In a strategic move to stay competitive in the global tech landscape, the European Union (EU) is set to invest €1.4 billion ($1.5 billion) in deep tech research in 2025. This significant funding boost will come from the European Innovation Council (EIC) as part of Horizon Europe, the EU’s flagship research and innovation program. 

This marks a notable increase of €200 million compared to the previous year’s budget, underlining the EU’s commitment to strengthening its tech capabilities. With this investment, European policymakers aim to narrow the gap with technological heavyweights like the United States and China. 

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The deep tech sector, which encompasses advanced fields like artificial intelligence (AI), quantum computing, and biotechnology, has been identified as essential for Europe’s economic revitalization. “The European Innovation Council has emerged as a game-changer in EU support to breakthrough innovation,” stated EU Commissioner Iliana Ivanova. She highlighted the council’s expanded role in channelling resources toward pioneering advancements in technology that could shape the future of Europe’s economy.

As the global tech race accelerates, the EU’s increased funding for deep tech initiatives reflects its resolve to position Europe as a leading hub for innovation and technological progress.

Cyprus’ export sector is experiencing a strong growth trajectory, according to Minister of Energy, Commerce, and Industry George Papanastasiou, who highlighted a significant 38% annual increase in exports for 2023. Speaking at the Annual General Meeting of the Paphos Chamber of Commerce and Industry, Papanastasiou noted that total Cypriot exports reached €4.7 billion in 2023, a substantial rise from €3.4 billion in 2022.

This consistent upward trend from 2021 to 2023 points to a robust expansion in Cyprus’ export activities. Despite global trade challenges, Papanastasiou emphasized that Cypriot exports are maintaining their positive momentum into 2024. He attributed part of this progress to the growing competitiveness of Cypriot industries, noting that exports of locally produced goods surged by 63%, reaching €2.36 billion compared to €1.45 billion over the same period.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The primary drivers of this growth are industrial products, particularly from the agricultural and manufacturing sectors. Greece, Lebanon, Israel, Germany, and the UK were identified as the top five destinations for Cypriot goods between 2021 and 2023.

The Commerce Minister further indicated that exports continued to rise in early 2024, with January-to-July figures showing a 4% year-on-year increase, bringing the export total to €1.22 billion. He emphasized that sustainable growth in exports relies on effective collaboration, open dialogue, and state support for business initiatives, which can foster economic benefits for both companies and the broader economy.

Papanastasiou also underscored the role of small and medium-sized enterprises (SMEs), which constitute the majority of businesses in Cyprus, as a fundamental part of the economy. In 2022, Cyprus had around 92,000 SMEs, with the manufacturing sector alone encompassing over 5,000 companies and employing more than 35,000 workers—about 8% of the country’s total employment.

Moreover, he recalled that the value of Cyprus’ industrial production amounts to €4.5 billion, with the sector contributing approximately 8.4% to Cyprus’ GDP, according to the 2023 statistics.

Novo Nordisk, the pharmaceutical company behind the popular diabetes and weight-loss drugs Ozempic and Wegovy, is actively working to limit compounded versions of these medications in the U.S. The company has petitioned the FDA to add semaglutide, Ozempic’s active ingredient, to the Demonstrably Difficult to Compound (DDC) list. If granted, this designation would bar compounding pharmacies from producing generic-like versions, effectively pushing patients toward FDA-approved products.

Novo Nordisk argues that the complexities involved in compounding semaglutide safely justify their request, citing patient safety concerns as the primary reason. Jamie Bennett, Novo Nordisk’s director of media relations, stressed that compounded versions of semaglutide carry risks of adverse effects due to dosing inconsistencies and quality issues. Although compounded drugs can legally bypass FDA approval when specific criteria are met—such as during drug shortages—the FDA has received reports of side effects associated with compounded semaglutide products.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The backdrop of this move is a broader tension between pharmaceutical companies and the compounding industry, particularly as telehealth providers capitalize on the high demand for GLP-1 drugs like Ozempic. Telehealth clinics and pharmacies often offer compounded versions at a fraction of the price, sometimes as low as $100 monthly compared to the brand-name cost of around $1,000. This market competition has prompted Novo Nordisk to file numerous lawsuits against companies selling compounded alternatives, alleging unfair competition and trademark infringement.

Novo Nordisk is not alone in this push to limit compounded alternatives. Following a similar pattern, Eli Lilly, the producer of tirzepatide (marketed as Mounjaro and Zepbound), also took action recently when the FDA initially declared a resolution to the drug’s shortage, leading to a halt in compounded tirzepatide production. However, this decision was met with resistance, and the FDA is now reassessing tirzepatide’s shortage status, allowing limited compounding to resume.

With semaglutide still listed as in shortage, the compounding industry continues to offer compounded alternatives. However, should this shortage end, compounding pharmacies may find themselves barred from producing these high-demand drugs, heightening the battle between brand-name pharmaceutical giants and independent compounding businesses.

China has launched a legal dispute against the European Union (EU) at the World Trade Organization (WTO) in response to the EU’s decision to raise import tariffs on Chinese electric vehicles (EVs). The case comes on the heels of an EU investigation that concluded Chinese carmakers benefit from state subsidies, giving them an unfair edge in the European market.

Key Details:

1. WTO Complaint: China’s filing marks its second WTO challenge over higher tariffs, with the complaint aiming to address the EU’s determination that Chinese EV manufacturers benefit from unfair government support.
2. Impact on Chinese Car Makers: The new EU tariffs range from 17% for BYD, 18.8% for Geely (Volvo’s parent company), to a significant 35.3% for SAIC Motor Corp, making it one of the most heavily affected companies.
3. WTO Dispute Timeline: Under WTO dispute settlement rules, China and the EU have 60 days to negotiate a resolution. If unresolved, the case may proceed to a WTO panel ruling. However, the WTO’s highest appellate body remains inactive due to a shortage of judges, potentially complicating the resolution process.

The heightened tariffs, which took effect on November 1, reflect growing trade friction between Brussels and Beijing. EU officials argue that China’s subsidies and access to inexpensive raw materials have granted Chinese EV companies excessive leverage over European competitors. In response, Brussels is exploring solutions, such as adjusting price commitments, to address these market imbalances while upholding WTO principles.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Negotiations between the EU and Chinese officials are expected to intensify in the coming weeks, with an EU delegation likely to travel to China to pursue a compromise. Both sides aim to foster fair market conditions while respecting WTO guidelines.

The Central Bank of Cyprus (CBC) has rolled out an ambitious 2025-2026 transformation strategy to bolster its role within the European financial landscape and adapt to modern economic, technological, and environmental challenges. Governor Christodoulos Patsalides emphasized the urgency of transformation, citing rapidly evolving global conditions and the need for the CBC to actively support both Cyprus and the broader European community.

The strategy introduces 76 targeted actions designed to foster long-term economic resilience and adaptability. Patsalides highlighted the need for a progressive approach that redefines the bank’s mission, strategic goals, and core values, envisioning a CBC that can meet the demands of today’s interconnected world.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Key Pillars of the CBC Strategy:

1. Fix the Bank: This foundational pillar addresses internal reorganization, emphasizing a structure that enables robust risk management, strengthened internal controls, and improved operational continuity.
2. Run the Bank: Focused on developing supervisory strategies, this pillar targets core responsibilities across the CBC, with initiatives to manage staffing, establish climate resilience frameworks, and set up a procurement division.
3. Change the Bank: The final pillar aims at modernizing governance, advancing human resources, and leveraging IT innovation. It also plans to establish a Research and Policy Development Center, fostering deeper expertise and influence in the bank’s areas of responsibility.

Each action is assigned a project lead with clearly defined timelines. By the end of 2024, 33 actions are set for completion, with another 20 scheduled for mid-2025. Regular progress will be tracked through a monthly dashboard, ensuring accountability and steady advancement.

The CBC’s new strategy positions it as a dynamic, responsive institution, aligned with Cyprus’s evolving economic role within Europe and committed to excellence, innovation, and transparency.

Shares of Amazon surged over 5% in after-hours trading on Thursday after the company reported stronger-than-expected third-quarter earnings. Amazon announced earnings per share of $1.43, alongside revenue reaching $158.9 billion, surpassing analyst projections of $1.14 per share and $157.2 billion in revenue, according to FactSet.

Key Financial Highlights

• North American Sales: Amazon’s North American segment recorded a 9% year-over-year sales increase, totalling $95.5 billion.
• AWS Growth: Amazon Web Services (AWS), the company’s cloud unit, posted $27.5 billion in revenue, marking a 19% rise compared to the same period last year.
• Stock Movement: Although Amazon’s stock initially fell over 3% on Thursday before earnings were released, it rebounded significantly in after-hours trading. So far, Amazon shares are up almost 24% year-to-date.

Background on Amazon’s Strategy

Amazon’s recent efforts include major cost-cutting moves, guided by CEO Andy Jassy, to streamline operations since 2022. This restructuring has led to over 27,000 layoffs and the closure of initiatives such as Amazon’s telehealth and same-day delivery services. Despite these reductions, Amazon is doubling down on other key areas, like a $52 billion investment in nuclear energy to support data centers in Virginia, Mississippi, and Ohio. The company is also moving forward with **Project Kuiper**, aiming to build a satellite network of 3,236 units to broaden internet access worldwide—a venture projected to involve over $10 billion in launch costs across five years, according to analysts from Wedbush Securities.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Amazon’s Market Reach

July’s Prime Day achieved “record-breaking sales,” while the introduction of Amazon’s AI-powered shopping assistant, **Rufus** was rolled out to U.S. customers last month. Notably, Amazon had slightly missed expectations in the previous quarter and cautioned that intense news cycles could distract customers—a factor cited by CFO Brian Olsavsky during the second-quarter earnings call. Despite these challenges, the company’s annual revenue is expected to remain strong.

Noteworthy Figures

Amazon’s market capitalization has reached $1.96 trillion, making it the fifth-largest company globally, trailing behind Apple, Nvidia, Microsoft, and Google. Meanwhile, Jeff Bezos, who served as Amazon’s CEO until 2021, holds a net worth of $204.1 billion, much of which is tied to Amazon’s stock. Market fluctuations ahead of Amazon’s earnings report momentarily decreased Bezos’ wealth by around $6 billion. Bezos ranks as the second-richest American, after Elon Musk, on the Forbes 400 list.

Toyota is intensifying its competition with Tesla through a substantial investment of over $3 billion in autonomous vehicle technology, in collaboration with Japanese telecom giant Nippon Telegraph and Telephone (NTT). Announced by Toyota CEO Koji Sato, this investment will focus on creating an AI-powered infrastructure and software platform designed to improve road safety and reduce traffic accidents.

Toyota and NTT will jointly invest $3.27 billion to build a robust AI-driven platform aimed at predicting and responding to traffic incidents, with implementation slated for 2028 and potential sharing with other companies. This AI-powered network is expected to enhance safety, making autonomous driving systems more adaptive to real-time traffic situations.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Background

Japanese companies, including Toyota and NTT, have been investing in autonomous technology for years, though they lag behind competitors like Tesla and BYD in developing software-defined vehicles. Toyota and NTT’s partnership began in 2017 with a focus on 5G applications for vehicles, expanding in 2020 to include a smart city project. By 2021, Toyota had also launched a specialized division dedicated to AI-driven autonomous driving technology.

Tesla, meanwhile, remains a prominent player in autonomous driving, having recently unveiled its robotic taxi and begun initial tests of a taxi service in the U.S. However, the timeline for mass production of Tesla’s robotic taxis remains uncertain.

In 2023, Toyota reported a revenue of $270.5 billion, while NTT’s revenue was approximately $97.4 billion last year. With this new venture, Toyota aims to close the gap in the autonomous driving race, positioning itself to make significant strides in the industry.

Restaurants, cafes, and bars in Cyprus experienced a strong October, with occupancy levels reaching 80 to 90 per cent, according to Neophytos Thrasyvoulou, president of the Federation of Leisure Centre Owners (Osika). He described October as a “very successful month” for the food service industry.

However, with winter approaching, Thrasyvoulou acknowledged potential challenges, especially with the impact of regional instability. “Visitor numbers have seen a slight drop in recent days,” he noted, though he hopes that occupancy levels will remain steady until mid-November. By early November, Thrasyvoulou expects visitor occupancy to hover around 50 to 60 per cent, after which the responsibility will lie with businesses to keep operating, with support from the Labour Ministry’s programme to extend the tourism season.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Reflecting on the earlier summer months of June and July, Thrasyvoulou highlighted that visitor numbers were initially lower than expected, largely due to Middle East tensions. The trend eventually improved, leading to a stronger second half of the season.

Despite rising costs, Thrasyvoulou urged business owners to maintain affordable pricing, aiming to keep dining accessible for both locals and tourists amid economic pressures.

Google is enhancing its applications with deeper integration of artificial intelligence, bringing new capabilities to its popular navigation platform, Google Maps. Leveraging the power of Gemini, Google’s advanced AI assistant, the updated Maps app offers a range of improvements aimed at enhancing the user experience.

A significant upgrade involves the Immersive View feature, which now allows users to search for locations using simple descriptions. Originally introduced in 2022, Immersive View has expanded to cover 150 additional cities, making it easier to explore destinations in detail.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Other enhancements include a more advanced navigation system that provides drivers with detailed route information, displays additional points of interest along the way, and alerts users to potential hazards caused by adverse weather conditions. Google’s Waze app, which also falls under its portfolio, is adding a voice-command feature that allows drivers to report accidents hands-free.

Additionally, Google is introducing an AI-powered review summarization tool. Using Gemini, this feature synthesizes user reviews and generates relevant insights in response to specific queries, offering a quicker way to get informed about locations.

These new features are currently available to Android and iOS users in the United States, with plans for a gradual rollout to more regions worldwide.

The Association of Cyprus Banks (ACB) recently shared an optimistic outlook for the nation’s economy, driven by the European Central Bank’s (ECB) ongoing interest rate reductions. ACB President Aristides Vourakis highlighted that the ECB’s cuts are already making an impact on Cyprus’ lending rates, creating a more favourable economic environment.

In a recent meeting with Cyprus’ Minister of Finance, Makis Keravnos, a delegation led by Vourakis discussed the achievements of the Cypriot banking system. Keravnos expressed satisfaction with the sector’s progress and acknowledged the banks’ active role in a new government scheme designed to subsidize loan interest rates for vulnerable homeowners who borrowed between 2022 and 2023. 

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Keravnos commented positively on the banking sector’s resilience: “I am pleased with the stability and high capital reserves of our banking system, which play a key role in supporting economic growth.”

Vourakis echoed this sentiment, noting the strong performance of the Cypriot economy, evidenced by capital market trends and credit ratings. He emphasized that the recent ECB interest rate cuts are beginning to be passed on to Cypriot borrowers, benefiting consumers and potentially bolstering business investment.

The ECB has already implemented a total of 0.75% in rate cuts across three separate adjustments, with further reductions anticipated over the coming months as inflation in the Eurozone declines. According to Vourakis, these additional cuts are expected to reflect in Cypriot lending rates within six to eight months, offering further relief to borrowers and supporting continued economic progress.