In a significant milestone for the Cypriot film industry, “Find Me Falling,” produced in Cyprus and featuring Harry Connick Jr., has ascended to the pinnacle of Netflix’s Global Top 10 list for most-watched films. The film, directed and written by Cypriot filmmaker Stelana Kliris, achieved 14.4 million views within just five days of its release on 19 July 2024. It also garnered an impressive 22.5 million hours viewed, substantially outperforming the second most-watched film, “Trolls Band Together,” which recorded 15.8 million hours.

This success marks a historic first for a Cypriot film on the global streaming platform. “Find Me Falling” weaves a compelling narrative around John Allman, an ageing rock star portrayed by Connick Jr., who retreats to Cyprus to revive his musical inspiration. The film’s rich storyline, described by Kliris as a “vacation” experience, delves into themes of love, both romantic and familial, and the sacrifices made for passion and loved ones. Connick Jr.’s character navigates the idyllic yet tumultuous island life, facing complex personal and professional challenges.

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The film’s success underscores the growing influence of Cypriot cinema on the global stage, highlighting the country’s potential as a hub for international film production. Kliris’s achievement with “Find Me Falling” not only showcases local talent but also paves the way for future Cypriot productions to gain international acclaim.

Forbes readers, especially those in the entertainment and film production sectors, should note the strategic elements contributing to the film’s success. The collaboration with an internationally renowned actor, the compelling narrative set in an exotic locale, and the film’s high production values have resonated with global audiences. This serves as a case study for leveraging local cultural assets and talent to achieve worldwide recognition.

The film’s triumph on Netflix exemplifies how strategic storytelling, coupled with robust production and marketing efforts, can elevate regional cinema to global prominence. As “Find Me Falling” continues to captivate audiences, it stands as a testament to the potential of Cypriot filmmaking in the competitive entertainment landscape. This landmark achievement signals a promising future for Cyprus in the international film industry, inspiring local filmmakers to aim for global success.

In a bold vision for Cyprus, Chief Scientist Demetris Skourides presented a comprehensive roadmap to establish Cyprus as a regional hub for research, innovation, and technology by 2035. The strategy, developed through extensive consultation with over 650 stakeholders, aims to streamline processes, enhance transparency, and improve the overall research and innovation ecosystem.

Key initiatives include the introduction of a new grants management system by 2025 to reduce administrative burdens and promote scientific work and commercialization. The roadmap also emphasises the importance of public-private partnerships, with recent programs increasing collaboration between research organisations and industry.

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Cyprus has maintained its 10th position in the European Innovation Scoreboard for three consecutive years, reflecting the country’s growing innovation capacity. This is supported by significant funding increases, with €177.25 million allocated for competitive funding between 2021-2027, a 34% rise from the previous period.

Public universities and research institutes have been pivotal in securing prestigious European Research Council grants, showcasing Cyprus’ research excellence. Notably, improvements in the operations of the Research and Innovation Foundation have significantly reduced the average time to pay and contract processing times.

Furthermore, the strategy includes targeted funding for research excellence, collaboration, innovation, and infrastructure. Specific focus areas include ICT, green transition, energy, shipping, agrifood, health, advanced materials, and environment.

Skourides also highlighted the importance of international collaborations, citing recent engagements with Japanese and international organisations to foster global partnerships. The roadmap sets a clear path for Cyprus to enhance its research and innovation landscape, positioning the country as a leader in the region by 2035.

The Cyprus Composite Leading Economic Index (CCLEI) maintained its stability in June 2024, a noteworthy development given the economic fluctuations witnessed in the previous months. This index, meticulously constructed and estimated by the Economics Research Centre (CypERC) of the University of Cyprus, is a crucial barometer for the country’s economic outlook.

The CCLEI’s stability in June followed slight declines in April and May, where year-over-year decreases of 0.4% and 0.1% respectively were recorded. This equilibrium indicates a balanced impact from the various components that constitute the index. Notably, several positive and negative influences counterbalanced each other, maintaining the index at a steady level.

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Key drivers that positively influenced the CCLEI included an uptick in tourist arrivals, increased credit card transactions, a higher volume of retail sales, and improved Economic Sentiment Indicator (ESI) in the euro area. The influx of tourists, in particular, underscores the significance of the tourism sector in Cyprus’ economic recovery post-pandemic, providing a substantial boost to various associated industries.

On the contrary, several factors exerted downward pressure on the index. The negative growth rate of the ESI within Cyprus, rising international Brent Crude oil prices, a slowdown in property sales contracts, and a decline in temperature-adjusted electricity production volume all contributed to restraining the index’s growth. The increase in oil prices, in particular, reflects broader global economic challenges and their impact on domestic conditions.

As depicted by the CCLEI, this mixed economic scenario highlights the nuanced interplay of various economic indicators. For business professionals and entrepreneurs, understanding these dynamics is critical for strategic planning and investment decisions. The stability of the CCLEI, while a sign of resilience, also suggests caution as both positive and negative trends continue to shape the economic landscape.

The CCLEI remains a valuable tool for forecasting economic trends in Cyprus, providing insights that help policymakers, businesses, and investors navigate the complexities of the market. As Cyprus continues to recover from recent economic disruptions, maintaining a close watch on such indicators will be essential for anticipating future economic shifts and preparing accordingly.

In a triumphant reversal, the Senate of the University of Cyprus, comprising 24 members, presiding by the Rector Dr Tasos Christofides overturned a decision by a three-member disciplinary committee, which had wrongly found guilty a university professor of committing a disciplinary offense by founding an innovative company in 2017 in which he holds over 25% equity. This victory follows a compelling plea by Lawyer Yiannos Georgiades.

Georgiades expressed outrage at the university’s decision to initiate disciplinary proceedings a full five years after the company’s registration, based on an anonymous tip. At the time of registration, no laws were preventing the professor from establishing such a company and holding equity said Georgiades. What made the situation even more scandalous was that everyone at the university, including the Ex-Rector Constantinos Christofides and Vice-Rector, at that time had been aware of the company’s registration and the professor’s involvement from the outset. The university had even collaborated with his company in numerous competitions, earning awards and significant publicity. Furthermore, the university benefited by being included as a partner by the company in a grant from the Research and Innovation Foundation (IDEK) and signed a contract with the professor’s company, in which he is a shareholder, just months before these proceedings began.

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“It’s a mystery, said Yiannos Georgiades. The disciplinary committee didn’t hesitate to find him guilty although they accepted that there was no any law preventing him from registering the company in 2017. They also ignored completely that the Ex Rector of the University at that time confirmed before the disciplinary committee that he had encouraged the professor in 2017 to register the company and advance his very beneficial to the community research on an innovative diagnostic method for detecting colon cancer using a capsule and contrast media. He emphasized that the professor had acted entirely within university policy, which promotes such initiatives in alignment with the government’s efforts to foster innovation and technology. He asserted that the professor had done nothing wrong, likening the disciplinary proceedings to a witch hunt.”

The professor was accused of violating a law that came into force in 2018, which did not have a retrospective effect for companies registered before 2018 said Lawyer Yiannos Georgiades and he stated, “Such prosecutions deter the development of innovation and technology, creating a climate of intimidation among researchers and discouraging them from advancing their research. Justice should not be used as a tool for prosecutions that resemble a witch hunt.”

Mr. Georgiades added, “Innovation and technology are the pillars of future development for both Cyprus and the global community. It is our duty to create an environment where researchers and scientists can work without hindrance, with incentives to advance their ideas. By eliminating the fear of injustice and retroactivity, we encourage creativity and innovation.”

The professor expressed his joy and gratitude, saying, “I am grateful for the support and dedication of my Lawyer, Yiannos Georgiades, and the law firm Georgiades & Associates LLC. This vindication is a victory not just for me, but for all academics who promote innovation. Efforts to encourage the founding of innovative companies within our universities must be strengthened, positioning Cyprus prominently on the technology map.”

The Senate’s decision to reverse the disciplinary committee’s ruling took into accountGeorgiades’ legal submissions, referencing principles of law such as the non-retroactive application of the law, as stipulated by Article 7 of the European Convention on Human Rights, which states that no one can be punished for an act that was not an offense at the time it was committed. Additionally, the accusers failed to prove that the professor had committed any offense.

Yiannos Georgiades praised the Senate for their decision and he stated that their decision marks a significant step towards protecting the rights of researchers and academics, ensuring that university regulations are not used unjustly and retroactively. This is crucial for promoting research and innovation in Cyprus, creating a more favorable environment for the development of new technologies and the promotion of innovative ideas on the global stage.

The Professor was represented by Yiannos Georgiades & Nicolas Georgiades of Y.Georgiades & Associates LLC.

In a significant development, Ukraine has reached a preliminary agreement with creditors to restructure $20 billion of international bonds. Announced on Monday, this move aims to stabilise the war-torn nation’s economy amid ongoing conflict with Russia.

The agreement comes just a week before the expiration of a two-year debt payment suspension arranged in 2022. Ukraine’s Finance Minister Serhiy Marchenko highlighted the importance of this deal for maintaining fiscal stability and funding defence efforts.

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The proposal involves a 37% nominal haircut on Ukraine’s outstanding international bonds, saving Kyiv $11.4 billion over the next three years, aligning with its IMF programme set to conclude in 2027. This agreement is a historic first, occurring during an active full-scale war.

Economic Impact and Strategic Significance

The restructuring plan is critical as Ukraine’s economy has been severely affected by the prolonged conflict with Russia, which began with the invasion in 2022. The war has decimated the country’s economic infrastructure, leading to heavy reliance on international financial and military assistance.

The deal is designed to preserve Ukraine’s budgetary stability and ensure the availability of cash reserves necessary to sustain its defence and other essential expenditures. The International Monetary Fund (IMF) and the Group of Creditors of Ukraine (GCU) have endorsed the agreement, confirming its compliance with the $122 billion support package framework.

Political and Economic Context

The timing of this agreement is particularly pertinent, given the upcoming U.S. presidential elections in November. A potential shift in U.S. policy, especially under a Trump administration, could affect the continuity of support for Ukraine. This has intensified the urgency for securing a stable financial future through debt restructuring.

Future Prospects

This preliminary agreement marks a pivotal step towards economic recovery and stability for Ukraine. It underscores the resilience of the nation’s financial strategies amid unprecedented challenges. The deal also sets a precedent for debt restructuring during wartime, reflecting Ukraine’s determination to navigate its fiscal crises effectively.

Amid unprecedented support measures implemented across the European Union to mitigate the economic impacts of the COVID-19 crisis, Cyprus has emerged as one of the most vulnerable nations. Detailed analysis from the July 2024 issue of the “Review of Cypriot Economic Policy” reveals significant financial difficulties experienced by households during the pandemic.

Authors Maria Iliophotou and Nikoletta Pasiourtidou utilised data from the EU Survey of Income and Living Conditions (EU-SILC) to explore factors contributing to these economic hardships. Their study indicates that employment profiles play a crucial role, with households containing unemployed or self-employed individuals, those in hospitality, and service sectors facing the highest risks.

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Additionally, working-age households, immigrant families, larger households, and those with health issues exhibited increased financial strain. Key indicators included reduced household income and delayed payments on essential expenses such as rent or mortgage.

Comparative analysis within the EU identified Cyprus, alongside Greece, Romania, Bulgaria, and Malta, as particularly susceptible to the pandemic’s economic fallout. Despite various relief measures, the financial resilience of Cypriot households remains a pressing concern, underscoring the need for targeted policy interventions to bolster economic stability.

Employment Profiles and Economic Hardship

The study highlighted the correlation between employment status and financial vulnerability. Households with unemployed or self-employed individuals faced significant income reductions, exacerbating their financial instability. The hospitality and service sectors, heavily impacted by pandemic restrictions, saw widespread job losses and reduced working hours, further straining household budgets.

Demographic Factors Influencing Financial Strain

The analysis underscored that demographic factors such as age, immigration status, household size, and health conditions played a crucial role in financial vulnerability. Working-age households, especially those with young children, encountered heightened economic pressures. Immigrant families, often engaged in precarious employment, faced disproportionate economic challenges.

Impact on Household Income and Expense Management

The pandemic resulted in widespread income reductions across Cypriot households. Many families struggled to manage essential expenses, with significant delays in rent and mortgage payments. The financial strain was particularly acute among larger households, where the burden of multiple dependents exacerbated economic difficulties.

Comparative Vulnerability within the EU

When compared with other EU nations, Cyprus emerged as one of the most vulnerable to the economic impacts of the pandemic. Alongside Greece, Romania, Bulgaria, and Malta, Cyprus showed heightened susceptibility to financial distress, despite the implementation of relief measures. This comparative analysis highlighted the need for robust, targeted interventions to mitigate long-term economic repercussions.

Policy Recommendations for Enhancing Financial Resilience

To address these vulnerabilities, the study recommends comprehensive policy measures aimed at enhancing the financial resilience of Cypriot households. These include targeted support for unemployed and self-employed individuals, initiatives to stabilise the hospitality and service sectors, and programs to assist immigrant families and larger households. Furthermore, the study advocates for improved access to healthcare and financial services to support households with health issues.

The city of Larnaca faces significant delays in the execution of crucial infrastructure projects worth €30 million due to a licensing standoff with Kition Ocean Holdings Ltd. Local authorities demand that these mature projects be prioritised over the broader development of the port and marina, citing pending directives from Kition’s legal team.

Transport Minister Alexis Vafeades assured StockWatch that the government remains committed to executing these projects before the larger port and marina developments, pending a resolution with Kition. This includes paying the €800,000 owed by Kition for various planning and building permits.

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These mature projects include upgrading the deteriorating marina, repairing the pier, and developing essential facilities such as the yacht club, police and customs offices, and government buildings for passport control. Additionally, plans include creating retail spaces, restaurants, green areas, and sports facilities to enhance the marina’s attractiveness.

Mayor Andreas Vyras stressed the urgency of decoupling these projects from Kition to expedite their implementation using state funds. The President of Cyprus has pledged to find a solution to liberate these projects from the current impasse and ensure their swift execution.

Minister Vafeades is finalising a report outlining all potential development scenarios with their respective pros, cons, and timelines. This report will be reviewed by the President, who will decide the optimal path forward for the development of Larnaca’s port and marina.

In a significant boost to its pioneering cancer treatment research, Theramir has successfully raised €525,000 in a bridge funding round. This capital injection is poised to support the company’s operations through the latter half of 2025, targeting a critical milestone: the initiation of clinical trials for their innovative therapy, EVmiR.

EVmiR, now patented by the European Patent Office, represents a novel approach in cancer treatment. By utilising extracellular vesicles (EVs) to deliver microRNAs (miRNAs) directly into tumours, Theramir aims to target oncoproteins—key regulators of cancer cell growth. This precision method promises fewer side effects compared to traditional treatments such as chemotherapy. The company’s technology has demonstrated efficacy in treating metastatic breast cancer and is now being tested for pancreatic and bladder cancers.

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Theramir, co-founded by Marianna Prokopi-Demetriades and Costas Pitsillides in 2016, emerged from a passionate pursuit to find a cure for cancer. Their unique technology capitalises on EVs’ natural ability to transport biological information, essentially turning them into couriers that deliver tumour-suppressive messages via miRNAs. This method requires a detailed genetic profile of the patient to enhance the therapy’s precision and effectiveness, potentially offering prophylactic benefits by identifying genetic markers linked to high-risk conditions.

The latest funding round saw participation from notable investors, including Yannos Palate, a former executive at Eli Lilly, who will join Theramir’s advisory board. His extensive experience in life sciences and pharmaceutical engagement is expected to be instrumental in forging strategic partnerships with major pharmaceutical companies. Other investors include Nicosia-based family office Exerte Partners and finance and corporate lawyer Nancy Erotocritou.

Despite the challenges posed by the limited local life-sciences ecosystem in Cyprus, Theramir has managed to attract significant investor interest, raising €2.5 million in total, including €300,000 in grants. The company’s innovative approach and lower research costs compared to major biotech hubs like Boston or London have contributed to its success.

Looking ahead, Theramir is actively seeking a licensing deal with a major pharmaceutical firm to support the clinical trials, which could span up to seven years. The co-founders are optimistic about expediting the timeline through process efficiencies, projecting a market-ready therapy by 2030. In the interim, they are also exploring new revenue streams, such as using EVmiR to treat chronic malignant wounds through a project named MIRACULOUS, which has secured additional funding.

In a bold move to position itself as a leader in research and innovation (R&I), Cyprus has unveiled a comprehensive strategy aimed at transforming the nation into a regional hub by 2035. Presented by Chief Scientist Demetris Skourides at the Cyprus Rectors’ Conference, the strategy outlines a robust roadmap designed to elevate the country’s R&I ecosystem.

The roadmap, developed after extensive consultations with over 650 stakeholders including research organisations, startups, and established enterprises, is built on simplifying processes, enhancing customer experience, and ensuring transparency. Key initiatives include the introduction of a new grants management system by 2025, aimed at reducing administrative burdens and allowing researchers to focus on their scientific and commercial pursuits.

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Cyprus has already made significant strides in innovation, maintaining its 10th position on the European Innovation Scoreboard for three consecutive years. Public universities and institutions, such as the University of Cyprus and the Cyprus Institute, have been instrumental in securing prestigious European Research Council (ERC) grants. This success is underscored by 18 ERC awards and notable advanced grants achieved by leading researchers.

Government commitment to R&I is evident with a substantial increase in competitive funding for 2021-2027, rising to €177.25 million—a 34% increase from the previous period. This funding is allocated across various sectors: 23% for research, 27% for collaboration and knowledge transfer, 21% for innovation, 15% for internationalisation, and 14% for infrastructure and skills.

Operational improvements at the Research and Innovation Foundation have drastically reduced the average time to pay from 275 days in 2019 to 61 days in 2023, and the average time to contract from 21 months to seven months in the same period. These improvements are part of a broader effort to enhance customer experience and ensure high-impact funding programmes.

A significant focus of the new strategy is bridging the gap between industry and research. Initiatives like Partner Innovation Day facilitate collaboration and knowledge transfer among research organisations, startups, and technology innovators. This collaborative approach is expected to support over 550 researchers and drive further advancements in thematic areas such as ICT, green transition, energy, and health.

Furthermore, Cyprus is fostering international collaborations, with recent engagements involving Japan’s Ambassador and the President of Japan Science and Technology Agency. These partnerships are aimed at expanding Cyprus’ global R&I footprint.

Chief Scientist Skourides emphasised the importance of competitive funding in sustaining the nation’s R&I momentum. With €22.1 million allocated for various funding calls in 2024 and an additional €4.1 million for post-doc and PhD programmes in 2025, Cyprus is well on its way to realising its vision of becoming a leading regional R&I hub.

While businesses in the US and Europe awoke on Friday to a global IT meltdown that shut down administrations, airports, and hotels, China entered its weekend largely unaffected.

KEY FACTS

• The problem turned out to have come from a software update from Texas-based cybersecurity company CrowdStrike, which generates more than half of its revenue from the United States. The company’s technology is used by many of the world’s largest banks, healthcare and energy companies.
• “The impact of Friday’s incident on China was very small, with almost no impact on local public life,” said Gao Feng, senior research director at Gartner. “Only some foreign companies in China were affected.”
• “The main reason is that domestic Chinese companies do not use CrowdStrike products, so they are not affected,” Gao said. “CrowdStrike’s customers are mainly concentrated in Europe and the United States.”
• Anecdotally, ride-hailing services, e-commerce and other internet-related systems in China were running smoothly on Friday. Chinese state media also said Friday evening that international flights at Beijing’s two airports were operating normally and that Air China, China Eastern Airlines and China Southern Airlines were not affected by large-scale technical system failures.
• One of the most notable impacts of the IT outage – including in China – was on Microsoft Windows devices trying to integrate an update to CrowdStrike’s Falcon product, resulting in a blue screen and computer reboot cycle.
• Microsoft products are widely used in China, with Windows accounting for about 87 percent of PC shipments on the mainland last year, according to Canalys. This is higher than the share of 79% for the rest of the world in the first quarter of this year.
• Microsoft Office 365 products and the Azure cloud service are operated in China by a local company called 21Vianet. It is not yet clear whether localization contributed to the limited impact of Friday’s crash.

WHY AREN’T CHINESE COMPANIES USING CROWDSTRIKE?

In recent years, the US and Chinese governments have forced domestic companies to use proprietary technology and store data locally for national security reasons.

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Canalys pointed out that the Chinese-made UOS, or Unity operating system, has seen growing adoption among state-owned enterprises and government sectors, although Windows still dominates the domestic PC market.

“There is very little impact because CrowdStrike is hardly used in China,” said Rich Bishop, CEO of AppInChina, which publishes international software in China.

“That’s partly because many of the security threats that CrowdStrike is designed to protect against come from China,” he said, adding that Chinese companies typically use products from Tencent, 360 and other businesses.