Greek island of Santorini sees significant drop in number of tourists
The main street without many people, alleys that are not crowded with visitors; these are uncommon sights during the summer months in Santorini's capital, Fira.
For the first year since the COVID-19 pandemic, Santorini, one of the most popular Greek islands, is experiencing a decline in tourist traffic.
Earthquake activity on the island earlier this year deterred many international visitors from choosing it for their summer holidays.
In recent weeks, arrivals have been increasing, but the numbers are far short of the highs of previous years.
"In Santorini, available airline seats are down 26% from the beginning of the year to date. But the indications we have in terms of supply of seats are down in the range of 7%-8% for the summer, so we expect a result with losses of 10%-15%," said president of the Association of Greek Tourism Enterprises (SETE), Yannis Paraschis.
The president of the Santorini hoteliers, Antonis Pagoni, told Euronews he estimates a further fall in tourist traffic and warned that the effects will spread throughout the entire Greek economy.
"The president of SETE talked about airport arrivals," he added, "but I will unfortunately say that overall arrivals will be down about 20%-25%. Right now we are moving at -25% to -30%. It's a huge reduction in a destination like Santorini that attracts more than 3 million visitors. You know, it's 10% of Greek tourism. We are not sure if Greece can afford to lose that revenue."
The island's hoteliers are offering discounts on room rates to attract last-minute tourists.
Almost every day three cruise ships stop in Santorini and thousands of visitors get off to admire the island's sights.
The cruise tax, which will finally start to be collected from July, is not expected to affect this year's cruise ship arrivals.
At the same time, the cost of living crisis affecting many parts of the world is also leaving its mark on Santorini.
This year, visitors are more restrained in their spending and this can be seen not only in hotel bookings but also in the alleys of the Greek islands.
According to shop owners, tourists this year are spending significantly less than in previous years, not only on dining but also on buying souvenirs.
Shares in chip designer Alphawave rose sharply on Monday after the British-Canadian firm agreed to be acquired by US rival Qualcomm for around $2.4bn (€2.1bn) in cash.
As of around 9.45am London time, Alphawave's stock had risen around 23% in daily trading on the LSE.
Qualcomm's offer values each share at 183p, a 96% premium on the closing price seen on 31 March, the final day before Qualcomm and Alphawave announced they were holding discussions.
The $2.4bn valuation is still half of the total worth attributed to Alphawave when it launched an IPO in 2021.
At its stock market debut, Alphawave shares were worth 410p each and the group was valued at £3.1bn (€2.7bn), although the firm has generally traded well below this level since its IPO.
The deal is expected to close in the first three months of 2026, subject to shareholder and regulatory approval.
Alphawave designs semiconductor technology for data centres and AI applications, thus providing Qualcomm with an opportunity to diversify away from smartphone components.
'Qualcomm's acquisition of Alphawave Semi represents a significant milestone for us and an opportunity for our business to join forces with a respected industry leader and drive value to our customers,' said Tony Pialis, CEO of Alphawave Semi.
'By combining our resources and expertise, we will be well-positioned to expand our product offerings, reach a broader customer base, and enhance our technological capabilities,' he added.
Cristiano Amon, CEO of Qualcomm, commented on the deal: 'The combined teams share the goal of building advanced technology solutions and enabling next-level connected computing performance across a wide array of high growth areas, including data center infrastructure.'
Alphawave said its directors would unanimously advise shareholders to vote in favour of the takeover.
For the deal to go ahead, it would require a green light from investors representing 75% of shares.
The takeover raises concerns about the attractiveness of listing in the UK, particularly after other high-profile departures from the LSE.
Food-delivery service Deliveroo and cybersecurity and AI firm Darktrace have both agreed to be acquired by US firms. The fintech Wise also announced last week that it would be moving its primary listing to the US.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
France 24
3 hours ago
- France 24
TikTok says to increase investment in Britain
The news coincided with the start of London's Tech Week, which sees British Prime Minister Keir Starmer welcoming some of sector's biggest firms. "TikTok's UK workforce will grow to 3,000 this year with the addition of more than 500 jobs," the company said in a statement. It added that it was investing in a new London office, set to open next year, and whose size will dwarf its current UK head office. It will take TikTok's investment in UK infrastructure to around £140 million ($190 million), the group said. Around half the UK population, more than 30 million people, use TikTok each month, making it the platform's "largest user-community in Europe", the statement added. "Whether through direct investment in jobs and innovation, or the wider economic contribution from millions of British businesses on TikTok, we're pleased to be increasing our investment and presence here in the UK," said Adam Presser, director of TikTok UK and global head of operations and trust and safety. TikTok has been in the crosshairs of Western governments for years over fears personal data could be used by China for espionage or propaganda purposes. "What underpins our continued growth is our deep commitment to safety and to creating an enjoyable and secure digital space to sustainably support creators, entrepreneurs and the wider economy, which is why we also invest significantly in safety," Presser added Monday.
Euronews
3 hours ago
- Euronews
Warner Bros. Discovery to split, dividing TV and streaming services
Media conglomerate Warner Bros. Discovery announced on Monday that it would split into two public companies by next year, carving off its TV network operations from its streaming service. The move to spin off one company devoted to streaming and a second devoted to traditional television comes as the company struggles with a decline in overall business. The organisation said the new Streaming & Studios group would include Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max as well as their film and television libraries. The Global Networks company will include CNN, TNT Sports, Discovery+ and other digital products. Shares in the company jumped more than 9% ahead of the market opening. Current Warner Bros. Discovery CEO David Zaslav will continue as the head of Streaming & Studios, while the company's chief financial officer Gunnar Wiedenfels will become CEO of Global Networks. Both executives will continue in their current positions until the company separates. 'By operating as two distinct and optimised companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today's evolving media landscape,' Zaslav said in a statement. The US media giant said the split would unlock value for shareholders and create opportunities for both businesses. The split still needs final approval from the company's board but is expected to be completed by the middle of next year. Warner Bros. Discovery was created only three years ago after a merger between Warner Media and Discovery. The main street without many people, alleys that are not crowded with visitors; these are uncommon sights during the summer months in Santorini's capital, Fira. For the first year since the COVID-19 pandemic, Santorini, one of the most popular Greek islands, is experiencing a decline in tourist traffic. Earthquake activity on the island earlier this year deterred many international visitors from choosing it for their summer holidays. In recent weeks, arrivals have been increasing, but the numbers are far short of the highs of previous years. "In Santorini, available airline seats are down 26% from the beginning of the year to date. But the indications we have in terms of supply of seats are down in the range of 7%-8% for the summer, so we expect a result with losses of 10%-15%," said president of the Association of Greek Tourism Enterprises (SETE), Yannis Paraschis. The president of the Santorini hoteliers, Antonis Pagoni, told Euronews he estimates a further fall in tourist traffic and warned that the effects will spread throughout the entire Greek economy. "The president of SETE talked about airport arrivals," he added, "but I will unfortunately say that overall arrivals will be down about 20%-25%. Right now we are moving at -25% to -30%. It's a huge reduction in a destination like Santorini that attracts more than 3 million visitors. You know, it's 10% of Greek tourism. We are not sure if Greece can afford to lose that revenue." The island's hoteliers are offering discounts on room rates to attract last-minute tourists. Almost every day three cruise ships stop in Santorini and thousands of visitors get off to admire the island's sights. The cruise tax, which will finally start to be collected from July, is not expected to affect this year's cruise ship arrivals. At the same time, the cost of living crisis affecting many parts of the world is also leaving its mark on Santorini. This year, visitors are more restrained in their spending and this can be seen not only in hotel bookings but also in the alleys of the Greek islands. According to shop owners, tourists this year are spending significantly less than in previous years, not only on dining but also on buying souvenirs.
Euronews
3 hours ago
- Euronews
Greek island of Santorini sees significant drop in number of tourists
The main street without many people, alleys that are not crowded with visitors; these are uncommon sights during the summer months in Santorini's capital, Fira. For the first year since the COVID-19 pandemic, Santorini, one of the most popular Greek islands, is experiencing a decline in tourist traffic. Earthquake activity on the island earlier this year deterred many international visitors from choosing it for their summer holidays. In recent weeks, arrivals have been increasing, but the numbers are far short of the highs of previous years. "In Santorini, available airline seats are down 26% from the beginning of the year to date. But the indications we have in terms of supply of seats are down in the range of 7%-8% for the summer, so we expect a result with losses of 10%-15%," said president of the Association of Greek Tourism Enterprises (SETE), Yannis Paraschis. The president of the Santorini hoteliers, Antonis Pagoni, told Euronews he estimates a further fall in tourist traffic and warned that the effects will spread throughout the entire Greek economy. "The president of SETE talked about airport arrivals," he added, "but I will unfortunately say that overall arrivals will be down about 20%-25%. Right now we are moving at -25% to -30%. It's a huge reduction in a destination like Santorini that attracts more than 3 million visitors. You know, it's 10% of Greek tourism. We are not sure if Greece can afford to lose that revenue." The island's hoteliers are offering discounts on room rates to attract last-minute tourists. Almost every day three cruise ships stop in Santorini and thousands of visitors get off to admire the island's sights. The cruise tax, which will finally start to be collected from July, is not expected to affect this year's cruise ship arrivals. At the same time, the cost of living crisis affecting many parts of the world is also leaving its mark on Santorini. This year, visitors are more restrained in their spending and this can be seen not only in hotel bookings but also in the alleys of the Greek islands. According to shop owners, tourists this year are spending significantly less than in previous years, not only on dining but also on buying souvenirs. Shares in chip designer Alphawave rose sharply on Monday after the British-Canadian firm agreed to be acquired by US rival Qualcomm for around $2.4bn (€2.1bn) in cash. As of around 9.45am London time, Alphawave's stock had risen around 23% in daily trading on the LSE. Qualcomm's offer values each share at 183p, a 96% premium on the closing price seen on 31 March, the final day before Qualcomm and Alphawave announced they were holding discussions. The $2.4bn valuation is still half of the total worth attributed to Alphawave when it launched an IPO in 2021. At its stock market debut, Alphawave shares were worth 410p each and the group was valued at £3.1bn (€2.7bn), although the firm has generally traded well below this level since its IPO. The deal is expected to close in the first three months of 2026, subject to shareholder and regulatory approval. Alphawave designs semiconductor technology for data centres and AI applications, thus providing Qualcomm with an opportunity to diversify away from smartphone components. 'Qualcomm's acquisition of Alphawave Semi represents a significant milestone for us and an opportunity for our business to join forces with a respected industry leader and drive value to our customers,' said Tony Pialis, CEO of Alphawave Semi. 'By combining our resources and expertise, we will be well-positioned to expand our product offerings, reach a broader customer base, and enhance our technological capabilities,' he added. Cristiano Amon, CEO of Qualcomm, commented on the deal: 'The combined teams share the goal of building advanced technology solutions and enabling next-level connected computing performance across a wide array of high growth areas, including data center infrastructure.' Alphawave said its directors would unanimously advise shareholders to vote in favour of the takeover. For the deal to go ahead, it would require a green light from investors representing 75% of shares. The takeover raises concerns about the attractiveness of listing in the UK, particularly after other high-profile departures from the LSE. Food-delivery service Deliveroo and cybersecurity and AI firm Darktrace have both agreed to be acquired by US firms. The fintech Wise also announced last week that it would be moving its primary listing to the US.
