A discovery in the field of proteins earned the Nobel Prize in Chemistry. The discovery solves one of the most difficult problems in biology and could be used to create drugs and vaccines.  Honorees were David Baker and Demis Hassabis. Both work for London-based research lab Google DeepMind, a division of Google. Professor John Jumper also received part of the award.

KEY FACTS

• David Baker, Demis Hassabis and John Jumper have been awarded the 2024 Nobel Prize in Chemistry for their scientists’ research into the structure of proteins. The prize is worth SEK 11 million ($1.1 million).
• Demis Hassabis is one of the founders of DeepMind. John Jumper led the development of the protein prediction software AlphaFold, and David Baker is a professor at the University of Washington.
• Half of the prize was awarded to Baker “for computational protein design,” and the other half was split between Hassabis and Jumper “for protein structure prediction,” the academy said.
• Proteins are the building blocks of life and are found in every cell of the human body. The discovery solves one of the most difficult problems in biology and could be used to create drugs and vaccines. 
• This is the third prize awarded this year. Yesterday, the Nobel laureates in physics were announced, and the day before that, discoveries in medicine were honored.

IMPORTANT QUOTE

“The 2024 Nobel Prize in Chemistry is dedicated to proteins – the ingenious chemical weapons of life. David Baker has achieved the almost impossible feat of creating entirely new types of proteins. Demis Hassabis and John Jumper have developed an artificial intelligence model to solve a 50-year-old problem: predicting the complex structures of proteins. These discoveries have enormous potential,” the Nobel Committee said.

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KEY STORY 

The Nobel Prize for Medicine was awarded on Monday. The prize went to the discoverers of micro RNA and its role in gene regulation. Yesterday, the distinction for physics went to scientists who made discoveries that give more opportunities to machine learning. John Hopfield of Princeton University and Geoffrey Hinton of the University of Toronto were honored for their pioneering work on artificial neural networks, which underpin much of modern artificial intelligence.

Oil prices have been on a sharp upward trajectory in recent months, driven by a confluence of factors that are reshaping the global energy market. As the price of crude continues to rise, analysts have identified three primary factors fueling the rally: OPEC+ production cuts, geopolitical tensions, and rising global demand. These forces are creating a perfect storm, with significant implications for the global economy, energy security, and inflation.

1. OPEC+ Production Cuts

One of the most influential factors in the recent surge in oil prices has been the decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to implement further production cuts. To stabilise global oil markets and support higher prices, OPEC+ has strategically reduced output. These cuts have tightened global supply, causing prices to climb as demand outpaces available production. Saudi Arabia, the world’s largest oil exporter, and Russia, a key player in the alliance, have been at the forefront of these efforts, showing little indication of reversing course in the near future.

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The impact of these cuts has been immediate and profound, with oil prices reaching their highest levels in nearly a year. By limiting the availability of crude, OPEC+ has exerted significant control over the market, ensuring that prices remain elevated even as other global uncertainties persist. For countries heavily reliant on oil imports, this rise in prices is contributing to inflationary pressures, particularly in energy-dependent industries.

2. Geopolitical Tensions

Geopolitical risks have also played a crucial role in the recent oil price rally. Conflicts and instability in key oil-producing regions, such as the Middle East and Russia, have heightened concerns about the security of global oil supplies. The ongoing war in Ukraine continues to disrupt global trade routes and has led to sanctions on Russian oil exports, further reducing available supplies in Europe and beyond.

Additionally, tensions in the Middle East, particularly in countries like Iran and Saudi Arabia, are contributing to market volatility. Any escalation in these areas could lead to supply disruptions, further tightening the market and driving prices higher. For investors and businesses alike, the uncertainty surrounding geopolitical developments is adding a risk premium to oil prices, making energy markets increasingly difficult to predict.

3. Rising Global Demand

While supply constraints have dominated headlines, rising global demand for oil is equally responsible for the current price rally. As economies recover from the pandemic and industrial activity picks up, the energy demand has surged. This is particularly true in emerging markets, where economic growth is driving increased consumption of fuel for transportation, manufacturing, and electricity generation.

China, the world’s second-largest oil consumer, has seen a resurgence in demand as it navigates its economic recovery, further straining global supplies. In addition, seasonal factors such as the Northern Hemisphere’s winter months typically lead to increased demand for heating oil and fuel, putting further pressure on prices.

The Cyprus Securities and Exchange Commission (CySEC) has placed a significant focus this year on the financial education of children and adolescents as one of two key pillars of its activities for the 2024 World Investor Week.

Taking place from 7 to 14 October, World Investor Week is a week-long, global campaign promoted by the International Organisation of Securities Commissions (IOSCO). The second pillar also involves safeguarding and educating young people, with a specific focus on the social media realm and the growing impact of financial influencers, or “finfluencers.”

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As part of this educational initiative, CySEC’s activities include delivering lectures and distributing educational material in schools and universities in collaboration with the Ministry of Education, Sports, and Youth. CySEC is also engaging with parent associations in schools and has developed a series of lectures specifically for parents. A key element of this effort is the publication of a Parents’ Guide to Financial Education, which offers valuable information and practical advice to help parents understand and support their children with financial literacy.

The Parents’ Guide also contains a dedicated section for adolescents, who often manage larger sums of money, face more external influences and encounter greater risks, particularly in the online space.

Commenting on CySEC’s new initiative to support young people, CySEC Chairman, Dr. George Theocharides, emphasised that childhood and adolescence are critical periods for shaping financial behaviours and attitudes. He said, “Parents are essentially the first and most important teachers when it comes to imparting fundamental knowledge on managing money and integrating financial learning into everyday life. They can do this by discussing family financial matters with their children, using easy and enjoyable methods of learning in daily household activities, and, most importantly, by setting a good example.”

The Parents’ Guide highlights the advantages that financial literacy offers to children, including:

CySEC’s Officer A, in charge of the Financial Education Programme, Elena Karkoti, encouraged parents to engage in conversations with their children about family financial matters, such as income, salary deductions, fixed expenses (utility bills, loan payments, rent), and what the family budget entails. She said, “Children learn a lot by observing. When parents demonstrate good financial habits, such as budgeting, saving, and responsible spending, children are more likely to adopt these practices in their own lives.”

CySEC invites all interested parties to actively participate with their own initiatives during World Investor Week. More information about CySEC’s initiatives can be found on the Financial Education Portal.

Companies lose more than 5 per cent of their revenue each year to fraud, according to data from an international study by the Association of Certified Fraud Examiners (ACFE), presented by Chrystalla Kazara, vice president and director of training for the organization’s Cyprus office.

KEY FACTS

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• The study examined 1,921 real-life cases of job fraud from 138 countries.
• Kazara pointed out that the losses of companies from fraud annually amount to more than 3.1 billion dollars.
• She added that fraud cases are divided into three categories – embezzlement, corruption and misuse of financial statements. Embezzlement was the most common category, accounting for 89 % of cases in the Association of Certified Fraud Examiners survey, Kazara explained.
• According to her, during the coronavirus pandemic, there was a serious increase in losses from fraud by 24 %, with the biggest jump being marked by cases of corruption – 33 %, and in second place was fraud with financial statements. According to her, this is due to the compromise of the companies’ internal control systems.

TANGENT

Kazara pointed out that specifically for Eastern Europe, the most serious problems are due to corruption, which refers to 71 % of the cases in the study by the Association of Certified Fraud Examiners.

The study also indicates that more than half of the frauds are due to company employees. Kazara emphasized that if employees were trained in how to act on fraud, it would prevent a large number of cases.

Google needs to revamp its app store to give more options for Android users to transact through third-party apps directly. The decision comes against the background of the precedent set by the war between Epic Games – the creator of Fortnite – and Apple.

KEY FACTS

• Federal Judge Jaime Donato ruled that Google must open its app store to competitors and give Android users more choice when downloading them.
• In practice, this means that Google has to change the way it manages Google Play in the next three years.
• The company cannot force developers to use Google Play’s billing system while allowing them to notify their users of alternative payment methods.
• The court ordered Epic Games and Google to establish a three-person technical committee to implement and monitor the court order.
• The order will take effect from November 1.
• Following the decision, Alphabet shares closed down 2.5%, currently trading at $164.39.
• In response to the decision, Google said it would file an appeal, arguing that the changes would “undermine Android’s ability to compete with Apple’s iOS.”
• Epic Games described the decision as “big news”. The creator of Fortnite plans to launch its own store on Google Play in 2025.

IMPORTANT QUOTE

“Ultimately, while these changes likely satisfy Epic Games’ requirements, they will have a number of unintended consequences that will harm American consumers, developers, and device manufacturers,” Google said.

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KEY STORY

US-based developer Epic Games’ Fortnite is a game backed by the world’s largest game studio, the Chinese company Tencent. The game launched in 2017 and became an instant hit, attracting the interest of millions of players across the globe. 

However, in August 2020, Apple and Google removed Fortnite from their app stores because Epic Games violated their policy with its Epic Games Store payment service, which allows in-game purchases. The saga sparked a series of lawsuits.

However, under the Digital Markets Act that came into effect in March, Apple and Google had to allow Epic Games to operate freely. In August, Fortnite became available again for iPhone users in the EU.

September ended on a positive note in terms of passenger traffic at Larnaka and Pafos Airports. Last month, 1.4 million passengers travelled to and from Larnaka and Pafos airports, further contributing to the upward trend observed this year. Compared to September 2023, passenger traffic increased by 7%, and this September’s performance set an all-time record for the month.

For September, the top markets for Larnaka Airport were the United Kingdom, Greece, Israel, Poland, and Germany, while for Pafos Airport, the top markets were the United Kingdom, Greece, Poland, Israel, and France.

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The trend in passenger traffic has shown an upward trajectory over the past nine months. From January to September, a total of 9.5 million passengers travelled through both airports, representing a 5% increase compared to the same period last year.

In October, the flight schedule continues to hover at around 1,000 flights per week, and the data available for the winter season is very encouraging. Specifically, from November to March, an additional 300,000 seats have been added compared to the same period last year, which had already seen an increase.

The Director of Aviation Development, Marketing and Communication of Hermes Airports, Maria Kouroupi stated, “It is crucial to maintain the positive prospects for steady growth and to invest in the development of year-round connectivity, which will bring multiple benefits to our country.”

Cyprus’ Cow Farmers’ Coordination Committee and the Deputy Head of the EU Delegation in Cyprus, Nikolaos Isaris discussed during a meeting they had in Nicosia critical issues surrounding the production of halloumi cheese and the conditions imposed by European Regulation 591/2021, which registers halloumi as a Protected Designation of Origin (PDO).

According to the Regulation, the production of halloumi must be carried out under the same standards and conditions throughout Cyprus, regardless of the market destination. However, the farmers pointed out that the cheese produced in the Turkish-occupied territories of the island and bearing the name “Halloumi” does not abide by the PDO specifications, and therefore cannot bear the official name “Halloumi – Hellim”.

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During the meeting, the European Union’s position that the production of halloumi can be a bridge of cooperation between the two sides of Cyprus, helping to build a climate of mutual trust, was underlined. Therefore, it was proposed to find a common formula for the production of the product by both communities, and the EU’s assistance in this direction was requested.

The producers are asking the EU and the Republic of Cyprus for equal treatment of the dairy sector both in the government-controlled and occupied areas of the island, pointing out that the same conditions and criteria for the production of halloumi should be applied on both sides until a final solution is found and the reunification of the island is achieved.

At present, they say, there is unequal treatment between producers in the government-controlled and occupied areas. While producers in the occupied territories can trade halloumi without restrictions on the use of goat and sheep’s milk in third countries, producers in the government-controlled areas are subject to strict adherence to quotas on the milk mix and PDO specifications, regardless of the destination of the product. This, they argue, increases production costs and creates conditions of unfair competition.

Cypriot MP Christiana Erotokritou stressed the importance of public investments for Cyprus due to the disproportionate immigration and demographic pressures the country is facing and the adverse effects of climate change. 

Erotokritou who is the President of the Cyprus House  Finance and Budget Committee, intervened in Budapest during a meeting of the Inter-Parliamentary Conference on Stability, Economic Coordination and Governance in the European Union.

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In her intervention regarding Cyprus, she noted that the country is on a steady path of public debt reduction, maintaining healthy fiscal surpluses, however, it presents a large current account deficit.

She pointed out that the country-specific recommendations of the European Commission for Cyprus highlight the imperative need for full and timely implementation of the Recovery and Resilience Plan to reduce the country’s excessive dependence on oil and accelerate the completion of the necessary reforms and investments.

In this context, Erotokritou said it is important to have public investment for Cyprus due to the disproportionate immigration and demographic pressures the country is facing and the adverse effects of climate change.

Erotokritou stressed that the key challenge is to balance fiscal discipline and sustainable development, ensuring that fiscal responsibility, sustainable development and social cohesion go hand in hand and that the economic governance framework contributes to addressing current and emerging challenges of the EU and shaping a more hopeful future for all European citizens.

Deputy Minister of Research, Innovation and Digital Policy, Nicodemos Damianou, and  Minister of Education, Culture, Sports, Science and Technology of Japan, Toshiko Abe, signed a Memorandum of Cooperation aimed at strengthening relations between Cyprus and Japan in the fields of science and technology, both at the transnational and the European level, during an official visit Damianou paid to Kyoto.

According to a press release issued by the Deputy Ministry, the expansion of Cyprus-Japan relations in the fields of science and technology was the focus of Damianos’ official visit to Kyoto.

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In the framework of bilateral contacts with the Japanese Minister of Education, Culture, Sports, Science and Technology, a Memorandum of Cooperation was signed to strengthen relations between Cyprus and Japan in the fields of science and technology, both at the transnational and the European level, it is stated.

Specifically, the press relese added, the memorandum promotes, among other things, the joint implementation of research and innovation (R&I) projects on issues of common interest, the mobility of scientists and the exchange of know-how and expertise between the academic and research communities of the two countries.

In his remarks, the Deputy Minister, after congratulating the Japanese Minister on her recent appointment, referred to the importance of the Memorandum as a tool for transferring know-how from a mature ecosystem – such as that of Japan – to the emerging – but highly dynamic – ecosystem of Cyprus.

He also touched on the cooperation prospects within the European Framework Programme Horizon Europe, with Japan being already at an advanced stage of consultations with the European Union (EU) for joining the programme as an associate member.

The Deputy Minister, the statement added, also participated in a ministerial roundtable on Transformative science, technology and innovation policy to strengthen innovation ecosystems, which was attended by Ministers and senior officials from various countries around the world, including Japan, Canada, Qatar, Saudi Arabia, Egypt, Vietnam, the United Kingdom, Bulgaria, Romania, Estonia, Norway, Finland, Germany, Finland, Lithuania and the United Kingdom, with the participation of an EU representative.

As stated, the Summit was held in the context of the 21st Annual Meeting of the STS Forum, which brings together prominent political, business and academic figures to exchange views on strengthening the science and technology sectors and their impact on the global economy and society.

In his intervention, the Deputy Minister referred to Cyprus’ ascending performance in European and international R&D indicators, which puts the country for the third consecutive year in the top 10 strong innovators in Europe and 27th globally in terms of innovation (Global Innovation Index 2024), it is added.

Subsequently, the Deputy Minister stressed the need to create a favourable environment that encourages and facilitates innovation, underlining the importance of access to financial tools and skilled human resources, as well as providing incentives for investment in R&D.

Americans Victor Ambros and Gary Ravken won the Nobel Prize in Physiology or Medicine.

KEY FACTS

• The prize was awarded to them by the Royal Carolina Medical and Surgical Institute for the discovery of microRNA and its role in gene regulation announced the general secretary of the Nobel Committee, Thomas Perlman, quoted by BTA.
• This year, the monetary value of the prize is 11 million kroner (about US$985,000). It was shared between the two laureates.
• Victor Ambros was born in 1953 in Hanover, New Hampshire, USA. In 1979, he received his doctorate from the Massachusetts Institute of Technology (MIT), where he also conducted postdoctoral research from 1979 to 1985. In 1985, he became a principal investigator at Harvard University. In the period 1992-2007, he was a professor at the School of Medicine at Dartmouth College, and he is currently a professor of natural sciences at the University of Massachusetts Medical School.
• Gary Ravken was born in 1952 in Berkeley, California, USA. He received his PhD from Harvard University in 1982. From 1982 to 1985, he worked at the Massachusetts Institute of Technology (MIT). In 1985, he became a principal investigator at Massachusetts General Hospital and Harvard Medical School, where he is currently a professor of genetics.
• Last year, Catalin Carrico and Drew Wiseman won the Nobel Prize in Physiology or Medicine for their discoveries related to modifications of nucleotide bases that allowed the development of mRNA vaccines against COVID-19.

TANGENT

The first Nobel Prize in Physiology or Medicine was awarded in 1901 to Elim Adolf von Behring of Germany “for his work on serum therapy, especially for its application to diphtheria, thereby opening a new path for medical science and giving physicians a victorious remedy against sickness and death”.

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Among the more famous scientists who received the Nobel Prize for Physiology or Medicine are: Ivan P. Pavlov (Russia) /1904/, Robert Koch (Germany) /1905/, Alexander Fleming (Great Britain) /1945/, George Biddle (USA) , Edward Tatum (USA), Joshua Lederberg (USA) /1958/ and others.