Today, ’s weather: Hazy and mild
Fact: Wednesday will be intermittently cloudy with dust in the air and temperatures rising to 26C in the interior, 23C on the west coasts, 25C on the remaining coasts and 17C in the higher mountains.
sea
Over 63,000 people dead or missing while migrating over last decade
Fact: At least 63,285 people have perished or disappeared on migration routes around the world between 2014 and 2023, with most deaths caused by drowning.
More than 63,000 people dead or missing while migrating over last decade, IOM says
At least 63,285 people have perished or disappeared on migration routes around the world between 2014 and 2023, with most deaths caused by drowning.
Today, ’s weather: Partly cloudy, dust & winds
Fact: Tuesday will be partly cloudy with isolated showers expected and dust in the air until Friday.
Several visitors at the Geroskipou beach enjoy the first days of sunshine
The implementation of projects on the coastal front of Geroskipou has turned the area into a popular destination for locals and visitors, attracting hundreds of people daily.
Morningstar DBRS keeps Cyprus at BBB, , ‘stable’ trend
Morningstar DBRS has confirmed Cyprus’ sovereign ratings at BBB (high) due to strong economic growth, but warned of exposure to geopolitical shocks and constraints from a small services sector. The stable trend balances favorable economic and fiscal developments against downside risks. Economic growth is driven by tourism, ICT relocations, and investment projects, with the Central Bank forecasting GDP growth to strengthen. Public debt has decreased, with further declines projected, and interest burden offset by favorable debt profile. Challenges include non-performing loans in the banking sector and low labor productivity. The ratings are supported by a stable political environment, sound fiscal policies, and EU membership.
Oil prices to keep on rising
– The oil price is now over /barrel due to tight supply, increasing demand, Middle East conflict, and Houthi attacks on vessels in the Red Sea, with expectations of further increases.
– The International Energy Agency (IEA) now predicts a global oil supply deficit throughout 2024, reversing its earlier forecast of a surplus.
– The IEA and OPEC agree on supply deficits due to OPEC+ cuts and rising global demand.
– The IEA forecasts a crude consumption increase of 1.3 million barrels per day (b/d) this year, while OPEC maintains its growth estimate at 2.25 million b/d for 2024.
– The US is producing more crude oil than any other country, averaging 12.9 million b/d in 2023, with Saudi Arabia and Russia close to 10 million b/d.
– Oil and gas executives expect a slower transition to net-zero due to geopolitical turmoil, macroeconomic conditions, and AI.
– Shell aims to reduce its net carbon intensity by 15%-20% by 2030, adjusting from its previous goal of 20%.
– Adnoc and BP suspended their billion bid for a stake in Israel’s NewMed Energy due to the conflict in Gaza but remain interested.
– Adnoc and BP announced a new joint venture centered on Egypt on 14 February.
– European refineries may have a profitable future due to elevated margins for refined oil products like diesel and gasoline, amidst war in Ukraine and Red Sea tensions.
– On 13 March, Ukraine conducted drone strikes on Russian refineries, reducing refining capacity by 370,500 b/d.
– Falling refining capacity has increased diesel premiums ahead of crude by about /b.
– By 2026, Europe will have reduced its crude distillation capacity by about 7% compared to 2020, becoming more reliant on imports of refined products and more vulnerable to supply shocks.
– The IEA and OPEC continue to have contrasting biases in oil market forecasts.
– CERAWeek in Houston saw top oil executives and ministers discuss the energy sector, with less pressure for a large-scale move to clean fuels.
– ExxonMobil CEO Darren Woods emphasized the cost concerns in reducing emissions.
– Shell CEO Wael Sawan highlighted the critical role of LNG in Shell’s future.
– Saudi Aramco’s CEO criticized the energy transition approach, advocating for efficient hydrocarbon use.
– US Secretary of Energy Granholm emphasized meeting current energy needs while preparing for future realities.
– Wind turbine blades, which can’t be recycled, are accumulating in landfills.
– Methane emissions from the energy sector remained near a record high in 2023, according to the IEA.
– Germany has opened its first EUR 4 billion bidding round for ‘Carbon Contracts for Difference’ for industrial users to switch to green hydrogen or other low-emissions technology.
– Engie urges caution on the pace of hydrogen deployment in hard-to-abate industries.
– Global greenhouse gas emissions from food systems are growing, with livestock being the biggest driver.
– Jim Skea of the IPCC stated the world is in ‘unknown territory’ after heat records were broken, indicating more science is needed to understand extraordinary temperatures.
First circumnavigation of Cyprus for 50 years
On September 21, 2023, a crew led by IOC Young Leader Sophia Papamichalopoulos completed a circumnavigation of Cyprus, a feat not achieved in over 50 years. The project, named Winds of Change, involved young Greek and Turkish Cypriots sailing around the entire island to promote peace-building and dialogue. The journey took almost 70 hours, covering 326.9 nautical miles, and ended on the International Day of Peace. The initiative has gained international attention, with a documentary set to be released at the Paris Olympics.
The Cypriots in the national uprising of 1821
Cypriot Hellenism experienced severe hardships under the first Turkish rule starting in 1821, enduring 308 years of misery, poverty, and despair. Cypriots joined the Filiki Eteria, a secret society aimed at overthrowing Ottoman rule in Greece, with Archbishop Kyprianos initiating correspondence with Alexander Ypsilantis in 1818. The Zenonos brothers from Cyprus participated in the battle of Dragatsani on June 7, 1821, and continued to fight in other battles in Greece, earning praise for their heroism. Manuscripts found in the National Archives of Athens contain accounts of Cypriot volunteers’ contributions to the Greek revolution, including financial sacrifices. Despite the massacres in Cyprus in July 1821, with casualties between 480 and 2000, Cypriot revolutionaries fought valiantly in various locations across Greece, both on land and at sea.
Only effective way to ramp up Gaza aid is by road, Guterres says
U.N. Secretary-General Antonio Guterres stated that the only effective and efficient method to deliver heavy goods to meet Gaza’s humanitarian needs is by road, which requires a significant increase in commercial deliveries. Guterres highlighted the global impact of the war in Gaza and criticized the international community for failing to uphold Palestinian human dignity. During his visit to Egypt and Jordan, part of an annual Ramadan solidarity tour, he expressed outrage at the backlog of aid for Gaza at Egypt’s border. Despite over five months of conflict between Israel and Hamas, with aid accumulating in Egypt’s Sinai, efforts to deliver aid through air drops and ships have been proposed, but U.N. officials insist on scaling up deliveries by land. Guterres emphasized the need for Israel to facilitate relief by removing obstacles and increasing crossing points. He also mentioned the U.N.’s efforts to maintain funding for UNRWA, the main humanitarian aid agency in Gaza, despite funding pauses from countries like the United States and Britain due to accusations against UNRWA staff. UNRWA head Philippe Lazzarini expressed regret over the continued U.S. funding ban until at least March 2025.