The Deputy Ministry of Research, Innovation, and Digital Policy in Cyprus has outlined an ambitious 2025 budget of €168 million, prioritizing a digital transformation that aims to enhance citizen services, bolster the economy, and strengthen cybersecurity. During a presentation to the Finance and Budget Parliamentary Committee, Deputy Minister Nicodemos Damianou highlighted the budget’s breakdown: €88.7 million for digital transformation, €47.6 million for research and innovation, and €8.4 million for cybersecurity.

Damianou emphasized the goal of creating an integrated data architecture, reducing outdated, isolated systems across departments. This ongoing commitment to digital reform, he noted, is crucial for modernizing the nation. He also addressed the significance of stable, high-speed internet connectivity, targeting 100% coverage by the end of 2025. This infrastructure upgrade will position Cyprus as a leading digital state, supporting connectivity and security across its population.

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The budget also underscores cybersecurity, with focused investments to protect critical state infrastructure. While some question the relatively modest allocation for cybersecurity, Damianou pointed to additional resources in other governmental budgets, including the Digital Security Authority, to fortify defenses in this fast-evolving sector.

Damianou acknowledged that achieving these technological goals would involve addressing legacy systems and adapting to challenges faced by other countries. He affirmed that ongoing investment in digital reform is essential for Cyprus’s progress, reflecting the positive advancements reported in the European Commission’s latest Digital Decade Report.

According to Deputy Minister of Tourism Kostas Koumis, in 2024, Cyprus recorded its highest-ever tourism performance for the first nine months of the year. Speaking at the inauguration of the Cyprus Airways Flying Academy in Larnaca, Koumis highlighted impressive growth in arrivals and revenue, attributing this success to dedicated efforts by tourism stakeholders amid challenges like Eastern Mediterranean instability and European economic conditions.

Despite early-year obstacles, Cyprus’s tourism numbers remain robust, with the winter season anticipated to increase over last year’s figures, which rose by 7%. Koumis noted that tourism facilities are extending their operations through mid-November, an unusual move that reflects the sector’s resilience.

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Looking forward, Koumis expects 2025 to bring even greater tourism growth. He cited extensive preparations for the upcoming summer season, as well as an expanding flight schedule that connects Cyprus to 39 countries through 55 airlines. While tensions in neighboring regions, particularly Israel, present uncertainties, Koumis is optimistic about the industry’s ability to adapt, emphasizing that Cyprus’s tourism sector is well-prepared to sustain its strong performance and deliver further growth in the coming years.

The world’s richest man just got a whole lot richer after Tesla CEO Elon Musk enjoyed a historic rally in Tesla shares, fueled by the electric vehicle company’s latest earnings report.

KEY FACTS

• Tesla’s stock price jumped about 22% in trading on Thursday, its biggest daily gain since May 9, 2013.
• It came as investors reacted positively to a big third-quarter earnings growth, the biggest cash generation in eight quarters, and several encouraging details shared by Musk on the accompanying conference call with analysts.
• The earnings report “reminds us that growing the auto business profitably remains a high priority for Tesla,” Morgan Stanley analyst Adam Jonas wrote, alluding to earlier concerns about Tesla’s shrinking profit margins as it emphasizes self-driving car initiatives.

FORBES ASSESSMENT

The rally added $26.4 billion to the fortune of Tesla’s largest shareholder Musk, whose lead as the richest person alive grew to more than $55 billion. Musk owns 269.8 billion dollars, and the second in the ranking – Larry Ellison has a fortune of 212.2 billion dollars.

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BIG NUMBER

150 billion dollars. Tesla added roughly that much market capitalization on Thursday. The rally turned the stock’s year-to-date performance from a 14% loss to a nearly 5% gain.

Tesla is gearing up to launch a taxi service in 2025, potentially before it starts mass production of its autonomous robotic taxis. Elon Musk announced these plans during the company’s third-quarter financial presentation, revealing that tests have already commenced in California and Texas. Employees have been trying out the service, with human drivers present to take over in emergencies.

For public launch, Tesla must secure approvals from the California Department of Motor Vehicles (DMV) and the California Public Utilities Commission. Musk assured that the company will navigate the necessary regulatory process before offering the service to everyday users. If all goes well, Tesla aims to expand its operations to other states by the end of next year.

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This announcement marks a serious move toward a long-discussed service, with Musk first hinting at autonomous driving software development years ago. The robotic taxi was unveiled recently after several delays, although it remains unclear when mass production will commence. These autonomous taxis are expected to be priced under $30,000, challenging Waymo, which currently operates the only commercial self-driving taxi service in the U.S. in San Francisco.

Scout, Volkswagen’s spinoff, revealed its upcoming electric vehicles (EVs), including a unique twist: a gas-powered generator for extended range. The Scout lineup will include an electric truck and an SUV, both expected in 2027, with up to 350 miles of range. A special variant, the Harvester, will offer more than 500 miles using a built-in gas-powered generator, keeping Scout’s rugged identity intact while future-proofing the brand.

These EVs will deliver 1,000 pound-feet of torque, a 0-60 mph acceleration of 3.5 seconds, and advanced off-road capabilities, including 35-inch tires, 12 inches of ground clearance, and water fording of nearly 3 feet. The Terra truck will tow over 10,000 pounds, and the Traveler SUV will tow 7,000 pounds.

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Scout also ensures modern features like over-the-air updates and Tesla’s North American Charging Standard while maintaining nostalgic design elements like physical buttons. Prices are set to start below $60,000, with production in a $2 billion South Carolina factory, and reservations available for $100.

This bold move combines nostalgia with future-ready technology, aiming to capture both the EV and off-road markets.

Cyprus is close to a breakthrough on the US visa waiver agreement, announced President Nikos Christodoulides. He emphasized the strategic dialogue launched between the two nations, which covered investment, trade, research, security, and especially visas. Cyprus aims to finalize the agreement, reducing travel barriers for Cypriot citizens visiting the US.

The President stressed that all Ministries should support the Foreign Ministry, which is leading the dialogue, to ensure successful negotiations. He also highlighted that Cyprus is awaiting a critical decision based on its visa application rejection rate, a key criterion for inclusion in the visa waiver program.

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In a bold leap toward the future, Cyprus has officially joined the Artemis Accords, marking a significant milestone in the nation’s journey into space exploration. Deputy Minister of Research, Innovation, and Digital Policy, Dr. Nicodemos Damianou, signed the historic agreement at the Presidential Palace, connecting live with NASA in the United States.

The Artemis Accords, which have been endorsed by over 40 nations, set a framework for the peaceful and cooperative exploration of outer space. These principles align with global efforts to ensure that space activities, from scientific research to resource utilization, benefit all humanity. Cyprus, a growing player in technological innovation, has now firmly placed itself among the countries dedicated to this vision.

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Dr. Damianou emphasized the importance of this moment, noting that Cyprus is taking concrete steps to expand its focus on satellite communications and earth observation technologies. He also stressed the necessity of international cooperation, recognizing that space exploration must transcend borders and disciplines. Cyprus sees space as a new frontier for economic diversification and future value creation, with the potential to inspire future generations.

This signing also cements the relationship between Cyprus and the United States in the field of science and technology. James O’Brien, U.S. Assistant Minister of Foreign Affairs, celebrated the first strategic dialogue between the two nations, underscoring the shared commitment to education and scientific advancement in space. NASA’s associate administrator Jim Free called it a “golden age of space,” highlighting how these partnerships will help break barriers and preserve the space environment for future generations.

For Cyprus, this step into the space sector not only strengthens its ties with international partners but also positions the country as a key player in the rapidly growing Mediterranean space hub. As the world looks to the stars, Cyprus has signaled its commitment to being part of the next great chapter in human exploration.

By joining the Artemis Accords, Cyprus is not just participating in a space mission—it is taking a visionary step towards future prosperity, aligning with the global effort to unlock the vast possibilities of space for the benefit of all.

62%. This is public support for the French authorities’ intentions to legalize online casinos, according to a survey by the French Association of Online Games (AFJEL). Very soon, such legal amendments may become a fact, writes the French publication Le Figaro. 

Online casinos in France are prohibited by law. Along with Cyprus, it is the only country in the EU that completely bans online casino games. French authorities only allow sports betting, horse racing, and poker online. The online lottery is also legal in France, although there is only one operator – La Française des Jeux (FDJ).

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However, in 2023, illegal online casinos operating in France generated an impressive 750 million euros in turnover, a sign that legal restrictions are in no way preventing these businesses from thriving from the comfort of tax havens, in which are registered.

Now the government is proposing changes as part of the draft budget for 2025, which would make the activity of online casinos subject to control. The texts were presented over the weekend and considered by French MPs on Monday. If the changes are finally adopted, virtual casino games will be taxed at 55.6% of their turnover.

The government claims that legalizing online casinos will help tackle the presence of illegal sites that often operate from tax havens. This could contribute to limiting the risk to public health,

However, the proposed amendments are not being taken lightly by casino owners, who have come out strongly against the amendment, which will expose their establishments to unwanted competition. 

“According to our calculations, the opening of online casinos to competition will lead to a drop in gross gambling revenue of land-based casinos by around 20 to 30% and the closure of 30% of establishments,” said Gregory Rabuel, president of the Casinos de France union. to the French media Les Echos.

THE BUDGETARY POLICY OF FRANCE

Last year, France’s government deficit reached 5.5% of the country’s GDP, significantly exceeding forecasts and breaching the EU’s target of 3%. Late last month, new budget minister Laurent Saint-Martin revealed that this year’s deficit could exceed 6%.

While the government hopes to rein in spending, it is also looking for ways to raise revenue. Part of the country’s current financial problems are related to reduced tax revenues. This is partly because economic growth has recently been driven by exports rather than domestic consumption, resulting in lower VAT revenues.

A review of the revenue side of the 2025 state budget, which calls for 60 billion in new tax revenue, began on Monday, kicking off the most important few weeks of Prime Minister Michel Barnier’s tenure, whose government enjoys fragile support.

In his opening speech, Economy Minister Antoine Armand advocated a budget that would allow the public deficit to be reduced to 5% of GDP in 2025, rejecting any “austerity” while predicting a 0.4% increase in public spending

Tesla surprised investors with an optimistic forecast, projecting a 20-30% growth in vehicle sales for 2024, which drove a 12% surge in the company’s shares in after-hours trading. CEO Elon Musk’s announcement relieved investors, who had been concerned about Tesla’s robotaxi rollout after a lackluster debut earlier this month. The company’s confidence in its core electric vehicle business, supported by lower production costs, soothed fears about market challenges.

In the third quarter of 2024, Tesla’s vehicle production costs fell to a record low of $35,100, which helped expand profit margins to 17.05%, exceeding analysts’ expectations. This cost efficiency and growth in autopilot software adoption helped the company boost earnings despite recent price cuts in the competitive electric vehicle market.

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Tesla’s third-quarter adjusted profit stood at 72 cents per share, beating Wall Street’s average estimate of 58 cents. The company delivered 1.29 million vehicles in the first nine months of 2024 and needs to deliver just over half a million more by year-end to surpass its previous record.

Musk’s projection of driverless cars offering paid rides by next year, and Tesla’s efforts to enhance production efficiency, have positioned the company well for continued growth despite challenges in the EV market. Tesla remains committed to expanding its lineup with more affordable models expected by 2025, focusing on AI and production investments.

Although the market remains cautious about sustaining these high margins in the final quarter of the year, Tesla’s third-quarter performance and optimistic outlook have sparked renewed investor confidence.

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Key Points:

• Sales Growth: Tesla forecasts a 20%-30% increase in vehicle sales for 2025.
• Share Price: Shares surged 12% following Musk’s announcement.
• Production Costs: Vehicle production costs dropped to $35,100, raising profit margins to 17.05%.
• Earnings: Adjusted profit reached 72 cents per share, exceeding estimates.
• Deliveries: Tesla delivered 1.29 million vehicles in 2024’s first three quarters, needing 514,925 more for a record.
• Future Plans: Plans for driverless cars and affordable models are set for 2025.

Oil prices experienced a slight decline on Wednesday following reports of a larger-than-expected increase in U.S. crude inventories. This drop was moderated by ongoing concerns over Middle East tensions, particularly as Israel continued its military actions in Gaza and Lebanon.

Brent crude futures saw a slight decrease of 0.3%, settling at $75.84 per barrel, while U.S. West Texas Intermediate (WTI) crude futures also dipped 0.3% to $71.54 per barrel. Despite the decline, oil prices had risen earlier in the week, supported by uncertainty over how the Israel-Iran conflict might evolve, especially following U.S. Secretary of State Antony Blinken’s diplomatic efforts in Israel.

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Meanwhile, the American Petroleum Institute (API) reported a 1.64 million barrel rise in U.S. crude stocks last week, significantly higher than analysts’ expectations of a 300,000-barrel increase. This unexpected stockpile increase weighed on the market, adding pressure to oil prices.

Analysts are also keeping an eye on China’s economic stimulus efforts, which could positively influence global oil demand. Market strategists, like Yeap Jun Rong, have noted that the potential for a longer conflict in the Middle East could lead to continued price volatility.

This situation, combined with geopolitical risks and economic variables, continues to impact global oil markets, leaving traders wary of further price shifts.