• Arachova is a two-hour drive north-west of Athens. Photo: Alex Antoniadis / Unsplash
    Arachova is a two-hour drive north-west of Athens. Photo: Alex Antoniadis / Unsplash
  • Arachova in winter. Photo: DiChatz / Unsplash
    Arachova in winter. Photo: DiChatz / Unsplash
  • Arachova is home to traditional tavernas and coffee shops, or kafenia. Photo: Declan McVeigh
    Arachova is home to traditional tavernas and coffee shops, or kafenia. Photo: Declan McVeigh
  • Arachova is a popular winter destination. Photo: Declan Mcveigh
    Arachova is a popular winter destination. Photo: Declan Mcveigh
  • The ancient Greek site of Delphi. Photo: Victor Malyushev / Unsplash
    The ancient Greek site of Delphi. Photo: Victor Malyushev / Unsplash
  • The Ancient Greeks believed that Delphi was the centre of the world. Photo: Silversea / Unsplash
    The Ancient Greeks believed that Delphi was the centre of the world. Photo: Silversea / Unsplash
  • The 'navel of the world' at the Temple of Apollo at Delphi, Greece. Photo: Declan McVeigh
    The 'navel of the world' at the Temple of Apollo at Delphi, Greece. Photo: Declan McVeigh
  • Delphi is where the oracle – the high priestess of the god Apollo – sat, delivering her otherworldly prophecies. Photo: Declan McVeigh
    Delphi is where the oracle – the high priestess of the god Apollo – sat, delivering her otherworldly prophecies. Photo: Declan McVeigh
  • There are plenty of shops selling local produce in Arachova, including a firm, cylindrical cheese called formaiella. Photo: Declan McVeigh
    There are plenty of shops selling local produce in Arachova, including a firm, cylindrical cheese called formaiella. Photo: Declan McVeigh

Where to go in Greece this winter: Arachova is a year-round destination


Declan McVeigh
  • English
  • Arabic

It’s raining sunlight on the Greek mountain village of Arachova. The winter sun pours through breaks in the grey, rolling clouds and creates a spotlight effect on the wild, green valley below.

More Alpine than Aegean, Arachova stands apart from Greece’s better known, and sometimes overrun, island destinations. It is close to the ski resorts of Gerontovrachos, Kelaria and Fterolakka — some of the best places for winter sports in central Greece — and is a mere two-hour drive north-west of Athens, meaning the village is assured of year-round business.

Having guaranteed custom is a mixed blessing for those coming here to enjoy a relaxing winter break. Arachova, with its somewhat fairy-tale atmosphere, is well set up for tourism. There is plenty of accommodation, a wealth of tavernas and traditional coffee shops, or kafenia, and transport to nearby Delphi, a Unesco World Heritage archaeological site.

Arachova in winter. Photo: DiChatz / Unsplash
Arachova in winter. Photo: DiChatz / Unsplash

On the other hand, Arachova’s prices reflect the fact that there is little need for anyone to hustle for custom. The 15-minute bus ride to Delphi is a few euros but a taxi there is €15 ($15). A backpackers’ paradise Arachova is not, but what the area has in terms of scenery, food and history makes it hard to beat.

The village runs east to west along Livadias Amfissas and a slow walk along the road is perfect for getting your bearings. At the eastern end of the village, in a fine neoclassical building, is the Ethnographic Museum. The museum preserves the town’s strong rural culture, particularly its traditional crafts — examples of which can be bought at shops up and down the length of the street.

Behind the museum is an 18th-century clock tower perched on top of a small, rocky hill that offers dramatic views over the valley below. It’s a romantic spot and couples can be seen silhouetted against the sunshine, which Greece often enjoys late into the winter.

Passing the Church of the Assumption of the Virgin Mary and walking west along the main street, foodies will be pleased to find plenty of shops selling local produce. A firm, cylindrical cheese called formaiella is everywhere and is often served grilled in the village’s tavernas. There are stacks of local honey, bags of homemade pasta, herbs and spices for sale. The ubiquitous Greek olive oil is here, as are woollen carpets, rugs and other textiles made in the local style.

Pushing on into the village, past busy cafes and tavernas, you’ll have plenty more of Arachova’s mountainous panoramas to enjoy. It’s here that the local bus service departs for Delphi, a major archaeological site just a few kilometres to the west.

The ancient Greek site of Delphi. Photo: Victor Malyushev
The ancient Greek site of Delphi. Photo: Victor Malyushev

Delphi is incomparable. Sprawling across the south-west slope of Mount Parnassus, this was where the ancient Greeks believed the centre of the world lay. The rocky omphalos, or "navel" of the world, is still here, as are the remains of Delphi’s temples, its stadium, gym, theatre and treasury.

This was also where the oracle — the high priestess of the god Apollo — sat, delivering her otherworldly prophecies that decided the fate of battles and kingdoms. Some scientists say these visions were caused by noxious gases rising from a chasm beneath the Temple of Apollo, but standing on these slopes, it is more compelling to imagine the ancient gods deciding the fate of their unfortunate subjects.

Delphi can be a steep hike, but the huge site is a treasure trove of knowledge about the ancient Greeks. The museum at the foot of the sanctuary is a mine of information, and the whole site itself is sometimes free to enter — like all Greek archaeological sites, it is free on the first Sunday of the month during winter and spring.

The abundance of fresh air will make you hungry, putting you in the perfect position to try the local cuisine, which owes more to the mountains than to the sea. Back in Arachova, a brisk uphill walk on the edge of town will take you to Kaplanis taverna.

You can try the grilled formaiella cheese or a softer, tangier variety called opsimotiri, which goes well with the restaurant's roasted rooster and local pasta. Aside from Kaplanis’s must-try beetroot and garlic starter is kokoretsi — a dish of seasoned offal wrapped in lamb or goat intestines and grilled on a horizontal skewer. A firm favourite in Turkey, Greece and the Balkans, kokoretsi should not be passed up and Kaplanis does it to perfection.

Kaplanis also gets brownie points for holding on to the Greek tradition of giving its customers a free dessert after the main course — usually yoghurt with honey or glyko tou koutaliou (aka spoon sweets, which are all served with the magic word kerasma, or my treat).

Greece revels in its reputation as a sun-and-sand destination. But with places like Arachova within striking distance of Athens (itself served by direct flights from Abu Dhabi and Dubai), there’s no reason to put off your next Hellenic voyage until the summer rolls around again. And, if anyone asks why you’re going to Greece in the dead of winter, just tell them the oracle sent you.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

ONCE UPON A TIME IN GAZA

Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi

Directors: Tarzan and Arab Nasser

Rating: 4.5/5

Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

England v South Africa Test series:

First Test: at Lord's, England won by 211 runs

Second Test: at Trent Bridge, South Africa won by 340 runs

Third Test: at The Oval, July 27-31

Fourth Test: at Old Trafford, August 4-8

The 12 breakaway clubs

England

Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur

Italy
AC Milan, Inter Milan, Juventus

Spain
Atletico Madrid, Barcelona, Real Madrid

THE SPECS

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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

Updated: October 27, 2022, 1:14 PM