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The Founder And Chairman Of Ellinas Finance Has Passed Away

Ellinas Finance Public Company Ltd has announced the death of the Company’s founder and chairman, Emilios Ellinas.

According to the company, Emilios Ellinas died on 14 June, at the age of 90, in Nicosia.

Ellinas has been the Chairman and Managing Director of Ellinas Finance PCL since December 1992.

He graduated from the Pancyprian Gymnasium in 1952.

Ellinas worked at Y. Shukuroglou & Sons as head of the Insurance Department until 1964. On 1 April,1955 he founded Emilios A. Ellinas & Co which was active in the import, sale and distribution of electrical household appliances and other goods (via the Mega Electric/ Scandia brand).

In 1964 he also founded the company Ellinas (Insurance Agencies) Ltd which represented various British insurance companies until 1982.

Ellinas was then appointed General Representative of the Cyprus public company Philiki Insurance Ltd as well as a member of the Board of Directors of Philliki Insurance Ltd.

Ellinas served as a shareholder and member of the Board of Directors of the private companies, The United Five Development Company Ltd and The United Five Construction Company Ltd.

In 1992 he founded Ellinas Finance Public Company Limited of which he held the position of Chairman of the Board of Directors until his death, having also served as Managing Director from January 2003 to February 2019.

Amazon’s AI Bets and Cost-Cutting Measures Pay Off, Boosting Stock by 5%

Shares of Amazon surged over 5% in after-hours trading on Thursday after the company reported stronger-than-expected third-quarter earnings. Amazon announced earnings per share of $1.43, alongside revenue reaching $158.9 billion, surpassing analyst projections of $1.14 per share and $157.2 billion in revenue, according to FactSet.

Key Financial Highlights

  • North American Sales: Amazon’s North American segment recorded a 9% year-over-year sales increase, totalling $95.5 billion.
  • AWS Growth: Amazon Web Services (AWS), the company’s cloud unit, posted $27.5 billion in revenue, marking a 19% rise compared to the same period last year.
  • Stock Movement: Although Amazon’s stock initially fell over 3% on Thursday before earnings were released, it rebounded significantly in after-hours trading. So far, Amazon shares are up almost 24% year-to-date.

Background on Amazon’s Strategy

Amazon’s recent efforts include major cost-cutting moves, guided by CEO Andy Jassy, to streamline operations since 2022. This restructuring has led to over 27,000 layoffs and the closure of initiatives such as Amazon’s telehealth and same-day delivery services. Despite these reductions, Amazon is doubling down on other key areas, like a $52 billion investment in nuclear energy to support data centers in Virginia, Mississippi, and Ohio. The company is also moving forward with **Project Kuiper**, aiming to build a satellite network of 3,236 units to broaden internet access worldwide—a venture projected to involve over $10 billion in launch costs across five years, according to analysts from Wedbush Securities.

Amazon’s Market Reach

July’s Prime Day achieved “record-breaking sales,” while the introduction of Amazon’s AI-powered shopping assistant, **Rufus** was rolled out to U.S. customers last month. Notably, Amazon had slightly missed expectations in the previous quarter and cautioned that intense news cycles could distract customers—a factor cited by CFO Brian Olsavsky during the second-quarter earnings call. Despite these challenges, the company’s annual revenue is expected to remain strong.

Noteworthy Figures

Amazon’s market capitalization has reached $1.96 trillion, making it the fifth-largest company globally, trailing behind Apple, Nvidia, Microsoft, and Google. Meanwhile, Jeff Bezos, who served as Amazon’s CEO until 2021, holds a net worth of $204.1 billion, much of which is tied to Amazon’s stock. Market fluctuations ahead of Amazon’s earnings report momentarily decreased Bezos’ wealth by around $6 billion. Bezos ranks as the second-richest American, after Elon Musk, on the Forbes 400 list.

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