government

Electric vehicle plans of Indian automakers

by
Electric vehicle plans of Indian automakers

India announced a reduction in import taxes on certain electric vehicles (EVs) for carmakers committing to a 0 million investment and starting domestic manufacturing within three years. This policy aims to increase competition in India’s car market, targeting a rise in EV sales from 2% to 30% by 2030. Tata Motors plans to expand its EV portfolio to 10 models in the next 3-4 years, aiming for EVs to constitute 25% of its total car sales by 2025. Mahindra and Mahindra anticipate electric models will account for 20%-30% of its SUV sales by March 2027. Hyundai Motor India intends to introduce five EV models by 2032 and increase its charging stations to 439 by 2027. Maruti Suzuki India plans to launch six EV models by 2030, with its first battery EV expected by the end of 2024. JSW Group announced a 400 billion rupee investment in EV and battery manufacturing in Odisha and is discussing technology and component supply with Volkswagen.

Christodoulides visits LNG terminal as work restarts

by
Christodoulides visits LNG terminal as work restarts

– President Nikos Christodoulides visited the liquefied natural gas (LNG) terminal to mark the restart of construction work.
– The government aims to reduce electricity prices, with the LNG terminal’s operation playing a key role in this effort.
– Other actions to reduce electricity costs include renewable energy sources and a proposed electrical interconnector connecting Cyprus, Greece, and Israel.
– Construction of the terminal is set to recommence, confirmed by Energy Minister Papanastasiou after a meeting with the Chinese-led CPP-Metron Consortium Ltd (CMC).
– The ministry has not entered any new contractual obligations as the meeting was between the ministry and CMC, without the involvement of the Natural Gas Infrastructure Company (Etyfa) and the Natural Gas Public Company (Defa).
– An action group will be created to monitor the project from the ministry’s perspective.
– The floating storage and re-gasification unit, part of the terminal’s contract signed in 2019, is almost complete and will be discussed further via a video call.
– The goal is to reduce the cost of electricity production in Cyprus by switching to natural gas, which is more environmentally friendly and expected to reduce the cost of pollutants by about 40%.

President favours a single fiduciary regulator

by
President favours a single fiduciary regulator

Cyprus’ reputation has been negatively affected for over seven years due to the Jho Low scandal, where the Malaysian criminal obtained a Cypriot passport through real estate investments and donations to the Church of Cyprus. The late archbishop admitted to assisting Jho Low in obtaining citizenship, claiming ignorance of his past. The 2021 OCCRP report highlighted Jho Low as the face of the 1MDB embezzlement scandal, stealing billions from Malaysia’s sovereign wealth fund. The Cypriot “golden passport” program, officially known as Citizenship by Investment, aimed to attract wealthy foreigners but was criticized for facilitating access for kleptocrats and criminals to the EU. The program was lucrative for lawyers and financial service providers in Cyprus. The new president of Cyprus has committed to reforming these practices to restore the country’s reputation as a legitimate investment and financial services destination. A proposal suggests assigning regulatory responsibilities to the Cyprus Securities and Exchange Commission (CySEC) to ensure independence and effectiveness in supervision, despite opposition from the Cyprus Bar Association. CySEC, under the leadership of Chairman George Theocharides, acknowledges the need for additional resources and expertise to take on this challenge. Demetra Kalogerou, former CySEC chair, supports the government’s decision for a single regulator, criticizing the lack of independence in the current system where professional associations regulate their own members.

Christodoulides to travel to Egypt

by
Christodoulides to travel to Egypt

President Nikos Christodoulides is scheduled to visit Egypt on Sunday to participate in an international summit. The summit will be attended by European Commission President Ursula von der Leyen, Greek Prime Minister Kyriakos Mitsotakis, Italian Prime Minister Giorgia Meloni, Belgian Prime Minister Alexander De Croo, Austrian Chancellor Karl Nehammer, and Egyptian President Abdel Fattah el-Sisi. The European Union and Egypt will inaugurate a strategic and comprehensive partnership at the summit, with a joint declaration to be signed by Von der Leyen and el-Sisi. This partnership covers six pillars: political relations, economic stability, trade and investment, migration and mobility, security and demography, and human capital. Christodoulides will also have a bilateral meeting with el-Sisi, followed by a joint meeting with all seven heads of government and further discussions among the delegations of the participating countries. In the evening, el-Sisi will host a meal in honor of the six European leaders. Cyprus’ invitation to the summit is seen as highlighting its geostrategic role in the region, being the closest EU member state to Egypt and maintaining excellent relations with all neighboring states.

Newspaper sales slump forces Italy, ’s iconic kiosks to shutter

by
Newspaper sales slump forces Italy, ’s iconic kiosks to shutter

– Fabiano Pompei’s family has operated a news kiosk near St. John Lateran Basilica in Rome since 1948.
– Marco Volpini’s family owned a kiosk near the Trevi Fountains for a century.
– Both Pompei and Volpini have closed their kiosks due to a significant decline in newspaper sales.
– The industry body Snag reports that two-thirds of Italy’s news kiosks have closed in the last two decades, leaving about 12,000 remaining.
– The Italian Chamber of Commerce noted a 16% nationwide decrease in kiosk numbers in the past four years, with Rome experiencing a 21% drop.
– Newspaper sales at kiosks have plummeted from 9.54 million daily in 2004 to approximately 950,000 by January 2024.
– The government is offering incentives up to 2,000 euros to support kiosk owners.
– Some kiosk owners are attempting to adapt by selling souvenirs or converting to automatic distribution machines.

State funding to municipalities increases with reform

by
State funding to municipalities increases with reform

– Municipalities received €70.9 million in funding from the state last year.
– The reform of Local Government will increase state funding to €92.9 million from July 1st.
– The number of municipalities will be reduced from 30 to 20 due to the reform.
– State funding is expected to increase to €117 million by 2025.
– In the first half of 2024, the 30 municipalities will receive €35.4 million in state funding.
– €8.7 million of the funding is in exchange for the abolition of the professional tax.
– €1.09 million of the funding is in exchange for the Diapylia, which have been abolished for decades.
– From July to December, the 20 reformed municipalities will receive a total of €58.8 million.
– The funding distribution criteria include population, population density, area, and per capita income of the municipality from its residents.
– The Ministry of Interior aims for fiscal balance in the new distribution of state funding based on the needs of each local authority.
– Specific funding allocations include: Nicosia Municipality €9 million, Limassol €8.1 million, Strovolos €4.9 million, Larnaca €4.8 million, Lakatamia €3.1 million, Paphos €2.8 million, Paralimni-Deryneia €2.58 million, Eastern Limassol €2.54 million, Latsia-Yeri €2.26 million, Western Limassol €2.24 million, Ayia Napa €2.1 million, Aradippou Municipality €1.8 million, Southern Nicosia-Idalion €1.8 million, Dromolaxia-Menou €1.6 million, Eastern Paphos €1.4 million, Chrysochous Town €1.24 million, Athienou €1.13 million, Akamas €1.15 million, and Lefkara €1 million.

Cypriot film community denounces Cyprus-Israel partnership

by
Cypriot film community denounces Cyprus-Israel partnership

The ratification of a film co-production agreement between the Republic of Cyprus and Israel is condemned by 100 individuals from the Cypriot film industry. This condemnation was organized by the network Film Workers for Palestine – Cyprus, under the call titled “No to the exploitation of cinema as an alibi for whitewashing the genocide of Palestinians.” The individuals opposing this agreement express their concern over the use of cinema to whitewash the actions of the state of Israel and its government against Palestinians.

India antitrust body to probe Google, ’s in-app billing amid dispute with startups

by
India antitrust body to probe Google, ’s in-app billing amid dispute with startups

India’s antitrust body, the Competition Commission of India (CCI), ordered an investigation into Alphabet Inc’s Google for its in-app billing system policies, which are alleged to be implemented in a discriminatory manner against local startups. This decision follows complaints from Indian startups about the fees Google charges for in-app payments. The dispute intensified after Google removed over 100 Indian apps from its app store for billing violations, which were later restored following intervention by the Indian government. The CCI has directed its investigation unit to complete the probe within 60 days. Google, which denies any wrongdoing, asserts that the fees are for supporting investments in the Google Play app store and the Android mobile operating system, allowing for their free distribution. This investigation comes after Google was previously ordered by Indian antitrust authorities in 2022 to dismantle a system that charged a 15% to 30% fee on in-app payments, with efforts from some Indian startups to prevent Google from imposing a fee of 11% to 26%.

LNG terminal construction in Vasiliko to resume (updated)

by
LNG terminal construction in Vasiliko to resume (updated)

The CPP-Metron Consortium Ltd (CMC) is scheduled to resume construction of an LNG terminal in Vasiliko over the upcoming weekend. This decision was made after a meeting between CPP representatives from China and Energy Minister George Papanastasiou. The meeting, described as ‘productive’, focused on the relationship between the two sides rather than the differences regarding the project’s execution. CMC plans to bring personnel from China for the project, and the Cypriot side has agreed to facilitate this by issuing visas. The General Manager of CPP expressed gratitude towards the minister for his positive approach towards completing the project. Construction is set to restart on the morning of 16 March 2024. The government had previously considered terminating the deal due to a dispute that led to the halting of construction in late January and a claim for €200 million from Cyprus by the consortium in a London court.

President says everything will investigated in monastery scandal

by
President says everything will investigated in monastery scandal

President Nikos Christodoulides stated that all aspects of the scandals at the Osiou Avakoum monastery will be thoroughly investigated. He responded to criticism from the opposition party Akel, asserting that the scandal does not reflect governmental failures. Christodoulides emphasized that any cases arising from the investigation would be brought to justice promptly, highlighting ongoing investigations into police responsibilities and allegations. The police have been criticized for their handling of the monastery scandal but have denied giving the church special treatment.