Cyprus Ministry of Finance has submitted a package of seven amendment bills aimed at restructuring how credit data is shared and introducing a unified credit rating system for individuals and businesses. Proposals are currently under review by the Parliamentary Committee on Finance.

Unified Credit Data Exchange Framework

Reform is part of a broader effort to modernise financial infrastructure and improve data exchange between credit institutions. Changes cover key areas including banking operations, consumer credit, mortgage agreements, credit management, finance leases and the sale of credit facilities. This initiative is also linked to the Recovery and Resilience Plan, aligning financial sector reforms with wider economic policy.

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Advanced Credit Rating Mechanism

A central element of the proposal is the creation of a single credit score for borrowers. The system will use financial data from the past 24 to 36 months to assess the likelihood of default over the following 12 months. This approach is expected to improve lending decisions and support a gradual reduction in non-performing loans.

Empowering Regulatory Oversight And Data Security

Oversight will be assigned to the Central Bank, which will set operational rules, monitor compliance and impose penalties where needed. The framework also includes provisions on data protection and banking confidentiality, developed in coordination with the Office of the Commissioner for Personal Data Protection.

Structured Data Submission And Access Controls

Proposed legislation defines which entities must submit data and which can access it, introducing a tiered system based on operational needs. Participants will include banks, credit management companies and finance lease providers, all operating under defined conditions.

Reforms aim to simplify existing regulations and reduce overlaps between current laws, as Cyprus moves to modernise its credit system. Lawmakers are expected to review the package ahead of a vote before Parliament dissolves ahead of elections.

Viral Success And A Swift Goodbye

OpenAI has discontinued its video generation app Sora, around six months after launch. The app quickly gained traction, surpassing one million downloads within five days. It allowed users to create, edit and share short videos, attracting strong early interest.

Strategic Realignment Amid Market Pressures

In a post on X, OpenAI thanked users and said the decision to shut down Sora was part of a broader shift in priorities. The company is focusing more on enterprise products and cost control as it moves closer to a potential IPO and works to support its $730 billion valuation.

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Cost Efficiency And Broader Business Shifts

The move is part of a wider effort to reduce spending and consolidate products. OpenAI has also scaled back other initiatives, including the Instant Checkout feature. At the same time, development is moving toward integrating key tools, such as the ChatGPT app, web browser and Codex, into a more unified platform.

Reactions From Industry Partners

Sora initially reached the top of the Apple App Store, though user engagement later slowed. Disney had previously explored a potential $1 billion investment tied to video generation capabilities using its characters. Following Sora’s closure, the company said it respects OpenAI’s decision and remains open to working with AI platforms under appropriate conditions.

Looking Ahead

Fidji Simo, OpenAI’s head of applications, said internal focus is shifting toward high-impact productivity tools. This comes as competition in enterprise AI continues to grow, with companies such as Anthropic expanding their presence in the market. OpenAI’s latest changes reflect a broader effort to concentrate resources and strengthen its position ahead of potential future growth milestones.

Brinc opened a 50,000-square-foot facility in Seattle, marking a new phase in its expansion into public safety technology. Founded in 2017 by Blake Resnick, the company develops drones for police and emergency services across the United States. Early backing included investors such as Sam Altman, and the company has grown to a valuation of close to $500 million

Redefining Public Safety With Advanced Drone Technology

Brinc focuses on drones designed for real-time response in emergencies. Its products are already used by law enforcement and public agencies, positioning the company within a growing segment of the drone market focused on public safety.

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Guardian: The Next-Generation 911 Response Drone

The company recently introduced its latest model, Guardian, developed for rapid deployment in emergency scenarios. According to Brinc, the drone can reach speeds of up to 60 mph and operate for up to 62 minutes, allowing extended coverage during incidents. The product is positioned as an alternative to more resource-intensive response tools in certain situations.

Unmatched Capabilities In High-Stakes Environments

Guardian is equipped with thermal imaging and dual 4K cameras with zoom capabilities, enabling detailed observation from distance, including the ability to capture critical visual data during incidents. Additional features include an integrated spotlight and a loudspeaker, supporting communication in emergencies. The system also includes a docking station designed for automated charging, battery swapping and storage of emergency supplies such as defibrillators, flotation devices and Narcan.

Global Connectivity Through Innovative Integration

The drone integrates a Starlink panel, allowing connectivity in areas with limited or no traditional network coverage. This feature supports continuous operation in remote or high-risk environments, where stable communication is critical.

Market Potential And Strategic Collaborations

Brinc sees strong potential in the public safety sector. The company estimates that a large share of police and fire departments in the United States could adopt drone-based response systems over time. Market opportunities are estimated at between $6 billion and $8 billion. Brinc is also working with organisations such as the National League of Cities to expand “drone as first responder” programmes.

Capitalizing On Geopolitical Shifts

Changes in US policy, including restrictions on foreign-made drones, are creating additional opportunities for domestic manufacturers. This shift is expected to accelerate the adoption of locally developed technologies in public safety and government operations.

Brinc’s expansion reflects a broader trend toward integrating drones into emergency response systems, as agencies look for faster and more flexible tools in critical situations.

Strong Start To 2026

ASBISc Enterprises Plc (ASBISc), the renowned Cyprus-based IT distributor, announced its estimated consolidated revenues for February 2026 this week. The company reported a marked year-on-year increase, highlighting robust business momentum at the onset of the year.

Impressive Revenue Surge

The latest internal estimates indicate that consolidated revenues reached approximately $427 million in February 2026, a significant 72% increase compared to the $248 million recorded in February 2025. This substantial leap underscores the company’s strong market presence and effective business strategies.

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Board’s Commitment To Transparency

The board of directors of ASBISc had previously decided to publish monthly estimated consolidated revenues based on the best possible internal data. They also clarified that the reported figures might exhibit slight variations from the final consolidated data once the comprehensive audit is completed.

Looking Ahead

This remarkable performance not only reinforces ASBISc’s position in the competitive IT distribution landscape but also sets a promising tone for future growth. Observers and stakeholders alike will be keenly watching the company’s continued progress as it leverages its strategic strengths in a dynamic market.

Cyprus Tour Guides Association has announced a protest outside Deputy Ministry of Tourism, scheduled for 11:00 on Friday. Action follows growing concerns in the sector over working conditions and market pressure.

Critical Issues Under Scrutiny

Tour guides highlight several ongoing issues, including illegal tours, limited oversight at archaeological sites and strict controls at crossing points. According to the association, these factors are affecting daily work and contributing to a rise in cancellations.

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Economic Implications Amid Regional Instability

Pressure on the sector is increasing as tourism demand shows signs of slowing. Hoteliers report weaker bookings for April and May, linked to ongoing instability in the Middle East. While summer reservations remain relatively stable, new bookings from key markets, including Europe and Israel, have declined.

Calls For Strategic Government Action

At the same time, Akel leader Stefanos Stefanou has called for additional government support for the tourism sector. He proposed measures such as strengthening air connectivity, launching targeted safety campaigns and introducing support for domestic demand. He also highlighted the need to support seasonal workers affected by delays at the start of the season.

Developments reflect broader pressure across tourism, as businesses and workers adjust to weaker demand and ongoing regional uncertainty.

The European Union announced the provisional rollout of the interim EU-Mercosur trade agreement, marking the final procedural step following the Council’s decision on January 9. Notification was sent to Paraguay, which serves as the legal custodian of Mercosur treaties.

Temporary Measures Take Effect

Under the transitional arrangement, provisional application will begin on May 1 for the EU and Mercosur countries that complete ratification and notify the bloc by the end of March. Argentina, Brazil and Uruguay have already fulfilled these requirements. Paraguay has also ratified the agreement and is expected to submit its notification shortly.

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Enhanced Trade And Investment Opportunities

From the start of implementation, selected goods will benefit from tariff elimination, creating clearer and more predictable conditions for trade and investment. Businesses, consumers and farmers in the EU are expected to see early benefits, while safeguards remain in place for sensitive sectors. Additional details for exporters are available through the Access2Markets platform.

Strengthening Global Cooperation

According to the European Commission, the agreement will also support cooperation on issues such as labour standards and climate policy. Stronger coordination is expected to improve supply chain stability and ensure more reliable access to key raw materials.

Temporary Measures Take Effect

Under the transitional arrangement, the agreement will be applied provisionally from May 1 for the EU and all Mercosur countries that complete their ratification processes and notify the EU by the end of March. Argentina, Brazil, and Uruguay have already met these conditions, while Paraguay has recently ratified the agreement and is expected to dispatch its notification shortly.

Enhanced Trade And Investment Opportunities

From the start of implementation, selected goods will benefit from tariff elimination, creating clearer and more predictable conditions for trade and investment. Businesses, consumers and farmers in the EU are expected to see early benefits, while safeguards remain in place for sensitive sectors. Additional details for exporters are available through the Access2Markets platform.

Strengthening Global Cooperation

According to the European Commission, the agreement will also support cooperation on issues such as labour standards and climate policy. Stronger coordination is expected to improve supply chain stability and ensure more reliable access to key raw materials.

Early Market Reaction And Bold Vision

Arm introduced its first in-house chip, the AGI CPU, marking a shift from its traditional licensing model. CEO Rene Haas said the new product could generate up to $15 billion in revenue by 2031. Based on current projections, this would bring Arm’s annual revenue to around $25 billion, compared to $4 billion reported in 2025.

Technical Innovation And Market Demand

Presented at an event in San Francisco, the AGI CPU is designed for AI inference in data centres. This launch moves Arm beyond licensing its architecture to produce its own chips. CFO Jason Child said the product could deliver gross margins of around 50%, reflecting a higher-value offering. Companies such as Amazon, Microsoft, Nvidia and Google may use the chip as an alternative, as many already rely on Arm’s technology while developing their own processors.

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Strategic Industry Implications

Analysts at Citi described the move as a major shift in Arm’s strategy. Such a transition changes how revenue is generated and introduces a different margin structure, while also opening new growth opportunities through direct participation in hardware. Meta is among the early adopters, as it continues expanding data centre capacity and investing in AI infrastructure. Other companies, including OpenAI, Cloudflare and SAP, are also reported to be early customers.

The Road Ahead

This shift positions Arm to compete more directly with companies that have historically been its customers. According to Mohamed Awad, Head of Cloud AI at Arm, the strategy is expected to expand the company’s addressable market and support long-term revenue growth.

Empowering Change At The Women Who Built Europe Summit

Cyprus presented its approach to inclusive innovation at the Women Who Built Europe summit in Brussels, highlighting the work of 35 women from government, business and technology. Chief Scientist Demetris Skourides said closing the gender gap in research and innovation requires a shift in how leadership is approached, with a stronger focus on inclusion.

Structural And Cultural Shifts For Inclusive Growth

Speaking during a fireside chat at the Council of the European Union, Skourides said progress depends on both policy changes and broader cultural shifts. He pointed to the importance of collaboration across teams and sectors, noting that changing perceptions is as important as introducing new measures.

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Policy Initiatives And Notable Achievements

Skourides outlined several initiatives led by the Research and Innovation Foundation (RIF) to support women in science and research. Between 2023 and 2025, the foundation launched 90 calls for proposals with a total budget of €100 million. These programmes created 739 jobs in research and innovation, including 209 roles filled by women. Female participation in leadership has also increased. Women led 61.16% of submitted proposals, while 76.4% of funded projects were coordinated by women.

Reinforcing Cyprus’ Role In STEM And Global Innovation

Cyprus’ national agenda reflects a strategic commitment to gender equality across all sectors. Women now represent 42.3% of participants in science, engineering, and STEM, 29.3% in ICT, and 37% of the cabinet, bolstered by initiatives such as Women for Tech and Women for Cyber. The summit also drew influential voices, including European Parliament member Tsvetelina Penkova and EU Female Founders president Monika Stanisheva, exemplifying the robust network of female leadership.

Historical Impact And A Vision For The Future

Skourides placed Cyprus’ advancements in a broader historical context, recalling over two centuries of female influence in shaping technological fields from programming languages to quantum technologies. He invoked the legacies of pioneers such as Ada Lovelace and Parisa Tabriz to illustrate the enduring impact of women in technology. Additionally, he addressed the performance-funding paradox by referencing research that demonstrates up to a 35% higher return on investment for companies led by women, further substantiated by leadership traits observed in Fortune 500 firms.

Leading By Example At Home And Abroad

The Cypriot delegation highlighted 35 women across different sectors, including public service, technology and healthcare. Their work reflects a broader shift toward more inclusive leadership and serves as a reference point for future initiatives.

Call To Action For A Future Of Inclusive Leadership

Skourides said progress will depend on strengthening networks, sharing experience and building partnerships at an international level. He encouraged women to take on leadership roles and contribute actively to shaping the future of innovation.

Company Restructuring In Response To Market Headwinds

Epic Games has announced layoffs affecting around 1,000 employees, according to a memo published on the company’s website. The decision follows a decline in Fortnite engagement that began in 2025 and has since affected revenue.

Financial Adjustments And Strategic Cost Savings

CEO Tim Sweeney said the slowdown has pushed costs above revenue, forcing the company to reduce spending. Alongside layoffs, Epic Games has identified more than $500 million in cost savings across areas such as contracting, marketing and unfilled roles. These steps are aimed at restoring financial balance and stabilising operations.

Employee Support And Operational Impact

The company said affected employees will receive four months of severance pay, with additional support for those with longer tenure. Employees in the United States will also retain healthcare coverage for six months after leaving. Sweeney noted that the layoffs are not linked to AI or automation. However, broader market factors, including supply chain constraints such as limited RAM availability and higher chip demand, have affected consumer spending.

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Context And Market Implications

Epic Games recently increased the price of its in-game currency, V-Bucks, citing higher operating costs. This move, combined with layoffs and other cost reductions, reflects a broader effort to adjust to changing market conditions. The company’s actions highlight pressure across the gaming industry, where companies are balancing growth with cost control.

Apple has unveiled a new era in location-based advertising by introducing targeted ads on Apple Maps, set to launch in the U.S. and Canada later this summer. This strategic move will allow businesses of all sizes to reach consumers at the precise moment they are searching for local services, marking a significant evolution in Apple’s advertising aspirations.

Introducing Targeted Ads On Apple Maps

The new feature enables businesses with physical locations and existing listings on Apple Maps to display a single, clearly delineated ad next to relevant search results. Each ad is signified by a blue halo around its map pin and is transparent in its status as sponsored content, analogous to the ad labels in the App Store. Using an auction-based pricing system, advertisers pay only when users view or tap on their ads.

Upholding User Privacy And Seamless Integration

Apple maintains that user privacy will remain paramount. The data associated with ad interactions is not tied to personal Apple accounts; instead, this information is stored solely on the device and kept away from third-party access. This careful balance of monetization and privacy highlights Apple’s persistent commitment to user security.

Apple Business Suite: A Unified Ecosystem for Companies

As part of a broader rebranding, Apple is consolidating its business services under Apple Business. The platform brings together tools such as email, calendar services, employee directories and device management. Previously separate services, including Apple Business Connect, Apple Business Essentials and Apple Business Manager, are now combined into a single system designed to simplify business operations.

Empowering Businesses Through Customization And Productivity Tools

Businesses can now manage advertising campaigns more effectively through automated matching that places relevant ads in front of potential customers. Both smaller enterprises and larger organizations benefit from scalability. While larger advertisers have access to advanced scheduling and location targeting customization options, smaller businesses can rely on preconfigured “Blueprints” to facilitate easy deployment of company apps and settings.

Driving Revenue Without Compromising User Experience

This strategic move into integrated advertising on Apple Maps not only diversifies Apple’s revenue streams but does so without disrupting the core user experience. As consumers have grown accustomed to seeing ads on platforms like Google Maps, Apple’s careful integration paves the way for significant revenue gains while preserving the premium feel of its devices and services.

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