Business

Apple faces ‘strong action’ if App Store changes fall short, EU’s Breton says

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Apple faces ‘strong action’ if App Store changes fall short, EU’s Breton says

Apple is facing potential strong action from the European Union if its changes to the App Store do not meet the incoming regulations set by the Digital Markets Act (DMA). The company will soon allow software developers to distribute their apps through alternative stores and opt out of using Apple’s in-app payment system. However, critics argue that the changes are not sufficient and may violate the DMA. EU industry chief Thierry Breton stated that if the proposed solutions are not satisfactory, strong action will be taken. Under the new regime, developers will still have to submit apps to Apple for review, and users will be able to choose their default web browsers and contactless payment apps. However, developers will still be required to pay a “core technology fee” of 50 euro cents per user account per year.

payabl. secures EMI license in boost to European market expansion

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payabl. secures EMI license in boost to European market expansion

– Payabl., a European PayTech company, was granted an Electronic Money Institution license by the Central Bank of Cyprus.
– The license will be passported throughout the European Economic Area (EEA).
– Payabl. was established in 2011 and is headquartered in Limassol, Cyprus.
– The company has additional offices in Germany, the Netherlands, and the United Kingdom.
– Payabl. serves over 500 customers across Europe and the UK.
– The company previously held a Payment Institution (PI) license.
– The new EMI license will allow Payabl. to expand and enhance its payment services within the EEA.
– Payabl. plans to provide new services to its merchant customers, improving user experience on its e-banking platform.
– The EMI license will enable Payabl. to develop new solutions and upgrades more flexibly.
– The license also ensures Payabl.’s compliance with enhanced regulatory oversight, including biometric identification in line with PSD2 regulations.
– Ugne Buraciene is the Group CEO of Payabl.
– Payabl. also holds an FCA EMI license in the UK.
– The company has plans to obtain an EMI license in the Netherlands and explore other markets.
– Payabl. is focused on creating a skilled team and providing high-quality services to its customers.
– The company is developing a new platform, payabl.one, to consolidate services for merchants and offer innovative financial services to support business growth.

Cyprus to receive , €20.9 million from the REPowerEU plan

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Cyprus to receive , €20.9 million from the REPowerEU plan

Cyprus is set to receive the first tranche of €20.9 million from the EU’s Recovery and Resilience Facility as an advance payment for implementing measures in the REPowerEU plan. REPowerEU aims to reduce dependence on Russian fossil fuels and accelerate the green transition. Cyprus has the potential to access up to €104 million from REPowerEU through its national recovery and resilience plan, “Cyprus Tomorrow,” for reforms and incentives related to energy upgrades and electric vehicles, with a deadline of 2026. Cyprus has already received €263 million from the Recovery and Resilience Facility. The country expects to receive an additional €152.2 million upon the EU’s approval of its request, submitted on December 15, for the second and third tranches, contingent upon achieving 38 milestones. This disbursement is anticipated in the first quarter of the year. The finance ministry indicates that Cyprus will request the fourth and fifth tranches from the Recovery and Resilience Facility during 2024, amounting to €197 million.

EXPLAINER-German protests against far-right head into third week

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EXPLAINER-German protests against far-right head into third week

Fact: Hundreds of thousands of Germans have been protesting against right-wing extremism and the nationalist Alternative for Germany (AfD) party.
Fact: The protests were sparked by a report that some senior AfD officials discussed policies such as mass deportation of citizens of foreign origin.
Fact: Civil society groups, mainstream parties, trade unions, and churches are organizing the protests.
Fact: The AfD has sought to distance itself from the deportation proposal and minimize the protests.
Fact: The protesters are calling for curbing support for the AfD and raising awareness of the danger it represents.
Fact: The AfD gained popularity by criticizing Angela Merkel’s open-door policy on migration, campaigning against COVID-19 lockdowns, and opposing Germany’s green transition and support for Ukraine.
Fact: The protests have had a slight impact on support for the AfD, but the party remains number two in polls.
Fact: Mainstream politicians have welcomed the protests and some have attended them.

German business activity deteriorates in January

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German business activity deteriorates in January

Germany’s economic downturn worsened in January, with both manufacturing and services activity contracting. The HCOB German Flash Composite Purchasing Managers’ Index (PMI) fell to 47.1, below economists’ forecast of 47.8. The manufacturing PMI rose to 45.4, but still in contraction territory. Business activity in the services sector fell to a 5-month low of 47.6. The survey showed continued weakness in demand but limited impact on the labor market.

Limassol company loses , €16,000 in online scam

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Limassol company loses , €16,000 in online scam

A company in Limassol was scammed out of over €16,000 in an online scam. The company received an email from a supposed supplier requesting an advance payment to a different bank account. The company made the payment but later discovered that unknown individuals had gained access to the supplier’s email. The Limassol CID is investigating the case, but no culprits have been identified yet. The police reminded the public about the risks of online transactions and advised verifying communication with sellers through previously established phone numbers.

CD Projekt aims to start production phase of , ‘Polaris’ in 2024

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CD Projekt aims to start production phase of , ‘Polaris’ in 2024

CD Projekt, a Polish video game maker, plans to start production on the next game in its “Witcher” series this year. The project, called “Polaris,” is a new trilogy expanding the universe of the “Witcher” franchise. CD Projekt aims to have around 400 people working on the project by the middle of the year. The company did not provide a premiere date for the first game in the project. CD Projekt also has plans for a sequel to its game “Cyberpunk 2077,” called “Orion,” which is in the conceptual phase. The company expects to have about 80 people working on the project by the end of the year. CD Projekt is considering including multiplayer elements in its games and is exploring the use of AI in game production. The company believes it has better control over the game production process and aims to avoid issues like the bug-ridden launch of “Cyberpunk 2077.”

Siemens Energy chairman calls for resistance against right-wing extremists

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Siemens Energy chairman calls for resistance against right-wing extremists

Siemens Energy supervisory board chairman Joe Kaeser has warned of a resurgence of right-wing extremism in Germany. He expressed disgust at reports of a meeting of right-wing extremists in Potsdam where migration policy, including mass deportations, was discussed. Kaeser highlighted the damage to Germany’s image and called on German businesses to publicly warn of the consequences. He also stated that he would participate in demonstrations against right-wing extremism. Anti-AfD protests have gained momentum across Germany, with tens of thousands of people gathering in various cities. German Chancellor Olaf Scholz expressed gratitude for the protests against racism and hate speech.

Cyprus Airways Strengthens Ties with Greek Travel Market

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Cyprus Airways Strengthens Ties with Greek Travel Market

Cyprus Airways plans to target the Greek market in 2024 and presented their plans to travel agents and journalists in Athens. The airline intends to expand and upgrade its services for Greek travelers. Cyprus Airways owner, Michael Alenkin, expressed gratitude for existing partnerships and plans to double its Airbus A220 fleet in 2024. The airline’s board member, Giorgos Hadjiyiiannis, spoke about their commitment to innovation, technology, and environmental responsibility. The summer flight schedule for 2024 includes daily flights between Larnaca and Athens, as well as air links with other Greek destinations.

#Showmethemoney: The strengthened Keravnos and the troubled Papanastasiou

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#Showmethemoney: The strengthened Keravnos and the troubled Papanastasiou

The text discusses various topics related to the economy and business in Cyprus. It mentions the political reshuffle in the government and how the Minister of Finance, Makis Keravnos, has solidified his position. It also talks about the challenges faced by the Minister of Commerce, George Papanastasiou, and the criticism he received from members of the Commerce Committee. The text also mentions that the Cyprus Stock Exchange has created accounts on social media platforms to enhance its visibility and communication with interested parties. Additionally, it discusses the privatization process of the Cyprus Stock Exchange and the financial support provided by the European Investment Bank for projects in Cyprus. Finally, it mentions the increased mobility in the aviation sector, with Aegean and SKY express airlines offering more options for Cypriot travelers. Fact: The Cyprus Stock Exchange has created accounts on social media platforms to enhance its visibility and communication.