The Decision Maker Q1 - Q2 2022 edition

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Decision Maker Global News For World Leaders And Savvy Investors

Q1 – Q2 // January – June 2022

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Asset And Wealth Management Industry

Estimated To Hit $147 Trillion By 2025

Invest in Bitcoin without buying Bitcoin

The Montreux Convention, And Its Impact on Ukraine

President Theotoki Titi Ntolaptsi

A WOMAN WITH A NOBLE VISION AND A MESSAGE FOR WORLD PEACE INSIDE: Banking & Finance | Maritime | FDI | Technology | Energy | Real Estate | International Relations | Lifestyle

The

Decision Maker PUBLISHER: Angelos Tsigkopoulos

PRODUC TION: Filenia Oikonomou, Milana Veselinovic, Jay Patel, Imran Khan production@thedecisionmaker.co

NE WS A ND EDITORIA L: Reuters, Richard Oyamo, Susanne Berger, Jonathan Davies, David Ramirez, Charun Patel

CLIENT REL ATIONSHIP MA NAGER S: Danny Oliver, Sarah Brickmann, Alex Marinakis, David Cohen, David White advertising@thedecisionmaker.co

CONTENTS 03 OUR LOGO’S MESSAGE – HISTORY – AUDIENCE

12 COVER STORY: OLYMPICO VISION A Woman With a Noble Vision And a Message for World Peace 16-25 BANKING AND FINANCE 16 ASSET AND WEALTH MANAGEMENT INDUSTRY ESTIMATED TO HIT $147 TRILLION BY 2025 18 SOCIAL IMPACT OF COVID-19 VS COVID-19 VACCINES STOCKS AS AN INVESTMENT 20 FINANCIAL SAFETY: INVESTING IN BITCOIN WITHOUT BUYING BITCOIN 22 EURO EXIM BANK: ADAPTING TO CHANGE AND CONSENSUS 24 HERCULIS PARTNERS: INNOVATE WHILE REMAINING CONNECTED TO YOUR VALUES AND KNOW-HOW

28 ELEANOR ROOSEVELT, LNG POWERED VESSEL, HAS BEEN OFFICIALLY UNVEILED

As active supporters of cultural diversity, the publication chose to adapt its logo in order to highlight diversity in leadership. To break the stereotype of the decision maker, who is often a white male in the minds of the wider public, The Decision Make demonstrates to its global audience that a decision maker can be not only a female, but also a black female.

30 GREENSTAT AND EVERFUEL TEAM UP ON NORWAY’S HYDROGEN SUPPLY

Our Story

26-33 MARITIME 26 CARBON CAPTURE KEY TO DECARBONIZATION BY OFFSHORE ENERGY AND MARITIME SECTORS

32 GREENSTAT AND EVERFUEL TEAM UP ON NORWAY’S HYDROGEN SUPPLY 34 NEWS 36 PENTAGON’S UFO SIGHTINGS REPORTFALLS SHORT OF RULING OUT EXTRATERRESTRIAL ORIGIN 38 WINDOWS 11 ECOSYSTEM TO SUPPORT ANDROID APPS 40-45 ENERGY

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OUR LOGO’S MESSAGE

54 WOMENS HEALTH 56 MENS’ HEALTH 58 INVEST IN FINE ART SPECIAL PRESENTATION 70 FYLY EXCLUSIVE YACHTS- WE CHARTER THE WORLD!

The magazine was offered to our Investment Club (The Decision Maker Club) members in 2017 as a concept in the form of a newsletter with information comparable to that seen on our website now. The club’s primary members are Family Offices (SFOs and MFOs) and Ultra-High Net Worth (UHNW) investors, and in response to their desire for a decision-making tool, The Decision Maker was born as a newsletter. It featured special country and industry reports, market updates and analyses, as well as international relations and diplomacy affairs, all of which were taken into account for their final investment and/or political decisions. Today, the magazine is offered in digital and print editions to subscribers, with copies distributed at industry events across the world.

Our Audience The primary audience consists of decision-makers in sectors that affect the socioeconomic and political climate on a worldwide scale. These sectors include banking and finance, shipping, foreign direct investment (FDI), real estate, energy, technology, international relations, and lifestyle. The data is arranged as a tool for making decisions to assist leaders in creating their plan. The Decision Maker offers readers unparalleled

analysis of the interrelationships between political, economic, social/cultural, technological, and geopolitical affairs, all of which have an impact on the international business climate, financial decisions, and diplomatic initiatives. Top-tier sources like Reuters, a team of expert editors and analysts and well-known contributors, whose opinions naturally set the standard in their disciplines, provide its unique material.

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THE DECISION MAKER 3

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| NEWS |

Global Savings Glut: Is The U.S Banking System Drowning in Liquidity?

Are we experiencing a global savings glut issue? The global financial system is rife with too much liquidity that has drowned attractive investments.

With global central bankers still struggling with easing policies, much is still needed to get all the credit they have printed into the economy. This means the current problem isn’t a lack of credit.

Rather, it is where to put it, which is indicative of the excessive financial liquidity in the system.

Large Corporate Depositors Have Been Turned Down Over the past months, major U.S banks and financial institutions have turned down deposits from large depositors such as corporate accounts. Instead, they have directed them to deposit elsewhere because they aren’t sure what to do with the money in the current volatile financial atmosphere.

What About the RRP Facility?

The RRP facility (often referred to as the “lender of last resort”) represents the central bankers and large financial firms that lend to medium & small banks, and other money markets. And as a consequence of the overly liquified banking system, major banks and financial institutions in the U.S have

deposited a record $600 billion in excess money into the RRP Facilities.

This is indicative of the global savings glut that has been fueled by banks and lenders not being able to get credit facilities into the economy. And keep in mind that banks love it when the interest rate is high. The current situation I however marred with speculation and inequality. That is, major banks would rather deposit excess money into the RRP facilities at zero percent interest rates than shelve it to accrue interest (which they will owe to clients).

Declining Loan Numbers As mentioned above, banks thrive more when loans are of high interest. This is the impetus that fuels banks to offer more credit facilities. And remember that the difference between the interest they pay to depositors and the interest they accrue on loans is what comprises a profit to the banks. The problem however is the liquidity issue that’s preventing banks from making as many loans as they used to. To put that into perspective, only 61% of loans as of 1st June were from banks. This is a slump from 75% that was recorded in February last year – the steepest decline in decades.

But How Did We Get Here?

The liquidity issue has been in the pipeline for quite some time.

And the big reason why banks are facing challenges with identifying attractive investments (especially with loans) is that individuals, businesses, and large corporations can directly access cheaper money from yield-starved investors. And this is happening at an astonishing pace either through issuing shares or bonds.

Therefore, as the loan numbers keep diminishing and cash deposits continue to grow, low-profit margins are anticipated at the banks. And worse still, as major banks and financial firms keep shoveling money to the RRP facility for a reprieve, rates could run into negatives (through payment of fees to depositors) in the long term, which isn’t sustainable for banks.

Moreover, the treasury stimulus expenditure to the citizenry via the government bank accounts means all these monies would trickle down to the local state governments, small commercial banks, through the money market funds, and eventually to the citizens. The net effect being, the existing savings glut is anticipated to get even worse.

GDP Growth Slows More Than Expected in The Eurozone In the first three months of 2022, the Euro Area economy grew by 0.2 percent quarter on quarter, the worst pace since the union emerged from recession last year and well below market estimates of a 0.3 percent increase.

While the French economy paused,

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growth in Spain (0.3%) and Germany (0.2%) more than offset a contraction in Italy (-0.2%).

forecasting growth of 0.3 percent quarter-on-quarter just before the Russian invasion.

According to preliminary Eurostat data, the war and subsequent commodity price increases reduced growth by 0.1 percentage points, despite the European Commission

GDP increased by 5% year over year, up from 4.7 percent in the previous quarter and in line with expectations.

Source: EUROSTAT // Edit by: The Decision Maker)

| NEWS |

Great Britain: Cost of Living Rises, a Survey by The Office of National Statistics Reveals in April 2022 According to a study released by the UK’s Office for National Statistics (ONS) on Monday, over nine out of ten respondents, or 87 percent, reported an increase in their cost of living in March compared to the previous month.

The ONS said in a statement that this ratio is up 25 percentage points from about six in ten adults, or 62 percent, in November 2021.

In March of this year, nearly four out of ten people (43%) said it was difficult to pay their energy costs, while 23% said they had trouble paying their household payments.

“In comparison to a year ago, higher energy and housing prices have resulted in more persons expressing some difficulty paying typical household bills,” the statement stated.

Overall, 17% of adults say they are borrowing more money or utilising more credit than they were a year ago.

In March of this year, 43% of individuals said they would be unable to save money in the next 12 months, the highest figure since March 2020, when stringent quarantine measures were implemented in response to the coronavirus epidemic.

(Source: Office for National Statistics // Reporting and edit by: The Decision Maker – Banking & Finance editors)

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Japan’s Corporate Default Risk Highest in Years Japan’s corporate debt, which is the debt level to the Gross Domestic Product (GDP) is at its peak since 1990. On the backdrop of this report from Capital Economics May 16, it is projected that defaults could surge, impacting heavily on small banks and regional financial institutions.

The Pandemic Effects The corporate debt in Japan has been rising over the years, with highs of over 200% being sustained, but the swift downturn as a result of the coronavirus pandemic has contributed to negative consequences to multiple sectors of the economy, which are struggling. The latest financial stability report of the Bank of Japan suggested that companies in sectors such as food, service, accommodation, and transport are at high risk of defaulting. Worse still, the probability is expected to rise sharply over the coming years.

The Covid-19 pandemic singlehandedly contributed to a 9% annualized rise on debt securities and loans from non-financial institutions in Q4 of 2020. Sources at Capital Economics further indicate that loans from banks incurred 0.3% losses on existing assets in the same period. And what economic analysts are worried about most is, to what extent are the firms in struggling sectors of the economy going to be able to repay the borrowed money?

Profit Margins for Japanese Banks in Focus A comparative analysis on an international scale shows that Japanese banks have one of the lowest profit margins, as stipulated by the country’s lending regulations.

This consequently implies that, by international standards, they have

quite a limited ability to deal with the rising defaults on loans.

Marcel at Capital Economics notes that during the peak of the pandemic, most companies obtained loans that were government or publicly backed by lenders as credit guarantors. The concern going forward is what will befall such companies when such governmentbacked public transfers come to an end this fiscal year.

In context, the public transfers to struggling companies accumulated to Y14 trillion (about $123.5 billion) in the fiscal year that ended in March.

And based on records from the Bank of Japan, this figure amounts to 3% of the Gross Domestic Product.

What Sectors Are Hit Most?

According to Capital Economics, Q4 of 2020 saw food and, transport and accommodation sectors slump by an annualized 15%. This represented a steeper drop compared to 5% as was recorded in other sectors. This means that despite the reprieve of the anticipated post-pandemic boom, the aforementioned sectors would remain in trouble, seeing as to how far the country (and the globe) is from achieving normalcy.

The overall implication is that struggling firms will resort to piling up more debt to survive the effects of the worst recession in decades.

But with alarm bells being sounded on the increased probability of corporate defaulting, chances are firms will struggle to obtain funding and some will eventually fail to cope with the situation. However, Marcel points to this hypothetical scenario as long as businesses remain shut and sales stay low. In which case, firms might be able to paper over the cracks, but not for much longer.

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| NEWS |

| BANKING & FINANCE |

U.S. charges McKinsey partner with insider trading in Goldman purchase of GreenSky A partner at the McKinsey consulting firm was criminally charged on Wednesday with insider trading ahead of Goldman Sachs Group Inc’s agreement to buy fintech lender GreenSky Inc for $2.24 billion, U.S. prosecutors said.

Puneet Dikshit, 40, of Manhattan, faces two securities fraud counts after allegedly generating about $450,000 of profit from 2,500 GreenSky call options that he bought in the two days before the merger was announced on Sept. 15.

Authorities said Dikshit led McKinsey’s unsecured lending practice in North America and had been a lead partner advising Goldman. The U.S. Securities and Exchange Commission filed related civil charges.

McKinsey said it has fired Dikshit for “a gross violation of our policies and code of conduct. We have zero tolerance for the appalling behavior described in the complaint and we will continue cooperating with the authorities.”

Dikshit was arrested on Wednesday morning, and bail was set at $1 million at his initial appearance before a federal magistrate judge in Manhattan. Lawyers for the defendant did not respond to requests for comment.

They also said that following media reports of suspicious trading in the options, Dikshit sought permission to trade in GreenSky, and was denied.

Goldman was not charged or accused of wrongdoing.

The charges were announced nine years after former McKinsey chief and Goldman director Rajat Gupta was convicted of insider trading for passing tips about the Wall Street bank, including a pending investment from Warren Buffett’s Berkshire Hathaway Inc.

GreenSky is a specialty lender that arranges consumer loans for large one-time purchases such as home remodeling, cosmetic surgery and dental implants. Its share price rose 53% on the day the merger was announced, and had been volatile on the three prior trading days, when options trading was particularly busy.

Prosecutors said Dikshit ran Google searches related to Gupta’s conviction about three weeks after Goldman agreed to buy GreenSky.

Prosecutors said Dikshit bought his call options, a bet the stock price would rise, without receiving preclearance from McKinsey, and sold them shortly after the merger was announced.

(Reporting by Jody Godoy and Jonathan Stempel in New YorkEditing

by Will Dunham and Matthew Lewis)

The cases are U.S. v. Dikshit, U.S. District Court, Southern District of New York, No. 21-mj-10772; and SEC v. Dikshit in the same court, No. 21-09289.

U.K. : CBI Remains in Negative Territory For Third Consecutive Quarter The CBI’s quarterly indicator of manufacturing confidence in the UK increased from -34 in the previous three months to -21 in the third quarter of 2022, although it remained in negative territory for the third quarter in a row.

After a period of unusually rapid development over the prior year, growth in manufacturing output and orders slowed in the quarter to July, returning to more regular rates of expansion.

10 THE DECISION MAKER

Despite growth slowing from recent quite serious. peaks, average costs and prices rose (Source: Confederation of British considerably.

Industry // Reporting by: The Decision Maker – Technology editors) Though less fast than anticipated in the previous quarter, overall investment intentions improved, and employment in the industry continued to grow at a strong rate (for the third quarter running).

Although they are no longer at all-time highs, worries about labour and component shortages are still

I

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We believe that adaptability and decision- making are the most important attributes in portfolio management.

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As values reflect our sense of right and wrong, we take pride that our mindset meets with our values through our relations with our clients. Our idea is that ethics, integrity, trust and honesty are the key elements of our world and manifesto. In challenging times, the core has to remain solid and that is what we are trying to accomplish in every step. We continue to search and expand strong relations that will continue driving Moneikos forward and help us grow further.

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THE DECISION MAKER 11

| COVER STORY |

OLYMPICO VISION What is Olympico Vision Olympico Vision is a civil non-profit Company, which was established according to the Article 741 of the Civil Code (Civil Code), on 08/12/2020. It was the initiative of Ms. Theotoki-Titi Ntolaptsi. Olympico Vision is a Special Purpose Culture Organization, which upholds the universal Olympic Values and addresses all citizens of this planet, regardless of race, color, creed, religion, gender, age, nationality, sexual orientation or political views. Olympico Vision does not represent any political party and does not serve political purposes

A few words from the President…

Countries do not expect to profit from ticket sales, but they do hope to gain from the prestige of the competitions and the enhancement of their national image abroad. It is now even more obvious that wealthy countries will have new priorities after the pandemic rather than a battle with Olympic costs and debt, making now the ideal time to re-launch the Games.

The pandemic and economic crisis have both jolted the entire world. It should be mentioned that the Olympics have been losing their allure and glamour for some time. While the Olympism Ideas have waned and the Games have ceased to serve as a vehicle for the unification of the populace, movements have even been developed against the Games.

We wouldn’t set our sights on something that was thought to be impossible. Although Baron Pierre de Coubertin’s initial proposal to revive the Olympic Games was met with mockery and indifference, he was not deterred. After 1500 years, he revived the first modern Olympic Games in Athens in 1896 through tenacity and endurance. Even though it was considerably harder to do, it did. I’m convinced that the target can be achieved based on the responses so far. I think there are people who truly care about our nation and are prepared to sacrifice anything for it, without regard to their own political interests or personal goals, but instead are motivated by a love for the humanitarian ideals that Greece, and therefore the Olympic Games, stand for.

What is the mission of Olympico Vision?

• The organisation of speeches and other public events

Our mission is the creation of a global stream of supporters, the undertaking of actions, programs and initiatives with credible offices of civil society internationally, in order to contribute to the promotion and implementation of the idea for holding the Olympic Games permanently in Greece with a different Country/City as the organiser each time.

• The organisation of information campaigns involving culture, sport, and tourism both domestically and internationally

Our efforts are focused on persuading the stakeholders that the Olympic Games returning permanently to their homeland is a one-way move with many advantages for Greece but also for the entire world. We employ all appropriate methods to achieve this, including:

For this reason, we have launched a global electronic support vote platform, addressed to everyone who believes in our vision. The platform can be reached as below:

• The creation of networks of collaboration with other national and international organisations with similar or related goals

For Greek voters Regular communication with our members https://olympicovision.com/ypografo-stirizo/ • The formation of working groups For other voters

As a true Macedonian, I shall quote the words of Alexander the Great: “There is nothing impossible for him who will try”

12 THE DECISION MAKER

• The development of campaigns in schools and municipalities

https://olympicovision.com/en/support-our-vision/

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Our vision is already being spread around the world by our ambassadors in Pittsburgh, London, Latin America, and Cyprus. We are confident that Olympico Vision will work with Mr. Mitsotakis’ administration as well as any other Greek administration because the permanent holding of the Olympic Games in Greece represents a national accomplishment with long-term economic and geopolitical significance.

How does Greece and the different countries/cities benefit from the mission of your organisation?

Financial

How is your organisation funded?

Olympico Vision has three funding sources; our supporters’ program, sponsorships and donations.

is to further raise awareness of our mission. We are asking our sponsors to become our Strategic Public Relations partners, by sponsoring a social media and/ or a full Public Relations campaign in their region.

The advantages come in many forms, but we must be clear about the financial aspect. Our plan does not suggest holding the Olympic Games in they were organised in 2004. Only the lease and upkeep of the current Greek infrastructure will require funding from IOC. Many nations compete to host the Olympics in the future with the aim of enhancing their sense of national pride and generating income through their hospitality. These advantages, however, are dwarfed by the hefty expense involved in organising such a large event. When compared to the expenditures of building new Olympic facilities in other places every four years, the cost of maintaining the sports facilities in the host nation, Greece, will be minimal.

to repeat the task, anytime, employing its know-how, professionalism and advance technology.

Ethical Another aspect is the historical one; our proposal is offering the athletes the opportunity to compete in the birthplace of the Olympic Games and feel the energy and the sportsmanship as their co-athletes did in 776 B.C. This is undoubtedly a feeling of a lifetime, considering that through the Olympic values of encouraging effort, preserving human dignity and developing harmony under noble rivalry, people have a great opportunity of adopting a more anthropocentric and honourable approach of life, away from personal interests that harm our society and lead to corruption.

The relevant link can be found below.

Supporters’ Program Olympico Vision has developed a supporter’s program through which anyone who wishes to closely experience the effort of our vision’s accomplishment can do so by becoming a supporter. The annual fee is 20 Euros; following the payment, every supporter receives the relevant supporter’s card. Eligible supporters are people over 15 years of age, while younger supporters must have the consent of those who act in loco parentis.

The process can be found through the following link.

https://olympicovision.com/en/become-a-sponsor/

What is your relationship with the Greek state and the International Olympic Committee?

The activities of Olympico Vision are multifaceted.

We communicate with prosperous Gulf nations, Greek communities all over the world, intellectual Philhellenes, American senators who currently support Olympico Vision in numerous ways, and several groups in Greece.

https://olympicovision.com/en/become-a-member/

Sponsorship and Donations We have adopted a unique approach to our Sponsorship and Donations program, whose target

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We are aware of the IOC’s influence, but we have not established a relationship with the organisation as yet. We believe that as our work is at a premature stage, it would be wise to initiate the contact at a later stage. We firmly believe that our hard work will attract IOC’s attention and we are confident that they will eventually adopt our vision.

With the potential to be featured on all internet search engines for the four years previous to the games with the brand name “GREECE,” our idea allows less wealthy nations to host the Olympics, as each organising nation seeks to market itself.

Eliminating the bid process for the Games will conserve time and resources, given that the process itself is expensive and time-consuming. Given that a number of countries have withdrawn their candidacies over the past few years mainly due to cost, should Greece hosts the Games permanently, would help governments reduce their cost related to the Games, significantly, while sponsors could shift their sponsorship strategy by donating to charity and projects which promote sportsmanship.

Each organising country will be promoted all over the world and benefit from the success of the organisation in a country like Greece which has always been attractive to tourists. The Organisation of the 2004 Olympic Games shows that Greece, as a developed country and “mother” of the Olympic Games, is ready

The hosting of the Olympic Games in Greece will provide us with the opportunity to all become better people as a result of putting the Olympic values into practice on both a personal and societal level, while contemporary Greece will become a spiritual leader of the globe.

Political During a volatile time in International Relations, Greece can be the ground where the Ancient Hellenic idea of the Olympic truce could be materialized, regardless any possible military conflicts at that time.

The country’s geopolitical position, the high standards of safety and security and the immense experience of organising large-scale Athletic Events such as the Olympics, are elements which should further embolden the idea. https://olympicovision.com/en/

THE DECISION MAKER 15

| BANKING & FINANCE |

ASSET AND WEALTH MANAGEMENT INDUSTRY ESTIMATED TO HIT $147 TRILLION BY 2025 Written by Richard Oyamo

In the first scenario or the best case, the report showed that the global economy would see a rapid recovery starting in the Q4 of 2020. This is, however, possible if there is increased fiscal stimulus that revitalizes economies and boosts investors’ confidence.

In the second scenario, or the base (most probable case), the world will see a sustained pandemic hold off economic recovery until mid-2021. Global Asset under Management (AuM) growth would also drop to a CAGR of 4.4% to reach $139 trillion in 2025.

The worst-case scenario of PwC’s report showed that there would be a double-dip recession amid further lockdowns and delayed vaccination. This would result in economic recovery starting at the end of 2021, which will further drop the AuM’s growth to 3.1% CAGR to reach $131 trillion in 2025.

The AuM expansion, however, in all cases would be strongest in North America and fastest in Latin America and Asia-Pacific. The report also shows that asset managers are the only hope for the economic recovery and Environmental, Social, and Governance (ESG) goals through their investments.

The PwC further indicates that non-bank lending, which now stands at $41 trillion, exceeds bank lending in advanced economies. This is because continued low-interest rates and higher capital adequacy ratios have put pressure on banks’ lending ability. This

A

s the global economy strives to recover from the fangs of the Covid-19 pandemic, most industries are expected to experience massive expansions due to increased investments. One of them is Global Assets under Management (AuM), which is expected to hit about $147 trillion by 2025.

16 THE DECISION MAKER

opens more opportunities for non-bank facilities to finance promising businesses with limited access to mainstream funding. They also achieve superior fund returns as alternative capital providers.

Assets and wealth management firms have also seized more opportunities to fill the ever-growing gap in infrastructure development from governments. They can now refurbish roads, airports, hospitals, and even develop 5G and renewable energy. As a result, this infrastructure fund from AuM is expected to double by 2025.

PwC Global Asset and Wealth Management leader, Olwyn Alexander, said that assets and wealth management firms need to channel capital and target investment opportunities to help in economic recovery.

He also emphasized the importance of understanding the power of the AuM industry in influencing the future.

More investors also have their expectations in asset managers to make ESG issues the core of their investment strategy. Of course, ESG- aligned returns are as important as financial returns, and anybody thinking about investing in asset and wealth management should look for firms that deliver both social and financial returns. Besides, ESG-aligned funds are not underperformers since the PwC report shows that ESG-aligned funds cumulatively outperformed their traditional competitors by 9% from 2010 to 2019.

According to a report from PwC, the AuM industry is likely to experience a growth of 5.6% per annum from its current $110 trillion level to $147 trillion in 2025. However, this estimation is on the optimistic end of projections from the PwC’s Asset and Wealth Management Research Center. The research center used three scenarios to give its estimations.

THE DECISION MAKER 17

| BANKING & FINANCE |

SOCIAL IMPACT OF COVID-19 VS COVID-19 VACCINES STOCKS AS AN INVESTMENT

By Angelos C. Tsigkopoulos The social impact The Covid-19 pandemic, which broke out two years ago, became a huge public health threat, forcing governments to take steps that had previously only been seen in Hollywood movies. The measures have clearly had an influence on our daily lives, and by watching societies and quantifying the impact as part of a larger picture, we can see that the required limitations (lockdowns, curfews, and so on) have worn down the social tissue globally. After all, changing or even cancelling activities that define us as human beings in modern society cannot be considered good news for our general well-being.

But what about the business side of this global pandemic?

Let’s be clear about one thing. We don’t live in a utopia, so every crisis is a chance for all of us, whether we recognize it or not. The credit crunch of 2008, for example, saw a considerable percentage of investors throughout the world see their yields jump while others saw theirs plummet.

The market’s regulations can be harsh, but for all investors, “skyrocketing” or “plunging” are basics of global markets. “High risk – high reward,” “low risk – low reward,” an investment manager will frequently remind you, and those two pairs, to be

18 THE DECISION MAKER

honest, will become part of your investing decisions for as long as you participate in the “game.”

The role of your qualified investment manager

Investing in Covid-19 vaccine stocks

One could claim that investors participate in the “game” in order to increase their earnings. Again, this is a fundamentally valid statement; yet, this is also where things may get complex and risky for your money. We can all agree that everyone’s hunger for big profits is the same, but not everyone’s appetite for risk is.

This is when your preferred and qualified investment manager, as determined by the relevant official body in your country, enters the picture. He or she must assess your risk appetite in order to present you with the available investments that match your “Risk Profile” before making any investment decisions. After you’ve completed your risk profile, you may discover that your original goal of “maximizing earnings” has nothing to do with your risk profile as an investor.

So, two years into the epidemic, market volatility has established itself as a pattern to which we must adapt.

The economic turbulence caused by the Covid-19 pandemic has had a significant impact on financial markets, including stock, bond, and commodity markets, with crude oil and precious metals, such as gold, not being excluded.

A “risk averse” investment profile result, for example, identifies you as an investor who prioritizes capital preservation over the chance for a higher-than-average return. Does this ring a bell for any of you out there? It’s only natural, given that the surveys used to create your “Risk Profile” typically include questions that filter your (true) needs, available capital, and targets over a certain time frame.

In their pursuit of higher returns, astute investors rapidly recognized the potential of Covid-19 vaccination stocks and entered the “game.” The conventional rule is that once an investment reaches the news, it is no longer considered an “opportunity.” “Is it too late to join?” you might be thinking right now. I’d much rather argue that it isn’t the case. Let me explain; while most vaccine manufacturers are publicly traded pharmaceutical largecap behemoths, we must keep in mind that they are developing an entirely new product.

Despite the fact that this new product, the vaccine, is now widely available in the United States, Europe, and Canada, two important variables must be considered: first, the vaccine is still not accessible in certain parts of the world, and second, any new Covid-19 variant which may emerge could increase vaccine demand.

How to get involved So you see the potential and want to be a part of it.

Unless you are a seasoned investor, the best approach to learn more about this (or any other) investment opportunity is to meet with a certified investment manager, who, as previously said, must assess your risk appetite through the risk-profiling process. Then he or she will lead you in the right direction. Your investment manager will typically look at the company’s vaccine manufacturing progress and any troubles they’ve had so far, because, like any other investment, the commercial success of a relatively new medicine cannot be assured.

For example, earlier this week, a research revealed that several vaccines may be ineffective against the Omicron strain, which could hurt its market performance.

Having said that, in order to keep your portfolio balanced, your investment manager should keep an eye on the performance of other products in the firm’s product line; despite the current high global demand for Covid-19 vaccines in the midst of the pandemic, the frequency and/or even need for boosters is still being debated for the post-pandemic period, putting the product’s life cycle in jeopardy.

(Mr Angelos C. Tsigkopoulos is the Founder & CEO of Diorasis Capital and Publisher of The Decision Maker)

Disclaimer: Our content does not constitute investment advice; it has been prepared purely for information purposes, and nothing contained within should be construed as an offer, or the solicitation of an offer, to buy or sell any security, product, service or investment.

THE DECISION MAKER 19

| BANKING & FINANCE |

FINANCIAL SAFETY: INVESTING IN BITCOIN WITHOUT BUYING BITCOIN Written by Richard Oyamo

Are Indirect Investments A Safer Option When Going Crypto?

If there is anything that we have learned in the past week is that no form of crypto, including Bitcoin, has 100% stability. That’s after a single tweet from tech and Tesla CEO Elon Musk wiped out 16% of Bitcoin’s price value, which has since had people being worry about investing in Bitcoin and crypto overall. But our Philadelphia-based principal financial advisor on Wealth, S. Bhargav, has today shared compelling insights into how to ensure financial safety with crypto going forward.

We should probably be afraid that the hit taken by Bitcoin this week isn’t guaranteed to be the last one, but luckily, there are other investment options to stake on cryptocurrencies for the future that can lag investors from the seemingly random price slumps.

Tracking Bitcoin Whether you are interested in cryptocurrencies or you already own Bitcoin and you are reevaluating how to invest in the future with minimal risk, there are multiple ways Bhargav has enlisted herein that you can use to indirectly expose yourself to the growing popularity of cryptocurrencies, notwithstanding the price dips.

Later in 2021, the Securities and Exchange Commission (SEC) will either approve or otherwise as to whether or not exchange-traded funds can track cryptocurrencies, especially Bitcoin. That’s because many companies have bought Bitcoin, meaning that its shift in price value affects their shares.

Buy Stock in Bitcoin-Related Companies Most companies that have bought Bitcoins make financial decisions with regards to bitcoin. This means that the average investor can go indirectly and buy shares from such companies as a way of third-party exposure to bitcoins. Bhargav says it is a great start for those aspiring to invest long term in crypto because such companies charge traders with exchange valuations determined in close correlations with fluctuations in bitcoin price value. The latest companies to do direct listings are MicroStrategy and Coinbase Global Inc.

Invest in The Bitcoin Encryption Technology As a digital currency, Bitcoin takes tremendous work going into encryption before it is stored in Blockchain.

This creates an opening for bitcoin mining companies to develop digital currency units. And owning a stake in such companies helps investors get indirect access to bitcoin.

Invest in Altcoins Altcoins, as in alternative coins, are secondary digital currency creations that have come up in the wake of the creation of the bitcoin. An example is Litecoin (2011), which research indicates has outperformed the bitcoin 178% to 86% this year. The second Altcoin is Ethereum, which has risen 400% in the same period.

What Does That Mean for The Average Investor?

The rise of Bitcoin in the financial ecosystem has seen companies go public with calls for regulations to be put in place for Bitcoin to be offered in the mainstream brokerage accounts. This means that as an average investor, you would prefer to get indirect exposure to Bitcoin via company shares. But how else can you invest in Bitcoin without necessarily buying it? Let’s get the insight:

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| BANKING AND FINANCE |

ADAPTING TO CHANGE AND CONSENSUS Written by Dr. Graham Bright JP, Euro Exim Bank

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f the recent UN COP26 “Conference of the Parties” has taught us anything, it is that nations can come together, appreciate the enormity of the task of tackling climate change, agree to closer political and economic ties and above all leave a planet cleaner and more sustainable for generations to come, with consensus.

And consensus is not just confined to politics. Banking and insurance are sectors actively in not only exploring but implementing practical solutions which will protect and promote future collaborative trade.

From standardised Basle III compliant policy wording in insurance markets to interoperability in open banking platforms, the challenge is on. Above all there seems to be more global acceptance to take on the investment and navigation through new technology projects with blockchain and Ai elements, with a vision to improve systems, supply and services.

With a raft of new ideas in the digital space, advanced technologies, emerging players in fintech challenging traditional delivery methods, the key drivers to competitive, sustainable international trade will be standardisation, rationalisation and re-usability of processes.

And this drive for smarter, faster, more efficiency and trusted process is not from the industry, but from savvy tech-enabled consumers. Customers are reverting to pre-pandemic demand for goods, not only defined as what they need, but what they want and can easily get, as consumerism through the power of advertising re-emerges.

As the world gets to be a riskier place through cyberattacks, ongoing shortages and trade disputes, and active conflicts in over 40 countries, consumers are unphased by the underlying problems surrounding current issues with global supply chains. A possible lack of Christmas turkey and toys seems to be the biggest issue for many.

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But let us get back to consensus, a general agreement.

Consensus can certainly be seen in the proliferation of free trade agreements. In Africa, putting aside nationalism, protectionism and isolationism, long debated differences between nations have finally resulted in 54 participants able to collectively exploit the new demand for raw materials and services.

From vaccines to technology, the political will, means and finance have been made available to build manufacturing centers, reduce dependency on expensive imports and export more competitively through supply of finished goods to new markets.

More importantly, the example of the African AfCFTA gaining wide consensus, with a number of countries agreeing process, taxonomies, customs duties, acceptable documents, payment methods, infrastructure routes, all in the name of building resilience, creation of wealth in like-minded countries, is one where the continent may greatly benefit.

Nations are able to bypass latent technologies and take advantage of latest cost-effective advanced communications networks, supporting smart mobile technology for payments, and use of sophisticated applications (for example created and maintained by new technology centres in Ethiopia).

These new apps are for example, helping farmers and remote communities improving crop yield, and entrepreneurs to realise new projects providing payment and loan gateways to connect, enfranchise and lift some 30 million people living in extreme poverty, offering the unbanked financial security and bank accounts.

The consensus model for Africa will change perception, allowing it finally to be seen as a global collective powerhouse. No longer the continent to be feared or exploited but a major player in supply of the worlds limited precious resources.

Africa has the potential to create more goods locally and become more self-sufficient as opposed to remaining a victim to large external economic forces, excessive cost of loans and dependency on both international and charity. It is sobering to think that without investment and further industrial development, it is forecast by The World Bank that 90 percent of the world’s poor will reside in Africa by 2030.

Ultimately, by standardising and harmonising both international and domestic regulatory practice, reducing and uncomplicating tariff barriers and minimising punitive tit-for-tat tariff measures, technology will be a critical factor in assisting with economic efficiency, digitising documents and digitalising process for faster, trusted, cost-effective outcomes for all.

Today, multilateral and bilateral agreements between nations number in the hundreds, covering geography, farming, IT, intellectual property, and all manner of collaboration, where the goal is not always profit but fair, sustainable, ongoing trade.

The importance of these agreements and their action cannot be underestimated, and whilst we are in the later stages of the pandemic, with signs that trade is edging back to pre-covid levels, there is cautious optimism of normality on high streets and improved global trade albeit with higher prices and threat of rising inflation.

But consensus in not confined to international politics.

A different type of consensus, in blockchain, is a major element driving the power consumption required for validation of computational transactions.

Consensus protocols form the backbone of blockchain by helping all the nodes in the network verify transactions, making sure one hacker cannot access more than 51% of the nodes and therefore gain control, vast arrays of computers are now required to be the first to validate and then earn from the process.

There is a growing price to pay, with major environmental concerns and consequences especially in carbon footprint and air pollution, where the only way to satisfy the insatiable demand for power is to prolong use of inefficient fossil fuels. In the early days, consensus was simple, where a lone home computer could validate a transaction, consuming a negligible amount of electricity. But with multiple coins and enormous demand to earn (rewards equate to approximately 6.25 new bitcoins for guessing the

hash key correctly) it is no surprise that mining remains lucrative.

Due to the scale and size of the bitcoin public ledger, distributed across many multiple network nodes, today it is estimated that 12 years of household electricity is consumed per coin mined. This staggering operational cost has fuelled demand for faster devices, more efficient processors, better cooling systems and higher pressure on electricity supplies, costs which are out of reach for individuals but only sustainable by nation state funded or large corporation budgets.

According to the New York Times, the process of creating Bitcoin to spend or trade consumes around 91 terawatt-hours of electricity annually, more than is used by Finland, a nation of about 5.5 million. To put computational requirements into perspective, Digiconomist estimated that one bitcoin transaction generates a million times more in carbon emissions than a single credit card transaction, and that Bitcoin energy requirements could equal that of all datacentres globally.

It will be fascinating to see how mainstream crypto becomes, how consensus protocols which favour large server arrays will flourish and to what extend the world can satisfy its unquenching thirst for energy.

In conclusion, adapting to change in financial markets is a must as global companies cannot rely on past performance, budget or organisational structures.

As the businesses of the world embrace digital processes, we see change in working practice, more cross-border agreements, new international entrants to support supply chains, new economic centres and mobilisation of people, and witness the continuing shift from agricultural to industrial economies.

Companies are at a critical stage as they must all purposefully prepare themselves for change, by standardising, rationalising and re-using systems and process immediately if they are to compete, work with consensus, collaborate and continue to exist in our new world. The time is now.

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| BANKING AND FINANCE |

in Geneva and Lugano and soon to be opened a fourth company in Liechtenstein : Herculis Advisors.

The Clients’ Satisfaction our Core Objective Herculis Partners initial business model as a single-family office in 2009, no longer resembles the current one.

Diversification, private equity deals and acting as facilitator for some of the main players in the covered regions, the company has been evolving over the years.

But the Herculis Partners key investment principles and the way of approaching asset management focuses on growing value in a risk controlled environment for its clients at its core, which has always been the primary theme. It’s not just a concept; it’s the cornerstone to protect and to grow our clients’ assets. Always looking to produce the best results, Herculis aims to inform and to advise clients in the financial fields, and to act as facilitators in business negotiations through a vast network of relationships in its geographic areas and greater industrial expertise such as biotech medical industry and fintech.

INNOVATE WHILE REMAINING CONNECTED TO YOUR VALUES AND KNOW-HOW

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he rapid development of multi-family services has competed with the traditional wealth management services provided by private banks. Herculis Partners SA offers his HNWI clients with easy access to unique sets of investment specialized vehicles, including hedge funds, private equity and special situations in its dedicated geographical areas, aimed at steady and regular performances. By offering a tailormade management including non-financial services with high added value for the family, these structures have succeeded in attracting a demanding clientele.

How can Herculis Partners continue to innovate as a multi-family office? By listening to their clients and to the market and by remaining consistent with their know-how and values, as shown by Herculis Partners.

We profile the firm as we look to explore the secrets behind its success. 2020 A Key Milestone 2020 is not just another year. It marks an historical year for Herculis Partners SA.

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The company is celebrating its 10th year since its launch in December 2009.

This is definitely a key milestone! Launching a company following a major financial crisis needs a strong will, conviction and the right skill set. Since 2009 the company has grown to 14 professionals and has transformed the small, old-fashioned office into a completely renovated building, as the Headquarter of Herculis Partners SA, in the center of Porrentruy, Canton du Jura, Switzerland.

Today, the Herculis Group consists of four companies : Herculis Trustees in Zurich, Herculis Partners and Herculis Guardians located at the Porrentruy’s headquarters, as well as the Herculis Partners branch

Subsequently, the company has quickly expanded to become a key intermediary to their customers, opening doors of Swiss institutions and offering relocation services to their clientele. This triggered the launch of the multi-family offices, which has remained a stalwart for the firm over the years. Sticking to what Herculis Partners knows best, while believing in a hard-won and sustainable investment skillset as well as openmindedness in looking at market developments, has worked out well for Herculis Partners for the past ten years. It remains a key guideline for the future.

Continuity, a rare but cherished feature in the financial world, is definitely a key to the companies’ successes.

Herculis Trustees AG Ever expanding, Herculis Trustees AG was then created, in Zürich, to assist clients with solutions to various issues, including taxes and other legal structures. As a result, Herculis Trustees AG developed a circle of competences and services such as creating, and subsequently managing, a suitable corporate structure, such as a family holding company and foundations. It also allows them to acquire real estate, and to assist them in setting up education plans for the youngest members of the family.

Note also that the company proposed escrow accounts for real estate or trading deals. Both Herculis Partners SA and Herculis Trustees AG are regulated financial companies subject to the direct supervision of the self-regulated organization : Swiss Association of Self Managers SAAN under FINMA control. A New Relevant Offer to Meet New Needs Herculis Guardians SA In the new completely restored and highly secure building

Herculis Guardians SA offers an individual safe box rental service. One ID only, along with signing a normal lease contract, is required, warranting a safe box renting in total discretion.

Herculis Guardians also proposes dedicated vaults with a domestic area and a “Freeport” area. Larger or greater number of goods can therefore be stored in custody such as paintings (specially designed space), precious metals, precious stones and wine over a long-term period in a controlled environment to ensure that items are kept in perfect condition. The Freeport activities are under the Swiss Custom Administration supervision as the stored items under this regime are VAT exempted during their storage. Last but not least, in a Global Risk Assessment Report Herculis Guardians SA has been granted a ‘Superior’ rating by PROTEKTA Conseils-Risques SA – a Major Insurance Supervisory company - as offering the highest guarantees and security for its safe box rental services, Freeport storage facility and art warehouse.

“The global risk evaluation assessment is a true accomplishment that speaks to our commitment to offer only the highest level of security, service, and experience every day, to every client,” said Nikolay Karpenko of Herculis Guardians SA. “Our clients expect nothing less than perfection and know they can count on us for unequaled security and privacy to protect their most precious assets.” In addition, the company has the Swiss authorities’ license to edit Negotiable Warehouse Warrants allowing the client to obtain credit/loans or to transfer the ownership of the goods deposited in Herculis Guardians vaults.

Ultimately, Herculis Guardians’ customers benefit from a discreet, inviolable, highly accessible place to store their treasure coupled with a unique high-end service defined by luxury, security and availability. Among the future developments, Herculis partners are planning the launch of a fund management activity based in Liechtenstein and the launch in the fourth quarter of a wallet corner (digital wallet) allowing customers to manage their crypto-currencies based on blockchain technology with a private public key, in partnership with a producer in Switzerland. A success story does not write by itself.

It is built on years of hard work and endless support from the families, business partners and loyal investors. The company is celebrating 10 years since its inception in December 2009 and every single person involved has contributed to this achievement.

All among the Herculis Group are very excited for the years to come and happy to welcome new prospects.

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| MARITIME |

CARBON CAPTURE KEY TO DECARBONIZATION

BY OFFSHORE ENERGY AND MARITIME SECTORS

By David Ramirez

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oday’s offshore energy and maritime news highlight how the maritime companies are working to minimize carbon emissions with sights set to net-zero by 2050 globally.

Oslo-based Energy analyst, Rystad, has today focused on how offshore contractors are using carbon capture and storage (CCS) to reduce carbon emissions.

Firstly, maritime carbon capture and storage (CCS) involves the capture of waste carbon dioxide (CO2), transporting it to offshore storage sites, and depositing it in a way that it doesn’t reenter the atmosphere.

The analyst further identified similar CCS projects around Europe, with the majority of those in the UK, Denmark, and the Netherlands, and further projects underway in Italy. The biggest huddle faced so far, however, has been the installation of transport facilities, pipelines, construction, and storage facilities. But Rystad said the next couple of years, probably a timeline of five years, would see the completion and operation of these projects.

Call to Action

The deposition of carbon deep underground as a means of decarbonization is a relatively new concept, but companies that deal in subsea, offshore wind, shipbuilding, and oil & gas sectors have had tremendous pressure to use projects that minimize carbon emissions.

And through carbon capture and storage, CO2 (the biggest contributor to global warming) is captured from industrial processes to prevent it from reentering the atmosphere.

The main challenge with the already existing CCS projects has been the huge investment required for the maintenance of shipping infrastructure such as truck lines. But the analyst has called on the World’s most industrialized states to step up their funding efforts so as to speed up the realization of the net-zero carbon emissions globally by 2050.

Rystad has further added that since governments and industries across the globe introduced CCS in offshore installations to reduce carbon emissions in 2011, the clean energy sector continues to experience a boom, with multinational agencies expected to use as much as $35 billion in capital spending on CCS projects in Europe alone between now 2021 and 2035. Moreover, a significant slice of this investment is expected to go to offshore contractors directly involved in decarbonization efforts.

Health and Safety Concerns While mitigation of fossil fuel use is in line with the global climate conservation accord, lawmakers in scores of Europe (especially in the UK, Italy, and Norway) have had to amend safety laws that govern offshore energy industries. These laws are however particular to the installation that’s dedicated to CCS. In the UK, for instance, the Offshore Installation safety case regulation requires that contractors submit structured and systematic approaches that can manage major hazards.

Existing CCS Projects In his report, Rystad said that several offshore companies such as Subsea 7, Technip FMC, Shell, Total, and Saipem are involved in the capture and storage of carbon dioxide in Norway’s heavy industry. And since transportation of CO2 in its form is hazardous, it is compressed into liquid form and shipped from West Norway to the North Sea for storage.

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| MARITIME |

ELEANOR ROOSEVELT, LNG POWERED VESSEL, HAS BEEN OFFICIALLY UNVEILED

By David Ramirez

LNG-New Dawn for Clean Maritime Energy It is not long ago that LNG was termed as fuel for the future. Fast forward to today, it has outgrown expectations and has grown popular as a marine fuel.

Research shows that Liquified Natural Gas reduces emissions of Nitrogen Oxides by 89%. Additionally, LNG reduces carbon dioxide emissions by 30% compared to diesel-powered vessels. And in recognition of the viability of LNG as a marine fuel, most shipping companies have projects underway to construct LNGpowered maritime vessels.

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alearia, one of the largest ferry operators in Spain, has officially unveiled its pioneering, fast, Liquified Natural Gas (LNG)-powered vessel Eleanor Roosevelt.

The maiden presentation was done today in the ports of Ibiza, Denia, and Palma. This comes a fortnight after the vessel’s official unveiling was put on hold May 1 due to logistical concerns.

The event officially threw down with voyages to three ports and included jubilant group visits to the new ferry.

According to executive reports, the shipping company

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Curbing Emissions used $106.2 million in capital spending towards the construction of this vessel – said to be the longest, fastest, and fast-LNG powered ferry in the world. The ferry measures 124 meters long, 29 meters wide, has 500 meters of car and truck lines and can carry over 1100 passengers on board.

Eleanor Roosevelt isn’t the first LNG-powered vessel to be constructed by the shipping company. It is the seventh in line, but the project began in 2018 and was co-financed by the European Commission to create the world’s largest LNG-powered ferry.

As already stated, LNG reduces emissions of nitrogenous components to the atmosphere to a larger extent. A recent research note has underlined its viability as a maritime fuel. And each year, Eleanor Roosevelt is estimated to minimize carbon dioxide emissions that’s equivalent to planting 30,000 trees or emissions from 9000 mid-size cars.

Considering its viability, LNG is also an attractive proposition and could be offered competitively with regards to the prices of other heavy fuels. What is more

compelling though is its commercial viability especially in Europe and the United States. And compared to other low Sulphur fuels, its Sulphur oxide (OX) emissions are almost negligible.

What’s Next for Balearia?

The shipping company further reports that Eleanor Roosevelt will boast speed, minimal emissions, a particularly flexible cargo-carrying capacity, cars, and other hazardous cargo that is otherwise not permitted on conventional ferries. Moreover, the ferry’s cargo system consists of fully automated loading and unloading systems that are also powered by LNG. Beyond Balearia, major shipping companies have also taken up the construction of LNG-powered vessels, while others are still in planning and development stages. It is further anticipated that with the commercial viability of LNG as a maritime fuel, its competitive prices, and the huge environmental offset, maritime regulations will be amended to speed up the achievement of net-zero emissions. And LNG is favored as an efficient maritime fuel to power vessels towards the achievement of this goal come 2050.

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| MARITIME |

GREENSTAT AND EVERFUEL TEAM UP ON NORWAY’S HYDROGEN SUPPLY

By Jonathan Davies

In a statement, Everfuel’s CEO Jacob Krogsgaard said the collaboration between the two companies will support the development and distribution of hydrogen fueling stations across Norway, with plans to initially construct 20 filling stations in the south, before expanding to many more in the north of Norway with time.

Krogsgaard pointed to the ever-growing market for renewable energy, especially in Europe, and said the partnership will work on multiple projects to provide competitive energy solutions to Europe, and as well tap into the market opportunities going forward.

Everfuel’s Portfolio

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orwegian energy giant Greenstat and Danish green hydrogen fuel supplier Everfuel have teamed up to develop green hydrogen for a zero-emission transportation sector in Norway.

The two companies announced that they have identified several projects and they are actively pursuing them jointly to supply hydrogen for zero-emission mobility in Norway’s transportation sector that includes: - Maritime

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- Industry - Export - Naval - Road transport Both companies have outlined a shared goal that will see them make green hydrogen commercially available from production facilities to end-users and want to establish complete value chains.

Everfuel is an established developer of hydrogen fueling stations in Denmark and across Europe.

And beyond dealing with renewables, the company provides the missing link between zeroemission transportation and renewable energy and is a leading supplier of green hydrogen in Europe. In cooperating with Greenstat, Everfuel wants to expand its network of green hydrogen filling stations.

Greenstat’s Portfolio Greenstat, on the other hand, has a portfolio in developing hydrogen production projects. Greenstat continues to work on developing renewable energy projects, and this latest effort will see the company expand its sustainable hydrogen production across Norway. The company has always prioritized international prospects in the past but has shown interest in developing large and small-scale production facilities using local energy.

The areas of focus are in Norway’s mobility sector that will include rail, road, and sea.

Once that becomes a reality, Greenstat will look to explore industrial and export markets where the market for sustainable hydrogen is growing.

Beyond that, the company has expressed ambition to be the owner (either cooperatively or independently) and operator of all green hydrogen plants in Norway. Besides partnering with Everfuel, Greenstat has previously worked and continues to work with energy firms Hy2gen and Nel Hydrogen, and is a shareholder of two other companies – Green H2 Norway and Glomfjord Hydrogen.

The latest move will see the company put itself in a strong position by tapping into Norway’s, and indeed, Europe’s ever-growing green energy market.

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| MARITIME |

LAUNCHING OF THE WORLD’S FIRST LABEL FOR THE OCEAN PROTECTION: OCEAN APPROVED

By Jonathan Davies

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he French Ministry of the Sea, in conjunction with the Classification Society Bureau Veritas, has launched the world’s first-ever label for ocean protection, termed as “Ocean Approved”. This is the world’s first label that recognizes companies that are committed to understand and improve their oceanic impact.

The ocean is known to cover almost 70% of the earth’s surface and every company, whether directly or indirectly, has an impact on the ocean in its operations.

Therefore, to eliminate the disposal of plastic materials to the ocean and promote wastewater treatment, companies need a well-defined label that helps to strengthen and structure both public and private parties’ operations. The Ocean Approved is such a label that aims to create awareness and promote ocean protection.

The Ocean Approved label comes after the Ocean Framework that was launched in 2020 by Fondation de la Mer. According to Sabine Roux de Bezieux, the president of Fondation de la Mer, the Ocean Framework was formed after a strong conviction to integrate a global vision that addresses all the current challenges facing the ocean. It also offered companies opportunities to introduce sea conversation in their transformation strategies.

According to the publication made by the France Strategie on the effectiveness of the CSR platform, companies that implemented a CSR approach had improved performance by 13%.

The Labeling Process The Ocean Approved labeling process featured actions taken by the companies and the analysis of the governance mechanisms that are incorporated into these actions. Such actions include reducing and recycling plastic materials, improving wastewater treatment, and emphasizing coastal area protection.

The Fondation de la Mer also approved Bureau Veritas and other independent third parties to facilitate the audit process. Such third parties have to guarantee the truth and accuracy of the companies’ statements.

Moreover, the entire labeling and auditing processes were tested with three pilot companies following the BV ruling. These are an energy company (Engie), a data center operator (Interxion), and a marine cosmetics company (Thalgo).

Remember, the Ocean Approved label was launched ahead of the World’s Ocean Day celebration that was formed to create awareness and encourage the conservation of marine life among humankind. The day is celebrated on 8th June every year.

The Ocean Approved, therefore, was agreed upon by the French Ministry of the Sea’s Delegation for the Sea and Coastline in collaboration with Bureau Veritas, BPI France, BCG, EpE, and France Invest. With this label, companies can now reach a new level in mobilizing the defense of the oceanic system. The label also complies with the rigorous standards defined by the Corporate Social Responsibility (CSR) platform.

Corporate Social Responsibility Launching The Corporate Social Responsibility (CSR) platform was launched by the France Strategie, an organization that is supervised by the French Prime Minister and comprises civil society representatives. The platform aims to identify the factors favoring the adoption of responsible approaches. It also tries to identify the links between these factors and marine economic performance.

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| NEWS |

Palios Family to Fund The Acquisition of its Sixth Aframax With a Loan Agreement

The sixth aframax tanker in Performance Shipping’s fleet will be purchased thanks to a credit deal that was struck with Piraeus Bank. Performance Shipping is a shipping firm owned by the Palios family.

According to the Nasdaq-listed business, two of its companies will be used to get this long-term loan, which has a maximum amount of $31.9 million.

India – FDI equity inflows up 112% to $20.42 billion in the first four months of 2021-2022 According to the Commerce and Industry Ministry, Foreign Direct Investment more than doubled (62%) to $20.42 billion between April – July, while total inflow was up, reaching $27.37 billion in the first four months of 2021-2022. This figure was $16.92 billion year-onyear.

ease of doing business have resulted in increased FDI inflows into the country,” adding, “FDI equity inflows grew by 112 per cent in the first four months of 2021-22 ($20.42 billion) compared to the year ago period ($9.61 billion)” The automobile industry was the main driver for the jump, contributing 23 per cent share of the total FDI equity inflows.

Computer software and hardware followed with 18 per cent and services sector with 10 per cent.

In a mid-September statement, the ministry said, “Measures taken by the government on the fronts of FDI policy reforms, investment facilitation and

Top state was Karnataka, receiving 45 per cent share of the total FDI equity inflows, while Maharashtra with 23 per cent and Delhi with 12 per cent followed.

(Research by: Charun Patel // Edit by: The Decision Maker - FDI editors)

Qatar Invests $12.5 Billion in The U.K. Qatar will invest £10 billion ($12.5 billion) in important British sectors over the next five years as part of a new agreement between the two countries.

continued.

While bilateral trade between the

According to a British government statement released in May, Qatar will invest in fintech, zero-emission vehicles, health sciences, and cyber security.

With a payment of $24.6 million, the money will be used to partially finance the recent purchase of Maran Sagitta’s sixth Aframax tanker, which will be called M/T P. Sophia, and to refinance around 7.3 million dollars of the previous loan acquired from the same bank and secured by the M/T P. Yanbu.

(Report by: The Decision Maker – Finance editors)

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According to the announcement, the Strategic Investment Partnership deal will create “high-quality jobs in new industries across the country.”

two nations was roughly $6 billion last year, Qatar’s investments in the UK have totaled $50 billion, according to the statement.

The investment decision, according to British Prime Minister Boris Johnson, demonstrates Qatar’s confidence in the UK’s industries.

The two countries will also collaborate in sectors such as sports, trade, energy, security, military, foreign policy, and media as part of the deal.

“Sheikh Tamim bin Hamad’s leadership supports Qatar as a valued partner for the UK,” he

(Written and edited by: The Decision Maker - FDI editors)

UNCTAD: Flows of Foreign Direct Investment (FDI) Recovered to Pre-Pandemic Levels Reaching $1.6 trillion in 2021 Foreign direct investment (FDI) flows restored to pre-pandemic levels in 2021, hitting $1.6 trillion, but the outlook for this year is less promising, according to the most recent UNCTAD study published on Thursday.

India, the US, China, Hong Kong (China), Singapore, Canada, Brazil, South Africa, Russia, and Mexico made up the top 10 economies for FDI inflows in 2021.

According to the research “International tax reforms and sustainable investment,” developing nations need major assistance from the global community to manage uncertainty and risk aversion.

The report stated that even though global FDI flows should remain relatively stable in value terms, new project activity is likely to suffer more from investor uncertainty.

“UNCTAD foresees that the growth momentum of 2021 cannot be sustained and that global FDI flows in 2022 will likely move on a downward trajectory, at best remaining flat,” it added.

The report claims that the Russia-Ukraine war disrupted the investment environment in 2022, leading to a crisis of skyrocketing food and gasoline costs.

“Investments in the Sustainable Development Goals (SDGs), productive capacity, and climate change adaptation are all urgently needed. There are mixed investment patterns at the moment in these sectors “the United

Nations Conference on Trade and Development’s Secretary-general, Rebeca Grynspan, noted (UNCTAD).

Due to booming merger and acquisition activity and a sharp increase in international project finance, worldwide FDI flows increased 64% to $1.58 trillion in 2021.

Switzerland June Trade Surplus Improves to CHF 2.6 Billion From a downwardly revised CHF 1.9 billion in May, the Swiss trade surplus improved to CHF 2.6 billion in June of 2022. Exports increased by 2.5 percent from the previous month to a four-month high of CHF 22.7 billion, led by sales of jewellery, watches, precision instruments, equipment, and chemicals and pharmaceuticals.

The greatest level ever recorded for flows to developing economies, $837 billion, was achieved, mostly as a result of growth in Asia.

For the third year in a row, FDI inflows to developing Asia, which receives 40% of all FDI worldwide,

Sales increased in the United States (19.7%%), Japan (1.5%), Germany (0.3%), Italy (13.7%), France (2.9%), and Spain (9.2 percent ).

increased to an all-time high of $619 billion in 2021. FDI increased in China by 21%, but South Asia suffered a decline of 26% as flows to India decreased to $45 billion.

The UNCTAD research states that global SDG investment increased 70% in 2021. However, energy efficiency and renewable energy saw the bulk of the rebound rise.

According to the research, “investment activity in most SDGrelated sectors in emerging nations, as measured by project numbers, remains below pre-pandemic levels” even while the 2021 recovery in value terms is promising.

(Report and edit by: The Decision Maker – FDI editors)

Sales, however, decreased to China (-10.3%), Singapore (-13.5%), the UK (-17.8%), and Slovenia (-19.8 percent ). In the meantime, imports of food, beverages, textiles, clothes, and footwear, as well as chemicals and pharmaceuticals, decreased 0.7 percent to CHF 20.2 billion.

On the other hand, purchases of technology, machinery, and energy rose. Germany (-1.2%), the UK (-24.6%), Italy (-0.8%), France (-24.6%), and Japan (-4.6%) saw a decline in imports (-8.5 percent ).

Taking the first half of the year into account, the trade surplus drastically decreased from CHF 23.1 billion in H1 of 2021 to CHF 16 billion.

(Source: Tradereconomics //Report and edit by: The Decision Maker – FDI editors)

THE DECISION MAKER 35

| TECHNOLOGY |

PENTAGON’S UFO SIGHTINGS REPORT FALLS SHORT OF RULING OUT EXTRATERRESTRIAL ORIGIN

By Charun Patel

force in conjunction with the Navy (both constituted by the Pentagon on request by Congress last year) – was, however, labeled as a preliminary assessment.

The report comes after years-long attempts by the U.S military to debunk, deflect and discredit reports made about unidentified flying objects dating back to the mid20th century.

The U.S Government Has No Explanation For UAP

A

U.S declassified government report on UFOs issued to Congress in 2021 said its intelligence analysts lack sufficient data to accurately infer the nature of mysterious flying objects reportedly seen by American military aviators since 2004, and the department of defense does not rule out whether such objects are of atmospheric, earthly technologies, or of extraterrestrial origin.

According to the report, the Pentagon – citing lack of sufficient data – has offered no explanation for UAP mystery spotted by military pilots. The report further highlights that of the 144 UFO sighting reports made since 2004, only one has been explained. But for the rest that remains a mystery, the pentagon hasn’t ruled out the possibility that the objects are of extraterrestrial origin.

But for the other 143 sightings, the pentagon lacked clear indication that could rule out extraterrestrial involvement.

Some of the UAP cases came to light when the Pentagon released naval aviation videos that showed enigmatic aircraft of the East and West coasts that exhibited maneuvers and speed thought to be beyond the current aviation possibilities. The report also ruled out the possibility that the UFOs could have been developed by the U.S or by foreign powers like Russia or China.

Flight Safety And UAP The year-long study conducted by the task force documented 11 UAP near misses by pilots, while a handful of reports involved the pilots recording radio frequencies that are often associated with extraterrestrial bodies. A large percentage of those cases, however, involved UFO sightings that interrupted U.S military training sessions and exercises.

The Report Was Prompted by Congress

What the Report Says The declassified 9-page report – issued to the U.S Congress and also available to the public – compiles 144 observations reported by military pilots (more so by the U.S Navy) in what government officials refer to as Unidentified Arial Phenomena (UAP).

The report – compiled by the National Intelligence task

36 THE DECISION MAKER

Last year, the U.S Congress demanded an explanation as to the numerous instances of UFOs observed moving erratically in the sky, as reported by aviators. At the time, Congress was concerned the Unidentified Arial Phenomena would pose a flight safety risk and a national security threat. Congress, therefore, demanded the government establish a task force to look into it.

Of the 144 cases, only one sighting has been explained.

And it was determined to be a large deflating balloon.

The task force studied evidence witnessed first-hand by military pilots, with the majority reported in the past two decades. And while the report is subject to further analysis, the task force didn’t rule out extraterrestrial entities but suggested that the sightings could also comprise airborne clutter, U.S aviation programs, foreign technologies, natural atmospheric phenomenon, among others.

(Written and edited by: The Decision Maker Team)

THE DECISION MAKER 37

| TECHNOLOGY |

WINDOWS 11 ECOSYSTEM TO SUPPORT ANDROID APPS

By Charun Patel

Speaking to a press call, Panos Panay, Microsoft’s Chief Product Officer, said that the most frequently used Android apps will be installable in the OS environment, and will be accessible via the Start Menu on the machine.

confirmed that Android apps will work both on AMDbased systems and Intel-powered systems. And this operating ecosystem will be perfect for touch-centric workflow apps, although the company hasn’t mentioned whether or not sideloading of apps will be possible.

A New Era for Microsoft

The Bottom Line

The Windows 11 OS will be officially available for upgrades or purchase later this year, in what will mark a new era for Microsoft’s legacy. That’s because the Windows 11 environment will allow users to use real apps on the OS as opposed to relying on web versions.

As such, users will have more freedom to multitask on Microsoft apps such as Word, and still open apps like Instagram, Kindle, or TikTok in other windows.

This move by Microsoft has rendered the Windows 11 OS a more inviting proposal for mobile users. That’s because the Windows store landscape will flood with over 1.8 billion Android apps. The tech giant has said the early build of the Operating System will be released in the next few weeks, with its official release scheduled later this year.

The integration of Android apps will also benefit developers as they wouldn’t necessarily have to develop a Windows-only version of the app to reach the marketplace. The OS will be available to new devices going forward, as well as those with compatible Windows 10 systems.

(Written and edited by: The Decision Maker - Technology editors)

Windows 11 Perks So, what does Windows 11 come with? Will it be more functional than Windows 10 and provide an effective user face? Here is what we expect from this new era for Microsoft.

• The Snap Features

W

indows 11 has long been in the pipeline and the rumor mill has been running for the best part of the year. But the Windows 11 operating system has officially been announced by Microsoft and will be grazing machines in the upcoming summer holidays, and has people excited already.

And yes, a big part of the Windows 11 ecosystem has been designed to accommodate Android apps, which will strike many users as quite an interesting feature.

38 THE DECISION MAKER

The new Windows 11 OS will come with a Snap feature that will allow users to arrange apps in a layout of their liking, including running multiple apps on the screen’s real estate. Users will organize apps to their visual preference using this feature too.

• Amazon Appstore integration As opposed to using Play Store to access Android apps, Microsoft’s Windows 11 ecosystem comes with the Amazon Appstore integration.

And while this comes as a surprise to users, many have wondered how non-native apps will work. But Microsoft has

THE DECISION MAKER 39

| ENERGY |

NUCLEAR AND GAS PROJECTS CLASSIFIED GREEN

By Charun Patel

T

he European Commission passed a law in February that designates gas and for investment, provoking questions about the EU’s commitment to climate change.

At a news conference, EU Commissioner for Finance Mairead McGuinness announced a modification to the European Commission’s transparency tool,

taxonomy, which adds certain gas and nuclear activities to the list of ecologically sustainable economic activities.

McGuinness termed it “another step toward a climateneutral economy” and justified the categorization controversy, calling it an “imperfect” way to achieving “a low-carbon future powered by renewable energy.”

Gas and nuclear operations, she said, can only be included in the taxonomy if they contribute to the transition to climate neutrality under “strict criteria.”

Nuclear activities must meet stringent environmental and safety requirements, while gas projects can only be permitted if they help to move away from highly polluting coal plants and toward renewables, she explained.

Since the taxonomy transparency system was intended to attract more money for registered companies, the revisions are expected to influence private investors across the EU.

Greenwashing is being criticised.

Several EU politicians, including those from Luxemburg, the Netherlands, Austria, Denmark, and Sweden, have spoken out against the amendment during its preparations, claiming that designating fossil fuels as sustainable goes against the spirit of the Green Deal project and the original rule.

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The European Commission has also been chastised for passing the contentious proposal through a legal process that necessitates an absolute majority of EU legislators or at least 20 of the 27 member states to veto it.

The European Commission, led by Ursula von der Leyen, was appointed in 2019 with the goal of combating climate change and moving the EU to carbon neutrality by 2050.

In 2020, the EU executive body implemented the so-called taxonomy regulation, which established a classification system for ecologically friendly economic activity as part of the EU administrative body’s European Green Deal project.

The regulation’s goal was to direct private funds into environmentally friendly economic investments while also preventing companies from “greenwashing” (pretending to be environmentally friendly) by defining exactly what activities qualify as sustainable.

At the same time, major countries such as France, which gets 70% of its energy from nuclear power plants, and Germany, which just finished building the Nord Stream II gas pipeline, have backed the adjustments.

(Research and edit by: The Decision Maker - Technology editors)

THE DECISION MAKER 41

| ENERGY |

ROLLS-ROYCE EMBARKS ON PRODUCTION PATHWAYS TO POWER NET ZERO ECONOMY

By Richard Oyamo

Highlights

The Pathway to A Next Zero-Carbon Economy

Pioneering Technology, Policy, and Collaboration

• Rolls-Royce has launched the production of products that are compatible with zero emissions by 2030, with a 100% company-wide compatibility target set by 2050.

In line with the Paris Climate goals, Rolls Royce has this week embarked on new technologies that will accelerate significant elements of the economy to achieve zero-carbon emissions by 2050. This will involve the development of new technologies that will accelerate the use of sustainable fuels in critical areas, namely:

Rolls-Royce CEO Warren East has vowed the company will pioneer technologies that will transform power to meet the Paris Agreement climate goals. Warren asserted that there is no single solution to the climate challenges we face today. He revealed that the company is using innovative approaches across multiple platforms to achieve decarbonization. He further called on governments and global industry leaders to collaborate on policy across three critical sectors; namely energy, transport, and the built environment.

• The emphasis is on achieving tech breakthroughs the society requires to decarbonize critical aspects of the global economy.

• Warren East, the Rolls-Royce CEO, says the company will look to capitalize on the demand from the global economic opportunities that stem from the fast-tracked transition to the next zero by 2050.

• The target set by 2023 to produce civil aero engines proven to be 100% compatible with sustainable aviation fuels (SAF), which is in line with the UN Race to Zero emission targets for sustainable aviation.

• Production of power systems and next to zero technologies that lower carbon emissions to 75% by 2025, a pathway that will decarbonize energy, transport, and the built environment.

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•

shipping and offshore vessels.

•

Aviation.

•

Driving.

•

Power generation.

The pathway outlined this week by Rolls-Royce (the world’s largest manufacturer of civil aero engines) comes a year on from joining United Nations’ Race to Zero campaigns. Calls to decarbonize carbon-intensive sectors of the economy such as long-haul aviation has been amplified in the recent past. And Rolls-Royce has set a near-term target of 2030 to build new net-zero products that can take up sustainable fuels.

although some facilities are expected to achieve that feet sooner.

• Manufacture of new net-zero compatible products – with its innovative approaches, the company has set a wholesale transformation of its engine portfolio to accelerate the take-up of sustainable fuels, as well as introducing low emission products such as fuel cells, hybrid-electric, microgrids, and all-electric systems.

• Active advocacy for policies and enabling environments from governments and industry leaders to accelerate the achievement of a net-zero energyintensive digital economy.

Summary: Rolls-Royce’s Decarbonization Strategy In line with the commitments Rolls-Royce set under the UN Race to Zero campaign, the company has embarked on a pathway that aligns its business operations to the Paris Climate Agreement goals of net-zero by 2050. An in doing so, the company has set up a three-pillar strategy towards decarbonization: • Decarbonization of business operations – this phase will involve eliminating emissions from its facilities and plants in Germany, the U.S, and the UK by 2030,

THE DECISION MAKER 43

| ENERGY |

SIEMENS GAMESA TO SUPPLY TYPHOONCLASS WIND TURBINES TO JAPAN’S EXPANSIVE WIND FARMS

By Richard Oyamo

Project Timelines While the project is to be developed by Euros Energy over the next two years, turbines will be supplied by Siemens Gamesa. Furthermore, the company will also provide technical and field logistics in the construction and commissioning of the project, which is expected to be completed in late 2023.

for multiple projects in Japan. The company’s Managing Director, Russel Cato, was delighted the company was supplying turbines to such a milestone Wind Farm project. The equipment has the strongest T-class turbine in the industry and is specifically designed to capture the extremely high winds in the country.

Siemens Gamesa’s Certified Onshore Turbines Japan’s geography places the country on the fronts of high wind speed and typhoons. And given the frequent typhoons, Siemens Gamesa designed typhoon-class onshore turbines with outstanding technologies that can withstand local winds, typhoons, and site conditions.

Moreover, the company has established itself as the first in the industry to develop 4.3 MW typhoon type certified turbines that also boasts onshore site-specific certificate

The Siemens Gamesa-Eurus Energy Partnership Key Takeaways • Located in the Hokkaido island of North Japan, the Dohoku Wind Farm is the largest cluster of onshore winds of its kind in the country with a total of 79 turbines.

• The Dohoku project has a long-standing partnership with Eurus Energy, Japan’s largest independent developer of renewable energy.

• Eurus Dohoku Energy to use strong typhoon-proof onshore wind turbines from Siemens Gamesa that are designed specifically for the high winds in Japan.

In this sustainable energy report, we looked at Japan’s wind farm. Siemens Gamesa’s Managing Director, Russel Cato, announced in 2021 that the company will supply 79 industry flagship and typhoon-proof turbines to the Dohoku project – a move that puts Siemens Gamesa on a higher standing as a leading player in clean and renewable energy in Japan. The Dohoku Wind Farm cluster comprises four projects that are to generate an estimated 340 MW upon completion.

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Speaking at the launch of the commissioning of the project, Russel hailed the company’s 20-year partnership with Eurus Energy, which has seen them accomplish projects inside and outside of Japan, with the majority in the Asia-Pacific region. The company has established local setups in Japan for over 20 years and has a solid reputation in building and operating wind farms that include 520 MW of installed capacity, with a further 353 MW under maintenance.

Since moving to the Asia-Pacific region over two decades ago, Siemens Gamesa has become a leading manufacturer and supplier of onshore sustainable energy equipment in the region. And over the twodecade period, the company installed 9.41 GW worth of onshore turbines across Japan, South Korea, Indonesia, The Philippines, China, Thailand, New Zealand, and Australia. Most recently, the company completed Taiwan’s first offshore wind project (128 MW) and is also involved in maintenance operations for other existing projects in the Asia-Pacific region.

THE DECISION MAKER 45

| NEWS |

UK: House Prices at New High in June Halifax reports that despite forecasts that the rising cost of living in the UK would reduce demand, house prices reached a new high in June.

The mortgage lender reported that the average home price increased by 1.8 percent to £294,845 in June, the largest monthly gain since 2007.

Halifax claimed that in addition to a move toward individuals purchasing larger, detached homes, a dearth of available properties for sale was driving up prices. But it anticipates a slowdown in price growth.

British Prime Minister Boris Johnson Resigns According to the Commerce and Industry Ministry, Foreign Direct Investment more than doubled (62%) to $20.42 billion between April – July, while total inflow was up, reaching $27.37 billion in the first four months of 2021-2022. This figure was $16.92 billion year-on-year.

In a mid-September statement, the ministry said, “Measures taken by the government on the fronts of FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country,” adding, “FDI equity inflows grew by 112 per cent in the first four months of 202122 ($20.42 billion) compared to the

year ago period ($9.61 billion)” The automobile industry was the main driver for the jump, contributing 23 per cent share of the total FDI equity inflows.

Computer software and hardware followed with 18 per cent and services sector with 10 per cent.

Top state was Karnataka, receiving 45 per cent share of the total FDI equity inflows, while Maharashtra with 23 per cent and Delhi with 12 per cent followed.

(Research by: Charun Patel // Edit by: The Decision Maker - FDI editors)

Greece to Buy 20 F-35 Fighter Jets According to defence officials on Thursday, Greece is anticipated to submit a formal request to the United States in the upcoming days for the purchase of 20 F-35 fighter jets built

by Lockheed Martin.

According to Halifax, the property market has so far largely escaped the effects of the growing cost of living.

This is in part because those with lower incomes, who ordinarily are less active in buying and selling homes, are currently feeling the effects of the rise in the cost of living the most. Contrarily, higher earners may be able to utilise more money accumulated during the pandemic, according to Russell Galley, managing director of Halifax.

According to Halifax, the annual increase in housing prices was 13%, which was the highest rate since late 2004.

(Report by: The Decision Maker – Real Estate editors)

46 THE DECISION MAKER

Greece, a member of NATO, allocates more than 2% of its GDP to defence spending. In recent years, as tensions with Turkey, a NATO partner and neighbour, have re-emerged, it has increased its military expenditures.

continental shelf, the location of their maritime borders, and the ethnically divided island of Cyprus.

During a trip to the US in May, Greek Prime Minister Kyriakos Mitsotakis discussed the purchase of F-35 aircraft.

Last year, Athens placed orders for three French military frigates and 24 Dassault-built Rafale planes at a combined total of 2.5 billion Euros.

One of the sources declared that “the pertinent document has been signed.” The jet deliveries will start in 2027–2028.

The military ministry wants to move through with the modernization of F-16 fighter jets, according to state television station ERT.

The Letter of Request has reportedly been signed and will reportedly be delivered to the US Embassy in Athens this week, according to state television station ERT. This is the initial phase in a multi-phase process.

A day after Turkey removed its objection to Finland and Sweden joining NATO, the US endorsed the potential sale of US F-16 fighter jets to Turkey on Wednesday, arguing that Turkey’s robust military capabilities would strengthen NATO’s defences.

Greece and Turkey have been at conflict for many years over a variety of problems, including overflights in the Aegean, the size of their

(Source: Kathimerini // Edit by: The Decision Maker – International Relations editors)

Macron loses absolute majority in legislative elections in France The Ensemble alliance, led by French President Emmanuel Macron, suffered a serious defeat on Sunday when it failed to win an absolute majority in legislative elections, placing the presidential majority at risk of forming partnerships with other parties.

Several exit polls of the second round results showed Macron’s Ensemble (Together) alliance in the lead, but far short of the magic number of 289 seats required to build a parliamentary majority.

According to Elabe polls for BFMTV and L’Express news, Macron’s campaign will win between 205 and 235 members in the National Assembly, while France 24 news predicts 224 seats.

This is the first time since previous President Francois Mitterrand faced a similar dilemma in 1998, when he won fewer seats in legislative elections.

According to a BFMTV news broadcast, the results are “far

from what we hoped for.” Former government spokesperson and Minister of Public Accounts Gabriel Attal summarised the situation.

The low numbers put Macron in a difficult position, as he will now have to create an alliance with other parties to preserve a legislative majority, which would be necessary to carry out his second-term plan.

According to polls, the majority of voters want a left-wing prime minister and a government that supports a left-wing agenda.

The major challenger to Macron’s alliance, Jean-Luc Melenchon’s NUPES (New Ecological and Social Popular Union), is expected to win between 149 and 190 seats.

Melenchon, who finished third in the presidential election, took command of the “completely unforeseen situation,” telling BFMTV, “We have achieved our political purpose... to bring down the one with hubris who had twisted the arm of the entire country.”

Marine Le Pen’s National Rally, the unexpected wildcard winner of these elections, is anticipated to gain anywhere from 75 to 95 seats, a considerable increase from the existing eight seats in the national parliament.

She expressed her delight at her party’s candidates constituting the largest group of parliamentarians in parliament for the first time since the party’s formation in the 1970s, according to the article.

Les Republicains, a socialist party that did poorly in the recently finished presidential elections, is expected to receive 60-70 seats.

(Report by: The Decision Maker – International Relations editors)

Turkey’s Aggressive Rhetoric about Greek Islands Condemned by Macron Emmanuel Macron, the French president, has slammed Turkish officials for questioning Greece’s sovereignty over several of its islands.

Macron said he wanted to “convey the support of all Europeans, and especially of France” for Greece as he left a European Council meeting in Brussels, adding that “no one can risk the sovereignty of any member states today.”

“These utterances, in my opinion, must be rejected as soon as possible, which I have just done.”

Prime Minister Kyriakos Mitsotakis “expressed very firmly the genuine concern of Greece and criticised the words of several Turkish officials

doubting Greek sovereignty over many of its islands” during the EU leaders’ summit, he said.

Earlier on Tuesday, Turkish Foreign Minister Mevlut Cavusoglu reiterated remarks made last week that Ankara is willing to challenge Greece’s sovereignty over the eastern Aegean islands.

(Report by: The Decision Maker – International Relations editors in Brussels and Athens)

THE DECISION MAKER 47

| NEWS |

US Senator Menendez Repeats His Negative View for The Turkish F-16 Upgrade During an annual meeting in New York on Tuesday, US Senator Bob Menendez, a Democrat and head of the influential Senate Foreign Relations Committee, reiterated his opposition to the sale of military weapons to Turkey.

“I find it very difficult to agree on the sale of other military equipment to Turkey,” he stated at the Mediterranean Business Summit headlined “Investing for peace, stability, and pluralistic growth,” referring to Turkey’s proposal to refurbish its F-16 fighter jets and upgrade its fleet.

He also stated that he believes Turkey will “in the end of the day remove the impediments” to Sweden and Finland joining NATO. Menendez said that despite being a NATO ally, Turkey “continues to pose a threat to stability and prosperity” in the Eastern Mediterranean, and that it is challenging Greek sovereignty “with provocative overflights,” while calling all violations of Greek airspace by Turkish fighter jets “unacceptable.”

inopportune time. “Ties with Turkish president Erdogan are difficult; they are not the relations we expected,” he said, emphasising the importance of “making it clear to Turkey that there would be consequences” for violations of international law and “overflights in the Aegean.”

Only a few hours earlier, senior American officials had claimed that President Biden had not struck a deal with Turkey in exchange for its backing of NATO expansion. Late on Tuesday, a senior administration official told reporters that Turkey had not requested the F-16s during the talks.

Turkey, according to Menendez, is eroding NATO unity at an

contribute to robust NATO defensive capabilities.” “The U.S. Department of Defence fully supports Turkey’s F-16 fleet modernization plans.”

The United States “supports Turkey’s modernisation of its fighter fleet because that is a contribution to NATO security, and consequently American security,” she said, adding that efforts to assist Turkey buy the cutting-edge aircraft “need to be worked through our contracting processes.”

When questioned by a reporter on Wednesday about the administration’s backing of Turkey’s desire for a more modern air force, a top defence official was direct, albeit vague.

On Wednesday in the late afternoon, Mr. Biden will speak with Recep Tayyip Erdogan of Turkey. The presidents will talk about a wide variety of issues pertaining to the shared interests of the two nations, according to officials. However, Ms. Wallander’s remarks gave the impression that the Turkish request for F-16s was probably a major priority.

According to assistant defence secretary Celeste Wallander, “strong Turkish defence capabilities

Uncertainty surrounds the timing of any potential fighter jet agreement between the US and Turkey, and

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During a visit to Turkish-occupied Cyprus, Turkish Vice-President Fuat Oktay said that if Athens does not immediately demilitarise and remove all defences from the Greek Aegean islands, Ankara will contest Greece’s claim to sovereignty over them.

(Report by: The Decision Maker – International Relations editors London)

U.S. Likely to Sell F16s to Turkey After Removing the Veto Over Finland and Sweden NATO Membership.

The United States moved closer to fulfilling Turkey’s long-standing request on Wednesday by indicating a fresh willingness to supply upgraded F-16 fighter fighters to that country. This came one day after Turkey decided not to oppose Finland and Sweden’s ambitions to join NATO.

Turkish Vice-President Fuat Oktay Demands The Immediate Demilitarisation of The Greek Islands

Congressional approval is almost certainly required.

Turkey’s bilateral relations have been strained for some years, and Turkey has also lost support in Congress. In addition to becoming increasingly autocratic, erratic, and challenging as an ally over time, Mr. Erdogan has also increased domestic repression of political opponents and independent journalism. In order to strike a balance with Russia, Mr. Erdogan decided to purchase the S-400, a formidable missile defence system, over resistance from the US and NATO. In retaliation, the United States cut off Turkey’s participation in the F-35, the newest and most technologically advanced American fighter jet. Since then, Turkey has requested to purchase 80 additional F-16 modification kits in addition to 40 older aircraft, the F-16.

(Report by: The Decision Maker – International Relations editors)

Since the Turkish invasions in July and August of 1974, which Ankara referred to as a “peace operation,” about 40% of the Republic of Cyprus has been occupied by Turkey.

Greek-Cypriots were ethnically exterminated from the island’s northern region.

The prime minister of a nation [Greek Prime Minister Kyriakos Mitsotakis] is the one who equips the Aegean islands, flagrantly breaking international treaties. We will contest the islands’ sovereignty in accordance with international law and treaties, Oktay warned, if demilitarisation of the islands is not completed as quickly as feasible.

Although Turkey has long asked that the Greek islands be demilitarised, this is the first time that a Turkish official has made the urgent demand, denoting a substantial uptick in bellicose, threatening rhetoric.

The statement also amounts to a thinly veiled threat from Ankara that if Athens does not accede to its demands, it may land on one or more islands because, in Turkey’s view, if Greece’s sovereignty is not recognised by international law, the

islands will revert to the successor state of the Ottoman Empire.

Turkey has been stationing its socalled Aegean Army, which currently has 130,000 active personnel and a sizable landing force, along the coast of Anatolia since the 1970s, not far from the Greek islands, to which it consistently poses a danger, as is the case with the Aegean Army.

Therefore, if Greece demilitarised them, that would leave them vulnerable to attack from President Recep Tayyip Erdogan of Turkey’s autocratic neo-Ottoman state, whose policies are blatantly revisionist and expansionist.

Many international analysts have questioned whether Turkey still has a place in the Alliance in light of Erdogan’s threat to block Sweden and Finland’s application to join NATO. Kyrenia’s takeover by Turkey is likened by Mitsotakis to Mariupol’s in Ukraine.

Oktay’s incendiary comments appeared to be in response to Mitsotakis’ remarks from last week, when he remarked that Ukraine was going through what Cyprus went through in 1974 when speaking at the convention of Cyprus’ conservative DISY party.

The invasion of Ukraine by Russia, according to Mitsotakis, poses a threat to all peoples and is “an overt attack that tramples over existing borders.”

For him, the invasion by Russia “threatens to build a paradigm of authoritarian behaviour that may be replicated by other leaders with imperial visions.”

He pointed out that the case of Cyprus shows the necessity of undoing de facto boundary modifications imposed by military force and restoring the unity and sovereignty of a single state.

The PM emphasised that “Ukraine is going through what Cyprus went through in 1974, and we must not let Donetsk and Mariupol turn into Kyrenia [the lovely northern port city in occupied Cyprus, called Girne by the Turks]”.

The situation in Turkish-occupied Cyprus is good, Oktay “Last week, during the visit of the Greek prime minister to the Greek sector [the free part of EU memberstate Cyprus], he ridiculed the peace operation [the invasion and occupation of 1974] and contrasted the island, where peace prevails, with Ukraine,” Oktay added.

He claimed that Turkish Cypriots “rise up” and live “freely with their land, flag, and national will,” which is an issue for Athens and Nicosia.

The only nation that acknowledges the breakaway state that Ankara created and provides financial assistance for in the island’s occupied north is Turkey.

(Report by: The Decision Maker – International Relations editors)

THE DECISION MAKER 49

| I NT E R N AT I O N A L R E L AT I O N S |

THE FUTURE BELONGS TO THE MOST EFFECTIVE NATIONS

By Jonathan Davies

F

rancis Fukayama stresses the drastic transformations the American political system has undergone since its founding in his “America in Decay – The Sources of Political Dysfunction.” He believes that no administrative system has a place in a world in which small interest groups can wield so much power. A just political system, though, would be able to counteract the unjust power that elite networks hold.

Therefore, the future would belong to the most effective states, just so long as they are being run legitimately and fairly. Due to a far greater potential for superior protection, a heightened possibility for a better way of life, and greater economic prospects, the most effective states would triumph over the peer-to-peer, decentralised networks.

Unity, centralised organisation, and common goals have long been key to protecting states from aggressors.

Smaller, decentralised networks, conversely, tend to struggle more with unifying and all fighting together under the same leaders. Part of the reason the Union Army emerged victorious from the American Civil War was its strong cohesiveness and shared belief it was fighting for a just cause.

The Confederacy, though, suffered from disarray within the states it constituted. It was largely unable to rally behind one leader and government due to its belief in states’ rights, which equated to decentralisation. While much of the Confederate South stood together, parts of East Tennessee were running rampant with Unionists who would oppose the Confederate cause in any way possible. Many of these Unionists formed groups to oppose the Confederate Government, which undermined the stability of the region as well as the war effort. Thus,

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for a state or organisation to look toward the future, let alone remain in existence, it must be able to efficiently protect itself. In this aspect, the most effective state clearly has an advantage Effective, centralised, and powerful states have also born witness to some of the greatest discoveries and inventions in history. Such innovations ultimately improve the way of life of the state’s citizens. America is known to be a leader in the technological and medical frontiers, and yet has always relied on the government, to varying extents. Such a relationship dates back to the time of Alexander Hamilton and has continued throughout the sections of American history in which the country remained united and centralised.

Examples include West Point being founded in the early 1800s by the U.S. government to foster a domestic advancement in engineering as well as when Congress allocated the money to build a revolutionary telegraph line from Washington D.C. to Baltimore in 1843. In the nineteenth century, the government also invested in biological and medical fields, aiding in the development of numerous cures. In Sub-Saharan Africa, though, decentralisation has recently become the norm in dealing with urban development. As a result, responsibility for basic services, such as sanitation, electricity, and portable water, fall to sub-national authorities.

Such decentralisation practices have led to favouritism among certain parties, along with advantages to them in upcoming elections. In other words, decentralisation has resulted in political parties winning over voters with the quality of their service, meaning they could just as easily use their power to punish their opponents. Hence, states that are operative and centralised tend to excel and

operate more fairly in their development than those who choose to remain decentralised.

Economies tend to thrive most in powerful, legitimate, and operative states. A prime example of this is the United States of America. Even after the recession that occurred in 2007-2008, it is currently regarded as the world’s largest economy. Numerous natural resources, a well-organised infrastructure, and high productivity are trademarks of the American economic system. Such qualities have made America attractive to foreign investors, as over $2.4 trillion dollars of foreign investments have been made in the American economy.

These ample foreign investments make the economy stronger, and a stronger economy results in more investors. Decentralised networks of nations often have numerous troubles with their economies, as seen in early America. In the early days of the country, there were

ongoing debates about how centralised the government should be, leaving it in a state of disunity. Most states had differing currencies, whether it be paper money, hard coins, or whiskey. No true national economic infrastructure was formed, and several monetary waves of panic ensued. Additionally, foreign countries were wary of investing in the wobbly nation, making matters even more difficult. Had the early American governing system been more consolidated, its economy would likely not have gotten off to such a rough start.

In summary, the most effective states definitely seem to be better suited for the future than their decentralised counterparts. They have the upper hand in large part because of their better ability to protect themselves, their being fertile grounds for innovation and development of every sort, and their far greater potential for economic prosperity.

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| I NT E R N AT I O N A L R E L AT I O N S |

HOW WILL THE WORLD REMEMBER 9/11 IN 2101?

By Jonathan Davies

The Historic 9/11 Talking of how 9/11 will be remembered, it is wise to also highlight some of the major events that went down on that day.

On Tuesday 11th September 2001, four US passenger planes were seized by a team of 19 hijackers. The planes were then used as guided missiles to crash into two buildings in New York and Washington. Two planes hit the Twin Towers of the World Trade Center, with the first crashing into the North Tower at 13:46 GMT and the second one crashing into the South Tower at 14:03 GMT. Hundreds of people were trapped on the upper floors as the city wreathed in smoke. Within two hours, the two 110-story towers collapsed in the dust.

At 14:37 GMT, the third plane crashed into the western face of the Pentagon, which is the giant headquarters of the US military just outside the nation’s capital, Washington DC. The fourth plane landed in a field in Pennsylvania at 15:03 GMT. The attackers were said to target the Capitol Building in Washington DC before passengers fought back.

The Islamic network, al-Qaeda, led by Osama Bin Laden planned the attacks after blaming the US and its allies for conflicts in Muslim World. A total of 2,977 people, excluding the 19 hijackers, died in the terror attack. According to the statistics, all 246 passengers on the four planes and crew, 2,606 people at the Twin

I

t is now 20 years since the Islamic extremist network, known as al-Qaeda, hijacked the US passenger jets and crashed them into the two New York skyscrapers. The act killed thousands of people with others nursing injuries in various medical facilities. The attack was the most traumatic event in the century, with many political analysts asking how the world will remember the date a century later.

With so many controversies surrounding the attack, the main questions are, was 9/11 a global warning of what was to come in 2021? Was it a turning point that altered the United States and the trajectory of world politics

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Towers, and 125 people at the Pentagon were killed.

77 countries lost their citizens in the horrific event with New York City losing 441 first responders.

The 9/11 Aftermath The truth is that 9/11 was not just a one-off event from a clear blue sky. It was a global warning that the next decades would not bring boundless peace and prosperity. Of course, al-Qaeda was less primitive in those days than an augury of the anti-liberal politics that would soon reach the whole world, including America. And as 9/11 still plunges in our minds, we can significantly link it to the series of historic events that have followed this major one. As such here are some shreds of evidence that remind the world of 9/11 • The Iraq War with its early arrogance and prolonged agony.

• The use of torture to terrorist which undermined Bush’s every high-flown phrase.

• The financial crisis, which undermined Americans wealth and trust.

• The return of the Taliban in Afghanistan, the Islamic State in Iraq and Syria, and the rise of right-wing populism in America.

in significant ways? Will the future generations see it as a catalyst for a series of catastrophic international blunders? Or is it just a one-off event with modest impacts?

Of course, the interpretation of the meaning attached to 9/11 will vary depending on who narrates it. While the attack left a historic dent to Americans, Afghans, Iraqis, Saudis, and Europeans, people from other parts of the world may not feel the impact as those with first-hand experience. Besides, these memories may fade away from our consciousness following a series of recent events that need our attention.

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| LIFESTYLE |

WOMEN’S HEALTH

By Richard Oyamo

Maternal Mortality While WHO’s data is limited as to what extent the pandemic has impacted virus transmissions from mother to child, the maternal mortality rate (MMR) is still high as pregnant women are undecided as to whether to visit clinical support services or not. And this is predominant in weak health systems. Furthermore, the situation is exacerbated by cultural misconceptions about Covid-19, which forces others to attempt the riskier home births.

Soon after the pandemic struck, WHO predicted that the pandemic could potentially lead to 500,000 plus preventable maternal deaths, which was preliminary estimations based on the observation that pregnant women were declining to honor postnatal appointments.

However, there is no official confirmation yet as to what collateral damage the pandemic has caused.

Awareness and Dissemination Of Essential Support Services As Dr. Natalia points out, creating awareness and health systems’ readiness to deal with the pandemic’s impact on the aforementioned women’s risk groups is a good starting point. The UNFPA’s initiatives in highly impacted regions include the provision of: •

Postnatal care

•

Antenatal care

•

Access to modern and emergency contraception

•

Access to safe abortion.

Moreover, the organization has set out to provide reproductive health kits in vulnerable areas throughout the pandemic. Additionally, Dr. Natalia has asked health authorities across the world to prioritize testing of risk groups (pregnant women) who showcase symptoms of Covid-19, and their subsequent isolation in pregnancy wards if results turn positive.

Female Workforce on Medical Frontlines Dr. Natalia points out another crucial concern with regards to women’s health. She says that 70% of the world’s health workforce comprises women, which means more women are exposed to the health risk that stems from working in high-risk Covid-19 frontlines.

However, she urges more government support for PPEs, as well as the provision of psychological support to relieve stress for women working on the frontlines of the pandemic.

The Pandemic’s Knock-On Effects Could Impact More on Women’s Health, UN The coronavirus pandemic could impact heavily on women’s health. That’s according to a United Nations Population Fund report. The UN body projects that Covid-19 could cause more collateral damage than what the pandemic itself could potentially cause.

Spotlight on Women’s Health As the World Health Organization (WHO) battles the pandemic with the help of other global authorities, the UN Population Fund points to severe implications of the

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pandemic on women’s health, including the rising levels of gender-based violence (GBV), as well as maternal mortality as global health facilities crumble under the pressures of coronavirus. With the implication being that women (especially pregnant) will lose access to essential support services.

As the world struggles to weather down the Covid-19 storm, one particular group of people is expected to be at more risk – women. The pandemic has spiked domestic violence and also caused disruption to sexual and reproductive health access, notes Dr. Natalia, UNFPA, chief executive director. She further adds that risk groups such as pregnant women (needing antenatal care) and those in abusive households are trapped, especially for regions with “stay at home” measures.

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| LIFESTYLE |

MEN’S HEALTH

By Richard Oyamo

give special attention to men’s health, with notable attention to physical and mental health impacts of the pandemic, and as well offer insight into practical and holistic approaches to overall men’s health moving forward.

The Transition from The Gym to Home Workouts At the peak of the pandemic, health experts gave advisories that paid more attention to the need for physical fitness from home. This trend isn’t going to end with the reopening though. Many people are still apprehensive as to the uncertainty and the volatility of the situation. The battle against the pandemic isn’t over yet.

In that respect, people are no doubt going to keep using technology and workout apps to monitor their overall health from home. The trend in focus, as predicted by Health and Wellness experts, is that we expect more synergy between virtual workout homes and physical facilities such as yoga and gymnasiums.

Men’s Mental Health Synergy A recent research notes from the Global Wellness Institute revealed that the wellness industry worldwide is valued at $5 trillion, and it is expected to grow steadily in the next foreseeable future. And with every passing day, new wellness trends and techniques

W

ith the post-pandemic reopening efforts gaining traction, here is a look ahead into key health trends in these seemingly volatile and uncertain times we live in. The pandemic had a true bombshell that altered virtually everything about our lifestyles; from our exercise routines, the way we work, drink, eat and socialize.

It has been quite an unusual period since the pandemic struck. Health experts have noted that the gruesome lockdowns and travel restrictions have taken a toll on

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are brought forth while some become outdated. But surprisingly, fewer campaigns take note of men’s mental health, which experts have relentlessly advocated for.

In context, the suicide rate in the UK, for example, was revealed as one of the single most causes of death among men aged between 21 and 29 years during the cause of the pandemic. This statistic shines more light on what’s needed to help support men’s mental health, not only in the UK but across the globe.

From a historical perspective, males across cultures have shown reluctance to speak openly about mental health for fear of ridicule and weakness. But in the wake of the pandemic, it is expected that men will put more priority on mental health than what we have seen before.

Virtual Wellness Still a relatively new concept, virtual wellness is expected to take center stage in the new post-pandemic dawn. From virtual therapy, workout apps, meditation apps, and other digital fitness platforms, it is anticipated that virtual wellness will help men and workout fanatics transform their houses, backyards, and garages into makeshift gyms.

the mental, physical and emotional wellbeing of people.

Therefore, it is expected that in the coming months, people will focus on restoring their overall health to optimum levels, even as countries fast track efforts to return to normalcy.

Exercise classes and gyms, for instance, have been closed for as long as you would care to remember due to pandemic containment measures. And with their return, you are probably wondering how the fitness landscape has changed in light of the ongoing vaccinations and social distancing regulations. But in this post, we shall

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| LIFESTYLE |

INVEST IN FINE ART SPECIAL PRESENTATION FINE ART AS AN ASSET CLASS While the global economy strives to recover from the fangs of the Covid-19 pandemic, our research shows that collectible assets such as Fine Art, will continue to drive the demand patterns, globally.

As a diversification option, art tends to be attractive as a long-term investment since its correlation with the stock and bond markets is low. At the same time, the level of transparency increases with time, as art has attracted significant research and relevant data disperse is on the rise.

At the same time that a PWC report examines the broader wealth management industry, estimating that Asset and Wealth Management industries will hit $147 trillion, by 2025, a Deloitte’s 2019 Art and Finance report estimates art and collectible wealth was worth US$1.7 trillion (about A$2.2 trillion) in 2019 and that figure is projected to balloon to US$2.1 trillion (about A$2.7 trillion) by 2023.

The development of art as an asset class, has led to the growth of services related to it; financial institutions now offer services like art lending, art investment services and art advisory services.

In this context, we present the work of two exceptional Art Galleries in London and Athens, whose expertise can help our audience with their portfolio diversification.

Inside: Fine Art As An Asset Class | Varvara Roza Gallery London | Blender Gallery Athens | The Partnership | Art For Sale

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Registered address: Sterling House Fulbourne Road, Walthamstow, London, England, E17 4EE

Zisimopoulou 4, Glifada 166 74

Exhibitions: Gallery 8, 8 Duke Street, St James SW1Y 6BN

+30 21 3028 0597 | W: theblendergallery.com | info@theblendergallery.com

+447708250089, +306974721110 | varvararozagalleries.com | info@varvararozagalleries.com

Varvara Roza is the owner and Managing Director of Varvara Roza Galleries.

She has a track record of organising cultural events on a large-scale not only in Greece but also in London, Paris, Berlin, and the rest of Europe. Being a successful businesswoman in the energy industry and former politician in her home country, Greece, she always had a love for contemporary art – collecting for over 20 years. She is passionately combining the two great loves of her life: her political and entrepreneurial life in Greece with her enduring love for art and its evolution. In doing so, she has decided to strongly support and promote Greek Art in London, since London is one of the most important Art centres worldwide. It is a place that determines the art market to a great extent. Through her extensive experience working in the cultural sector, she introduces some of its brightest protagonists of Greek Art into London market. Varvara Roza Galleries is aiming to promote and establish Greek Art in the UK and European market.

“Greece was the birthplace of wondrous works of art. Modern Greece has a thriving artistic community. This generation’s art must be promoted and become internationally known”, Varvara Roza says.

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Iason Theophanidis, a bilingual British/Greek entrepreneur living in Athens Greece, is the owner and Managing Director of The Blender Gallery, based in Athens Riviera.

With a background in 2D design and having worked as an artist who has exhibited and worked in both London and Athens, he has a unique insight into the needs and requirements of both artists and collectors. Having truly lived both sides of the industry, with a passion for art, he soon realised that he could do so much more for the industry by helping and managing other artists, which lead to him opening the gallery. Since 2012 he has been working with his team to promote upcoming artists in Greece and abroad as well as giving established artists a modern space to showcase their artwork. Being half British and having travelled the world he has managed to bring a multitude of new ideas and concepts to ‘The Blender Gallery’ that set it apart from other Galleries in Greece. The Blender Gallery is a 400 m2 state of the art modern Gallery, constantly evolving, situated in southern Athens. Iason specifically designed the gallery to be incredibly versatile in order to meet all artist requirements.

The concept for The Blender Gallery was born when Iason was working as a graphic designer and artist in a space shared with other creative individuals that they affectionately referred to as ‘the Blender’, due to their different disciplines. Iason believes that all creative forms of expression are art forms, and this concept remains strong within the ethos of the gallery today, establishing ‘The Blender Gallery’ as one of the leading galleries in Athens.

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| LIFESTYLE |

THE PARTNERSHIP Varvara Roza Galleries (based in London) and The Blender Gallery (based in Athens) are joining forces as they share one common goal and passion: establishing Greece’s brightest artists into the global art market and overseas brightest artists into the Greek Market.

About the Partnership For Varvara Roza Galleries and the Blender Gallery the reason for choosing Greek artists, is obvious: Greece has always been the birthplace of wondrous works of art. Greek art is hugely significant and important throughout history for both Greeks and rest of the world. Modern Greece has a thriving artistic community. This generation’s art must be promoted and become internationally known.

In 2019, Iason Theophanidis and Varvara Roza formed a partnership. Sharing the vision to promote Greek artists, together they create opportunities them to gain the recognition they deserve, whilst also introducing artists from abroad to the Greek public and collectors. With Iason being British based in Athens, and Varvara being a Greek based in London they are uniquely positioned to turn this vision into reality, as they combine their networks to ensure that their services of art dealing, curating and marketing across Europe are of the highest level of excellence and integrity. Despite their plans being delayed due to the pandemic, they used this global turn of events to their advantage to promote the artists privately, to seal some sales prior to the exhibitions, and to further develop their strategy, so that their investment in these exceptional artists is as effective as possible. As both Iason and Varvara specialise in contemporary art, together they have already accomplished to discover rare talent of unique cultural relevance and diversity. Dedicated to make this art globally accessible, they have created a long-term strategy of careful steps placing value in quality not quantity. Always putting faith in personal contact and teamwork, they stand beside their artists and not opposite them, conversing and listening to their needs, giving them space to evolve. They also invest in building strong relationships with their clients/collectors, truly acting to the best of their interests and advising them accordingly.

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Art for sale for The Decision Maker Club

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Description: Pierre-Auguste RENOIR 1841-1919 Mère et enfant (Gabrielle et Jean) Canvas 25.5 * 21 inches 64.8 * 53 cm Signed Lower right : Renoir (Cachet de l’Atelier) Painted ca. 1895 Location : port franc de Genève The subject of this picture are Renoir’s second Jean (1894-1979), the future cinematographer, and his peasant nurse Gabrielle Renard, a cousin of Renoir’s wife Aline.

The two posed together for a number of Renoir’s paintings dating from late 1895 and early 1896, including the large portrait of the Artisit’s Family (The Barnes Foundation, Merion, Pennsylvania) and Gabrielle, Jean and a Girl (Norton Simon collection).

A related work in pastel and water color (59.5 x 46 cm), perhaps preparatory to the present painting, has been recorded in the collection of Adolf Roniger- Hürlimann, Rheinfelden (for a color illustration see F. Daulte, PierreAuguste Renoir : Aquarelle, Pastelle und Farbige Zeichnungen, Stuttgart, 1958 p.20).

References A. André, L’Atelier de Renoir, I, Paris, 1931, No 134. Reproduced pl. 46 R. Frost, Pierre-Auguste Renoir, New York, 1944, reproduced p. 29 C.L. Ragghianti, Impressionnisme, Turin, 1947, no. XXXV, reproduced pl. XXXV (color) A. Leclerc, Renoir, New York, 1948, reproduced p.30 J. Renoir, « My Memories of Renoir », Life, Vol. 32 ; No. 20, May 19, 1952, reproduced p. 91 (color) F. Daulte, Auguste Renoir, Milan, 1971, p. 81, reproduced

Pablo Picasso Portrait de Femme Assise au Chapeau Vert Huile sur toile Dimensions: 55x46cm Année d’ exécution: 1939 Références: Zevros IX no365/PIcasso Project 39-329 Exposition: Néant Provenance: Succession Pablo Picasso

PRICE: $9,000,000 Place your order quoting The Decision Maker Monaco: +447708250089, +306974721110, info@varvararozagalleries.com

Succession Jacqueline Picasso Collection privée

Price: EUR 14,000,000 Place your order quoting The Decision Maker Monaco: +447708250089, +306974721110, info@varvararozagalleries.com

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JOAN MIRO

Damien Hirst HARMOL

Femme I Signed Miro (lower right); signed Miro, titled Femme I and dated 2/IX/72 on the reverse Oil on canvas, 36 ¼ by 195/8 in.

(92 by 50 cm) Painted September 2, 1972 Provenance: Pierre Matisee Gallery, New York Private Collection, United States Exhibited: New York, Pierre Matisse Gallery, Joan Miro: Recent paintings gouaches and drawings from 1969 to 1978, 1978, no. 13 illustrated in colour in the catalogue

Signed and stamped with the artist’s seal on the stretcher; signed, titled and dated 2010-2011 on the reverse household gloss on canvas 100 by 148 in.(254 by 375.9 cm.)

Catalogue Note “Imagine a world of spots. Every time I do a painting a square is cut out. They regenerate. They’re all connected.”

Damien Hirst Bold and precise, Harmol, is an immaculate example of Damien Hirst’s signature corpus of spot paintings.

Uniquely- colored chromatic circles, ranging from bright tones to pastel hues, explode in a grid-like formation Height 100 in.; Width 148 in. / Height 254 cm.; Width 375.9 cm.

Signed, Inscribed, Stamped

Literature : Jacques Dupin & Ariane Lelong-Mainaud, Joan Miro: Catalogue raisonne Paintings, Volume V: 1969 – 1975, Paris, 2003, no. 1454 illustrated p.98

Provenance Private Collection, New York (acquired directly from the artist) Gift of the above to theowner Sotheby’s New York: Friday, November 17, 2017 [Lot 00493] Contemporary Art Day Auction 500,000 - 700,000 Sold USD 807,000 USD Premium Private Collection, Aspen

Price: $3,000,000

Literature:

Place your order quoting The Decision Maker Monaco: +447708250089, +306974721110, info@varvararozagalleries.com

Jason Beard and Millicent Wilner, Eds., Damien Hirst: The Complete Spot Paintings, 1986-2011, London 2013, p.

728,

Price: $980,000 Place your order quoting The Decision Maker Monaco: +447708250089, +306974721110, i nfo@varvararozagalleries.com

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Mark Rothko (1903-1970) Yellow, Orange, Yellow, Light Orange, 525 81-1/2 by 60 inches (207.01cm x 152.40cm) Oil / Canvas , Signed and Dated verso Created: 1955 Provenance: Estate of the Artist (Estate no. 5016.55) Marlborough A.G., Liechtenstein/Marlborough Gallery, Inc., New York (acquired from the above in 1970) Collection of Mr. and Mrs. Paul Mellon (acquired from the above in October 1970) Private Collection, Los Angeles, CA

Literature: Exh. Cat., New Haven, Yale University Art Gallery, Salute to Mark Rothko, 1971, cat. no. 9 (checklist) David Anfam, Mark Rothko: The Works on Canvas: Catalogue Raisonné, New Haven and London, 1998, cat. no. 525, p. 404, illustrated in colour Mark Rothko’s capacity to arrest the immeasurable forces of the cosmos remains the painter’s greatest triumph.

In Untitled (Yellow, Orange, Yellow, Light Orange), painted in 1955, Rothko forever immortalized the spellbinding and ephemeral magic of daybreak in paint. By the breathtaking ingenuity and absolute genius of his brush, the artist seized the immaterial and offers us the gift of slowed time. Captivating and mesmeric through the sheer exuberance of Mark Rothko’s most celebrated palette and a deeply enriching pictorial architecture, Untitled (Yellow, Orange, Yellow, Light Orange) belongs to the most pivotal moment of the artist’s career. Rothko painted only twenty-two works in the pinnacle year of 1955, thirteen of which reside in prestigious museum collections, including the National Gallery of Art, Washington, D.C.; the Carnegie Museum of Art, Pittsburgh; the San Francisco Museum of Modern Art; the Walker Art Center, Minneapolis; the Philadelphia Museum of Art; the Museum of Modern Art, New York; and Museum Ludwig, Cologne.

The composition is compartmentalized in two principal rectangular fields of lustrous orange, each surmounted by a pale yellow band and stacked in Rothko’s archetypal formation on a field of glowing saffron gold. Each zone is indeterminately bordered by feathered edges that forge an exceptionally vibrant occupation of the pictorial space. While the overtly optimistic connotations of this ebullient palette immediately instigate a positive and even inspirational response, as with all great paintings by the artist there is no single aspect to this work’s character and the viewer may concurrently sense a deeper, more portentous tone, the duality of which invests this work with a supreme sophistication. In a 1959 Life magazine article, Dorothy Seiberling described one of the artist’s paintings and touched on his mystifying method: “Just as the hues of a sunset prompt feelings of elation mingled with sadness or unease as the dark shapes of night close in, so Rothko’s colors stir mixed feelings of joy, gloom, anxiety or peace. Though the forms in the painting seem simple at first glance, they are in fact subtly complex.

Edges fade in and out like memories; horizontal bands of ‘cheerful’ brightness have ‘ominous’ overtones of dark colors.” (Dorothy Seiberling, ‘Abstract Expressionism, Part II,’ Life, November 16, 1959, p. 82) Untitled (Yellow, Orange, Yellow, Light Orange) reverberates.

Price: $63,000,000 Place your order quoting The Decision Maker Monaco: +447708250089, +306974721110, info@varvararozagalleries.com

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| LIFESTYLE |

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