A major achievement for Cyprus’ growing film industry: Motherwitch, the upcoming feature by acclaimed Cypriot director Minos Papas, has been selected for the prestigious Frontières Platform at the Marché du Film in Cannes. Filmed entirely in Cyprus, this Gothic folk-horror tale is one of only six international works-in-progress chosen for the Buyers Showcase at the 2025 edition of the event.

A Gothic Fairytale Rooted In Cypriot Folklore

Motherwitch is set in the haunting ruins of Parsada, a deserted 15th-century village in the Cypriot mountains. The story unfolds in 1888, following Eleni, a painter stricken by the grief of losing her three children. In a desperate attempt to bring them back to life, she unwittingly releases a horde of Kalikantzari – mischievous and terrifying creatures from Cypriot Christmas folklore. As her village falls into chaos, Eleni must embrace a new form of motherhood by protecting a talented but abused boy, Michalakis, to restore balance to the world.

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Shot in spring 2024, the film features an impressive cast including Margarita Zachariou, Miltos Yerolemou (Game of Thrones, The Crown), Jason Hughes (Midsomer Murders), and newcomer Sifis Katsoulakis, whose performance as Michalakis is already being hailed as a breakout role. The project was supported by the Cyprus Audiovisual Incentive Scheme, marking another significant investment in Cyprus’ creative industries.

A Heartfelt Tribute To Cyprus

Director Minos Papas sees the film as a heartfelt tribute to Cyprus — its folklore, language, and history. It’s a story of grief, parenthood, and creativity, told through the lens of magical realism and inspired by age-old traditions rarely explored on screen.

The legend at the heart of Motherwitch imagines that during the Twelve Days of Christmas, the souls of deceased children return to haunt their parents — a chilling metaphor for unresolved grief. In Papas’ hands, this myth transforms into a dark fairytale, blending horror with emotional depth.

Who Is Minos Papas?

Minos Papas is an award-winning independent filmmaker from Cyprus, currently based in New York City. His work has been screened and recognized at film festivals around the world. Papas is the founder of Cyprian Films, New York, and a member of the Directors Guild of Cyprus.

He made his directorial debut at the age of 16 and went on to earn a BFA in Film from the School of Visual Arts, where he received the school’s top honor for cinematography. His first feature, Shutterbug (2009), was released theatrically in New York, Los Angeles, and Nicosia, earning praise for its atmospheric visual style. His later works include the psychological thriller Behind the Mirror (2015), which won Best Thriller at the Manhattan and Mexico International Film Festivals, and the acclaimed short Tango on the Balcony (2016), which addresses PTSD in war veterans.

Papas has collaborated with industry icons such as Martin Scorsese, Matthew McConaughey, Scarlett Johansson, and Andrea Bocelli. He continues to explore bold themes through a distinct cinematic voice rooted in both European and American traditions.

What Is The Frontières Platform?

Organized by the Fantasia International Film Festival in partnership with the Marché du Film in Cannes, the Frontières Platform is the world’s leading co-production and networking forum for genre cinema, with a focus on fostering collaboration between Europe and North America.

The platform is split into two key showcases:

• Proof of Concept (17 May): spotlighting genre films at advanced financing stages.
  
• Buyers Showcase (18 May): featuring works-in-progress and recently completed films looking for distribution, festival selection, or sales agents.
  

Motherwitch is part of the Buyers Showcase, placing it among the most promising genre titles on the verge of international release.

Cyprus On The Global Stage

The selection of Motherwitch for Frontières in Cannes not only highlights the creative potential of Cypriot filmmakers but also reinforces Cyprus’ position as a desirable filming destination. With increased support from national schemes and a growing pool of talent, Cyprus is stepping confidently onto the international stage — one story, one myth, one vision at a time.

The Cyprus Securities and Exchange Commission (CySEC) reported a robust performance in the country’s collective investments sector for Q4 2024, with total Assets Under Management (AUM) reaching €10.1 billion — a quarterly increase of 10.21% and an annual rise of 17.66%.

Despite a 2.13% year-on-year decline in the number of Management Companies and Undertakings of Collective Investments (UCIs) — down to 321 from 328 — the sector saw strong capital inflows and asset growth. The 321 regulated entities comprise 220 Externally Managed UCIs, 32 Internally Managed UCIs, and 69 External Fund Managers.

A Breakdown Of The Industry Structure

• Management Companies: 45 AIFMs, 48 Sub-threshold AIFMs, 3 UCITS Management Companies, and 5 dual-licensed entities (AIFM & UCITS).
  
• NAV: UCIs managed by these entities reported a Net Asset Value (NAV) of €9.6 billion.

Asset Distribution

• 60% of AUM is managed by AIFMs
• 18% by dual-licensed AIFMs & UCITS managers
• 11% by Sub-threshold AIFMs
• 10% by UCITS Management Companies
• 1% by foreign-managed UCIs
  

UCITS allocations leaned heavily toward transferable securities (87.6%), with smaller proportions in other UCIs (9.2%) and bank deposits (2.0%). AIFs, AIFLNPs, and RAIFs favored Private Equity (30.4%), Real Estate (14.7%), Funds of Funds (13.9%), and Hedge Funds (10.6%).

Local Footprint and Investment Trends: Of the 227 UCIs currently active, 201 are domiciled in Cyprus, collectively managing 75% of the total AUM. A notable €2.9 billion — 28.63% of the total — is invested partially or fully in Cyprus, with 65.2% of that focused on Private Equity and 13.5% in Real Estate.

Investor Composition

• UCITS: 99.1% retail investors
• AIFs, AIFLNPs, RAIFs: 64% well-informed investors, 23.9% professional, 12.1% retail

Sector Allocations (Q4 2024)

• Shipping: €709.2 million (7.04% of total AUM)
• Energy: €496.3 million (4.93%)
• Fintech: €258.1 million (2.56%)
• Sustainable Investments: €86.4 million (0.86%)

CySEC’s latest data reflects steady growth in Cyprus as a fund management hub, driven by investor confidence and diversification across asset classes and sectors.

The electric vehicle giant that dethroned Tesla in global sales is officially entering the Cypriot market. BYD—short for “Build Your Dreams”—has tapped Alpan Group, a subsidiary of Sfakianakis SA, as its exclusive distributor on the island, marking another step in its fast-paced global expansion.

A Strategic Partner With Local Muscle

Alpan Group is no stranger to scale. As the exclusive importer of Samsung smartphones and major appliance brands like Kenwood, DeLonghi, Braun, and Sage, the company already commands a significant share of the Cypriot tech retail space. Through its chain of nine Electroline stores, Alpan has built deep local infrastructure, while holding an impressive 45% of the island’s mobile market via Samsung.

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In late 2023, Alpan ventured into long-term vehicle leasing through its subsidiary Executive Lease—signaling early interest in the mobility sector. Since October 2024, Alpan has been a fully owned arm of Sfakianakis SA, one of Greece’s most powerful commercial groups, with operations spanning 14 countries in Southeastern and Central Europe and a 2024 turnover of €700 million.

Commenting on the BYD deal, the President and CEO of both Alpan and Sfakianakis noted their ambition to become a driving force in the region’s shift to electric mobility, promising to bring Cypriot drivers closer to smart, sustainable transport.

The Brand That Overtook Tesla

Founded in 1994 in Shenzhen by tech entrepreneur Wang Chuanfu, BYD started out as a battery manufacturer. Fast forward three decades, and it’s now a global EV heavyweight, producing electric and plug-in hybrid vehicles across six continents and selling in over 400 cities worldwide.

The numbers tell the story: BYD sold 4.27 million vehicles in 2024, a 29% jump year-over-year, with revenue hitting $107 billion—surpassing Tesla’s $97.7 billion. And the momentum isn’t slowing: BYD is projected to sell 5.5 million vehicles in 2025, with 800,000 destined for markets outside China.

Building Roots In Europe

To sidestep EU tariffs on Chinese-made vehicles—currently 27% for BYD imports—BYD is building its first European manufacturing facility in Hungary, set to open in 2025. A second factory is also under consideration, underscoring BYD’s long-term vision for the European market.

As Cyprus gets ready to welcome one of the world’s most advanced EV makers, the local landscape for electric mobility is about to change—and Alpan Group is placing itself in the driver’s seat.

Cyprus heavily depends on imported medicine, with only 40% of authorized pharmaceutical products available locally, as outlined in a European Commission report. Notably, around 20% of these medicines come through Article 5 of Directive 2001/83/EC, addressing unique medical needs without standard marketing approvals.

Moves Toward Better Access

Efforts are underway to improve the situation in Cyprus, as well as in Malta and Ireland. Suggested strategies include simplifying drug authorization, encouraging multi-country packaging solutions, and utilizing digital platforms to overcome language barriers.

EU’s Pharma Trade Boom

Despite these challenges in smaller member states, the European Union recorded a remarkable pharmaceutical trade surplus last year—analyzing the trends shows a 13.5% increase in exports, reaching €313.4 billion while maintaining a €193.6 billion trade surplus.

Leading the export charge, Germany achieved €67.9 billion, with Ireland and Belgium following closely. Meanwhile, Germany also led imports, indicating dynamic intra-EU trade flows.

Global Trade Dynamics

The United States dominates as the EU’s top pharmaceutical trading partner, followed by Switzerland and the United Kingdom. These relationships underscore the EU’s strong global position in the pharmaceutical sector.

A sharp drop in first-quarter sales sent LVMH shares into freefall on Tuesday, shaving off 8% and wiping billions from the luxury giant’s market cap. The shockwave didn’t stop there — the entire luxury sector stumbled, with major players from Kering to Burberry following suit.

Sales Slump Sends Warning Signal

LVMH, the world’s largest luxury conglomerate, reported a 3% decline in first-quarter revenue — a result that missed even the most cautious analyst forecasts. The steepest blow came from its wine and spirits division, down 9%, driven by dwindling cognac demand in both the US and China. Geopolitical friction, particularly between Beijing and Washington, continues to cast a long shadow over the global luxury market.

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But the pain didn’t stop at the bar. LVMH’s flagship fashion and leather goods segment — which accounted for nearly 80% of the group’s 2024 profits — fell 5%, while watch sales flatlined.

The geographical breakdown paints a similarly grim picture: sales in Asia (excluding Japan) fell 11%, the US slipped 3%, and Japan dipped 1%. Europe was the only bright spot, posting a modest 2% organic growth.

Analysts Sound The Alarm

Citi analysts Thomas Chauvet and Mahesh Mohankumar didn’t sugarcoat the situation. “There is little reason for optimism,” they told CNBC, noting that LVMH’s results were “generally below the most conservative expectations.” The road ahead doesn’t look smoother, with the duo expressing doubt that the second or third quarters will deliver a rebound — especially as macroeconomic clouds loom over global markets.

Domino Effect In The Luxury Sector

The fallout was swift and widespread. Kering fell 2.5%, Burberry 4.2%, and Richemont dropped 2.26% in early trading, despite broader market gains. Meanwhile, Jefferies slashed its price target for LVMH from €670 to €510, signalling dimmed expectations for the sector leader.

LVMH, which owns iconic brands like Louis Vuitton, Moët & Chandon, and Hennessy, was the first luxury powerhouse to report Q1 earnings after former President Donald Trump reignited fears of retaliatory tariffs — a policy pivot that could shake the luxury industry’s already fragile supply chains.

Uncertainty Clouds The Outlook

Investors are now bracing for the potential knock-on effects of trade tensions — higher raw material costs, disrupted logistics, and unpredictable consumer behavior. LVMH CFO Cécile Cabanis acknowledged the volatility, telling analysts that conditions were “changing every hour,” according to Reuters.

While premium brands are typically more insulated from price shocks — their affluent customers less price-sensitive — analysts warn that a full-blown trade war or global recession could cripple luxury demand, particularly in the US and China.

The Bottom Line

Once seen as recession-proof, the luxury industry is now grappling with a new reality: a volatile global economy, geopolitical tensions, and shifting consumer priorities. LVMH’s stumble isn’t just a bad quarter — it’s a signal that even the most iconic names in fashion and luxury aren’t immune to the world’s growing economic instability.

Japan’s population has declined by over half a million in just one year, underscoring a growing demographic crisis that threatens the country’s economic future, labor supply, and social security system.

A Bleak Demographic Milestone

New data released by Japan’s Ministry of Internal Affairs and Communications reveals the country’s total population dropped by 550,000 in 2024, falling to 123.8 million. The decline adds to mounting concerns about Japan’s long-term sustainability as it battles a shrinking tax base and increasing pressure on its welfare state.

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The figures confirm a worsening trend:

• The working-age population (15 to 64) decreased by 224,000 to 73.7 million.
• The number of children under 15 fell by 343,000, hitting a historic low of just 11.2% of the total population.
  

This steady demographic erosion is straining Japan’s economy and public finances, with fewer workers supporting a rapidly aging population — all while the country carries the highest debt-to-GDP ratio in the developed world.

A Labour Market Under Pressure

Despite an ultra-low unemployment rate of 2.4% — the lowest among OECD countries — Japan’s labor force is simply not large enough to meet its economic needs. Forecasts by the Recruit Works Institute suggest Japan will face a shortfall of 11 million workers by 2040, raising alarms across industries from manufacturing to healthcare.

To partially cushion the blow, the number of foreign residents rose for the third consecutive year, increasing by 342,000. While this inflow offers some relief, it is nowhere near enough to reverse the demographic tide.

A Global Pattern, But Japan Is On The Frontline

Japan’s situation is extreme, but it mirrors broader demographic challenges in other developed economies. South Korea saw a slight uptick in its birth rate last year for the first time in nearly a decade, but it remains critically low at 0.75. In France, the number of births declined at the fastest pace in 50 years in 2023, while China’s population is now shrinking for a third consecutive year.

What’s At Stake

Japan is at a demographic crossroads. With fewer children, fewer workers, and rising fiscal demands, the country must accelerate reforms — from immigration policy to workforce automation and childcare support — to maintain economic vitality. The alternative is a slow decline, marked by reduced productivity, stagnant growth, and growing pressure on future generations to shoulder an unsustainable system.

The latest figures are not just a statistical update — they’re a warning. Japan’s shrinking population is no longer a future problem. It’s happening now.

In response to escalating trade tensions with major chip-producing nations like China and Taiwan, Nvidia has announced the construction of new facilities to produce AI supercomputers solely in the United States. This ambitious move underscores the growing importance of domestic production in the tech industry.

Key Developments

• Nvidia is collaborating with Taiwanese electronics giants Foxconn and Wistron to build supercomputer plants in Houston and Dallas, aiming to boost production within the next 12-15 months.
• Nvidia’s advanced Blackwell chips, crucial for generative AI and accelerated computing, are currently manufactured at the Taiwan Semiconductor Manufacturing Company (TSMC) in Phoenix.
• This billion-dollar investment is projected to create hundreds of thousands of jobs, contributing trillions to economic security over the coming decades.
• This initiative is hailed as a triumph for Trump’s administration, promoting local manufacturing as a key strategy.
• The White House has temporarily suspended tariffs on semiconductors, but this measure is under review as President Donald Trump examines national security implications.

What Are AI Supercomputers?

AI supercomputers are sophisticated combinations of thousands of high-speed processors that use artificial intelligence models to process and interpret vast amounts of data quickly, as described by Hewlett Packard Enterprise.

Trade And Policy Uncertainties

Since the announcement of tariffs on April 2, intended as a ‘Freedom Day’ proclamation, the U.S. has provided a 90-day delay, with a 145% tariff rate specifically aimed at China. The future of trade with Asian semiconductor giants remains unclear. Despite holding nearly half of the global chip market share, U.S. trade relationships with Taiwan, Japan, and China continue to evolve. Commerce Secretary Howard Lutnick confirmed that currently excluded items may not remain exempt permanently.

In a bold forecast, Goldman Sachs has increased its gold price prediction to $3,700 per ounce by the end of 2025. This adjustment comes amid unexpected demand from central banks and a strengthening perception of recession risks, drawing investors towards gold ETFs.

Key Points

• Initial forecasts pegged the price at $3,300, but central banks’ monthly gold acquisitions, averaging 80 tons — much higher than the 17-ton average before 2022 — have warranted a forecast revision.
• Gold prices have already seen a significant increase of over 23% in 2025, surpassing the $3,200 mark for the first time.
• Should central banks continue acquiring at an accelerated pace, or if a recession prompts a capital influx into ETFs, gold could rise to $3,880 within this year.

What To Watch

Economists estimate a 45% chance of a U.S. recession within 12 months, potentially redirecting capital to gold ETFs. Should central banks ramp up purchases to 100 tons monthly, or recession-driven demand persist, gold might reach $3,880 by year-end. Alternatively, if economies show resilience and political uncertainty lessens, gold prices could stabilize around $3,550.

Revolut is setting its sights on a new battleground — the lucrative world of rewards credit cards — in a direct challenge to giants like American Express and Barclaycard. The UK-based fintech, now with over 50 million users worldwide, is quietly working on a suite of credit cards powered by its proprietary RevPoints system.

According to insiders familiar with the project, the upcoming cards will be tailored to Revolut’s various subscription tiers, offering users a fresh way to rack up and spend rewards. It marks another ambitious step in Revolut’s rapid expansion beyond digital banking — a strategy that already includes trading, crypto, insurance, and soon, mortgages and private banking.

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Cracking The Loyalty Game

Revolut introduced RevPoints last July, letting users earn points on debit card purchases. So far, points can be redeemed for gift cards from big names like Apple and Amazon, or converted 1:1 into airline miles. But with a new credit card in play, Revolut appears ready to scale that system into a full-fledged loyalty ecosystem.

The move brings Revolut into an arena long dominated by legacy players. American Express and Barclaycard rule the rewards space in the UK with established ecosystems like Amex points and Avios. Fintech disruption here has been slower than in other areas — Yonder, one of the few challengers, has just 30,000 users and focuses on perks with local businesses rather than flight deals.

Revolut’s global reach and brand recognition give it an edge in taking this challenge mainstream. The key question now: is how it will differentiate in a crowded, loyalty-heavy market.

What’s Next For The Superapp

The credit card is just one piece of a bigger puzzle. In January, Sifted revealed that Revolut is developing a premium private banking service aimed at high-net-worth individuals, complete with investment tools and personalized wealth advice. Also in the pipeline: an AI-powered money assistant and a mortgage offering, both expected to launch later this year.

With its reward card ambitions, Revolut isn’t just adding another product — it’s signaling a broader intention to rival traditional banks on every front, including where they’ve historically held the advantage: customer loyalty.