Europe

Look up: get a different view from Cyprus, ’ rooftops

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Look up: get a different view from Cyprus, ’ rooftops

Fact: Marina Kyriakou, an architect and urban planner, is working with the Cypriot NGO Urban Gorillas and the European Creative Rooftop Network to map Nicosia’s terraces. She discusses the psychological benefits of spending time on rooftops and their potential for addressing issues like social isolation, the heat island effect, and lack of green spaces. Progress in repurposing rooftops in southern European countries, including Cyprus, is slower compared to northern European nations. Nevertheless, new rooftop bars, eateries, and cultural venues are emerging in Nicosia. The European Creative Rooftop Network, which Marina is involved with, aims to accelerate the creative use of urban roofscapes in its nine partner cities.

‘, Excellent’ Cronos gas discovery off Cyprus

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‘, Excellent’ Cronos gas discovery off Cyprus

– Cyprus’ energy ministry celebrated the successful completion of an appraisal well at Cronos-2 in Block 6 of Cyprus’ Exclusive Economic Zone (EEZ), conducted by Eni and TotalEnergies.
– The Cronos-2 well is located 160 km off the coast of Cyprus and confirmed the lateral extension of the Cronos-1 discovery, which is 3 km away.
– The well revealed a net reservoir thickness of 115 meters.
– A Drill Steam Test indicated a high-quality natural gas reservoir with a high production capacity estimated to exceed 150 million Standard Cubic Feet per Day (MMSCFD) in production configuration.
– Cronos is the third natural gas discovery in Block 6, following Calypso in 2018 and Zeus in 2022.
– The energy ministry and the consortium are exploring ways to optimally exploit the gas deposits, including supplying gas to the Eastern Mediterranean, Cyprus, and Europe.
– The cluster of gas discoveries is expected to accelerate their development.
– Eni and TotalEnergies have made separate announcements regarding the appraisal of the Cronos gas discovery.
– The production test at Cronos-2 was instrumental in progressing with the studies to select the best fast-track development option.
– The well encountered the same carbonate reservoir sequence as Cronos-1, confirming hydraulic communication and a connected thick gas column with excellent permeability intervals.
– The production test at Cronos-2 proved the excellent gas deliverability capacity of the discovery.
– Eni and TotalEnergies are committed to swiftly progressing towards selecting the most suitable and economically viable development solution to contribute to the supply of gas to Europe and the region.
– TotalEnergies’ Senior Vice President Middle East & North Africa, Exploration & Production, Julien Pouget, stated that the successful appraisal of the Cronos gas discovery confirms significant resources and production potential in Block 6.
– Block 6 is operated by Eni with a 50% interest, and TotalEnergies is a partner holding the other 50% interest.
– Eni also operates Blocks 2, 3, 8, and 9 and has participating interests in Blocks 7 and 11 operated by TotalEnergies.
– TotalEnergies also has interests in offshore Blocks 2, 3, 8, and 9 in Cyprus.

Opinion: Trump’s words, military imbalance seen raising risk of war in Europe

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Opinion: Trump’s words, military imbalance seen raising risk of war in Europe

Fact: German Chancellor Olaf Scholz attended the groundbreaking ceremony for a new munitions factory and warned that Europe must move to mass producing weapons because we do not live in times of peace.

Explainer: European banks and their $1.5 trillion commercial property headache

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Explainer: European banks and their $1.5 trillion commercial property headache

European banks have approximately 1.4 trillion euros (.50 trillion) in loans to the troubled commercial property industry. German banks, in particular, are heavily exposed due to the country’s worst real estate slump in decades. Commercial property prices have dropped in Germany and across the euro area. Deutsche Bank has the most outstanding loans to the sector among German banks, followed by two state-backed Landesbanken. Deutsche Pfandbriefbank (PBB), one of Germany’s top property financiers, has 5 billion euros tied up in the U.S. commercial market. The outlook for the real estate market is bleak, with experts predicting a continuing downturn.

Ukraine needs $486 bln to recover, rebuild after nearly two years of war – World Bank

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Ukraine needs $486 bln to recover, rebuild after nearly two years of war – World Bank

Rebuilding Ukraine’s economy after Russia’s invasion is expected to cost 6 billion, which is 2.8 times its expected economic output in 2023. This estimate covers the period from the invasion in 2022 through the end of 2023 and includes the direct physical damage to infrastructure, the impact on people’s lives and livelihoods, and the cost to “build back better.” The estimate has increased from 1 billion last year. The report identifies housing needs as the highest priority, followed by transport and commerce and industry. The direct damages from the war have reached almost 2 billion, with losses concentrated in certain regions. Disruptions to economic output and trade, as well as other war-related costs, are expected to add another 9 billion. The report highlights the urgent need for billion to cover repair, recovery, and reconstruction priorities in 2024. The Ukrainian government has already allocated some funds for this purpose and plans to undertake various reforms. Despite the war, the Ukrainian economy has shown resilience, with foreign direct investment flowing into the country. The number of displaced Ukrainians has decreased compared to previous assessments.

Israeli offensive on Rafah would be a humanitarian catastrophe, says Germany

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Israeli offensive on Rafah would be a humanitarian catastrophe, says Germany

German Foreign Minister Annalena Baerbock warned that an Israeli offensive on the Gaza city of Rafah, where 1.3 million people have sought refuge, would result in a humanitarian catastrophe. She also stated that Germany is urging the European Union to consider sanctions against extremist settlers who attack Palestinians in the occupied West Bank.

Explainer: How climate change affects Europe’s farmers

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Explainer: How climate change affects Europe’s farmers

Farmers across Europe are protesting against EU environmental rules, claiming that they are adding to the burdens faced by the agricultural sector. Climate change is already impacting farmers, with increasing heat, drought, and flooding affecting their crops and livestock. Extreme weather, including droughts and heavy rains, has led to record low olive oil production, low crop yields, and damage to fruit quality. The Intergovernmental Panel on Climate Change has highlighted the negative effects of climate change on crop yields, and scientists have found that human-caused climate change played a role in extreme heatwaves and wildfires. Without action to curb climate change, the situation for Europe’s farmers will worsen. Farmers have criticized EU green rules, arguing that they burden them with costs and bureaucracy that producers outside of Europe do not face. The EU has weakened some of these rules in response to protests. The future of farming in relation to the EU’s green agenda is a question for policymakers, and the EU acknowledges that agriculture needs to cut emissions faster to comply with climate goals.

Cyprus healthier than EU but health spending less

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Cyprus healthier than EU but health spending less

Cyprus is outperforming the European Union average in various public health metrics. The average life expectancy in Cyprus is 81.7 years, which is higher than the EU average of 80.7 years. Older people in Cyprus live longer without activity limitations compared to the EU average, with men expecting 19.1 years and women 21.5 years without limitations at age 65. Cyprus has the lowest rate of preventable and treatable deaths in the EU, at less than 200 per 100,000 people. It also has the lowest rate of unmet needs for medical care in Europe, with less than one percent of people reporting unmet healthcare needs.

Despite these positive outcomes, Cyprus spends less on health than the EU average, with 9.4 percent of its GDP going to health expenditure and a per capita annual spend of €2,686, compared to the EU average of €4,028. The proportion of healthcare costs paid out of pocket in Cyprus is 10 percent, lower than the EU average of 15 percent.

However, Cyprus faces challenges with antibiotic-resistant bacteria, with 43 percent of people with bloodstream infections testing positive for such bacteria, nearly three times the EU average of 15 percent. The number of nursing graduates is also low, with 15 per year per 100,000 people, resulting in 4.8 practicing nurses per 1,000 people, which is below the EU average of 8.5. Conversely, Cyprus has five doctors per 1,000 people, which is above the EU average.

Regarding lifestyle factors, 23 percent of people in Cyprus smoke daily, which is higher than the EU average of 19 percent. Only four percent of Cypriots reported heavy drinking, significantly lower than the EU average of 19 percent. The obesity rate in Cyprus is 15 percent, slightly lower than the EU average.

Nearly half of Cyprus graduates over-skilled for their jobs

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Nearly half of Cyprus graduates over-skilled for their jobs

– Approximately 46% of Cypriot graduates consider themselves overeducated for their jobs.
– A study by the department of higher education of the education ministry in Cyprus identified skills mismatch as a major concern.
– The study is part of a programme funded by the EU Recovery and Resilience Plan aimed at addressing skills mismatch between education and the labor market.
– Skills mismatch and overeducation are major challenges across Europe, not just in Cyprus.
– The study quotes the European Centre for the Development of Vocational Training (Cedefop) on the need to align individuals with appropriate skills to suitable jobs.
– Various types of skills mismatches include overeducation, undereducation, horizontal mismatch, over-skilling, and skills obsolescence.
– National data on the type and extent of skills mismatches in Cyprus are limited.
– The study aims to collect data on graduates’ pathways after higher education and the labor market’s needs for knowledge and skills.
– Undereducation is less of a problem, with a small percentage of graduates reporting lower education levels than required by their jobs (9% in 2016/17 and 8% in 2020/21).
– The field of natural sciences had the highest percentage of graduates reporting being undereducated (22%).
– The study also measured over-skilling and under-skilling, finding that graduates’ skill levels were significantly higher than required by their current jobs for almost all skills assessed.

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.