Business

Natural gas exports from Cyprus to Egypt , ‘key’ for energy relations

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Natural gas exports from Cyprus to Egypt , ‘key’ for energy relations

Cyprus and Egypt have a strategic relationship that enhances the security and stability of the Eastern Mediterranean. The foreign ministers of both countries, Constantinos Kombos of Cyprus and Sameh Shoukry of Egypt, met in Nicosia and discussed bilateral cooperation, particularly in the energy sector. They emphasized the need for more humanitarian aid for civilians in Gaza.

During the visit to Nicosia, discussions included the transportation of natural gas from Cyprus to Egypt for liquefaction. The two countries agreed to establish a joint business council and are looking forward to signing several agreements and MoUs. They also plan to convene the second session of the High Governmental Commission in Cyprus soon.

Kombos acknowledged Egypt’s significant role in the energy sector and within the East Mediterranean Gas Forum (EMGF). He also mentioned the importance of migration control, energy diversification, and regional stability, recognizing Egypt as a pillar of reason and reliability.

Cyprus briefed Egypt on the latest developments regarding the Cyprus problem, for which Egypt’s support is appreciated. Both ministers expressed concerns over conflicts in the Middle East and developments in the Red Sea, including Houthi attacks. Cyprus has established a maritime corridor to provide aid to Gaza and rejects any displacement of Palestinians from the area.

The ministers discussed economic cooperation, human rights, legal migration, and mutual support for international candidacies. Egypt is satisfied with the bilateral cooperation progress and aims to strengthen ties in various sectors, including energy, trade, investment, agriculture, fisheries, and renewable energy.

Big Oil offers record returns to lure investors back

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Big Oil offers record returns to lure investors back

The top five Western oil and gas firms – BP, Chevron, Exxon Mobil, Shell, and TotalEnergies – returned over 1 billion to shareholders in 2023 through dividends and share repurchases. This amount was slightly higher than the 0 billion returned in 2022. The group’s profits in 2022 reached a record 6 billion but fell to 3 billion in 2023. The energy sector’s weighting in the S&P 500 index decreased to 4.4% by the end of January, from around 14% in the last decade. Chevron and Exxon have focused on growing oil production, while BP, TotalEnergies, and Shell have invested more in low-carbon and renewables. Shell, Chevron, and TotalEnergies increased their dividends in the fourth quarter, and BP increased its buyback rate. Exxon returned the highest amount to shareholders in the sector, with billion in the previous year. Minimal spending increases are expected in the sector for 2024.

Cyprus Business Now

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Cyprus Business Now

– The Cyprus Employers & Industrialists Federation (Oev) expressed satisfaction with the approval of the Grants Scheme for Energy Upgrade and Competitiveness Enhancement for Large Enterprises.
– The proposal was approved by the Cabinet after being put forward by the Minister of Energy, Commerce, and Industry.
– The Grants Scheme was initiated by Oev in 2020 to support large enterprises, particularly in the manufacturing sector, to enhance their competitiveness and contribute to the economy.
– The Ministry of Energy stated that the financial support will cover eligible expenses for energy-saving investments and transitioning to a circular business model.
– The total amount allocated for the scheme is €17 million, divided into two categories: up to €7 million for the manufacturing sector and €10 million for all eligible sectors.
– Large enterprises in the Manufacturing Sector can receive grants under the General Block Exemption Regulation and/or the De Minimis Regulation, with a maximum grant of €750,000 per enterprise.
– The Scheme Guide is available on the website of the Industrial Development Service.
– The Cyprus Shipping Chamber (CSC) announced that its Director General, Thomas Kazakos, is the first lobbyist registered in the Anti-Corruption Authority’s Lobbyists Registry.
– The CSC responded to the authority’s call for registry applications in November 2023.
– The CSC’s registration reflects its commitment to transparency and ethical standards in lobbying.
– The Cyprus Stock Exchange (CSE) reported profits on Wednesday, February 7.
– The general Cyprus Stock Market Index was at 139.71 points, a 0.41 per cent increase from the previous day.
– The FTSE / CySE 20 Index was at 84.85 points, a 0.43 per cent rise.
– The total value of transactions was €175,575.
– Sub-indexes for the main, alternative, investment firm, and hotel sectors grew by various percentages.
– Specific companies such as Vassiliko Cement Works Public Company, the Bank of Cyprus, the Cyprus Cement Company, Demetra Holdings, and Petrolina Holdings attracted significant investment interest.

Britain invests 100 million pounds in AI research and regulation

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Britain invests 100 million pounds in AI research and regulation

Britain announced it would invest over 100 million pounds in launching nine new research hubs focused on artificial intelligence (AI) and in training regulators about the technology. Nearly 90 million pounds will be allocated to the hubs, which will concentrate on AI applications in healthcare, chemistry, mathematics, and a partnership with the U.S. on responsible AI. An additional 10 million pounds will be used to help regulators manage AI risks and opportunities across various sectors. Britain also hosted an international AI safety summit in November, resulting in over 25 countries signing the “Bletchley Declaration” to address and mitigate shared AI risks. The exchange rate mentioned is 1 dollar to 0.7987 pounds.

Cyprus Business Now

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Cyprus Business Now

– The Cyprus Chamber of Commerce and Industry (Keve) announced an online course through its I-STARS project.
– The course is focused on building competencies and skills in energy management for tourism enterprises.
– The I-STARS eLearning platform provides knowledge and practical skills for managing energy consumption in businesses.
– The course includes concepts and techniques for energy reduction, insights into renewable energy, staff training, and guest education.
– Participants will learn about conducting energy audits, formulating energy management plans, and exploring financial options for energy-saving initiatives.
– The course aims to reduce operational costs, enhance sustainability, and ensure compliance with environmental regulations for SMEs in the tourism sector.
– The I-STARS eLearning platform offers training courses in digital upskilling, food waste management, stakeholder engagement, waste management, and water management.
– The I-STARS project is a collaboration coordinated by Keve with partners from Greece, Ireland, Italy, and Spain, co-funded by the European Union.
– The project aims to enhance sustainability knowledge and practices of tourism SMEs.

– 30 new members received the title of Charterholder of the Chartered Financial Analyst (CFA) Institute conferred by the Cyprus Society of Financial Analysts (CFA Society Cyprus).
– The new members completed three examinations set by the CFA Institute and amassed 4,000 hours of professional experience.
– The CFA Institute has over 200,000 members globally in financial analysis, investments, and asset management.
– The CFA Charter is considered a prestigious credential in the financial industry.

– The Cyprus Stock Exchange (CSE) experienced negligible losses on Tuesday, February 6.
– The general Cyprus Stock Market Index was at 139.46 points, a decrease of 0.03 percent from the previous day.
– The FTSE/CySE 20 Index was at 84.69 points, a drop of 0.02 percent.
– The total value of transactions was €72,157.
– The main index fell by 0.06 percent, the alternative index rose by 0.2 percent, and the hotel and investment firm index remained unchanged.
– Investment interest was shown in the Bank of Cyprus, Hellenic Bank, Logicom, Petrolina, and Vassiliko Cement Works Public Company.

Short-term rental properties becoming more popular in Cyprus

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Short-term rental properties becoming more popular in Cyprus

Short-term rental properties are becoming increasingly popular in Cyprus, with both travelers and locals opting for them. Yiannis Kotzias, the general manager of operations at Phaedrus Living, has stated that this trend is in line with the global increase in short-term rentals, especially given Cyprus’s status as a tourist destination. The growth of this market is driven by investors purchasing or building properties to rent out short-term, seeking higher returns compared to long-term rentals.

Statistics from AirDNA show that as of late January 2024, there were over 15,400 active short-term rental properties in Cyprus. The number of these properties has increased annually in major cities: Nicosia by 25%, Limassol by 17%, Larnaca by 9%, and Paphos by 3%. The average annual income from short-term rentals varies by city, with Nicosia at €13,500, Limassol at €26,200, Larnaca at €18,300, and Paphos at €24,800. Higher returns are noted in popular summer destinations like Protaras and Ayia Napa, with average annual incomes of €61,300 and €46,200, respectively, and in Peyia, known for its sunset views, with an average income of €55,800.

Short-term rentals offer flexibility to property owners and investors, including the ability to adjust prices during peak demand and to use the property for personal vacations. To mitigate investment risks and manage seasonality in tourism, investors often diversify property locations. Strategic marketing and positive guest reviews can enhance investor returns.

Investors are increasingly relying on specialized management companies to handle operational tasks like cleaning, maintenance, and repairs, which can improve returns on investment. With the expected growth in tourism, the demand for short-term rentals is anticipated to rise, leading to a competitive market where property owners and investors must adapt to maintain and increase their income.

Cyprus Business Now: weekly wrap-up

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Cyprus Business Now: weekly wrap-up

Here are the factual points extracted from the text:

1. The Cyprus Shipping Chamber (CSC) announced that it is marking 35 years of successful operation since its establishment on January 26, 1989.
2. The Cyprus real estate data analytics firm Ask Wire released a report outlining the ten most lucrative property transactions completed in Cyprus during 2023, with a focus on high-value deals in the district of Limassol.
3. The European Central Bank (ECB) kept interest rates unchanged at a record high on January 25 and did not indicate a shift towards policy easing.
4. Wargaming, an online game developer and publisher headquartered in Nicosia, announced opportunities for students and recent graduates in 2024, including six online gaming educational courses.
5. Cyprus’ Deputy Ministry of Tourism sees an opportunity for increasing tourist arrivals from Switzerland, estimating visits to reach 80,000 in 2023, up from 73,000 in 2022, marking a 20 percent increase.
6. The President of the Cyprus Institute, Stavros Malas, presented a proposal for the establishment of a Centre of Excellence for Smart and Sustainable Farming (SMARTFARM).
7. The Economic Sentiment Indicator (ESI) in Cyprus increased by 2.3 units in January 2024 compared to December 2023, primarily due to a stronger business environment in the services sector.
8. TechIsland and Adsterra launched an educational programme called “Advocate For Yourself” under the Women in Tech Cyprus initiative.
9. Mark Rachovides, chairman of Venus Minerals, explained that copper prices are expected to rise by approximately 75 percent over the next two years due to supply disruptions and increased demand.
10. Finance Minister Makis Keravnos and Cyprus Central Bank governor Constantinos Herodotou discussed a potential decrease in ECB interest rates during 2024, with an expectation that rates are likely to fall before the end of the year barring unforeseen events.
11. The Bank of Cyprus returned a total of €2.2 million to up-to-date mortgage borrowers as part of their ongoing reward plan.
12. A €6.6 million project to install solar panels in 405 schools has been completed, resulting in a 30 percent reduction in total energy consumption, and was funded under the national Recovery and Resilience plan.

Arbitrum (ARB) climb halted; Bitcoin (BTC) finds strong footing; NuggetRush (NUGX) excites Meme enthusiasts and investors

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Arbitrum (ARB) climb halted; Bitcoin (BTC) finds strong footing; NuggetRush (NUGX) excites Meme enthusiasts and investors

The factual information extracted from the text is as follows:

– Arbitrum has seen a decrease in its price momentum.
– Bitcoin is trading above ,000, and there is an expectation of further price increase in the near future.
– NuggetRush (NUGX) is nearing its launch, with analysts predicting a significant increase in its value.
– The SEC made a decision on Bitcoin ETFs in January, which initially led to an upswing in cryptocurrency prices.
– Following the SEC’s approval of Bitcoin ETFs, Bitcoin’s price increased past ,000 but later dipped to as low as ,000.
– Arbitrum is an Ethereum layer-two scaling solution that uses optimistic rollups to improve speed, cost-efficiency, and scalability on the Ethereum network.
– NuggetRush is a play-to-earn memecoin that will feature a game built around gold mining, and it will have an associated NFT marketplace.

Carmakers gear up for EV market growth

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Carmakers gear up for EV market growth

The global electric vehicle (EV) market is projected to grow by 29% in 2023, reaching 13.7 million units with a penetration rate of 17.1%. China is expected to remain the largest EV market with 7.6 million units and a 55.5% market share. In 2024, the global EV market is forecasted to grow by 27.1%, reaching 17.5 million units. China is predicted to lead in sales for 2023, followed by Europe with 3.2 million units and North America with 1.8 million units. Car manufacturers are focusing on localizing EV production, tailoring models to specific regions, and improving charging infrastructure and services. Challenges in the EV sector include cost-effectiveness and subsidy reductions. China’s light vehicle sales are projected to grow by 1% in 2024, with EVs accounting for 40% of total sales at 9.1 million units. Battery cost reductions are expected to drive sales of Battery Electric Vehicles (BEVs), especially in the compact and subcompact segments. Plug-in Hybrid Electric Vehicles (PHEVs) are also anticipated to gain market share. Analyst Alvin Liu from Canalys stated that new EV launches at the end of 2023 will propel growth in 2024, with Chinese carmakers expected to dominate the market with a 78% share in 2024. Improvements in battery technology and infrastructure are addressing charging concerns. Charging ecosystems like NIO’s Battery Swap Alliance, Mercedes-Benz and BMW’s Super Charging Network, and Lotus’s Flash Charging Alliance are expected to support BEV growth. However, maintaining a growth rate over 50% is considered impossible as the market reaches critical mass and convincing remaining EV skeptics becomes more challenging.

Alphabet, Meta ad sales in Q4 unlikely to reflect gen AI investments

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Alphabet, Meta ad sales in Q4 unlikely to reflect gen AI investments

– Alphabet (GOOGL.O) and Meta Platforms (META.O) are expected to report muted impact from generative artificial intelligence on their advertising business in their fourth-quarter results.
– Alphabet has introduced AI tools to help advertisers target audiences more cost-effectively and distribute marketing budgets across Google’s ad network.
– Meta is using generative AI to create variations of ad campaigns.
– Bernstein analysts consider generative AI to be in the “hype cycle” but recognize investors are looking for incremental use cases and revenue streams.
– The digital advertising core business is expected to have been resilient for the quarter ended December 31.
– Microsoft (MSFT.O) is anticipated to benefit early from the generative AI race, with increased demand for its cloud services.
– Alphabet’s stock surged 58% last year, Meta’s stock nearly tripled, and the S&P 500 index gained roughly a quarter, partly due to an AI-fueled tech rally.
– Political advertising is expected to be a catalyst for Meta and Google, with spending on political advertising in the U.S. predicted to jump 30% in 2024 from 2020.
– Alphabet is expected to report an 11.8% growth in fourth-quarter advertising revenue to billion.
– Google introduced the AI chatbot Bard and a search generative experience (SGE) that generates written responses to some search queries.
– SGE could contribute between .6 million and 3 million in incremental search advertising revenue by 2025.
– Meta’s AI tools for advertisers have shown potential time savings for users.
– Meta is expected to report .1 billion in fourth-quarter revenue.
– Meta’s AI tools that find potential customers and test ad performance are earning billion on an annualized basis.
– Meta could generate .7 billion in ad revenue in 2025 if it introduces paid ads within AI assistants on WhatsApp, Messenger, and Instagram.
– Snap (SNAP.N) partnered with Microsoft to place sponsored product links in its chatbot, which could earn Snap 4 million in 2024, growing to 6 million in 2025.
– Amazon.com (AMZN.O) is introducing ads on its Prime Video service and developing Amazon Bedrock, a service for creating applications with AI models.
– Amazon’s Prime Video ads could increase its ad revenue growth by 5% to 10%.
– Amazon is set to report its results the same week as the article’s publication.