Helikon Investments increases stake in Bank of Cyprus
Helikon Investments Limited has raised its stake in the Bank of Cyprus from 2.04% to 4.04% of the share capital.
investment fund
CIFA engages in constructive dialogue with the Cyprus Securities and Exchange Commission to propel the industry forward
Fact: The Cyprus Investment Funds Association (CIFA) met with key executives from the Cyprus Securities and Exchange Commission (CySEC) to discuss regulatory advancements and collaboration in the funds industry in Cyprus.
CySEC toughens oversight on cross-border activities
CySEC is increasing supervision of high and medium high-risk firms involved in distributing complex financial products, focusing on their cross-border operations.
CySEC slaps two entities with fines totalling , €76,500
– The Cyprus Securities and Exchange Commission (CySEC) imposed fines totaling €76,500 on two entities for various violations in March.
– Treefund AIFLNP V.C.I.C. Ltd was fined €25,000 for violations related to investor protection, disclosure of changes, net asset value calculations, share acquisitions, and failure to submit reports.
– CySEC considered factors such as seriousness of violations and investor protection in determining the fine amount.
– Treefund AIFLNP V.C.I.C. Ltd had not committed similar violations before.
– AIFM Fiduserve Asset Management Ltd was fined €50,000 for violations of the Investment Services and Activities and Regulated Markets Law of 2017.
– Fines were imposed on AIFM Fiduserve Asset Management Ltd for failing to collect necessary investor information, provide required content in periodic statements, notify investors of portfolio value decreases, and disseminate fair and clear information to investors.
Saudi Arabia plans $40 bln push into artificial intelligence
Saudi Arabia’s government plans to establish a billion fund dedicated to investments in artificial intelligence, as reported by the New York Times. This initiative involves discussions between representatives of Saudi Arabia’s Public Investment Fund (PIF) and US venture capital firm Andreessen Horowitz, along with other financiers, about a potential partnership. The discussions have included the possibility of Andreessen Horowitz setting up an office in Riyadh and the roles it could play in the artificial intelligence fund. The fund is expected to start in the second half of 2024 and aims to support a variety of tech startups, including those focused on chip making and large-scale data centers. PIF’s governor, Yasir Al-Rumayyan, has promoted Saudi Arabia as a future hub for artificial intelligence, highlighting the country’s energy resources, funding capacity, and political will to support the development of artificial intelligence.
EV startup Fisker to raise funds, pause production after missing interest payment
Fisker announced a six-week pause in electric vehicle production and plans to raise up to 0 million through the sale of convertible notes after missing an interest payment due to a cash crunch. The company produced no Ocean SUVs in January, but approximately 1,000 vehicles were manufactured by Magna’s Austrian unit between February 1 and March 15. Fisker delivered about 1,300 vehicles in 2024, with an inventory value exceeding 0 million. The convertible notes, being sold to CVI Investments via Heights Capital Management, have a 10% original issue discount. Fisker opted not to make a .4 million interest payment on March 15 for some 2026-due convertible notes, citing the use of a 30-day grace period to discuss capital structure with investors. As of the last report, Fisker had 0.9 million in cash and equivalents, down from 5.9 million at the end of the previous year. The company is in discussions with a major automaker for a potential deal, with Nissan reported as being in advanced talks for a possible investment. Fisker has shifted its sales strategy to rely more on dealerships and has paused investments in future projects pending a partnership with an automaker, citing doubts about its ongoing viability.
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.
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.