ASBISc Enterprises Plc said this week that estimated consolidated revenue for June climbed to approximately $649 million, up about 74% from the same month a year earlier, in a trading update from the Cyprus-based IT distributor.

Monthly Disclosure Reflects A New Reporting Approach

The board said the estimate was released following its decision to begin disclosing monthly consolidated revenue information, in line with a previous report. The move gives investors a more frequent view of the company’s trading performance and adds a new layer of transparency to its reporting.

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Revenue Growth Points To Stronger Trading Momentum

The June 2026 estimate compares with approximately $374 million in June 2025, highlighting a sharp year-on-year increase. While the company noted that the figure is based on its best estimate and may differ slightly from the final data, the update suggests solid operating momentum heading into the second half of the year.

Cyprus and India are looking to turn closer political ties into stronger commercial cooperation in the maritime sector, with Shipping Deputy Minister Marina Hadjimanolis preparing an official visit to India alongside a delegation of Cypriot shipping companies.

From Diplomatic Momentum To Commercial Action

Hadjimanolis met India’s High Commissioner to Cyprus, Manish Manish, on Tuesday to discuss the upcoming mission and opportunities to expand cooperation between companies from both countries.

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According to the Shipping Deputy Ministry, the visit will focus on business-to-business meetings, giving Cypriot maritime companies direct access to potential Indian partners and new commercial opportunities.

Joint Maritime Framework Takes Shape

The two officials also discussed the implementation of the Bilateral Agreement on Merchant Shipping and preparations for the first Cyprus–India Joint Maritime Committee, which is expected to provide a structured platform for cooperation between the two governments and their maritime industries.

The agreement was signed during former president Nicos Anastasiades’ state visit to India in April 2017 and covers cooperation in merchant shipping and maritime transport.

Strategic Partnership Lays The Groundwork

Tuesday’s meeting followed President Nikos Christodoulides’ state visit to India from May 20 to 23, during which Cyprus and India elevated their relationship to a strategic partnership.

During talks with Indian Prime Minister Narendra Modi, the two sides identified shipping as a key area for strengthening trade and connectivity between the Indo-Pacific and Europe.

They also agreed to establish a joint task force to advance cooperation in shipping, infrastructure and maritime security.

Why The Opportunity Matters

The planned mission aims to translate those commitments into commercial partnerships.

Cyprus is positioning itself as a gateway to the European market for Indian companies through its EU membership and established shipping sector. India, in turn, offers Cypriot maritime businesses access to one of the world’s largest shipping markets, supported by an extensive network of ports, shipbuilding, logistics and seafarer services.

Cyprus recorded one of the largest annual reductions in government debt across the European Union in the first quarter of 2026, even as debt ratios increased across both the euro area and the bloc, according to Eurostat data released on Tuesday.

The country’s general government gross debt stood at 54.6% of gross domestic product at the end of March, down from 55% in the previous quarter and 62% a year earlier. In absolute terms, government debt edged up slightly to €20.09 billion from €20.08 billion at the end of 2025.

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One Of The EU’s Largest Annual Declines

Cyprus’ debt-to-GDP ratio fell by 7.4 percentage points compared with the first quarter of 2025, marking the second-largest annual decline in the EU behind Greece, where the ratio dropped by 9.4 percentage points.

Debt Ratios Rise Across Europe

The euro area debt ratio increased to 88.9% of GDP at the end of the first quarter from 87.7% in the previous three months, while the EU ratio rose to 82.9% from 81.8%.

Compared with a year earlier, debt levels also increased across both regions, rising from 87.2% to 88.9% in the euro area and from 81.4% to 82.9% across the EU.

Debt Composition

Debt securities remained the largest source of government borrowing, accounting for 84.3% of total debt in the euro area and 83.6% in the EU. Loans represented 13.2% and 13.9%, respectively, while currency and deposits accounted for 2.5% in both regions.

Highest And Lowest Debt Levels

Greece continued to record the highest debt-to-GDP ratio in the EU at 143.5%, followed by Italy (138.9%), France (117.6%), Belgium (109.1%) and Spain (101.6%).

Estonia had the lowest ratio at 25.2%, ahead of Denmark (26.8%), Bulgaria (28.5%) and Luxembourg (29.2%).

Quarterly And Annual Changes

Compared with the final quarter of 2025, debt ratios increased in 17 EU member states and declined in eight. The largest quarterly increases were recorded in Hungary, Lithuania and Luxembourg, while Greece posted the biggest decline, followed by Bulgaria, the Netherlands and Slovenia.

On an annual basis, 19 member states reported higher debt ratios than a year earlier, while eight recorded declines. Finland, Bulgaria, Poland, Romania and France saw the largest increases.

Cyprus posted the EU’s second-largest annual reduction in government debt relative to GDP, behind only Greece.

The PwC Foundation broadened its contribution to education, entrepreneurship and community support during the 2026 financial year, with PwC Cyprus advancing a series of initiatives designed to create measurable social impact across the island.

Guided by PwC’s broader purpose of building trust in society and addressing long-term challenges, the foundation concentrated its efforts on three strategic pillars: education and culture, youth entrepreneurship, and community support through its Offering Our Hearts & Minds programme.

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Education And Skills Remain A Core Priority

Education remained one of the foundation’s main areas of focus throughout FY26.

Fourteen scholarships were awarded to high-performing students at the University of Cyprus and the Cyprus University of Technology, with both academic achievement and financial need taken into account. PwC Cyprus also continued to support initiatives, including Girls in STEAM and TechWeCan, helping students develop science, technology, and digital skills.

Financial literacy formed another key part of the programme. During Global Money Week, PwC volunteers visited 10 public schools, delivering financial education sessions to 28 classrooms and nearly 300 primary, secondary and lyceum students.

Additional initiatives included a partnership with the Cyprus Institute of Marketing, the Beyond the Workforce of Today programme and continued support for the Pharos Arts Foundation.

Backing The Next Generation Of Entrepreneurs

Youth entrepreneurship remained another major focus, with the PwC Foundation continuing its strategic partnerships with Junior Achievement Cyprus, the University of Cyprus and Cyprus Seeds.

Students gained hands-on business experience through the Company Programme, while the Our Community initiative introduced younger participants to civic engagement and community projects.

Among the year’s highlights, HerShield from St Mary’s School in Limassol represented Cyprus at the JA Europe competition in Riga, finishing third in the JA Europe Company of the Year 2026 category among teams from more than 40 countries.

Support also included the Innovation & Entrepreneurship Forum, the Global Entrepreneurship Monitor (GEM) at the University of Cyprus and the launch of the University of Cyprus C4E Summer Academy. PwC Cyprus is also set to launch the Scale Up 3 programme in September 2026 to support emerging startups.

Community Support Continues To Extend The Foundation’s Reach

Community engagement remained an important part of the foundation’s activities.

Employees participated in blood donation campaigns and supported the Movember movement, while more than 350 volunteers took part in 13 Volunteer Days activities across Cyprus. PwC also continued providing pro bono services and financial support to non-profit organisations.

Leadership Frames Impact As A Long-Term Commitment

PwC Cyprus Chief Executive Andreas Yiasemides said the foundation’s work reflects the company’s long-term commitment to supporting education, entrepreneurship and local communities.

“At PwC, we believe that meaningful change is achieved through collective action, long-term commitment and active participation,” Yiasemides said, adding that the company will continue investing in initiatives that create opportunities for people to thrive and deliver lasting value for future generations.

Cyprus recorded a general government surplus of €567.1 million in the first quarter of 2026, according to preliminary figures released by the Cyprus Statistical Service (Cystat). Although slightly below the €600.6 million recorded a year earlier, the country remained in surplus as government revenue continued to grow despite higher public spending. Separate Eurostat data showed Cyprus posting a seasonally adjusted surplus equal to 0.4% of GDP during the quarter.

Revenue Growth Outpaced Expenditure Pressure

Government revenue increased 5.8% year on year to €3.82 billion from €3.61 billion, driven mainly by stronger tax receipts and social contributions.

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Social contribution revenue rose 8.2% to €1.28 billion, while taxes on income and wealth climbed 10.9% to €1.09 billion. Revenue from taxes on production and imports also increased, reaching €1.13 billion, supported in part by a 5.5% rise in net value-added tax (VAT) receipts to €764.3 million.

Performance across the remaining revenue categories was mixed. Capital transfers edged up to €5 million, whereas other current transfers declined to €59.1 million. Revenue from the sale of goods and services fell 7.2% to €243.8 million, while property income dropped 31.2% to €13 million.

Spending Continued To Expand

At the same time, government expenditure rose 8% to €3.25 billion from €3.01 billion in the first quarter of 2025.

Social transfers increased 6.5% to €1.36 billion, accompanied by a 2.4% rise in compensation of employees, including imputed social contributions and civil servants’ pensions, to €974.9 million.

Spending also increased across several other categories. Intermediate consumption climbed 9.3% to €303.9 million, other current expenditure jumped 31.8% to €245.4 million, and property income payable rose to €79 million from €72.8 million a year earlier.

Capital expenditure reached €271.8 million, comprising €188.9 million in capital formation and €82.9 million in capital transfers, compared with €223.5 million in the corresponding period of 2025. Subsidies were the only major spending category to decline, falling 19.5% to €16.1 million.

Cyprus Remains A Relative Outlier In Europe

Eurostat’s seasonally adjusted figures showed Cyprus’ budget surplus easing to 0.4% of GDP from 1.2% in the fourth quarter of 2025 and 0.9% in the third quarter.

Even so, the country remained one of the few EU member states to record a surplus. Across the euro area, the government deficit stood at 3.1% of GDP, compared with 3.2% in the previous quarter, while the European Union also posted a deficit of 3.1%, improving from 3.4%.

Revenue across the euro area represented 47.1% of GDP, slightly below the previous quarter’s 47.3%, while expenditure eased to 50.2% from 50.4%. Across the European Union, revenue accounted for 46.6% of GDP compared with 46.7% in the previous quarter, as expenditure declined to 49.8% from 50.1%.

Cyprus’ outstanding tax debt reached €4.64 billion at the end of 2025, up from €3.93 billion a year earlier, according to Tax Department data reported by Philenews. Immediately collectable debt totalled €3.32 billion, while €1.31 billion was classified as not immediately recoverable.

Collectable Arrears Continue To Grow

Nearly one-third of immediately collectable debt, or €979.4 million, relates to tax arrears outstanding for less than one year. Another €992.6 million, representing 29.9% of the total, has remained unpaid for between one and four years.

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Liabilities outstanding for more than four years account for the remaining €1.32 billion, or about 40% of immediately collectable debt.

Immediate Recovery Potential Improves On Paper

Debt classified as immediately recoverable increased from €2.29 billion at the end of 2024 to €3.32 billion a year later.

Around €901.5 million is already subject to enforcement measures, including €325.9 million in court proceedings and €575.4 million under administrative recovery measures such as MEMOs and bank account seizures.

Bank account seizures have so far recovered €263,000. After deducting debt already under enforcement and amounts recovered through bank account seizures, €2.42 billion remains immediately payable.

New Powers Expand The State’s Leverage

Tax reforms that took effect on January 1, 2026, expanded the Tax Department’s enforcement powers. Businesses with unpaid tax exceeding €20,000 can now have their premises sealed, while the same measure also applies to businesses that fail to issue receipts or invoices.

Beginning in 2027, taxpayers who fail to submit tax returns will also face the same sanction.

Criminal proceedings continue against cases involving unpaid value-added tax (VAT), Pay As You Earn (PAYE) deductions, the Special Defence Contribution and failures to submit tax returns.

Convictions may result in court-imposed penalties, repayment agreements or out-of-court settlements linked to compliance measures.

Debt Age Signals A Deeper Structural Problem

Some outstanding liabilities have been incorporated into repayment plans, although not all agreements have been completed.

Average collectable tax debt reached an age of 80.3 months, or about 6.7 years, by the end of December 2025, compared with 58.3 months a year earlier.

According to the Tax Department, that figure is influenced by large volumes of long-standing unpaid liabilities accumulated over many years and considered difficult to recover.

AI-generated music now accounts for more than half of all tracks uploaded to Deezer each day, according to new figures released by the streaming platform.

Daily uploads reached 90,000 tracks in June 2026, up from 10,000 in January 2025, when AI-generated music represented about 10% of new content on the platform

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A Rapid Surge In Synthetic Tracks

Growth has been steady over the past 18 months. The share of AI-generated uploads rose to 18% in April 2025, 28% in September, 34% in November, 39% in January 2026 and 44% in April before surpassing the 50% mark in June.

Platforms Are Taking Different Approaches

No industry-wide standard has emerged for handling AI-generated music, with streaming platforms taking different approaches to synthetic content.

Bandcamp has banned AI-generated tracks, while Tidal has removed monetization from such content. Spotify requires creators to disclose the use of AI in the music creation process, while Apple Music has adopted a voluntary AI-tagging system.

Deezer Targets Fraud And Low-Value Content

Under Deezer’s latest policy, AI-generated tracks that have not been streamed during the past six months or are linked to fraudulent streaming activity will no longer be eligible for monetization.

“Deezer has been at the frontline of fighting fraud and reducing payment dilution related to AI music for almost two years. Now that half of all daily uploads are AI-generated tracks, we are taking additional steps to safeguard the rights of artists and songwriters, while maintaining focus on music that fans actually love,” Chief Executive Alexis Lanternier said in a statement.

Large volumes of AI-generated tracks can distort recommendation systems, dilute royalty distribution and fuel fraudulent streaming, the company said.

From Detection Tool To Industry Infrastructure

Data on AI-generated uploads was first published in January 2025 alongside the launch of Deezer’s detection technology. The system identifies tracks created using models from Suno and Udio, two AI music startups currently facing copyright lawsuits.

Earlier this year, access to the technology was expanded to other platforms, although Deezer has not disclosed which services have adopted it. In June, the company also introduced a separate tool designed to detect AI-generated music in playlists across services including Apple Music and Spotify.

Colossal Biosciences, the biotechnology startup known for its efforts to revive extinct species including the woolly mammoth and dire wolf, is in talks to raise funding at a valuation of $20 billion to $30 billion, according to Axios.

The company was last valued at $10.2 billion in a January funding round. It has since begun generating revenue, Axios reported, although neither the size of the new financing nor its potential investors have been disclosed.

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Business Extends Beyond De-Extinction

While Colossal has attracted global attention for its de-extinction projects, the company is also building a broader biotechnology business around the tools developed through that research.

Co-founder and Chief Executive Ben Lamm has said Colossal expects revenue from three areas: conservation technologies, new businesses created from its research and future commercial applications of technologies developed alongside its de-extinction programme.

Expanding Commercial Portfolio

Colossal has already supplied conservation technology to the U.S. government and the United Arab Emirates, which recently invested $60 million in the company, according to Wired.

Its research has also led to the creation of several startups, including plastics recycling company Breaking, computational biology platform Form Bio, which raised $30 million, and AI-driven biology company Astromech, which was valued at $2 billion in March.

Research Continues To Expand

Operating from a 55,000-square-foot facility in Dallas, Colossal continues to broaden its research portfolio.

In April, the company added the bluebuck antelope as its sixth de-extinction target. More recently, the Colossal Foundation partnered with the University of Tasmania to develop vaccines and gene-editing approaches aimed at protecting Tasmanian devils from a contagious facial cancer.

Lamm has also said the company plans to spin out its artificial womb technology, which could eventually have applications in fertility treatment. Speaking to Rolling Stone in May, he said the technology could be ready next year.

Investor Interest In Deep Tech

The fundraising discussions come as investors increase spending on sectors such as biotechnology, longevity and other deep-tech fields.

Lamm has also said Colossal could eventually generate revenue from biodiversity credits if restored species are successfully reintroduced into their natural habitats, creating another potential commercial opportunity.

Alphabet has introduced three new Gemini models, expanding its AI portfolio with a stronger focus on enterprise customers, cybersecurity and lower operating costs.

The launches include Gemini 3.5 Flash Cyber, a security-focused model designed to identify and patch software vulnerabilities, alongside updated Flash and Flash-Lite models aimed at improving efficiency for developers and businesses.

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Cybersecurity Becomes A Bigger Focus

Gemini 3.5 Flash Cyber will initially be available through a pilot program for governments and selected partners. Google said the model is priced below larger alternatives on a per-token basis, reducing costs for organisations running security workloads at scale.

The launch comes as AI companies increasingly compete in automated software security. Anthropic has already entered the segment with its Mythos model, making cybersecurity another key area of competition among foundation model providers.

Lower Costs, Higher Efficiency

Google also unveiled Gemini 3.6 Flash, which improves coding, multimodal and knowledge-work capabilities while using up to 17% fewer tokens than the previous version.

The company is also expanding Gemini 3.5 Flash-Lite, its fastest and lowest-cost model in the 3.5 family. It is intended for high-volume workloads and smaller tasks within AI agent systems, where cost and speed are often as important as model performance.

Competition Continues To Intensify

The announcements come ahead of Alphabet’s earnings report and as Chinese AI developers continue to expand their presence in the market.

Moonshot AI recently limited new subscriptions and API access for its Kimi K3 model after demand exceeded available capacity. Alibaba is also promoting its Qwen 3.8 Max model as one of the strongest performers in the sector.

The rapid growth in demand has increased pressure on AI companies to expand computing capacity alongside model development.

Alphabet Leans On Its Infrastructure

Google’s vertically integrated approach gives it greater control over AI infrastructure through its custom chips, cloud platform and in-house model development.

The company is also reportedly developing a new chip that could run Gemini models up to 10 times more efficiently. A Google Cloud spokesperson said the company continues to explore new hardware and software designs to improve performance and reduce the cost of serving AI models.

Gemini Road Map Advances

Google also provided an update on its broader Gemini roadmap. Gemini 3.5 Pro is now being tested with selected partners ahead of a wider release, while the company has begun what it describes as its largest pretraining run yet for Gemini 4.

People in Cyprus are expected to spend 39.5 years in the workforce, around two years longer than the European Union average of 37.5 years, according to the latest Eurostat data for 2025.

The figure places Cyprus among the EU countries with the longest expected working lives.

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Cyprus Ranks Above EU Average

Only a handful of member states recorded higher figures than Cyprus. The Netherlands topped the ranking at 44 years, followed by Sweden at 43.4 years, Denmark at 42.6 years, and Estonia at 41.5 years.

At the other end of the ranking were Romania with 32.7 years, Italy with 33.0 years, Bulgaria with 34.6 years and Greece with 35.3 years.

Gender Gap Remains Wider Than EU Average

Men in Cyprus are expected to remain in work for 42.1 years, compared with 36.7 years for women. The gap of 5.4 years exceeds the EU average gender gap of 4.1 years.

Across the bloc, Lithuania, Latvia and Estonia were the only countries where women were expected to spend longer in employment than men. Finland recorded the smallest positive gender gap at 0.7 years.

Italy posted the widest gap at 8.9 years, followed by Romania at 6.9 years, Greece at 6.7 years and Malta at 6.3 years.

Working Lives Continue To Lengthen

Between 2016 and 2025, expected working life in Cyprus increased by 3.5 years, placing the country among the strongest performers in the EU over the period. Men’s expected working life rose by 3.3 years, while women’s increased by 3.6 years.

Across the EU, every member state recorded an increase. Malta posted the largest gain at 4.9 years, followed by Hungary and Ireland at 4.2 years each, and the Netherlands at 4.1 years.

Malta’s increase was driven largely by women, whose expected working life rose by 7.8 years, the biggest increase recorded across the bloc.

By comparison, Romania, Spain, Italy, Germany and Austria recorded gains of two years or less over the same period.

Women’s Working Lives Increase Faster Across Europe

Women’s expected working life increased faster than men’s in most EU countries. Denmark, Romania, Sweden and Greece were the main exceptions.

In Cyprus, gains for men and women were broadly similar, alongside Bulgaria, Belgium and Slovenia.