Companies

Public PV projects boost RES contribution

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Public PV projects boost RES contribution

The Ministry of Education and the Electricity Authority of Cyprus collaborated on a project to install photovoltaic solar panels on school buildings. This project resulted in a 30% reduction in energy consumption for 405 schools. The project also included thermal and moisture insulation. The total cost of the project was €6.6 million, lower than the initial budget of €9.6 million. The project was funded by the European Union as part of the island’s Recovery and Resilience Plan. The EAC’s first solar park in Akrotiri is also operational, generating electricity and reducing energy costs. The solar farm is expected to save €2.8 million and reduce carbon dioxide emissions by 14,000 tons per year.

Siemens Energy chairman calls for resistance against right-wing extremists

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Siemens Energy chairman calls for resistance against right-wing extremists

Siemens Energy supervisory board chairman Joe Kaeser has warned of a resurgence of right-wing extremism in Germany. He expressed disgust at reports of a meeting of right-wing extremists in Potsdam where migration policy, including mass deportations, was discussed. Kaeser highlighted the damage to Germany’s image and called on German businesses to publicly warn of the consequences. He also stated that he would participate in demonstrations against right-wing extremism. Anti-AfD protests have gained momentum across Germany, with tens of thousands of people gathering in various cities. German Chancellor Olaf Scholz expressed gratitude for the protests against racism and hate speech.

Traffic cameras in Cyprus record 357,870 violations

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Traffic cameras in Cyprus record 357,870 violations

The photo-identification system has been in operation for two years and has recorded a total of 357,870 violations. Out of these violations, 279,751 fines have been issued, with 233,572 being paid and 42,179 remaining unpaid. Some incidents are still pending due to various reasons such as identifying the vehicle owner, determining the driver in the case of companies, system errors, or emergency incidents.

Minister of Energy: Separate deposit the reservoir in Kronos 2 – We await ENI's thoughts

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Minister of Energy: Separate deposit the reservoir in Kronos 2 - We await ENI's thoughts

The text discusses the successful drilling of a new gas field called "Kronos 2" in the Cypriot Exclusive Economic Zone (EEZ). The Minister of Energy, Commerce, and Industry, George Lakkotrypis, stated that the discovery of the gas field may facilitate collaborations for infrastructure development within the Cypriot EEZ. The drilling was completed a few days ago and was considered successful. The presence of a flame on the platform indicates the existence of sufficient natural gas, although the quality is yet to be determined. The government is waiting for the company to make an announcement regarding the findings and potential development and production plans for the area. The Minister also mentioned the possibility of collaborations with other companies operating in the region, such as Exxon Mobil-Qatar Petroleum. The discovery of new gas fields in the Eastern Mediterranean region has attracted attention from Europe, as the demand for natural gas increases. The government is considering infrastructure plans for the gas fields, and collaborations between different gas fields in the region are seen as easier and faster.

Why Davos is more than just a useless meeting of the elite

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Why Davos is more than just a useless meeting of the elite

Gerald Ampilah, a lawyer from Uganda, has created a digital lawyer called Winnie, which uses artificial intelligence to answer legal questions within 24 hours. The service is free and has been used by approximately one million people in Uganda. Ampilah's company, BarefootLaw, aims to make the law accessible to everyone. They use various programs, such as ChatGPT, to process data quickly. BarefootLaw has received funding from various foundations and aims to provide its services to 50 million Africans by 2030. The World Economic Forum in Davos provides an opportunity for innovators like Ampilah to present their ideas. The forum has 2,800 participants, including leaders of major software companies and heads of state. Other participants, such as Daniela Pastusek and Si Lia, hope to find solutions to poverty and meet influential figures like Bill Gates.

Deal on standardisation with UK group

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Deal on standardisation with UK group

The Cyprus Organisation for Standardisation (CYS) and the Great Britain-Cyprus Business Association (GBCY) have formed a strategic partnership to strengthen business connections and opportunities between companies in the UK and Cyprus. The partnership aims to provide GBCY members access to CYS services and solutions, enhance networking opportunities, and improve the quality, safety, and integrity of products, services, and processes. The collaboration aligns with GBCY’s commitment to promoting networking opportunities and CYS’s vision to elevate the level of quality in various sectors. The collaboration is expected to create collaborations among stakeholders and enhance overall performance, sustainable development, and resilience in the business environment.

"Footwear" with stability

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"Footwear" with stability

In 2023, Cyprus faced challenges in its financial system, particularly in managing non-performing loans (NPLs). While there has been a significant reduction in NPLs over the past decade, smaller banks still hold a high amount of NPLs, and Credit Acquiring Companies (CACs) manage a significant portfolio of non-performing loans. The private sector's over-indebtedness is a major vulnerability for the Cypriot economy, and addressing this issue involves reducing NPLs. Recent legislative interventions have provided additional tools for loan restructuring and resolved the issue of foreclosures. The focus now should be on effectively implementing these changes and maintaining a stable institutional framework. The European Commission and the Central Bank of Cyprus emphasize the importance of a functional foreclosure framework for managing NPLs and ensuring payment discipline. The high private debt in the non-financial sector poses additional challenges, especially for vulnerable households and businesses, given the high inflation and interest rates. However, there is currently no evidence of a new wave of defaults.

Headache the anarchic placement of scooters in Nicosia, which made life… skate

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Headache the anarchic placement of scooters in Nicosia, which made life... skate

The text discusses concerns about the improper placement and use of electric scooters on public sidewalks in Nicosia, Cyprus. The city currently has 350 scooters, but their placement on sidewalks and in restricted areas has become a problem. The local authorities and rental companies have disagreed on who is responsible for the disorderly placement of the scooters. A law was passed a year and a half ago to regulate the use and circulation of electric scooters in the country, including designated areas for their use and parking. However, many users are unaware of the proper usage and management of the scooters, leading to their abandonment in various locations around the city. The municipality has designated specific areas for scooter placement, but the rental companies have not complied, particularly on public sidewalks. The police are aware of the situation and are preparing to send a letter to the rental companies to inform them of the proper placement of the scooters. If the companies do not comply, the local authorities may begin the process of removing the scooters from public roads. Many citizens believe that the state should take more responsibility for regulating the rental companies and enforcing proper scooter usage to ensure public safety. They suggest that legislation should be revised to allow scooters to circulate on more roads if the current issues persist.

Some 62,000 Russian tourists to Cyprus despite sanctions

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Some 62,000 Russian tourists to Cyprus despite sanctions

Fact: Despite the closure of European and Cypriot airspace for Russian aircraft and companies under sanctions, many Russians continue to arrive on the island for tourism mainly through third countries. As of November, there were 61,796 tourist arrivals from Russia, surpassing the number of tourists from European countries with direct air connections.

‘Big Tech 5’ add $3.9 trln to their stock value

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‘Big Tech 5’ add $3.9 trln to their stock value

The ‘big five’ tech giants (Apple, Microsoft, Google-parent Alphabet, Amazon, and Facebook’s Meta) collectively added .9 trillion to their market cap in 2023, recovering all the losses they experienced in 2022. This represents the highest figure in the market’s history. The rise of AI, along with the improving economy and slowing inflation, has contributed to the tech sector’s strong performance. The Nasdaq jumped 32% in the first half of 2023, powered by Apple’s rally and Nvidia’s boom. Meta was the best performer among the big tech group, with its market cap surging by 188% year-over-year. Amazon witnessed the second-largest increase of 84%, while Microsoft and Alphabet’s market caps jumped by 55%. Apple’s stock also saw a 45% increase since December 2022.