Spain is on the brink of reducing its working week, following a historic agreement between the government and the country’s two largest unions. This deal aims to cut the maximum work hours per week from 40 to 37.5, without altering wages. While the government has given its support, the proposal still faces challenges in the fragmented parliament, with opposition from employers.

Labor Minister Yolanda Díaz, alongside leaders of the UGT and CCOO unions, has hailed the agreement as a major step forward. The change is set to impact around 12 million workers and is expected to contribute to a reduction in carbon emissions. Under the new arrangement, the weekly hours will be calculated based on an annual average, with any extra hours worked considered overtime.

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Additionally, the government plans to strengthen timekeeping enforcement, introducing fines of up to €10,000 per worker for companies that fail to comply. However, there are indications that full implementation might be delayed until 2026 to accommodate small businesses and secure broader parliamentary support.

The proposal still faces uncertainty in the lower house of parliament. The minority government relies on smaller parties, including the Catalan separatist party Hunt, which may be difficult to convince due to its pro-business stance.

In a statement, Díaz, who is also Spain’s Deputy Prime Minister and leader of the left-wing Sumar party, emphasized the significance of the measure: “Today we are repaying our debt to the working people of Spain, to the new generations who understand that personal time is not a luxury, but a fundamental right.”

However, the reduction in working hours has been met with resistance from Spain’s main employers’ association, CEOE. They argue that such a change should be negotiated on an individual company basis rather than mandated by law, allowing businesses to adapt based on their specific needs.

Cyprus has taken a major step toward becoming a global leader in space exploration, with the Cyprus Space Exploration Organisation (CSEO) signing “landmark Memorandums of Understanding (MoUs)” with Invest Cyprus and Strategy International (SI). These partnerships aim to drive growth in Cyprus’s space ecosystem, attract global investment, foster innovation, and enhance international collaboration.

The MoUs were signed on Friday at CSEO’s Nicosia headquarters, with notable guests including Marios Tannousis, CEO of Invest Cyprus, and representatives from the USA Embassy and CYENS Centre of Excellence. The collaboration will leverage CSEO’s expertise in space research, Invest Cyprus’s focus on attracting foreign direct investment, and Strategy International’s strategic and geopolitical insights.

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These partnerships build on the recent signing of the NASA Artemis Accords and CSEO’s involvement in the Artemis Lunar Programme. CSEO’s President, George Danos, highlighted that this collaboration will create a powerful engine for innovation, attracting foreign talent and investments, and laying the foundation for long-term growth in the space sector.

Invest Cyprus Chairman, Evgenios Evgeniou, emphasized that the space sector holds immense potential for economic growth, while Dr. Marios P. Efthymiopoulos from Strategy International expressed confidence that their expertise would help solidify Cyprus as a leader in global space efforts.

The MoUs aim to drive strategic investment, accelerate innovation, and ensure the commercialization of Cyprus’s space sector, strengthening the country’s role in international space cooperation.

Despite facing various challenges, Deputy Minister of Tourism Kostas Koumis is optimistic about the results achieved in 2024, particularly in the tourism sector. Speaking at the presentation of the final results for the Paphos destination promotion campaign on Friday evening, Koumis expressed his satisfaction with the overwhelmingly positive financial outcomes for those working in the industry. He highlighted that Paphos, in particular, is making significant strides towards becoming a year-round tourist destination.

Koumis explained that the decision to focus on strengthening existing markets was a strategic one, emphasizing that the Ministry’s analysis showed investing in established markets yields faster and more effective results compared to exploring new ones. However, he noted that efforts to tap into new markets have not been overlooked.

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Regarding the current state of the hotel industry, Koumis confirmed that, according to the Ministry’s data, 104 hotel units are currently open across Cyprus.

The Ministry of Labor and Social Insurance has announced a series of new measures aimed at addressing the increasing demands of Cyprus’ labor market. These initiatives are designed to attract highly skilled professionals from third countries and broaden employment opportunities for foreign students in select fields, as outlined in the recent Decrees published in the Official Gazette of the Republic.

Attracting Skilled Professionals

One of the key updates is the introduction of a minimum annual salary for foreign professionals, which has been set at €43,632, 1.5 times the average gross annual salary in Cyprus. This salary threshold applies to individuals coming to work in sectors such as Information and Communication Technologies (ICT), pharmaceuticals for research purposes, and maritime industries (excluding skippers and crew).

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Expanded Employment Options For Foreign Students

The new regulations also provide an update on the employment rights of foreign students. From December 2024, students from third countries will be able to work in Cyprus, with the new rules replacing the previous March 2024 start date.

Students studying ICT who have completed their first academic semester will be eligible to work in occupations related to their field of study, thereby gaining practical experience while pursuing their education.

In response to critical sector shortages, the regulations also clarify the specific occupations and salaries that Blue Card holders—third-country nationals—will be eligible for in Cyprus. The Blue Card, in line with the European Directive, allows highly skilled professionals to live and work in EU member states.

Strengthening The Labor Market and Economy

These updates are expected to bolster the supply of specialized workers in key sectors, addressing existing gaps and promoting the continued growth of Cyprus’ economy. At the same time, the new measures offer foreign students enhanced opportunities for professional development, facilitating their seamless integration into the country’s workforce.

Cyprus’ Larnaca and Paphos airports have reached an unprecedented milestone, surpassing 12 million passengers on Friday, a figure that had been forecasted earlier in the week.

“This remarkable achievement follows a period of considerable challenges and shifts in tourism and aviation, shaped by the pandemic and various geopolitical issues,” noted Hermes, the operator managing the airports.

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The milestone highlights Cyprus’ growing appeal as a destination and reflects the resilience of its tourism sector. Hermes emphasized that from the outset, the company has been executing a well-structured and focused strategy to boost the island’s connectivity. This approach has resulted in an impressive expansion of air links, with new airlines being attracted, an enhanced destination network, and a substantial surge in passenger traffic.

“Cyprus’ air connectivity has not only improved but has solidified itself at a highly competitive and robust level,” Hermes said.

The operator further committed to continuing its efforts to strengthen the island’s connectivity, focusing on increasing tourist arrivals while also ensuring that Cyprus residents have a broad range of travel options.

The Central Bank of Cyprus (CBC) has revised its GDP growth forecast for 2024, increasing it by 0.2 percentage points to 3.7%. This adjustment reflects stronger domestic demand, with private consumption playing a pivotal role, supported by the continued resilience of the Cypriot economy.

However, forecasts for 2025-2026 have been slightly downgraded due to the impact of rising imports needed to meet elevated domestic demand. While exports, particularly non-tourism services, remain a growth driver, they are not sufficient to fully offset the increase in imports.

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Labor Market Nearing Full Employment

The labor market in Cyprus continues to strengthen, with unemployment expected to fall to 5% in 2024, down from 5.8% in 2023. This trend is forecast to continue, with unemployment rates projected to drop to 4.9% in 2025, 4.7% in 2026, and 4.6% in 2027, approaching conditions of full employment.

The improved GDP outlook has led to a downward revision of the 2024 unemployment forecast by 0.1 percentage points. The sustained growth momentum of the economy is seen as the key factor driving this positive trend.

Inflation Stabilizing Towards Target Levels

Inflation, as measured by the Harmonized Consumer Price Index (HICP), is expected to decline to 2.2% in 2024 from 3.9% in 2023, moving closer to the medium-term target of 2%. This stabilization is attributed to easing external inflationary pressures, including a reduction in energy and raw material prices, as well as the lagged effects of eurozone monetary policy, which continues to temper inflation.

Wage growth is anticipated to remain moderate, helping to limit inflationary pressures. However, the gradual introduction of a green carbon tax from 2025 may result in modest fuel price increases.

The normalization of inflation for industrial goods (excluding energy) is also expected between 2025 and 2027, following the high levels seen in 2022-2023. Core inflation—excluding energy and food—is forecast to decline from 3.8% in 2023 to 2.6% in 2024, 2.0% in 2025, 1.9% in 2026, and 2.0% in 2027. Service price inflation is expected to decelerate during the 2025-2027 period.

The 2024 inflation forecast was revised upward by 0.1 percentage points compared to September 2024 projections, reflecting higher-than-expected service price inflation.

Risks And Prospects

The economic outlook for 2024 is balanced, while projections for 2025-2027 suggest a slight increase in downside risks.

Key downside risks include ongoing geopolitical tensions and weaker-than-expected external demand amid heightened global trade uncertainty. Domestically, the introduction of new taxes on multinational corporate profits could negatively impact economic performance, although the extent of this effect is uncertain. Slower-than-expected easing of financing conditions may also curb domestic demand.

On the upside, stronger-than-anticipated private consumption, driven by lower household savings rates, could boost economic performance.

Inflation risks for 2024 are balanced, while those for 2025-2027 lean slightly upward. Upside risks include potential geopolitical escalations, trade policy uncertainties (such as new US tariffs and EU retaliatory measures), and climate-related impacts like extreme weather events and the implementation of green taxation. Wage growth exceeding expectations and higher corporate profit margins could also contribute to inflationary pressures.

Conversely, inflation could underperform baseline projections if financing conditions ease more slowly than expected or if heightened geopolitical tensions unexpectedly weaken the global economic environment.

The Moon may be significantly older than once thought, with its age now estimated to be between 4.43 and 4.53 billion years—up to 180 million years older than earlier calculations, according to a new study published in Nature and cited by DPA.

Key Insights From The Study

• Reevaluation of Rock Samples: The study, conducted by researchers from the US, France, and Germany, suggests that previous interpretations of Moon rock samples were flawed. The samples, primarily collected during the Apollo missions, reflect the cooling of magma on the lunar surface, not the Moon’s initial formation.
  
• Early Formation Process: Shortly after Earth’s formation about 4.5 billion years ago, a celestial collision with a planet-sized object named Theia ejected molten rock and debris into space. This material eventually coalesced to form the Moon. The new analysis suggests that tidal forces exerted by Earth on the Moon’s elliptical orbit caused the Moon’s interior to superheat, pushing magma to the surface.
  
• Discovery of Ancient Crystals: The presence of zircon crystals in lunar rock samples further supports the claim that the Moon’s age is older than previously believed. These crystals predate the cooling of the Moon’s surface, offering evidence that the natural satellite’s formation occurred earlier than past estimates.
  

Revised Age Of The Moon

The study’s authors, Francis Nimmo, Torsten Klein, and Alessandro Morbidelli, argue that the Moon’s age should be reconsidered based on these findings. Their research aligns with dynamic models of planetary formation within the Solar System, supporting the idea that the Moon’s development occurred earlier and more rapidly than previously assumed.

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Historical Context

Prior to this study, the Moon’s age was estimated at around 4.35 billion years, a figure derived from the cooling ages of surface rocks collected during the Apollo missions. However, the discovery of older zircon crystals in lunar rocks challenged this timeline, prompting further analysis.

Significance of the Findings

These new insights offer a deeper understanding of the early stages of planetary formation and the complex processes that shaped the Earth-Moon system. By pushing back the timeline of the Moon’s formation, scientists can better model the development of celestial bodies in the early Solar System.

This revelation not only redefines the Moon’s place in the timeline of the cosmos but also underscores the importance of continued analysis of lunar samples as a means to unlock the secrets of our planetary origins.

Nike is bracing for significant changes as it aims to reclaim market dominance amid growing competition. On Thursday, the Beaverton, Oregon-based sportswear giant offered a cautious outlook, causing its stock to erase early gains despite posting stronger-than-expected quarterly results, according to Reuters.

Key Developments

• Revenue Projections: Nike forecasts a double-digit revenue decline for the third quarter as it faces ongoing market pressures.
• Earnings Beat Expectations: The company reported earnings per share of 78 cents, outperforming analyst estimates of 63 cents, as compiled by LSEG.
• Revenue Decline: Net revenue for the second quarter dropped 7.7% to $12.35 billion, better than the anticipated 9.41% decline, thanks to strong demand for updated versions of its athletic shoes.
• Current Quarter Forecast: Analysts expect Nike’s revenue to fall 7.65% to $11.48 billion in the current quarter, according to LSEG data.
• Stock Volatility: Nike’s shares initially surged 11% following the earnings report but pared gains to close up just 0.3% after executives lowered future projections. Year-to-date, Nike’s stock price has plummeted nearly 30%.

Leadership Perspective

Newly appointed CEO Elliott Hill acknowledged the challenges ahead, warning of “short-term pain” as the company embarks on its turnaround strategy. Hill, who began his career at Nike as an intern in 1988, emphasized the need to refocus on core sports-related products and limit reliance on promotions and discounts.

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“We’ve become over-promoted,” Hill stated during his first earnings call as CEO. “The level of discounting not only affects our brand, but it also hurts the overall market and the profits of our partners.”

Hill’s plan centers on revamping Nike’s partnerships with retailers, limiting promotions, and reinvesting in key markets. Rebuilding on-the-ground teams in major cities and countries will be a crucial part of this strategy, as Hill believes they play a vital role in fostering consumer connections.

Product Strategy

With rivals rolling out more comfortable, cushioned footwear, Nike aims to strengthen its competitive edge. The company plans to channel resources into the development of new products like the Air Max 95 and reinforce its iconic franchises, including Jordans and Pegasus. This approach seeks to maintain brand relevance and drive consumer interest.

Looking Ahead

Nike’s path to recovery will require careful execution of Hill’s strategy to restore profitability, limit over-discounting, and re-establish consumer loyalty. With its renewed focus on sports products, stronger partnerships with retailers, and strategic investment in local teams, the company aims to reclaim its position as a market leader in the highly competitive sportswear industry.

Foreign Minister Constantinos Kombos chaired a ministerial meeting to review Cyprus’ progress toward joining the Schengen area. Attended by senior officials, including Ministers of the Interior, Justice, and Transport, as well as Deputy Ministers for Immigration, Social Welfare, and Tourism, the meeting aimed to assess the implementation of the European Commission’s recommendations.

Foreign Minister Kombos highlighted the steps taken to meet EU criteria and reaffirmed Cyprus’ commitment to effective border management. In his message to newly appointed EU Commissioner for Home Affairs and Migration Magnus Brunner, Kombos emphasized Cyprus’ dedication to Schengen membership.

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A key development was the creation of a Schengen Task Force within the Ministry of Foreign Affairs to enhance coordination between ministries and responsible services.

The meeting focused on six critical areas of compliance: personal data protection, police cooperation, external border control, returns, visas, and the Schengen Information System (SIS). Progress was reviewed, and challenges requiring immediate attention were identified.

To accelerate progress, a roadmap was established with a monitoring mechanism to track implementation. Ministries and deputy ministries were instructed to resolve outstanding issues in the coming weeks, with a follow-up review meeting scheduled for the end of February.

In an industry that thrives on bold innovation, Lumen Orbit is already making waves. Launched earlier this year by three satellite engineers, the Redmond, Washington-based start-up is on a mission to revolutionize space internet through optimized satellite design.

Backed By Big-Name Investors

Venture capitalists are taking notice. This week, Lumen Orbit secured an $11 million seed round, boosting the company’s valuation to an impressive $40 million, according to TechCrunch. High-profile investors such as NFX and Soma Capital are already on board, with Andreessen Horowitz and Sequoia reportedly showing interest as well. Industry insiders hint that plans for a new funding round are already in motion, signaling strong confidence in Lumen Orbit’s potential.

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A Vision For Space-Based Data Centers

So, what’s driving all this excitement? Lumen Orbit’s ambitious goal is to relocate data centers to orbiting satellites in space. This vision places the company at the heart of the “new space economy” — an emerging sector where governments and private enterprises explore the possibilities of establishing data hubs beyond Earth’s atmosphere.

One notable example of this trend is ASCEND (Advanced Space Cloud for European Data Sovereignty and Net Zero Emissions), a project spearheaded by Thales Alenia Space as part of the European Commission’s Horizon Europe programmes. The initiative aims to demonstrate the technical feasibility and environmental benefits of space-based data centers.

The Case For Space-Based Data Centers

Why send data centers to space? The rationale is compelling. On Earth, data centers require substantial amounts of land and water to maintain optimal cooling for their vast hardware systems. Space, however, offers infinite real estate and naturally low temperatures, eliminating two major resource constraints.

Solar energy would power these orbiting hubs, while batteries store excess energy to cover periods without direct sunlight. This approach has the potential to drastically reduce operational costs while making data centers more sustainable. Lumen Orbit’s satellite hubs could feasibly support both computing operations and data transmissions back to Earth.

What’s Already Up There?

While the concept may seem futuristic, some groundwork has already been laid. Projects like the Stacked Miniaturized and Radiation Tolerant Intelligent Electronics (SMARTIE) facility are early indicators of what’s possible. SMARTIE’s system uses “tiles” to achieve over 300 gigaflops of computing power per unit. These satellites, equipped with BAE Systems’ RAD750 single-board computers, process sensor data and manage artificial intelligence-related tasks in space.

These developments illustrate that the leap to space-based data centers isn’t as far-fetched as it may seem. They mark the initial steps toward a larger shift in how and where we handle large-scale computing needs.

The Cost Advantage

A key driver of Lumen Orbit’s business case is cost reduction. According to co-founder Philipp Johnston, a Harvard and Columbia graduate, shifting data centers to space could drastically lower operational expenses. “Instead of paying $140 million for electricity, you can pay $10 million for a launch and solar,” Johnston explained.

Johnston’s co-founders also bring impressive credentials to the table. Chief Technology Officer Ezra Fielden previously worked at Airbus and contributed to NASA’s research efforts. Adi Oltean, another co-founder, was a principal software engineer at SpaceX, where he worked on Starlink’s cutting-edge satellite internet technology. Together, the trio’s combined expertise provides Lumen Orbit with a formidable foundation for success.

The Road Ahead

Though the concept of space-based data centers may sound like the stuff of science fiction, the business logic is undeniable. As demand for efficient and sustainable data processing grows, Lumen Orbit’s proposal to leverage space as a new frontier for data operations is attracting investors and sparking industry-wide interest.

With deep-pocketed backers and a bold vision, Lumen Orbit is well-positioned to capitalize on a burgeoning trend. If successful, the company’s satellites could usher in a new era of data management, bringing faster speeds, lower costs, and greener solutions to an increasingly data-driven world.