Europe

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.

Steinmeier calls for , ‘bold steps’ and compromise

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Steinmeier calls for , ‘bold steps’ and compromise

Germany’s President Frank-Walter Steinmeier has called for both sides in Cyprus to show a willingness to compromise and take bold steps to find a solution. He expressed support for the resolution of the Cyprus issue and emphasized Germany’s support for a bi-zonal bi-communal federation within the framework of the United Nations. Steinmeier also praised Cyprus’s role as a safe harbor for the European Union and highlighted the need for Turkey to address the Cyprus problem in relation to its approach to the EU. The Cypriot President Nikos Christodoulides stated that the current state of affairs in Cyprus is unacceptable and that the key to a solution lies with Ankara. He called for the European Union to play a more active role in resolving the Cyprus problem and expressed hope for the reunification of Cyprus. The two presidents also discussed bilateral relations, including cooperation on defense, economics, and energy. Steinmeier commended Cyprus’s contribution to the evacuation of German citizens from Israel and expressed support for the EU’s stance on Ukraine. He also addressed the issue of immigration, with Steinmeier acknowledging the burden faced by Cyprus and calling for a common European asylum system.

Fintechs double in 5 years to 30,000; turnover tops $16 trln

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Fintechs double in 5 years to 30,000; turnover tops $16 trln

The total transaction value in the fintech market reached nearly trillion last year and is expected to reach trillion this year. The number of fintech companies has doubled in the past five years, reaching almost 30,000 in 2024. North America has the highest number of fintech companies, followed by the EMEA region and Asia and the Pacific. Europe, the Middle East, and Africa have experienced the largest growth in the number of fintech companies in the past five years. Approximately 5.3 billion people, or 65% of the world’s population, are projected to use fintech products and services this year. Digital payments are expected to have 3.56 billion users in 2024.

Medical centre unveils robotic exoskeleton

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Medical centre unveils robotic exoskeleton

– A Limassol-based medical centre has acquired the first robotic exoskeleton in Cyprus.
– The medical centre, Melanthron Agoniston Eoka, invested over €200,000 for an EksoNR robotic exoskeleton.
– The health ministry covered half of the cost, €100,000, through a medical equipment subsidy scheme.
– Robotic exoskeletons are designed to support individuals with difficulty walking due to neurological conditions or injuries.
– EksoNR is FDA-cleared for use with patients suffering from acquired brain injuries (ABI), multiple sclerosis (MS), stroke, and spinal cord injuries (SCI).
– Not all patients can use robotic exoskeletons; there are specific criteria for eligibility, such as a maximum height of 1.95 meters and weight of 100 kilograms.
– This technology is new to Cyprus but there are approximately 256 similar exoskeletons in Europe and four in Greece.
– The health ministry expressed satisfaction with the acquisition of the robotic exoskeleton for the rehabilitation centre.

Iceland volcano erupts again

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Iceland volcano erupts again

A volcano in south-west Iceland erupted for the second time in the year, marking the sixth eruption on the Reykjanes peninsula since 2021. The previous eruption occurred on January 14 and lasted about two days, with lava flows reaching Grindavik town, leading to the evacuation of its nearly 4,000 residents and setting some houses on fire.

Farmers with their tractors outside the House of Europe – See the traffic regulations in the center of the capital

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Farmers with their tractors outside the House of Europe - See the traffic regulations in the center of the capital

Farmers from various regions of Cyprus will gather outside the House of Europe in Nicosia to protest against the EU's agricultural policies. They will present a resolution to the European Commission and distribute fruits to passing drivers. The police have planned traffic arrangements for the protest. Farmers from the Paphos province will also gather at the Konion roundabout. The farmers' protest is aimed at raising awareness among consumers about the impact of EU policies on agriculture. They argue that production costs are unrealistic, green taxes are imposed on various aspects of farming, and imports from Ukraine and other countries are uncontrolled. The EU is also accused of promoting unfair competition by entering into trade agreements with Latin American countries for the import of agricultural products that do not meet European quality standards. The police have announced traffic arrangements for the protest, and the Lord Byron Avenue in Nicosia will be closed during the event. Traffic facilitation will be provided by the police throughout the protest.

Carmakers gear up for EV market growth

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Carmakers gear up for EV market growth

The global electric vehicle (EV) market is projected to grow by 29% in 2023, reaching 13.7 million units with a penetration rate of 17.1%. China is expected to remain the largest EV market with 7.6 million units and a 55.5% market share. In 2024, the global EV market is forecasted to grow by 27.1%, reaching 17.5 million units. China is predicted to lead in sales for 2023, followed by Europe with 3.2 million units and North America with 1.8 million units. Car manufacturers are focusing on localizing EV production, tailoring models to specific regions, and improving charging infrastructure and services. Challenges in the EV sector include cost-effectiveness and subsidy reductions. China’s light vehicle sales are projected to grow by 1% in 2024, with EVs accounting for 40% of total sales at 9.1 million units. Battery cost reductions are expected to drive sales of Battery Electric Vehicles (BEVs), especially in the compact and subcompact segments. Plug-in Hybrid Electric Vehicles (PHEVs) are also anticipated to gain market share. Analyst Alvin Liu from Canalys stated that new EV launches at the end of 2023 will propel growth in 2024, with Chinese carmakers expected to dominate the market with a 78% share in 2024. Improvements in battery technology and infrastructure are addressing charging concerns. Charging ecosystems like NIO’s Battery Swap Alliance, Mercedes-Benz and BMW’s Super Charging Network, and Lotus’s Flash Charging Alliance are expected to support BEV growth. However, maintaining a growth rate over 50% is considered impossible as the market reaches critical mass and convincing remaining EV skeptics becomes more challenging.

Our View: The best way to protect AG, ’s office is to make it accountable.

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Our View: The best way to protect AG, ’s office is to make it accountable.

The text discusses the ongoing conflict between the auditor-general of Cyprus, Odysseas Michaelides, and the attorney-general’s office, led by Giorgos Savvides. The main facts presented in the text are:

1. Auditor-General Odysseas Michaelides has called for an end to the dual role of the attorney-general’s office as both advisor of the state and state prosecutor, a recommendation also made by the European Commission.
2. The European Commission’s Rule of Law report from July 2023 echoed concerns by the Council of Europe’s Group of States against Corruption (Greco) from 2016 about the risk of improper influence due to the integrated role of the prosecution service within the Law Office.
3. A draft law to reform the attorney-general’s office was submitted to the House in April but did not address the separation of the advisory and prosecutorial roles. Instead, it focused on salary alignment and the establishment of a prosecutorial council.
4. The Law Office has stated there are no plans to separate the two functions, as Greco did not expressly point out or imply the need for such a reform.
5. The Rule of Law report also highlighted concerns about the lack of review for decisions made by the attorney-general not to prosecute or to discontinue cases, a situation unique to Cyprus within the EU.
6. Akel deputy, Irene Charalambides, proposed an amendment to the constitution to limit the attorney-general’s power to decide against or suspend criminal prosecutions in the public interest.
7. The attorney-general recently halted a private criminal prosecution against a Russian oligarch, leading to public accusations of corruption, which the attorney-general denied without providing a full explanation.
8. The proposed constitutional amendment would require a two-thirds majority in the legislature to pass, which is considered unlikely due to lack of support from several parties.

Please note that the text contains opinions and rhetorical questions that are not factual information, such as speculations about the attorney-general’s motivations and the effectiveness of the legal service. These have been omitted from the summary.

Taxpayers will pay the cost of LNG debacle

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Taxpayers will pay the cost of LNG debacle

The contract for the liquified natural gas (LNG) terminal in Vasiliko was signed with the China Petroleum Pipeline Engineering Company (CPP) in December 2019. The project has encountered significant issues, leading to potentially high costs for the taxpayer. The tender process was controversial, with two of the three bidding consortiums excluded for compliance reasons before technical and financial assessments. The estimated cost of the project was half a billion euros, with €289 million allocated for construction and €210 million for operation and maintenance over 20 years. However, the cost has risen to €542 million, with CPP demanding an additional €200 million. The terminal is only 45 to 50 percent complete, and the completion date has been pushed back multiple times, with the latest being July 2024. The consortium led by CPP lacked experience in such projects. Despite irregularities in the tender evaluation, former President Nicos Anastasiades decided to proceed with CPP. The European Investment Bank (EIB) raised concerns about the financials and legitimacy of the deal. The project’s cost was considered high compared to market rates. The European Commission had offered a €101 million grant, conditional on the EIB approving a €150 million loan. An alternative, more cost-effective solution was proposed by Norwegian company Hoegh but was not pursued due to ineligibility for EU grants. The final cost of the LNG Vasiliko terminal remains uncertain.

Paphos farmers protest in solidarity with Europeans

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Paphos farmers protest in solidarity with Europeans

Farmers from Paphos, Cyprus, staged a protest on the road between Amargeti and Statos in solidarity with European farmers. The protests across Europe are a response to new environmental regulations and trade agreements, particularly the agreement with the South American common market Mercosur, which farmers believe allow cheap imports to undercut European farms. The Paphos district secretary of the farmers’ union Pek, Charalambos Pittokopitis, stated that the agricultural sector in Paphos is on the brink of destruction due to high production costs, low retail prices, and delayed payments. Inclement weather in April and May of the previous year affected fruit producers in Paphos, and the government will not reimburse them for their losses until Easter of the current year. Herodotos Antoniades, the Paphos district secretary of the farmers’ union Eka, mentioned that farmers in Paphos are leaving the profession due to strict environmental regulations and rising production costs, with young farmers not being incentivized to stay. Local farmers are calling for increased subsidies to sustain farming. Farmers are planning to meet with Agriculture Minister Maria Panayiotou and have announced a further national protest for the following week.