The European Central Bank is preparing a significant broadening of proportionality in banking supervision, a move that could bring roughly 150 additional smaller institutions into a lighter regulatory framework, according to ECB Executive Board member Frank Elderson.

In a post on the ECB’s supervision blog, Elderson, who also serves as vice-chair of the Supervisory Board, said the goal is to reduce the regulatory burden on small and non-complex institutions while preserving the safeguards that support financial stability.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

A More Flexible Approach To Supervision

Rather than creating a separate rulebook for smaller lenders, the ECB’s proposals would expand the existing framework for small and non-complex institutions, or SNCIs, by broadening eligibility and easing the frequency and intensity of certain supervisory tasks.

Elderson argued that Europe’s varied banking sector is a strategic strength. Smaller, locally focused banks, he said, play a critical role in financing households and small and medium-sized enterprises, which in turn supports innovation, employment and investment across the region.

“These institutions play an important role in financing households and small and medium-sized enterprises, helping innovative ideas become successful products and supporting jobs and investment across the region,” Elderson wrote.

He added that a banking system combining different business models, sizes and areas of expertise is better positioned to meet the financing needs of the European economy and, by extension, support competitiveness.

Why Proportionality Matters

The ECB’s approach rests on a simple principle: regulatory requirements should be calibrated to a bank’s size, complexity and risk profile.

At the same time, Elderson cautioned that smaller banks are not insulated from the pressures facing the wider financial system. He pointed to geopolitical risk, cyber resilience in the era of advanced artificial intelligence, digitalisation and climate- and nature-related risks.

“Depositors in smaller banks should be just as confident that their savings are safe and their bank is well managed, resilient and subject to robust risk management standards as those in larger institutions,” he wrote.

The central bank believes a more targeted framework would allow smaller lenders to devote more resources to the risks that matter most, while trimming compliance work that adds cost without materially improving resilience.

A Wider Definition Of Small Banks

The most consequential proposal would broaden the definition of what qualifies as a small bank.

Today, the SNCI framework covers 75% of all less significant institutions under European banking supervision, representing more than 1,400 entities as of December 2025.

Under the ECB’s proposal, national authorities would be able to lift the current €5 billion total-assets threshold for SNCI status to as much as €10 billion, depending on the size and structure of domestic banking sectors.

The ECB also wants the definition of “non-complex” to better reflect how banks operate in practice. Elderson noted that some institutions, especially in smaller member states, fail to qualify as SNCIs because of technical features in their recovery and resolution arrangements, even when they are not complex from a resolution standpoint.

Taken together, the changes could result in as many as 85% of less significant institutions being classified as SNCIs, bringing about 150 additional banks into the lighter framework.

The ECB also wants the SNCI label to be used more consistently in future European banking legislation, with new and amended rules spelling out more clearly how they apply to smaller and non-complex institutions.

Less Frequent Supervisory Reviews

The changes would not stop at classification. The ECB is also proposing a more selective approach to supervision itself.

The Supervisory Review and Evaluation Process, or SREP, could be carried out less frequently for some institutions. Elderson said certain banks might go two to three years without a full SREP if their risk profile justifies that approach.

That flexibility would remain subject to supervisory judgment, meaning banks could still face more frequent scrutiny if their risk warrants it.

“Where risks are low, some supervisory assessments will in practice be carried out even less frequently, reducing the burden on banks without undermining supervisory effectiveness,” Elderson wrote.

The ECB is also seeking to reduce the burden of stress testing. Bottom-up stress tests, in which banks run their own projections and submit them to supervisors, would be used only selectively for SNCIs. Supervisors would rely more heavily on top-down exercises, with projections carried out centrally.

That shift could meaningfully reduce the workload for nearly 1,000 SNCIs that are still subject to bottom-up stress tests.

Reporting Could Be Cut Dramatically

Reporting is another area targeted for simplification.

The ECB said its systems have already been adapted to support a materiality threshold for reporting resubmissions once the relevant legislative changes are in place.

A new SNCI category is also set to be introduced into the ECB’s FINREP regulation from 2027, beginning with a public consultation.

Under the proposed revisions, the volume of financial reporting required from SNCIs could fall from around 13,500 data points to roughly 700.

Updates to the European Banking Authority’s technical standards on supervisory reporting are also expected to remove redundant templates, eliminate overlaps and exempt SNCIs from certain reporting requirements.

More Flexibility On Governance

The ECB is also pushing for a more proportionate approach to governance requirements.

Supervisors would make greater use of existing flexibility to reflect a bank’s risk profile and operational complexity.

That could allow certain committees to be merged, including nomination and remuneration committees, while functions such as risk management and compliance could also be combined where appropriate.

The proposals would also create more room for flexibility around pay rules, including possible exemptions from requirements to defer variable remuneration or pay it in financial instruments.

Periodic independent reviews of remuneration policies could also be outsourced and applied in line with the sophistication of a bank’s internal stress-testing framework.

Why Smaller Markets Stand To Benefit

The proposals may be especially relevant to smaller European banking markets, even though the ECB has not identified which national authorities would choose to raise the €5 billion threshold.

Cyprus, for example, has a relatively small banking market and its domestic institutions fall under the European banking supervision framework. Any decision to apply the higher SNCI threshold would therefore depend on the applicable rules and supervisory assessment.

Elderson was explicit that the changes should not be read as a weakening of core safeguards.

“Proportionality should not be mistaken for reducing prudential standards for smaller banks,” he wrote. “The aim is not to lower standards, but to achieve them in a more efficient and proportionate manner.”

The ECB also said any simpler regime for smaller banks must be matched by a credible, flexible and efficient crisis management framework.

In Elderson’s view, trimming administrative overhead would free up scarce resources for risk management, customer service, investment in competitiveness and operational efficiency.

“By reducing undue complexity and the administrative burden for small and non-complex banks, these measures can support the competitiveness of Europe’s diverse banking sector, without compromising resilience,” he wrote.

What Comes Next

The ECB is preparing to implement the simplification measures within its authority. It will also work with European institutions on changes that require action beyond the central bank, including initiatives under development through the European Banking Authority.

For Elderson, the proposals are part of a broader push to streamline European banking supervision, not just for smaller institutions but across the system as a whole.

“Our goal is clear: to make our supervision more efficient, more effective and more risk-based, while continuing to preserve banks’ resilience,” he wrote.

Pinterest is taking a practical step into artificial intelligence with a new feature designed to help users turn saved beauty inspiration into something far more actionable: a plan they can actually take to the salon.

From Saved Pins To Salon Language

The new feature, called Beauty Guides, uses Pinterest’s visual intelligence and generative AI technology, which the company refers to as Pinterest Intelligence, to translate inspiration images into the terminology used by professional stylists and nail artists.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

That matters because many users may recognize a look they want, but not the words to describe it. Beauty Guides will help bridge that gap by identifying terms such as balayage, root melt, or almond nails, giving users a clearer way to communicate with a stylist.

A Practical Use For AI

The feature is a strong example of how AI can be embedded into everyday behavior without feeling abstract or experimental. In this case, Pinterest is enhancing a routine many people already follow: saving a photo for a future salon visit.

The difference is that the new tool adds context. Instead of arriving with only a reference image, users can come prepared with the language needed to discuss what they want, what they want to change, and what trade-offs may be involved.

Planning, Pricing And Maintenance

Beyond terminology, the guides also provide information that can help users make better decisions before they book an appointment. That includes how long each part of the process may take, a rough price range, and maintenance guidance such as how often a cut, tone, or touch-up may be required.

For services like balayage, where costs can easily reach into the hundreds of dollars, that kind of upfront visibility is not just convenient. It is commercially useful.

How It Works

Users will be able to access the guides by tapping the “Get the Guide” button within the app. Once activated, the feature will show what to ask for to achieve a similar result, how long it may take, what it may cost, and what upkeep is likely to be needed.

At launch, Beauty Guides will cover Pins related to hairstyle, color, nail shape, and finish.

Cyprus is expecting about €3.5 billion in funding for projects under the European Union’s next Multiannual Financial Framework, with President Nikos Christodoulides leaving open the possibility that the final amount could be higher.

Speaking at the Presidential Palace during a meeting with European Court of Auditors member Lefteris Christoforou, the president said the objective is to secure agreement on the framework by the end of 2026, while the projects themselves are expected to be approved by the Council of Ministers no later than September 2027.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The Timeline For New Projects

Christodoulides said Cyprus is participating in negotiations for the next programming period with a clear priority: securing financing for projects that improve citizens’ daily lives.

“We will have about €3.5 billion for projects that will be implemented in our country over the next three years,” he said, adding that current indications suggest the total could rise further.

He stressed that the pipeline consists of mature projects, which will be brought before the Council of Ministers by September 2027.

The president also underlined the importance of the European Court of Auditors in monitoring how funds are used, saying he is confident cooperation will continue so that Cyprus does not lose any EU financing.

Recovery Fund Absorption Set To Reach 97.3%

Turning to the Recovery and Resilience Facility, Christodoulides said avoiding the loss of funds has been high on the agenda of his meetings with Christoforou since he took office.

With the payment made on October 1 and the next tranche due in December, absorption is expected to reach 97.3%, which he described as one of the highest rates among EU member states.

“There were public concerns from some that we were behind. The data proves them wrong,” he said.

The president thanked all ministries, especially the Ministry of Finance and the Secretariat overseeing implementation, as well as social partners and the House of Representatives, noting that their cooperation was essential in several areas.

He added that the Recovery Fund has already delivered projects that will remain in the country and help transform it over time. He also referred to Christoforou’s continued interest in Cyprus, despite his posting in Luxembourg.

Christoforou Says Cyprus Is Above The EU Average

Christoforou said Cyprus had set a target of absorbing €1.02 billion from the Recovery and Resilience Plan and congratulated the president for his interest and coordinating role in using the available resources.

He credited the outcome to cooperation between the president, the government, political forces and the civil service, saying the funds are being used for the benefit of society and citizens. He also linked the achievement of EU targets to what he described as Cyprus’s successful presidency of the Council of the European Union.

According to the figures he presented, Cyprus achieved full absorption of funds from the previous Multiannual Financial Framework.

For the 2021-2027 period, €442 million has already been drawn down out of a total €1.3 billion. Christoforou put the absorption rate at 35%, compared with an EU average of 29%.

For agricultural funding under the Rural Development Plan, he said Cyprus has reached 45% absorption, versus a European average of 25%.

He stressed that the effective use of European funding has direct importance for citizens because the resources flow back into society.

Three municipalities in the Paphos district have been named Green City of Cyprus award winners at the Cyprus Environmental Awards 2025, underscoring the region’s growing reputation for environmental stewardship and sustainable tourism.

Local Authorities Signal A Stronger Green Transition

In a statement on Wednesday, the Paphos Regional Tourism Board (Etap Paphos) congratulated the municipalities of Paphos, Ierokipia and Polis Chrysochous on their distinctions, saying the awards reflect a clear commitment to the green transition, sustainable development and environmental protection.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

For a tourism destination, these are not symbolic wins. They point to the infrastructure, policies and local coordination required to preserve competitiveness in an era when visitors increasingly expect authenticity, resilience and environmental responsibility.

Paphos Recognised For Water-Smart Urban Greening

The Municipality of Paphos was recognised for expanding green spaces and advancing environmental initiatives.

It received an award in the Water Resources Management category for its urban green space borehole irrigation network, a practical example of how municipalities can reduce pressure on scarce water resources while maintaining liveable public areas.

Ierokipia Advances Reuse And Urban Biodiversity

The Municipality of Ierokipia also received an award in the Water Resources Management category, thanks to its use of recycled sewage water to sustain coastal greenery during drought conditions.

It was additionally recognised in the Green Areas and Urban Biodiversity category for measures designed to strengthen urban greenery. In a Mediterranean climate where heat, water scarcity and land use pressures are intensifying, such initiatives are increasingly central to long-term urban resilience.

Polis Chrysochous Links Nature, Culture And Education

The Municipality of Polis Chrysochous was recognised for initiatives promoting environmental awareness, education and ecotourism.

Its efforts have focused on connecting environmental protection with culture through specialised museums dedicated to reptiles, amphibians and the sea — an approach that broadens public engagement while also supporting a more differentiated tourism offering.

A Strategic Advantage For The Wider Region

Etap Paphos said the combined achievements strengthen the wider Paphos district’s position as a high-quality and sustainable tourist destination. The board added that sustainable tourism remains a strategic priority for the region and called on local stakeholders to continue investing in green infrastructure and resource management.

The tourism board also extended its congratulations to the mayors, municipal councils and staff involved in securing the distinctions.

Cyprus recorded some of the lowest rates in the European Union for being unable to afford basic goods and services in 2025, according to Eurostat’s latest review of living conditions.

The data suggest a comparatively resilient affordability picture on the island. Yet they also arrive against a backdrop of persistent cost-of-living pressure, with households across Cyprus still grappling with higher prices for everyday goods, housing and essential services.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Basic Necessities Remain More Affordable Than In Much Of Europe

Eurostat said just 1.2 per cent of people in Cyprus could not afford a meal containing meat, chicken or fish, or a vegetarian equivalent, every second day. That was the lowest share among EU member states.

The EU average stood at 8.5 per cent, while Romania recorded the highest proportion at 18.1 per cent.

The indicator is part of Eurostat’s Key figures on European living conditions 2026 publication, which examines living standards across the bloc, with a particular focus on vulnerable groups. Eurostat uses the inability to afford specific goods or services as a measure of absolute poverty, offering a practical test of whether households can cover basic needs and participate in ordinary life.

Housing And Heating Pressures Ease, But Do Not Disappear

Cyprus also recorded the EU’s lowest housing cost overburden rate, at 2.4 per cent. That means fewer than 1 in 40 people lived in households where housing costs absorbed at least 40 per cent of disposable income.

The EU average was 7.7 per cent. Greece had the highest rate at 26.4 per cent, followed by Denmark at 23.4 per cent.

Across the bloc, housing stress was most acute in cities, where the overburden rate reached 9.6 per cent, compared with 5.6 per cent in rural areas. Cyprus, along with Lithuania and Malta, was among the countries where the highest overburden rate was recorded in towns and suburbs rather than in cities.

Eurostat also found that the cost of heating homes had become less burdensome in Cyprus. The share of people unable to keep their homes adequately warm fell by 3.3 percentage points between 2024 and 2025, the largest decline in the EU alongside Bulgaria’s 2.9 percentage point drop.

Across the EU, 8.8 per cent of people could not afford adequate heating in 2025, down from 9.2 per cent a year earlier. The rate ranged from 2.6 per cent in Finland to 18.1 per cent in Greece.

Leisure And Connectivity Remain More Uneven

Cyprus performed well on food affordability, but the picture was less favourable for discretionary spending and participation in everyday social life.

Across the EU, 12.1 per cent of people could not afford to take part regularly in a leisure activity in 2025. The figure ranged from 3.9 per cent in Croatia to 27.3 per cent in Greece.

Eurostat also found that 27.5 per cent of people in the EU could not afford a one-week annual holiday away from home. That proportion varied sharply, from 10.6 per cent in Luxembourg to 61.4 per cent in Romania.

Internet access remained out of reach for 2 per cent of people in the EU, with the rate ranging from 0.1 per cent in Finland to 6.2 per cent in Romania.

Income Levels Sit Above The EU Average

Cyprus also ranked above the EU median for disposable income, when adjusted for differences in purchasing power.

Median annual disposable income in Cyprus reached 23,782 purchasing power standards, or PPS, per inhabitant in 2025. That compared with an EU average of 22,630 PPS.

Eurostat defines disposable income as equivalised household income after taxes and transfers, adjusted for household size and composition. PPS then accounts for price differences between countries, making cross-border comparisons more meaningful.

Income disparities across the bloc remained wide. Western and Nordic countries generally posted the highest values, while southern, eastern and Baltic states lagged behind. Luxembourg led the EU with 37,673 PPS per inhabitant, followed by Austria at 32,002 PPS and the Netherlands at 29,714 PPS. At the other end of the scale, Hungary recorded 11,958 PPS, Romania 12,861 PPS and Greece 13,612 PPS.

Despite Cyprus’s above-average income level, housing costs remained relatively contained by EU standards, reinforcing the island’s mixed but broadly stable affordability profile.

Household Structure, Deprivation And Employment Risks

Eurostat found that Cyprus was one of only four EU countries where severe material and social deprivation was higher among men than among women, alongside the Netherlands, Finland and Germany.

Romania recorded the highest severe material and social deprivation rate at 16.8 per cent, followed by Bulgaria at 15 per cent and Greece at 14.9 per cent. Slovenia posted the lowest rate at 1.9 per cent.

The report also showed that in 2025 almost half of young adults aged 18 to 34 in the EU, or 49.8 per cent, lived with at least one parent or contributed to, or benefited from, household income. The share was highest in Croatia at 75.3 per cent and lowest in the Nordic countries, where it ranged from 16.6 per cent to 25.1 per cent.

In Cyprus, Malta, Croatia, Poland and Slovakia, more than half of young adults living with at least one parent were employed full-time.

Cyprus also stood out for its household structure. Two-adult households without dependent children were the most common household type on the island, as well as in Portugal and Poland. In 22 EU countries, the most common arrangement was a single adult living without dependent children.

Working Yet Still At Risk

The report also examined in-work poverty, underscoring that employment does not fully shield households from financial strain.

Across the EU, 8.3 per cent of employees and self-employed people aged 18 and over were at risk of poverty in 2025. The rate was 7.5 per cent for women and 9 per cent for men.

Bulgaria recorded the highest in-work poverty rate at 11.5 per cent, while Finland had the lowest at 3.1 per cent. Cyprus was among the countries where the rate was higher for women than for men, alongside Latvia, Luxembourg, France and the Czech Republic.

Health, Care And Trust Also Paint A Mixed Picture

Cyprus also featured in Eurostat’s findings on tobacco and related products. Across the EU, 16.5 per cent of people aged 16 and over used tobacco or related products daily in 2025, including e-cigarettes, nicotine pouches and heated tobacco products.

Daily use was more common among people at risk of poverty or social exclusion, at 19.9 per cent, than among those not at risk, at 15.7 per cent. Cyprus was one of the exceptions, along with Romania, Latvia, Bulgaria, Croatia and Greece, where daily use was higher among people not at risk.

Eurostat also said 24.2 per cent of people aged 16 and over in the EU reported some or severe disability in 2025. Cyprus was the only member state where the reported disability rate was identical for men and women.

The gap between people with and without disabilities was especially pronounced in Cyprus when it came to the risk of poverty or social exclusion. Across the EU, 28.8 per cent of people aged 16 and over with a disability were at risk, compared with 17.7 per cent of people without a disability. Every EU country recorded a higher rate among people with disabilities, with the relative gap largest in Cyprus and Croatia.

On social care, Cyprus ranked near the top of the EU. In 2024, 62.9 per cent of relevant households received professional homecare services when at least one member required long-term care. That was well above the EU average of 28.3 per cent and second only to Denmark, at 63.5 per cent. Belgium was the only other country where more than half of such households received professional homecare services.

Finally, Eurostat’s trust indicator showed Cyprus among the countries with the lowest average ratings for trust in other people, at below 5 out of 10. The EU average was 5.8, while the highest levels were recorded in Finland at 7 and Romania at 7.5.

Taken together, the figures suggest that Cyprus continues to compare favourably with much of the EU on basic affordability and several key living-condition indicators. But the wider cost-of-living environment, alongside persistent disparities in housing, social protection and trust, means the pressure on households is far from over.

Anthropic is broadening its push into the startup ecosystem with a newly expanded version of Claude for Startups, a program designed to lower the cost and complexity of building with its AI models.

A Bigger Incentive For Early-Stage Companies

Announced Tuesday as part of Anthropic’s SF Tech Week event, the updated program gives qualifying startups a free year of Claude Team, the company’s paid offering for groups, with access for up to five premium seats. It also includes $1,000 in API credits for companies building products on Claude.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The package goes beyond model access. Participants will also gain entry to Claude Marketplace, where developers can create plug-ins for the service, and will be able to schedule virtual office hours with Anthropic’s Applied AI team.

Why Anthropic Is Betting On Builders

In its announcement, Anthropic made clear that the strategy is about more than distribution. “We created this program because we believe the benefits of AI will reach most people through the companies that build on top of models, rather than through the models alone,” the company said. “That makes partnering closely with founders and developers central to our mission.”

The message reflects a broader reality in enterprise AI: the most durable value may not come from model access alone, but from the products, workflows, and customer relationships built on top of it. For startups, that can turn a difficult technology investment into a more manageable go-to-market advantage.

Who Can Apply

Eligibility is limited to companies founded within the last five years or those that received funding within the past two years. Startups interested in the program can apply through the Claude for Startups page.

Anthropic’s broader efforts to engage founders underscore a familiar playbook in AI: win developers early, make adoption easier, and let the ecosystem do part of the scaling work.

Jumbo’s sales in Cyprus rose by approximately 15% year on year in September, underscoring the retail group’s resilient trading momentum across its four core markets during the first nine months of 2026.

Back-to-School Trade Provides A Critical Test

The Greek retailer said sales in Cyprus increased by around 15% compared with September 2025, while sales for the January-to-September period were approximately 7% higher than a year earlier.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

September is a strategically important month for Jumbo, as the back-to-school season typically serves as an early read on consumer demand and household spending behaviour.

Operating In A More Fragile Consumer Environment

This year’s seasonal uplift came against a difficult economic backdrop, with market conditions varying across Greece, Cyprus, Bulgaria and Romania. Inflationary pressure, fiscal tightening and continued geopolitical uncertainty have weighed on purchasing power and added volatility to energy and transport costs.

Even so, Jumbo said the sales momentum seen in earlier months carried through into September, allowing the company to preserve a broadly positive trajectory across the group.

Group-Wide Sales Growth Remains Positive

Overall group sales rose by approximately 8% year on year in September, bringing growth for the first nine months of 2026 to about 6%.

The company said the performance left management cautiously optimistic about the full-year outlook, while noting that visibility remains limited and the external environment continues to be uncertain.

Market By Market: Greece Leads, Romania Lags

In Greece, net sales at the parent company, excluding intercompany transactions, increased by approximately 9% year on year in September. For the first nine months of the year, Greek net sales were about 8% higher than in the same period of 2025.

Cyprus delivered one of the strongest results in the group, with sales up approximately 15% in September and about 7% higher over the January-to-September period.

Bulgaria also posted solid growth, with sales across Jumbo stores and its local e-commerce platform rising by approximately 15% year on year in September. For the first nine months, Bulgarian sales were about 14% higher.

Romania was the only market to decline. Sales across Jumbo’s store network and local e-commerce platform fell by approximately 3% in September and were down about 5% for the year to date.

Cyprus’ Deputy Ministry of Tourism is set for a notable budget decline in 2027, with spending projected to fall by nearly €15 million as costs linked to the island’s 2026 presidency of the Council of the European Union come to an end.

A Sharp Reset After Presidency Spending

According to the government’s Strategic Fiscal Policy Framework 2027–2029, expenditure for the deputy ministry is expected to reach €59.45 million in 2027, down from €74.24 million in 2026. The decrease amounts to roughly €14.8 million, or almost 20% year on year.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The largest driver of the reduction is operating expenditure tied to Cyprus’ EU Council presidency. Spending under other operating expenses is forecast to fall sharply to about €630,200, compared with €6.43 million in 2026, when additional resources were needed to support presidency-related requirements.

Tourism Promotion Remains A Core Priority

Despite the overall decline, tourism promotion continues to account for a substantial share of the budget. Funding for tourism promotion campaigns is set at €26.9 million, slightly below the €27.7 million allocated for 2026.

That funding will support cooperation with tourism partners abroad, including airlines, as well as advertising campaigns in priority markets identified in the deputy ministry’s operational plan. It will also cover campaigns through online travel agencies, digital platforms, outdoor advertising and print media, alongside the production of promotional materials.

Additional spending will be directed toward promoting Cyprus through the deputy ministry’s overseas offices, public relations initiatives and events targeting both the tourism industry and the wider public.

Targeted Campaigns And Brand Building

The budget also continues to back specialist tourism segments, including conference, wedding, golf, religious, rural and diving tourism. Joint advertising campaigns with tour operators and other industry partners remain part of the ministry’s strategy to sustain demand across key markets.

Part of the funding will be used for cooperation with an international public relations firm covering Cyprus’ principal tourism markets, including media monitoring and closer engagement with foreign journalists. The deputy ministry also plans to work with international media organisations to strengthen Cyprus’ visibility abroad through targeted promotional campaigns.

Further resources are earmarked for the production and adaptation of promotional material, copywriting and search engine optimisation to improve the performance and visibility of the deputy ministry’s digital platforms.

Heritage, Seasonal Campaigns And Sector Outreach

The budget also includes funding for the Heartland of Legends programme, covering promotional videos, photography, banners, posters, website content, social media promotion and other advertising activity.

Another priority is the revamp of the Aphrodite Cultural Route, originally created in 2004, which will be updated to reflect more recent archaeological findings. Its information material is to be revised and expanded, while content currently available in Greek and English will also be translated into Italian, French, German and Polish.

The programme also provides for audio guides, training for licensed tour guides and a new promotional video designed for use across social media.

Additional funding will support campaigns linked to employment in the tourism industry, awards for businesses and professionals, promotional partnerships with organisations connected to the sector and guided tours requested by public authorities, schools, universities, travel agencies, professional bodies, airlines and foreign embassies.

Money is also being allocated for the development and promotion of the Christmas Villages programme, including the production of promotional video material.

Trade Fairs, Grants And Medium-Term Outlook

Spending on participation in tourism exhibitions is budgeted at €3.85 million, up from €3.6 million in 2026. A further €6.2 million has been set aside for grants, including €4.5 million for various incentive and support schemes and €1.7 million for tourism promotion schemes.

Even after the 2027 reduction, spending remains above the €51.38 million recorded for the deputy ministry in 2025. Under the government’s medium-term fiscal framework, expenditure is expected to remain broadly stable at around €59.48 million in both 2028 and 2029, once the higher spending needs associated with the 2026 EU presidency have passed.

Paramount has completed its $110 billion acquisition of Warner Bros. Discovery, bringing together two of the most powerful names in media under a new combined company, Skydance. The deal, announced Tuesday, creates one of the largest entertainment mergers ever completed and reshapes the competitive landscape across streaming, film, television and cable.

A New Power Center In Global Entertainment

The combined company unites Paramount+ and HBO Max, alongside a broad portfolio of networks that includes CBS, CNN, MTV, TBS, Comedy Central and Food Network. It also gives Skydance control over some of the industry’s most valuable franchises, including The Lord of the Rings, Game of Thrones, the DC Universe and Yellowstone.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

For the industry, the scale of the transaction is as significant as the assets themselves. In an era defined by streaming competition and rising content costs, ownership of established intellectual property has become a strategic advantage akin to controlling a premium distribution network in a previous media cycle.

Ellison Expands His Influence

The merger places one of the world’s largest entertainment studios under the control of David Ellison, who only last year completed the combination of Skydance Media and Paramount. With this latest transaction, Ellison is accelerating his rise as one of Hollywood’s most influential executives.

The Ellison family remains Skydance’s largest shareholder, backed by the financial power of Larry Ellison, the Oracle co-founder and David Ellison’s father. That support gives the company considerable flexibility as it integrates two sprawling media businesses and seeks to compete more aggressively across platforms.

Legal Hurdles Cleared Before Closing

The deal’s completion follows settlements with a coalition of U.S. states and a Hollywood writers’ union, removing the principal legal obstacles that had threatened to delay or derail the merger.

Paramount first announced in February that it would pursue Warner Bros. Discovery after a bidding contest with Netflix, which had earlier struck its own agreement to acquire Warner Bros.’ film and television studios and streaming operations, excluding the cable networks. Paramount strengthened its offer by promising shareholders additional cash if the deal failed to close by a set deadline and by agreeing to cover the breakup fee owed to Netflix.

What Skydance Says Comes Next

“Today is a historic day, not just for Skydance but for our entire industry,” Ellison said in a statement. “From the start, our ambition was to bring these two storied studios together and create a stronger competitor, with the talent, resources, and reach to tell great stories in every genre, on every platform, for audiences everywhere. Our focus now turns to the future: building a company that empowers creatives, entertains audiences and rewards shareholders. We couldn’t be more excited to get to work.”

Skydance said the combined company will generate nearly $70 billion in annual revenue. The company’s Class B shares are set to begin trading on the New York Stock Exchange today under the ticker symbol SKYD.

Mistral has introduced a new flagship artificial intelligence model that the French startup says ranks among the most capable open systems in the world, underscoring how sharply the global AI race is now being defined by open-weight models.

A New Flagship For Europe’s Best-Known AI Startup

The company on Tuesday unveiled Mistral Large 4, also known internally as le Chonk, a 1-trillion-parameter model designed to excel in cyber, coding, manufacturing, finance and multimodal applications. The launch reinforces Mistral’s position as Europe’s most prominent challenger to U.S. leaders such as OpenAI and Anthropic.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Mistral, which operates from France, raised 3 billion euros ($3.4 billion) in Series D funding in September at a 21 billion euro valuation. That deal cemented its standing as one of the continent’s most heavily financed and highly valued AI startups.

Open Models Move To The Center Of The AI Contest

Access to open AI models has become a major flashpoint in the broader contest for technological leadership between the U.S. and China. Unlike closed systems from companies such as OpenAI and Anthropic, open models can be modified and self-hosted, giving developers and enterprises greater flexibility and control.

Chinese open models have been gaining traction globally, intensifying pressure on Western companies to close the performance gap. In that context, Mistral is pitching Large 4 as a competitive alternative built outside China and aimed at customers who want strong capability without depending entirely on closed platforms.

Built On Nvidia Hardware In Europe

Mistral said ML4 was trained on 4,000 Nvidia Grace Blackwell GPUs over two months, using the company’s own data centers in Europe. Nvidia’s hardware remains foundational to the most ambitious AI training runs, and Mistral’s infrastructure strategy highlights the scale now required to compete at the frontier.

The company said that when the model’s core parameters are released, ML4 will rank among the top open-weight models globally on aggregate benchmark performance. Mistral also said it is the strongest open-weight model developed outside China by a substantial margin.

Still Behind The Frontier In Some Areas

Even so, Mistral acknowledged that the model still trails the frontier in some disciplines, including coding. Co-founder and chief scientist Guillaume Lample said the company expects further gains as it expands training capacity after its latest fundraise.

“The model capabilities will further improve as we scale up our training capacity, following our Series D fundraise,” Lample said. He added that the model’s cyber defense capabilities are designed to help enterprises and governments defend against threat actors that attempt to jailbreak closed models for cyberattacks.

Why Cybersecurity Leaders Are Paying Attention

That emphasis on cyber matters because open models are increasingly being tested not just as productivity tools, but as defensive infrastructure. Earlier this year, Hugging Face disclosed that it had relied on Chinese-based Z.ai’s GLM 5.2 to defend against a breach involving rogue OpenAI agents after leading U.S. closed systems proved too restrictive under their guardrails.

The episode illustrated a broader market shift: organizations are increasingly willing to use whichever model performs best, regardless of geography, if it can solve a high-stakes operational problem.

Rivalry Among Open Model Developers Is Heating Up

The competitive landscape is also moving quickly. On Monday, Nvidia-backed U.S. startup Reflection AI unveiled its first open model, claiming performance comparable to GLM 5.2, which was later surpassed by GLM 5.3 in August. The pace of release shows how quickly the open-model market is evolving as startups and major AI players race to establish leadership.

For Mistral, the debut of Large 4 is more than a product launch. It is a strategic bid to remain relevant in a market increasingly shaped by scale, infrastructure access and the global competition for AI supremacy.