Clampdown on foreign property buyers in the north
Fact: The Turkish Cypriot administration is working on legal amendments to limit the number of properties that foreigners can purchase in the northern part of Cyprus.
news
As wealth inequality rises in Cyprus both people and democracy suffer
Cyprus households have a median net wealth of €200,400 in 2021, with the top 10% holding 46.1% of the net wealth. Wealth inequality is increasing, with the Gini coefficient for wealth distribution rising. Inheritance and bequests are a major factor in explaining wealth inequality. Returns to capital have grown faster than returns to labor, leading to greater wealth accumulation by households owning capital. High wealth inequality has profound socioeconomic effects and political consequences in shaping election outcomes and policies.
South African election: the fall of the ANC
– The African National Congress (ANC) in South Africa is facing a decline in support and is expected to receive less than 50% of the vote in the upcoming election.
– The decline of the ANC has not led to the emergence of new parties with new ideas, but rather the same old parties with the same old ideas.
– South Africa remains a country with high levels of poverty and inequality, with official unemployment at 32%.
– Former president Jacob Zuma has founded a new party that is expected to attract Zulu votes and further decrease the ANC’s support.
– The Economic Freedom Fighters (EFF) party, led by Julius Malema, is polling at 11.5% and has a radical platform that includes nationalizing banks and mines.
– Malema’s best chance of gaining power may be through a coalition with the ANC.
– Despite challenges, South Africa still has resources and potential for change.
Boxing-Usyk beats Fury to become undisputed heavyweight champ
Oleksandr Usyk defeated Tyson Fury in a split decision to become the undisputed heavyweight boxing world champion.
Amazon Web Services plans $8.4 bln cloud investment in Germany
Amazon Web Services (AWS) plans to invest 7.8 billion euros in Germany through 2040 to build a cloud computing infrastructure specifically for Europe.
Sony shares leap 12 per cent on buyback and dividend plans, higher profit outlook
Shares in Sony Group jumped 12 per cent after pledging to boost shareholder returns and forecasting higher annual profit with a boost from its image sensors business. Sony will spend up to 250 billion yen on a share buyback and gradually increase dividends with a target of a 40 per cent total payout ratio by the financial year ending March 2027. Sony will allocate 1.8 trillion yen over the next three years to growth investments and share repurchases. Sony also plans to conduct a five-for-one stock split to expand its investor base.
EU demands clarity from Microsoft on AI risks in Bing
The European Commission could fine Microsoft if it doesn’t provide adequate information on risks stemming from generative AI features in search engine Bing by May 27.
Tales from the Coffeeshop: Auditor-general far too popular to do anything wrong
– The opposition proceedings in the case brought against auditor-general Odysseas Michaelides by attorney-general George Savvides were filed by Odysseas’ team of lawyers.
– The opposition is based on two points: the application of the AG to the constitutional council is groundless and the AG does not have the authority to seek the sacking of an independent state official.
– Odysseas’ camp is applying pressure on the president to publicly side with him.
– The head of the anti-corruption authority demanded criminal charges against the drug squad chief, possibly linked to the Odysseas-Savvides clash.
– Hezbollah leader Hassan Nasrallah urged Syrians to head for Cyprus and Europe to pressure Brussels to give Lebanon more funds for Syrian refugees.
– Parents were upset over the difficulty of questions in modern Greek exams for secondary school students.
– State hospital nursing unions are threatening industrial action if more nurses are not hired.
– The president announced the decision to appoint two criminal investigators before the cabinet approved it.
Poland to spend around $2.5 bln on securing eastern border, says PM
Poland is investing 10 billion zlotys in a program to secure its eastern border due to a perceived threat from Russia and Belarus. The program includes building fortifications and enhancing security measures to prevent unauthorized entry. Prime Minister Donald Tusk also plans to discuss financing for the European Sky Shield Initiative with the European Investment Bank.