The Blubber

Per BI

Goldman Sachs has decided to venture into Greek hotels, already spending $200 million on three with plans to buy more. Per WSJ, unnamed sources told them that the firm made the purchase in October and is planning to start its renovations.

Another possible acquisition by Goldman Sachs is a five-star hotel and two four-star units at Kallithea, Halkidiki. This was announced back in May by Kathimerini, a Greek newspaper.

Should Goldman Sachs push through with the purchase of the two properties, they would reportedly cost the firm from 80 million to 90 million euros or about $87 million to $98 million USD.

In October, Capital Quest reported that the purchase by Goldman Sachs would give it exposure to what was described as the "thriving Greek tourism industry." Per Deutsche Welle, the country received record-breaking arrivals during the 2022 travel season.

Greece reportedly relies heavily on tourism, as it still makes up for over 20% of the country's GDP. Pre-pandemic, the country received 33 million holidaymakers, which accounted for about $18.3 billion in revenue.

In June of last year, Greece reportedly saw 3.5 million visitors, with the country's hottest tourist spots being Mykonos, Santorini, Korfu, Kos, and Rhodes.

In other news, Goldman Sachs believes that artificial intelligence platforms like ChatGPT could result in 300 million full-time jobs being lost. It was estimated that 18% of the global workforce could become computerized.

Aside from its AI predictions, congresspeople have been calling for a federal investigation into Goldman Sachs to see whether the profits that the firm received in handling a $21 billion trade for Silicon Valley bank should be repossessed. The call was for the firm to be investigated to find out if it had a role in the collapse of SVB.

See flow at unusualwhales.com/flow.

Other News:

• Goldman Sachs believes 300 million full-time jobs could be impacted by AI platforms like ChatGPT
• Congresspeople have called for a federal investigation into the role Goldman Sachs, $GS, played in the collapse of Silicon Valley Bank

Resources:

Business Insider

Kathimerini

Capital Quest

Deutsche Welle