Insurance sector accounts for 4% of GDP
The insurance sector in Cyprus has a turnover of €1.4 billion, accounting for about 4 per cent of GDP.
Companies
Turkish Cypriot social media journalist bailed
Turkish Cypriot social media journalist Serdinc Maypa was released on bail on Monday after being charged with violating individuals’ right to privacy. Police insisted there was a chance he could tamper with evidence, but the judge disagreed. Records on his mobile phone and computer showed 2,586 relevant messages and 28,273 photographs and documents. Maypa has also made allegations regarding the institutions that filed complaints against him.
PRESSR: MBRIF backed startup Finanshels.com launches breakthrough AI WhatsApp service for hassle-free corporate tax registration in UAE
Finanshels.com has introduced an AI WhatsApp bot that revolutionizes corporate tax registration in the UAE. The bot simplifies the process to a 4-document upload completed in under 5 minutes, reducing the time and financial investment compared to the current method. This service aims to democratize tax registration for small and medium business owners in the region, making it more efficient, transparent, and cost-effective. The introduction of this AI bot represents a shift towards technology-driven solutions in the UAE’s commercial sector, contributing to a more efficient business environment and aligning with the UAE’s Vision 2030 goals.
€50 million investment drives luxury housing in Livadia
Livadia is one of the most rapidly developing areas of Cyprus, with significant investments and construction growth. The area has seen a surge in interest following the removal of oil tanks and the lifting of the Seveso directive. A €50 million investment from an Israeli company is underway for luxury apartments, with plans for a boutique hotel. Road works are needed to accommodate the population increase, including the completion of Panagouli Avenue. The area also requires new schools, with projects underway for a regional Primary School and redevelopment of the traditional core of the community.
How businesses are turning ESG into a competitive advantage
Businesses have the power and responsibility to tackle big issues like climate change, inequality, and social injustice.
Deaf dreams to digital realities
Fact: Two brothers, George Geratziotis and Dr Alexandros Geratziotis, developed an app called Connect Deaf to bridge the communication gap for the deaf and hard-of-hearing community.
Opinion: Dear Ontario: Corporate subsidies aren’t the path to prosperity
The Ontario budget included an extra 0 million for the Invest Ontario Fund to give more funds to large businesses. Ontario has overtaken Quebec as the biggest champion of taxpayer-funded subsidies, spending an average of .1 billion a year on corporate handouts since 2018. The author argues that cutting corporate taxes and eliminating corporate welfare would attract more businesses to Ontario and stimulate economic growth.
Salvage crews work to lift first piece of collapsed Baltimore bridge
Salvage crews worked to lift the first piece of Baltimore’s collapsed Francis Scott Key Bridge from the water to allow access to the disaster site, in an effort to reopen the city’s blocked port.
UK fashion retailers ASOS, Boohoo to clarify green credentials claims, says regulator
Top fashion retailers ASOS, Boohoo, and George at Asda have signed undertakings to clarify the way they display, describe, and promote their environmental credentials. The Competition and Markets Authority (CMA) conducted an investigation in 2022 to address companies exaggerating their green credentials. Some of the undertakings include using clear statements about materials in green ranges and setting criteria for products in environmental collections. The three brands collectively make over 4.4 billion pounds annually from UK fashion sales.
Global smartphone market set to rebound in 2024, report says
Global smartphone shipments are expected to rebound 3 per cent this year as easing inflation aids a demand recovery in emerging markets and the integration of generative AI attracts buyers to premium devices.