Columnists

Having high hopes for our youth

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Having high hopes for our youth

The text discusses the disappointment in a sector of the younger generation, highlighting issues such as high crime rates, low education standards, and lack of English language proficiency. However, there is hope seen in the younger generation through their volunteer work with Syrian refugees and efforts to revitalize an abandoned shopping mall project in Limassol. The young group aims to turn the mall into a youth business and innovation hub with the support of the Municipality of Limassol, but they require governmental and possibly EU assistance to overcome legal and financial challenges.

Delays in legal procedures

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Delays in legal procedures

The legal system in Cyprus is facing significant difficulties, with long delays in court cases and a lack of efficiency. This has led to a situation where international agreements refer to arbitration or foreign law courts, such as in the U.K. Due to delays and inefficiencies, justice is breaking down, with people not bothering to pursue their rights. There are also reports of “bouncers” taking the place of police and acting as judges in resolving disputes. The use of court officers to serve writs is also problematic, with some officers not fulfilling their duties. Efforts are being made to address these issues, including the introduction of arbitrators, but it will take time for these measures to be effective.

Judgment day for crypto, ’s golden boy

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Judgment day for crypto, ’s golden boy

FTX founder Sam Bankman-Fried was found guilty by a jury in New York and sentenced to 25 years in US federal prison for orchestrating a scheme to defraud equity investors in FTX Trading Ltd. He was also ordered to repay billion to customers and investors.

Egypt, ’s natgas woes continue

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Egypt, ’s natgas woes continue

Egypt is unlikely to export any LNG to Europe this summer due to declining production at the Zohr field, which is prioritizing domestic energy needs.

Oil prices to keep on rising

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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.

Getting tougher on naturalisation

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Getting tougher on naturalisation

The new requirements for applying for Cypriot nationality include: living in Cyprus for 12 months continuously before the application submission (with a permissible absence of up to 90 days), being of good character, having sufficient knowledge of the Greek language (proven by a written examination), demonstrating knowledge of local political and social realities (assessed by a 3-member committee), having suitable accommodation and stable financial resources, intending genuinely to reside in Cyprus, and excluding asylum seekers or holders of international protection, and foreign students from the time of stay calculation. Failure to meet any of these conditions results in application rejection. The requirements have retrospective effect, applying even to applications submitted before the law amendment in March 2024. Exceptions are made for Ireland and Denmark within the EU. Highly skilled foreign workers can obtain citizenship after residing in Cyprus for four to five years, depending on qualifications, and must pass a Greek language test at level B1 for a five-year stay or A1 for a four-year stay, without needing to pass history/culture tests.

A strategic EU role for the Cyprus problem

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A strategic EU role for the Cyprus problem

The text discusses the flaws in the traditional negotiations process regarding the Cyprus problem and suggests that a solution requires a slow, incremental process of “deliberative democracy” and strategic international coordination to incentivize leaders towards a negotiated settlement. The EU and the US play crucial roles in this process. The text highlights how the US improved its relationship with Greece, making it a strategic partner in southeastern Europe through military and energy developments, suggesting a similar approach could be applied to Cyprus. The text proposes enhancing Cyprus’s role in humanitarian assistance as a geopolitical incentive, mentioning the Republic of Cyprus’s involvement in evacuations and support in various crises. It discusses the EU’s engagement with Cyprus through the Task Force for the Turkish Cypriot community and suggests that strategic political decisions on Cyprus could be better managed by placing them under the Secretariat-General of the European Commission. The text concludes with the author’s credentials and involvement in Cyprus negotiations.

Is it worth investing in gated projects?

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Is it worth investing in gated projects?

Gated projects in Cyprus have become increasingly popular due to the rising crime rates and the need for increased security. These projects offer a sense of added security and privacy, discourage unwanted visitors and traffic, and can be equipped with cameras for added security. However, there are some drawbacks, including the initial cost and maintenance expenses, the potential for visitors or maintenance workers to bypass the gate, and the inconvenience of being locked out if the gate malfunctions. The article suggests a suitable system for gated projects, including an electrically controlled gate with a code and remote control, an intercom system, a manual override in case of power failure, and a sensor for automatic opening. The author also advises homeowners to consider additional security measures such as aluminum shutters and burglar alarms. Overall, gated projects provide added security but come with some challenges.

Solar panels and cheaper electricity

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Solar panels and cheaper electricity

The cost of electricity in Cyprus is increasing, leading the government to introduce incentives for investments in solar energy. Solar energy can significantly reduce household electricity costs. However, there are limitations to installing solar panels, such as lack of space or shading from trees. In Greece, investment companies develop solar parks and sell shares to homeowners, offsetting their electricity consumption. Similar approaches could be considered in Cyprus to install solar panels in apartment blocks and other buildings. Public pressure is influencing government decisions on this issue. The reduction in electricity costs benefits tenants and businesses, making them more competitive. Properties in mountain areas may face challenges due to shading and higher installation and maintenance costs. Seeking advice from specialized contractors or mechanical-electrical engineers can help estimate the capital investment and potential cost savings.

Government needs a new economic agenda

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Government needs a new economic agenda

The trade unions and the Minister of Finance in Cyprus are in disagreement over the automatic wage indexation policy. The government had previously agreed to adjust salaries and pensions of public employees at a cost of 1.2 billion euros, but now the finance ministry is reconsidering this decision due to warnings from the European Commission, the IMF, and the country’s Fiscal Council about the risks to fiscal stability. The unions are trying to reverse reforms that were made as part of the country’s rescue package by the EU, IMF, and ECB. The author suggests that the government should implement policy measures to address fiscal risks and drive growth and competitiveness, such as incentivizing employees to work past retirement age and creating a sovereign fund. Additionally, the author recommends addressing the demographic risk by providing affordable housing to new couples with EU citizenship. It is unclear if the president has the vision and priorities to implement these policies.