government

Intel prepares for $100 billion spending spree across four US states

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Intel prepares for $100 billion spending spree across four US states

Intel is planning to spend 0 billion across four US states to build and expand factories, having secured .5 billion in federal grants and loans and hoping to secure another billion in tax breaks. The plan includes creating the world’s largest AI chip manufacturing site near Columbus, Ohio, by as soon as 2027, with funding from the CHIPS Act. This initiative also involves revamping sites in New Mexico and Oregon, and expanding operations in Arizona. Intel aims to regain its leading position in semiconductor manufacturing with government support, spending 30% of the budget on construction and the rest on purchasing chipmaking tools from companies like ASML, Tokyo Electron, Applied Materials, and KLA. CEO Pat Gelsinger mentioned the possibility of needing more US funding to re-establish the country as a leader in semiconductor manufacturing and highlighted the importance of “smart capital” from low-interest-rate funding.

US Congress averts government shutdown, passing $1.2 trillion bill

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US Congress averts government shutdown, passing $1.2 trillion bill

The U.S. Congress passed a .2 trillion budget bill early on Saturday, which keeps the government funded through the fiscal year that began six months ago, avoiding a partial shutdown. The bill was sent to President Joe Biden for his signature. The vote for passage was 74-24. The bill ensures funding for key federal agencies including the departments of Homeland Security, Justice, State, and Treasury through September 30. However, it did not include funding for military aid to Ukraine, Taiwan, or Israel. Senate leaders negotiated amendments to the budget bill, which were ultimately defeated. The White House Office of Management and Budget was confident the Senate would pass the bill. The bill provides 6 billion in funding for the Defense Department, including a raise for U.S. troops. The bill passed the House with a vote of 286-134, showing more Democratic support than Republican. The government had been funded with four short-term measures for most of the past six months. The bill is seen as a national security bill, with 70% of the funding for defense, including investments in military readiness and support for allies. Opponents criticized the bill as too expensive and inflationary. The last partial federal government shutdown occurred from Dec. 22, 2018, until Jan. 25, 2019.

World reaction to deadly shooting at Moscow concert hall

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World reaction to deadly shooting at Moscow concert hall

– A shooting rampage occurred at a concert hall near Moscow, resulting in dozens of deaths, and was claimed by Islamic State militants.
– The United Nations Security Council condemned the attack and emphasized the need for justice against those responsible.
– White House spokesman John Kirby expressed condolences for the victims.
– Russian Foreign Ministry spokeswoman Maria Zakharova called for global condemnation of the crime.
– Ukrainian Presidential Adviser Mykhailo Podolyak denied Ukraine’s involvement in the incident.
– Yulia Navalnaya demanded justice for the crime.
– Italian Prime Minister Giorgia Meloni condemned the massacre.
– The French Foreign Ministry expressed sympathy for the victims and called for clarity on the acts.
– The German Foreign Ministry offered condolences and called for a quick clarification of the attack’s background.
– Polish Minister of National Defense Wladyslaw Kosiniak-Kamysz mentioned monitoring the situation for its impact on Poland’s security.
– Dutch Prime Minister Mark Rutte expressed horror at the terrorist act and offered thoughts to the victims and Russian people.
– Indian Prime Minister Narendra Modi condemned the attack and offered solidarity with Russia.
– Venezuelan Foreign Minister Yvan Gil condemned the attack and expressed condolences.
– Cuban President Miguel Diaz-Canel condemned the terrorist act and offered condolences to Russia.
– U.S. Senator Mitt Romney condemned the targeting and murder of civilians.

Airport a relic frozen in time (photos, video)

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Airport a relic frozen in time (photos, video)

Nicosia’s old airport has been left in a state of disrepair, with authorities only performing upkeep when necessary. The Cyprus News Agency (CNA) reported this after a guided tour, showing damage from the 1974 Turkish bombings, vandalism, and the overall deterioration of the once bustling travel hub. The United Nations Peacekeeping Force in Cyprus (Unficyp) is tasked with maintaining the status quo at the site, including the old Nicosia Airport, which lies within the buffer zone. Despite efforts, there has been no agreement on reopening the airport, with Unficyp continuing to patrol and maintain the area for safety. Maintenance of the airport and other infrastructure in UN-controlled areas is managed through an agreement between Unficyp and the Republic of Cyprus. Discussions on reopening the airport have not progressed since the early presidencies of George Vassiliou and Glafcos Clerides. Nicosia International Airport, operational from 1968 until 1974, now serves as Unficyp headquarters. The Turkish Air Force destroyed two Cyprus Airways airliners on the ground during the 1974 invasion, and only three flights have occurred since then.

Economic outlook remains favourable says ratings agency

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Economic outlook remains favourable says ratings agency

Morningstar DBRS rated Cyprus at a BBB (high) long-term credit rating with a stable trend, highlighting the balance between favourable economic prospects and downside risks. Cyprus recorded a real GDP growth rate of 2.5% in 2023, above the Euro area’s average of 0.4%, and reduced its debt-to-GDP ratio to 77.4% by the end of 2023. The rating is supported by a stable political environment, sound fiscal and economic policies, and a favourable government debt profile. The economic outlook for Cyprus is positive, with expectations of growth in private consumption, employment, and investment activity, partly due to Next Generation EU funds and major projects in tourism and real estate. The Central Bank of Cyprus projects real GDP growth to reach 2.6% in 2024 and 3.1% in 2025. However, risks include potential escalations in the Ukraine conflict and trade disruptions in the Red Sea.

Disy will be , ‘victorious’ in upcoming elections

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Disy will be , ‘victorious’ in upcoming elections

Political party Disy, led by Annita Demetriou, is expected to win in the local and EU elections on June 9, despite facing significant opposition. During a speech where Disy’s MEP candidates and local government candidates for Larnaca district were presented, Demetriou highlighted the challenges the party is facing from various directions aimed at undermining its achievements. She emphasized the party’s resilience and determination to defend its values and achievements against those underestimating or betraying it. Demetriou also mentioned the departure of former party vice-president Marios Pelekanos, who joined nationalist Elam for the EU elections. She described Disy as a reformist political force that played a crucial role in Cyprus’s integration into the European Union, honoring the party’s founder Glafcos Clerides. Demetriou expressed confidence in Disy’s victory in the upcoming elections, emphasizing the importance of this win for representing the interests of the people, Cyprus, and Larnaca.

‘Govt not taking oversight authority seriously at all’

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‘Govt not taking oversight authority seriously at all’

The Cyprus Bar Association criticized the government for its approach to establishing an oversight authority, accusing it of lacking seriousness. This criticism followed a presentation at the finance ministry about the oversight authority, which was approved by the cabinet last month to address sanctions and the country’s reputation regarding money laundering. The Bar Association pointed out legal issues with the framework and accused the finance ministry of not properly evaluating and presenting important matters, leading to serious weaknesses in implementing the decision. Stakeholders such as the accountant’s association, anti-money laundering unit, fiduciary association, and Securities and Exchange Commission were present at the presentation. The Bar Association also claimed that the finance ministry sent stakeholders the wrong document regarding the plans for the new authority and disagreed with the existing framework. It was clarified that CySEC would not oversee 50 of the biggest service industry firms or high-risk companies as previously thought. The Finance Minister had stated that the authority would be led by CySEC and conduct checks with the Bar Association and the accountant’s association. The Bar Association has called for the president and cabinet to reconsider their decisions and has expressed concerns about CySEC’s involvement breaching client confidentiality.

Monastery sought , €3m fundraiser, ignored govt reminders

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Monastery sought , €3m fundraiser, ignored govt reminders

The Osiou Avakoum monastery applied for a €3 million fundraiser to the interior ministry in 2020 but failed to submit the necessary financial statements afterwards. The application for the fundraiser, intended for the expansion of the monastery, was approved by the Tamassos Bishopric. The monastery is currently embroiled in scandals involving financial crimes, sexual harassment, and abuse, with investigations being conducted by the police and the anti-money laundering unit. A safe box containing €800,000 was found at the monastery, and the cash was transferred to the Tamassos Bishopric under police supervision. No arrests have been made in connection with these issues. The interior ministry expected a financial statement from the monastery after approving its fundraising application in 2021 but did not receive any despite sending eight reminders. A subsequent fundraising request from the monastery in 2023 was not approved, even though it provided bank statements showing €85,000 transfers from the previous fundraiser. The ministry plans to re-examine the case in light of these revelations, and MPs have called for a thorough investigation into money laundering within the church. Two investigators have been appointed by the attorney-general to examine allegations involving police officers’ presence at the monastery without senior officers’ knowledge or orders.

Dams below 50 per cent capacity despite adverse weather

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Dams below 50 per cent capacity despite adverse weather

– Rainfall in February was only 48% of the average for that time of year, and temperatures were 2.1 degrees Celsius above normal.
– From October 2023 to February 2024, total rainfall was approximately 280.4mm, or 75% of normal.
– During the same period, 20 million cubic metres of rain flowed into reservoirs, which is below desirable levels.
– Reservoirs are at 47% capacity compared to 69% the previous year, containing 138 million cubic metres compared to over 200 million cubic metres going into the summer of 2023.
– The Kouris dam is at 40.8% capacity, Kalavasos at 30.3%, Lefkara at 63%, Asprokremmos at 55.6%, and Evretou at 54.6%.
– Inflow into reservoirs this winter has been low.
– It is unlikely there will need to be water cuts this summer, but there will be limits on the quantity given to agriculture.
– Measures are being promoted to inform farmers about improved irrigation practices and the maximum utilisation of reclaimed water.
– February’s weather included torrential rain, hail, snow in the mountains, and even a tornado, but these did not significantly contribute to reaching normal levels of rainfall for the month.
– Rainfall in Stroumbi in Paphos was 20% of the normal for February, while in Kelokedara it was 122% of the average. In the Larnaca district, rainfall ranged from 56% of normal in Meniko to 114% in Athienou.
– A tornado hit Yermasoyia on February 14, causing significant damage to houses, properties, and the electricity network, resulting in power cuts in several areas of Limassol.
– Nicosia district experienced flooding in the Potami area and damage in Kampos village due to bad weather.
– Torrential rain later in the month caused problems in Astromeritis, Evrycho, Agia Marina Xyliatou in Nicosia, and in Kofinou in Larnaca. The Kilrou dam also overflowed.
– The bad weather affected the entire island from February 13-18, impacting traffic flow on highways.
– Most weather stations recorded their highest maximum temperatures on February 6, 13, 25, and 29, reaching 16C and 17C. Only February 1 and 5 had temperatures below normal.

Consumers brace for fuel price shock

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Consumers brace for fuel price shock

Petrol prices in Cyprus are expected to increase by 14 cents per litre on April 1 due to the end of a government subsidy and the potential introduction of a green tax. The initial increase will be 7 to 8.3 cents a litre for motor petrol and diesel, and 6.3 cents for heating oil. The consumption tax on fuel is set to be reinstated at midnight on March 31. An additional increase of 5 cents may occur if the new green tax is approved. The green tax is expected to start from April 1, with an annual escalation from 5 cents in 2023 to 25 cents by 2033. Cyprus ranks among the EU countries with comparatively cheaper fuel. Petrol station owners warn of further increases due to pricier fuel shipments. The fuel tax exemption, introduced in March 2022, reduced the price of petrol by 7 cents a litre, diesel by 8.3 cents, and heating oil by 6.4 cents. In March 2022, the average price of 95 octane unleaded petrol was €1.44. As of the last reported Friday, the average prices were €1.412 for a litre of 95 octane petrol, €1.508 for diesel, and €1.067 for heating oil.