Bending Spoons is buying Miro for $1.36 billion in cash, implying an equity value of $1.79 billion. That is about 90% below the workplace collaboration company’s $17.5 billion valuation in late 2021.

From Digital Whiteboard To AI Workspace

Founded in 2011 as RealtimeBoard, Miro began as a digital whiteboarding tool for remote teams. Demand surged during the pandemic, helping the company expand from about five million users to roughly 30 million between 2020 and 2022.

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Miro later added more than 250 integrations and partnerships with Atlassian, Cisco, Microsoft and Zoom. Today, it describes itself as an “AI innovation workspace,” offering AI assistants, prototyping tools and integrations with GitHub, Jira and Slack.

Growth Slowed After The Pandemic

Miro now has more than four million paying customers and 100 million total users, with about $600 million in annual recurring revenue. Businesses and enterprises generate roughly 90% of revenue, while the company has about $435 million in net cash and is profitable.

Its valuation decline reflects a broader reset in SaaS markets. As pandemic-driven demand faded, companies cut software spending and consolidated overlapping tools, increasing pressure on stand-alone collaboration platforms competing with broader ecosystems from companies such as Microsoft, Canva and Figma.

Bending Spoons Targets Mature Software

Miro has also reduced its workforce since reaching about 1,200 employees in 2022, cutting 119 positions in February 2023 and another 275 in October 2024, according to its CEO.

The acquisition fits Bending Spoons’ broader strategy of buying established software companies whose valuations have fallen but whose recurring revenue and user bases remain substantial. It previously agreed to acquire Airtable for $1.28 billion after the company had been valued above $11 billion in 2021.

For Bending Spoons, the strategy is a bet on durable revenue and profitability rather than the rapid-growth expectations that drove software valuations during the pandemic.

Austin-based startup Tern has secured an $11.26 million U.S. Army contract to deploy its navigation technology as the military seeks alternatives to GPS.

Under the agreement, the Army will use the system in vehicles, although Tern did not disclose the scale of the rollout. The company describes it as “Google Maps for the battlefield,” providing positioning and routing when GPS is unavailable, unreliable or compromised.

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GPS Disruptions Drive Demand

GPS interference has become increasingly common in conflict zones, including the Middle East and areas around Ukraine and Russia. Those risks have accelerated demand for navigation systems that can operate without satellite signals, while Congress and the Trump administration have also pushed for more resilient alternatives.

How Tern’s System Works

Tern’s technology uses data generated by modern vehicles rather than GPS signals. A device connects to the vehicle’s diagnostics board and sends data to a soldier’s tablet, which provides positioning, navigation and routing.

Co-founder and CEO Shaun Moore said the system passively reads the vehicle’s data and uses proprietary methods to produce navigation information. He declined to disclose the underlying technology.

Processing the data at the vehicle allows the system to determine its position when GPS is degraded, including in tunnels, deserts, off-road environments or areas affected by jamming and spoofing.

From Testing To Deployment

Co-founder Brett Harrison recently tested the system on a 1,300-mile drive from Austin to Laguna Beach, California. He said Tern maintained the vehicle’s position throughout the trip while conventional GPS repeatedly dropped out.

Harrison, a military veteran who served in Afghanistan with a special operations task force, said the company focused from the beginning on building technology that could be deployed and scaled in the field.

“From the very foundation of when we decided to embark upon this effort, we recognized it has to be actually deployable, actually scalable, and not a science project,” he said.

The Army contract moves Tern’s technology from testing toward operational use as GPS interference becomes a growing military concern.

As the EU moves closer to its own version of Delaware’s corporate model, supporters of the EU Inc. campaign are warning lawmakers not to weaken the proposal.

An open letter released Thursday calls on EU institutions to preserve the core design of the proposed company statute. Backed by the EU Inc. campaign, the initiative would create a harmonized legal framework allowing companies to incorporate once and operate across the bloc with less administrative friction.

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Supporters Warn Against A Weakened Compromise

Senior European officials have already backed the initiative, but negotiations between the European Parliament and Council remain underway. Supporters fear national interests could remove features that would make the framework useful to founders and investors.

With about 100 days remaining before the EU institutions’ winter recess, signatories say the proposal could reduce fragmentation, unlock investment and support entrepreneurship if its core provisions remain intact.

Details Could Determine Whether EU Inc. Works

National interests are already shaping the negotiations. Germany’s notaries have criticized parts of the European Commission’s proposal, highlighting the competing priorities involved in EU lawmaking.

The campaign is particularly focused on creating a single central registry and taxing employees on stock options only when they sell their shares. Supporters argue that such provisions could determine whether founders actually choose to use the new legal structure.

Last year, Martin Mignot, a partner at Index Ventures and EU Inc. supporter, warned that “the devil is in the details” and said advocates would closely monitor the final legislation.

Investors And Founders Back The Campaign

The latest letter includes investors such as Sonali De Rycker of Accel, Michael Moritz of Sequoia and Niklas Zennström, founder of Atomico.

Entrepreneurs from companies including Alan, ElevenLabs, Lovable, Mistral and Synthesia have also signed. Some of those businesses are headquartered in the US, reinforcing the campaign’s argument that Europe needs a corporate framework capable of supporting fast-growing companies on the continent.

The European Central Bank raised interest rates again Thursday as the eurozone absorbs a new energy shock and inflation moves further above target.

Its Governing Council lifted the deposit facility rate from 2.25% to 2.5%, marking the second increase since June 11. The main refinancing rate rose to 2.65%, while the marginal lending facility increased to 2.9%.

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Energy Drives Higher Inflation

In its statement, the ECB said the conflict in the Middle East continues to push inflation higher and warned that price pressures could remain above target for an extended period.

Eurozone inflation rose to 3.3% in August from 2.9% in July, reaching its highest level since September 2023. Energy inflation jumped to 14.3% from 10.3% as tensions around the Strait of Hormuz constrained crude supplies, while Brent crude moved above $100 a barrel.

Underlying pressures remained more contained. Core inflation eased to 2.4% from 2.5%, while services inflation fell to 3% from 3.3%, providing limited evidence that higher energy costs are spreading across the wider economy.

ECB Sees A Different Inflation Shock

ECB economists estimated earlier this month that adverse energy supply factors accounted for about 90% of the increase in energy inflation between January and May. Their analysis found that demand and public policy stimulus played smaller roles in the latest increase.

That differs from the 2021-22 inflation surge, when broader price pressures prompted central banks to pursue much more aggressive rate increases.

Inflation also varies significantly across the eurozone. Spain recorded 4.5% in August, compared with 2.9% in Germany and 2.7% in France, showing how differently energy costs are feeding into domestic prices.

Further Rate Hikes Remain Possible

Economic growth has remained relatively resilient, but there is little evidence of widespread overheating. Even after Thursday’s increase, the deposit rate remains within the ECB’s estimated neutral range.

ECB President Christine Lagarde had signaled in July that another increase was possible, saying the “burden of proof is on data” and that the full impact of the energy shock had yet to emerge.

Updated ECB projections accompanied Thursday’s decision, although their cutoff date was about two weeks before the meeting. Recent oil price increases and European government bond yields reaching 15-year highs are therefore not fully reflected in the forecasts.

Global Central Banks Prepare Their Decisions

Attention now turns to other major central banks. The Federal Reserve is due to decide on Sept. 16, followed by the Bank of Japan on Sept. 18, while the Bank of England is expected to hold its rate at 3.75% on Sept. 17.

Cyprus’ long-term business competitiveness will increasingly depend on how quickly the economy adopts green and digital technologies, Commerce Minister Michael Damianos said Thursday.

More than €500 million has been secured for related measures during the 2021-2027 programming period, with funding supporting entrepreneurship, industrial development, energy upgrades, the circular economy and business digitalization.

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AI, Cybersecurity And Skills Pose Key Challenges

Speaking at the first Cyprus IT Directors Forum during the third Cyprus Tech Summit, Damianos said businesses should adopt artificial intelligence selectively, focusing on tools that solve practical problems, improve decisions and deliver measurable value.

Cybersecurity is becoming equally important as more business activity moves online, he said, linking digital resilience to business continuity, governance and trust. Human resources remain another challenge, with digital investment requiring specialized skills, continuous training and workplaces that can adapt to technological change.

Technology Can Help Smaller Businesses Compete

For Cyprus’ small, open economy, productivity, international market access and the ability to adapt quickly are increasingly important. Damianos said technology can improve customer service, inventory and supply chains in retail, while helping manufacturers increase efficiency, reduce energy and raw-material use, and strengthen quality control.

Small and medium-sized businesses can also use technology to offset disadvantages of scale and create new opportunities for growth.

CIOs Take On A Broader Strategic Role

Damianos said chief information officers are increasingly moving beyond IT systems and infrastructure to participate in business strategy and executive decision-making.

“Security is now a matter of business continuity, corporate governance and trust,” he said.

The government, he added, should not replace private-sector initiative but can reduce barriers, support investment and strengthen cooperation among businesses, technology companies, research institutions and the public sector.

Through funding, skills development and cooperation, Damianos said Cyprus can strengthen productivity, resilience and competitiveness as the economy undergoes its green and digital transition.

Greek singer Giorgos Mazonakis, one of the country’s best-known performers, died suddenly at 54, prompting an investigation into the circumstances surrounding his final medical treatment.

Mazonakis had reportedly visited a private medical practice in central Athens for scheduled plasmapheresis before suffering cardiac arrest. He was taken to Elpis Hospital, where he was pronounced dead on Sept. 9.

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Investigators Examine What Happened

Authorities are investigating what treatment had been planned, whether plasmapheresis had begun, who was responsible and what medical assessment preceded it. They are also checking the practice’s license, equipment and staffing.

Greek media reports say the doctor responsible for Mazonakis’ treatment testified that plasmapheresis had not started when his condition suddenly deteriorated. He had reportedly visited the practice the previous day and appeared weakened, with difficulties in speech.

Investigators are expected to review his medical history, symptoms and test results. Two doctors were released after giving statements Wednesday night, while a forensic examination is expected to establish the cause of death.

Questions Over The Practice’s License

Greek Health Minister Adonis Georgiadis said the facility was licensed as an internal medicine practice, not a clinic, and argued that plasmapheresis was not permitted under that license. He ordered an inspection by the Athens Medical Association.

Association President Giorgos Patoulis said previous inspections had not recorded a plasmapheresis machine at the practice. A new committee is checking the premises, equipment and staffing.

The doctors’ lawyer, however, said the machines had been properly declared and that the practice was operating lawfully. The Central Health Council is expected to review the rules governing specialized procedures in private practices.

What Is Plasmapheresis?

Plasmapheresis separates plasma from blood before returning the blood cells and platelets to the patient, with the removed plasma replaced by a specialized solution.

Doctors Konstantinos Giannakas and Thanos Dimopoulos of the University of Athens said the procedure is used for certain serious blood, neurological and immune-related diseases. It requires prior assessment and continuous monitoring, with possible complications including low blood pressure, low calcium levels, allergic reactions, bleeding and, more rarely, arrhythmias.

A Three-Decade Career

Born in Nikaia, Piraeus, in 1972, Mazonakis was discovered by PolyGram in 1992 and released his debut album the following year. He became a major figure in contemporary Greek laïko, with a strong following in Greece and Cyprus.

His career included performances in Germany, Australia and the United States, as well as Sofia in 2012 and 2023 and Tirana in 2024. He also appeared as a judge on The Voice of Greece.

Cyprus continues to attract international investors despite growing concerns over energy costs, bureaucracy and limited international connectivity, according to EY Cyprus research.

The EY Cyprus Attractiveness Survey found that 83% of investors consider the island attractive for foreign direct investment, while 62% plan to expand their operations over the next 12 months. Among investors without a presence in Cyprus, half plan to establish one, while 60% expect the island to become more attractive over the next three years.

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President Nikos Christodoulides separately said substantive foreign investment in Cyprus rose by about 10% in 2025.

Tax And Stability Remain Key Advantages

Cyprus’ tax regime remains its strongest competitive advantage, receiving a positive assessment from 90% of respondents. Quality of life, political and social stability, EU membership, professional services and the legal system also received strong ratings.

At the same time, energy costs emerged as a major concern, cited by 50% of investors. Access to finance and bureaucracy remain recurring weaknesses, while 74% identified geopolitical tensions as the biggest threat to Cyprus’ investment appeal.

Limited international connectivity, rising regulation, labor shortages and energy price volatility were also among the concerns. Andreas Anastasiou of EY Cyprus said the island’s location creates both exposure to regional instability and opportunities as an EU base near strategically important markets.

Real Estate And Technology Lead Investment Opportunities

Real estate and construction ranked first among investment opportunities, followed by tourism and leisure, information and communication technology, and financial services.

Investors also called for stronger foundations for future growth. Some 62% want better technology and AI infrastructure, 59% seek greater government support, and 56% cite the need for more specialized skills. Labor availability was identified as a serious issue by 53%.

Sustainability remains part of investment decisions, with 68% of respondents saying ESG considerations influence their strategies. Renewable energy, financing for sustainable projects and supportive regulation were among their priorities.

Banking And Administration Need Improvement

Banking procedures remain a source of friction, particularly onboarding and know-your-customer requirements, followed by transaction processing, access to finance and customer service.

Invest Cyprus CEO Marios Tannousis said foreign companies often face the same administrative challenges as local businesses but need more guidance because they are less familiar with the system.

“Investors needed to know from the beginning what was required, how long a licensing procedure would take and whom they should contact when something went wrong,” he said.

Foreign Policy Adds To Cyprus’ Investment Case

Irene Georgalla, head of the Office of the Deputy Minister to the President, said foreign policy is increasingly relevant to investment decisions. Cyprus combines EU membership with links across the Eastern Mediterranean, while stronger ties with the US and India are creating opportunities in energy, technology, innovation and financial services.

Former Portuguese undersecretary for European affairs Bruno Maçães described the global environment as “metamorphic,” with technology, institutions and power relationships changing rapidly.

For Cyprus, maintaining investor interest will depend on preserving its existing advantages while addressing costs, bureaucracy, skills, connectivity and other business fundamentals.

The Cyprus Scientific and Technical Chamber (ETEK) has launched the sixth consecutive edition of its Participatory Budget, allocating a total of €100,000 for 2026 and offering grants of up to €20,000 per project or initiative.

A Funding Model Designed For Impact

The programme is open to proposals submitted by ETEK members and is intended to support initiatives that align with the Chamber’s mission, activities and responsibilities. Submissions must demonstrate outward-facing value, while delivering a meaningful benefit both to members and to society at large.

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ETEK is seeking proposals that go beyond concept stage. Each project should produce a practical outcome or an actionable deliverable with broader added value, underscoring the Chamber’s preference for initiatives that can translate ideas into measurable results.

Who Can Apply

Applications may be submitted by individuals or legal entities that are members of ETEK. Each application must also be co-signed by at least two additional Chamber members.

A five-member committee will evaluate the proposals.

Deadline And Submission Details

Applications must be submitted electronically to cyprus@etek.org.cy by Monday, October 12, 2026, at 2:00 p.m.

Interested parties are advised to review the terms of the call carefully and complete the relevant application form in full before submission.

More information is available on the ETEK website.

Booking Holdings has lost its challenge to the European Union’s veto of its €1.63 billion acquisition of ETraveli, marking a significant victory for regulators and underscoring the bloc’s tougher stance on large-scale tech and platform deals.

European Court Backs Commission’s Merger Analysis

On Wednesday, Europe’s second-highest court sided with the European Commission, which blocked the deal in 2023 on the grounds that it would have deepened Booking’s market power and made it harder for competitors to challenge its position in online travel services.

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The Luxembourg-based General Court rejected Booking’s claim that the Commission had failed to follow its own merger rules and had applied the wrong legal test. In its ruling, the court said regulators were correct to conclude that acquiring ETraveli, one of Europe’s leading online flight booking platforms, would have reinforced Booking’s already dominant position in online travel agencies tied to hotel bookings.

Why Regulators Stepped In

The case reflects a broader shift in European competition policy. In recent years, the Commission has intensified scrutiny of acquisitions by dominant technology and platform companies, warning that so-called “killer acquisitions” can weaken competition by absorbing smaller but strategically important rivals before they grow into serious threats.

For regulators, the concern was not simply the size of the transaction, but the strategic logic behind it: combining a major hotel booking platform with a leading flight booking operator could have created a more integrated travel ecosystem that rival firms might struggle to match.

What The Deal Would Have Added To Booking’s Portfolio

Booking’s portfolio includes Booking.com, Rentalcars, Priceline and Agoda, giving it broad reach across global travel services. ETraveli, owned by private equity firm CVC Capital Partners, operates brands such as Gotogate and Mytrip and also provides airline content distribution through TripStack.

The combination would have expanded Booking’s ability to offer a wider set of travel products within a single ecosystem, a model that can strengthen customer retention but also raise concerns about market concentration and competitive foreclosure.

Appeal Still Possible

The General Court’s ruling does not necessarily end the matter. Booking can still appeal to the Court of Justice of the European Union, the bloc’s highest court, if it chooses to continue the legal fight.

For now, however, the decision stands as a reminder that in Europe, even large and established platform companies face increasing resistance when acquisitions appear likely to consolidate power rather than expand consumer choice.

People who regularly drink very hot tea or coffee may face a higher risk of developing esophageal squamous cell carcinoma, a study has found. Those who drank their beverages very hot had nearly three times the risk of developing the cancer compared with people who drank them warm.

The study also found a link with consumption levels. People who drank six or more hot beverages a day faced a higher risk than those who consumed fewer.

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Why Temperature Matters

Coffee and tea are typically consumed at about 50 to 60 degrees Celsius, although temperatures vary by country and preparation method. Adding milk does not necessarily make a drink cool enough, and experts recommend letting very hot beverages sit for several minutes before drinking.

“If a drink is uncomfortable to drink, letting it sit to cool down a bit to what you might expect to be warm or hot as opposed to very hot would be a good idea,” said Keren Papier, a nutritional epidemiologist at the University of Oxford’s Department of Population Health and a co-author of the study.

Papier said the size of the study strengthens evidence linking very hot drinks with squamous cell carcinoma, a subtype of esophageal cancer.

A Rare But Serious Cancer

Esophageal cancer has two main forms: squamous cell carcinoma and adenocarcinoma. Squamous cell esophageal cancer remains relatively rare in the UK, where the lifetime risk of developing the disease is about 1%, according to Papier.

The potential public-health impact is nevertheless significant because tea and coffee are among Europe’s most widely consumed beverages. Europeans consumed an average of 5.7 kilograms of coffee per person in 2023.

Smoking And Alcohol Remain Major Risk Factors

Temperature is only one part of the overall risk picture. Cancer Research UK identifies smoking and alcohol consumption as the leading lifestyle risk factors for esophageal cancer, followed by obesity.

“The best thing beyond our study is to make sure that you cut your smoking and maybe avoiding alcohol helps a bit as well,” Papier said. She emphasized that established cancer risk factors should remain central to prevention.

For tea and coffee drinkers, the practical takeaway is simple: let very hot beverages cool before drinking them.