Cyprus government and banks piling-up cash
By end-February 2024, the government had accumulated cash deposits of over €3.5 billion at the Central Bank and €2.1 billion at commercial banks.
Europe
More than ten organised crime groups operating in Cyprus, Interpol says, pointing to rising period of criminality
A global investigation over the past four years points to Cyprus as a hub for criminal organizations involved in drug trafficking, smuggling tobacco products, extortion, illegal betting, and fixing football matches. The report, based on Interpol data, highlights a rise in extreme criminality in Cyprus, with recent assassinations, arson attacks, bombings, and underworld killings. Criminal organizations in Cyprus are mostly foreign and involved in crimes against property, money laundering, drug trafficking, and bribing public officials. In 2024, there were 55 arsons and bomb attacks reported in 101 days.
Regulating AI will benefit everyone, MEP tells Phileleftheros
The European Parliament passed the EU Artificial Intelligence Act in April, setting a global precedent for regulating AI. The legislation aims to protect fundamental rights, democracy, and environmental sustainability from high-risk AI systems while fostering innovation. The regulation will become EU law once ratified by the European Council, with full implementation expected within 24 months. It does not regulate the technology itself but focuses on the risks posed by AI systems. The regulation categorizes AI systems based on risk levels, with strict rules for high-risk systems. Other countries are expected to follow the EU’s lead in regulating AI. The regulation is designed to adapt continuously to keep pace with technology advancements. Technology companies may raise objections, but the legislation sets strict penalties to ensure compliance. The regulation is not expected to hold back the EU from technological development or innovation.
‘Cyprus is a reliable business centre’
– Cyprus is considered a reliable business center by Commerce Minister George Papanastasiou.
– The Eastern Mediterranean region can play a role in ensuring Europe’s energy security.
– The Great Sea Interconnector project aims to connect the electricity systems of Cyprus, Greece, and Israel to aid Europe in becoming independent of Russian gas.
– Greek Energy Minister Theodoros Skylakakis warned the Cypriot government about missing deadlines for the interconnector project.
– The Cypriot government is still in the phase of discussing conditions and waiting for Greece’s transmission system operator Admie to submit a cost-benefit analysis of the project.
Socialist supporters call on Spanish prime minister to stay
Prime Minister Pedro Sanchez considered resigning after a court launched a business corruption probe into his wife’s private dealings. However, thousands of Socialist Party supporters gathered in Madrid to urge him to stay, denying the allegations against his wife and stating he will announce his decision on Monday. Opposition parties condemned Sanchez’s move, while Madrid’s prosecuting authority appealed the court’s decision to investigate the complaint against his wife.
Germany needs an economic turnaround, says finance minister Lindner
Germany’s economy was the weakest among its large euro zone peers last year, facing challenges like high energy costs and record high interest rates. The International Monetary Fund has cut its GDP forecasts for Germany, expecting 0.2% growth this year and 1.3% in 2025. German Finance Minister Christian Lindner emphasized the need for an economic turnaround to secure the country’s geopolitical position, especially in the face of Russian President Vladimir Putin’s aggression towards Ukraine. Lindner highlighted that economic strength plays a crucial role in geopolitics.
COP29 climate summit host Azerbaijan defends oil and gas investments
Azerbaijan’s President, Ilham Aliyev, stated that as the host of the upcoming U.N. COP29 climate summit, his country will defend the right of oil and gas producing nations to continue investing in the sector due to the ongoing strong demand for fossil fuels.
High share of overqualified workers, ICT sector thrives
Cyprus is among the top countries in Europe in terms of the gross value added by the provision of services in the information and communication technology sector.
Kyrenia district elections , ‘a symbol of struggle’
Fact: Candidacies are being submitted for local elections for the Kyrenia district, with the elections set to take place on June 9.
Portugal’s democracy turns 50: Thousands commemorate Carnation Revolution
Portugal celebrated the 50th anniversary of the “Carnation Revolution” that ended a fascist dictatorship and brought democracy. The revolution was led by junior army officers who wanted democracy and decolonization. Recent celebrations were overshadowed by concerns over the rise of the far right in Portugal, including the populist party Chega. Chega has gained popularity by appealing to those with a revisionist view of history and advocating for changes to the constitution. Despite being the third largest party in Portugal, Chega’s leader denies being fascist and criticizes mainstream parties for not addressing poverty and other issues.