Cyprus is poised to roll out a bold strategy to attract foreign investment while revitalising its industrial landscape, according to Energy, Trade, and Industry Minister George Papanastasiou. Speaking at a public consultation in Nicosia, the Minister outlined plans to streamline investment processes, strengthen domestic production, and expand the global footprint of Cypriot businesses.

The upcoming strategy includes the establishment of a specialized organization tasked with fast-tracking investment applications—a move designed to reduce red tape and boost investor confidence. Meanwhile, the Ministry’s comprehensive Policy Document for Industrial Competitiveness and Internationalisation (2025–2030) outlines a roadmap to modernize Cyprus’ industrial sector, making it more resilient, flexible, and internationally competitive.

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“This is about creating a holistic approach that elevates local production while giving Cypriot businesses the tools to thrive on the global stage,” Papanastasiou noted. He stressed the importance of aligning with the European Industrial Strategy and integrating recommendations from the Draghi Report to future-proof the nation’s economic landscape.

While Cyprus boasts strengths such as an attractive tax framework, EU membership, and a highly educated workforce, challenges like soaring energy costs, licensing delays, and an over-reliance on raw material imports remain hurdles. Papanastasiou acknowledged these weaknesses, emphasizing that fixing bottlenecks in the permitting process and reining in operational costs are key priorities.

Rebranding Cypriot exports under the “Cyprus-made” label is also a cornerstone of the plan, with targeted trade missions abroad playing a pivotal role in enhancing global recognition. “We need to diversify our offerings and sharpen our competitive edge,” Papanastasiou said.

The Policy Document highlights four core pillars: prioritizing strategic sectors, fostering sustainability, advancing innovation and technology, and equipping the workforce with future-ready skills. These initiatives aim to bridge gaps in the business ecosystem and position Cyprus as a hub for industrial excellence.

The Ministry has set a February deadline to finalize its Action Plan, which will include prioritized measures to reinforce the nation’s export capabilities and bolster its industrial ecosystem. Once approved by the Council of Ministers, the strategy is expected to catalyze sustainable economic growth and secure Cyprus’ position in the competitive global market.

“Cyprus has a unique opportunity to redefine its industrial identity,” Papanastasiou concluded. “By leveraging our strengths and addressing our weaknesses, we can ensure a prosperous and globally connected future.”

Business leaders globally are navigating a paradox. While confident in their current IT systems, many question their readiness for future risks and transformative technologies. The 2024 Kyndryl Readiness Report, informed by insights from 3,200 leaders and exclusive data from Kyndryl Bridge, highlights this tension.

A Confidence Gap In Risk Preparedness

The report reveals that while 90% of leaders view their IT infrastructure as best-in-class, only 39% feel adequately equipped to handle emerging risks. Cybersecurity remains the top concern, followed by policy shifts and environmental disruptions. Just 29% of leaders feel ready to face multiple external risks simultaneously.

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Outdated Systems And Tech Paradoxes

Despite optimism around current systems, 44% of servers, networks, and operating systems are nearing or at the end of their lifecycle. This aging infrastructure poses a significant challenge, with 61% of leaders concerned about the ability of their IT systems to support future needs.

Modernization: A Priority With Barriers

Tech modernization is a universal priority, with 94% of executives ranking it as critical. However, progress is uneven. Over half (56%) are mid-transition, while 16% are just starting out. The journey is hindered by complexity, competing priorities, and the challenge of balancing immediate needs with long-term goals.

The AI Conundrum

Artificial intelligence investments are widespread, with businesses embracing both traditional and generative AI. Yet only 42% report a positive return on these investments. Furthermore, while 86% consider their AI implementation top-tier, 71% doubt their IT’s readiness to fully integrate AI solutions.

The Rewards Of Modernisation

Businesses that succeed in modernizing their tech report significant benefits:

• 85% saw increased operational efficiency.
• 71% achieved improved innovation.
• 60% noted enhanced employee or customer experiences.

Conclusion

The 2024 Kyndryl Readiness Report paints a complex picture: while confidence in current IT systems is high, the readiness to confront future risks and seize technological opportunities is lagging. This gap highlights the urgent need for businesses to accelerate their tech modernization efforts, simplify processes, and bridge the disconnect between innovation and operational priorities. Leaders who successfully navigate these challenges will not only future-proof their organizations but also unlock significant competitive advantages, from greater efficiency and innovation to improved customer and employee experiences. 

The message is clear—modernization is no longer optional; it’s the cornerstone of sustainable growth and resilience in an unpredictable world.

The construction sector in Cyprus saw an 8.6% annual increase in building permits issued during the first eight months of 2024, according to the Statistical Service of Cyprus. However, August 2024 recorded a sharp 59.3% drop compared to the same month last year, primarily due to technical challenges with the new “Ippodamos” information system.

In August alone, 183 building permits were authorized, down from 450 in August 2023. These permits accounted for a total value of €87.4 million and a construction area of 66,200 square meters, paving the way for 323 housing units.

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Growth In The First Eight Months

Between January and August 2024, 5,062 building permits were issued, up from 4,662 in the same period in 2023. This represents a 16.3% increase in total value and an 18% rise in total construction area. The number of housing units also climbed by 16.2%, underscoring the sector’s robust performance.

August Decline Explained

The significant drop in August permits stems from the recent transition of authority for issuing permits. As of July 1, 2024, responsibility shifted from municipalities and district administration offices to newly established Local Government Organisations (LGOs). This change, coupled with operational issues in the “Ippodamos” system, led to delays in permit processing.

Despite these temporary setbacks, the overall rise in permits reflects steady growth in Cyprus’s construction sector, reinforcing its importance as a pillar of the national economy.

The Cypriot real estate sector maintained its role as a key contributor to the economy in 2024, achieving figures close to those of 2023 despite significant challenges, according to the Real Estate Agents Registration Council.

A total of 19,155 property transfers, valued at €4.3 billion, were completed nationwide, alongside 15,797 filed sales documents. Year-on-year, sales documents increased by 1.5%, and transfers rose by 1.8%, though the total value of transfers fell by 2.3%.

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The sector faced hurdles including reduced purchasing power, high lending rates, soaring construction material costs due to geopolitical instability, and persistently high property prices, the council noted.

Regional Performance

• Limassol led in sales documents (5,032), though it ranked second in property transfers (5,054). The city recorded the highest transfer value at €1.5 billion, despite declines of 1.2% in sales documents, 5.8% in transfer volume, and 6.3% in transfer value compared to 2023.
  
• Nicosia, defined by its long-term market stability, had the highest number of property transfers (5,395) but ranked third in value at €950 million. Sales grew by 13.6%, with transfer volumes and values increasing by 5.8% and 1.4%, respectively.
  
• Paphos showed a mixed picture: sales dropped by 7.9%, but transfer volumes rose by 12% and values surged by 21.7%, reaching €983 million.
  
• Larnaka saw 3,775 transfers worth €637 million, with sales increasing by 5.4%. However, transfer volumes dipped by 1.7%, and values fell by 13%.
  
• Famagusta faced notable declines in sales documents (down 4.5%) and transfer values (down 19%), which totaled €214 million. However, transfer volumes rose by 3.8%, reaching 1,204.
  

Despite these regional fluctuations, the sector’s resilience underscores its importance to Cyprus’s economic stability amid challenging market conditions.

A cutting-edge project hosted by the University of Cyprus, aimed at enhancing the security of water distribution systems, is among 134 initiatives selected for funding under the European Research Council’s 2024 Proof of Concept grants. These grants, totaling €20 million, will support innovative projects from EU member states and Horizon Europe participants.

The Cypriot project, titled WaterSAFE: An Integrated Cyber-Physical Security Solution for Water Distribution Systems, has been awarded €150,000. This funding will help bridge the gap between scientific research and practical application, advancing the development of robust solutions for water system security.

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The Proof of Concept program empowers researchers to validate the practical feasibility of their ideas, assess commercial potential, and prepare for patent applications. It plays a critical role in transitioning scientific breakthroughs into market-ready technologies.

Selected projects span a range of fields, including autonomous satellite navigation, food fraud prevention, cancer drug repurposing, and improved treatments for life-threatening diseases.

This year’s grantees represent 20 countries across Europe. Germany, Italy, and the Netherlands lead with 15 projects each, followed by Spain and the UK (14 each), and Israel (12). Cyprus secured one grant, standing alongside nations such as Croatia, Poland, and Portugal.

The WaterSAFE project’s inclusion highlights Cyprus’s growing contribution to innovative, globally relevant research initiatives.

According to the latest data from Eurostat, the European Union’s statistical agency, 16.9% of Cypriots were unable to adequately warm their homes in 2023, significantly higher than the EU average of 10.6%.

While the percentage marks an improvement for Cyprus—down 2.3 percentage points from 19.2% in 2022—it contrasts with a rising trend across the EU, where the average increased by 1.3 percentage points from 9.3% the previous year.

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Spain and Portugal topped the list of countries with the highest proportion of residents struggling to heat their homes, both at 20.8%, closely followed by Bulgaria (20.7%), Lithuania (20.0%), and Greece (19.2%).

On the other end of the spectrum, Luxembourg reported the lowest share of residents facing this issue at just 2.1%, with Finland (2.6%), Slovenia (3.6%), Austria (3.9%), and Estonia (4.1%) also ranking among the least affected nations.

Despite overall economic recovery efforts, the data highlights the persistent challenge of energy affordability in some parts of Europe, particularly in Southern and Eastern regions.

The Academy announced nominations for the upcoming Oscars Thursday morning, with the Spanish-language, French-produced crime musical “Emilia Pérez” leading with 13 nominations, the most ever for a non-English movie, with “The Brutalist” and “Wicked” right behind.

Key Facts

• “Emilia Pérez” is just one nomination short of the most-ever nominations for a film, narrowly missing the record of 14 nominations earned by “La La Land” (2016), “Titanic” (1997) and “All About Eve” (1950).
• Among the 10 nominations for “Wicked” are nominations for Cynthia Erivo in the lead actress category and Ariana Grande in supporting actress.
• Other leading nominees include “A Complete Unknown” and “Conclave” with eight, followed by “Anora” with six.

Oscar Nominations For Best Picture

• “Anora”
• “The Brutalist”
• “A Complete Unknown”
• “Conclave”
• “Dune: Part Two”
• “Emilia Pérez”
• “I’m Still Here”
• “Nickel Boys”
• “The Substance”
• “Wicked”

Oscar Nominations For Best Director

• Sean Baker, “Anora”
• Brady Corbet, “The Brutalist”
• James Mangold, “A Complete Unknown”
• Jacques Audiard, “Emilia Pérez”
• Coralie Fargeat, “The Substance”

Oscar Nominations For Best Actress

• Cynthia Erivo, “Wicked”
• Karla Sofia Gascon, “Emilia Pérez”
• Mikey Madison, “Anora”
• Demi Moore, “The Substance”
• Fernanda Torres, “I’m Still Here”

Oscar Nominations For Best Actor

• Adrien Brody, “The Brutalist”
• Timothée Chalamet, “A Complete Unknown”
• Colman Domingo, “Sing Sing”
• Ralph Fiennes, “Conclave”
• Sebastian Stan, “The Apprentice”

Oscar Nominations For Best Supporting Actress

• Monica Barbaro, “A Complete Unkown”
• Ariana Grande, “Wicked”
• Felicity Jones, “The Brutalist”
• Isabella Rossellini, “Conclave”
• Zoe Saldaña, “Emilia Pérez”

Oscar Nominations For Best Supporting Actor

• Yura Borisov, “Anora”
• Kieran Culkin, “A Real Pain”
• Edward Norton, “A Complete Unknown”
• Guy Pearce, “The Brutalist”
• Jeremy Strong, “The Apprentice”

Oscar Nominations For Best Original Screenplay

• “Anora”
• “The Brutalist”
• “A Real Pain”
• “September 5”
• “The Substance”

Oscar Nominations For Best Adapted Screenplay

• “A Complete Unknown”
• “Conclave”
• “Emilia Pérez”
• “Nickel Boys”
• “Sing Sing”

Oscar Nominations For Best Animated Feature

• “Flow”
• “Inside Out 2”
• “Memoir of a Snail”
• “Wallace & Gromit: Vengeance Most Fowl”
• “The Wild Robot”

Oscar Nominations For Best Production Design

• “The Brutalist”
• “Conclave”
• “Dune: Part Two”
• “Nosferatu”
• “Wicked”

Oscar Nominations For Best Costume Design

• “A Complete Unknown”
• “Conclave”
• “Gladiator II”
• “Nosferatu”
• “Wicked”

Oscar Nominations For Best Cinematography

• “The Brutalist”
• “Dune: Part Two”
• “Emilia Pérez”
• “Maria”
• “Nosferatu”

Oscar Nominations For Best Editing

• “Anora”
• “The Brutalist”
• “Conclave”
• “Emilia Pérez”
• “Wicked”

Oscar Nominations For Best Makeup And Hairstyling

• “A Different Man”
• “Emilia Pérez”
• “Nosferatu”
• “The Substance”
• “Wicked”

Oscar Nominations For Best Sound

• “A Complete Unknown”
• “Dune: Part Two”
• “Emilia Pérez”
• “Wicked”
• “The Wild Robot”

Oscar Nominations For Best Visual Effects

• “Alien: Romulus”
• “Better Man”
• “Dune: Part Two”
• “Kingdom of the Planet of the Apes”
• “Wicked”

Oscar Nominations For Best Original Score

• “The Brutalist”
• “Conclave”
• “Emilia Pérez”
• “Wicked”
• “The Wild Robot”

Oscar Nominations For Best Original Song

• “El Mal” (”Emilia Pérez”)
• “The Journey (”The Six Triple Eight”)
• “Like A Bird” (”Sing Sing”)
• “Mi Camino” (”Emilia Pérez”)
• “Never Too Late” (”Elton John: Never Too Late”)

Oscar Nominations For Best Documentary Feature

• “Black Box Diaries”
• “No Other Land”
• “Porcelain War”
• “Soundtrack to a Coup D’Etat”
• “Sugarcane”

Oscar Nominations For Best International Feature

• “I’m Still Here,” Brazil
• “The Girl with the Needle,” Denmark
• “Emilia Pérez,” France
• “The Seed of the Sacred Fig,” Germany
• “Flow,” Latvia

Oscar Nominations For Best Animated Short

• “Beautiful Men”
• “In The Shadow Of The Cypress”
• “Magic Candies”
• “Wander To Wonder”
• “Yuck!”

Oscar Nominations For Best Documentary Short

• “Death By Numbers”
• “I Am Ready, Warden”
• “Incident”
• “Instruments of a Beating Heart”
• “The Only Girl in the Orchestra”

Oscar Nominations For Best Live-Action Short

• “A Lien”
• “Anuja”
• “I’m Not A Robot”
• “The Last Ranger”
• “The Man Who Could Not Remain Silent”

When Do The Oscars Take Place?

The Academy Awards will air March 2 at 7 p.m. EST on ABC and Hulu. Conan O’Brien will host the ceremony for the first time.

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What’s Next On The Awards Calendar?

A few major awards ceremonies still have to take place before the Oscars, including the Critics Choice Awards, which was delayed to Feb. 7 from its originally planned date of Jan. 12 because of the Los Angeles fires. Other upcoming awards ceremonies include the Screen Actors Guild Awards and British Academy Film Awards, both of which have membership overlap with the Academy Awards and could indicate who might win Oscars come March. The SAG Awards air Feb. 23 on Netflix, and the BAFTAs air in the United Kingdom on Feb. 16.

Key Background

The lethal Los Angeles wildfires caused the Oscars nominations announcement to be delayed twice, and the voting period was extended by several days. The deadly fires, which ravaged the Pacific Palisades neighborhood, impacted many celebrities, some of whom lost homes—including Eugene Levy, Mel Gibson, Billy Crystal and Anthony Hopkins—and caused many Los Angeles-based film and television productions to be paused. Some celebrities, including Jean Smart and Stephen King, called for the Oscars to be canceled because of the wildfires, though The Hollywood Reporter cited unnamed Academy sources last week stating the ceremony will still happen.

Tangent

Two of the biggest Best Picture contenders—”The Brutalist” and “Emilia Pérez”—stirred controversy over the weekend for their use of artificial intelligence. “The Brutalist” editor Dávid Jancsó said in an interview with Red Shark News, a video technology publication, that the editors used AI to tweak the actors’ Hungarian line deliveries to make them sound more like native speakers. In a statement Monday, director Brady Corbet said the AI technology was used for “Hungarian language dialogue editing only, specifically to refine certain vowels and letters for accuracy,” adding the actors’ performances are “completely their own” and they worked for months with a dialect coach. Cyril Holtz, sound mixer for “Emilia Pérez,” had said in an interview in May at the Cannes Film Festival, which recently resurfaced on social media, that the film employed AI to alter Gascon’s vocal range. The use of AI in film production is controversial and was central to both the actors’ and writers’ strikes in 2023.

On January 20, 2025, the first day of his second term, the 47th President of the United States Donald Trump signed an executive order withdrawing the U.S. from the Paris Agreement. In response to this move, Michael Bloomberg’s philanthropic organization has once again stepped in to ensure the nation’s global climate commitments are upheld. 

Bloomberg Philanthropies announced on Thursday its plans to bridge the financial and reporting gaps left by the U.S. government, supporting the United Nations Framework Convention on Climate Change (UNFCCC) and maintaining momentum in the fight against climate change.

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Commitment To Climate Action

In a statement, Bloomberg, who serves as the UN Secretary-General’s Special Envoy on Climate Ambition and Solutions, reaffirmed his organization’s dedication to bridging the gap created by the U.S. withdrawal. “During prior periods of federal inaction, cities, states, businesses, and individuals rose to meet the challenge of upholding our nation’s commitments—and we’re prepared to do it again,” Bloomberg stated.

Bloomberg Philanthropies, along with other American climate financiers, will ensure the U.S. remains engaged in global climate efforts. This includes providing funding to the UNFCCC and maintaining the reporting standards required under the Paris Agreement.

This marks the second time Bloomberg Philanthropies has taken on this role. The organization previously stepped up in 2017, during Donald Trump’s presidency, when the administration also opted out of the Paris Agreement.

Driving Change At Multiple Levels

Bloomberg Philanthropies has been instrumental in empowering local leaders, equipping businesses with tools to monitor emissions, and fostering collaborations across public and private sectors. Bloomberg emphasized the importance of philanthropy in sustaining climate progress, particularly when federal action falters.

By The Numbers

• The U.S. typically provides 22% of the UNFCCC secretariat’s budget, a contribution Bloomberg Philanthropies will help replace.
• The UNFCCC’s operating costs for 2024–2025 are projected to total $91.9 million (€88.4 million).

Bloomberg’s Wealth And Influence

Ranked 16th on Forbes’ Real-Time Billionaires List, Michael Bloomberg boasts a net worth of $104.7 billion as of January 23, 2025. His financial power continues to play a pivotal role in supporting global climate ambitions, even as the federal government steps back from its responsibilities.

By stepping in to fill this leadership void, Bloomberg underscores how private entities can drive meaningful change on a global scale, even in the absence of federal support.

As life satisfaction levels fluctuate across Europe, Cyprus stands out with a notable increase in its citizens’ happiness scores. With a rise from 6.2 to 7.5 over the past decade, Cypriots are now among the happiest in the European Union. But are they the most satisfied? This article takes a closer look at the countries leading the life satisfaction rankings, including the surprising trends in Cyprus and Greece, as well as the challenges faced by traditionally high-ranking nations like Denmark and Sweden.

Happiest Countries In The EU

Finland leads the pack with a score of 7.8, followed by Belgium, Austria, Romania, and Slovenia, each with a score of 7.7. These countries consistently top the life satisfaction rankings, with strong social welfare systems, high-quality healthcare, and good work-life balance contributing to their citizens’ well-being.

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Countries With Declining Satisfaction

Denmark and Sweden, historically known for their high levels of happiness, have seen noticeable drops in satisfaction. Denmark’s score decreased from 8.0 to 7.5, and Sweden dropped from 7.9 to 7.5 over the past decade, reflecting growing concerns about societal pressures and changing economic conditions.

Countries With Rising Satisfaction

In contrast, Cyprus and Greece stand out for their improvements in life satisfaction. Cyprus has made a remarkable jump, increasing from 6.2 to 7.5, while Greece has risen from 6.2 to 6.9. This uptick can be attributed to economic recovery and an improvement in quality of life over recent years.

The Least Satisfied: Bulgaria

Bulgaria ranks at the bottom of the list with a score of 5.9, making it the least happy country in the EU. However, even Bulgaria has seen some improvement, increasing from 4.8 to 5.9 in the past decade.

While the life satisfaction survey focused on a simple 0-10 scale, the EU is working towards a more nuanced definition of happiness, moving beyond GDP measures. The European Commission has identified “8+1” criteria to better define the quality of life, which includes material living conditions, employment quality, health, education, leisure, social interactions, safety, governance, and the overall life experience.

The European Union has reached a new milestone, with a record 47% of its electricity generated from solar power and other renewable sources in 2024. This marks a significant step forward in the EU’s clean energy transition, further widening the gap between the bloc’s ambitious sustainability goals and the new U.S. administration’s increased focus on fossil fuels, according to the Associated Press.

Key Facts

Nearly 75% of the EU’s electricity is now produced without emitting greenhouse gases, with another 24% coming from nuclear power, according to a report by energy think tank Ember. This stands in stark contrast to countries like the U.S. and China, where around two-thirds of electricity is still derived from fossil fuels such as coal, oil, and gas.

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Experts are particularly encouraged by the EU’s progress in reducing fossil fuel use, especially as the U.S. appears poised to increase emissions under its new president. The administration has promised to lower gas prices, halt leases for wind projects, and roll back Biden-era incentives for electric vehicles.

Important Quote

“Fossil fuels are losing their influence on the EU’s energy mix. In 2024, solar will generate 11% of the EU’s electricity, surpassing coal, which has fallen below 10% for the first time. Clean wind power generated more electricity than gas for the second year in a row,” said Chris Roslow, an energy expert at Ember.

Tactical Insights

While 2024 data isn’t available for all countries, Ember’s data for 2023 shows that Brazil leads the world in renewable electricity, with nearly 89% of its energy coming from renewable sources, primarily hydroelectric power. Other leading countries include Canada at 66.5%, China at 30.6%, France at 26.5%, the U.S. at 22.7%, and India at 19.5%.