meetings

Startup World Cup coming to Cyprus , — $1 million grand prize on the line

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Startup World Cup coming to Cyprus , — $1 million grand prize on the line

– The largest global pitch competition, Startup World Cup, is making its debut in Cyprus this year.
– The application phase for startups commences on March 25 and entries will be accepted until May 12.
– The winner of the regional cup will have the opportunity to compete in the San Francisco Grand Finale and potentially win an investment prize from Pegasus Tech Ventures.
– The Startup World Cup regional finals will take place in Cyprus, gathering over 100 startups from any domain and at any stage.
– Participating startups must have an entity and connection with Cyprus that can be verified.
– The application process includes filling in a registration form, describing the startup, attaching a pitch deck, waiting for results, and participating in an offline pitching contest with an independent jury.
– The final pitching and winner selection will take place on May 28 in Limassol during The Future of AI Summit.
– The World Cup winner will receive special prizes from partners and gain widespread coverage and celebration from global and local media partners.

Cyprus-Estonia business forum boosts bilateral ties

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Cyprus-Estonia business forum boosts bilateral ties

The Cyprus Chamber of Commerce & Industry (Keve) successfully held an event to promote bilateral collaborations between Cypriot and Estonian businesses in the fields of shipping, cybersecurity, and information technology.

Energy minister visits Israel

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Energy minister visits Israel

The Cypriot Minister of Energy, Commerce, and Industry, Giorgos Papanastasiou, is in Israel for meetings with his Israeli counterpart, Minister of Energy and Infrastructure, Eli Cohen. The agenda includes discussions on the Cyprus-Israel electricity interconnection and cooperation on hydrocarbon issues. A joint statement is expected to be issued following the meetings.

EU extends delays to changes to halloumi for five years

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EU extends delays to changes to halloumi for five years

The EU Agriculture and Fisheries Council approved the extension of the percentage of goat and sheep milk used in halloumi production for another five years. The ratio of goat and sheep milk in halloumi will increase from 10% to 19% in five years. The extension was endorsed through the adoption of provisions in a new regulation for Geographical Indications and quality schemes. The regulation also includes provisions to strengthen the role of producers and provide greater protection for Geographical Indications.

Bane of Cyprus solution: too much power in one man

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Bane of Cyprus solution: too much power in one man

Leontios Ierodiakonou, in his analysis of the Cyprus problem, focuses on the Crans-Montana talks in 2017. Mustafa Akinci, elected Turkish Cypriot leader in April 2015, and Nicos Anastasiades, the Cyprus president, both showed a willingness for a settlement, leading to a positive climate and meetings in Mont Pelerin (2016) and Geneva (January 2017). The UN Secretary-General’s report from September 28, 2017, highlighted convergences on many issues, including the exchange of maps for the first time. The Crans-Montana conference on June 30, 2017, saw the introduction of the “Guterres framework,” which proposed the abolition of the Treaty of Guarantee and the unilateral right of intervention, and discussed the withdrawal of foreign troops. However, disagreements persisted, particularly regarding the role of Turkey in a future monitoring mechanism. Anastasiades’ behavior at the conference, questioning proposals and showing reluctance to negotiate, contributed to the talks’ collapse. Despite this, the Greek Cypriot side later expressed a willingness to resume negotiations from where they left off at Crans-Montana. Akinci’s proposal on April 30, 2018, for a “strategic agreement” based on the Guterres Framework was not responded to by the Greek Cypriot side. Ierodiakonou criticizes the decision-making process in Cyprus, suggesting a more collective approach to national issues.

Cyprus banks: interest rate policies harming borrowers and savers

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Cyprus banks: interest rate policies harming borrowers and savers

By December 2023, interest rates on Cyprus bank loans for house purchases had reached an average of 5.1%, compared with the average rate of 3.8% for other euro area countries. The average interest rate on Cyprus bank loans to corporations was 5.7% in December 2023, exceeding the euro area average of 5.1%. Cyprus banks had increased their profits by 600% to over €1.1 billion in 2023. The interest income of the two largest banks increased by €830 million between 2022 and 2023, mainly due to higher interest receipts from the ECB. Cyprus banks deposited around 35% of their assets at the ECB, earning from 2% to 4% in interest in 2023. Cyprus banks offered an average interest rate of 2.06% on fixed term deposits in January 2024, compared with an average deposit rate of 3.21% in the euro area. The net interest margins for Cyprus banks exceeded three percentage points, while the average for the euro area was just over one percentage point. The Bank of Cyprus announced that €112 million of their after-tax profit of €487 million would be distributed as cash dividends to shareholders, with a share buyback of up to €25 million.

Technocratic level talks continue on EU-Turkey relations

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Technocratic level talks continue on EU-Turkey relations

– Consultations at a technocratic level with Germany regarding a possible reference text on EU-Turkish relations are underway, aiming for inclusion in the conclusions of an upcoming EU summit.
– President Nikos Christodoulides made these statements upon his arrival at the European Council.
– Christodoulides welcomed the inclusion of a reference to the Cypriot initiative for a maritime corridor to Gaza in the conclusions on the Middle East.
– He discussed specific next steps on the Cyprus issue with UN Secretary-General, António Guterres, expressing hope for developments by April towards resuming talks.
– Ongoing discussions follow Germany’s proposal to include a paragraph on EU-Turkey relations in the summit conclusions.
– Christodoulides had meetings with the Chancellor of Germany and the President of the Council, followed by consultations at a technocratic level.
– He emphasized the importance of positive developments in EU-Turkish relations that also involve Cyprus, advocating for a step-by-step approach with an enhanced role for the European Union.
– Other member states, including France, have shown interest in the consultations regarding EU-Turkey relations and Cyprus.
– The Cypriot initiative for a humanitarian corridor to Gaza was praised by all heads of states at the European Council, highlighting Cyprus’s role in the region.
– Christodoulides had a productive meeting with the UN Secretary-General, discussing the next steps on the Cyprus issue and hoping for developments within April.
– He expressed satisfaction with the European Council’s conclusions on security and defence, including the announcement of appointing a Commissioner for Defence in case of the current President of the Commission’s re-election, emphasizing the importance of advancing in defence and security matters for the EU’s strategic autonomy.

Blinken pushes for more aid for Gaza in talks with Israel’s Netanyahu

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Blinken pushes for more aid for Gaza in talks with Israel’s Netanyahu

– U.S. Secretary of State Antony Blinken met Israeli Prime Minister Benjamin Netanyahu to discuss aid flow into Gaza amid tense relations due to the six-month-old war.
– Israel claimed to have killed or captured hundreds of Hamas fighters in a five-day operation at the Al Shifa hospital complex in Gaza, which Hamas and medical staff deny.
– Blinken has been engaging in diplomacy in the Middle East, including meetings with Crown Prince Mohammed bin Salman in Saudi Arabia and officials in Cairo, aiming for a ceasefire.
– U.S. President Joe Biden criticized Israel’s campaign in Gaza as “over the top” due to its toll on civilian lives.
– The war started with a Hamas raid into southern Israel, killing 1,200 and taking 253 hostages. Over 32,000 Palestinians have been killed in Israeli bombardments.
– Blinken emphasized the need for increased and sustained aid deliveries to Gaza, where the entire population faces severe food insecurity.
– Israeli Colonel Moshe Tetro denied food shortages in Gaza, claiming sufficient food enters daily.
– Discussions include Israel’s intention to launch a ground offensive on Rafah, with Washington objecting to the plan.
– An airstrike on a house in Al-Naser, east of Rafah, killed eight people, including a family with five children.
– Senior Israeli and U.S. officials are set to meet in Washington to discuss alternatives to a full-on assault on Hamas.
– Talks in Qatar focus on a proposal for a six-week halt to fighting, exchanging Israeli hostages for Palestinian prisoners.
– Israel aims to eradicate Hamas, while Hamas wants a permanent end to the war and Israeli troop withdrawal.
– Israeli troops claim to have killed or detained hundreds in the Al Shifa hospital, including senior Hamas and Islamic Jihad members, though Hamas denies fighters were in the compound.

Cyprus and Estonia to boost ties through business forum

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Cyprus and Estonia to boost ties through business forum

The Cyprus Chamber of Commerce and Industry (Keve) announced it will host a Business Forum on March 27, coinciding with the official visit of the President of Estonia, Alar Karis, to Cyprus. The event aims to enhance trade and economic relations between Cyprus and Estonia, focusing on shipping, cybersecurity, and information technology sectors. The forum will feature presentations by the President of Estonia, the Deputy Minister of Research, Innovation, and Digital Policy, Nicodemos Damianou, and the Deputy Minister of Shipping, Marina Hadjimanolis, discussing developmental prospects in the mentioned fields. The forum is scheduled to take place at the Keve building in Nicosia, starting with a networking session from 13:30 to 14:30, followed by presentations, discussions, and private meetings. Participants are required to pre-register and arrive by 14:30 due to security measures.