash to cover daily expenses. The company serves SMEs in both Cyprus and Greece, focusing on a market that was previously overlooked by larger factoring firms.

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Co-founded by Dimitris Vranopoulos and Alexandros Kelaiditis, FlexFin has garnered support from over 45 investors, including the National Bank of Greece, RayCap, and IQBICITY. The company’s Greek subsidiary achieved a significant revenue increase, reporting €1.1 million in 2023, up from €568,000 in 2022.

FlexFin’s services, which help businesses obtain liquidity even when traditional loans are unavailable, fill a crucial gap in the market. The acquisition by Alpha Bank is expected to enhance the bank’s ability to provide comprehensive financial solutions for SMEs.

The company’s success is backed by a team of experienced leaders, including Vranopoulos, a former Goldman Sachs executive, and Kelaiditis, who has extensive experience in investment banking. FlexFin’s growth is set to continue under Alpha Bank’s ownership, offering more efficient and accessible funding solutions to SMEs.

In a bold move, Alibaba has unveiled the next iteration of its AI model, the Qwen 2.5-Max, which the Chinese tech giant claims surpasses DeepSeek-V3, the breakthrough model from the rapidly rising Chinese AI startup, DeepSeek.

The timing of the Qwen 2.5-Max’s launch, coinciding with the first day of the Lunar New Year holiday, highlights the mounting pressure DeepSeek’s impressive rise has placed on both international and domestic competitors. As most Chinese citizens take time off to celebrate with their families, Alibaba’s announcement signals a competitive response to DeepSeek’s momentum.

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According to Alibaba’s cloud division, Qwen 2.5-Max outperforms the latest AI models, including GPT-4, DeepSeek-V3, and Llama-3.1-405B, which are some of the most advanced open-source systems available.

DeepSeek made waves on January 10 with the debut of its AI assistant based on the DeepSeek-V3 model. Shortly after, on January 20, it launched the R1 model, sparking a major reaction in Silicon Valley. The launch sent tech stocks into a downward spiral, with investors questioning the massive spending plans of top US AI firms, given DeepSeek’s much lower development and operating costs.

Adding to the excitement, just two days after DeepSeek’s R1 debut, ByteDance—owner of TikTok—revealed an update to its core AI model. The company claimed it outperformed OpenAI’s GPT in AIME, a complex AI benchmark that evaluates a model’s ability to understand and execute intricate instructions.

This claim mirrors DeepSeek’s assertions that its R1 model is more efficient than OpenAI’s offerings across multiple performance metrics.

Norway’s $1.8 trillion sovereign wealth fund, the world’s largest, posted a record annual profit of 2.51 trillion crowns ($222 billion) in 2024, surpassing its previous high of 2.2 trillion crowns in 2023. The strong performance was largely driven by surging U.S. technology stocks.

“The American technology stocks in particular performed very well,” said Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), which manages the fund.

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The fund, built from Norway’s oil and gas revenues, is one of the world’s largest investors, holding about 1.5% of all publicly listed stocks globally. By the end of 2024, nine of its ten largest equity holdings were tech companies, with Apple, Microsoft, and Nvidia leading the portfolio.

Despite its strong returns, the fund’s 2024 investment performance of 13% was 0.45 percentage points below its benchmark index. Equity investments delivered an 18% return, while fixed income gained 1%. However, unlisted real estate and renewable energy infrastructure underperformed, returning -1% and -10%, respectively.

At year-end, the fund’s portfolio allocation stood at 71.4% in equities (up from 70.9% in 2023), 26.6% in bonds (down from 27.1%), 1.8% in unlisted real estate, and 0.1% in renewable infrastructure.

The fund received 402 billion crowns in inflows from the Norwegian state in 2024, significantly lower than the 2022 record of nearly 1.1 trillion crowns.

LVMH Moët Hennessy Louis Vuitton SE has announced it is selling its minority stake in Stella McCartney back to the brand’s founder as the luxury conglomerate reevaluates its portfolio during a challenging period for high-end goods.

The agreement brings an end to a five-year partnership between Stella McCartney and LVMH, according to a joint statement released on Monday. The financial terms of the deal remain undisclosed.

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This move follows a series of strategic adjustments by LVMH, including the sale of its stake in Off-White’s parent company last September. In addition, the group divested from Cruise Line Holdings Co. and closed a high-end department store in Venice operated by its DFS unit in November. Analysts predict that LVMH’s fourth-quarter sales, due to be reported on Tuesday, fell 1.04%, largely due to weakening demand in key markets like China.

Stella McCartney: The Brand And Its Vision

Stella McCartney, daughter of Beatles legend Paul McCartney, established her namesake brand with a commitment to sustainability and ethical fashion. The brand is renowned for eschewing animal-derived materials such as leather, fur, and feathers, instead focusing on eco-conscious innovation, including glue-free sneakers.

Previously part of Kering SA, Stella McCartney joined forces with LVMH in 2019, with the designer assuming a dual role as brand leader and sustainability advisor to the luxury group. McCartney will continue in her advisory capacity for LVMH on sustainability matters despite this ownership transition.

Financial Challenges And Brand Outlook

Stella McCartney Ltd reported sales of approximately £40 million ($50 million) in 2022 but posted an operating loss of around £8.8 million, according to records filed with the UK’s Companies House in December 2023.

The move to regain full control of her brand signals McCartney’s commitment to her vision and the brand’s long-term sustainability ethos, even as the broader luxury market faces headwinds.

Market Response And Industry Context

LVMH’s stock fell 1% in early trading on Tuesday in Paris, extending its 12-month decline to 2.8%. The luxury sector has been under pressure due to shifting consumer demand, particularly in China, one of the industry’s largest markets.

This divestment highlights LVMH’s continued focus on refining its portfolio amid market volatility, while allowing Stella McCartney to further embrace its independent and sustainable brand identity.

An extensive investigation into a transnational money laundering and trafficking network with ties to Cyprus is ongoing, according to Police Spokesperson Kyriaki Lambrianidou. Speaking to the Cyprus News Agency, she confirmed that Spanish authorities are continuing their inquiries following the dismantling of a sophisticated criminal organisation operating across Cyprus and other European nations.

The investigation, led by Europol in cooperation with the Cyprus Police and several European counterparts, has revealed that the network’s masterminds were based in Cyprus. The leaders, two Ukrainian brothers with Cypriot citizenship obtained through the Cyprus Investment Programme, are accused of orchestrating the laundering of vast sums of money derived from illicit activities.

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One of the brothers has been arrested abroad under a European arrest warrant, while the second remains at large, Lambrianidou disclosed.

A Multi-National Crackdown

The Europol-led operation, which involved law enforcement agencies from Cyprus, Croatia, France, Germany, Slovenia, and Spain, as well as EUROJUST, resulted in the arrests of over 20 individuals. During the coordinated raids, authorities froze cryptocurrencies worth tens of millions of euros and seized millions in cash, luxury cars, and other high-value items.

The network allegedly employed Cyprus as a transit hub, funnelling substantial sums of money through third-country nationals who transferred these funds from various European countries to Cyprus. A total of 13 search warrants were executed on Cypriot properties, predominantly in Limassol, uncovering significant assets.

In Limassol alone, over €650,000 in cash, numerous valuables, electronic devices, mobile phones, and financial documents were confiscated. The operation also froze more than €25 million in cryptocurrencies, highlighting the increasing use of digital currencies in modern financial crimes.

Luxury Assets Targeted

Authorities have zeroed in on the network’s extensive assets. In addition to seizing over €650,000 in cash, six high-end vehicles worth more than €650,000 were confiscated. Meanwhile, an order was issued to seize 14 apartments valued at over €7 million.

The scope of the crackdown extended beyond Cyprus. In Spain, France, and Slovenia, 90 properties were searched, resulting in 23 arrests. Officials seized €8.2 million in cash, froze €29.5 million in cryptocurrencies, confiscated 36 luxury vehicles, and recovered jewellery and other valuables worth hundreds of thousands of euros.

Unveiling The Network’s Operations

The criminal group’s operations appear meticulously organised. According to the Cyprus Police, the network exploited a structured system of third-country nationals to transfer large sums of money from across Europe into Cyprus. From there, these funds were reportedly laundered and used to acquire luxury assets, including real estate and vehicles.

This case underscores the ongoing challenges authorities face in combating money laundering and financial crimes in an increasingly digital world. The freezing of over €29.5 million in cryptocurrencies highlights the sophistication of the group’s methods and the growing intersection of financial crime and blockchain technology.

Cyprus’s Role Under Scrutiny

The investigation has placed Cyprus in the spotlight as a key location within the network’s operations. The discovery that the alleged leaders have naturalised Cypriots through the controversial investment programme has reignited debates around the scheme, which was scrapped amid concerns of abuse and corruption.

As authorities intensify their efforts to bring all suspects to justice, the case serves as a stark reminder of the complexities involved in tackling transnational crime. The seizure of millions in cash, cryptocurrencies, and luxury assets signals a significant blow to the network, but investigators know the fight is far from over.

The ongoing collaboration between Europol, EUROJUST, and multiple national police forces demonstrates the necessity of international cooperation in addressing crimes that transcend borders. With one suspect still evading arrest and investigations ongoing, the global community will watch closely as authorities continue to unravel the full extent of this intricate laundering operation.

This year, Ramadan is expected to begin on Saturday, March 1. Millions of people in the UAE and around the world observe Ramadan every year. Ramadan is the ninth and holiest month in the Islamic calendar when Muslims fast from dawn until dusk, pray more, and increase acts of charity. The month commemorates the revelation of the Quran to the Prophet Muhammad (PBUH).

Start Date And End Date Of Ramadan 

Ramadan is expected to start on March 1, 2025, but the exact start date will be confirmed by the UAE’s moon-sighting committee. If Ramadan begins on March 1, it will end on March 29 or 30. The exact timing depends on the phases of the moon.

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When the waning crescent is spotted by UAE astronomers, it will signal the final night of Ramadan and the start of Eid Al Fitr 2025, marking the next public holiday in the UAE.

What is Ramadan? 

Ramadan is a time when Muslims abstain from eating, drinking, and smoking between sunrise and sunset. Non-Muslims are also expected to respect the fasting practices in public. Ramadan commemorates the first revelation of the Quran to the Prophet Muhammad (PBUH). Muslims typically perform additional Tarawih prayers throughout the month. Fasting is one of the five pillars of Islam, and the month is observed for prayer, reflection, and spiritual growth.

The Islamic calendar relies on moon phases, with months either being 29 or 30 days long. The sighting of a new moon marks the beginning of a new month. In the UAE, the moon-sighting committee will search for the new crescent moon after maghrib prayers on the 29th day of the month of Shaban, the month preceding Ramadan.

UAE Working Hours During Ramadan 

In the UAE, private sector workers are typically required to work 8 hours per day or 48 hours per week. However, during Ramadan, working hours are reduced by 2 hours every day. The UAE Labour Law mandates that working hours be reduced by two hours for all employees, regardless of their religion or whether they are fasting.

The UAE’s Ministry of Human Resources and Emiratisation (MoHRE) announced last year a reduction of two working hours per day for private sector employees during Ramadan. “In accordance with the requirements and nature of their work, companies may apply flexible or remote work patterns within the limits of the daily working hours during Ramadan,” the Ministry said.

For public sector employees, official working hours for ministries and federal agencies are usually from 9 AM to 2:30 PM, Monday to Thursday. On Fridays, the working hours are from 9 AM to 12 PM. Last year, the Sharjah Human Resources Department also announced that official working hours for government entities in the emirate would be from 9:00 AM to 2:30 PM.

UAE School Hours During Ramadan 

Official announcements about school hours during Ramadan 2025 in the UAE have not been made yet, but they are expected to follow the same schedule as last year.

In 2024, Dubai’s Knowledge and Human Development Authority (KHDA) mandated that private schools operate for a maximum of five hours per day during Ramadan, with classes ending by 12 PM on Fridays.

Public Transport Adjustments During Ramadan 

Dubai’s public transport systems, including the Dubai Metro and buses, will adjust their operating hours to accommodate late-night travel for Iftar and Taraweeh prayers. These adjustments are designed to provide convenient travel options for residents during Ramadan.

• Dubai Metro: The Dubai Metro will operate until midnight or later during Ramadan, ensuring seamless travel for those attending evening prayers and gatherings. Trains may run more frequently during peak hours to accommodate higher ridership, especially after Iftar.
  
• Buses: Bus schedules will be adjusted to align with Iftar and Suhoor timings. Some bus routes will extend their operating hours to cater to the increased demand during Ramadan evenings, allowing for convenient travel to mosques and community events.
  
• Taxis and Ride-Hailing Services: Taxis and ride-hailing services like Uber and Careem will increase their availability, with more vehicles on the road during Iftar and late-night hours to support travelers.

These changes are aimed at ensuring affordable and convenient travel for residents during the holy month.

Paid Parking During Ramadan 

One of the key adjustments during Ramadan is the change in parking timings and Salik toll rates in Dubai. To accommodate the unique rhythm of Ramadan, the Dubai Roads and Transport Authority (RTA) adjusts parking timings and toll rates.

Typically, paid parking in Dubai operates from 8:00 AM to 10:00 PM across most zones. During Ramadan, the first shift will begin at 8:00 AM and end at 6:00 PM. The second shift will start at 8:00 PM and end at 10:00 PM, with free parking available between 6:00 PM and 8:00 PM, aligning with Iftar.

Multi-storey parking facilities will operate 24/7, with standard charges applied at all times, even during Ramadan. These facilities offer a convenient option for those who need parking outside the adjusted timings.

If Ramadan lasts for 30 days, day 30 will be considered an official holiday in addition to the Eid Al Fitr holiday. This legislation, which was published in the official gazette on May 15, 2024, came into effect on January 1, 2025.

Additionally, the Cabinet may transfer any public holiday to the beginning or end of the week, and local governments may declare other holidays for their departments based on special occasions or other reasons.