Empowering Change At The Women Who Built Europe Summit

Cyprus presented its approach to inclusive innovation at the Women Who Built Europe summit in Brussels, highlighting the work of 35 women from government, business and technology. Chief Scientist Demetris Skourides said closing the gender gap in research and innovation requires a shift in how leadership is approached, with a stronger focus on inclusion.

Structural And Cultural Shifts For Inclusive Growth

Speaking during a fireside chat at the Council of the European Union, Skourides said progress depends on both policy changes and broader cultural shifts. He pointed to the importance of collaboration across teams and sectors, noting that changing perceptions is as important as introducing new measures.

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Policy Initiatives And Notable Achievements

Skourides outlined several initiatives led by the Research and Innovation Foundation (RIF) to support women in science and research. Between 2023 and 2025, the foundation launched 90 calls for proposals with a total budget of €100 million. These programmes created 739 jobs in research and innovation, including 209 roles filled by women. Female participation in leadership has also increased. Women led 61.16% of submitted proposals, while 76.4% of funded projects were coordinated by women.

Reinforcing Cyprus’ Role In STEM And Global Innovation

Cyprus’ national agenda reflects a strategic commitment to gender equality across all sectors. Women now represent 42.3% of participants in science, engineering, and STEM, 29.3% in ICT, and 37% of the cabinet, bolstered by initiatives such as Women for Tech and Women for Cyber. The summit also drew influential voices, including European Parliament member Tsvetelina Penkova and EU Female Founders president Monika Stanisheva, exemplifying the robust network of female leadership.

Historical Impact And A Vision For The Future

Skourides placed Cyprus’ advancements in a broader historical context, recalling over two centuries of female influence in shaping technological fields from programming languages to quantum technologies. He invoked the legacies of pioneers such as Ada Lovelace and Parisa Tabriz to illustrate the enduring impact of women in technology. Additionally, he addressed the performance-funding paradox by referencing research that demonstrates up to a 35% higher return on investment for companies led by women, further substantiated by leadership traits observed in Fortune 500 firms.

Leading By Example At Home And Abroad

The Cypriot delegation highlighted 35 women across different sectors, including public service, technology and healthcare. Their work reflects a broader shift toward more inclusive leadership and serves as a reference point for future initiatives.

Call To Action For A Future Of Inclusive Leadership

Skourides said progress will depend on strengthening networks, sharing experience and building partnerships at an international level. He encouraged women to take on leadership roles and contribute actively to shaping the future of innovation.

Company Restructuring In Response To Market Headwinds

Epic Games has announced layoffs affecting around 1,000 employees, according to a memo published on the company’s website. The decision follows a decline in Fortnite engagement that began in 2025 and has since affected revenue.

Financial Adjustments And Strategic Cost Savings

CEO Tim Sweeney said the slowdown has pushed costs above revenue, forcing the company to reduce spending. Alongside layoffs, Epic Games has identified more than $500 million in cost savings across areas such as contracting, marketing and unfilled roles. These steps are aimed at restoring financial balance and stabilising operations.

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Employee Support And Operational Impact

The company said affected employees will receive four months of severance pay, with additional support for those with longer tenure. Employees in the United States will also retain healthcare coverage for six months after leaving. Sweeney noted that the layoffs are not linked to AI or automation. However, broader market factors, including supply chain constraints such as limited RAM availability and higher chip demand, have affected consumer spending.

Context And Market Implications

Epic Games recently increased the price of its in-game currency, V-Bucks, citing higher operating costs. This move, combined with layoffs and other cost reductions, reflects a broader effort to adjust to changing market conditions. The company’s actions highlight pressure across the gaming industry, where companies are balancing growth with cost control.

Apple has unveiled a new era in location-based advertising by introducing targeted ads on Apple Maps, set to launch in the U.S. and Canada later this summer. This strategic move will allow businesses of all sizes to reach consumers at the precise moment they are searching for local services, marking a significant evolution in Apple’s advertising aspirations.

Introducing Targeted Ads On Apple Maps

The new feature enables businesses with physical locations and existing listings on Apple Maps to display a single, clearly delineated ad next to relevant search results. Each ad is signified by a blue halo around its map pin and is transparent in its status as sponsored content, analogous to the ad labels in the App Store. Using an auction-based pricing system, advertisers pay only when users view or tap on their ads.

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Upholding User Privacy And Seamless Integration

Apple maintains that user privacy will remain paramount. The data associated with ad interactions is not tied to personal Apple accounts; instead, this information is stored solely on the device and kept away from third-party access. This careful balance of monetization and privacy highlights Apple’s persistent commitment to user security.

Apple Business Suite: A Unified Ecosystem for Companies

As part of a broader rebranding, Apple is consolidating its business services under Apple Business. The platform brings together tools such as email, calendar services, employee directories and device management. Previously separate services, including Apple Business Connect, Apple Business Essentials and Apple Business Manager, are now combined into a single system designed to simplify business operations.

Empowering Businesses Through Customization And Productivity Tools

Businesses can now manage advertising campaigns more effectively through automated matching that places relevant ads in front of potential customers. Both smaller enterprises and larger organizations benefit from scalability. While larger advertisers have access to advanced scheduling and location targeting customization options, smaller businesses can rely on preconfigured “Blueprints” to facilitate easy deployment of company apps and settings.

Driving Revenue Without Compromising User Experience

This strategic move into integrated advertising on Apple Maps not only diversifies Apple’s revenue streams but does so without disrupting the core user experience. As consumers have grown accustomed to seeing ads on platforms like Google Maps, Apple’s careful integration paves the way for significant revenue gains while preserving the premium feel of its devices and services.

The Ministry of Finance has allocated €43 million in 2026 to support development projects in communities across Cyprus, Interior Minister Konstantinos Ioannou said during a meeting in Paphos. Speaking in Kouklia, he said the funding is aimed at supporting infrastructure and local development, particularly in rural areas.

Budget Commitment And Strategic Oversight

Ioannou said reforms in local governance remain a priority, particularly in improving how projects are managed and delivered. He noted that delays in filling key positions are expected to be resolved by June, which should help speed up implementation and improve coordination, including the use of technical expertise in project planning.

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Focused Regional Engagement

During the meeting in Kouklia, officials from the eastern areas of the Paphos district reviewed progress on approved projects. Ioannou said monitoring will continue to ensure projects are delivered as planned and that resources are directed to areas where they are most needed.

Securing The Rural Future

The government’s broader approach focuses on supporting rural communities and maintaining population levels in these areas. According to Ioannou, ongoing investments in infrastructure and local projects are intended to improve living conditions and encourage more people to remain in or move to rural regions.

Cyprus is facing a key moment in its energy policy, as rising electricity costs continue to put pressure on households. Constantinos Constanti, President of the Scientific and Technical Chamber (ETEK), outlined a two-track approach combining short-term relief with longer-term structural changes.

Immediate Relief Measures

Constanti said short-term measures are needed to ease pressure on consumers. This includes adjustments in the competitive electricity market to ensure that cost benefits from renewable energy projects reach households.

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He pointed to modern photovoltaic parks and private storage systems, which operate at lower cost than traditional generation. Part of these gains, he argued, should be reflected in lower electricity prices, especially as consumers continue to bear the cost of broader energy investments.

Long-Term Strategic Solutions

Beyond immediate relief, Constanti highlighted the need to review how carbon costs are calculated in the wholesale electricity market. In Cyprus, carbon costs account for around 19% of the average household electricity bill, compared to an EU average of 11%. This gap points to structural issues in the system that require policy changes. He said long-term solutions will require significant public investment to address these imbalances and support a more efficient and sustainable energy system.

Enhanced Support For Vulnerable Consumers

Constanti also called for a more structured approach to supporting vulnerable households. Current support mechanisms, which rely heavily on applications and co-financing, may not reach those most in need. He suggested creating a centralised system to identify households at risk of energy poverty and prioritise targeted measures. These could include replacing energy-intensive appliances and introducing practical efficiency upgrades that reduce costs in the short term.

Transparency in how energy-related revenues are used is also key, he added. Redirecting part of these funds back to households could help reduce costs and strengthen the social impact of energy policy.

Booking Declines Signal Looming Slowdown

Hoteliers in Ayia Napa, Protaras and Larnaca are reporting a slowdown in bookings ahead of the new tourism season, as tensions in the Middle East continue to affect travel demand. Operators say cancellations have increased in recent weeks, particularly in key resort areas.

Shifting Reservation Dynamics

Recent data show that most cancellations are concentrated in April and May, just as hotels prepare to reopen for the season. Panayiotis Constantinou, president of the Famagusta Hoteliers Association (Pasyxe), said existing summer bookings remain largely stable. However, the lack of new reservations from key European markets is becoming a growing concern.

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Calls For Targeted State Intervention

Industry representatives are calling for additional government support, including an extension of unemployment benefits for hotel staff affected by delayed demand. Such measures are seen as necessary as hotels reopen with lower-than-expected occupancy levels.

Challenges In Larnaca And Broader Mediterranean Trends

In Larnaca, cancellations have reached around 35%, while new bookings are estimated at roughly one-tenth of last year’s levels, according to Marios Polyviou, president of the local hoteliers’ association. The district has been particularly affected due to its reliance on visitors from Israel, traditionally one of its main markets.

Similar trends are being observed across other Mediterranean destinations, including Spain, Greece and Turkey, as travellers remain cautious. At the same time, there are early signs of potential recovery. Flights from Tel Aviv’s Ben Gurion Airport may resume by late April, which could support a gradual return in bookings.

Revolutionizing AI-Driven Task Management

Anthropic has expanded the capabilities of its AI agent Claude by introducing deeper computer integration, allowing it to interact directly with a user’s device. The update enables Claude to open applications, navigate browsers and handle document-related tasks, extending its functionality beyond text-based assistance.

In practical use, this means users can assign multi-step tasks remotely. For example, a user could ask Claude from a mobile device to export a presentation as a PDF and attach it to a calendar invite, with the system completing each step automatically.

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Driving Innovation In The AI Ecosystem

The release comes amid growing interest in autonomous AI agents that can execute tasks rather than only generate content. Companies such as OpenAI and Anthropic are активно developing tools in this space, while products like OpenClaw have shown how quickly such solutions can gain traction among users.

At the same time, Nvidia is also pushing into this segment. CEO Jensen Huang has described AI agents as a key next step for the industry, with the company introducing enterprise-focused solutions such as NemoClaw. This growing activity reflects a broader shift toward systems that can operate across applications and automate real workflows.

Enhancing Enterprise Productivity

Anthropic’s update reflects a broader move toward productivity-focused AI tools. By enabling task execution across devices, Claude is positioned as a system that can support day-to-day business operations, not just assist with information or communication. This includes managing documents, coordinating tasks and handling workflows that would otherwise require manual input across multiple tools.

Commitment To Robust Safeguards

At the same time, Anthropic acknowledges that the technology is still evolving. While Claude can perform more complex actions, the risk of errors remains, especially in multi-step processes. To address this, the company has built in safeguards. Claude is designed to request user permission before accessing new applications or performing sensitive actions, helping maintain control and reduce risk.

Looking Ahead

Anthropic is also developing features that support ongoing interaction with Claude across devices, allowing users to continue tasks over time rather than in a single session. As competition intensifies, further updates are expected, with a focus on improving accuracy and expanding the range of tasks AI agents can handle.

Overview Of The Fiscal Report

Cyprus recorded a state budget deficit of €1.79 billion in 2025, according to the latest fiscal report from the Treasury. The report compares planned and actual revenues and expenditures and is submitted annually by the Accountant General within three months of the financial year’s end.

Fiscal Report Insights And Approval Process

The report was prepared by Accountant General Andreas Antoniades and submitted to Finance Minister Makis Keravnos on March 12, 2026. It was approved by the Cabinet on March 16 and later submitted to the House of Representatives on March 23. An audit by the Auditor General is also included, supporting the accuracy of the financial data.

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Revenue And Expenditure Trends

Revenues, excluding loan-related inflows, reached €10.05 billion in 2025, up from €9.57 billion in 2024, while expenditures rose to €10.15 billion from €9.89 billion. This resulted in a pre-borrowing deficit of €0.10 billion, compared to €0.32 billion the previous year.

Impact Of Loan Activities On The Fiscal Position

Once loan activity is included, the overall deficit widens. Loan drawdowns and repayments fell to €0.16 billion in 2025, down from €1.24 billion in 2024. At the same time, spending related to loan repayments and issuances declined to €1.85 billion from €2.53 billion. As a result, the total budget deficit increased to €1.79 billion, compared to €1.61 billion a year earlier.

The Central Role Of Taxation

Tax revenue remained the main source of state income, reaching €8.6 billion in 2025, up from €8 billion in 2024. This accounts for around 86% of total revenues. The structure remained broadly unchanged, with 44% coming from indirect taxes and 42% from direct taxes.

Key Expenditure Categories And Public Debt Overview

Spending on public sector wages, pensions and gratuities totalled €3.52 billion. Social benefits reached €2.02 billion, including a €0.82 billion state contribution to the General Healthcare System. Grants and contributions to public entities and international organisations amounted to €1.67 billion.

Total government debt, excluding intra-government borrowing, declined to €19.24 billion at the end of 2025, from €20.92 billion a year earlier. At the same time, intra-government borrowing increased to €13.21 billion from €12.03 billion.

Conclusion

The report shows a narrowing deficit before borrowing, alongside a higher overall deficit once loan activity is included. At the same time, tax revenues continue to support public finances, while government debt remains on a downward path.

Strategic Initiative For Strengthening Local Tourism

Cyprus is considering a targeted incentive scheme to support domestic tourism, as regional tensions in the Middle East continue to create uncertainty for the travel sector. Deputy Minister of Tourism Kostas Koumis said the proposal aims to encourage residents to stay in local hotels, helping to support demand during a potentially volatile period.

Regional Developments And Economic Impact

Koumis noted that tourism performance in Cyprus will depend on how the situation in the Middle East develops, particularly its duration and impact on travel flows. Despite the uncertainty, current expectations remain stable, although the sector is preparing for possible shifts in demand.

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Comprehensive Policy Response

Alongside potential incentives, the Ministry is working with industry stakeholders to coordinate its response. The focus is on ensuring that hotels and tourism businesses can adapt to changing conditions. This includes measures aimed at maintaining activity in the sector and supporting operators if external demand weakens.

Delivering A Message Of Stability

Officials continue to emphasize that Cyprus remains a safe and stable destination. Maintaining this perception is seen as key to supporting both tourism demand and investor confidence.

Support Package Overview

The Bank of Cyprus has announced a comprehensive support initiative designed to assist livestock farmers and other affected businesses amidst the challenges posed by the foot and mouth disease outbreak. The bank reiterated its commitment to standing by customers during emergency times while maintaining its role as a cornerstone of stability within the Cypriot economy.

Loan Payment Suspension And Relief

An integral element of the package is the suspension of loan instalments, covering both principal and interest obligations. Eligible borrowers enrolled in state-supported schemes can benefit from a payment moratorium of up to 12 months. This measure is strictly applicable to performing loans, ensuring that sound credit exposures receive the necessary relief to manage immediate financial pressures.

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Targeted Liquidity Support For Rapid Recovery

In parallel with the loan freeze, the bank is introducing tailored liquidity solutions aimed at meeting critical operational needs and expediting the recovery process for impacted enterprises. These facilities are crafted to minimize operational disruptions and help businesses resume their activities while mitigating short-term financial stresses.

Customer Support And Assistance

To streamline access to these emergency measures, the Bank of Cyprus has activated a dedicated support line. Customers can reach the specialised team by phone at 25-156000 from Monday to Friday, between 07:30 and 18:00. Additional support is available via email for further clarification or assistance.

By deploying these measures, the Bank of Cyprus underscores its commitment to supporting both individual and business clients, paving the way for a robust economic recovery in the face of unforeseen challenges.