finance

Pay As You Throw for 67% of the population

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Pay As You Throw for 67% of the population

By the end of 2024, Cyprus plans to implement the “Pay As You Throw” (PAYT) scheme for waste management, initially covering 67% of its population. The scheme encourages waste reduction and recycling by charging residents based on the amount of waste they produce. The first phase will involve six municipalities, representing 30% of the population, with pricing for waste disposal to be determined through preparatory studies. By June 2024, studies for additional municipalities covering 37% of the population are expected to be completed, with further expansions planned. Preliminary pricing suggests a charge of 6 cents per liter for waste bags. A compulsory waste separation and collection system for recyclables and other materials will be implemented by June 30, 2024. Recycling targets for various materials range from 25% to 85% by 2025 to 2030. Environmental data from 2021 showed a per capita waste production of 633 kg, with a recycling and reuse rate of 15.3%. Concerns have been raised about the impact of fixed charges on households and the need for improved organic waste management. The European directive sets recycling targets of 55% by 2025, increasing to 65% by 2035, and mandates separate collection of specific waste types by set deadlines.

Upgrade, not relocation urged for Limassol museum

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Upgrade, not relocation urged for Limassol museum

During her visit to Limassol, Deputy Minister of Culture Vasiliki Kassianidou stated that the Limassol Archaeological Museum should stay at its current location and receive an upgrade. Kassianidou toured various archaeological sites, including the ancient port and new burial sites in Amathounta, as well as the Episkopi Museum and excavation sites in Erimi. She emphasized the museum’s central location and its role as a workspace for archaeologists and conservators. Kassianidou mentioned the need for the museum to expand and highlighted its potential for educational spaces. She acknowledged the need for studies and budget integration before renovations can proceed and expressed goals to extend the museum’s operating hours. Additionally, Kassianidou discussed improving the maintenance and management of archaeological sites and making Amathounta more attractive to visitors. She also noted that the Episkopi community museum requires upgrades and maintenance and mentioned an issue with the site in Erimi, which is privately owned.

Finance Minister says new support measures imminent , — electricity subsidy may be renewed

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Finance Minister says new support measures imminent , — electricity subsidy may be renewed

Finance Minister Makis Keravnos announced that new support measures will be discussed at the next Cabinet meeting and will subsequently be announced to the public. Keravnos mentioned the possibility of extending the electricity subsidy, which was launched in October and is due to expire at the end of the month. The fiscal impact of the subsidy is estimated at €45 million, and Keravnos assured that the cost is within the expected framework and that the government remains committed to fiscal discipline. The government plans to support vulnerable groups and middle-income households. Keravnos emphasized that while the European Commission requires targeted support measures, which are considered more effective, the government does not rule out the possibility of implementing horizontal measures if needed. The high cost of electricity is a significant issue and a top priority for the country. The scaled electricity subsidy is targeted and is among the priorities under consideration. The appointment of the Financial Commissioner and the governor of the Central Bank of Cyprus (CBC) are upcoming matters, with the governor being appointed by the president of the Republic of Cyprus.

Outlook for 2024: Automation tools and AI in the financial services industry

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Outlook for 2024: Automation tools and AI in the financial services industry

Fact: In 2024, significant changes and transformations are expected to happen in the financial services industry due to advanced automation tools and the influence of AI. These changes include streamlining back-office operations, reshaping the collaboration between humans and AI, and catching up with fraudsters’ new tricks. Automation and AI technology can efficiently handle repetitive tasks, monitor patterns, and detect irregularities, while the human workforce offers critical thinking and adaptability. The use of automation systems in financial services has increased, with around 82% of Admirals’ client onboarding applications being processed automatically in 2023.

UK’s Labour on track for record election win, pollster projects

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UK’s Labour on track for record election win, pollster projects

The content of the text is that according to a projection published on Wednesday, Britain’s opposition Labour Party is expected to win a landslide victory in a national election later this year. The projection used a modeling technique called multilevel regression and post-stratification (MRP) to project constituency-level results from a poll of 18,151 people. The poll showed Labour with 42% of the vote and the Conservatives with 22%. If translated into seats in parliament, Labour would have a record 452 seats, while the Conservatives would have only 80 seats. This would give Labour a majority of 254 seats, surpassing Tony Blair’s landslide victory in 1997. The projection also suggested that 18 cabinet ministers, including finance minister Jeremy Hunt and defense secretary Grant Shapps, could lose their seats.

Eurolife: charting a continuous path of excellence

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Eurolife: charting a continuous path of excellence

Eurolife received two awards at the “Global Banking and Finance Awards, 2023”: Best Life Insurance Company Cyprus and Best Insurance Management Team Cyprus. Additionally, Eurolife was honored as the top Life Insurance Company in Cyprus at the World Finance Awards, 2023, and its Smart Future Occupational Pension Plan was recognized at the IPE European Pension Fund Awards, 2023.

New era begins for DeLeMa McCann Cyprus

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New era begins for DeLeMa McCann Cyprus

DeLeMa McCann Cyprus is a large communication company affiliated with the global McCann network. The company is empowering a new generation of professionals from within its ranks to lead its development. DeLeMa McCann offers a range of 360° communication services, including strategy development, creative, media, online and digital, PR, events, and promotions.

Selene Alexia Christodoulou and Andreas Pavlou have been appointed as Co-Managing Directors. Myrto Panagiotidou has been promoted to Creative Director, working alongside Vice President & Chief Creative Officer Julia Papamichael. George Souglidis has been appointed Media Director, with guidance from Irini Kalogirou Karoli, Vice President & Chief Media Officer.

Christiana Chrysostomou is now the Client Service Director, and Theano Papastavrou is the Growth Director. Chrystalla Theodoridou has taken the role of Head of HR & Office Manager, while Sophia Vassiliou has become the Finance Manager. Ioanna Kasoulidou has returned to the company as Project and Relations Director.

DeLeMa McCann operates with professionalism, respect, transparency, and a focus on teamwork. The company is committed to sustainable development, social responsibility, and innovation. It provides a dynamic working environment and invests in the personal development of its staff.

The company’s premises are designed to facilitate teamwork and idea exchange, offering modern work areas and the flexibility to work from home when necessary. DeLeMa McCann has been recognized by the European Union with the “Gender Equality Best Practice Employers in Europe” award for actively supporting gender equality in the workplace.

MicroStrategy holds $8.8 bln Bitcoin, 10 times more than Tesla, Coinbase

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MicroStrategy holds $8.8 bln Bitcoin, 10 times more than Tesla, Coinbase

MicroStrategy has the largest Bitcoin holdings among public companies, worth over .8 billion. This is 17 times more than Tesla and 21 times more than Coinbase. MicroStrategy has been investing in Bitcoin since 2021 and has doubled its investment in less than a year. Other major firms have also been buying Bitcoin, pushing their total holdings to impressive figures. Marathon Digital Holdings ranks second with 1.5 million in BTC holdings, while Tesla dropped to third place with 1.7 million. In total, 33 public companies have invested in Bitcoin, with a combined value of over billion. American and Canadian companies lead in BTC investments.

Foreign investors want more info on energy, relocation

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Foreign investors want more info on energy, relocation

Foreign investors active in Cyprus attended a “Foreign Investors Dialogue with the Government” event where they were informed about actions being implemented or planned by the government. The government aims to make Cyprus an attractive destination for living, working, and doing business. Some of the actions mentioned include new housing policies, the possibility of submitting electronic applications for renewable energy projects, the implementation of the Strategic Investments Law, and improvements in the education system for children of foreign workers. The government has also introduced measures to improve the business environment, support innovation and entrepreneurship, and streamline licensing procedures. The Company Facilitation Unit has registered almost 2,000 foreign companies since its establishment. The government is also addressing housing affordability and delays in the naturalization process. The labor market is being made more accessible for third country nationals studying in Cyprus.

EAC: We will not avoid a 6% increase in tariffs in 2024

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EAC: We will not avoid a 6% increase in tariffs in 2024

The text states that an increase of 6% in electricity prices is necessary to finance investments for upgrading the network. The government will not insist on recovering the costs of 2023, but the 6% increase will still be implemented. The increase translates to approximately 2 cents per kilowatt-hour. The government is considering extending subsidies to alleviate the pressure on consumers. The political parties AKEL and DISY have proposed additional measures to support households and businesses, including taxing the excess profits of energy companies.