Breaking news

Microsoft to Retire Skype in Favor of Teams This May

by News Editor

March 3, 2025

As of May 5th, Microsoft will cease support for Skype. This move, confirmed through the company’s blog, encourages users to transition to Microsoft Teams—a platform that has become increasingly central to their strategy.

Key Facts Of The Transition

Skype support will officially end on May 5, 2025, as Microsoft shifts focus to Teams.
Microsoft Teams offers free access on all supported devices using the same credentials as Skype.
Chats and contacts will be synced automatically between Skype and Teams to ease the transition process.
Skype and Teams will run concurrently for a limited period, allowing cross-platform communication.

A Look Back: The Journey Of Skype

Launched in 2003 and acquired by Microsoft in 2011 for over $8 billion, Skype transformed communication with its platform.

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Despite its early popularity, Skype’s usage dwindled with the rise of platforms like Zoom and Microsoft Teams.

As Microsoft continues to innovate with Teams, we also see major strides in technology across the globe.

The Future Forbes Realty Global Properties

Ermes Transfers ERA Department Stores for Strategic Realignment

by News Editor

May 9, 2025

In a strategic move aimed at restructuring and shedding non-profitable divisions, Ermes Department Stores Plc has announced the transfer of its ERA department stores to Gencom Ltd for a nominal price of €1. While such a figure might raise eyebrows, it aligns with Ermes’ broader objectives of streamlining operations and managing financial sustainability, given the stores report a loss of €1.3 million for 2024.

The deal, pending approval from Cyprus’ Competition Protection Commission, requires Gencom to take on long-term lease contracts and approximately €4.5 million in pending orders for the Spring/Summer 2025 season.

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Transferring staff and assets like fixtures and the UNIQUE customer loyalty program ensures a smooth transition. Ermes will maintain a supporting role until late 2025.

Expected to realize a €1 million accounting profit due to IFRS 16 compliance, the transaction should benefit the CTC Group and its shareholders without impacting essential managerial interests. With such strategic shifts, the economic landscape of Cyprus continues to evolve. For more insights on Cyprus’ dynamic markets, read our financial overview.