Demetris Skourides: Chief Scientist for Research, Innovation and Technology
Cyprus is leveraging AI and machine learning technologies to promote innovation within startups and established industries.
fuel
Cyprus inflation drops to 1.6 per cent in March, according to Eurostat
The Consumer Price Index (CPI) in Cyprus showed a yearly growth rate of 1.6 per cent in March, down from 2.1 per cent the previous month.
Our View: Government must listen to reason over relief measures
The IMF was critical of the government’s decision to extend ‘horizontal’ support measures, such as zero VAT and electricity bill subsidies, despite advising against it. The IMF expressed concerns that these measures could negatively affect public finances and undermine efforts to control inflation. The IMF also recommended avoiding indexing adjustments of wages, particularly in the public sector, to reflect macroeconomic developments and productivity increases.
Corporate profit bonanza
After-tax corporate profits reached an all-time high of .8 trillion in the last three months of 2023.
Shell says landmark climate ruling obstructs fight against climate change
Shell argued in a Dutch court that a 2021 order to cut greenhouse gas emissions lacks legal basis and would hinder the fight against climate change. The order required Shell to reduce carbon emissions by 45% by 2030 from 2019 levels, including emissions from its products’ buyers and users. Shell’s lawyer stated that implementing the ruling would force the company to shrink its business and customers to switch to other fuel suppliers. Despite objections, the environmental group behind the case expressed confidence in convincing the judges that Shell must comply with international climate agreements. Shell recently revised its carbon reduction targets, aiming for a 15-20% reduction in net carbon intensity of its energy products by 2030. The court is expected to issue a verdict later this year, with a potential further appeal to the Supreme Court.
Fuel prices surge as subsidy is abolished
Increases in the average price of 95 octane petrol were observed in Limassol, Nicosia, and Famagusta after the subsidy of 8.3 cents per liter was abolished on April 1st. The largest increase was in Limassol at 9.2 cents, while in Paphos, the increase was only 8 cents. Nicosia had the highest price variation for 95 octane petrol on April 1st.
Fancy, fake words…
The first day of fuel price increases has caused long queues at the Agios Dometios checkpoint towards the occupied areas, extending up to one kilometre away.
Petrol price increases fluctuate between districts
Petrol prices in Cyprus have risen on average 8.3 cents per litre after a government measure to subsidize fuel tax was lifted on April 1.
EU admin needs to be fit for green, AI future, says top official
Fact: European Union countries’ budget cuts have resulted in reduced staff in public administration and delayed training or introduction of new technologies.
Bank of Cyprus: maintaining a leading role in the environmental, social and governance pillars
Bank of Cyprus is focusing its efforts on fighting climate change, which is the biggest challenge that humanity faces.