The rising value of Bitcoin has drawn the attention of high-end fashion brands and retailers, with many considering the adoption of cryptocurrency as a payment method to tap into new wealth and foster loyalty with crypto investors.

Previously, only a few luxury brands like LVMH, Hublot, Tag Heuer, and Kering-owned Gucci and Balenciaga dabbled with crypto payments. However, recent developments have sparked greater interest. French luxury department store Printemps has teamed up with Binance, the world’s largest cryptocurrency exchange, and French fintech company Lyzi to accept cryptocurrencies, including Bitcoin and Ethereum, in its French stores. This makes Printemps the first European department store to offer such a service. As Bitcoin’s value increases, other brands are now following suit.

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S.T. Dupont, a luxury lighter and pen maker, has also announced plans to accept crypto payments in two Paris stores before the holidays. In the luxury experiences space, Virgin Voyages began offering its first product accepting Bitcoin this month – a $120,000 annual pass for up to a year of sailing on its cruise ships.

While regulators have long warned that cryptocurrencies like Bitcoin are high-risk assets, with limited real-world uses and high volatility, support from U.S. President-elect Donald Trump has fueled optimism. Analysts suggest that blockchain innovation in financial markets could increase the predictability for cryptocurrencies, enhancing their appeal.

Seeking Innovative Branding

Luxury brands have long sought to appeal to affluent shoppers from the tech industry, with stores in upscale Silicon Valley malls and products like the Hermes Apple Watch – combining the classic design of the French Birkin bag maker with Apple’s connected technology.

Now, the new wealth generated by Bitcoin’s surge – topping $107,000 on Monday – comes at a time when the luxury industry faces its biggest slump in years. Offering cryptocurrency payments is seen as a way to brand these companies as innovative rather than outdated, catering to a younger, tech-savvy audience.

However, for most retailers, the payment option remains largely symbolic. The funds are usually reconverted into euros or dollars to offset the risks of volatility. For many shoppers, platforms like PayPal or Venmo have already addressed payment solutions. Nevertheless, for Bitcoin investors, purchasing luxury goods, such as designer handbags or high-end watches, presents an attractive way to diversify their portfolios.

In a sign of increasing interest, Balenciaga recently issued a leather cardholder designed to hold “Stax” hardware from crypto wallet company Ledger. 

Reaching Younger Clientele

Kering’s Gregory Boutte, chief client and digital officer, has highlighted the group’s strategy as “test and learn” rather than “wait and see,” emphasizing new technology’s importance in reaching younger and Asian clientele. Since 2022, Kering’s star label, Gucci, has accepted 10 different cryptocurrencies for most purchases in the United States.

Printemps is now planning to extend its crypto payments service to New York City, where it will open a multibrand retailer in the Wall Street district in March.

Bitcoin’s rise in 2021 sparked initial interest in cryptocurrency payments from luxury brands. Tag Heuer, headed by LVMH heir Frederic Arnault, and Gucci began accepting cryptocurrencies for some purchases in the U.S. in the following year.

In 2023, approximately 10.7 million new cars were registered in the EU, with nearly 50% of them being either hybrid or fully electric vehicles. Among these, the largest proportion consisted of cars with internal combustion engines (34.5%), followed by hybrid vehicles (21.1%), fully electric cars (14.5%), and diesel-powered cars (14.3%). Over the past decade (2013-2023), electric vehicles have seen significant growth, with the combined share of hybrids and electric vehicles now nearly equal to that of internal combustion engine cars – 48.3% compared to 48.8%, according to Eurostat data.

In 2023, nine EU countries will see the share of new cars that are not powered solely by an internal combustion engine exceed 50%. Finland leads with 78% of new cars being hybrid or electric (44% hybrid, 34% electric), followed by Sweden at 69% (30% hybrid, 39% electric) and the Netherlands at 68% (37% hybrid, 31% electric). On the other hand, Bulgaria had the lowest share at just 7%, followed by the Czech Republic (20%) and Croatia (28%).

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Cyprus falls behind many EU countries in terms of the share of hybrid and electric vehicles. In 2023, the proportion of new cars in Cyprus that are hybrid or electric is around 20%, placing it among the countries with lower adoption rates compared to EU leaders like Finland, Sweden, and the Netherlands.

The Central Bank of Cyprus (CBC) published detailed figures on Monday regarding interest rates at Monetary Financial Institutions across the island for October 2024. The data highlights significant trends in mortgage loans, business loans, and deposit rates.

Mortgage Loan Rates

In October 2024, the average interest rate for new housing loans with floating rates and an initial fixed period of up to one year increased slightly to 4.55%, up from 4.49% in September. In contrast, the eurozone saw a slight decline, with the average rate dropping to 4.37%.

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Among local banks, Bank of Cyprus Public Company Ltd had the highest rate at 5.20%, while Alpha Bank Cyprus Ltd offered the lowest at 3.34%, a rise from 2.90% the previous month.

Hellenic Bank Public Company Ltd reduced its rate to 3.68% from 4.12%. Meanwhile, Ancoria Bank Ltd’s rate increased slightly to 4.39%, up from 4.28%, and Eurobank Cyprus Ltd saw its rate rise to 5.11% from 4.99%.

The overall average rate for housing loans, including renegotiations, climbed to 4.62% in October, up from 4.53% in September, while the eurozone average dropped to 4.37% from 4.59%.

Business Loan Trends

Interest rates for new business loans of up to €1 million with floating rates and an initial fixed period of up to one year saw a modest decline to 5.58% in October, down from 5.62% in September.

Alpha Bank Cyprus Ltd experienced the most significant increase, with its rate rising to 9.04% from 6.35%, the highest among local banks. Ancoria Bank Ltd offered the lowest rate at 4.80%, down from 5.02%.

Other banks showed stability or slight changes. Bank of Cyprus maintained its rate at 5.78%, and Hellenic Bank’s rate edged up to 4.94%, from 4.92%.

The overall average for new business loans, including renegotiations, dropped to 5.45% in October, down from 5.59% in September. In the eurozone, the average rate also decreased to 4.83%, from 5.03%.

A more notable decline was observed in the rates for business loans exceeding €1 million, with the average falling to 4.72% in October, down from 5.26% in September. The eurozone followed this trend, with rates decreasing to 4.58% from 4.67%.

Eurobank Cyprus Ltd reported the highest rate for loans over €1 million at 5.24%, while the National Bank of Greece (Cyprus) Ltd offered the lowest rate at 4.07%.

As for new contracts between Cypriot banks, October saw the following adjustments: Alpha Bank Cyprus Ltd lowered its rate to 5.28% from 5.43%, National Bank of Greece (Cyprus) dropped to 4.07% from 5.59%, Hellenic Bank decreased to 5.21% from 5.53%, Eurobank Cyprus Ltd fell to 5.24% from 5.40%, Cyprus Development Bank decreased to 4.80% from 5.16% (in August), and Bank of Cyprus reduced its rate to 5.19% from 5.32%.

Fixed-Term Deposit Rates

The average interest rate for new fixed-term deposits up to one year for households in Cyprus declined to 1.76% in October, from 1.98% in September. In comparison, the eurozone saw a drop to 2.74%, down from 2.97%.

The National Bank of Greece (Cyprus) recorded the highest rate at 2.48%, while the Bank of Cyprus had the lowest rate at 1.32%, a slight increase from 1.19%.

Eurobank Cyprus Ltd saw the largest decrease, with its rate falling to 2.07% from 2.83%.

For non-financial corporations, the average rate on fixed-term deposits up to one year rose to 2.19%, up from 2.14% in September. The eurozone average remained considerably higher at 3.06%, down from 3.28%.

Astrobank Public Co Ltd reported the most significant rise, with its rate increasing to 3.11% from 2.45%. In contrast, the Housing Finance Corporation had the lowest rate at 1.01%, a decrease from 1.74%.

Cyprus’ labour market is experiencing its most remarkable performance in 15 years, with unprecedented gains in job creation, employment growth, unemployment reduction, and wage increases. The driving force behind this achievement is a combination of targeted government initiatives and a resilient economy, according to Minister of Labour and Social Insurance, Yiannis Panayiotou.

Speaking at a press conference, Panayiotou attributed the success to a strategy focused on strengthening the workforce. “These positive developments lay a strong foundation for the future of the Cypriot economy,” he said.

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By The Numbers: Record-Breaking Growth

Data from the Cyprus Statistical Service shows new job openings surged by 15.4% in 2024, adding 14,339 positions — 3.2% of the total workforce. The number of employees grew by 1.4%, rising from 459,196 in 2023 to 465,459 in 2024. The employment rate now stands at an impressive 79.8%, which Panayiotou highlighted as “exceptionally high” for a European country.

The hotel and construction sectors drove much of this growth, reflecting Cyprus’ expanding tourism and infrastructure development.

Unemployment At Record Lows

Unemployment saw a steep decline, with the total number of unemployed dropping by 14.7%, from 29,661 in 2023 to 25,312 in 2024. The unemployment rate fell from 5.8% to 5.0%, a figure Panayiotou described as a sign of “full employment conditions.”

The number of registered unemployed fell by 14.3%, with 1,824 fewer people on the unemployment register. Long-term unemployment (six to twelve months) also declined by 29.7%, from 1,884 to 1,325.

Wage Growth Outpaces Expectations

Workers in Cyprus are earning more, too. Labour costs per hour worked rose by 4.5%, while average monthly earnings climbed by 5.3%, raising the average wage from €2,270 to €2,390.

Panayiotou underscored that wage increases are part of a broader push to create a “fairer and more inclusive economy,” aligned with government efforts to support workers across all sectors.

Strategic Moves For A Dynamic Labour Market

The Ministry of Labour is rolling out a series of employment support initiatives with a total budget of €15 million. These initiatives aim to connect the unemployed with job opportunities, promote youth employment, support older workers, increase women’s participation in the workforce, and create pathways for vulnerable groups.

The record-breaking performance of Cyprus’ labour market signals the growth of a labour force ready to meet the demands of a modern, globally connected economy. For investors, it highlights Cyprus’ stability as a business-friendly environment with a strong supply of skilled labour.

Donald Trump has been named Time magazine’s ‘Person of the Year’ for 2024, marking the second time he has received the prestigious title. The recognition follows his decisive victory in the U.S. presidential election, securing his return to the White House and reaffirming his profound influence on American and global affairs.

A Historic Comeback

Time’s editorial board cited Trump’s “historic comeback” as the key reason for his selection. His victory in the 2024 U.S. election, which Time describes as a “once-in-a-generation” shift, promises to reshape American politics and global economics. Trump’s calls for a more aggressive economic policy, including higher tariffs on foreign goods, signal major changes in international trade dynamics.

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Honouring The Most Influential Figure

The ‘Person of the Year’ title is awarded to the individual or group deemed to have had the most significant impact on global affairs “for good or for ill.” Trump’s impact on modern politics is undeniable. Time’s editor-in-chief, Sam Jacobs, wrote, “Since Trump first ran for president in 2015, perhaps no one else has played a greater role in changing politics and history.”

To mark the announcement, Trump is expected to ring the opening bell at the New York Stock Exchange. The event will be attended by several members of his family, including Ivanka Trump, making it a rare public appearance for the former senior adviser.

Other Contenders

Trump was chosen over a list of high-profile candidates, including his presidential rival Kamala Harris, Princess of Wales Kate Middleton, Israeli Prime Minister Benjamin Netanyahu, and billionaire Elon Musk. The selection echoes his first win in 2016, following his unexpected rise to the presidency that year.

The Power Of The Cover

Time’s ‘Person of the Year’ cover has long been a cultural milestone, highlighting figures who have had a profound impact on the world. While the selection is not always a president, U.S. election winners often grace the cover. Notable exceptions include Queen Elizabeth II in 1952 and the Apollo 8 astronauts in 1968. Trump’s obsession with the Time cover is well known, with replicas of a 2009 “Person of the Year” cover, which never existed, displayed in some of his golf clubs.

Trump’s first term was marked by controversy, including the chaotic early stages of the COVID-19 pandemic, mass protests, and the January 6 Capitol attack. His loss to Joe Biden in the 2020 election led many to believe his political career was over. However, his return to the presidency in 2024 represents a striking political resurrection. As Time’s analysis states, “If that moment was Trump’s apogee, today we are witnessing his apotheosis.”

The ‘Person of the Year’ honour has been awarded since 1927, recognising those who, for better or worse, have made a profound impact on the world. Past honorees have included activists, entrepreneurs, world leaders, and, on occasion, divisive figures. Trump’s second win places him in the company of U.S. presidents who have also received the title, including Franklin D. Roosevelt, Barack Obama, and Joe Biden.

Trump’s latest victory underscores his enduring influence on the political stage and positions him as a central figure in the unfolding narrative of American and global politics.

The latest “Monthly Economic Developments” bulletin from the Cyprus Statistical Service (CySTAT) highlights an upward trend in key economic indicators for the period between January and October 2024.

Growth In Production And Construction

Manufacturing output rose by 3.3% in the January-September 2024 period compared to the same timeframe in 2023, reflecting steady growth in the sector. Meanwhile, the construction sector saw a remarkable surge. The total area of approved building permits reached 1,627.5 thousand square meters during January-June 2024, a significant 46.5% increase over the corresponding period in 2023.

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Boost In Vehicle Registrations

Motor vehicle registrations also experienced notable growth. From January to October 2024, total vehicle registrations reached 42,930, marking an 11.5% increase compared to the same period in 2023. The rise was driven by a 15.8% increase in private saloon cars, which totalled 29,588 registrations, and a 34.2% increase in light truck registrations, which rose to 3,855.

Tourism Sector On The Rise

Tourism showed promising growth as well, with tourist arrivals hitting 3,727,196 from January to October 2024. This represents a 4.6% increase compared to the 3,562,417 arrivals recorded in the same period in 2023, signalling strong recovery and growth in the tourism industry.

Decline In Trade Figures

Not all indicators followed the upward trend. Total imports of goods fell by 12.3%, amounting to €9,758.1 million for January-October 2024. Exports also dropped, with total exports of goods reaching €3,383.7 million, reflecting a 5.3% decline compared to the previous year’s figures for the same period.

Inflation And Consumer Prices

The Consumer Price Index (CPI) recorded a modest increase of 1.8% during the January-October 2024 period, compared to the same timeframe in 2023. This rise points to a controlled inflationary environment amid broader economic changes.

CySTAT’s report underscores positive growth in key sectors such as manufacturing, construction, vehicle registrations, and tourism. However, it also highlights the challenges faced in trade, with declines in both imports and exports. Overall, the data presents a mixed but optimistic outlook for the Cypriot economy as it navigates the remainder of 2024.

Marina Makri, a distinguished Cypriot actress, has been selected as one of Europe’s most promising talents for 2025. Chosen by an international jury from the European Film Promotion (EFP) network, she will represent Cyprus in the prestigious Shooting Stars 2025 programme.

About The Shooting Stars Initiative

The European Film Promotion’s (EFP) Shooting Stars programme annually spotlights ten of Europe’s brightest emerging actors. These rising stars are given the chance to enhance their careers through exclusive meetings with industry professionals, including casting directors, talent agents, journalists, and key entertainment industry figures. The programme takes place during the Berlin International Film Festival, where the selected actors engage in international networking opportunities and media exposure.

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Makri’s Impressive Career And Achievements

Marina Makri is a multi-award-winning actress with an established career in theatre, cinema, and television. Her portfolio includes roles in successful local and international film productions, as well as appearances in acclaimed television series. She holds a master’s degree in Visual Culture and a degree in Art Theory, showcasing her deep-rooted passion for the arts.

Her exceptional talent was recently recognised at the Cyprus Film Days 2024 International Film Festival, where she received the Best Actress award from the festival’s international jury.

A Milestone For Cypriot Cinema

Makri’s selection for Shooting Stars 2025 is a significant milestone for Cypriot cinema. The Deputy Ministry of Culture’s Department of Contemporary Culture emphasised that this recognition highlights Cyprus’s growing influence in the global film industry. Cyprus has been actively participating in EFP programmes like Producers on the Move since 2018, working to showcase Cypriot talent on the international stage.

As Marina Makri prepares to take the stage at the Berlin International Film Festival, her story inspires hope for the future of Cypriot cinema, shining a light on the island’s growing cultural footprint in the world of film.

Elon Musk has made history, becoming the first individual to reach a net worth of $400 billion, according to Bloomberg. This milestone is largely driven by a significant surge in SpaceX’s valuation, now pegged at $350 billion following a $1.25 billion insider share purchase agreement. Musk’s fortune now positions him $140 billion ahead of Amazon’s founder Jeff Bezos, his closest rival. Although wealth rankings fluctuate, Musk’s commanding lead appears firmly in place.

Key Drivers Of Wealth Surge

The recent $20 billion increase in Musk’s fortune came largely from SpaceX’s valuation hike. Although the company’s finances are typically opaque, the deal underscores the growing confidence in SpaceX’s future.

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Musk’s post-election alliance with President-elect Donald Trump has also amplified his influence. His new role co-leading the “Department of Government Efficiency” (DOGE) with Vivek Ramaswamy is seen as a potential catalyst for deregulation, which could benefit Musk’s ventures.

Tesla’s stock hit a record high of $424.77, contributing to a 65% increase since Election Day. This stock surge, combined with the NASDAQ crossing 20,000, has been instrumental in Musk’s wealth spike. As Tesla’s largest shareholder, Musk directly benefits from these market gains.

Beyond SpaceX And Tesla

Musk’s xAI venture has doubled its valuation to $50 billion following a new funding round, reflecting the growing interest in AI technologies. Additionally, ventures like Neuralink, The Boring Company, and his ownership of X further bolster his wealth.

Musk’s $101 billion Tesla pay package, which faced legal scrutiny, remains part of Bloomberg’s wealth calculation. The package is now valued at $120 billion, due to the rising stock price of Tesla.

With continued growth in AI, electric vehicles, and space exploration, Musk’s wealth is on track to keep rising. The expanding valuations of his ventures and potential policy shifts could further fuel his financial ascent.

Malaysia has taken a bold step toward becoming a regional leader in artificial intelligence (AI) with the launch of its National AI Office. This new centralised agency aims to spearhead AI-related policies, oversee regulations, and accelerate the nation’s digital transformation.

A Major Milestone in Malaysia’s Digital Journey

Prime Minister Anwar Ibrahim called the establishment of the office a “historical moment” for Malaysia’s ongoing digital transformation. The office will be responsible for strategic planning, research and development, and regulatory oversight, according to official information shared on its website.

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As part of its ambitious agenda, the National AI Office has outlined seven key deliverables for its first year. These include:

• Developing a Code of Ethics for AI
• Creating an AI Regulatory Framework
• Designing a Five-Year AI Technology Action Plan (2025-2030)

These initiatives aim to position Malaysia as a pivotal hub for AI development in Southeast Asia.

Partnerships with Global Tech Giants

The launch also marked the announcement of strategic partnerships with six major technology companies, including Amazon, Google, and Microsoft. Over the past year, these global firms have committed to developing data centres, cloud infrastructure, and AI projects in Malaysia, reinforcing the country’s position as a destination for high-tech investment.

AI Driving Economic Growth

Digital ventures have significantly contributed to Malaysia’s economic growth. In 2024, the country’s information and communications sub-sector attracted 71.1 billion ringgit ($16.06 billion) in approved investments, according to Malaysia’s investment authority.

This influx of foreign direct investment (FDI) underscores the country’s growing status as a digital economy powerhouse. The establishment of the National AI Office is expected to further bolster investor confidence, promote innovation, and create a robust regulatory environment for the adoption of AI technologies.

With its strategic partnerships, clear regulatory goals, and a structured roadmap for AI development, Malaysia is positioning itself as a key player in Southeast Asia’s digital economy. By 2030, the country aims to be at the forefront of AI innovation, ensuring sustainable growth and technological leadership in the region.

This latest initiative highlights Malaysia’s forward-thinking approach to harnessing the potential of AI, attracting international investment, and establishing itself as a leader in the global AI landscape.

Cyprus remains one of the EU’s lowest spenders on research and development (R&D) as a share of GDP, despite recording gradual growth over the last decade. According to fresh data from Eurostat, Cyprus’s R&D intensity — the proportion of GDP dedicated to R&D — rose from 0.48% in 2013 to 0.68% in 2023.

While this increase signals progress, Cyprus still lags behind most of its European counterparts. Its R&D intensity remains well below the EU average of 2.2%, a figure that has stayed consistent since 2022.

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R&D Expenditure on the Rise

In monetary terms, Cyprus’s R&D spending reached €213.5 million in 2023, up from €207 million in 2022 and significantly higher than the €87.5 million recorded in 2013. The steady growth in expenditure highlights the country’s ongoing, albeit modest, efforts to support research and innovation.

Across the EU, R&D spending saw a 6.7% rise in 2023, reaching €381.4 billion, up from €357.4 billion the previous year. Compared to 2013, EU spending on R&D increased by 57.9%, reflecting the bloc’s broader push toward technological development and innovation.

Cyprus vs. the EU: A Stark Contrast

Although Cyprus has made progress, it still ranks among the EU’s five lowest performers in terms of R&D intensity. Other countries in this group include Romania (0.5%), Malta (0.6%), Bulgaria (0.8%), and Latvia (0.8%). In contrast, Sweden (3.6%) leads the bloc, followed by Belgium and Austria (3.3% each) and Germany and Finland (3.1% each).

From 2013 to 2023, R&D intensity increased in 19 EU countries. The largest gains were seen in Belgium (+1 percentage point), Poland (+0.7 pp), and Greece (+0.7 pp). Cyprus, with its +0.2 percentage point increase, made more modest progress in comparison.

Where Does EU R&D Funding Go?

In 2023, the EU’s R&D expenditure of €381.4 billion was largely driven by the business sector, which accounted for 66% of total spending (€253.1 billion). The higher education sector followed with 21% (€81.7 billion), while the government sector accounted for 11% (€41.0 billion). The non-profit sector had the smallest share at just 1% (€5.5 billion).

Cyprus’s R&D trajectory shows signs of growth, but the country faces a steep climb to catch up with the EU average. Despite a decade of incremental increases, Cyprus remains one of the bloc’s lowest spenders relative to GDP. With R&D playing a crucial role in driving technological advancement and economic competitiveness, the need for accelerated investment in this sector has never been more urgent.