Blockchain
Intrakat Group Emerges as Greece’s Second Largest Construction Powerhouse through Aktor Acquisition
London, United Kingdom–(Newsfile Corp. – May 24, 2023) – Intrakat Group, an industry leader in Greece’s construction, infrastructure, renewable energy, real estate development, concessions/PPPs, and waste management sectors, has taken a major leap forward by acquiring Aktor. This strategic move has propelled Intrakat Group to solidify its position as the second largest construction company in Greece, with an impressive portfolio of projects exceeding €4 billion.
Intrakat Group Emerges as Greece’s Second Largest Construction Powerhouse through Aktor Acquisition
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With a steadfast commitment to strategic growth and investment, Intrakat Group has already established a robust presence across its targeted sectors and has ambitious plans for further expansion in the years ahead. The Group’s recent acquisition of the Apanema Resort in Mykonos Town exemplifies its dedication to transforming properties into cutting-edge luxury boutique hotels. Additionally, since the beginning of 2022, Intrakat has successfully operated the prestigious “Xenodocheio Milos,” a 5-star hotel located in the heart of Athens.
Looking ahead, the Group is gearing up to participate in the bidding process for the new concession of the Attiki Odos, forming a 30% joint venture with BRISA, a prominent European company with extensive expertise in managing road networks and motorways.
Recognizing the importance of sustainable energy and the green transition, Intrakat Group is making strategic investments in Renewable Energy Sources (RES), which will be a key growth driver and investment priority. With an existing portfolio of RES projects boasting a capacity of 1.8 GW and electricity storage projects of 0.7 GW, the Group is poised to tap into Greece’s potential for offshore wind farms, collaborating with Parkwind, a company renowned for its experience in similar ventures.
Beyond renewable energy, Intrakat Group aims to bolster its presence in real estate and tourism infrastructure, focusing on the development of luxury hotels and residential units in coveted destinations such as Mykonos, Santorini, Paros, Syros, Athens, and Crete.
“We are thrilled to take this significant stride for Intrakat Group, solidifying our position as Greece’s second largest construction company. This acquisition will enable us to expand our capabilities and geographic reach while maintaining our commitment to delivering high-quality services to our clients,” stated Alexandros Exarchou, CEO of Intrakat Group.
The acquisition of Aktor marks a pivotal milestone in Intrakat Group’s growth strategy, with its unwavering focus on strategic investments and clear direction expected to drive stable financial flows and establish the Group as a market leader in Greece for years to come.
This announcement highlights Intrakat Group’s unwavering dedication to expanding its presence across sectors, while cementing its status as a major player in Greece’s construction and infrastructure markets. Catering to business investors and those seeking growth opportunities, Intrakat Group is poised to deliver on its commitment to strategic investments, clear direction, and exceptional service across various sectors, solidifying its position as a prominent force in Greece’s construction and infrastructure realms.
About Intrakat Group
Intrakat Group is a leading player in Greece’s construction, infrastructure, renewable energy, real estate development, concessions/PPPs, and waste management sectors. Guided by a clear strategic vision and investment orientation, the Group actively strives to expand its business footprint, boasting a formidable presence across targeted sectors. With a turnover of €225 million and €365 million in asset value, Intrakat Group is primed for growth, backed by a robust backlog of projects exceeding €4 billion. Intrakat Group remains committed to strategic investments, clear direction, and delivering top-notch services to clients across diverse sectors, solidifying its position as a key player in Greece’s construction and infrastructure markets.
Media Contact
Company Name: MEDIAIMPACT
Person Name: ANGELA WHITE
Email: [email protected]
Phone: +441632960450
Address: Mayfair
City: London
Country: United Kingdom
Website: https://www.mediaimpact.io/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167276
Blockchain
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI
Leading up to Friday’s Bitcoin (BTC) halving, investors opted to remain on the sidelines rather than increase their exposure to cryptocurrencies. CoinShares’ latest report on digital asset fund flows reveals that crypto funds experienced $206 million in outflows last week, while trading volumes for Exchange-Traded Products (ETPs) dropped to $18 billion.
James Butterfill, head of research at CoinShares, noted, “These volumes represent a lower percentage of total Bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago.” He attributed this decline in investor appetite to expectations that the Federal Reserve would maintain interest rates at elevated levels for a longer duration.
In terms of regional flows, the United States led the outflows with $244 million exiting incumbent ETFs by the week ending April 19. Butterfill highlighted that newly issued ETFs still received inflows, albeit at lower levels compared to previous weeks. Germany and Sweden saw outflows of $8.3 million and $6.7 million, respectively, while Canada experienced inflows of $29.9 million. Switzerland, Brazil, and Australia also witnessed inflows of $7.8 million, $5.5 million, and $2.2 million, respectively.
Butterfill observed that although Bitcoin saw outflows of $192 million, there were minimal flows into short-Bitcoin positions. Ethereum (ETH) experienced outflows of $34 million for the sixth consecutive week. However, multi-asset funds saw improved sentiment, attracting $8.6 million in inflows. Additionally, Litecoin (LTC) and Chainlink (LINK) received inflows of $3.2 million and $1.7 million, respectively.
The report highlighted that blockchain equities sustained their 11th consecutive week of outflows, totaling $9 million, as investors remained concerned about the halving’s impact on mining companies.
In a separate analysis of the post-halving crypto mining industry, CoinShares analysts suggested that many miners might transition to serving the artificial intelligence (AI) sector, which has become more lucrative. They anticipated a shift towards AI in energy-secure locations, potentially leading to Bitcoin mining operations relocating to stranded energy sites.
The analysts projected a 10% decline in the Bitcoin network’s hash rate after the halving as miners deactivate unprofitable ASICs. However, they expected the hash rate to reach 700 exahash (EH/s) by 2025. As of the current data, the Bitcoin hash rate stands at 596.22 EH/s.
The report also noted that substantial cost increases are anticipated due to the halving, with electricity and production costs nearly doubling. Mitigation strategies include optimizing energy costs, enhancing mining efficiency, and securing favorable hardware procurement terms. Miners are actively managing financial liabilities, with some utilizing excess cash to significantly reduce debt.
Source: kitco.com
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Blockchain
NYSE gauges interest in 24/7 stock trading like crypto
According to reports, the New York Stock Exchange (NYSE) is exploring the possibility of introducing round-the-clock trading, a model akin to that of cryptocurrency markets. In a bid to gauge market sentiment, NYSE’s data analytics team has circulated a survey among market participants. The survey seeks feedback on whether there is support for 24/7 or extended weekday trading hours and, if so, what measures should be implemented to safeguard traders against overnight price fluctuations. As of now, NYSE, alongside Nasdaq and the Chicago Board Options Exchange, operates from Monday to Friday, spanning from 9:30 am to 4:00 pm Eastern Time.
In the United States, assets like cryptocurrencies, United States Treasurys, foreign exchange, and major stock index futures are already tradable 24/7. Certain brokerages, such as Robinhood and Interactive Brokers, provide access to U.S. stocks throughout the week via a “dark pool” trading venue, catering to international retail investors during their local trading hours.
However, recent reports indicated that Robinhood suspended its 24-hour trading services amidst heightened tensions between Israel and Iran, prompting concerns among investors regarding the sustainability of continuous trading.
Effectively managing liquidity in a 24/7 trading environment has proven challenging for trading platforms within the cryptocurrency industry.
According to cryptocurrency research firm Kaiko, there’s often a mismatch between the operating hours of traditional financial institutions and the needs of major crypto traders and market makers. Traders frequently find themselves losing sleep during periods of extreme market volatility.
While the results of NYSE’s survey haven’t been revealed, Tom Hearden, a senior trader at Skylands Capital, conducted his own poll among his 19,300 followers, asking if they would support NYSE transitioning to 24/7 trading hours. Interestingly, over 70% of the 1,459 respondents voted “No.”
NYSE’s survey coincides with the efforts of startup firm 24X National Exchange, which is seeking approval from the Securities and Exchange Commission (SEC) to launch the first exchange in the country operating round-the-clock.
The FT said, citing two persons familiar with the subject, that the SEC has “months” to study the proposed rule change, and other relevant issues, such who should shoulder expenses and the function of clearing houses, are already being considered by other stakeholders.
“How loud they will be playing in the middle of the night is unknown to me. However, the decision of whether something is commercially feasible or not actually shouldn’t be made by the SEC, James Angel, a Georgetown University finance professor, told FT.
“I support letting the market make the decision. We’re all better off if it succeeds, and the exchange’s stockholders lose out if it fails.
After the company withdrew an application in March 2023, alleging operational and technological concerns, it is the second attempt to receive SEC clearance.
Source: cointelegraph.com
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