Lowering electricity costs remains at the heart of the Cypriot government’s agenda, with President Nikos Christodoulides describing energy reform as the administration’s most urgent challenge despite recent measures aimed at easing pressure on households.
Speaking during an interview with ANT1, the president said reducing electricity prices continues to be the government’s immediate focus, while broader reforms are centred on expanding renewable energy generation and strengthening the country’s energy infrastructure.
According to Christodoulides, Cyprus has increased the share of renewable energy in its electricity mix from around 17–18% when his administration took office to approximately 25–26%. While describing the progress as encouraging, he argued that significantly higher levels will be needed in the coming years.
A key priority, he said, is expanding energy storage capacity, which would allow renewable electricity to be stored more efficiently and improve the stability of the national grid. The first storage systems are expected to begin operating this year.
Pension Reform Moves Forward
Beyond energy, the government is also preparing legislation to overhaul the pension system. Christodoulides said discussions between the Ministries of Labour and Finance are nearing completion, with the proposed reform expected to increase lower pensions by between €250 and €300, depending on the category.
He also urged Parliament to move quickly once the legislation is submitted so that beneficiaries do not face unnecessary delays.
No Decision Yet On 2028
The president declined to confirm whether he intends to seek a second term, saying he will decide during 2027 after assessing the government’s progress in delivering its programme.
Rejecting claims that his administration has already shifted into election mode, Christodoulides said his priority remains implementing reforms rather than preparing for the next presidential race.
Defending The Government’s Record
The interview also touched on corruption, crisis management and cooperation with Parliament. Christodoulides argued that strengthening the Independent Anti-Corruption Authority demonstrates the government’s commitment to improving transparency, while pointing to changes introduced after last year’s wildfires and the drone incident at the British Bases as examples of lessons that have strengthened Cyprus’ emergency response systems.
Cyprus’ New Online Shopping Duty Generates Nearly €2 Million In Its First Month
Cyprus collected nearly €2 million in July after introducing a new €3 customs duty on low-value online purchases, highlighting the continued volume of cross-border e-commerce entering the country.
According to Customs Department spokesperson George Constantinou, authorities processed around 160,000 parcels containing approximately 650,000 chargeable items during the first month of the measure. Based on those figures, the new duty generated an estimated €1.95 million in revenue.
The result exceeded initial expectations. Authorities had previously projected the measure would raise around €15 million annually, meaning July alone accounted for roughly 13% of that estimate. However, customs officials said it is still too early to conclude, noting that some shoppers may have placed orders in June before the duty took effect, while seasonal holiday spending may also have influenced July’s figures.
How The Charge Works
Introduced across the European Union on 1 July, the duty applies to consignments valued below €150 arriving directly from countries outside the bloc. Rather than charging each parcel once, the €3 fee applies to every customs category included in a shipment, meaning a parcel containing products from three categories would incur a €9 charge.
Looking Ahead
Customs officials said the rollout was completed without major operational issues, with only minor adjustments required during the first days of implementation. They also expect shoppers to adapt to the new system over time, while retailers may increasingly shift inventory to EU-based warehouses to avoid the charge on goods shipped directly from third countries.
The measure forms part of a broader European response to the rapid growth of low-value imports from platforms such as Temu, Shein and AliExpress. In 2025, EU customs authorities processed nearly 5.9 billion low-value items, representing almost 98% of all imported goods handled across the bloc.
Nicosia Partners With Israel’s Mekorot To Strengthen Water Security
The Nicosia District Local Government Organisation (EOA) has entered into a new partnership with Israel’s national water company, Mekorot, as Cyprus looks to strengthen water security and modernise the management of its water resources.
Signed on Tuesday, the memorandum of cooperation will focus on sharing expertise in areas such as desalination, wastewater reuse, smart water networks and flood management. The initiative comes as both Cyprus and Israel continue to face mounting pressure on water supplies due to their shared Mediterranean climate.
Reducing water losses is expected to be one of the partnership’s immediate priorities. According to EOA President Constantinos Yiorkadjis, non-revenue water in the Nicosia district currently stands at around 20%, making it the lowest rate among Cyprus’ districts and below the European Union average.
He said the district organisation has continued investing in modern infrastructure, digital technologies and operational improvements to make water services more reliable and sustainable. Working with Mekorot, he added, will provide access to international expertise and practical experience in tackling some of the region’s most pressing water challenges.
A Broader Exchange Of Expertise
The agreement extends beyond water distribution. Both organisations plan to cooperate on wastewater management, flood prevention and the adoption of advanced technologies, while also identifying future areas where technical collaboration could deliver long-term benefits.
Mekorot Chief Executive Officer Barak Graber said Cyprus and Israel face similar environmental conditions and depend on the same Mediterranean water basin, creating natural opportunities to work together on shared challenges. The partnership, he noted, will focus on setting priorities and developing practical solutions through a long-term approach.
Building On Existing Cooperation
Israeli Ambassador to Cyprus Oren Anolik described water management as both an environmental and strategic priority, highlighting Israel’s experience in maximising the efficient use of limited water resources. He also noted that Mekorot has already contributed to desalination projects in Larnaca and Limassol.
The latest agreement builds on a relationship that stretches back more than a decade. Cyprus’ Water Development Department has worked with Mekorot on desalination projects since 2015, with Director Eliana Tofa saying the company’s technical expertise has provided valuable support throughout that collaboration.
Cyprus Unveils New Employment And Education Plans For People With Disabilities
Cyprus is introducing a broad package of measures aimed at improving employment, education and long-term support for people with disabilities, with the government seeking to create a more structured transition from school into adult life. President Nikos Christodoulides unveiled the reforms on Tuesday, saying the goal is to ensure people with disabilities can work, build careers and participate fully in the country’s economic and social life.
Personalised Support After School
At the heart of the new policy is a personalised transition plan for every student leaving special education at the age of 22. Rather than finishing school without a clear pathway, each graduate will receive an individual plan designed to support the move into employment, further education or other services. Two new employment programmes are also expected to launch before the end of 2026.
Financial support for social enterprises hiring people with disabilities will increase from €10,000 to €25,000, with the subsidy remaining available until 2030. Investments in social enterprises will also qualify for tax exemptions of up to €150,000. According to the government, around 460 people currently participate in state-supported employment programmes.
More Education Opportunities
The reforms extend educational opportunities beyond the age of 22 through a new Inclusion and Professional Empowerment programme at post-secondary vocational education and training institutes. Participants will be able to continue their education, receive recognised diplomas and access support from personal professional assistants and vocational teachers.
Expanding Support Services
Alongside the education and employment measures, the government plans to invest €4 million in new day centres offering 30 educational programmes for adults with disabilities. Each participant will receive a €300 transport allowance, while three new autism centres are scheduled to open in Nicosia and Ayia Napa.
Closing A Longstanding Gap
Presenting the reforms, Christodoulides said previous policies failed to create a smooth transition between education, training, employment and care, leaving many young adults with disabilities without clear opportunities after leaving school. He described the new framework as a coordinated effort involving five ministries, the Deputy Ministry to the President and the Deputy Ministry of Social Welfare, with the aim of providing long-term support rather than temporary solutions.
The president said the reforms are intended to ensure people with disabilities have the same opportunity to plan their future as any other citizen.
“Inclusion means ensuring that no one is left behind and that everyone has real choices and equal opportunities,” he said.
MammoCheck Secures A €500,000 SEED Grant From The RIF To Advance Toward FDA 510(k) Clearance And EU MDR CE Marking
The project is co-funded by the European Union and the Republic of Cyprus under the Cohesion Policy Programme THALIA 2021–2027. Frederick Research Center is participating as a partner organisation, continuing the company’s roots as a spin-out of Frederick University.
NICOSIA, CYPRUS, July 31, 2026. MammoCheck Ltd, a Cyprus-based medical technology company founded as a spin-out of Frederick University, has secured a €500,000 grant under the Research and Innovation Foundation’s (RIF) SEED programme.
The competitive grant will support the continued development of the company’s adjunctive, research-validated software platform, which combines thermal imaging with artificial intelligence to support breast cancer screening. More specifically, the funding will support the clinical, quality management and regulatory work required as the company advances toward FDA 510(k) clearance in the United States and CE marking under the EU Medical Device Regulation (MDR 2017/745).
The RIF’s SEED programme supports innovative Cypriot start-ups developing internationally competitive products and services. It is co-funded by the European Union through the European Regional Development Fund and the Republic of Cyprus under the Cohesion Policy Programme THALIA 2021–2027.
For MammoCheck, the funding will support completion of its clinical programme, further development of its quality management system in line with ISO 13485, and preparation of the technical documentation and submissions required for the FDA and EU MDR regulatory pathways.
About MammoCheck
MammoCheck is developing a Software as a Medical Device (SaMD) platform that combines a smartphone application, thermal imaging and a proprietary artificial intelligence algorithm to support breast cancer screening.
Founded in 2024 as a spin-out of Frederick University, the company aims to address unequal access to screening. Mammography coverage remains highly uneven worldwide and has been reported as low as 1.7% in some countries, including among many women under the age of 45 who fall outside most national screening programmes.
The platform is being developed for use in primary care and gynaecology settings, as well as for guided home use, with every result reviewed by a clinician. It is intended to complement, rather than replace, established imaging modalities such as mammography and ultrasound.
MammoCheck is currently conducting a clinical study across hospital sites in Cyprus, approved by the Cyprus National Bioethics Committee.
The Role Of Frederick University
Frederick University continues to support the initiative as the institution from which MammoCheck originated. The collaboration also continues through the participation of the Frederick Research Center as a partner organisation in the funded project.
The centre contributes specialised expertise and infrastructure through its Nursing Department and the Mobile Devices Laboratory, focusing on artificial intelligence, smart systems and scientific dissemination. The collaboration strengthens the connection between Cypriot academic research and internationally oriented innovation.
The Frederick team supporting the project includes Dr. Andreas Constantinides, Associate Professor and Director of the Mobile Devices Laboratory, Dr. Evanthia Asimakopoulou, Assistant Professor in the Nursing Department, and Dr. Elena Papoui, Visiting Lecturer in the Nursing Department.
What The Grant Means
The award adds to a period of continued momentum for the company. Alongside its clinical and regulatory progress, MammoCheck is conducting a private investment round to accelerate commercial deployment as it advances toward key regulatory milestones.
The company also holds a Certificate of Innovative Enterprise from the Cyprus Deputy Ministry of Research, Innovation and Digital Policy, allowing eligible investors participating in the funding round to benefit from tax incentives under Cyprus’ innovation investment legislation.
Statements
“Securing €500,000 in competitive, non-dilutive funding is a strong vote of confidence in our vision, our team and our mission. It allows us to focus on what truly matters right now, turning that vision into reality, step by step, as we move steadily toward FDA 510(k) clearance and CE marking under the EU MDR,” said Alexandra Dimitriadou, Co-Founder and CEO of MammoCheck.
Athina Grigoriou, Co-Founder and CRO, added: “Our clinical programme is at the heart of this project. This support strengthens the study we are conducting across hospital sites in Cyprus and the evidence base behind every step of our regulatory pathway.”
Marios Pafitis, Co-Founder and CTO, said: “Working alongside the Frederick Research Center brings academic rigour to our engineering. This grant helps us take the technology from promising research toward a rigorously engineered and clinically validated product.”
The MammoCheck co-founding team, Alexandra Dimitriadou, Marios Pafitis and Athina Grigoriou, was named to the Forbes 30 Under 30 Greece list in 2026.
The MAMMOCHECK project (SEED/0525(B)/0102) is implemented under the Cohesion Policy Programme THALIA 2021–2027 and is co-funded by the European Union through the European Regional Development Fund and the Republic of Cyprus via the Research and Innovation Foundation.
Fraud Is Often A System Problem, Not Just A Founder Problem
A new report from Imperial College London and Emlyon Business School examines how venture capital-backed founders commit fraud and how investors can unintentionally create the conditions for it.
Published in June, the study draws on cases pursued by the U.S. Securities and Exchange Commission and the Department of Justice between 2000 and 2023. Its central conclusion is that fraud is not solely a founder problem, but can also stem from the incentives, expectations and governance structures surrounding startups.
Several high-profile cases, including Charlie Javice of Frank, Gökçe Güven of Kalder, Do Kwon of Terraform Labs, and Alexander and Valerie Lau Beckman of GameOn, have intensified debate over where ambitious fundraising ends and fraud begins.
“Fraud is much more common and normalized in the startup world than we are ready to admit and accept,” Tim Weiss, one of the report’s authors, told TechCrunch.
Weiss also cited a University of Toronto study covering 654 fraud cases involving U.S. venture-backed startups between 2000 and 2023. Although fraud remained relatively rare, venture-backed companies were more likely to face fraud charges than non-VC-backed firms, while startups launched during overheated investment markets were 19% more likely to commit fraud later.
According to Weiss, pressure from investors and boards to deliver rapid growth can encourage misconduct, particularly in fast-moving sectors such as artificial intelligence.
The Three Stages Of “Façading”
The report, co-authored by Weiss and Nevena Radoynovska, identifies a three-stage process the authors call “façading.”
Surface façading begins with exaggerated claims about a company’s progress or traction. Reinforced façading involves creating evidence to support those claims, including fabricated contracts, invoices or revenue records. Deep façading extends the deception to the product itself through fake demonstrations and staged proof points.
Rather than beginning with a single act of fraud, the report argues that misconduct often develops gradually as founders attempt to sustain increasingly unrealistic expectations.
Investors Also Shape The Conditions For Fraud
One of the report’s central arguments is that investors are not always passive victims of founder misconduct. In some cases, they help create the conditions in which fraud becomes more likely.
According to the researchers, venture capital can “co-create fraud” by continuing to back founders who have previously been accused of misconduct, signaling that such behavior carries few long-term consequences. A separate University of Toronto study found little evidence that founders accused of fraud struggle to raise funding for new ventures, even when earlier cases attracted significant media attention.
“New investors and the broader VC market do not penalize past misconduct,” the report said, linking that pattern to Silicon Valley’s long-standing tolerance for failure.
Governance Plays A Critical Role
The University of Toronto study also identified governance as a key factor. Startups with founder-controlled boards were twice as likely to commit fraud as companies with investor-controlled or shared-control boards.
It also found that venture-backed companies going public were more likely to face securities class-action lawsuits within two years than private equity-backed firms. As startups remain private for longer while raising larger funding rounds, Weiss argues that governance has not kept pace with their growing scale.
“Founders do not have a professional body or association that could govern or enforce rules of entrepreneurial and investor conduct on how to be a good founder and what reasonable growth expectations are,” he said.
Calls For Stronger Oversight
Weiss argues that regulators should take a more proactive approach by introducing routine investigations and formal audits once startups reach significant funding thresholds, rather than waiting for whistleblower complaints or investor lawsuits.
The report also calls on investors to accept greater responsibility when aggressive growth targets contribute to governance failures. According to the authors, stronger oversight by both regulators and investors would help reduce the conditions in which fraud can develop.
Google Pulls New Earth Image Generator After Misuse Fears Emerge
Google Rolls Back AI Image Feature In Google Earth After Backlash
Google has rolled back a newly introduced Google Earth feature that allowed users to generate AI-created images within its satellite-mapping platform using Nano Banana 2, the company’s image-generation model.
The feature was designed to let users create and place AI-generated visuals on real-world maps. Soon after its release, however, it drew criticism from researchers and journalists, who warned it could be used to create misleading or fabricated geospatial content.
The backlash centered on Google Earth’s long-standing role as a trusted visual reference for journalists, researchers and the public. Critics argued that combining AI-generated imagery with real-world location data could make it more difficult to distinguish authentic satellite imagery from fabricated content.
A BBC journalist highlighted the issue on X, arguing that a tool capable of generating deceptive images within one of the world’s most widely used mapping platforms could be vulnerable to misuse.
Google Pauses The Feature
Google removed the feature less than a day after its launch.
“We’ve seen geospatial professionals using this feature for a range of useful purposes, however we’ve also seen people sharing screenshots of generated imagery that appear to violate our policies,” the company said in a statement. “We’re rolling back this feature in Google Earth while we work on implementing stronger guardrails.”
The decision illustrates how quickly generative AI features can come under scrutiny when they are integrated into products that people rely on for real-world information.
A Wider Challenge For AI Products
The episode highlights a broader challenge facing technology companies as generative AI becomes more deeply embedded in consumer products. As AI-generated content becomes increasingly realistic, companies are under growing pressure to introduce safeguards that reduce the risk of misinformation while preserving legitimate use cases.
For platforms built around trusted information, balancing innovation with user confidence is becoming an increasingly important part of product development.
Five EU Countries Account For Two-Thirds Of Road Freight
Five Countries Account For Two-Thirds Of EU Road Freight
Road freight transport across the European Union continued to grow in 2025, highlighting the dominant role of a handful of member states in the bloc’s logistics network. According to Eurostat, total road freight reached 1,886 billion tonne-kilometres, up 0.9% from a year earlier, while the volume of goods transported increased by 1.8% to 13.3 billion tonnes.
Poland Remains The Largest Freight Market
Poland retained its leading position with 381.0 billion tonne-kilometres, accounting for 20.2% of all EU road freight activity. Germany ranked second with 277.4 billion tonne-kilometres (14.7%), followed closely by Spain with 272.6 billion tonne-kilometres (14.5%).
France and Italy completed the top five, recording 172.9 billion and 161.7 billion tonne-kilometres, respectively. Together, the five countries accounted for 67.1% of all road freight transport across the European Union.
Domestic Transport Continues To Dominate
National transport within individual member states remained the largest segment, representing 62.2% of all road freight measured in tonne-kilometres. Direct international transport accounted for 24.4%, while cross trade represented 10.7% and cabotage the remaining 2.7%.
Domestic transport recorded the strongest growth, rising 2.2% year on year. International transport increased by 0.3%, while cross trade and cabotage declined by 3.7% and 3.0%, respectively.
Measured by the weight of goods transported, the busiest cross-border corridor remained the route between Germany and the Netherlands, with 86.9 million tonnes moved during the year. Germany and Poland followed with 68.4 million tonnes, ahead of Belgium and France with 55.9 million tonnes.
Germany appeared as either the origin or destination in six of the EU’s ten busiest bilateral freight routes, underscoring its central role in Europe’s road freight network.
One In Four Cypriots Cannot Afford A Week Away From Home
As Cyprus enters the peak summer tourism season, new Eurostat data show that a holiday remains out of reach for a significant share of the population. According to the latest figures for 2025, 27.5% of people aged 16 and over in both Cyprus and the European Union said they could not afford to spend one week away from home on an annual holiday, placing the island exactly at the EU average.
Long-Term Improvement, But Financial Pressure Persists
Although the figure has improved significantly over the past decade, financial constraints remain a reality for many households. In Cyprus, the share of people unable to afford a one-week holiday has fallen from 58.9% in 2014 and 45% in 2019 to 27.5% in 2025.
Across the EU, the rate stood at 27.5%, up slightly from 27% in 2024 but well below the 35.2% recorded in 2015.
Wide Differences Across Europe
Eurostat’s data highlight substantial differences between member states. Romania recorded the highest share of people unable to afford a one-week holiday at 61.4%, followed by Greece at 46.6%, while Bulgaria and Hungary both stood at 39.1%.
At the other end of the ranking, Luxembourg reported the lowest share at 10.6%, followed by Sweden at 12.4% and both the Netherlands and Austria at 12.8%.
Cost Of Living Continues To Weigh On Households
The figures suggest that rising living costs continue to limit household budgets, despite an overall improvement in material conditions over the past decade. Inflation has eased from previous peaks, but accommodation, air travel and dining costs remain elevated across much of Europe.
According to the European Trade Union Confederation (ETUC), around 42 million workers across the EU cannot afford even one week away from home, highlighting the pressure that housing costs, transport expenses and food prices continue to place on household finances.
A Measure Of Financial Well-Being
Eurostat’s figures are based on the EU Statistics on Income and Living Conditions (EU-SILC) survey and count only people who are unable to take a holiday because of financial constraints rather than personal choice.
For many households across Cyprus and the wider European Union, the data underline that a one-week annual holiday remains beyond reach despite broader improvements in living standards.
Cyprus Approves Up To €1.17 Million In Farm Aid After Extreme Weather Damage
The Cypriot government has approved economic support of up to €1.17 million for farmers who suffered losses from extreme weather events and natural disasters.
Relief For Crops And Fixed Assets
The compensation covers damage sustained during the 2025-2026 period, according to the Ministry of Agriculture, Rural Development and Environment. It applies to winter potatoes, citrus fruit, avocados, olives and loquats, as well as damage to fixed assets.
The package also includes support for banana crops damaged by a tornado, along with losses caused by fires affecting agricultural production and infrastructure.
About 610 Beneficiaries Expected
Roughly 610 recipients are expected to benefit from the scheme. Payments will be made through the Agricultural Production Protection and Insurance Fund, under Cyprus’s Law on Risk Management in Agricultural Production.
The decision was approved on the recommendation of the Minister of Agriculture.
Faster Payouts For Farmers
The ministry said process improvements have reduced the time required to disburse aid by about two months, allowing producers to receive financial support more quickly after a loss.
In its statement, the ministry said it continues to use all available tools to address the impact of the climate crisis and severe weather, to strengthen the resilience and long-term sustainability of the primary sector.
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