The number of registered short-term rental properties in Cyprus has nearly doubled in under a year, rising from 4,765 in April 2023 to 8,248, Deputy Minister of Tourism Kostas Koumis announced.

Registration Boom And Regulatory Challenges

Speaking after a parliamentary committee meeting on 18 February, Koumis credited the surge to targeted awareness campaigns. With 1,275 applications pending approval and another 1,170 still incomplete, the number is expected to grow further.

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However, the rapid expansion of short-term rentals is raising regulatory concerns. While the sector boosts the economy, it also competes with traditional hotels. The government is reviewing amendments to ensure balanced policies across different regions, from urban hubs like Nicosia to coastal tourist hotspots.

Record-Setting Tourism And Future Goals

Looking ahead, Koumis is optimistic about 2025, following a record-breaking 2024 in both arrivals and revenue. Cyprus has successfully rebounded from the loss of the Russian market, posting a 25% growth in tourism figures over two years.

The next challenge? Extending the tourism season beyond peak months to sustain momentum year-round.

Cyprus is making headway in tackling youth unemployment, with the share of young people not in work, education, or training (NEETs) dropping to 13.8% in 2023. Yet, the country still trails behind the EU average, highlighting the need for sustained efforts.

A Targeted Push To Get Young People Back On Track

The Employment Counseling Unit Services for NEETs project, launched in January 2024, has already assisted 400 young people, providing 717 counseling sessions. The initiative aims to register at least 1,200 NEETs, offering personalized support such as CV writing, interview coaching, and job placements.

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Labour Minister Yiannis Panayiotou underscored the government’s goal of achieving full employment by 2025, calling job creation a top priority.

A Stronger Job Market And Rising Wages

Beyond youth employment, Cyprus sees broader labour market gains. Unemployment has dropped to 5%, employment rates are nearing 80%—the highest in 15 years—and wages are steadily climbing. Key collective agreements, extended until 2027, signal long-term stability.

The Road To Full Employment

The government is doubling down on its commitment to closing the NEET gap, ensuring young people gain the skills and opportunities needed to thrive. While Cyprus is moving in the right direction, bridging the gap with the EU remains a challenge.

In a significant leap towards scaling its humanoid robotics ambitions, Apptronik has announced a $350 million Series A funding round, with Google joining as a key investor. This infusion of capital comes as the Texas-based robotics company accelerates the development of its AI-powered robots designed for industrial and future home applications.

A Giant Leap For Humanoid Robotics

Apptronik, founded in 2016, is positioning itself as a formidable competitor to Tesla in the humanoid robotics sector. The company’s latest robot, Apollo, is designed to tackle industrial tasks, and the new funding will help expand its capabilities to areas like manufacturing and healthcare. CEO Jeff Cardenas emphasized that the goal is to make robots versatile enough to integrate into daily life, eventually offering them at a price point lower than a car.

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“We’re at the point where AI-powered robots are becoming much more adaptable,” Cardenas said. “We’re scaling them up for industry now, but the ultimate aim is to bring them into homes in the future.”

Building A Future With Industry Leaders

Apptronik’s robotics development has garnered attention from major players like NASA and Nvidia. The company has already developed 15 robotic systems, including NASA’s humanoid robot Valkyrie. In a direct challenge to Tesla’s Optimus robot, Apptronik is working on its ninth iteration of humanoid robots, refining its design to make them increasingly affordable.

“Robots will eventually cost less than a car, and we’re working to make that a reality,” Cardenas added. The company’s collaboration with Google DeepMind is focused on enhancing the AI driving these robots, further improving their capabilities.

A Race To The Top

With this round of funding, Apptronik is making a clear statement: it’s in direct competition with Tesla and other tech giants in the humanoid robotics race. Goldman Sachs forecasts the global humanoid robot market could reach $38 billion by 2035, a testament to the industry’s potential.

“I believe we’re right in the race, and our investors are backing us because they see a real shot at success,” Cardenas concluded, reflecting the optimism surrounding Apptronik’s place in the robotics revolution.

Luminance, the UK-based legal AI startup, has secured $75 million in a Series C funding round, marking one of the largest funding rounds for a pure-play legal AI company in the UK and European markets. Led by Point72 Private Investments, this latest round brings Luminance’s total funding in the past year to $115 million, and its overall total to $165 million. Other investors, including Forestay Capital, RPS Ventures, and Schroders Capital, also participated, alongside existing backers such as March Capital and Slaughter and May.

A Legacy Of Innovation

Luminance’s roots trace back to Cambridge, where it was founded by Adam Guthrie and Dr. Graham Sills, with seed funding from the late Dr. Mike Lynch, the renowned founder of Autonomy. Tragically, Lynch passed away in an accident last year, leaving behind a legacy of groundbreaking work in AI.

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Legal-Grade AI For Contract Management

Luminance’s AI, designed specifically for the legal field, aims to automate and enhance every stage of contract management—from generation and negotiation to post-execution analysis. Its proprietary platform, Lumi Go, allows clients to send draft agreements to counterparts and have the AI auto-negotiate on their behalf.

What sets Luminance apart is its unique Legal Pre-trained Transformer (LPT), trained on over 150 million verified legal documents—many of them non-public—making it more defensible than AI models built on general-purpose, open-source data. The company believes this approach offers greater accuracy and reliability, particularly in legal settings where trust is paramount.

Expanding Global Footprint

With over 700 clients across 70 countries, including major players like AMD, Hitachi, Rolls-Royce, and Lamborghini, Luminance has rapidly expanded its presence. The company recently opened new offices in San Francisco, Dallas, and Toronto, alongside an expanded US headquarters in New York. Its headcount has reportedly tripled in North America, underscoring the growing demand for specialized legal AI solutions.

AI For Lawyers, By Lawyers

Eleanor Lightbody, CEO of Luminance, emphasizes that the platform is designed with lawyers in mind. “Our specialized AI ensures that outputs are validated and trusted, making it ideal for the legal domain,” she explained. The platform’s mixed-model approach, where different AI models verify each other’s results, is a key differentiator, providing clients with the most accurate and transparent answers.

Revolutionizing Contracting

Sri Chandrasekar, Managing Partner at Point72 Private Investments, highlighted the immense potential of next-generation AI in revolutionizing contracting processes. Luminance’s continued growth reflects a strong belief in the transformative power of AI within the legal sector, positioning the company as a leader in the rapidly evolving legal tech space.

Luminance’s ambitious journey continues in the wake of its visionary founder’s passing, promising to reshape the way contracts are managed and negotiated with the help of cutting-edge AI.

In a significant move, The New York Times is giving its editorial and product teams the green light to use AI tools to enhance their workflow. According to a report by Semafor, the paper has introduced a new internal AI summary tool called Echo, alongside a suite of approved AI products to assist with tasks ranging from coding to editorial brainstorming.

What’s New At The Times?

In a recent internal email, The New York Times informed its staff about the debut of Echo, designed to generate concise AI summaries. The email also outlined several AI tools that staff can use for various functions, including the creation of web products and the development of editorial content. Notably, these AI tools are intended to help staff suggest edits, develop interview questions, and assist with research.

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Editorial Guidelines For AI Use

The guidelines, however, come with clear boundaries. Staff are encouraged to use AI for tasks like suggesting edits and brainstorming, but not for drafting or making substantial revisions to articles. Additionally, confidential source information is strictly off-limits for AI input. There are also indications that The Times may leverage AI for voice-enabled articles and translations into multiple languages.

Approved AI Tools

The Times has approved several AI products for use, including GitHub Copilot for programming, Google’s Vertex AI for product development, NotebookLM, and selected Amazon AI tools. OpenAI’s API, excluding ChatGPT, is also on the approved list for business accounts.

A Contradictory Situation

This AI rollout comes amidst an ongoing lawsuit that The Times has filed against OpenAI and Microsoft. The lawsuit accuses the tech giants of violating copyright law by allegedly using the publisher’s content to train their generative AI models.

The New York Times’ cautious but forward-thinking approach reflects both its desire to embrace the power of AI while navigating the complex legal and ethical implications of generative technologies.

A fresh Eurobarometer survey reveals what’s top of mind for young people across the EU, with a particular spotlight on Cyprus. While rising prices and climate change are EU-wide concerns, Cypriot youth demand urgent action on social protection, job creation, and tackling the cost of living.

Social Protection Takes The Lead In Cyprus

The youth in Cyprus, aged 16-30, have spoken loud and clear. They want the EU to prioritize social protection and healthcare, with 37% placing these issues at the top of the agenda. This stands in stark contrast to the broader EU focus, where 40% of young people are most concerned with the rising cost of living.

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However, Cyprus isn’t immune to these economic struggles, with 31% of young people here also highlighting rising prices and job creation as urgent matters. Environmental concerns come third, but only 24% of Cypriot youth believe it should take precedence over social issues.

Social Media Dominates News Consumption

When it comes to staying informed, traditional media takes a backseat. The study found that social media is the go-to platform for political and social news among 44% of young Cypriots, a figure higher than the EU average of 42%. In contrast, TV, which remains the second-most popular source, only reaches 27% in Cyprus.

Platforms like Instagram and YouTube are the main sources of news, with Facebook leading at 52%. TikTok also made an impact, but Twitter (now X) lags far behind, used by just 20% of Cypriot youth. This trend highlights a broader European shift, with Instagram at the forefront, followed by TikTok, especially for younger audiences.

Disinformation: A Growing Concern

While young people rely on social media, they’re also keenly aware of the disinformation risks. In Cyprus, 83% of respondents say they’ve encountered fake news recently, far higher than the 76% EU-wide. Yet, they’re confident in their ability to spot it, with 85% of Cypriots believing they can detect disinformation—a sharp contrast to the 70% in the EU.

The Numbers Behind The Survey

Conducted between 25 September and 3 October 2024, the survey reached 25,863 youth across the EU, with 514 participants from Cyprus. Results were weighted to reflect the demographic breakdown of each country.

As Europe faces mounting challenges, it’s clear that Cypriot youth are looking for solutions that go beyond environmental policies—they’re seeking real, immediate change in social services, economic stability, and information transparency. The spotlight is on EU leaders to heed their voices and take action.

Cyprus’ tourism sector is off to a strong start in 2025, with tourist arrivals surging by 27.4% in January compared to the same month last year. The growth signals the success of ongoing efforts to position the island as a year-round destination, particularly during the traditionally quieter winter months.

Key Numbers: A Strong Start To The Year

According to CySTAT, 112,100 tourists arrived in Cyprus in January 2025, up from 87,961 in January 2024. Israel led as the top source market, accounting for 21.1% (23,704 arrivals), followed by:

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• United Kingdom – 16.7% (18,701 arrivals)
• Poland – 14.1% (15,791 arrivals)
• Greece – 10.1% (11,288 arrivals)

Shifting Travel Trends

While vacations remained the primary reason for visiting Cyprus, accounting for 56.4% of arrivals, the share of tourists traveling for business increased to 19.0%, up from 17.2% in January 2024. Meanwhile, 24.5% visited friends and family, slightly higher than the previous year.

Winter Tourism On The Rise

The steady increase in arrivals suggests that Cyprus’ strategy to boost winter tourism is gaining traction. With its mild climate, diverse cultural experiences, and targeted promotional campaigns, the island is attracting more visitors beyond the peak summer months—setting a strong precedent for the year ahead.

Cyprus and Egypt are strengthening their collaboration to advance women’s economic empowerment, particularly in the tourism sector, and to support women’s rights initiatives. The partnership, formalized through a Memorandum of Cooperation, reflects a shared commitment to promoting gender equality and increasing women’s participation in decision-making roles.

Strategic Cooperation For Gender Equality

On February 17, Cyprus’ Commissioner for Gender Equality, Josie Christodoulou, met with Amal Ammar, President of Egypt’s National Council for Women (NCW), in Cairo to discuss the implementation of the agreement, which was originally signed on January 8, 2025, during the Cyprus-Egypt Intergovernmental Summit. The discussions focused on practical strategies to empower women in tourism and reinforce support systems, including the Women’s Complaints Bureau.

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Christodoulou provided an update on Cyprus’ National Strategy for Gender Equality, detailing government-led initiatives to ensure equal opportunities for women and men. Meanwhile, Ammar highlighted Egypt’s efforts to increase female representation in leadership positions, enhance economic opportunities, and combat gender-based violence.

A Roadmap For Action

Beyond policy discussions, both leaders explored tangible ways to implement the memorandum, ensuring that gender equality initiatives translate into real economic and social impact. The collaboration between Egypt’s NCW and Cyprus’ Gender Equality Commissioner’s Office is set to drive concrete programs aimed at advancing women’s roles in the workforce, fostering entrepreneurship, and providing legal and institutional support for women facing challenges.

This cross-border initiative marks a significant step toward greater female participation in key industries and reinforces both nations’ dedication to building inclusive economies where women have equal opportunities to thrive.

Saudi Arabia has secured a spot among the top 10 global markets for energy storage, reinforcing its leadership in renewable energy expansion. The milestone comes alongside the launch of the Bisha Project, a 2,000 MWh battery energy storage system—one of the largest in the Middle East and Africa. The Kingdom, through its National Renewable Energy Program, is targeting a total storage capacity of 48 gigawatt-hours (GWh) by 2030, with 26 GWh already tendered and progressing through various development stages.

Accelerating The Renewable Energy Transition

These projects are critical in driving Saudi Arabia’s ambitious renewable energy targets, which include generating 50% of the country’s electricity from clean sources by 2030. The Kingdom’s commitment to energy storage strengthens grid stability, ensuring a reliable power supply and optimizing the integration of solar and wind energy into the national energy mix.

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Saudi Arabia’s Position In The Global Market

According to energy consultancy Wood Mackenzie, Saudi Arabia is at the forefront of rapidly expanding energy storage markets. The Kingdom plans to operate 8 GWh of storage capacity by 2025 and 22 GWh by 2026, positioning itself as the world’s third-largest market in this sector, trailing only China and the United States.

Bisha Battery Energy Storage Project

The recently launched Bisha battery energy storage project features 488 advanced battery containers with a 500 MW capacity, capable of storing power for up to four hours. The system enables charging during low-demand periods and discharging at peak times, bolstering grid resilience and ensuring backup power availability. This advancement not only enhances electricity supply management but also supports the Kingdom’s broader sustainability initiatives.

Energy Sector Transformation In Saudi Arabia

Saudi Arabia’s energy sector is undergoing a significant transformation, further cementing its role as a leader in energy production and export. By the end of 2024, total renewable energy capacity across all development stages is expected to reach 44.1 GW.

Energy storage is set to play a pivotal role in this shift, enhancing grid reliability and supporting the national electricity network in managing emergency scenarios. These advancements align seamlessly with Saudi Vision 2030, the Kingdom’s blueprint for economic diversification and sustainability, positioning Saudi Arabia as a global powerhouse in the clean energy revolution.

Japan’s economy outpaced forecasts in the fourth quarter, driven by a surge in exports. However, economists caution that the numbers may not be as strong as they seem, with domestic demand still showing signs of weakness.

Key Takeaways

• Japan’s GDP grew 0.7% in Q4, exceeding the 0.3% increase economists predicted.
• Exports provided the main boost, while domestic demand remained sluggish.
• Capital spending rose by 0.5% quarter-on-quarter, falling short of the 1% growth expected.
• Annual GDP growth hit 2.8%, well above the 1% forecast but driven largely by statistical revisions.
• The Bank of Japan (BOJ) raised interest rates to 0.5%, the highest level since 2008, setting the stage for further policy tightening.

A Closer Look: Real Growth Or Statistical Illusion?

Stefan Angrik, deputy director and senior economist at Moody’s Analytics, warned against reading too much into the numbers. Speaking with CNBC, he noted that the economy only appears to be expanding due to historical data revisions. Without them, Japan’s GDP would have shrunk in Q4.

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“Exports have been the key driver, while imports declined—highlighting the same weak domestic demand we’ve seen over the past two to three years. Maybe hold off on the champagne for now,” Angrik cautioned.

Looking Ahead: Caution Over Consumer Spending

Economists remain wary about Japan’s economic momentum in early 2025:

• Citi’s Katsuhiko Aiba predicts that consumption will remain weak into Q1 2025, with a full recovery likely only after Q2.
• Real wage growth is expected to stay negative, even as the government reinstates energy subsidies.
• Consumer spending saw a 2.7% jump in December, the first increase since July 2024, but prior months showed contractions of 0.4% (November) and 1.3% (October).

Despite the Q4 surprise, full-year GDP growth for 2024 came in at just 0.1%, a steep drop from 1.5% in 2023. Following the data release, Japan’s Nikkei 225 dipped 0.29%, while the yen strengthened by 0.2% to 152.02 per dollar.

With mixed signals from the economy, policymakers and investors will be watching closely to see whether Japan’s growth is truly sustainable—or just a statistical mirage.