Fact: The Great Sea Interconnector project, a subsea electricity cable linking Cyprus to Greece, is estimated to save an average household consuming five megawatt-hours of electricity annually at least €400 a year.
Parents of children with haematological and oncological conditions are concerned about the construction works planned at Makareio Hospital. They argue that building near clinics treating immunocompromised patients can be extremely dangerous. The Cyprus Pediatric Society warns of the risks, specifically mentioning the potential increase in hospital fungal infections, such as aspergillosis. Despite opposition from parents and medical professionals, the Health Insurance Organisation (HIO) has suggested relocating the Pediatric Oncology Clinic temporarily to another part of the hospital, which is not seen as a suitable solution. The decision to upgrade Makareio Hospital instead of building a new, modern hospital has been made without consulting those directly involved, raising concerns about the safety and health of the children undergoing treatment. The focus should be on prioritizing the health and well-being of these vulnerable patients.
The Cyprus Research and Innovation Foundation (RIF) announced a new funding initiative of €300,000 to strengthen innovation support structures, including incubators and accelerators for start-ups. The funding aims to develop local innovation support structures to provide high-quality services to start-ups, crucial for market penetration, income generation, and attracting private investment. The maximum funding available is €10,000 per start-up and up to €100,000 per support structure. Interested parties can find more information and submit proposals through the IRIS portal by June 26, 2024. The initiative is supported by the NextGenerationEU Recovery and Resilience Facility and the Cyprus Recovery and Resilience Plan. Contact the Foundation’s Partner Service Centre for more information.
Humanitarian aid for Gaza collected in Cyprus is being loaded onto ships for delivery once a temporary pier in Israel is repaired. The United States is also working to recover two grounded vessels near the damaged pier. Repair efforts are underway, and the U.S. remains committed to ensuring aid reaches Gaza as soon as possible.
Turkish factory activity contracted in May as demand slowed, leading to a decrease in production and employment. The Purchasing Managers’ Index for Turkish manufacturing fell to 48.4, below the 50-point level indicating growth. Firms reported a drop in new orders, including export orders, due to challenging demand conditions and high prices. Manufacturers scaled back production and reduced staffing levels, with some firms not replacing departing staff due to lower workloads. Inflationary pressures continued to decrease, with input and output prices increasing at a slower pace.
The eurozone manufacturing Purchasing Managers’ Index (PMI) rose to 47.3 in May from April’s 45.7, showing new orders declined at their slowest pace in two years.
Michael Saylor did not pay any income taxes to Washington despite living there from 2005 through 2020.
Robinhood Markets has launched a billion share buyback plan to grow beyond its startup phase.
Cyprus’ Producer Price Index in industry recorded a 3.8% decrease in April 2024 compared to the same month in 2023, primarily due to reductions in the electricity supply sector.
The International Monetary Fund praised Cyprus for its strong economic performance, commending the country for its substantial primary surpluses, efforts to reduce public debt, quick recovery from the pandemic, and resilience in dealing with external shocks. The IMF recommended measures to further strengthen the economy, including phasing out electricity subsidies and VAT exemptions, and advised against further cost-of-living adjustments to wages. Other recommendations included reforms to the justice system, labor markets, and vigilance regarding systemic risks in the real estate market.