technology

McDonald’s suffers global tech outage, rules out cybersecurity incident

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McDonald’s suffers global tech outage, rules out cybersecurity incident

McDonald’s experienced a technology outage that disrupted operations at many of its outlets worldwide, including Japan and Australia. The company confirmed the issue was not related to a cybersecurity incident. In Japan, many stores stopped taking in-person and mobile orders, with efforts underway to restore operations. McDonald’s Australia also confirmed the outage affected its restaurants nationwide. The issue impacted customers in Hong Kong, New Zealand, and the UK as well, with reports of disruptions on social media. McDonald’s operates about 40,000 restaurants globally, with over 14,000 in the United States, nearly 3,000 in Japan, and about 1,000 in Australia. The New York Times reported a “computer system failure” at McDonald’s Hong Kong, affecting mobile ordering and self-ordering kiosks.

Almost 100,000 artefacts now been digitised

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Almost 100,000 artefacts now been digitised

Deputy Minister of Culture Vasiliki Kassianidou emphasized the importance of digitization in protecting cultural heritage, stating that new technology is crucial for documenting, protecting, and recovering stolen cultural property. Over the past 36 months, 96,000 ancient objects in state museums have been digitized as part of a project that began in May 2021, aiming to digitize all objects exhibited in museum exhibitions under the department of antiquities’ responsibility. Since 2009, over 100,000 movable finds, 3,581 archaeological surveys, and 1,641 ancient monuments have been digitized.

Chemicals in plastics far more numerous than previous estimates, report says

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Chemicals in plastics far more numerous than previous estimates, report says

A report found that plastics contain at least 3,000 more chemicals than previously estimated by environment agencies, totaling over 16,000 chemicals, a quarter of which are considered hazardous to human health and the environment. This discovery raises concerns over pollution and consumer safety. The report, funded by the Norwegian Research Council, highlights the importance of addressing the full life cycle of plastics and the chemicals they contain to solve plastic pollution effectively. The research indicates that plastic chemicals can leach into water and food, potentially leading to adverse health outcomes such as fertility issues and cardiovascular disease. The study also points out the need for greater transparency regarding the chemicals used in plastics, including recycled products, noting that a quarter of the identified chemicals lack basic information on their chemical identity. Only 6% of the chemicals found in plastics are regulated internationally, underscoring the need for a global treaty to address these issues. Negotiations for such a treaty are ongoing, with the aim of finalizing it by December in Busan, South Korea.

Zara-owner Inditex shares rise to record high on spring season boost

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Zara-owner Inditex shares rise to record high on spring season boost

– Inditex’s shares rose to a record high after reporting positive early spring sales.
– Sales at constant currencies for Feb. 1 to March 11 jumped 11 percent.
– Annual sales rose 10 percent to a record 36 billion euros in the year to January 2024.
– Inditex’s revenue growth in 2023 topped that of rival H&M.
– The company plans to open Zara stores in Los Angeles, Las Vegas, and Cambridge, Massachusetts, and the first Massimo Dutti store in Miami.
– Inditex has widened its lead over H&M by delivering trends faster and selling more clothes at higher prices.
– H&M reported a 4 percent drop in December and January sales.
– Inditex’s sales growth has slowed compared to the previous year, with a 13.5 percent increase in the first half of spring 2023.
– The company posted an annual net profit of 5.4 billion euros, up 30 percent on the year.
– Inditex plans to invest 900 million euros per year through 2025 on logistics.
– It will spend a total of 1.8 billion euros this year on expanding store space by 5 percent, technology, and improving online platforms in 2024.
– Inditex will start weekly livestreaming shopping services for Zara in the U.S. and UK.
– The company will expand its second-hand business to the U.S. after launching in the UK in 2022.
– Inditex had 5,692 stores worldwide in 2023, 123 fewer than the previous year.
– Inventories in January were 7 percent lower year-on-year.
– The company will increase its dividend payout by 28 percent to 1.54 euros per share.
– Zara began raising prices earlier than H&M in response to inflation and to offer high-fashion pieces.
– Over the last two years, Zara has increased average prices at a slower pace than H&M and others.
– Investors expect Inditex to continue to outperform H&M, with the Spanish group having a higher valuation than peers like H&M, Gap, and Next.

Record year for Cablenet with 16.2 per cent increase in revenue and 52 per cent increase in its mobile subscription base

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Record year for Cablenet with 16.2 per cent increase in revenue and 52 per cent increase in its mobile subscription base

In 2023, Cablenet achieved a revenue of €74.3 million, marking a 16.2% increase from €63.9 million in 2022. This growth is attributed to a 29% increase in its total subscriber base. The company also reported a 52% increase in mobile subscribers, surpassing 142,000 contract and prepaid subscribers. Cablenet’s revenue from Mobile Telephony service increased by 54%. The company completed the migration of subscribers to its proprietary 4G frequency spectrum and invested in additional coverage and capacity capabilities. Cablenet offers coverage to approximately 228,000 households nationwide, up from about 205,000 at the end of 2022, aiming for 80% household coverage in Cyprus. By the end of 2023, around 85,000 households and 5,100 businesses used Cablenet for broadband and other Fixed Services. Cablenet’s Purple Max Internet won the Most Innovative Operator Cloud Offering category at the 11th Annual Global Telecoms.com Awards, Glotel Awards. Cablenet ranked first in overall customer satisfaction and Net Promoter Score (NPS) in the Cypriot telecommunications market according to CYMAR market research.

Eurobank growing into a regional powerhouse , — Cyprus central to its plans

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Eurobank growing into a regional powerhouse , — Cyprus central to its plans

– Eurobank’s financial results for 2023 exceeded initial expectations.
– Eurobank has a business plan for 2024-2026 aiming to become a regional banking powerhouse.
– The bank has a strong presence in Cyprus, which is expected to deepen.
– The bank’s board of directors will meet in Cyprus on March 20-22.
– Eurobank’s 2023 financial highlights include a per-share net profit of €0.31 and a return on equity of 18.1%.
– Earnings per share increased by 21.1% compared to 2022, reaching €2.07.
– 37% of net profits came from international activities.
– The Capital Adequacy Ratio (CAD) was 20.2% and the Common Equity Tier 1 (CET1) ratio was 17%.
– Non-performing exposures (NPEs) were at 3.5%, with a coverage ratio for non-performing loans of 86.4%.
– The loans-to-deposits ratio was 72.3%, and the liquidity coverage ratio was 178.6%.
– The business plan for 2024-2026 includes integrating Hellenic Bank in Cyprus and expanding in the region.
– About 50% of profits are expected to come from international operations.
– The plan targets a capital return of about 15% on a recurring basis and a dividend payout ratio of nearly 50% by 2026.
– Net interest income increased by 46.9% compared to 2022, reaching €2.17 billion.
– Fee and commission income grew by 4.2% in 2023, totaling €544 million.
– Organic revenues increased by 35.8% annually, reaching €2.71 billion.
– Operating expenses increased by 5.2% compared to 2022, reaching €902 million.
– The cost-to-income ratio improved to 33.2% in 2023.
– Organic pre-provision operating income increased by 58.6% annually, totaling €1.816 billion.
– Provisions for impaired loans increased by 24.7% compared to 2022, reaching €345 million.
– Organic pre-tax operating profits surged by 69.4% in 2023, totaling €1.47 billion.
– Adjusted pre-tax profits amounted to €1.55 billion, with adjusted net profits increasing by 6.6% to €1.256 billion.
– Adjusted net profits from international activities increased to €468 million in 2023.
– Operational performance in Cyprus and Bulgaria showed substantial improvement.
– Eurobank acquired a majority stake in Hellenic Bank and completed the acquisition of BNP Paribas Personal Finance in Bulgaria.
– Eurobank’s regional presence is significant, contributing approximately 37% to its profitability in 2023.
– Eurobank Cyprus began operations in 2007 and is the third-largest bank on the island.
– Eurobank Cyprus operates in five core business pillars.
– Eurobank has no intention of using Hellenic Bank’s excess liquidity elsewhere in the group.
– Eurobank and Hellenic Bank will continue to operate separately until conditions are met for their merger.
– Eurobank signed a Memorandum of Understanding with NPCI International Payments Limited to enhance remittances from Greece to India.

KPMG Academy: Specialised services through academic expertise

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KPMG Academy: Specialised services through academic expertise

The Academy, associated with KPMG in Cyprus, provides specialized services, solutions, and insights across various industries by combining professional and academic expertise. It has adapted successfully to market changes, regulations, and technological advancements over the years. The Academy offers a range of training services including open seminars/webinars, tailored trainings, learning advisory, and digital learning in areas such as Organisational Strategy and Operations, HR Advisory, Restructuring, IFRS and Accounting, Taxation, Corporate Finance, Financial Risk Management/consulting, IT Advisory, and Soft Skills. Its trainers, certified by the HRDA as Vocational Trainers, come from KPMG in Cyprus, the broader KPMG network, prestigious universities, and successful companies. The training programs are suitable for professionals from various industries and may fulfill Continuing Professional Development requirements, with many approved by the Human Resource Development Authority (HRDA) for subsidies. Upcoming trainings from March to June 2024 cover topics like VAT legislation in Cyprus, AML regulations, Blockchain and the Metaverse, corporate tax principles, tax updates, cybersecurity basics, data intelligence and AI, ESG assurance, real estate transactions, and the CRR III framework for banks.

Italy to set up AI fund of 1 billion euros, PM says

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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.

Is AI-Powered healthcare finally here? Introducing Welzo , – The first AI-powered Healthcare Marketplace

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Is AI-Powered healthcare finally here? Introducing Welzo , – The first AI-powered Healthcare Marketplace

Welzo is a healthcare marketplace that uses AI big data to connect patients with suitable healthcare professionals or services through its unique algorithm, Welzo-AI. It complements human interactions rather than replacing them. Founded by CEO Adonis Hakkim, Welzo aims to make healthcare accessible, efficient, and personalized. It offers a range of services including online GP appointments, healthcare products, and remote health tests. Welzo’s AI technology provides personalized health insights, recommends tailored healthcare products, and predicts potential health issues. It addresses the disconnect between patients and healthcare providers by creating a centralized marketplace and uses AI algorithms for efficient matching. Welzo also improves healthcare accessibility by providing services online and delivering products directly to homes, focusing on affordability and transparency. Despite its achievements, Welzo is at the beginning of its journey with potential for growth in the AI-powered healthcare market. Adonis Hakkim’s leadership is instrumental in Welzo’s success, focusing on innovation and the democratization of healthcare.

Cyprus signs multi-million deal with Microsoft to boost public sector efficiency

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Cyprus signs multi-million deal with Microsoft to boost public sector efficiency

Cyprus has signed an €8 million deal with Microsoft to provide 10,000 public sector workers with Microsoft 365 licenses and to upgrade the country’s digital infrastructure. This five-year Enterprise Agreement includes email, secure collaboration tools, cloud computing services, project management, reporting software, and support services from Microsoft specialists for smooth implementation and user training. Deputy Minister of Research, Innovation and Digital Policy, Nicodemos Damianou, sees this as the start of broader cooperation with Microsoft, aiming to create a modern, digital state. Yanna Andronopoulou, Managing Director for Microsoft Greece, Cyprus, and Malta, views the agreement as a significant step towards Cyprus’s digital future. The agreement aims to improve public sector efficiency and service quality for Cypriot citizens, marking a milestone in Cyprus’s digital modernisation efforts.