Companies

House considers reducing fees for Cyprus startups

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House considers reducing fees for Cyprus startups

The House Committee on Energy, Trade, Industry and Tourism revisited a proposal aimed at abolishing fees for innovative startups to boost innovation and entrepreneurship. The proposal seeks to eliminate financial burdens like the €165 company incorporation fee and the €2,000 fee for converting a private company into a public one, essential for accessing funds from the money market. The fee exemption would not cover fines for regulatory non-compliance. The initiative has support from various representatives, including Marios Mavrides, who emphasized the struggle of small startups, and Kyriakos Hadjiyiannis, the committee president. The Deputy Ministry of Research, Innovation and Digital Policy, represented by Elena Poulli, also supports the proposal, highlighting its potential to help innovative businesses find investors. The proposal’s compliance with state aid regulations was addressed, emphasizing the need for approval to ensure the aid does not breach selectivity principles.

Musk defends his ketamine use as beneficial for investors

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Musk defends his ketamine use as beneficial for investors

Elon Musk stated in a video interview that his ketamine prescription has been beneficial for Tesla’s investors, as it helps him manage a condition similar to depression. He mentioned that from Wall Street’s perspective, execution is what matters and argued that Tesla’s valuation is as much as the rest of the car industry combined. A Wall Street Journal investigation had previously reported Musk’s use of drugs, raising concerns about potential violations of federal policies that could affect SpaceX’s government contracts. Musk responded to these concerns by stating he agreed to three years of random drug testing by NASA, with no trace quantities of drugs or alcohol found. He confirmed having a doctor’s prescription for ketamine, taking a small amount every other week.

Nvidia, ’s dizzying rally spurs rush into AI-themed ETFs

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Nvidia, ’s dizzying rally spurs rush into AI-themed ETFs

The excitement around artificial intelligence (AI) has led to a significant increase in investments in AI-themed Exchange-Traded Funds (ETFs) in the United States, with their total value rising from .55 billion to .88 billion from the previous year to the end of February, according to Morningstar data. This surge in interest is partly due to the impressive performance of companies like Nvidia, whose shares have seen substantial growth. Nvidia, recognized for its AI chips, recently introduced the Blackwell B200 chip, which is up to 30 times faster than its predecessor. The GraniteShares 2x Long NVDA Daily ETF, which aims to deliver twice the daily return of Nvidia’s shares, saw its assets double to billion. Other smaller AI-themed ETFs, such as the Themes Generative Artificial Intelligence ETF, have also seen significant growth in assets. Morningstar tracks 18 diversified AI-related ETFs, seven of which were launched in the last three years, and one was redesigned to focus more on AI. These funds collectively attracted .68 billion in inflows over the last 12 months. The interest in AI has contributed to a nearly 8% increase in the S&P 500 year-to-date, with significant gains in AI-related companies like Nvidia and Microsoft. Some ETFs, like the Global X Artificial Intelligence and Technology ETF, limit exposure to Nvidia to manage risk, while others, like the Robo Global Robotics & Automation ETF, include companies expected to benefit from AI technology. However, not all AI-themed ETFs have been successful, with the WisdomTree US AI Enhanced Value ETF experiencing outflows of .26 million in the last 12 months and underperforming compared to the S&P 500, possibly due to a lack of positions in Nvidia and other AI-related stocks.

VC fund with presence in Cyprus invests $1.5 million in games studio

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VC fund with presence in Cyprus invests $1.5 million in games studio

ROAR Games, an independent games studio, has received a .5 million investment from The Games Fund, a specialist early-stage VC fund based in New York and Cyprus. The Games Fund is known for having the largest gaming portfolio in Eastern Europe and Cyprus and is recognized as a prominent early-stage gaming investor. The investment will support the development of ROAR Games’ first title, “Tenet of the Spark,” a game featuring a heroic young boxer with the ability to perceive the world through his ancestors’ powers, set to release on PC and console. The game will include a unique world-switching mechanic inspired by Ancient South American and Viking civilizations. ROAR Games was founded in 2023 by the founders of ZHEESHEE, a CGI production studio, and has a global team of 30 members. The Games Fund’s inaugural fund raised million to invest in gaming companies from emerging markets in Central and Eastern Europe.

Rich Americans keep high-end RV company rolling along

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Rich Americans keep high-end RV company rolling along

Most US recreational vehicles are produced in Elkhart, Indiana, while the Bowlus, a luxury travel trailer, is made in Oxnard, California. The Bowlus is designed to be towed by a Porsche sports car and features a 1930s design with a minimalist interior. Its top-end model costs 0,000. Demand for the Bowlus increased during the COVID-19 pandemic, and the company is now expanding by offering a lower-priced version and selling through dealerships. Bowlus trailers are handcrafted by 35 workers and the company plans to produce 100 trailers this year. The Bowlus was originally designed by a Los Angeles aerospace engineer during the Great Depression and uses a monocoque structural system, making it light but strong. Other companies are also developing luxury and battery-powered trailers, such as Aero Build and Pebble, with prices ranging from 9,000 to 9,900.

Reddit, ’s IPO as much as five times oversubscribed, according to sources

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Reddit, ’s IPO as much as five times oversubscribed, according to sources

Reddit’s initial public offering (IPO) is between four and five times oversubscribed, indicating a high demand for its shares. The company aims for a .5 billion valuation and expects to price its shares between to during the IPO in New York. Reddit has adjusted its valuation expectations from a billion private fundraising round in 2021 to seeking to raise up to 8 million through the IPO. Despite never having been profitable since its 2005 launch and facing challenges with advertiser appeal due to its content moderation practices, Reddit has a loyal user base. The platform is known for its role in the 2021 “meme-stock” saga and has reserved 8% of its IPO shares for its users and moderators, among others. As of December 31, 2023, Reddit reported an average of 73.1 million daily active users.

The future of work: Why we need to think beyond the hype of the four-day week

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The future of work: Why we need to think beyond the hype of the four-day week

Since the 19th century, the number of hours spent at work has been steadily declining in developed countries. The four-day week emerged in the 90s as a demand for a more equal division of work, developed in 1993 by French economist Pierre Larrouturou and tested in 1996 with France’s de Robien law. Antoine Riboud, CEO of Danone, supported the idea, and Volkswagen adopted the four-day week in 1994 but abandoned it in 2006. The Covid crisis renewed interest in the four-day week, with 56% of British employees willing to earn less for more free time. New Zealand introduced a four-day week post-pandemic to boost productivity and work-life balance, with Japan and several companies, including Hitachi and Microsoft, following suit. Belgium and the Nordic countries implemented a model where working hours are concentrated over four days without salary reduction. In contrast, Southern Europe, including Spain and Portugal, has explored a 32-hour week aiming to maintain productivity by reducing unproductive time. The concept of the four-day week challenges traditional work paradigms and suggests a shift towards valuing personal and collective fulfillment over individual success.

Microsoft singles out Google, ’s competitive edge in generative AI

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Microsoft singles out Google, ’s competitive edge in generative AI

Microsoft has informed EU antitrust regulators that Alphabet’s Google has a competitive advantage in generative artificial intelligence due to its extensive data collection and AI-optimized chips. This was part of a response to a European Commission consultation on competition in generative AI. Microsoft highlighted Google’s vertical integration, which includes AI semiconductors and large proprietary data sets from Google Search Index and YouTube, as key to its strength in AI. Microsoft also noted that AI-powered voice assistants like Google Assistant and Apple’s Siri could further entrench their competitive positions. Google responded by emphasizing the openness of Google Cloud and criticized companies for locking in customers. Microsoft defended partnerships with AI start-ups as pro-competitive, mentioning its investment in OpenAI and other companies’ investments in AI start-ups.

From sunlight to energy, …or not

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From sunlight to energy, …or not

Cyprus, despite its abundant sunlight, has experienced a slow transition to renewable energy due to various issues. Two significant developments include the statement by the Electricity Authority of Cyprus (EAC) president regarding the new turbine at the Vasilikos power plant, which can operate on natural gas and potentially hydrogen after modifications, and a letter by ETEK to the Cyprus Energy Regulatory Authority (CERA) advocating for the acceleration of ‘Energy Communities’. The past decade has seen a lack of direction in renewable energy development in Cyprus, with the licensing process being restrictive and causing delays. This has resulted in renewable electricity being expensive and not contributing to the reduction of Cyprus’s high energy prices. The introduction of competitive bidding for future projects and the concept of ‘Energy Communities’ are deemed imperative. Green hydrogen, produced from water by electrolysis using renewable energy, has potential in various industries but faces challenges such as the need for large amounts of renewable energy and land, as well as the development of safe storage and transportation methods. The US Geological Survey (USGS) has announced the existence of ‘gold’ hydrogen in underground reservoirs, which could potentially meet global demand for hundreds of years. For Cyprus, developing green hydrogen production depends on land availability and increasing renewable power generation. Preparations for a long-term hydrogen production plan are necessary, focusing on reducing high electricity prices through the switch from diesel/HFO to natural gas and accelerating renewable projects.

Adobe forecasts downbeat second-quarter revenue

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Adobe forecasts downbeat second-quarter revenue

Adobe forecasted its second-quarter revenue to be between .25 billion and .30 billion, which is below the analysts’ estimates of .31 billion. The company’s shares fell more than 10% after this announcement. Adobe has been incorporating AI features into its products like Acrobat, Photoshop, and Premiere Pro, and introduced a new AI assistant for Reader and Acrobat last month. However, it faces competition from startups such as Stability AI and Midjourney. For the first quarter, Adobe’s revenue increased by more than 11% to .18 billion, surpassing estimates of .14 billion. Adobe also announced a new billion stock repurchase program. The company expects second-quarter earnings per share to be between .35 and .40 on an adjusted basis. Adobe had to terminate its -billion deal for Figma in December due to regulatory issues, incurring a billion termination fee, which contributed to its first-quarter operating expenses of about .69 billion.