The future of LNG exports
Fact: Future LNG demand is expected to be led by Asia, particularly China, with global LNG demand projected to increase to about 700mtpa by 2040.
transition
Bermuda Client Advisory | Corporate Income Tax Act | Kroll
Fact: Bermuda’s legislature enacted the Corporate Income Tax Act 2023, which imposes a 15% income tax on Bermuda constituent entities belonging to multinational enterprises with an annual consolidated revenue of €750 million or more.
Bank of Cyprus issues , €300 million green bond — 120 institutional investors express interest
The Bank of Cyprus successfully launched and priced €300 million in green senior preferred notes under its EMTN Programme. The notes were priced at par with a fixed coupon of 5% per annum, payable annually until the Optional Redemption Date of May 2, 2028. The notes are expected to comply with the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) criteria, improving the bank’s MREL ratio to 28.36% of risk-weighted assets and 12.73% of Leverage Ratio Exposure.
Large businesses to receive , €17 million to boost energy efficiency
The Ministry of Energy has announced a €17 million grant scheme for energy upgrading and boosting the competitiveness of large businesses, funded by the EU Recovery and Resilience Plan. €10 million comes from the new EU REPowerEU Plan. The maximum grant awarded to a large enterprise is €750,000. The application period starts on April 26, 2024, and ends on June 28, 2024. Interested parties can obtain more information from the Industry and Technology Service website.
President reiterates support for businesses , — wants to “turn challenges into opportunities”
Fact: President Nikos Christodoulides addressed the Cyprus Employers and Industrialists Federation (Oev) during their annual general meeting and reiterated the government’s support for the local business community. He emphasized that businesses are the driving force behind economic development and highlighted the importance of cooperation between the public and private sectors to facilitate a better environment for businesses, promote innovation, and achieve sustainable economic growth.
The riches in Europe, ’s mountains of metals waste
Fact: Waste from the production of aluminium, nickel, and other industrial materials offers the EU an opportunity to advance its recycling goals.
Ino Afentouli: Cyprus’ solidarity towards Israel should not stop
Last week, the world saw Iran’s attack on Israel amidst ongoing tensions in the Gaza Strip, highlighting the thin line between tension and conflict in the Middle East. Ino Afentouli, from Panteion University, emphasized that a regional conflict involving Iran and Israel would have adverse consequences for Cyprus and Greece. The conflict has halted economic cooperation and development plans in the region. Afentouli also mentioned that Cyprus could face increased migrant flows similar to those seen during the war in Syria. She emphasized the importance of solidarity with Israel for Cyprus and Greece, despite supporting the rights of the Palestinian people. The conflict could have significant impacts on Europe’s security and stability.
Industrial policy for economic security
The European Union will need to use industrial policy to ensure economic security for the next five years.
Cyprus Forum Cities highlights local governance and smart cities
House of Representatives President Annita Demetriou warned about forthcoming challenges in local governance during her address at the 2nd Cyprus Forum Cities event. Deputy Minister Nikodemos Damianou outlined the Cyprus government’s plans for smart city development, including the Smart Cyprus initiative. Deputy Minister Irene Piki emphasized the critical role of cities in improving citizens’ quality of life.
Local govt reform , ‘on the right track’
Interior Minister Constantinos Ioannou stated that local government reform in Cyprus is “on the right track.” He believes that most teething problems will be resolved by the end of June. Progress is going well regarding staffing and finding buildings for various authorities. There may be an adjustment period at the beginning of the transition. Complaints will be made to the police if any objectionable issues arise regarding voter registration. More than 3,500 objections have been submitted for June’s elections, with some voters registering themselves at unusual addresses.