In a surprising turn of events, the renowned Japanese automaker Honda has announced a 76% drop in its operational profits for the fourth quarter, falling short of market expectations as reported by CNBC. This comes as Honda braces for the full impact of the US-imposed tariffs on imported vehicles.

Essential Facts

• Honda’s revenue for the fiscal fourth quarter ending March 31st was 5.36 trillion yen (approx. 47.26 billion USD), aligning with analyst predictions.
• The operational profit plummeted to 5 billion yen, starkly missing the forecast of 275.52 billion yen.
• Over the entire fiscal year ending in March, revenues achieved 21.69 trillion yen, surpassing LSEG’s average forecast of 21.63 trillion yen and marking a 6.2% year-over-year increase.
• Nonetheless, the operational profit declined 12.2%, reaching 1.21 trillion yen against expected forecasts of 1.41 trillion yen.

What to Watch

Honda’s financial outcomes coincide with heightened trade tensions, as the US has imposed a hefty 25% tariff on imported automobiles. In response, Honda plans to manufacture the next generation of its hybrid Civic in Indiana instead of Mexico to circumvent potential tariffs on this popular model, reports Reuters.

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On the US automotive stage, Asian manufacturers claim six of the top eight positions in sales volume, with Honda holding the fourth spot. Additionally, discussions about a massive merger between Honda and Nissan valued at 60 billion USD have been called off, stalling the creation of a potentially vast automotive force.

The United States reported a significant budget surplus of $258 billion in April, marking a 23% increase from the previous year. This rise is attributed to higher tax revenues and an upsurge in tariff collections, as Reuters reported.

Key Facts

• The U.S. collected over $500 million daily from tariffs in April, showing a significant increase in revenue.
• Net tariffs totaled $16 billion in April, up by $9 billion from the previous year.
• For the first seven months of the fiscal year, net tariffs amounted to $63 billion, compared to $48 billion last year.
• This surge followed President Trump’s tariff hike on Chinese goods to 145% and additional taxes on other imports.

What to Watch

These new revenues might see a decline. The U.S. and China reached a temporary agreement over the weekend to ease imposed tariffs. The U.S. has lowered tariffs on Chinese goods from 145% to 30% for the upcoming 90 days, while China will reduce its tariffs on American goods from 125% to 10%.

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Samsung Electronics has launched its slimmest flagship model to date, complete with enhanced artificial intelligence features, as it seeks to get ahead of rival Apple in the premium market.

The S25 Edge launch is designed to tap increasing demand, especially from consumers in their 20s and 30s, for more portable smartphones.

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“The feedback was clear – users wanted something slimmer and easier to carry without sacrificing performance,” said Samsung, which made structural changes to reduce the thickness of internal components, including the printed circuit board and thermal systems.

Strategic Timing to Pre-empt Apple

Analysts said the launch was strategically timed to pre-empt Apple, which is expected to launch a thinner iPhone in the second half of this year.

“By releasing the product a few months ahead, Samsung could inflict some impact on Apple and attract consumers looking for thinner smartphones. It appears to be a calculated decision to capture that segment of demand,” Ryu Young-ho, a senior analyst at NH Investment & Securities, said.

The S25 Edge will go on sale in South Korea on May 23 and in the United States on May 30, Samsung said, adding it will roll it out to about 30 countries, including China and in Europe.

Starting at $1,099, the model has a 6.7-inch (170 mm) screen and a 5.8 millimetre-thick body, making it larger than the basic S25 model but only fractionally heavier.

The S25 Edge has Samsung’s latest built-in AI functions, including multimodal AI that allows users to interact with the device in real-time through vision and voice, using the camera to ask questions.

Global AI chipmaker Tenstorrent took its first concrete step toward establishing a presence in Cyprus during a strategic visit hosted by the office of the Chief Scientist for Research, Innovation and Technology.

According to an announcement released on Tuesday, the high-level delegation marked the company’s initial direct engagement with Cyprus’ innovation ecosystem, following a meeting in California between President Nikos Christodoulides and Tenstorrent CEO Jim Keller.

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Leading the delegation were Eric Duffy, Senior Director of Business Development, and Isaac Salameh, Senior Director of Corporate Development at Tenstorrent.

The announcement mentioned that the visit reflects “Cyprus’ ambition to become a regional hub for advanced technology and research“.

MOREOVER, it pointed out that Tenstorrent is recognised for its open-source hardware design approach, which differentiates it from competitors.

This approach has the potential to support Cyprus’s long-term strategy to adopt an AI-first policy after 2028.

FOUNDATION FOR COLLABORATION

Chief Scientist Demetris Skourides described the visit as a “first snapshot” of collaboration, laying the foundation for what could become a meaningful and executable partnership.

“This visit confirms that strategic partnerships demand more than vision—they require commitment and execution,” Skourides said.

“Tenstorrent’s decision to engage directly with our ecosystem is not only a statement of intent, but the laying of a foundation to realise a joint ambition,” he added.

The visit began with a meeting at the Presidential Palace, hosted by Deputy Minister to the President Irene Piki.

Also present were Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou, Chief Scientist Demetris Skourides, and Chairman of Invest Cyprus, Evgenios Evgeniou.

During the meeting, the announcement mentioned, Duffy acknowledged the strong level of research excellence in Cyprus.

He confirmed that Tenstorrent executives and engineering teams would return in the coming weeks.

The programme was curated and led by the Chief Scientist’s office in close collaboration with the Deputy Ministry of Research, Innovation and Digital Policy.

The office explained that the agenda was tailored to Tenstorrent’s interests and aimed at identifying and engaging with Cyprus’ talent base and research capacity.

The visit offered Tenstorrent an in-depth view of ongoing research in fields such as hardware, systems design, robotics, autonomous technologies, AI, and digital twins.

The delegation held meetings with the University of Cyprus, the Cyprus University of Technology, and Centres of Excellence, including KIOS, CYENS, and CMMI.

These meetings focused on key industries and sectors relevant to the company’s mission.

MOREOVER, Tenstorrent’s team engaged with academic leadership, heads of engineering schools, and engineers showcasing products, solutions, and digital twins developed locally.

The delegation also met the Nicosia mayor, Charalambos Prountzos. According to the announcement, Prountzos shared his vision for the digital transformation of the city and expressed interest in applying AI to improve services for citizens.

Another key meeting took place with Invest Cyprus CEO Marios Tannousis, whose support was described as “instrumental in shaping the visit”.

The announcement also mentioned that this engagement aligns with Cyprus’ national Vision 2035 strategy, which focuses on sustainable economic growth through innovation and technology.

This strategy includes targeted efforts to attract highly skilled Cypriots back to the country, known as “brain gain”.

It also prioritises investment in research excellence, ecosystem development, and international partnerships.

“Tenstorrent is at the forefront of AI,” said Deputy Minister Damianou.

“Opening an office in Cyprus will create new jobs for local talent and attract highly skilled Cypriots from abroad,” he added.

Skourides, who also chairs the National AI Task Force, said Cyprus is building an AI future through partnerships and government initiatives.

“We are focused on leveraging AI factories and building strategic infrastructure through partnerships and government initiatives that accelerate R&D and innovation, invest in human capital, govern and leverage data effectively, and create an operational framework that supports integration and execution,” he said.

“This can only be achieved by cultivating an ecosystem that connects innovators, builders, orchestrators, and consumers—while also introducing sovereign AI capabilities,” he added.

Skourides also said that “Tenstorrent opening an office in Cyprus will be a game changer for both research organisations and industry”.

U.S. President Donald Trump secured a $600 billion commitment from Saudi Arabia on Tuesday to invest in the United States after the oil power rolled out the red carpet for him at the start of a tour of Gulf states.

Trump punched the air as he emerged from Air Force One to be greeted by Prince Mohammed bin Salman, who later signed an agreement with the president in Riyadh on energy, defence, mining, and other areas.

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Saudi Arabia’s investment commitment includes what the U.S. described as the largest defence sales agreement between the allies, worth nearly $142 billion.

A NEW ERA OF COOPERATION

While energy remains a cornerstone of our relationship, the investments and business opportunities in the kingdom have expanded and multiplied many, many times over,” Saudi Investment Minister Khalid al-Falih told a U.S.-Saudi investment forum.

“As a result … when Saudis and Americans join forces, very good things happen, more often than not great things happen when those joint ventures happen,” he said before Trump’s arrival.

Trump called the Saudi crown prince a friend and said they have a good relationship, according to a pool report from the Wall Street Journal, adding that Saudi investment would help create jobs in the U.S.

Business leaders at the investment forum included Larry Fink, the CEO of asset management firm BlackRock, Stephen A. Schwartzman, CEO of asset manager Blackstone, and Treasury Secretary Scott Bessent.

Musk chatted briefly with both Trump and the crown prince, who is otherwise known as MbS, during a palace reception for the U.S. president. And joining Trump for a lunch with MbS were top U.S. businessmen, including Musk, the Tesla and SpaceX chief, and OpenAI CEO Sam Altman.

MbS has focused on diversifying the kingdom’s economy in a major reform programme dubbed Vision 2030 that includes “Giga-projects” such as NEOM, a futuristic city the size of Belgium. Oil generated 62% of Saudi government revenue last year.

The kingdom has scaled back some of its ambitions as rising costs and falling oil prices weigh.

Saudi Arabia and the U.S. have maintained strong ties for decades based on an ironclad arrangement in which the kingdom delivers oil and the superpower provides security in exchange.

MbS’s ties with Trump have been smoother than with his predecessor, Joe Biden. Their relations were strained by the 2018 killing of Saudi commentator Jamal Khashoggi by Saudi agents in the Saudi consulate in Istanbul. U.S. intelligence believed the killing was ordered by MbS. He denied involvement.

Hellenic Bank has received dual environmental certifications this year, affirming its ongoing commitment to environmental protection and energy management.

The bank successfully completed the certification process for its Environmental Management System in line with the international ISO 14001 standard, as well as its Energy Management System under the ISO 50001 standard.

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“With these two distinctions, Hellenic Bank has become the largest bank in Cyprus to achieve ISO 14001 certification, and remains the only bank in the country certified under ISO 50001 for all of its operations and activities across its buildings nationwide,” the bank said.

“These international standards, issued by the International Organisation for Standardisation, are recognised tools for effectively managing environmental impacts and for the continuous improvement of an organisation’s environmental performance.”

The announcement also mentioned that Hellenic Bank has held ISO 50001 certification since 2015, becoming the first organisation in Cyprus to receive it from the Cyprus Certification Company.

The Energy Management System provides a structured approach for the continuous improvement of energy performance, usage, and consumption.

The goal of this management approach is to reduce total greenhouse gas emissions by 45 per cent by the year 2030.

MOREOVER, the bank mentioned that the ISO 14001 certification “reinforces Hellenic Bank’s longstanding commitment to environmental protection, reducing its environmental footprint, and complying with relevant laws, regulations, and high environmental standards”.

“Hellenic Bank’s environmental strategy forms a central pillar of its corporate responsibility and is an integral part of its broader business strategy,” it added.

The dual certification now serves as a guide for adopting a holistic approach to managing environmental issues,” the announcement concluded.

Achieving gender equality in science, technology, engineering, arts, and mathematics (STEAM) is essential for the resilience and progress of society, Gender Equality Commissioner Josie Christodoulou said during Cyta’s ‘Women in STEAM’ conference on Tuesday.

Speaking at the event, Christodoulou pointed to the persistent challenges faced by women in Cyprus and across Europe, despite the crucial role STEAM sectors play in shaping innovation and economic competitiveness.

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According to the ‘SHE Figures 2024’ report, women account for 42 per cent of the self-employed in Cyprus working in science, engineering, and information technology. However, only 14 per cent hold higher research degrees.

Moreover, just 25 per cent of board members in research organisations are women, while female inventors account for only 10 per cent of patents filed.

Christodoulou said these figures do not reflect a lack of ability or ambition but rather point to the impact of social stereotypes, unconscious bias, and structural barriers that continue to limit access, advancement, and leadership opportunities for women in these fields.

She referred to the so-called ‘glass ceilings’ and ‘sticky floors’ that hinder women’s career progression and stressed the need for better reconciliation between work, family, and personal life.

“The presence of women in STEAM is not only a matter of justice,” she said.

It enhances scientific output, strengthens innovation, and supports more ethical and socially responsible technological development.”

Christodoulou gave the example of algorithm design, noting that a lack of diversity in development teams often results in technologies that reinforce existing biases.

She also made special mention of the historical contribution of women to technology, from the women who worked as ‘human computers’ during World War II to the codebreakers of Bletchley Park, many of whom, she said, were never properly recognised.

She underlined the importance of female representation in leadership roles, noting that “the visibility of women in high-ranking positions strengthens ambition and breaks down stereotypes,” particularly for younger generations.

According to the Commissioner, the Cyprus government has already taken steps to address these challenges. These include the extension of maternity and paternity leave, the development of care structures for children and the elderly, and the training of professional counsellors to help challenge gender-based stereotypes.

She also referred to the annual ‘HerStory’ campaign, which highlights the achievements of women working in male-dominated sectors such as shipping and diplomacy.

Christodoulou called for closer cooperation between the state, the private sector, social partners, and civil society.

She pointed to existing collaborations with the scientific and technical chamber (Etek) and the Cyprus Chamber of Commerce and Industry (Keve), and announced an upcoming memorandum of cooperation (MoC) with the Federation of employers and industrialists (OEV).

She concluded by saying that promoting gender equality and building inclusive work environments “is a strategic choice for economic progress and social sustainability.”

A private education project worth over €50 million is advancing in Polemidia, Limassol, with construction preparations underway for a new school funded by the Yael Foundation.

Work is expected to begin in September, as the final architectural designs are now being completed in parallel with the school’s licensing application to the Ministry of Education.

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International Education Standards

According to information from the Yael foundation, the response from the Ministry has so far been positive, with the school set to follow international education standards.

As stated on the foundation’s official website, the project aspires to create a flagship Jewish school in Limassol, a point of reference for Jewish education both in Cyprus and abroad.

A Beacon of Excellence

The institution will combine Jewish values with modern pedagogical methods in a high-standard academic environment, with the Foundation describing it as a future “beacon of excellence.”

The school is expected to open in 2027 and will host up to 1,500 students from Cyprus and overseas.

Facilities and Leadership

Its facilities will include modern classrooms, science laboratories, creative studios, a library, sports infrastructure, and places of worship, forming a fully integrated learning and development space across primary, middle, and secondary levels.

Leading the new institution will be Rabbi Yehoshua Smukler, originally from Israel, who brings experience from similar educational projects in Australia.

In his statement, the Rabbi said that “The school will be the cornerstone of the Jewish community of Cyprus, making it an even more attractive place to live.”

He frequently travels between Israel and Cyprus to oversee the project and is widely known for his commitment to academic excellence and Jewish education.

The Yael Foundation

Founded in 2020 by Uri and Yael Poliavich, a Jewish couple who have settled permanently in Cyprus, the Yael foundation is dedicated to strengthening Jewish identity through accessible, high-quality education.

The foundation is currently active in 35 countries, supporting around 13,000 Jewish students worldwide.

According to the organisation, it provides funding to 55 day schools, 18 catechism schools, 10 kindergartens, and 17 after-school programmes.

According to the government spokesman Konstantinos Letymbiotis, the Electricity Authority of Cyprus (EAC) and the energy regulator are set to meet this week to discuss a formula to lower the price of electricity.

This development comes from President Nikos Christodoulides’ remarks over the weekend, where he urged the EAC not to increase electricity rates. Christodoulides confirmed that he had a meeting with the EAC, asking them not to impose any increases at this juncture.

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The government spokesman emphasized that the current administration is committed to bringing down the price of electricity in any way possible. Letymbiotis noted that the state-run power utility and the regulator would make their own assessments based on the wider direction of the government regarding reductions in the coming time period.

It is worth noting that Cypriots pay the second-highest rates for electricity in Europe when adjusted for spending power, according to Eurostat data released last week. Only consumers in the Czech Republic paid more for their household energy bills than those in Cyprus.

Total government employment in Cyprus increased by 237 persons, a rise of 0.4 per cent, in April, compared to the same month in 2024, reaching a total of 55,490 employees, according to the state statistical service.

Employment in the civil service and the security forces decreased by 1.2 per cent and 1.1 per cent respectively, while the educational service saw an increase of 3.8 per cent.

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Civil Service and Educational Service Breakdown

In April 2025, the civil service employed 11,960 permanent staff, 4,141 employees with contracts of indefinite duration, 1,458 with contracts of definite duration, and 5,798 hourly paid workers.

Permanent employees represented the highest proportion of the civil service workforce at 51.2 per cent, while employees with contracts of definite duration made up the lowest proportion at 6.2 per cent.

In the educational service, there were 12,461 permanent employees, 947 with contracts of indefinite duration, 4,824 with contracts of definite duration, and 141 hourly paid workers.

Permanent staff formed the majority of the educational workforce at 67.8 per cent, while hourly paid workers accounted for only 0.8 per cent.

Security Forces Breakdown

Within the security forces, 8,430 were permanent employees, 4,304 held contracts of indefinite duration, 267 were on definite-duration contracts, and 759 were hourly paid workers.

Permanent employees again made up the largest group in the security forces at 61.3 per cent, with definite-duration contracts representing just 1.9 per cent.