government

CySEC oversight on 50 companies , ‘unacceptable’

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CySEC oversight on 50 companies , ‘unacceptable’

Bar Association chairman Michalis Vorkas criticized the plan to only oversee 50 of the biggest service-industry firms for compliance, arguing that company size should not be the sole criterion for scrutiny. This discussion took place at the House legal committee, following the announcement of a new oversight authority by Finance Minister Makis Keravnos. The Cyprus Securities and Exchange Commission is being considered to oversee these 50 companies. Vorkas also mentioned that the government had not invited relevant parties for dialogue, although a presentation is scheduled for March 22. Concerns were raised about the potential for this oversight to violate lawyer-client confidentiality, with Vorkas emphasizing the importance of privacy and established legal principles. The committee plans to invite representatives from various associations and finance ministry officials for further discussions.

House to vote on expansion of pre-primary education

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House to vote on expansion of pre-primary education

The Cyprus Parliament is expected to vote next week on a bill to expand free and compulsory pre-primary education to include children aged four years old and above. This follows a letter from Education Minister Athena Michaelidou to the House Education committee, urging them to advance the matter. The committee, led by Diko MP Pavlos Mylonas, discussed the initiative, which aims to address issues within the education sector through collaboration between relevant ministries and deputy ministries. Support for the bill was expressed by MPs, highlighting its potential benefits for low-income families and the necessity of the reform. Concerns were raised about the need for proper consultation and the impact on nursery schools, with a meeting planned between the Education ministry, the Social welfare deputy ministry, and the private preschools association (Sipek) to discuss these issues. The government plans to gradually lower the age of acceptance into nursery schools to four years old over the next few years.

Government offers money for upgrade of processing units

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Government offers money for upgrade of processing units

The Council of Ministers approved a €25 million budget for the creation, modernisation, and digital upgrade of processing units for marketing agricultural products. This initiative is part of the EU’s Recovery and Resilience Plan, spanning from 2021 to 2026, aimed at supporting existing and new SMEs. Commerce Minister Giorgos Papanastasiou noted a €3 million saving from the first tender, which will be reinvested in the second tender. The application process for this sponsorship is entirely digital, facilitated through the Ministry of Energy, Commerce, and Industry’s electronic system. The program is open to companies, cooperatives, and beekeepers.

Calls for resignation over money laundering oversight

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Calls for resignation over money laundering oversight

MPs in Cyprus have expressed concerns over the country’s compliance with money laundering regulations due to a lack of coordination and communication between the police, the money laundering unit (Mokas), and the customs office. Over €160 million in cash has entered Cyprus in the past four years, raising questions about tax evasion and money laundering investigations. A recent case involved the arrest of a 31-year-old Ukrainian woman facing 60 counts of money laundering, having brought €8 million in cash to the country. There is criticism over a “strange” meeting in 2023 where police allegedly instructed the customs office to route information through them before reaching Mokas, a directive not supported by law. The customs office provides Mokas with a USB detailing declared cash sums every three months, indicating a delay in communication. Concerns were raised about the lack of real-time information sharing, the effectiveness of the legal framework against money laundering, and the existence of a shadow economy. The committee chair criticized the absence of coordination among state services and described the situation as “criminal” due to the inaction of Mokas and the police.

Chinese-led group to visit Vasiliko over stalled LNG plant

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Chinese-led group to visit Vasiliko over stalled LNG plant

High-level officials from a Chinese-led consortium responsible for constructing the liquefied natural gas (LNG) terminal at Vasiliko in Cyprus are expected to visit within the week. Energy Minister George Papanastasiou announced that the government will request a timetable for consultations between the parties and mentioned that if a positive outcome is not reached, a joint decision to suspend cooperation will be made. He highlighted that work on the terminal has stopped as the government wants to know the company’s plans and when the floating unit, currently in Shanghai, will be certified. Papanastasiou emphasized that building the LNG terminal at Vasiliko is the fastest way to introduce natural gas for electricity generation in Cyprus, aiming to reduce emissions and lower electricity costs. Additionally, Cyprus plans to participate in the Great Sea Interconnector project with an investment of up to €100 million, with consultations ongoing with investment funds and the Independent Power Transmission Operator (IPTO). A meeting with the largest investment fund interested in the project, from the United Arab Emirates, IPTO, and the energy ministry, is scheduled to take place to shape the course of this project.

Cabinet approves subsidy for relatives of patients sent abroad

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Cabinet approves subsidy for relatives of patients sent abroad

The Cabinet of Cyprus approved a plan to cover the travel, accommodation, and food expenses of one family member accompanying a patient sent abroad for medical treatment. This coverage is for families with an annual household income of under €100,000 and for all minor patients regardless of income. The policy will start next Tuesday and is expected to cost €4.5 million annually. Last year, 1,523 patients from Cyprus were sent abroad for treatment to countries including Germany, Israel, France, the United Kingdom, Belgium, Sweden, and Greece, for various specialized treatments. The Health Ministry has developed collaborations with leading hospitals across Europe to facilitate these treatments.

Italy to set up AI fund of 1 billion euros, PM says

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Italy to set up AI fund of 1 billion euros, PM says

Italy plans to establish an investment fund with an initial endowment of 1 billion euros to support Artificial Intelligence (AI) projects, as announced by Prime Minister Giorgia Meloni. The fund, backed by CDP Venture Capital, could potentially raise an additional 2 billion euros from the private sector. Italy aims to focus on the impact of AI on jobs and inequality during its presidency of the Group of Seven major democracies and is working on legislation to regulate the AI sector. A body will be created to supervise and support the implementation of the national AI strategy.

Incentive plans for jobs for unemployed

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Incentive plans for jobs for unemployed

The Cabinet approved two incentive plans for the employment and training of 1,265 unemployed people with a total budget of €11,694,000. The plans aim to employ and train 815 unemployed persons under 30 years of age and employ 450 unemployed persons using flexible forms of work through distance work. This initiative is part of the government’s policy to activate domestic human resources and achieve full employment conditions. The sectors covered by the scheme are unrestricted.

Microsoft deal to help public sector, ’s digital transformation

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Microsoft deal to help public sector, ’s digital transformation

Cyprus has signed an €8 million Enterprise Agreement with Microsoft to enhance digital transformation and improve public sector efficiency. The agreement, signed by the Deputy Ministry of Research, Innovation, and Digital Policy, includes the purchase of Microsoft 365 software licenses for 10,000 users. It covers email services, secure collaboration, document handling tools, cloud computing services, project management tools, reports, and the development of a custom user interface. Specialized Microsoft personnel will provide support services and executive training to upgrade the digital skills of public sector officials. This marks Cyprus Government’s first strategic agreement of this magnitude, aiming to implement a flexible work framework in the public sector. Deputy Minister Nikodemos Damianou views this as the start of expansive cooperation with Microsoft towards achieving Cyprus’ strategic objectives. Microsoft’s Managing Director for Greece, Cyprus, and Malta, Yanna Andronopoulou, highlighted the agreement’s importance for Cyprus’s digital future, aiming to boost public sector efficiency and enhance citizen services.

Union welcomes extension of forest fire season

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Union welcomes extension of forest fire season

The trade union Oekdy-Sek expressed satisfaction with the government’s decision to extend the forest firefighting season from six to eight months. This decision will also result in several stations being staffed with forest firefighters throughout the year, starting from April 1. During the four months outside the forest firefighting season, firefighting shifts will operate at 50% strength at six to eight stations to cover the island’s forested areas. The shift work during these months will be voluntary, and interested firefighters must express their wish in writing. The working hours in the shift system will be distributed equally among those who opt in. This agreement was reached after several months of discussion and at the request of forest firefighters who are members of trade unions. The early staffing of the forest fire brigade has improved response times, coordination, equipment troubleshooting, and training.