Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

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A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.

Cyprus recorded the European Union’s highest budget surplus in 2025, at 3.6% of GDP, and the bloc’s largest quarterly reduction in public debt in the second quarter of 2026, according to data released by CYSTAT and Eurostat on 21 October.

The figures highlight Cyprus’s strong fiscal position at a time when many EU countries face budget deficits, rising borrowing costs and pressure to increase public spending.

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Budget Surplus Reaches €1.36 Billion

Cyprus’s public expenditure stood at 37.9% of GDP, compared with the EU average of 50%. The country was among just five EU member states to record a budget surplus in 2025, alongside Denmark, Greece, Ireland and Portugal.

The surplus reached €1.36 billion, or 3.6% of GDP. Social insurance organisations contributed €1.34 billion, while central government recorded a surplus of €2.1 million and local government added €22.9 million.

Total public revenue rose to €15.9 billion, supported by a 10% increase in income and wealth tax receipts and an 8.4% rise in social contributions. Public sector wages increased by 7.6% and social transfers by 5.3%, while capital expenditure grew by 46.4%.

Public Debt Falls Below 50% Of GDP

Cyprus’s public debt declined to 48.5% of GDP in the second quarter of 2026, down three percentage points from the previous quarter, marking the largest quarterly reduction in the EU. Greece followed with a 2.7-point decline, while Hungary recorded a two-point fall.

Year on year, Cyprus’s debt ratio dropped by 9.5 percentage points, from 58.1% to 48.5%. Only Greece recorded a larger reduction, at 11.2 percentage points.

Cyprus Gains Fiscal Flexibility As EU Debate Continues

The figures come amid debate over whether EU fiscal rules should allow greater flexibility for governments facing higher energy costs and growing pressure to support households.

Countries including Italy, France and Greece have called for exceptional social support spending to be excluded from the limits of the Stability and Growth Pact. However, the European Commission and fiscally conservative member states, including Germany and the Netherlands, have resisted broader exemptions over concerns about financial market stability.

With its budget surplus and debt below the EU’s 60% threshold, Cyprus has greater room to finance targeted domestic support, including VAT relief on essential goods and electricity subsidies, while remaining within the bloc’s fiscal framework.

The government nevertheless continues to support targeted flexibility at EU level for member states facing greater fiscal pressure.

Cyprus Finance Minister Makis Keravnos has called on Europe to rethink its economic strategy amid geopolitical uncertainty, technological change and rising living costs, warning that assumptions from 10 or 20 years ago no longer reflect today’s realities.

Speaking at the Limassol Economic Forum 2026, Keravnos said rapid global changes are making future developments increasingly difficult to predict.

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A World In Flux

Keravnos cited regional conflicts, climate change and the energy crisis as drivers of global volatility, warning that established economic and political assumptions are being challenged.

He also highlighted how artificial intelligence is reshaping productivity, employment and economic models, while inflation continues to pressure households and businesses.

Europe must remain globally competitive while preserving social cohesion, he said. “No country can face these challenges alone,” Keravnos added, stressing the EU’s importance as both an economic bloc and a community built on shared values.

Resilience As A Competitive Advantage

The minister called for Europe to reduce excessive dependence on external actors while balancing competitiveness with openness. He said Cyprus has strengthened its economic credibility through prudent fiscal policy, debt reduction and structural reforms.

Artificial intelligence is central to future productivity, Keravnos said. “Artificial intelligence is no longer optional,” he noted, calling for greater investment in skills, research and technology.

He also urged Europe to make better use of its universities and accumulated knowledge, strengthen workforce training and reduce bureaucracy, warning that excessive administrative burdens could hinder adaptation.

Cyprus Seeks A Larger European Role

Keravnos said Cyprus contributes to shaping European solutions despite its small size, highlighting the country’s role during its presidency of the Council of the European Union.

Its geographic position also offers an opportunity to strengthen ties between Europe and the Middle East. Energy security, resilient supply chains, the green transition and cross-border infrastructure remain key priorities, he said, adding that Cyprus is working to support cooperation in these areas.

Adaptation Without Sacrificing Prosperity

Keravnos called for a long-term European strategy that strengthens competitiveness without widening inequality. Europe has the resources to overcome current challenges, he said, but must adapt its policies to changing global realities.

The priority is to combine a consistent strategic direction with the flexibility to respond to immediate economic and geopolitical pressures while safeguarding long-term prosperity and economic stability.

Toyota’s dominance in Cyprus’s passenger-car market is largely driven by second-hand vehicles, with 7,435 used cars registered in the brand’s name during the first nine months of 2026, accounting for more than 90% of its total registrations.

The trend is even more pronounced for Mazda, where 3,832 of 3,881 registrations were for used vehicles.

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Kia Leads New-Car Registrations

Kia topped the new-car market with 1,096 registrations, ahead of Toyota with 797 and Nissan with 734. BYD ranked fourth with 678, followed by BMW with 605. Volkswagen, Hyundai, Mercedes, Jeep and Renault completed the top 10.

The figures highlight the divide between Cyprus’s second-hand market, dominated by established Japanese brands, and a more competitive new-car segment.

Passenger-Car Registrations Rise 9%

Cyprus recorded 34,156 passenger-car registrations between January and September 2026, up 9% from 31,325 in the same period last year.

Used vehicles accounted for 23,635 registrations, or 69.2% of the total, while new cars represented 10,521, or 30.8%. The figures reinforce an earlier report highlighting second-hand cars as a key driver of market growth.

September registrations, however, fell 2.5% year on year to 4,254, from 4,364.

Hybrids Increase Their Market Share

Hybrid vehicles accounted for 53% of passenger-car registrations in the first nine months of 2026, up from 44% a year earlier. Petrol cars’ share declined from 42.8% to 34.8%, while electric vehicles slipped from 4.7% to 4.2%.

The latest official figures show continued growth in Cyprus’s passenger-car market, with used vehicles maintaining a substantial lead over new cars.

San Francisco-based fusion startup Marathon Fusion claims to have turned mercury into stable gold, potentially opening new possibilities for precious metal production. Founded in 2023 by Kyle Schiller and former SpaceX engineer Adam Rutkowski, the company says its result exceeded a record set by CERN by a factor of 10. The claim has not been independently verified.

A Fusion Company With Ambitious Backers

Marathon is developing fuel systems for future fusion power plants. It says it works with the U.S. Department of Energy and received a 2023 award from ARPA-E. Its backers include Bill Gates’ Breakthrough Energy and mining group Anglo American, which owns De Beers.

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How The Gold Claim Works

Marathon says neutrons from fusion reactions strike mercury, creating an unstable isotope that decays into gold. CERN’s Large Hadron Collider previously produced about 29 picograms of gold during experiments between 2015 and 2018, but the particles existed only briefly before being destroyed in collisions.

Marathon also says its plasma centrifuge has broken a 40-year-old Soviet record for separating isotopes used in fusion fuel. However, it has not disclosed how much gold it produced or the cost, and independent confirmation is still lacking.

Why The Diamond Comparison Matters

Lab-grown diamonds show how technological advances can reshape a precious-material market. As production scaled, wholesale prices fell, creating a cheaper alternative to mined stones.

De Beers launched its Lightbox lab-grown diamond brand in 2018 at $800 per carat but shut it down in 2025 to refocus on natural diamonds. The wider diamond sector has also faced financial pressure, with Anglo American reportedly exploring a sale of its stake in De Beers.

Gold Is A Different Market Entirely

Gold is deeply embedded in global finance. The World Gold Council says mines produced 3,672 tonnes in 2025, while total historical mined output reached about 222,600 tonnes. Central banks also hold gold as a reserve asset and have been buying heavily in recent years.

Gold traded at $4,062 an ounce on Thursday, below its January record high.

A 2025 Marathon study estimated that a fusion plant could produce around five tonnes of gold annually for every gigawatt of electricity generated. If 100 plants reached that output, they could add 500 tonnes a year, equivalent to roughly 14% of 2025 mine production.

That scenario remains theoretical: no fusion plant currently sells electricity, and commercial systems are still years away. Marathon also says the gold could contain radioactive isotopes and might need to be stored for up to 18 years before sale.

The Real Question For Investors

Marathon has not announced plans to commercialise the material. Still, its claim raises questions about whether commercially viable fusion could create new markets for materials traditionally valued for their scarcity.

Transmuted gold could eventually become indistinguishable from mined gold once its radioactivity fades. If gold can be manufactured at scale, the implications for a market built on scarcity could be significant.

Pizza Fan’s Greek operating company increased turnover by 18.6% to €60.44 million in 2025, up from €50.97 million a year earlier. However, net profit fell 66.5% to €533,112, while EBITDA declined from €3.84 million to €1.94 million. The figures point to mounting pressure on profitability as the company faces a criminal investigation.

Gross profit margin narrowed from 37.68% to 34.36%, and net profit margin fell below 1%. Cash reserves declined to €4.86 million from €6.02 million, while liabilities stood at €17.13 million. These financial results predate the investigation and do not reflect its potential impact.

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The company’s audit report also flagged unexamined tax liabilities for 2020–2025, with no provision for potential additional taxes and penalties. It identified missing provisions of approximately €979,000 for doubtful or disputed receivables and €164,000 for employee termination benefits. Recognising these amounts would reduce reported equity of €4.46 million by around €1.14 million. These are accounting reservations, not findings of fraud.

Investigation Disrupts Franchise Network

Pizza Fan has 110 outlets across Greece, with retail sales exceeding €100 million in 2025. This figure represents sales through the network, rather than the Greek operating company’s turnover. Franchisees operate independently but rely on central ordering, procurement and shared marketing.

All outlets across Greece reportedly closed on Thursday, leaving customers unable to place orders by phone or online. The disruption affects franchisees, employees, delivery partners and suppliers.

Authorities are investigating managers at 91 outlets over allegations that software was used to record some cash purchases as complimentary items, potentially concealing sales and associated VAT. The suspected practice allegedly began in 2022, and 22 arrests were reported by Thursday evening. The Greek Association of Organised Catering Businesses has suspended Pizza Fan’s membership pending the investigation’s outcome.

The allegations have not been proven, and those involved are presumed innocent.

Cyprus Connection

Pizza Fan opened two restaurants in Nicosia in 2018 and 2019, although their current operating status has not been confirmed. Its connection to Cyprus appears to be primarily through its holding company, rather than a clearly established local restaurant network.

The immediate priorities are to resume operations in Greece and manage the consequences for franchisees, employees and suppliers, while the investigation proceeds. The company had planned to open another 36 stores this year, a target now facing uncertainty.

Kazakhstan is seeking to establish itself as a major artificial intelligence and computing hub, with Nvidia CEO Jensen Huang pointing to the country’s energy resources, data centre ambitions and strategic location as potential advantages.

Speaking in Astana during his first visit to the country, Huang said Kazakhstan could become an important centre for AI infrastructure serving Europe and beyond.

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A Strategic Bet On Computing Capacity

“It’s going to be a hub, a computing hub, an AI factory hub for all of Europe,” Huang said during a discussion with Zhaslan Madiyev, Kazakhstan’s deputy prime minister and minister of artificial intelligence and digital development.

Huang also stressed the importance of countries developing domestic computing infrastructure to run AI services in their own languages and cultural contexts. As governments seek greater control over advanced computing capacity, Kazakhstan is positioning itself as a digital gateway for Central Asia and neighbouring markets.

Kazakhstan’s Multibillion-Dollar AI Ambitions

The government has made AI a national priority, declaring 2026 the Year of Digitalization and Artificial Intelligence.

In June, Kazakhstan announced plans for a $10 billion AI infrastructure investment with US-based AI cloud company Firebird. The project aims to establish a computing cluster powered by 100,000 advanced GPUs, including Nvidia chips. Nvidia has also said it intends to invest in Firebird as the company pursues an approximately 2-gigawatt AI infrastructure expansion across Armenia, Kazakhstan and other markets.

The projects reflect growing demand for high-performance computing, where access to electricity, land and advanced chips is becoming increasingly important for countries seeking to attract technology investment.

Private Investment Adds Momentum

Kazakhstan’s AI ambitions are also attracting private-sector investment. AI video startup Higgsfield, based in San Francisco, employs more than 300 people in the country across engineering and creative roles.

Co-founder Yerzat Dulat, a Kazakhstani AI engineer, said the company’s decision to build a significant presence there was initially considered unconventional.

Higgsfield announced that Nvidia and venture capital firm TCV had invested in an extension of its Series B funding round, although the amount was not disclosed. The startup raised $400 million in Series B funding at a $5.4 billion valuation in August.

Huang praised the company’s founders, saying: “The first thing and the last thing is you invest in people, not companies. And the founders of Higgsfield are visionary in the work that they do.”

Data Center Valley Takes Shape

A central part of Kazakhstan’s infrastructure strategy is Data Center Valley, a planned AI hub in Ekibastuz. The site has 300 megawatts of available power capacity, with plans to expand to 1 gigawatt.

The government is promoting relatively low electricity costs, extensive land availability and investment incentives to attract international developers. President Kassym-Jomart Tokayev said earlier this month that two supercomputing clusters powered by Nvidia technology had already been launched in the country.

Singapore-based GK Hyperscale has also signed an agreement with the government to develop two hyperscale data centres. The project is expected to involve $1.5 billion in investment and deliver 200 megawatts of combined IT capacity, alongside $1.2 billion in power infrastructure. Construction was expected to begin in early 2026, with the first module scheduled to become operational in 2027.

Central Asia Attracts Broader Corporate Interest

Interest in Kazakhstan extends beyond AI as international companies explore Central Asia for growth opportunities and access to neighbouring markets.

Volkswagen has expanded its regional presence, with its China business and factories leading vehicle exports to Uzbekistan for the first time in late June before the automaker announced its entry into Kazakhstan.

Regional governments are also strengthening cooperation on technology. The Shanghai Cooperation Organisation has highlighted the potential of an AI innovation centre in Kazakhstan, while an AI event in Astana brought together representatives from member states to discuss national strategies, regulation and collaboration.

For Nvidia, Kazakhstan illustrates how the next phase of AI infrastructure development could extend beyond established technology centres. With energy resources, available land and government support, the country is seeking to attract investment and become part of the infrastructure underpinning the global AI economy.

One of New York City’s most enduring tourist attractions is now facing its most serious challenge yet.

The New York City Council has voted to ban horse-drawn carriages in Central Park, setting up the potential end of a tradition that has defined the park’s streetscape since the mid-19th century. The measure, approved on 22 October, marks a pivotal moment in a long-running political and cultural fight over animal welfare, labor rights and the future of one of Manhattan’s most recognizable pastimes.

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A Tradition Under Pressure

Horse-drawn carriages have been part of Central Park for generations, but the industry has spent nearly two decades at the center of increasingly bitter legislative battles. Supporters describe the rides as part of the city’s heritage and a source of livelihoods for drivers and stable workers. Opponents argue that the business is incompatible with modern standards of animal welfare and public safety.

Mayor Zohran Mamdani still must sign the measure into law. He has previously expressed support for a ban, while also raising concerns about how workers in the industry would be protected. If he signs it, the prohibition would take effect in June 2028, giving the city time to manage the transition.

Labor Protections And Legal Challenges

City Council Speaker Julie Menin said the phased timeline is designed to help the roughly 150 active carriage drivers find new employment. The legislation also includes a provision to explore possible compensation for license holders, acknowledging the financial stakes for those tied to the industry.

The Transport Workers Union, which represents the drivers, has already vowed to challenge the measure in court.

Animal Welfare At The Center Of The Debate

Critics of the carriage business point to a pattern of incidents involving loose horses, dangerous escapes and fatal collapses. This past summer intensified the pressure. In June, an 18-year-old tourist from India was killed after a horse broke loose and bolted, an incident that sharply escalated public scrutiny.

That tragedy followed a series of other alarming episodes, including the deaths of several horses. For opponents of the industry, those events underscored a broader argument that carriage operations pose unacceptable risks to both animals and the public.

From Tourist Attraction To Liability

For decades, the carriages have been woven into Central Park’s identity, immortalized in films and television, including memorable scenes from Barefoot in the Park and Sex and the City. A 45-minute ride can cost about $150, with private occasions such as marriage proposals pushing the price into the hundreds of dollars.

Yet the symbolism that once made the carriage trade a quintessential New York experience has increasingly worked against it. The Central Park Conservancy, which oversees the nation’s most visited urban park, drawing about 42 million annual visits, has backed the ban, calling the issue one of public health and safety.

If enacted, the law would not only end a familiar attraction but also close another chapter in New York’s long struggle to balance tradition, tourism and the realities of modern city life.

Volvo Cars plans to cut around 2,500 jobs worldwide as rising US tariffs and intensifying competition from Chinese automakers weigh on its financial performance. The Swedish carmaker reported a third-quarter loss, reversing its profit from a year earlier.

Revenue Falls As Volvo Swings To A Loss

Majority-owned by China’s Geely Holding Group, Volvo Cars reported third-quarter revenue of 66.9 billion kronor (€6 billion), down nearly 23% year on year.

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The company recorded a net loss of 5.7 billion kronor (€513 million), compared with a profit of 4.5 billion kronor (€405 million) in the same period last year.

“We continue to operate in a very tough environment with strong external challenges: de-globalisation, hypercompetition and climate change,” Chief Executive Håkan Samuelsson said.

New Cost-Cutting Plan Targets 2,500 Jobs

Volvo Cars has announced an additional savings programme worth 5 billion kronor (€450 million), building on earlier restructuring measures. The plan will eliminate around 2,000 jobs in Sweden and another 500 internationally through consultant reductions, natural attrition and targeted exit packages.

The company expects the full financial benefits of the measures to materialise by the end of 2027.

Samuelsson said the additional cuts would reinforce Volvo’s turnaround strategy, lower its break-even point and improve cash flow amid severely challenged sales volumes.

Tariffs And Policy Changes Pressure EV Strategy

Volvo Cars said the removal of US consumer incentives for fully electric vehicles and plug-in hybrids under President Donald Trump has added pressure on margins.

In 2024, the company abandoned its earlier target of selling only fully electric cars by 2030, reflecting a slower-than-expected transition to electric vehicles and growing pressure on profitability.

“We are convinced that we have the right long-term strategy addressing these challenges,” Samuelsson said, adding that further action was needed in the short term to strengthen the company’s resilience.

Wider Challenges Across The Automotive Industry

Volvo’s difficulties reflect broader pressures facing European automakers, including weaker demand, aggressive pricing by Chinese competitors and changing government policies in key markets.

Last year, Volvo announced an 18-billion-kronor (€1.62 billion) cost-cutting programme that included around 3,000 job cuts worldwide.

The company also announced in September that Klaus Zellmer, chief executive of Škoda Auto, would succeed Samuelsson no later than 1 October 2027.

Elon Musk has invested in Skydance as the company faces the challenge of integrating Paramount+ and HBO Max while bringing together a broad portfolio of television networks, including CBS, CNN, MTV, TBS, Comedy Central and Food Network.

Capital Support As Cost Pressures Mount

Musk’s investment came alongside equity contributions from other Skydance investors, including board member Laurene Powell Jobs. The additional capital could help strengthen the company’s balance sheet, support its share price and fund efforts to reduce costs.

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Skydance has committed to cutting $6 billion in expenses over the next three years, highlighting the scale of the integration process and the pressure to deliver efficiencies.

Longstanding Ties Between Musk And The Ellisons

Musk’s investment builds on his longstanding relationship with David Ellison and his father, Oracle co-founder Larry Ellison.

In 2018, Musk appointed Larry Ellison to Tesla’s board of directors. Ellison also invested $1 billion to support Musk’s acquisition of Twitter in 2022 and had previously backed Tesla in 2018.

Skydance has not publicly commented on the investment.