Over the last decade, workers across Europe have seen a gradual reduction in weekly working hours. On average, the EU has experienced a drop of one hour per week, amplifying to more than an hour in nearly half of its 34 nations.

Where Do Europeans Work the Longest?

According to recent data, countries in Southern and Eastern Europe endure the longest workweeks. Turkey leads at 43.1 hours, followed by Serbia and Bosnia. In contrast, nations like the Netherlands exhibit significantly shorter working weeks, highlighting strong labor protections.

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Decadal Shifts in Working Times

From 2014 to 2024, only four countries witnessed an uptick in working hours, with Serbia marking a rise of 1.7 hours. Meanwhile, Iceland and Turkey underwent the steepest declines, exceeding three hours.

Why Are Working Hours Declining?

Declines are closely tied to increased part-time work and greater female workforce participation, with many opting for flexible hours. A study mentioned by the ECB attributes this decline to technological advancements and voluntary part-time employment. Seeking a balance between life and work reflects increased income levels and a diminishing drive to clock in longer hours.

These dynamic factors reshape Europe’s labor markets, marking a cultural and economic shift.

As part of a landmark effort to bolster the innovation and production capabilities of Cyprus-based startups, the Research and Innovation Foundation (RIF) has launched a major funding program, “STEP: Creating State-of-the-Art Production Facilities for New Products and Services” with a hefty budget of €10 million.

Set against the backdrop of the government’s commitment to economic reform as outlined in the 2025 Governance Program, this initiative underlines an enduring strategy aimed at fortifying the country’s industrial foundation.

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The program aspires to convert innovative ideas into high-value products or services by facilitating the development of contemporary production facilities—a sectoral push that promises broad commercial viability.

Who Can Benefit?

Cypriot businesses of all sizes looking to enhance their production capabilities can partake in this groundbreaking financial opportunity. Each project could receive up to €2 million, covering expenses from facility establishment to staff training.

The new funding opportunity aligns with the EU’s Strategic Technologies for Europe Platform (STEP) and is aimed at industries focusing on advanced digital technologies, clean technologies, and biotechnology.

General Director of RIF, Theodoros Loukaidis, emphasized, “STEP strategically invests in the evolution of Cyprus’s research and innovation ecosystem and industrial capabilities, empowering companies to transition from development to production, thus amplifying their global market presence.”

The program is open for proposals until September 5, 2025. For more details, interested parties can contact RIF’s Support Service at 22205000 or email support@research.org.cy.

Leonard Lauder, the illustrious heir and transformative leader of the Estée Lauder Companies, passed away at the age of 92. His passing marks the end of an era for the cosmetics giant he helped shape into a global powerhouse.

Throughout his storied career, Lauder revolutionized the beauty industry. His journey from assisting his mother, Estée, during her sales calls to pioneering industry standards and trends has been nothing short of remarkable. His innovations laid the groundwork for a beauty empire that includes revered brands such as Clinique, MAC, and La Mer.

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Leadership and Market Influence

Under his leadership, Estée Lauder went public, and its market cap now stands at a staggering $24.3 billion. His personal net worth alone reached $15.6 billion, as noted in Bloomberg’s Billionaire Index. Lauder’s strategic insights like the creation of the lipstick index, demonstrated his sharp business acumen.

Enduring Contributions and Philanthropy

Beyond the boardroom, Lauder was a staunch philanthropist. He donated an extensive Cubist art collection valued at several million dollars to the Metropolitan Museum of Art, significantly enhancing the institution’s collection and public offerings.

His philanthropic efforts extended to founding the Alzheimer’s Drug Discovery Foundation with his brother, Ronald, and championing cancer research through the Breast Cancer Research Foundation. These efforts broaden the impact of his legacy far beyond cosmetics, as seen in initiatives shaping Cyprus’ future like the Economic Strategy for Sustainable Growth.

Leonard Lauder leaves behind a monumental legacy that intertwines business innovation, philanthropy, and art, influencing multiple sectors and fostering growth for future generations.

The newly launched SafeCY application is transforming public safety in Cyprus, allowing citizens to find the nearest Civil Defense shelter in real-time. Launched by the Minister of the Interior, Konstantinos Ioannou, SafeCY is available on both the Google Play Store and the Apple App Store. This mobile application is not just a technological innovation; it is a proactive step towards enhancing the safety of Cyprus’ residents during emergencies.

Features of the SafeCY App

The app, accessible on both Android and iOS, supports both Greek and English languages, offering a user-friendly experience. Citizens can utilize GPS to find shelters based on their current location or search by address and postal code. Furthermore, the app integrates vital guidelines and information to ensure comprehensive awareness and preparation.

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Strengthening Emergency Response

SafeCY is part of a broader governmental strategy to leverage modern technology in fortifying timely public warnings. Its rollout represents a significant commitment to public protection, aligning with Cyprus’ overarching goals for sustainable growth by 2028, detailed in the economic strategy.

Visual Guide

Below are some screenshots demonstrating how to use the SafeCY application effectively:

On June 12, 2025, Chime had a groundbreaking debut on Nasdaq, where its shares surged by an impressive 37%. Initially priced above the expected range at $27, the shares closed the day at $37.11, setting a new market cap of $13.5 billion. From a valuation of $25 billion in its last venture round, this IPO marks a recalibration for Chime amidst evolving market dynamics.

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The offering raised roughly $700 million, with an additional $165 million from existing shareholders. Despite the lower valuation, CEO Chris Britt highlights Chime’s commitment to serving Americans earning $100,000 or less, often overlooked by traditional banks. “We help our members avoid fees, access liquidity, and build savings,” Britt stated confidently.

Chime’s strong revenue momentum, with $518.7 million reported last quarter and a revenue increase by 32% year-over-year, underscores its growth potential. The company also achieved $25 million in adjusted profitability, improving its profit margin by 40 points over the past two years.

Chime now stands among fintech giants like eToro and Circle, rekindling investor interest in fintech IPOs. The future looks promising as other players like Klarna and Bullish eye public offerings.

For further insights into fintech innovation and investment opportunities, explore European Banking Evolution: Cyprus as a Catalyst for Regulatory Innovation and discover how Cyprus continues to play a pivotal role in financial advancements.