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Cyprus Aims to Slash Unemployment Below 5%, Says Labour Minister

by THEFUTURE.TEAM

December 2, 2024

The Minister of Labour and Social Insurance, Yannis Panayiotou, has unveiled an ambitious plan to bring Cyprus’s unemployment rate below 5%. Speaking on Friday at the presentation of the Ministry’s 2025 budget to the Finance Parliamentary Committee, the Minister outlined key strategies and increased funding to meet this objective.

Boosted Budget for Economic Growth

To support this target, the Ministry’s 2025 budget will increase by €84 million compared to 2024, reaching a total of €884 million. Minister Panayiotou attributed the rise in the Ministry’s revenues to the expanding Cypriot economy, which has led to higher contributions to the Social Insurance Fund thanks to an increasing workforce.

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“The creation of full employment conditions for the domestic workforce is a challenging goal, but one we believe is achievable,” the Minister remarked.

Exceeding Expectations

The Labour Minister highlighted that the unemployment rate for 2024 is projected to fall below 5.5%, surpassing the initial target of 5.8%. These positive trends underscore the effectiveness of current strategies and provide a strong foundation for achieving even lower unemployment rates in the years ahead.

Focus on Key Demographics

Minister Panayiotou noted that unemployment primarily affects two groups: young people under 30 and adults over 55. To address this, the Ministry is developing targeted programs aimed at integrating these demographics into the workforce.

He also emphasised the long-term benefits of early workforce entry, pointing out that earlier participation strengthens the Social Insurance Fund and secures better pensions for workers.

Looking Ahead

As Cyprus continues to experience economic growth, the Ministry’s renewed focus on reducing unemployment and supporting vulnerable groups is expected to yield significant results. With a clear strategy and increased resources, the government is committed to fostering a robust and inclusive labour market for all.

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Apple Launches Manufacturing Academy In Detroit To Train Next-Generation U.S. Manufacturers

by THEFUTURE.TEAM

July 29, 2025

Apple’s Strategic Investment In U.S. Manufacturing

In a bold move to expand its domestic manufacturing capabilities pursuant to growing political and economic pressures, Apple Inc. has inaugurated a state-of-the-art manufacturing initiative in downtown Detroit. The Apple Manufacturing Academy, administered by Michigan State University, is set to equip small and medium-sized businesses with cutting‐edge skills in manufacturing and artificial intelligence.

Advancing U.S. Industrial Capabilities

Under the leadership of newly designated COO Sabih Khan, Apple’s initiative is designed to train the next generation of American manufacturers. The academy will host hands‐on workshops led by Apple engineers, bridging the gap between advanced technology and traditional manufacturing. This move not only underscores Apple’s commitment to domestic investment but also seeks to unlock significant opportunities for U.S. businesses amidst the evolving global economic landscape.

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A Balancing Act Amid Political Pressures

The academy’s launch comes at a time when President Donald Trump has been vocal about his expectations for U.S. job creation and domestic production. While Trump has publicly encouraged Apple to relocate iPhone assembly to the United States—a strategy that experts argue would be both costly and time-intensive—the tech giant has made substantial investments in American operations. Previously, Apple pledged to invest over $500 billion in U.S. projects, including assembling AI servers in Houston and sourcing chips from TSMC’s Arizona facility.

Strengthening Industry Partnerships

The Detroit program builds on Apple’s successful model of global developer academies, a testament to its strategy of forging robust relationships with local governments and fostering innovation. The sole U.S. developer academy, also positioned in Detroit in partnership with Michigan State University, has already demonstrated promising outcomes with an annual intake of approximately 200 students.

A Forward-Looking Vision

By introducing the Apple Manufacturing Academy, Apple extends its influence beyond hardware production to actively nurture the U.S. manufacturing ecosystem. In addition to in-person training, the program will soon offer virtual courses and consulting services, ensuring that a wide range of enterprises can benefit from smart manufacturing practices. This initiative not only reflects Apple’s global stature as a technology leader but also reinforces its strategic alignment with national economic priorities.