Latest news with #Athens-based
Yahoo
a day ago
- Business
- Yahoo
EU Cracks Down on $700M Customs Fraud Ring Tied to Chinese Imports
A coordinated raid by the European Public Prosecutor's Office (EPPO) across four major cities earlier this week saw the arrest of 10 suspects—including two customs officers—for fraudulently importing goods from China as part of a wider crime ring responsible for 700 million euros ($820 million) in total damages. The customs fraud scheme was allegedly conducted mainly through Greece's Port of Piraeus, and enabled the perpetrators to evade customs duties and the E.U.'s value-added tax (VAT). More from Sourcing Journal China Trade Deal Solidified As Talks With Canada Devolve Tariffs Upend Fashion Sourcing and Disrupt Cash Flow Amid Widening Trade Gap FedEx Faces $170M in Tariff Headwinds as US Cracks Down on De Minimis Textiles, footwear, e-scooters and e-bikes are among the goods flooding the E.U. market that have been seized as part of the raid, called 'Calypso' by the authorities. Identities of the suspects have not been released. The raids took place across Athens; Madrid; Paris; and Sofia, Bulgaria; and encompassed 101 searches at the offices of customs brokers, companies controlled by the organized criminal groups under investigation and the premises of the suspects. The bust extended to offices of tax advisors, lawyers, accounts and transportation companies. As part of the raids, law enforcement agents seized 5.8 million euros ($6.8 million) in different currencies, including Hong Kong dollars, euros in digital wallets and cryptocurrencies. Greek authorities have conducted more than 20 raids, including the home of the alleged ringleader, a Chinese national, according to a report from Athens-based publication eKathimerini. Freezing orders were also issued in the country to seize real estate, boats and bank accounts. And in Spain, 11 real estate assets were also seized, as well as 27 vehicles and luxury items such as bags, watches and jewelry. Across the four major cities, law enforcement also confiscated 7,133 e-bikes and 3,696 e-scooters, as well as 480 containers for further checks and verification in the Port of Piraeus. Firearms and cold weapons were found and seized in the houses of three of the suspects. According to the EPPO, the alleged criminal enterprise is mainly controlled by Chinese nationals, with several separate organizations handling different links of the scheme, including distribution to the market's different member states, as well as sales to end customers. The criminal activity focused on exploiting Customs Procedure 42 (CP42), a mechanism designed to simplify cross-border trade by exempting importers from paying VAT in the country of import, if the imported goods are subsequently transported to another E.U. country. A network of professional enablers including customs brokers, service providers and accounting firms helped facilitate the initial clearance at the Piraeus customs entry point. To evade customs duties, the actors would use false documents to either undervalue or misclassify the goods, and produce false invoices and transport documents to conceal the real destination of the goods. This enabled the actors to evade CP42, as the goods were not forwarded to the declared destinations. Instead, they stored the imports in secret warehouses controlled by the separate criminal organizations and distributed them via illicit channels. From there, the organizations recruited a large network of sham companies used for the fake sales and deliveries to hide the fraudulent chain. This allowed the groups to sell the products at a competitive price—and for cash—since the VAT remained unpaid and customs duties and anti-dumping fees are largely evaded. When the final sale is made, the groups launder the money and send the profits back to China. The investigation was carried out across 14 countries: Bulgaria, China, Czechia, Denmark, France, Germany, Greece, Hungary, Italy, Poland, Portugal, Slovakia, Slovenia and Spain. Of the 700 million euros ($820 million) in total estimated damages, more than 250 million euros ($292.5 million) came from evaded customs duties—which contribute directly to the E.U. budget. Another nearly 450 million euros ($526.5 million) came from the unpaid VAT. The total damage caused by the fraudulent scheme under investigation is likely much higher, the EPPO says. The Port of Piraeus is majority owned and operated by China-based Cosco Shipping. EPPO did not indicate whether there were any ties to the Chinese national suspect arrested in Greece.
Axios
5 days ago
- Business
- Axios
Creature Comforts is Georgia's craft brewing king
Three Georgia craft breweries bucked the tough times plaguing the industry nationwide, an exclusive Axios analysis finds. State of play: The state's largest independent craft brewer, Athens-based Creature Comforts Brewing Co., saw sales increase 11% in 2024 compared to the prior year, our analysis of Brewers Association data shows. The Georgia-grown success story celebrated its 10th anniversary last year and the one-year anniversary of its Los Angeles brewery that expanded the company's reach. Tucker Brewing Company saw sales increase 23%, followed by New Realm at 20%. By the numbers: 19 Georgia craft breweries closed in 2024, according to the data, including Atlanta's Best End, Elsewhere and Eventide. 14 Georgia craft breweries opened their doors in 2024. Zoom in: Legislation to allow brewers to self-distribute up to 3,000 barrels of beer a year to retailers and other breweries and brewpubs failed to advance during this year's Georgia General Assembly.
Euronews
24-06-2025
- Business
- Euronews
Industry calls to safeguard independence of EU cybersecurity agency
Telecom operators, trade unions and industry groups have called for the EU's cyber agency ENISA to steer away from political interference and remain independent in response to a consultation on the European Commission's review of existing cybersecurity rules. In May, the Commission began gathering feedback on a revision to the bloc's 2019 Cybersecurity Act (CSA), which is being revamped in line with efforts to simplify existing rules. The proposal aimed to give the Athens-based ENISA a bigger mandate, including over the drafting of cybersecurity certification schemes, through which companies can demonstrate that their ICT solutions include the right level of cybersecurity protection for the EU market. Since 2019, the Commission requested three of these voluntary certification schemes: on baseline ICT products, 5G and cloud services, of which only the first has yet been adopted. The certification for cloud services (EUCS) turned into a political battle over sovereignty requirements. France has led resistance and wants to be sure that it can continue to use its own scheme – SecNum Cloud – after the adoption of EUCS. Tech industry association CCIA said ENISA's role in the certification scheme development 'should be explicitly grounded in technical independence, allowing it to make non-political decisions that reflect industry realities and cybersecurity best practices.' This was echoed by US tech company Amazon which said that the voluntary certification frameworks should be 'based purely on technical criteria'. 'We strongly believe that introducing non-technical factors could undermine the framework's effectiveness and create unnecessary barriers to innovation,' it added. Global consumer electronics company Lenovo, also warned against introducing non-technical criteria 'such as vendor nationality, ownership, or headquarters location—in cybersecurity risk assessments or certification schemes.' 'These measures risk undermining EU principles of non-discrimination, market access, fair competition, and proportionality, while offering little benefit to actual cybersecurity outcomes,' it said. There have been calls and plans from the Commission to increase the bloc's independence of suppliers from outside the EU. In the upcoming Cloud and AI Development Act, for example, the Commission plans to strengthen the EU's position in the industry. In the European Parliament lawmakers are also calling for measures to boost technological sovereignty and guarantee the bloc's independence and security by protecting its strategic infrastructure and reducing dependence on non-European technology providers. ENISA mandate The Commission began seeking feedback from industry and national governments on the functioning and scope of work of ENISA last year, as reported, in a bid to modify the agency's mandate and financial support. There seems to be support to increase its funding among the participants to the consultation. For example, Eco, a German association for the internet industry, said that the agency hadn't grown in terms of staff despite its expanded remit. 'Given the current geopolitical security challenges and the scale of global cyber threats, its financial resources remain limited compared to other EU bodies. [...] It is important to boost ENISA's role as the independent expert on European Cybersecurity. In order to operate independently and attract necessary resources, staff, and experts to the benefit of its mandate, ENISA has to leverage its public standing among the global community,' the contribution said. Henna Virkkunen, the EU Commissioner for technology, said earlier this year that she will carry out a so-called Digital Fitness Check – expected before the end of 2025 -- which will assess whether all existing tech rules are burdensome to companies, and identify areas for simplification. The CSA is expected to be part of that.
The Herald Scotland
22-06-2025
- Sport
- The Herald Scotland
Naismith on Rangers' 'hostile' UCL trip and key Martin aim
A trip to face the Athens-based side was one of Naismith's most memorable as a Rangers player for all the right and wrong reasons. "That was one of the most hostile places ever," he said. "It was on the run to the UEFA Cup Final. I remember, even from the warm-up, Gate 13, where the tunnel is. That's where the Ultras are. Naively, I was laughing and joking, coming out for the warm-up. But the next minute, there were glass bottles, coins, all sorts getting launched at us. Every time you went near the tunnel, you had to sprint in and sprint out. It was really hostile, that's my biggest memory of it. The night turned out to be really good for us, with Nacho [Novo] coming on and scoring to make it 1-1. It was a brilliant environment to play in, but very hostile. Read more: "You can talk about an atmosphere but until you're in it and experience it, it's just words. When you do experience it, it's a case of what way are you going? Are you intimidated or do you think this is good? That's the real root of whether you're going to be a success at Rangers or Celtic. It's about mentality. Do you go into that environment and think I'm up for that, I like a bit of this - or do you say, don't give me the ball because I'm scared? If it's the latter, you won't be a success." In drawing Panathinaikos, Rangers missed out on facing Servette of Switzerland and Norwegian champions Brann. "When you look at the teams they could have got, it's definitely the toughest opposition," added Naismith. "On top of that, you've had a takeover, a new manager and a squad rebuild that needs to happen. But as important as Champions League and European success is, if they missed out on this one but made the next 10, that's proper success. You have to understand where Rangers are at. "It's tough for any team competing in Europe. That's the toughest part, how early it is. The Old Firm have both been put out in early rounds in the past. You can train as much as you want and have friendlies - but you can't replicate that intensity of competitive football. It's going to be really difficult." New head coach Russell Martin has yet to dip his hand in European management. His possession-based, attack-minded approach could well set the heather alight in Scotland, although in the Premier League with Southampton, it failed to bear fruit. Ange Postecoglou was criticised for his refusal to switch it up on the European scene while at Celtic and Martin might face similar reproval should he remain stubborn on the continent. Regardless, his systematic style will be beneficial for his squad, according to Naismith. "It definitely makes things easier as a player when the manager has a clear, definite way of playing. "Players want simplicity in terms of their role. The style can be complex but as long as the player can understand it simply, it makes it easier. Russ' style is one that players will enjoy. The players who will find it most challenging are defenders. Because he'll ask them to do certain things and be in certain positions that can be uncomfortable. There will be a higher risk because if you're not in the right position it can be really costly. But every other player will be rubbing their hands because it's so enjoyable. "It's the way you wanted to play football growing up. He's worked on it for five years and has been successful. At every club, he's made them a better team and improved players. The proof of that is the sale of players he's worked with. They've moved on for a profit compared to when he brought them in." As well as playing alongside Martin at Norwich City, Naismith lined up with Max Aarons, who is set to become the new gaffer's first signing, all going well. "Max has got really good attributes. He's a modern-day full-back. He's not the tallest but very comfortable on the ball, quick and dynamic both going forward and defensively. "Probably the biggest thing I remember about Max is his attitude with sport. As a young player he was so deceptive to learn and get better and be better. That's why he got into a good Norwich team in the Championship and into the Premier League and eventually Barca come and ask him for you. That tells you a lot about him. "His career has maybe stumbled recently but he's definitely somebody with a high potential. He's got good experience and he's played at a really good level against some top players. I think he'd be a good signing. I think he's somebody who would raise the quality of the squad. If we go back to the previous remit, he's probably been signing young players and developing them. I think he's somebody who comes in and challenges right away." While getting his squad in a sufficient enough state to contest crucial European qualifiers is first up on Martin's Rangers agenda, Naismith thinks getting the club back to the top of the pile in Scotland must be his overarching target. In years gone by, the Govan side's ability to stumble against Scottish Premiership cannon-fodder yet pull off shock results against European teams of a considerable pedigree has been impressive. "I think success domestically has to be the first aim," admits Naismith. "It's not as clear cut as saying it's one over the other - because Rangers can have both. "But what won't be accepted is what's happened in previous years where it's been: 'Oh we've done well in Europe but we're 10 or 15 points behind in the league'. That just won't wash. That's what has to change. Rangers have to beat the other teams in the league. If you look at the points they dropped against teams from the mid-to-low end of the table, it was unacceptable. That's how the gap goes from being four points - where there is still pressure on the team at the top - to that big a gap where it becomes easy and the team at the top can cruise."
The National
22-06-2025
- Sport
- The National
Naismith on Rangers' 'hostile' UCL trip and key Martin aim
Greek giants Panathinaikos lie in wait for the Ibrox club in the second qualifying round of the Champions League. A trip to face the Athens-based side was one of Naismith's most memorable as a Rangers player for all the right and wrong reasons. "That was one of the most hostile places ever," he said. "It was on the run to the UEFA Cup Final. I remember, even from the warm-up, Gate 13, where the tunnel is. That's where the Ultras are. Naively, I was laughing and joking, coming out for the warm-up. But the next minute, there were glass bottles, coins, all sorts getting launched at us. Every time you went near the tunnel, you had to sprint in and sprint out. It was really hostile, that's my biggest memory of it. The night turned out to be really good for us, with Nacho [Novo] coming on and scoring to make it 1-1. It was a brilliant environment to play in, but very hostile. Read more: "You can talk about an atmosphere but until you're in it and experience it, it's just words. When you do experience it, it's a case of what way are you going? Are you intimidated or do you think this is good? That's the real root of whether you're going to be a success at Rangers or Celtic. It's about mentality. Do you go into that environment and think I'm up for that, I like a bit of this - or do you say, don't give me the ball because I'm scared? If it's the latter, you won't be a success." In drawing Panathinaikos, Rangers missed out on facing Servette of Switzerland and Norwegian champions Brann. "When you look at the teams they could have got, it's definitely the toughest opposition," added Naismith. "On top of that, you've had a takeover, a new manager and a squad rebuild that needs to happen. But as important as Champions League and European success is, if they missed out on this one but made the next 10, that's proper success. You have to understand where Rangers are at. "It's tough for any team competing in Europe. That's the toughest part, how early it is. The Old Firm have both been put out in early rounds in the past. You can train as much as you want and have friendlies - but you can't replicate that intensity of competitive football. It's going to be really difficult." New head coach Russell Martin has yet to dip his hand in European management. His possession-based, attack-minded approach could well set the heather alight in Scotland, although in the Premier League with Southampton, it failed to bear fruit. Ange Postecoglou was criticised for his refusal to switch it up on the European scene while at Celtic and Martin might face similar reproval should he remain stubborn on the continent. Regardless, his systematic style will be beneficial for his squad, according to Naismith. "It definitely makes things easier as a player when the manager has a clear, definite way of playing. "Players want simplicity in terms of their role. The style can be complex but as long as the player can understand it simply, it makes it easier. Russ' style is one that players will enjoy. The players who will find it most challenging are defenders. Because he'll ask them to do certain things and be in certain positions that can be uncomfortable. There will be a higher risk because if you're not in the right position it can be really costly. But every other player will be rubbing their hands because it's so enjoyable. "It's the way you wanted to play football growing up. He's worked on it for five years and has been successful. At every club, he's made them a better team and improved players. The proof of that is the sale of players he's worked with. They've moved on for a profit compared to when he brought them in." As well as playing alongside Martin at Norwich City, Naismith lined up with Max Aarons, who is set to become the new gaffer's first signing, all going well. "Max has got really good attributes. He's a modern-day full-back. He's not the tallest but very comfortable on the ball, quick and dynamic both going forward and defensively. "Probably the biggest thing I remember about Max is his attitude with sport. As a young player he was so deceptive to learn and get better and be better. That's why he got into a good Norwich team in the Championship and into the Premier League and eventually Barca come and ask him for you. That tells you a lot about him. "His career has maybe stumbled recently but he's definitely somebody with a high potential. He's got good experience and he's played at a really good level against some top players. I think he'd be a good signing. I think he's somebody who would raise the quality of the squad. If we go back to the previous remit, he's probably been signing young players and developing them. I think he's somebody who comes in and challenges right away." While getting his squad in a sufficient enough state to contest crucial European qualifiers is first up on Martin's Rangers agenda, Naismith thinks getting the club back to the top of the pile in Scotland must be his overarching target. In years gone by, the Govan side's ability to stumble against Scottish Premiership cannon-fodder yet pull off shock results against European teams of a considerable pedigree has been impressive. "I think success domestically has to be the first aim," admits Naismith. "It's not as clear cut as saying it's one over the other - because Rangers can have both. "But what won't be accepted is what's happened in previous years where it's been: 'Oh we've done well in Europe but we're 10 or 15 points behind in the league'. That just won't wash. That's what has to change. Rangers have to beat the other teams in the league. If you look at the points they dropped against teams from the mid-to-low end of the table, it was unacceptable. That's how the gap goes from being four points - where there is still pressure on the team at the top - to that big a gap where it becomes easy and the team at the top can cruise."
