Fact: European Union Member States are in the process of implementing the global minimum tax in line with a directive unanimously agreed to at the end of 2022.
Fact: The ministry of agriculture in Cyprus has begun issuing decrees for Natura 2000 areas with the aim to complete the process by the end of 2025.
The text discusses net operating loss (NOL) tax provisions in Europe for the year 2024. It mentions that businesses can carry forward their losses for an unlimited number of years in some European countries, while others have time limits. The text also highlights the restrictions on carryback provisions and deductibility limits imposed by certain countries. Additionally, it mentions recent changes in carryover provisions in countries like Belgium, Romania, and Germany.
Fact: Seven chief heat officers, all women, are working in cities like Miami, Melbourne, Dhaka, Freetown, and Athens to cool urban heat traps and prevent deaths caused by extreme heatwaves.
Tens of thousands of Russians who fled to Turkey after Moscow’s invasion of Ukraine have been leaving due to residency issues and soaring costs. The number of Russians with Turkish resident permits fell to 96,000, down by more than a third from 154,000 at the end of 2022. Many have headed to Serbia and Montenegro. Turkish inflation hit 70% last month, and basic banking has become difficult due to sanctions. Some Russians have also left due to struggles to get residence permits since early 2023.
Fact: The Cyprus Chamber of Commerce and Industry welcomed the signing of a Memorandum of Understanding between Enterprise Europe Network Cyprus and the European Digital Innovation Hub Cyprus, aiming to enhance the digital transformation and competitiveness of small and medium-sized enterprises in Cyprus.
The Green Agenda Cyprus Summit highlighted the vision and actions necessary for the green transition of the Cypriot economy. Hellenic Bank is committed to achieving carbon neutrality by 2050 and has set clear goals and indicators to reduce its environmental footprint. The bank offers specialized green products to combat climate change and improve energy efficiency. Cyprus Agriculture Minister introduced a pilot program for green roofs, and the Energy Minister expressed caution regarding hydrogen usage. European Commissioner for Climate Action emphasized Cyprus’ potential in renewable energy and the importance of investments in sustainable transport. European Commissioner for Health and Food Safety highlighted the health impacts of the climate crisis, including heatwaves and air pollution.
Deputy Minister of Research Nicodemos Damianou is scheduled to travel to Brussels to attend an EU telecommunications ministers meeting. The summit will focus on shaping the European digital landscape, including measures to strengthen the Digital Single Market, regulations such as the Digital Services Act, Artificial Intelligence Act, and Cyber Resilience Act, as well as establishing a Framework for a European Digital Identity. Discussions will also cover cybersecurity, digital skills enhancement, and the need for coordinated efforts among national authorities for digital transformation. A policy debate on the implementation of digital legislation will take place, and conclusions on the future of the EU’s digital policy and cybersecurity strategies are expected to be approved. Damianou will also participate in a Competitiveness Council meeting to discuss the potential creation of a European space law to establish common standards for safety, resilience, and sustainability in space activities. He is expected to return to Cyprus on the evening of Thursday, May 23.
Ryanair CEO Michael O’Leary mentioned that there is a “recessionary feel around Europe” which could be a factor in slower-than-expected growth in airfares.
Ryanair CEO Michael O’Leary mentioned a “recessionary feel around Europe” as a possible reason for slower airfare growth. The airline posted record annual profits slightly above expectations, with a forecast of flat to modest summer price growth. Ryanair will be 23 jets short of Boeing’s delivery target by the end of July, with potential compensation for delays. The airline flew a record 184 million passengers contributing to a 34% increase in annual profit. Ryanair also announced a 700 million euro share buyback.