Business

EU launches 175 mln euro defence equity fund to boost security innovation

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EU launches 175 mln euro defence equity fund to boost security innovation

The European Commission and the European Investment Fund have launched a 175 million euro fund to support defence and security innovation. The fund is expected to attract investments from private equity and venture capital funds, totaling around 500 million euros. It is part of the EU’s efforts to increase its role in defence policy and address security threats in Europe. The fund will focus on technologies with both civilian and defence applications over the next four years.

Deal on standardisation with UK group

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Deal on standardisation with UK group

The Cyprus Organisation for Standardisation (CYS) and the Great Britain-Cyprus Business Association (GBCY) have formed a strategic partnership to strengthen business connections and opportunities between companies in the UK and Cyprus. The partnership aims to provide GBCY members access to CYS services and solutions, enhance networking opportunities, and improve the quality, safety, and integrity of products, services, and processes. The collaboration aligns with GBCY’s commitment to promoting networking opportunities and CYS’s vision to elevate the level of quality in various sectors. The collaboration is expected to create collaborations among stakeholders and enhance overall performance, sustainable development, and resilience in the business environment.

India, ’s digital currency transactions top 1 million per day in December

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India, ’s digital currency transactions top 1 million per day in December

Indian banks disbursed employee benefits through digital rupee in December, helping the Reserve Bank of India meet its target of one million daily transactions by end-2023. The central bank digital currency (CBDC), called the e-rupee, was created as a digital alternative to physical cash. The RBI started its e-rupee pilot in December 2022 but transactions were low until last month when some large private and state-run lenders disbursed amounts related to employee benefit schemes directly to employees’ CBDC wallets. The user base for e-rupee has been steadily growing. Other countries, including China, France, and Ghana, are also in the pilot stages of their CBDC projects. Indian banks are offering incentives for e-rupee transactions.

Keravnos confirms 2.44% CoLA increase

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Keravnos confirms 2.44% CoLA increase

Employees in both the public and private sectors entitled to the Cost of Living Allowance (CoLA) will receive a 2.44% wage increase from this month. The increase is based on the automatic adjustment of wages in line with the consumer price index (CPI) and will be in place until the end of the year. The rate of inflation fell to 3.5% in 2023, significantly lower than the 8.4% at the end of 2022. Last January, recipients of CoLA received 50% of their entitlement, which was raised to 66.7% in the summer. The CPI declined to 1.6% in December from 1.7% in November, and the overall CPI increase for 2023 was 3.5% compared to 8.4% in 2022. Petroleum products fell in price, while the restaurants and hotels category showed a rise of 5.4%.

ReInHerit Smart Tourism Hackathon to take place in January

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ReInHerit Smart Tourism Hackathon to take place in January

The ReInHerit European project team is organizing the ReInHerit Smart Tourism Hackathon, which will take place on January 20 and 21 at the CYENS Centre of Excellence headquarters in Nicosia. The hackathon aims to bring together technology enthusiasts and individuals interested in heritage and museums to create innovative solutions for enhancing the visitor experience at museums and cultural heritage sites. Participants will have the opportunity to develop an app prototype, a business idea, or a game prototype that connects technology to museums and educates about their content. The event also offers networking opportunities, skill development, and the chance to win prizes totaling €4000. Interested parties can register on the competition website.

ReInHerit Smart Tourism Hackathon to take place in January

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ReInHerit Smart Tourism Hackathon to take place in January

The ReInHerit European project team is organizing the ReInHerit Smart Tourism Hackathon, which will take place on January 20 and 21 at the CYENS Centre of Excellence headquarters in Nicosia. The hackathon aims to encourage creativity, collaboration, and the celebration of different perspectives. It is part of the Horizon Europe program, which focuses on research, innovation, and achieving sustainable development goals. The objective of the hackathon is to develop app prototypes, business ideas, or game prototypes that connect technology to museums or cultural heritage sites and enhance the visitor experience. Online mentoring workshops will be provided, and participants will have the opportunity to network and win prizes totaling €4000. Interested parties can visit the competition page for more information and early registration is encouraged due to limited space.