21 percent of Cyprus’ population is foreign-born, ranking it third highest in Europe for such demographics. Paphos has the highest percentage of foreigners at 38 percent, followed by Limassol at 20 percent, Larnaca at 19 percent, and Nicosia at 18 percent. The majority of these expatriates are from Greece (40 percent), with significant numbers also coming from the UK (16 percent), Russia (8 percent), and Romania (8 percent).
Frederick University is co-organizing the second Youth Tech Fest Cyprus 2024, which will occur on April 20, 2024, from 9 am to 4:30 pm at the University’s Limassol campus. The festival aims to promote digital literacy and engage children and young people in ESTEAM fields (Entrepreneurship, Science, Technology, Art, and Mathematics) through a variety of activities, workshops, masterclasses, and shows in areas such as Robotics, Gaming, Woodworking, XR/VR, and science. The event includes a Girls Go Circular workshop for schoolgirls aged 14-19, focusing on digital skills and the circular economy, organized by Junior Achievement Cyprus and Frederick University. The festival also features a Youth Tech Summit for educational technology insights and best practices, an Open Competition for student projects, and an Award Ceremony. Admission to all festival activities is free.
Tourism from Central Europe to Paphos is expected to grow in 2024, based on early-year figures. This growth follows a trend of increasing arrivals from countries like Poland, Hungary, Austria, France, and Italy. Factors contributing to this growth include the expansion of Ryanair’s low-cost flights between Paphos and Central European airports, Paphos’s popularity as a year-round destination due to its mild climate and diverse attractions, and promotional efforts by the Paphos Tourism Board. In 2023, Paphos received over 120,000 tourists from Poland, a number expected to rise in 2024 with Ryanair operating at least 14 flights per week from six Polish airports.
The European Commission announced an agreement on the creation of a European Health Data Space (EHDS), proposed in May 2022, aiming to empower citizens by giving them control over their health data and unlocking research potential. The EHDS will allow EU citizens immediate access to their digital health data across the EU, facilitating healthcare delivery, research, innovation, and policymaking while adhering to EU data protection standards. It includes a robust legal framework for the reuse of health data for research and public health purposes, with strong data protection and security safeguards. The European Parliament and the Council will formally adopt the new regulation, which will be implemented in stages.
The acting head of Europe’s aviation regulator, the European Union Aviation Safety Agency (EASA), has warned that the agency could suspend its indirect approval of Boeing’s jet production if necessary. This comes amid concerns over Boeing’s handling of its latest safety crisis, particularly with the 737 MAX series. The EASA’s acting executive director, Luc Tytgat, mentioned that international cooperation on airplane production is being tested due to ongoing issues with Boeing. An incident on January 5, where a door plug tore off a 737 MAX 9 jet due to missing bolts, has increased scrutiny on Boeing and its supplier, Spirit AeroSystems, for poor controls. The EASA and the US Federal Aviation Administration (FAA) have a transatlantic pact to regulate and recognize each other’s safety approvals for Boeing and Airbus factories. Tytgat stated that no action to suspend recognition is imminent but did not rule it out if future fatal accidents occur. The FAA has called for Boeing to commit to significant improvements. Tytgat also mentioned having a reassuring discussion with Boeing executives about their commitment to improving production quality control. The FAA and EASA are working closely, with EASA being invited to join an audit of Boeing as an observer, marking a step forward in mutual confidence-building between the agencies.
A shop named “Pile ou Face” has opened in Brussels, selling still-sealed, unwanted Amazon parcels by the kilo for €16 (.40) per kilo. The shop is located near Place Flagey. Customers can win items ranging from connected watches and smartphones to toothbrushes. Some customers, like Paul, find value in their purchases, while others, like Gisele Peeters, are disappointed. The shop was founded by Arnaud Userstam, who started the business after learning that courier services in Belgium cannot resell lost parcels. “Pile ou Face” acquires parcels through contracts with Amazon, involving parcels not retrieved from pickup places, returned by customers, or lost. Previously, these parcels were destroyed.
The real estate platform INDEX designated Larnaca as Cyprus’ key destination for investors and homebuyers in the real estate market, based on a recent analysis. This analysis, derived from over 4,200 real estate listings on INDEX, showed a 36 percent price discount on pre-owned properties compared to new ones in Larnaca, with the median price per square meter for new real estate at €3,619 and for pre-owned properties at €2,289. The analysis considered 19 percent VAT for new assets and 4 percent Transfer of Title Fees for pre-owned ones. Differences in pricing between new and pre-owned properties were also noted in other regions, such as Limassol (25 percent difference), Nicosia (27 percent), Paphos (27 percent), and Famagusta (21 percent), based on an analysis of 24,773 new properties and 4,539 pre-owned ones. The report highlights Larnaca’s attractiveness for investment and residential opportunities, with a growing trend of buying and flipping pre-owned properties for profit.
The EURUSD exchange rate was trading in the mid 1.0900s after reaching a peak at 1.0981 the previous week. Upcoming data releases and events are expected to introduce some volatility to the Euro-dollar pair. In the US, upcoming factory gate inflation and Retail Sales data could influence expectations regarding the Federal Reserve’s timeline for interest rate cuts, which is a significant factor for the US Dollar. Economists anticipate a decrease in Core PPI to 1.9% year-over-year in February from 2.0% in January, with a month-on-month forecast showing a 0.2% increase compared to the 0.5% increase the previous month. The headline Producer Price Index (PPI) is expected to show a 1.1% year-over-year gain, up from 0.9% in January, and a 0.3% month-on-month gain, consistent with the previous month. This data is a crucial indicator for CPI inflation, as increases in wholesale costs are typically passed on to consumers. Market participants are betting on a 67.2% probability of the Fed cutting interest rates in June, according to the CME FedWatch Tool. US Treasury Secretary Janet Yellen stated that it seems unlikely for interest rates to return to pre-COVID-19 levels and deemed the interest rate projections in President Biden’s budget plan as “reasonable.” In Europe, several ECB officials are set to speak, potentially providing insights into whether interest rates will be cut in April or June. If inflation remains high, interest rates are likely to stay elevated, supporting the Euro. ECB Governing Council member Francois Villeroy de Galhau indicated a preference for an April rate cut, while Bank of Austria Governor Robert Holzmann and ECB President Christine Lagarde suggested a June timeline for revisiting rate policies. The timing of ECB rate cuts could impact the Euro and EURUSD exchange rate. After recent US inflation data, a calmer period is expected in the EURUSD pair ahead of the next week’s Federal Reserve meeting.
– 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.
The European Parliament approved a new EU regulation for the protection of journalists and media from political and economic interventions, with 464 votes in favor, 92 against, and 65 abstentions. This regulation mandates member states to ensure media independence and prohibits any forms of intervention in editorial decisions. It includes measures against pressuring journalists to disclose sources, establishes rules for the use of surveillance software by authorities, sets criteria for the editorial independence and funding of public media, requires transparency regarding media ownership, ensures fair distribution of state advertising, and protects media freedom from arbitrary actions by major online platforms.