By KPMG’s Commodity and Carbon Trading Solutions team members, Richard Murray and Rebecca Tobin. The importance of carbon markets for companies is on the rise. The cost of carbon is increasing in compliance markets, such as the EU ETS. Prices have risen and the benefit of the “free allowances” for some markets is being reduced. … Read more
Artificial intelligence (AI) is one of the most innovative and disruptive technologies in recent decades. The AI market has expanded rapidly as more organizations recognize the value of leveraging big data to make intelligent business decisions and improve customer experiences.Moreover, the rise of large language models (LLMs) and generative AI platforms, such as Open AI’s … Read more
The Office of the Commissioner for Personal Data Protection, underIrene Loizidou Nikolaidou, has received complaints regarding alleged breaches by candidates and officials during today’s electoral proceedings. Commissioner Loizidou highlighted specific grievances, including reports of telephone communications from officials, verbalization of identities, and apprehensions over the presence of party delegates within polling centres. These allegations underscore … Read more
The world’s leading internet firms are engaging extensively with regulators in the European Union to ensure their artificial-intelligence products comply with data protection rules.
The complex terrorism case involving 41-year-old Orkhan Asadov, accused of recruiting and organizing criminal activities against Israelis in Nicosia, reached a critical point. The trial within a trial process concluded with final arguments from both sides, and the judicial panel reserved its decision for July 5. The defense attorneys argued that the Police accessed the defendants’ mobile phones unlawfully, while the prosecuting authority defended the legality of the procedures. The case began after Asadov’s arrest in September 2021, and he denies charges related to terrorism, conspiracy to commit murder, and money laundering.
The Attorney General and Deputy Attorney General requested to be exempt from a new law requiring asset declarations to be made public. Despite concerns about corruption and the importance of transparency, the proposal barely passed in the Institutions Committee by a vote of 6-4. One MP showed courage by diverging from the party line, preventing a tie in the vote. The demand for exemption was made based on the argument that they are not politically exposed persons and should not be subject to public scrutiny. However, the column questions this reasoning, citing past corruption cases involving high-ranking officials. Members of the Institutions Committee voted in favor of including prosecutors in the list of officials required to submit asset declarations, with some MPs going against their party line. There is a risk that the position may change in the plenary, depending on how certain MPs vote.
Efforts are being made worldwide to reduce tax evasion. In Cyprus, there is a proposal to deduct a percentage of expenses up to €50,000 per year for income tax purposes. This may benefit higher earners more than low-income owners. Failure to provide receipts for expenses contributes to tax evasion. Various sectors, such as healthcare, construction, and real estate, are involved in undeclared payments. The issue extends to the catering and leisure sector, with examples of large amounts of undeclared money being spent. The state loses revenue due to tax evasion, and efforts are being made to encourage card payments to combat this issue.
Fact: Youths are dismantling school benches and gathering anything flammable for traditional Easter bonfires.
Political populism often exploits religion to target vulnerable and misled individuals who believe easily. Extremists, such as the criminal elements of Golden Dawn, engage in violent acts like the recent physical attack within Parliament by independent MP Konstantinos Floros. This incident, along with the exclusion of Spartiates from the European elections, could lead to significant changes in the far-right electoral landscape. Meanwhile, measures such as traffic light cameras in Cyprus have led to a reduction in traffic accidents, but Greece seems reluctant to follow suit.
Fact: Parliament enacted a law that allows the identification of users of prepaid mobile phone cards.