Calamos Investments®* announces that its flagship Calamos Convertible Fund (A Shares: CCVIX; C Shares: CCVCX; I Shares: CICVX) is reopened to new accounts and new investments as of September 6, 2013.

“We’re pleased to reopen our convertible mutual fund to new investors at what we consider to be an opportune time to invest in these unique hybrid securities,” said John P. Calamos, Sr., Chief Executive Officer and Global Co-Chief Investment Officer of Calamos Investments.

“An improving global economy and widening spreads have boosted interest in the asset class by issuers, resulting in an improving and diversified convertible market that we expect will become more robust. Moreover, during periods of rising rates and economic expansion, convertibles have historically outperformed their more traditional fixed-income counterparts.”

Calamos has been a pioneer and long-time champion of the convertible asset class, launching the fund in 1985 as one of the first convertible mutual funds.

For more information on the Calamos Convertible Fund please visit www.calamos.com/CCVIX.

About Calamos
Calamos Investments is a diversified global investment firm offering innovative investment strategies including equity, fixed income, convertible and alternative investments, among others. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals, as well as the financial advisors and consultants who serve them. Headquartered in the Chicago metropolitan area, the firm also has offices in London and New York.

Calamos serves professional/sophisticated investors around the world through Calamos Global Funds plc(UCITS), distributed by Calamos Investments LLP, London, United Kingdom.

For more information, please visit www.calamos.com.

The effort made by two 30-year-old men, who divide their time between Athens and San Francisco selling services to some of the biggest companies in the world in the domain of mobile phones, has turned into a transatlantic super deal.

From January 2013 until today, the two men, Giannis Vlahogiannis and Panos Papadopoulos, did not just succeed in creating a unique start-up company in the field of technology and innovation that was profitable, but also succeeded in closing a big deal on the other side of the Atlantic as well.

Some days ago, the company of Greek origin, BugSense, announced its repurchase by the international technology giant Splunk.

The aforementioned company is listed on NASDAQ of New York and presents stock market value that exceeds 6,3 billion dollars. As reported in the Splunk announcement, the company’s president and CEO, Godfrey Sullivan, and the co-founder of the Greek BugSense, Vlahogiannis, will discuss further details for the agreement’s completion during the 4th Annual Worldwide Users’ Conference of Splunk, which will take place in Las Vegas from September 30 to October 3.

According to reliable information, the amount is expected to exceed eight digits, while the Greek start-up will continue functioning normally after its repurchase.

Vlahogiannis, who is already active in ZeroFund, a new initiative aiming at helping new businessmen from the start-up  companies’ community to open their wings, told Business Stories last January, “We started a year and a half ago, Panos Papadopoulos and I, and shortly after that Maria Nasioti joined the group. Now we are 11 individuals, with offices in San Francisco and Athens and we closed the year with profits.”

Long Island City based Skyline Restoration has made it to Crain’s 50 fastest growing companies of New York City. Owned by entrepreneur John Kalafatis, who is expanding his group of companies to include film studios, Skyline has experienced a tremendous 166.7% growth rate in the last three years.

Skyline restores commercial and residential building exteriors, including roofing, vertical surfaces, historical decorative elements and perimeter work, such as courtyards and plazas.

When asked about his key to success in business, the Greek-American businessman who was born on the Greek island of Lefkada abides by three rules.

“Simply follow your heart and enact your beliefs in your daily business life.”

“Understand the subject well and offer your services at the highest professional level.”

“Never underestimate people, always treat them with respect and honesty. ”

Since its inception in 1989, Skyline Restoration has built its sterling reputation on the hard work and dedication of John Kalafatis and his staff. His company is among the top building restoration firms in the New York metropolitan area, having completed construction work on over two thousand buildings. Some of the company’s largest projects include:

• The Graybar Building
• The New Yorker Hotel
• 1515 Broadway at Times Square
• Manhattan Center
• Hippodrome
• New York University
• Columbia University
• Columbia-Presbyterian Hospital
• United Charities
• The New Yorker Hotel - 481 8th Avenue, New York, NY 10001

In an exclusive interview with Greek Reporter, Ted Leonsis talks sports, success,  filmmaking, and helping Greece, admitting, “Me, personally, I’ll do anything to be helpful and to help Greek people.”

Ted Leonsis has made quite a name for himself since growing up as a young Greek-American boy in Brooklyn, NY. Leonsis, now 56, is a sports team owner, venture capital investor, filmmaker, author and philanthropist, and has been recognized for many of his achievements, including making the list of Top 10 Creative Executives in America and Top 20 Most Powerful People in Sports. And, he is also very proud of his Greek roots.

Originally from Gytheio on his paternal side, Ted’s grandparents, who changed their name from Leoutsakos to Leonsis when they moved from Greece to the U.S., settled in Lowell, Mass. His parents ended up moving just a little further South, to the NYC borough of Brooklyn. Ted’s father, a waiter, and mother, a secretary, sent him to Sunday school and they attended a local Greek church, before returning to the highly populated Greek town of Lowell when Ted was 16. After finishing high school, he went on to receive a degree from Georgetown University in Washington, D.C. His parents were big advocates in pushing him to succeed, and he did.

Now living in Maryland, and operating businesses in Washington and New York, Ted is considered an Internet industry pioneer and serial entrepreneur. He helped build AOL into the global business it is today. Under his leadership, AOL increased its membership from under 800,000 members to over 8 million, and their annual revenue increased from $100 million to $1.5 billion. He is also the owner and CEO of Monumental Sports, which owns the NHL’s Washington Capitals and other sports properties. Additionally, he serves on the board of directors at Groupon as well as American Express, where he heads the technology and innovation committee. And it doesn’t stop there. Ted is an award-winning producer of documentaries, and the founder and chairman of SnagFilms; he coined the term “Filmanthropy” to express the idea that films are more than just about making money — they’re also about sending a message. His philanthropic efforts are many, including his involvement with the Hellenic Initiative, whose mission is to develop “sustainable economic and business improvement programs to empower the Greek people toward long-term prosperity.”

We recently had the opportunity to chat with Ted Leonsis about his thoughts on the Greek economic crisis and what he plans to do to help the current situation. We also talked film, sports, and what he believes is the real key to success.

A lot has been said about the Greek economic crisis. What are your thoughts on people who have, or have not, been rallying behind the country to support it?

I separate out Greece and its political and economic system from Greece and the people. That’s very, very important. As an observer and participant in economies, I don’t believe that the Greek political system and economic system was managed and blended appropriately over the last 25 to 30 years. In the sports business, there’s a saying, ‘You are what your record says you are,’ and we’re seeing that. The chickens have come home to roost in Greece. At the same time, the suffering that the people of Greece are undergoing because of the state of the economy, and most importantly, young people, the people who should be the next generation leaders — the drivers of the new economy — are suffering the most. And the Hellenic Inititative’s focus is really on, ‘How do we provide aid, mentoring, loans, money, to help the economy and the people of Greece prosper again.’

What do you think needs to happen in Greece for the situation to improve?

Me, personally, I’ll do anything to be helpful and to help Greek people. I’m not as active and supportive of the Greek political system measures. In fact, I’m disappointed. I think there needs to be a real accountability on where the dollars go. As a philanthropist and business person, you just need to feel very trustworthy in following the monies, and so a new era of transparency and accountability is going to be very important. And then, second, fostering an economy that is based on small business and innovation and entrepreneurs. That usually means less regulation, less bureaucracy, because small businesses create jobs. Small businesses are kind of the life blood of developing an economy, and female-owned businesses become equally as important. The whole European culture of risk in who [to] back will need to be rethought. Celebrating young people, celebrating women, and get risk capital — then they’ll be able to grow the economy faster and better than the government can grow the economy. That takes a real see-change in thinking and structure.

In addition to being involved with the Hellenic Initiative, do you plan on investing in Greece?

With the Hellenic Initiative, it’s really just charity. I really wanted to try and help [and] not only in a charitable way. Just yesterday, I was talking about bringing a young person, or a few people, over to work for one of my companies; we give them experience, and they get jobs, and they can bring that experience back to Greece-based companies. From a venture capital perspective, I once tried when I was president of America Online to open a big European call center in Greece, and the conversations didn’t go very far. We ended up going to Luxembourg and Ireland, and ended up hiring thousands and thousands of people in both countries. The infrastructure was better, the government was more welcoming, the tax structure was very different. Greece is going to have to change some of its policies and frankly, some of its point of view to be more welcoming of tech companies and start-up companies. It’s been difficult to do business with Greece in the past.

You are, and have been, involved in businesses ranging from finance to film, to sports and digital entrepreneurship, and that’s just to name a few. How do you manage to get involved in such a vast range of projects?

I try to only be involved with double bottom line companies; companies that can do well by doing good. For example, nothing brings a city together like a winning sports team. The Red Sox won the World Series; today [Boston] is together, tight, celebrating, happy, proud. That experience of winning a championship and bringing the city together, that’s what the owners will remember at the end of their life, not that they increased the ticket prices 11 percent, but that some young boy was in the stands with his father and they’ll have that memory together for a lifetime. I’ve always been attracted to and have been able to find companies that have a much higher purpose than the business.

My biggest wins and successes have been in finding companies that are worthy of all the hours, all the passion, all the attention that you’re going to put in it because they’re doing really, really good things besides the commercial side of it.

Let’s talk a little bit about the term you coined, ‘Filmanthropy.’ How did you come up with that?

I started to make some movies, mostly documentary films around subjects that had what I call ‘a double bottom line.’ You want to make a movie, a lot of people see it, it goes on television or HBO, and it sells on DVD. But the real reason you make a movie is to shine a light on a difficult subject or to activate volunteerism, or charitable giving. Just as we have philanthropy, I think we’re going to see more and more filmanthropy because this younger generation is living in a YouTube world and they all have video cameras in the palm of their hands with their iPhones, and they all have movie screens in the palm of their hands with iPads, and more and more people will self-express using film. It’s cheaper, it’s faster now to make movies, so I think we’ll see a whole generation of, what I call, ‘filmanthropists,’ and producers of movies that want to tell a story that makes a difference and shines a light on tough subjects.

What movies fall in the ‘Filmanthropy’ category?

I’ve made four movies that fall in that category. I just finished one that went into some film festivals this summer — ‘Lost for Life,’ a very tough documentary about young adults serving life without parole. Most of [these] kinds of movies wouldn’t have been made 20 years ago [because] it was just too expensive to make the film and nowhere to distribute it. So to solve that problem, I created SnagFilms. I also acquired and own Indiewire. Both of those properties are centered around independent and documentary film. ‘An Inconvenient Truth’ [from Participant Media] is also in that space.

Besides film, your philanthropy extends into the current sports teams you own as well, including the NHL’s Washington Capitals. What is being done to promote hockey locally and make it more accessible to youth groups?

We are unbelievably focused on that. In the last five years, the Washington, Maryland and Virginia area have been at the top in terms of enrollment and people getting involved. That’s directly attributable to: 1. The success of our team, 2. That we have a superstar player on our team named Alex Ovechkin. We’ve been incredibly aggressive and generous in supporting youth hockey, both in our own rink – we own two rinks – and we donate ice time and raise money for youth hockey using the team, and tickets, programs, merchandise sales and the like. And then my personal foundation is very involved with the Fort Dupont rink, which is the most inner city rink in the heart of Washington, D.C. That’s something I’m very proud of. We are deeply involved in growing the game and helping youth hockey; it’s part of our philanthropy.

What advice do you have for someone who would like to have a career similar to yours?

I wish I had an easy answer. There’s a science and a lot of data around entrepreneurs that I fit. I’m an only child, and many single children in a household, for whatever reason, they become entrepreneurs. I lived in a household where we were not well-off or well-educated, but with [that situation], the parents in the household push their children to be much more educated than they are and to have higher aspirations. Many entrepreneurs grew out of poor, ethnic-oriented households. My mother and father didn’t go to college, yet they were so focused on me going to college, getting good grades and studying and working really, really hard, because they always believed that education was the path to success.

Speaking of success, you’ve written a few books on the topic. What do you think the most important key is to having a successful career?

I wrote [Business of Happiness] because in my household, I was taught that if you work real hard, you study real hard, you goto a good school, and if you get good grades, you’ll get a good job. And if you get a good job, you’ll make a lot of money. And if you make a lot of money, you’ll be successful. That was the first generation mantra. I’ve come to understand that’s only half true. If you’re successful, it doesn’t mean you can be happy. Headlines are filled everyday with successful people who aren’t happy. Happy people and happy companies tend to build the most value. They have the best family relationships, they have the best work relationships, they’re the most respected leaders, they’re focused on building value. That was my most valuable lesson.

For more on Ted Leonsis, visit his daily blog, Ted’s Take, or follow him on Twitter: @TedLeonsis.

“Our goal is to encourage, support and promote the production of knowledge and transform it into a moving force for our economy,” underlined the Greek Ambassador in the U.S., Christos Panagopoulos, during his speech at the event for the presentation of the “Re-inspiring Greece from the Youth Up” initiative which was organized by the Greek Embassy in Washington.

According to the participants of the initiative, this project aims to the essential support of the innovative entrepreneurship among young people in Greece and to the creation of new job opportunities.  In this way, the high levels of unemployment among young Greek people will be confronted.

Within the frame of the event, the Greek Embassy of Washington and the Greek Ambassador Mr. Panagopoulos hosted high-ranked policy makers of the American Departments of Foreign Affairs and Trade, representatives of business and innovative organizations; members of Hellenic-American forums, reporters and people of thought. “The goal was to inform everyone attending that this initiative offers real and useful tools to young people of Greece in order to re-discover the opportunities that the agriculture sector offers to Greece,” as it was mentioned.

Mr. Panagopoulos also referred to the importance of reconnecting education with innovative entrepreneurship, in a way that Greece will return to development. At the same time, he underlined that Greek entrepreneurship has developed a new potential during the period of the recession.

Moreover, emphasis was given to the fact that this initiative will provide the Greek youth motivation, vision, and help organize their own business plans in the agricultural sector, by offering the top ten, the initial capital of 25,000 euros. In addition, precious guidance and support will be given to the winners by the members of GAEA Products S.A.

John P. Calamos

By John P. Calamos* - The most recent U.S. debt ceiling debates and government shutdown have reminded us that uncertainty is unavoidable and often out of our control. There’s no reason to believe this will change. We have a debt ceiling deadline behind us, but there’s another right around the corner and the acrimony in Congress looks deeper than ever. We also have the
still unknown economic impact of the government shutdown and an unclear timeline for a tapering of the Fed’s bond-buying program—and the higher interest rates that will result.

We often speak with clients about how they should position their asset allocations to address these myriad uncertainties. Economic and political issues are all highly consequential, and there is no doubt that this recent shutdown had significant impact on many Americans. Successful wealth management strategies do take the economic landscape into account, both in the U.S. and globally. But having invested professionally for more than 40 years, I believe that what matters most for long-term asset allocation is much closer to home—your home, to be precise.

The wealth management strategies that are most likely to succeed are guided by an investor’s personal considerations.
This approach, which we could think of as “goal-driven asset allocation,” doesn’t focus on the short-term ups and downs in the economy, the debt ceiling debates or who wins the next election. Also, goal-driven asset allocations are attune to broad market trends and patterns, they are not necessarily about beating a market index each and every week. People have grandchildren to send to college, businesses to grow, long-term care needs, and dreams of world travel. Indexes don’t.

We often speak with clients about how they should position their asset allocations to address these myriad uncertainties. Economic and political issues are all highly consequential, and there is no doubt that this recent shutdown had significant impact on many Americans. Successful wealth management strategies do take the economic landscape into account, both in the U.S. and globally. But having invested professionally for more than 40 years, I believe that what matters most for long-term asset allocation is much closer to home—your home, to be precise.

The wealth management strategies that are most likely to succeed are guided by an investor’s personal considerations.
This approach, which we could think of as “goal-driven asset allocation,” doesn’t focus on the short-term ups and downs in the economy, the debt ceiling debates or who wins the next election. Also, goal-driven asset allocations are attune to broad market trends and patterns, they are not necessarily about beating a market index each and every week. People have grandchildren to send to college, businesses to grow, long-term care needs, and dreams of world travel. Indexes don’t.

*John P. Calamos, Sr., is the Chairman, CEO & Global Co-CIO of Calamos Asset Management, Inc. The son of Greek immigrants, John P. Calamos, Sr. is actively involved in a variety of philanthropic endeavors in the Hellenic American community. He serves as the Chairman of the Board of Directors of the National Hellenic Museum in Chicago. – See more at: http://usa.greekreporter.com/2013/06/02/john-calamos-lessons-from-greece/#sthash.rDX8ztcE.dpuf

*The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein is for informational purposes only and should not be considered investment advice. – See more at: http://usa.greekreporter.com/2013/08/01/calamos-recovery-trumps-taper-talk/#sthash.8vZBxai8.dpuf

Earth Friendly Products, a leader in manufacturing award-winning eco-friendly cleaning products, received the 2013 “Company of the Year Award” from CleanTech OC, a non-profit dedicated to promoting the clean tech industry in Orange County.

Scott Kitcher, Executive Director of CleanTech OC said, “Earth Friendly Products exemplifies how a commitment to the environment, an understanding of green chemistry and wanting to bring consumers a truly green product can come together to produce a recognized “CleanTech” product. I’m equally impressed by how Earth Friendly Products incorporates sustainable business practices in all their operations. Earth Friendly Products is a pioneer in green chemistry and sustainable business practices and we’re so proud to have them in Orange County.”

“I am honored to accept this award and I commend the work that my team at Earth Friendly Products has done to achieve such high levels of sustainability,” said Dr. Van Vlahakis, CEO & Founder, Earth Friendly Products, he continued, “We opened our first Orange County facility in 1977 and have been creating green jobs in the community since then. I am proud to call Orange County my home.”

Earth Friendly Products has made sustainability a corporate priority in all of its five manufacturing facilities strategically located across the United States. As a result of these efforts, Earth Friendly Products has now achieved carbon neutrality.

Earth Friendly Products is available throughout Orange County in Mothers Market, Sprouts, Whole Foods, Ralphs and Fresh & Easy stores. The company works closely with numerous Orange County organizations such as The Discovery Science Center and supports the Orange County Junior League, Orange County Girl Scouts and is proud to have created a green educational science program, ECOScience, which is part of the ongoing curriculum in elementary schools across Southern California.

Greece has been the markets’ whipping boy for most of the past four years. But in the past few months sentiment has changed and international investors are bottom fishing — in particular for banking assets.
According to New York Times, this gives the country a double opportunity: Lenders can use it to clean up their balance sheets by selling nonperforming loans — loans overdue for more than 90 days — and the state can privatize its stakes in the banks. Both should grab the chance while it lasts.

Greece’s banks have been in a terrible mess as a result of the crisis. Not only were they loaded up with government bonds, which eventually paid less than face value, but even the big four that survived are weighed down by about 65 billion euros, or about $88 billion, of nonperforming loans, equivalent to about a third of gross domestic product.

But a €40 billion recapitalization and restructuring of the sector, financed mainly by bailout money, has helped change investor perceptions. Several hedge funds — including Paulson — have invested in the banks, the newspaper reported.

Last month Piraeus Bank placed €494 million worth of its shares and warrants with investors after BCP, the Portuguese lender, decided to sell out. Meanwhile, investors are heading to Athens looking to buy packages of nonperforming loans on the cheap.

Investors believe Greece is close to turning the corner after years of recession. There are also few opportunities for high returns in the rest of the world, given that the love affair with emerging markets has soured. This is why Athens now has an excellent chance to clean up its banks and privatize them.

Although the banks have been recapitalized, their nonperforming loans are clogging up both their balance sheets and the economy. Zombie companies, which have borrowed too much, are dying a slow death. Even healthy companies struggle to get credit because the banks are preoccupied with managing their existing bad loans.

According to the newspaper, the classic answer to this problem — adopted recently in both Spain and Ireland — is to create a “bad” bank. Nonperforming loans are sold to a separate institution at a discount. The bad bank then restructures the loans. In an ideal world, it divides the sheep from the goats: Companies with viable business models but excessive debt get their borrowings cut, maybe by converting them into equity; those that are not get liquidated. Meanwhile, the good banks focus on lending to both healthy businesses and restructured ones.

Creating a bad bank may be part of the answer for Greece. But the investor interest means there are other options. One is for the banks to sell packages of loans to vulture funds. A second is to set up special purpose vehicles with investors, allowing the banks to share in any upside. A third is for the Hellenic Financial Stability Fund, the organization established to manage the state’s stakes in the banks, to create a bad bank and get international investors to provide most of the equity funding for it.

One problem is that the banks would have to sell their bad loans at a deep discount to face value — perhaps at only a quarter of it, according to various estimates doing the rounds in Athens. Given that they have only taken provisions for about half face value, they would have to take further big write-downs of maybe €15 billion.

This, in turn, raises the question of where they will get the capital. There are two main answers: Get another capital injection from the stability fund, which still has an unused pot of €11.3 billion; or sell shares in the market, the route chosen by Eurobank, which plans to issue €2 billion worth of stock in the new year.

Meanwhile, Athens should continue with selling its stakes in the big four banks, Alpha Bank, Eurobank, National Bank of Greece and Piraeus, the value of which is now more than €20 billion.

This would have two benefits. First, it would increase the free float, allowing the banks to operate as commercial institutions with international shareholders. This would be an improvement on the bad old days when they were controlled by a coterie of local business interests.

Second, the funds from privatization could close the funding gap in Athens’ bailout program, which the International Monetary Fund puts at €10.9 billion. At the moment, there is no plan for filling this hole, which will emerge in the middle of next year, and Greece’s European partners are reluctant to lend it more money.

It would be better if Athens raised the money itself, as it would then gain credibility with its lenders who have been berating it for the slow progress it has made privatizing assets. Instead of being seen as a laggard, it would exceed expectations — reinforcing the view that it was turning the corner.

Before Greece can privatize its banks, it needs to neutralize some warrants outside investors received when they bought shares this year, the newspaper explains. This is because it would be foolish to sell its bank stakes only to find it has to buy them back at an exorbitant price if and when the warrants are exercised. But this is something a bit of corporate finance ingenuity could solve.

Greece knows a lot about vicious cycles. Athens and its international rescuers should capitalize on positive market sentiment while it lasts to give a positive twist to what could hopefully become a virtuous one.
(source: NYT, Capital)

According to Soros Fund Management’s latest quarterly 13F filing published on Wall Street, he expanded his business in six Greek shipping companies. It is notable that Soros Fund Management’s reported stock portfolio was valued at $9.1 billion as of Sept. 30, 2013.

The billionaire investor Soros is officially shareholder of six Greek shipping companies. In particular, Soros has shares in: DryShips, owner: George Economou, Diana Shipping, owner: Simeon Palios, in Navios Maritime Partners-Navios Maritime Holdings, owner: Angeliki Frangou, Safe Bulkers, owner: Poly Hatziioannou and in Baltic Trading, owner: Petros Georgiopoulos as well. The sixth shipping company which is the only non-Greek company, is the Irish Ardmore Shipping.

The investment of George Soros in Greek shipping companies coincides with the maritime recovery and especially in the dry bulk industry.

George Petrocheilos and his mother, Kiki Stamou, at the Home of Aris Melissaratos

By Maria Ioannides - George Petrocheilos, 22, a Towne Park, Ltd. executive made it among the “forty under forty” winners, making him one of the youngest honorees as well as the first Greek native to ever win the competition.

The Baltimore Business Journal recently announced their ‘‘40 Under 40’’ business leaders of the Greater Baltimore metropolitan area. Approximately every five years, the editorial board of the newspaper picks forty up-and-coming young professionals that “will help define and reshape Baltimore during the next generation,” according to James Briggs, the BBJ’s editor.

Petrocheilos was born and raised in Athens, and came to Baltimore in 2009 to attend the Johns Hopkins University, where he graduated with a degree in Financial Economics. In the meantime, he served as president of the Johns Hopkins Hellenic Association, which he helped build as one of the state’s most active organizations promoting and perpetuating Greek culture.

During his years in Baltimore, Petrocheilos got to know Aris Melissaratos, one of the state’s most prominent figures, who had been one of Westinghouse Corp’s top executives and later on served as the state’s Secretary of Business & Economic Development. Petrocheilos and Melissaratos –- who is also Greek and a Hopkins alum — ended up coming close and developing a very strong father-son relationship, which “helped tremendously in George’s professional and character development over the years.” Petrocheilos calls Melissaratos “a father, mentor and friend.”

Upon graduation, Petrocheilos joined Towne Park, a premier provider of parking management, valet parking & hospitality staffing solutions, as a Manager of Business Development. In his new role, Petrocheilos is coordinating business development efforts in Towne Park’s East division, driving strategic growth, while working directly with Jerry B. South, the company’s founder & CEO, on special projects.

At his BBJ interview, Petrocheilos also mentioned that meeting with Jerry South “was on of his biggest breaks,” since he was extremely impressed by the what South had created at Towne Park and really wanted to be part of this great organization, help it grow further and learn from the best.

During his free time, Petrocheilos likes to be involved with several national and local noteworthy causes, by serving on their board or one of their committees. The Cystic Fibrosis Foundation, the Walters Art Museum, the Baltimore Police Department, and the Hellenic American Leadership Council are among those organizations.

Greece is among the top ten countries-suppliers in all olive oil categories to the USA except from HTS 15100020 olive oil that is not edible.

As ANA-MPA mentions, the main competitive countries, Italy and Spain, are always on the list of top five suppliers of olive oil in every olive oil variety. Greece, despite being among the top ten suppliers of olive oil to the USA, in absolute values, Greek exports of olive oil fall short of its competitor countries. Greece’s olive oil exports are far behind, not only from the top suppliers — Spain and Italy — but also from Tunisia and Morocco. If we take into account all countries’ market share, we can confirm the above deduction. Greece’s share in USA’s olive oil market stands at single-digits and ranges from 0.43 percent to 6.52 percent.

This data comes from a report that was carried out by the Office for Economic and Commercial Affairs at the Embassy of Greece in Washington concerning the market of Olive oil in the USA.

The 15th Capital Link Greek Investor Forum began this Monday, December 16, in New York City with a gala dinner at the New York Yacht Club in honor of John Calamos, Chairman and CEO of Calamos Investments.

Capital link is a New York based organization that also has offices in London, Athens and Oslo. It has been active since 1995 in the field of Investor Relations & Financial Communications. Every year it organizes a series of Investor Forums concerning its own areas of expertise.

The Greek Ambassador to the USA, Christos Panagopoulos presented John Calamos with the”Capital Link Leadership Award” for 2013. The award is given annually to an individual or organization for outstanding contribution to the promotion of business ties between Greece and the global business and investment community.

John Calamos has contributed in improving Greece’s image on an international investment and business level by having private conversations and strategic meetings with the heads of the private and public sector, as well as by publicly stating his opinions in international conferences. Moreover, while being the Chairman of a globally recognized investment group worth 28 billion, he also has an active presence in Greece. Mr. Calamos said, that as the son of a Greek immigrant in the USA, Greece has a special place in his heart and he wishes to be part of the Greek economy’s development and improvement.

In his acceptance speech, John Calamos said: “I am honored to receive an award from Capital Link, an organization that has played a key role in the improvement of Greece’s image on an international business and investment level. My love and devotion to Greece comes from my personal experiences, from my heart. Being the son of a Greek immigrant in the USA, I attribute a large part of my success to the values my parents taught me as well as the teachings of Greek philosophers. Greek people have a long and glorious history in terms of creation, innovation and determination. Under the Greek Prime Minister, Antonis Samaras’, leadership, the country will get back on track. The indications as well as the perspectives are encouraging.”

Four friends are aiming to bring to the USA, high quality frozen traditional Greek pies. The fact that they recently won an award for their innovative idea at the “Re-inspiring Greece from the Youth Up” competition is rather encouraging.

With an insight into the global food trade, George Ballas, a Mechanical Engineer and business consultant along with Alexandros Toulias a Civil Engineer and analyst at a large investment company in Germany, decided early on to differentiate themselves from their competition and to bring new ideas to the table. They abandoned their promising professional careers and founded a food export company whose main objective is to promote high quality Greek food abroad.

They decided to focus on frozen foods (frozen Greek traditional spinach and cheese pies) and chose America as their main market.

In the meantime two more members joined the team, Gerasimos Skaltsas, a Civil Engineer from Chicago and Dimitris Skaltsas, a business consultant. “For us, the crisis has acted as a stimulus that led us to work with things that we love,” said Mr. Skaltsas.

It seems that despite the large size of the American frozen food market, it is still waiting for that one “Next Big Thing.” Moreover, the word “Greek” in foods such as yogurt has increasingly become associated with high quality, healthy, nutritional and tasty products. Finally, let’s not forget that Americans love pies!

Demetra Pies, as their company is called, aims to place its products in the American market some time during 2014.

As part of Global Entrepreneurship Week, the Greek team won the business contest, “Re-inspiring Greece from the Youth Up,” as one of the most innovative Greek start-up companies in the food market.

The Financial Times published an article revealing a startling prediction that was made by the European Commission. According to the author of the article, the European Commission has made it crystal clear that the living standards in the eurozone – currently relative to US – will get worse. In fact, the Commission’s officials predict that by 2023, the living standards in eurozone will be lower than they were in the mid-1960s.

This pessimistic prediction is in full contrast with the “comforting tales of economic recovery and financial market stability on which Europe’s leaders are congratulating themselves in these early weeks of 2014”  FT notes.

The author of the article underlines that “this prediction raises profound questions about Europe’s relative weight in the world and, in particular, about its military alliance and economic partnership with the US.”

FT brings to light the Commission’s report, pointing out that “the US economy has pulled away from Europe since the mid-1990s, mainly because of higher productivity and faster adoption of advanced technologies. Hourly labor productivity levels in the eurozone were almost 90 percent of US levels in the mid-1990s, but they have fallen by 10 percentage points since then and are projected to drop another 6 points to 73 percent of US levels by 2023.”

According to the article, the Commission’s report underlines that “unless the eurozone reforms itself, living standards will be only 60 percent of US levels in 2023, says the Commission. Two-thirds of the gap will be attributable to lower labor productivity. One-third will be down to differences in employment rates and hours worked per worker.”

“The evidence suggests that not only has the US’s growth performance been relatively less affected by the financial crisis, but also that the US is expected to emerge from the crisis in a stronger position compared with the euro area,” the Commission’s report says.

Last October, a shipping magnate Lucas Ktistakis, originally from Greece, was charged for filing a fake tax return. Ktistakis pleaded guilty of charge. On Wednesday the 15th, the federal courted ordered him to pay $1.5 million dollars in restitution to the Internal Revenue Service.

Being a fugitive for ten years, the 78 year-old man was extradited to New Orleans in September 2013. Ktistakis was then given a $10,000 fine to pay, along with a sentence of a three-year supervised release.

Ktistakis is accused of concealing his ownership stake in several foreign corporations, even from his accountant. In addition, he was transferring money into secret foreign bank accounts.

In 2003, Ktistakis along with his wife Kathryn, were again accused of buying cars worth more than 500,000 dollars and property in Greece. The money for these purchases came from their companies, one of which was the Sunrise Shipping Agency Inc. based in New Orleans. As authorities alleged, the money was diverted from the company and it wasn’t reported as income to the International Revenue Service.

The couple were residents of Chagrin Falls, Ohio. Before he was sent to the USA, Ktistakis spent six months in Germany, where he was arrested.

The 2014 Libra Summer Internship Program, an initiative that helps students gain hands-on experience and broaden their career experiences by placing them at one of the group’s 25 key international locations, is now accepting applications. (Apply here!)

The Libra Group, a privately owned international business group, operates its International Summer Internship Program in cooperation with the American College of Greece, the Greek America Foundation, the University of Piraeus and the Instituto Griego Antenagoras I. Launched in 2012, the program today embraces 40 interns per annum to undertake internships at Libra Group subsidiaries around the world.

“The success of this program is bringing opportunity and inspiration to a new generation,” says George Logothetis, Chairman and CEO of the Libra Group.

“Students learn about our businesses, strategy and management philosophy along with developing their skill-set. It widens horizons and offers the powerful combination of experience and understanding to bright young people in helping to shape their careers and their future.”

The internship program places students at one of the group’s 25 key international locations, which include New York, Miami, London, Athens, Beijing and Buenos Aires.

The Libra Group’s subsidiaries primarily span shipping, aviation, hospitality, real estate, and renewable energy. The internships take place during summer vacation and include a stipend towards travel and living expenses – covered by the generosity of the Libra Group.

The 2014 program commences on June 4 and concludes on August 1, with the exception of internships in hotels and hospitality which will conclude in early September at the latest.

Greek America Foundation founder Gregory Pappas is clear about the benefits. “We are very fortunate to partner with the Libra Group in this exciting endeavor. It offers young people a springboard for opportunity and professional development like no other program in our community– not to mention an unforgettable global experience. To us, service to young people is at the very core of our mission and we’re grateful to Libra for this dynamic enterprise.”

“The aim of our internships is to provide a real-life program for students to get involved in a wide variety of businesses in global economic centers and use that experience to build their careers and benefit their communities,” added Mr. Logothetis.

The Libra Group is a privately owned international business group undertaking strategic investment around the globe. The group was created in 2003 as a holding company for the diversified business interests of the Logothetis family and has experienced significant growth over the last decade.

The deadline for applications is January 20th, 2014 5:00pm EST

John P. Calamos

By Calamos Investments - Entering 2014, we expect a good year for global equity and convertible markets overall. The major global economies look positioned to show faster growth, although this positive global synchronization is occurring at varying rates and supported by diverging policies. Historically, the conditions we see today have benefited equities and convertibles, especially cyclical growth opportunities. More importantly, we are encouraged by the emergence of more fundamentally driven markets across asset classes and believe that our active approach is well suited to this environment.

Market Review
The S&P 500 Index rang out 2013 with a total return of 32%, its strongest year since 1997 (Figure 1). The Nasdaq Index soared even higher to a 40% gain for 2013, on the back of an increased appetite for risk assets, including smaller cap and technology names. Developed markets outside the U.S. also advanced briskly, supported by improved conditions in the euro zone and brightening sentiment on Japan.

In terms of market performance, the emerging markets (EMs) did not enjoy similarly good fortunes, as market participants struggled with the potential deleterious impact of a U.S. taper on countries with weaker currencies and deficits; these anxieties were exacerbated by concerns of slowing growth. Talk of a potential credit bubble and slowing growth in China was a focal point of investor apprehension.

As is often the case, good news for U.S. stocks was bad news for much of the bond market, and the 10-year Treasury sank 8% for the year. Gold declined nearly 30% as inflation remained contained and equities extended their rally.

For the year, consumer discretionary led, as companies continued to reap the benefits of the wealth effect provided by rising equity markets and recovering home prices. Health care and financials rounded out the top performing sectors.

For the quarter, cyclical growth sectors performed best, led by industrials and technology. Utilities and telecom posted the most muted gains for the quarter and the year, as investors turned away from more defensive names.

Global Outlook
While improved global economic growth in 2013 was led by the U.S., we are starting to see positive global synchronization among major economies. Europe is coming out of its recession, and Abenomics has promoted economic growth in Japan. China’s growth has decelerated, but it is delivering solid growth nonetheless, as are a number of lesser-discussed EMs.

In the wake of the 2008 financial crisis and euro zone turmoil, accommodative policy was good for the global economy. Recovery efforts didn’t take firm hold until the U.S., the European Central Bank (ECB) and China aligned in an accommodative direction. Now, with the worst in the rear-view mirror, countries are following different routes to move forward as they address local issues.

The U.S. is tapering; elsewhere in the developed markets, monetary policy remains highly accommodative and fiscal policy has become more stimulative. The ECB has indicated its willingness to inject more money into the euro zone, and Japan looks set to continue with its unprecedented stimulus measures. China and other emerging markets will likely be in varying levels of tightening as they work to avoid credit bubbles while keeping inflation in check. All in, we expect global growth slightly above 3.0% (Figure 3), with the U.S. and China making strong contributions. As the two largest economies in the world, their economic growth can offset the more modest expansion that we may see in the euro zone and in some EMs.

United States. The U.S. economy looks to be in a “nottoo- hot, not-too-cold” period, supported by improving GDP growth and low inflation, upbeat consumers, good corporate balance sheets, strength in manufacturing and an improving trade balance. We expect U.S. GDP growth of 2.5 to 3.0% in 2014, with inflation holding at less than 2%. Against this backdrop, we anticipate that the Fed will withdraw QE stimulus by the end of 2014, while continuing accommodative policy through 2015.

Supported by a wealth effect of rising equity markets and home values(Figure 4), the U.S. consumer is feeling better and spending more, including on autos and other discretionary items (Figure 5). Net worth is higher than it was before the financial crisis, and the deleveraging cycle may have well have bottomed out (Figure 6). This willingness to spend and potentially take on debt should sustain economic growth over the long term.

The U.S. Labor Department’s report that only 74,000 jobs were added in December fell far short of economists’ expectations(Figure 7), but we expect the number to be revised upward next month. The calendar was compressed with Thanksgiving coming late; the weather was bad; and if one considers November data (revised up to 241,000 jobs) along with December’s data, the average monthly job growth has been respectable at about 160,000. The December numbers are also inconsistent with the other stronger economic data we’ve seen over the past few weeks, including new unemployment claims and ADP’s private sector job growth report.

Businesses are also doing well. Capital spending has begun its long-anticipated recovery, with total expenditures at record highs. Corporate cash growth and high cash balances suggest that this recovery can be sustained over an extended period. Operating earnings of S&P 500 companies continue to rise. Small businesses are adding jobs and benefiting from increased access to credit. As earnings season starts again, we believe most sectors are likely to do better versus reduced expectations. Retail and restaurants may be an exception; like the employment numbers, these sectors were similarly affected by the compressed calendar and weather.

What could derail this recovery? We believe the most significant threat to U.S. economic growth is inflation, which would cause long-term rates to spike. At this point, we believe the threat of this is low. Wage inflation is not a problem, as unemployment is still relatively high. At 1.5%, core inflation is well contained today and looks to be so for the foreseeable future, while the velocity of money, a primary driver of asset inflation, remains subdued ( Figure 8 and Figure 9).

We also view government policy as a potential impediment to a more robust recovery. We’d like to see more favorable fiscal policy for business, which in turn could stimulate job growth and GDP growth. It’s our hope that Congress will focus on this in 2014.

Euro zone. We believe GDP growth is likely to turn positive in 2014, led by stronger growth in Germany and more stimulative fiscal policy. Stronger U.S. growth should also benefit the region by creating demand for European exports. While we expect regional expansion, the growth will be uneven by country. Germany has continued along the recovery trajectory. Spain, Ireland and Greece have gone through painful austerity programs and appear headed to brighter prospects.

Countries that have not undertaken reform may remain or become potential problems. In France, manufacturing has fallen significantly, public debt has soared to more than 90% of GDP, and President Hollande’s aggressive tax agenda has discouraged private enterprise and investment. Due to its size, even a relatively small stumble from France could cause a large impact.

More broadly, structural issues across the euro zone continue to create considerable headwinds to more robust growth: money growth is slow, bank loans have declined, and unemployment remains at more than 10% for the region, with youth unemployment even higher at 23% (Figure 10).

So, while the Fed is ready to start weaning its patient from its meds, the European Central Bank likely has more to administer. While the exact prescriptions are to be determined, the ECB has alluded to providing liquidity exclusively to banks that commit to extending those funds to businesses. In this case, attaching conditions to banks’ ability to access additional capital would be a positive because we believe stimulating business is the long-term route to economic growth.

Japan. Markets have loudly cheered Abenomics, with the MSCI Japan Index (local) rising 55%. With the printing presses working overtime, Japan has doubled its money supply, and the yen is down 20% since the outset of Abenomics. Economic growth was strong during the first half of the year, but slowed more recently (Figure 11). The trade balance remains problematic, hindered by tepid exports. Ebbing domestic consumer demand provides further cause for concern.

In our view, the Japanese equity market may have gotten ahead of itself in 2013, especially as the sustainability of the recovery is contingent on meaningful structural reform. Persistent overcapacity issues and stagnant wage growth create significant hurdles to more sustainable economic growth. We expect consumers to pull spending forward before the introduction of the value-added tax this spring; this could lead to a near-term boost to economic growth, but it’s too soon to gauge the longer-term impact of the tax.

Emerging Markets. While we expect broad global economic synchronization overall, the expansion will be uneven. Most broadly, the secular growth trend of the emerging market middle class consumer remains intact. On a country level, we are seeing encouraging reforms in China, Mexico, the Philippines, and South Korea— reforms that have the potential to improve longer-term economic growth prospects, including stimulating foreign direct investment.

In regard to China, we are not anticipating either a hard landing nor a significant acceleration of growth. Rather, we believe the economy will slow to a still-healthy 6% range for the medium term. We are prepared for bumps along the way, as the influence of state-owned enterprises (SOEs) decreases and the role of private enterprises expands.

In Mexico, President Nieto’s “Pact for Mexico” has unified opposition parties to implement structural reforms. In the Philippines, economic prospects have been bolstered by President Aquino’s government’s successful strides against corruption, helping to level the playing field and encourage foreign investment and private enterprise. Moreover, since Typhoon Haiyan, the Philippine government has also shown greater momentum in moving forward public-private partnerships to build infrastructure and promote private enterprise. (For more on Mexico and the Philippines, read blog posts by Co-Portfolio Manager Nick Niziolek, CFA, at www.calamos.com/viewpoints.)

However, the upcoming taper in the U.S. and the aggressive monetary accommodation in Japan give many emerging markets less room to navigate as they attempt to forestall inflation without curtailing economic growth. Saddled with a fiscal deficit and a current account deficit (“twin deficits”), Brazil is in a difficult spot as it seeks to combat slowing growth and high inflation, a challenge made more difficult given our expectation of softer commodity demand and rising real interest rates in that country. For many similar reasons, we’re cautious on India’s growth prospects, as the government struggles with economic deceleration, rising inflation, a twin deficit, the shadow of a potential ratings downgrade of its debt, as well as a fractious political environment.

Moreover, India and Brazil are two of the five major EM twin-deficit economies with national elections scheduled in 2014; the group is rounded out by Indonesia, South Africa and Turkey. The outcomes will likely lead to structural changes, but whether positive or negative remains to be seen. We should be prepared for more volatility along the way.

For more info visit www.Calamos.com

A Greek-American businessman, Giorgos Tsounis, who lives permanently in Long Island, New York, received a personal proposal from President Barack Obama, to be the new ambassador of the US in Oslo, Norway. Mr. Tsounis submitted an application to Senate Committee on Foreign Relations Chairman, Robert “Bob” Menendez. His hearing at the competent Committee took place on Thursday in the presence of his friends and partners.

Mr. Tsounis is an active member of the Hellenic-American community and on March 30 will be the officiant of the Greek parade in Manhattan’s 5^th Avenue, along with the Democratic Senator, Charles Schumer.

Mr. Tsounis has been honored by the Cyprus Federation of America. In a former statement, Giorgos Tsounis had underlined that Washington must do its utmost to help Cyprus by forcing the Turkish army to leave the occupied part of the island.

Mr. Tsounis has contributed financially to the pre-election campaigns of several members of the Democratic Party. The Greek-American businessman cooperates on a permanent basis with the Vice-President of USA, Joe Biden, to find solutions to the Greek issues.

During the hearing procedure at the Senate Committee on Foreign Relations, Senator Schumer, when speaking of Mr. Tsounis said “he is a true story of the American dream.” He also praised him on the fact that he did not forget his roots and cultural heritage.

Peter Mouskondis (center) and his wife, Nicole (second from the left), were invited to Washington D.C. earlier this week. Peter sat in the First Lady’s viewing box during the President’s State of the Union Address.

Greek-American business owner Peter Mouskondis was given a rare opportunity Tuesday night: he was invited to President Obama’s State of the Union in Washington, D.C. and sat in the First Lady’s viewing box.

Peter and his wife, Nicole, are President and Senior Vice President of Nicholas & Company, a distributor based in Salt Lake City, Utah that delivers food and service to six states in the U.S. and is celebrating 75 years in business.

As listed on their website, Nicholas & Company was founded in 1939 by Nicholas William Mouskondis. Nicholas left his home in Crete, Greece, to forge a better life in the United States of America, “the land of promise and opportunity.” With an eighth grade education, no knowledge of the English language and a sign on his back reading “Utah,” Nicholas Mouskondis began his long journey to Salt Lake City.

Since then, Nicholas & Company has been honored with numerous awards, including the 2013 Sloan Award for Excellence in Workplace Effectiveness and Flexibility; 2012 Excellence in Distribution Award from the International Foodservice Manufacturers Association; Best of State Statue Winner in 2003, 2006, and 2009-2012; Utah Department of Work Force Services Work/Life Award Legacy, 2001-2012; and Utah Business Magazine, Best Companies to Work for in 2005, 2011, 2013. The company has also been recognized for its achievements, and is involved in many charities and community programs.

A statement from the White House praised Nicholas & Company’s “culture of mutual respect and care among and for its employees, emphasizing work-life balance and benefits, including maternity, paternity, and bereavement leave.”

Peter Mouskondis also released a statement, saying, “Our success at Nicholas & Company is directly related to our family-friendly approach and the work of my grandmother, mother and wife in making work-life balance an essential part of our culture.”

Aphrodite Kotrotsios, Founder & Executive Director, Hermes Expo’s Young Professionals Initiative (3rd from right) with Phil Kamaratos, Peter Doulis, Aphrodite Kotrotsios, Francesco Parliaros, Alyssa Raisis, Louie Parliaros and Adriane Chambers.

  “In hospitality, the chief thing is good will,”- Greek proverb. Hospitality was from God to the Ancient Greeks. The host was expected to make sure the needs of his guests were satisfied. In Greek society, a person’s ability to offer hospitality determined nobility and social standing.  This concept has been woven into Greek culture for thousands of years. “One must offer refreshments to guests who enter one’s home,” we heard in our Greek-American community of Astoria, New York. “It is a sin and disgrace not to offer at least a glass of water. This is what makes us stand out as a people of class and hospitality. Honor, loyalty, integrity is part of hospitality. One must remember, never forget.”  This concept of hospitality is the focus of the hospitality industry of 2014 America.

            The hospitality industry is changing. Unique and healthy menus, increased spending by older consumers, the influence of Latino and Asian clientele, availability of online orders and coupons are just some of the challenges facing the 2014 hospitality industry. How they approach these trends is important.

“The 23^rd Hermes Expo International will focus on the hospitality industry of 2014 America,” said Paul Kotrotsios (MBA), founder and president of Hermes Expo International and Hellenic News of America. “Greek hospitality is legendary. The modern Greek hospitality industry has supported Hermes Expo International through the years. We bring the premier Greek-American trade show and exhibition conference, Hermes Expo, to the greater Philadelphia area. The focus will be on deals for restaurateurs and buyers, distributors and manufacturers.”

The 2014 Hermes Expo International is set to take place at the Best Western Concordville Inn, Concordville, PA, on Tuesday and Wednesday, April 1 and 2, 2014. On Thursday, March 27, 2014, the “Taste of Greece” kick off networking event will be held at the Greek Press & Information Office,  305 E. 47^th Street, 2^nd Floor, NY. from 5 to 8p.m. Investors Bank is the sponsor. Educational business seminars and presentations will be held on April 1^st and 2^nd at the Concordville Inn.  Dinner award presentations and entertainment will be held in the evening on April 1st in the Grand Ballroom. Individuals and companies that have excelled and contributed to society will be honored.  April 2^nd will host a Wednesday morning brunch with networking and presentations.

The 7^th Hermes Young Professionals Initiative conference will be held during both days. The organization was established in 2007 by Stavroula and Aphrodite Kotrotsios. “The purpose of the Hermes Young Professionals Initiative is to help young Greek-Americans who are aspiring to meet the professional demands of the 21st century,” said Kotrotsios. “It is a forum to connect, interface and learn. Seasoned Greek-American leaders from various fields including business, medicine, law and government will act as mentors.”
To learn more visit the website at www.hermesexpo.com

The 23rd Hermes Expo International is a unique networking and business development trade show and exhibition. It is specifically tailored to businesses that seek to reach American and international markets. The exhibition, held over the years in New York, Chicago and Atlantic City, attracts businesses and entrepreneurs from a wide range of industries. The all have the common goal to expand their business reach. The 23rd Hermes Expo International is the largest event in the Greek-American business world. The exhibition attracts the attention and interest of governmental agencies. The 2014 Hermes Expo International offers business solutions, strategic partnerships, along with communication and presentations promoting information to boost business productivity and sales.

“Hermes Expo International is one of the country’s largest and most renowned business-to-business networking events and we are excited to partner with the Concordville Inn,” said Paul Kotrotsios, Expo founder and president. “Hermes Expo International has become a proven venue for businesses to establish new contacts, increase sales, and expand their brand. While the Expo still includes many companies doing business with Greece, the event is national and international in scope. That is what makes this event unique. Each year, the event grows in the number of exhibitors, participants, sponsors, and attendees. Get involved, explore, discover and connect is our message. Hermes Expo, business interests and institutions will join forces to build a strong economic future. We sincerely thank the sponsors, contributors, exhibitors and visitors for their continuous support.”