Cypriot Minister of Finance, Mr. Makis Keravnos, addressed the “3 Business Presentations of Cyprus in Greece” event in Athens on January 29, 2025, where he highlighted the importance of strengthening economic ties between Cyprus and Greece. He emphasized the long-standing historical and economic connections between the two nations and their resilience in the face of geopolitical challenges.

Mr. Keravnos pointed out Cyprus’ strategic position as a bridge between Europe, Asia, and Africa, noting the dynamic growth of the Cypriot economy. He highlighted key sectors such as tourism, financial services, shipping, and technology as crucial to the country’s development. In his speech, the Minister noted that Cyprus achieved a growth rate of 3.7% in 2024, surpassing the EU average. Unemployment fell below 5%, and inflation dropped from 3.5% to 1.8%. Cyprus also recorded a primary surplus of 5%, which will contribute to reducing public debt below 60% of GDP by 2026.

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The Minister called on Greek businesses to explore opportunities in Cyprus, underscoring the government’s commitment to attracting international companies and investment funds. He highlighted particular focus on sectors such as renewable energy, health, education, and the defense industry, which he described as a promising area for collaboration between Greek and Cypriot businesses.

Mr. Keravnos also discussed ongoing reforms, including strengthening the financial system through the Cyprus Equity Fund and the creation of the National Development Agency, as well as tax reforms aimed at fostering growth. He concluded by emphasizing Cyprus’ dedication to enhancing its international reputation, ensuring a stable business environment, and creating favorable conditions for investors.

London-based alternative investment manager Caius Capital has reduced its stake in Bank of Cyprus to below 5%. The company’s holding now stands at 4.98%, down from 5.65%, equating to 21,953,267 voting rights.

Caius Capital, founded by António Batista and William Douglas, specialises in distressed and special situation investments, focusing on long- and medium-term opportunities across various capital structures. The firm’s investment portfolio spans corporate issuers, financial institutions, and sovereign entities in the EMEA region, with a strategy grounded in extensive research and risk management.

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Alpha Bank has acquired 100% of FlexFin, a pioneering FinTech company that offers liquidity solutions to small and medium-sized enterprises (SMEs). This strategic move aims to integrate FlexFin’s factoring operations with Alpha Bank’s ABC Factors, strengthening its presence in the factoring market.

FlexFin, founded in 2017 in Cyprus and later expanding to Greece, provides innovative factoring services, helping businesses quickly turn invoices into cash to cover daily expenses. The company serves SMEs in both Cyprus and Greece, focusing on a market that was previously overlooked by larger factoring firms.

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Co-founded by Dimitris Vranopoulos and Alexandros Kelaiditis, FlexFin has garnered support from over 45 investors, including the National Bank of Greece, RayCap, and IQBICITY. The company’s Greek subsidiary achieved a significant revenue increase, reporting €1.1 million in 2023, up from €568,000 in 2022.

FlexFin’s services, which help businesses obtain liquidity even when traditional loans are unavailable, fill a crucial gap in the market. The acquisition by Alpha Bank is expected to enhance the bank’s ability to provide comprehensive financial solutions for SMEs.

The company’s success is backed by a team of experienced leaders, including Vranopoulos, a former Goldman Sachs executive, and Kelaiditis, who has extensive experience in investment banking. FlexFin’s growth is set to continue under Alpha Bank’s ownership, offering more efficient and accessible funding solutions to SMEs.

In a bold move, Alibaba has unveiled the next iteration of its AI model, the Qwen 2.5-Max, which the Chinese tech giant claims surpasses DeepSeek-V3, the breakthrough model from the rapidly rising Chinese AI startup, DeepSeek.

The timing of the Qwen 2.5-Max’s launch, coinciding with the first day of the Lunar New Year holiday, highlights the mounting pressure DeepSeek’s impressive rise has placed on both international and domestic competitors. As most Chinese citizens take time off to celebrate with their families, Alibaba’s announcement signals a competitive response to DeepSeek’s momentum.

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According to Alibaba’s cloud division, Qwen 2.5-Max outperforms the latest AI models, including GPT-4, DeepSeek-V3, and Llama-3.1-405B, which are some of the most advanced open-source systems available.

DeepSeek made waves on January 10 with the debut of its AI assistant based on the DeepSeek-V3 model. Shortly after, on January 20, it launched the R1 model, sparking a major reaction in Silicon Valley. The launch sent tech stocks into a downward spiral, with investors questioning the massive spending plans of top US AI firms, given DeepSeek’s much lower development and operating costs.

Adding to the excitement, just two days after DeepSeek’s R1 debut, ByteDance—owner of TikTok—revealed an update to its core AI model. The company claimed it outperformed OpenAI’s GPT in AIME, a complex AI benchmark that evaluates a model’s ability to understand and execute intricate instructions.

This claim mirrors DeepSeek’s assertions that its R1 model is more efficient than OpenAI’s offerings across multiple performance metrics.

Norway’s $1.8 trillion sovereign wealth fund, the world’s largest, posted a record annual profit of 2.51 trillion crowns ($222 billion) in 2024, surpassing its previous high of 2.2 trillion crowns in 2023. The strong performance was largely driven by surging U.S. technology stocks.

“The American technology stocks in particular performed very well,” said Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), which manages the fund.

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The fund, built from Norway’s oil and gas revenues, is one of the world’s largest investors, holding about 1.5% of all publicly listed stocks globally. By the end of 2024, nine of its ten largest equity holdings were tech companies, with Apple, Microsoft, and Nvidia leading the portfolio.

Despite its strong returns, the fund’s 2024 investment performance of 13% was 0.45 percentage points below its benchmark index. Equity investments delivered an 18% return, while fixed income gained 1%. However, unlisted real estate and renewable energy infrastructure underperformed, returning -1% and -10%, respectively.

At year-end, the fund’s portfolio allocation stood at 71.4% in equities (up from 70.9% in 2023), 26.6% in bonds (down from 27.1%), 1.8% in unlisted real estate, and 0.1% in renewable infrastructure.

The fund received 402 billion crowns in inflows from the Norwegian state in 2024, significantly lower than the 2022 record of nearly 1.1 trillion crowns.

LVMH Moët Hennessy Louis Vuitton SE has announced it is selling its minority stake in Stella McCartney back to the brand’s founder as the luxury conglomerate reevaluates its portfolio during a challenging period for high-end goods.

The agreement brings an end to a five-year partnership between Stella McCartney and LVMH, according to a joint statement released on Monday. The financial terms of the deal remain undisclosed.

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This move follows a series of strategic adjustments by LVMH, including the sale of its stake in Off-White’s parent company last September. In addition, the group divested from Cruise Line Holdings Co. and closed a high-end department store in Venice operated by its DFS unit in November. Analysts predict that LVMH’s fourth-quarter sales, due to be reported on Tuesday, fell 1.04%, largely due to weakening demand in key markets like China.

Stella McCartney: The Brand And Its Vision

Stella McCartney, daughter of Beatles legend Paul McCartney, established her namesake brand with a commitment to sustainability and ethical fashion. The brand is renowned for eschewing animal-derived materials such as leather, fur, and feathers, instead focusing on eco-conscious innovation, including glue-free sneakers.

Previously part of Kering SA, Stella McCartney joined forces with LVMH in 2019, with the designer assuming a dual role as brand leader and sustainability advisor to the luxury group. McCartney will continue in her advisory capacity for LVMH on sustainability matters despite this ownership transition.

Financial Challenges And Brand Outlook

Stella McCartney Ltd reported sales of approximately £40 million ($50 million) in 2022 but posted an operating loss of around £8.8 million, according to records filed with the UK’s Companies House in December 2023.

The move to regain full control of her brand signals McCartney’s commitment to her vision and the brand’s long-term sustainability ethos, even as the broader luxury market faces headwinds.

Market Response And Industry Context

LVMH’s stock fell 1% in early trading on Tuesday in Paris, extending its 12-month decline to 2.8%. The luxury sector has been under pressure due to shifting consumer demand, particularly in China, one of the industry’s largest markets.

This divestment highlights LVMH’s continued focus on refining its portfolio amid market volatility, while allowing Stella McCartney to further embrace its independent and sustainable brand identity.

An extensive investigation into a transnational money laundering and trafficking network with ties to Cyprus is ongoing, according to Police Spokesperson Kyriaki Lambrianidou. Speaking to the Cyprus News Agency, she confirmed that Spanish authorities are continuing their inquiries following the dismantling of a sophisticated criminal organisation operating across Cyprus and other European nations.

The investigation, led by Europol in cooperation with the Cyprus Police and several European counterparts, has revealed that the network’s masterminds were based in Cyprus. The leaders, two Ukrainian brothers with Cypriot citizenship obtained through the Cyprus Investment Programme, are accused of orchestrating the laundering of vast sums of money derived from illicit activities.

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One of the brothers has been arrested abroad under a European arrest warrant, while the second remains at large, Lambrianidou disclosed.

A Multi-National Crackdown

The Europol-led operation, which involved law enforcement agencies from Cyprus, Croatia, France, Germany, Slovenia, and Spain, as well as EUROJUST, resulted in the arrests of over 20 individuals. During the coordinated raids, authorities froze cryptocurrencies worth tens of millions of euros and seized millions in cash, luxury cars, and other high-value items.

The network allegedly employed Cyprus as a transit hub, funnelling substantial sums of money through third-country nationals who transferred these funds from various European countries to Cyprus. A total of 13 search warrants were executed on Cypriot properties, predominantly in Limassol, uncovering significant assets.

In Limassol alone, over €650,000 in cash, numerous valuables, electronic devices, mobile phones, and financial documents were confiscated. The operation also froze more than €25 million in cryptocurrencies, highlighting the increasing use of digital currencies in modern financial crimes.

Luxury Assets Targeted

Authorities have zeroed in on the network’s extensive assets. In addition to seizing over €650,000 in cash, six high-end vehicles worth more than €650,000 were confiscated. Meanwhile, an order was issued to seize 14 apartments valued at over €7 million.

The scope of the crackdown extended beyond Cyprus. In Spain, France, and Slovenia, 90 properties were searched, resulting in 23 arrests. Officials seized €8.2 million in cash, froze €29.5 million in cryptocurrencies, confiscated 36 luxury vehicles, and recovered jewellery and other valuables worth hundreds of thousands of euros.

Unveiling The Network’s Operations

The criminal group’s operations appear meticulously organised. According to the Cyprus Police, the network exploited a structured system of third-country nationals to transfer large sums of money from across Europe into Cyprus. From there, these funds were reportedly laundered and used to acquire luxury assets, including real estate and vehicles.

This case underscores the ongoing challenges authorities face in combating money laundering and financial crimes in an increasingly digital world. The freezing of over €29.5 million in cryptocurrencies highlights the sophistication of the group’s methods and the growing intersection of financial crime and blockchain technology.

Cyprus’s Role Under Scrutiny

The investigation has placed Cyprus in the spotlight as a key location within the network’s operations. The discovery that the alleged leaders have naturalised Cypriots through the controversial investment programme has reignited debates around the scheme, which was scrapped amid concerns of abuse and corruption.

As authorities intensify their efforts to bring all suspects to justice, the case serves as a stark reminder of the complexities involved in tackling transnational crime. The seizure of millions in cash, cryptocurrencies, and luxury assets signals a significant blow to the network, but investigators know the fight is far from over.

The ongoing collaboration between Europol, EUROJUST, and multiple national police forces demonstrates the necessity of international cooperation in addressing crimes that transcend borders. With one suspect still evading arrest and investigations ongoing, the global community will watch closely as authorities continue to unravel the full extent of this intricate laundering operation.

This year, Ramadan is expected to begin on Saturday, March 1. Millions of people in the UAE and around the world observe Ramadan every year. Ramadan is the ninth and holiest month in the Islamic calendar when Muslims fast from dawn until dusk, pray more, and increase acts of charity. The month commemorates the revelation of the Quran to the Prophet Muhammad (PBUH).

Start Date And End Date Of Ramadan 

Ramadan is expected to start on March 1, 2025, but the exact start date will be confirmed by the UAE’s moon-sighting committee. If Ramadan begins on March 1, it will end on March 29 or 30. The exact timing depends on the phases of the moon.

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When the waning crescent is spotted by UAE astronomers, it will signal the final night of Ramadan and the start of Eid Al Fitr 2025, marking the next public holiday in the UAE.

What is Ramadan? 

Ramadan is a time when Muslims abstain from eating, drinking, and smoking between sunrise and sunset. Non-Muslims are also expected to respect the fasting practices in public. Ramadan commemorates the first revelation of the Quran to the Prophet Muhammad (PBUH). Muslims typically perform additional Tarawih prayers throughout the month. Fasting is one of the five pillars of Islam, and the month is observed for prayer, reflection, and spiritual growth.

The Islamic calendar relies on moon phases, with months either being 29 or 30 days long. The sighting of a new moon marks the beginning of a new month. In the UAE, the moon-sighting committee will search for the new crescent moon after maghrib prayers on the 29th day of the month of Shaban, the month preceding Ramadan.

UAE Working Hours During Ramadan 

In the UAE, private sector workers are typically required to work 8 hours per day or 48 hours per week. However, during Ramadan, working hours are reduced by 2 hours every day. The UAE Labour Law mandates that working hours be reduced by two hours for all employees, regardless of their religion or whether they are fasting.

The UAE’s Ministry of Human Resources and Emiratisation (MoHRE) announced last year a reduction of two working hours per day for private sector employees during Ramadan. “In accordance with the requirements and nature of their work, companies may apply flexible or remote work patterns within the limits of the daily working hours during Ramadan,” the Ministry said.

For public sector employees, official working hours for ministries and federal agencies are usually from 9 AM to 2:30 PM, Monday to Thursday. On Fridays, the working hours are from 9 AM to 12 PM. Last year, the Sharjah Human Resources Department also announced that official working hours for government entities in the emirate would be from 9:00 AM to 2:30 PM.

UAE School Hours During Ramadan 

Official announcements about school hours during Ramadan 2025 in the UAE have not been made yet, but they are expected to follow the same schedule as last year.

In 2024, Dubai’s Knowledge and Human Development Authority (KHDA) mandated that private schools operate for a maximum of five hours per day during Ramadan, with classes ending by 12 PM on Fridays.

Public Transport Adjustments During Ramadan 

Dubai’s public transport systems, including the Dubai Metro and buses, will adjust their operating hours to accommodate late-night travel for Iftar and Taraweeh prayers. These adjustments are designed to provide convenient travel options for residents during Ramadan.

• Dubai Metro: The Dubai Metro will operate until midnight or later during Ramadan, ensuring seamless travel for those attending evening prayers and gatherings. Trains may run more frequently during peak hours to accommodate higher ridership, especially after Iftar.
  
• Buses: Bus schedules will be adjusted to align with Iftar and Suhoor timings. Some bus routes will extend their operating hours to cater to the increased demand during Ramadan evenings, allowing for convenient travel to mosques and community events.
  
• Taxis and Ride-Hailing Services: Taxis and ride-hailing services like Uber and Careem will increase their availability, with more vehicles on the road during Iftar and late-night hours to support travelers.

These changes are aimed at ensuring affordable and convenient travel for residents during the holy month.

Paid Parking During Ramadan 

One of the key adjustments during Ramadan is the change in parking timings and Salik toll rates in Dubai. To accommodate the unique rhythm of Ramadan, the Dubai Roads and Transport Authority (RTA) adjusts parking timings and toll rates.

Typically, paid parking in Dubai operates from 8:00 AM to 10:00 PM across most zones. During Ramadan, the first shift will begin at 8:00 AM and end at 6:00 PM. The second shift will start at 8:00 PM and end at 10:00 PM, with free parking available between 6:00 PM and 8:00 PM, aligning with Iftar.

Multi-storey parking facilities will operate 24/7, with standard charges applied at all times, even during Ramadan. These facilities offer a convenient option for those who need parking outside the adjusted timings.

If Ramadan lasts for 30 days, day 30 will be considered an official holiday in addition to the Eid Al Fitr holiday. This legislation, which was published in the official gazette on May 15, 2024, came into effect on January 1, 2025.

Additionally, the Cabinet may transfer any public holiday to the beginning or end of the week, and local governments may declare other holidays for their departments based on special occasions or other reasons.

Germany’s AAA credit rating could be at risk in the long term unless the country addresses its ongoing structural weaknesses, according to Eiko Sievert, CEO of European rating agency Scope Ratings, speaking to Reuters in an interview.

Key Facts

While weaker economic growth itself isn’t an immediate threat to Germany’s AAA rating—even if stagnation persists into 2025—the pressure on the rating could rise if the country fails to address the root causes of its underperformance.

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Germany’s economy shrank for the second consecutive year in 2024, with its export sector suffering from sluggish global demand and growing competition, particularly from China.

Sievert highlighted several structural issues that need urgent attention, including high energy prices that undermine Germany’s production and export capabilities, insufficient investment in infrastructure, education, and digitalisation, and the lack of meaningful labor market reforms that erode international competitiveness.

Despite Germany’s relatively low government debt, which stands at 63% of GDP, this figure alone won’t guarantee the country’s AAA rating, Sievert explained. The rating takes into account other important factors as well.

What To Follow

When compared to other AAA-rated countries, Germany’s debt level is relatively high. The average debt for other countries within this rating group is just 36% of GDP, making Germany the highest in terms of debt within the AAA cohort.

Germany’s “debt brake” mechanism, which limits public borrowing to 0.35% of GDP, remains a cornerstone of the country’s fiscal policy. However, Sievert suggested that reforming this mechanism to allow for more public investment aimed at driving growth would be a positive move.

“If Germany is to reverse the gradual erosion of its competitiveness, the next government must prioritize a significant increase in investment,” Sievert said, urging policymakers to act swiftly.

After almost five years of suspended direct flights, India and China have agreed to resume air travel between the two nations, signaling a shift in their relations following a deadly military clash in 2020 over their disputed Himalayan border.

The agreement, confirmed by India’s foreign ministry, comes after a meeting between Indian Foreign Secretary Vikram Misri and Chinese Foreign Minister Wang Yi. The two countries will soon hold further discussions to establish a framework for the resumption of flights.

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The suspension of direct air travel since the 2020 border conflict had led to tensions, with India tightening restrictions on Chinese companies, banning several popular Chinese apps, and reducing passenger flight routes. Despite the travel restrictions, direct cargo flights between India and China had continued.

However, in recent months, relations between the two nations have begun to thaw. Notable meetings, including one between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi in Russia this past October, have helped improve diplomatic ties.

During his meeting with Misri on Monday, Wang Yi emphasized the need for both countries to work collaboratively, move towards resolving economic and trade issues, and foster long-term political stability and transparency.

“Mutual support and achievements should guide our relationship, rather than doubt and alienation,” Wang stated, reflecting the positive tone of their discussions. This meeting follows a historic agreement in October aimed at easing tensions along their shared border.

While Indian civil aviation authorities had resisted restoring air links in the past due to ongoing border disputes, there have been signs of a shift. Sources told Reuters that India may now be open to reconsidering the opening of airspace and streamlining visa approvals for Chinese nationals.

This recent diplomatic development marks a key step in the two nations’ efforts to move beyond their historical tensions and strengthen bilateral relations.