The Cypriot real estate sector maintained its role as a key contributor to the economy in 2024, achieving figures close to those of 2023 despite significant challenges, according to the Real Estate Agents Registration Council.

A total of 19,155 property transfers, valued at €4.3 billion, were completed nationwide, alongside 15,797 filed sales documents. Year-on-year, sales documents increased by 1.5%, and transfers rose by 1.8%, though the total value of transfers fell by 2.3%.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The sector faced hurdles including reduced purchasing power, high lending rates, soaring construction material costs due to geopolitical instability, and persistently high property prices, the council noted.

Regional Performance

• Limassol led in sales documents (5,032), though it ranked second in property transfers (5,054). The city recorded the highest transfer value at €1.5 billion, despite declines of 1.2% in sales documents, 5.8% in transfer volume, and 6.3% in transfer value compared to 2023.
  
• Nicosia, defined by its long-term market stability, had the highest number of property transfers (5,395) but ranked third in value at €950 million. Sales grew by 13.6%, with transfer volumes and values increasing by 5.8% and 1.4%, respectively.
  
• Paphos showed a mixed picture: sales dropped by 7.9%, but transfer volumes rose by 12% and values surged by 21.7%, reaching €983 million.
  
• Larnaka saw 3,775 transfers worth €637 million, with sales increasing by 5.4%. However, transfer volumes dipped by 1.7%, and values fell by 13%.
  
• Famagusta faced notable declines in sales documents (down 4.5%) and transfer values (down 19%), which totaled €214 million. However, transfer volumes rose by 3.8%, reaching 1,204.
  

Despite these regional fluctuations, the sector’s resilience underscores its importance to Cyprus’s economic stability amid challenging market conditions.

A cutting-edge project hosted by the University of Cyprus, aimed at enhancing the security of water distribution systems, is among 134 initiatives selected for funding under the European Research Council’s 2024 Proof of Concept grants. These grants, totaling €20 million, will support innovative projects from EU member states and Horizon Europe participants.

The Cypriot project, titled WaterSAFE: An Integrated Cyber-Physical Security Solution for Water Distribution Systems, has been awarded €150,000. This funding will help bridge the gap between scientific research and practical application, advancing the development of robust solutions for water system security.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The Proof of Concept program empowers researchers to validate the practical feasibility of their ideas, assess commercial potential, and prepare for patent applications. It plays a critical role in transitioning scientific breakthroughs into market-ready technologies.

Selected projects span a range of fields, including autonomous satellite navigation, food fraud prevention, cancer drug repurposing, and improved treatments for life-threatening diseases.

This year’s grantees represent 20 countries across Europe. Germany, Italy, and the Netherlands lead with 15 projects each, followed by Spain and the UK (14 each), and Israel (12). Cyprus secured one grant, standing alongside nations such as Croatia, Poland, and Portugal.

The WaterSAFE project’s inclusion highlights Cyprus’s growing contribution to innovative, globally relevant research initiatives.

According to the latest data from Eurostat, the European Union’s statistical agency, 16.9% of Cypriots were unable to adequately warm their homes in 2023, significantly higher than the EU average of 10.6%.

While the percentage marks an improvement for Cyprus—down 2.3 percentage points from 19.2% in 2022—it contrasts with a rising trend across the EU, where the average increased by 1.3 percentage points from 9.3% the previous year.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Spain and Portugal topped the list of countries with the highest proportion of residents struggling to heat their homes, both at 20.8%, closely followed by Bulgaria (20.7%), Lithuania (20.0%), and Greece (19.2%).

On the other end of the spectrum, Luxembourg reported the lowest share of residents facing this issue at just 2.1%, with Finland (2.6%), Slovenia (3.6%), Austria (3.9%), and Estonia (4.1%) also ranking among the least affected nations.

Despite overall economic recovery efforts, the data highlights the persistent challenge of energy affordability in some parts of Europe, particularly in Southern and Eastern regions.

The Academy announced nominations for the upcoming Oscars Thursday morning, with the Spanish-language, French-produced crime musical “Emilia Pérez” leading with 13 nominations, the most ever for a non-English movie, with “The Brutalist” and “Wicked” right behind.

Key Facts

• “Emilia Pérez” is just one nomination short of the most-ever nominations for a film, narrowly missing the record of 14 nominations earned by “La La Land” (2016), “Titanic” (1997) and “All About Eve” (1950).
• Among the 10 nominations for “Wicked” are nominations for Cynthia Erivo in the lead actress category and Ariana Grande in supporting actress.
• Other leading nominees include “A Complete Unknown” and “Conclave” with eight, followed by “Anora” with six.

Oscar Nominations For Best Picture

• “Anora”
• “The Brutalist”
• “A Complete Unknown”
• “Conclave”
• “Dune: Part Two”
• “Emilia Pérez”
• “I’m Still Here”
• “Nickel Boys”
• “The Substance”
• “Wicked”

Oscar Nominations For Best Director

• Sean Baker, “Anora”
• Brady Corbet, “The Brutalist”
• James Mangold, “A Complete Unknown”
• Jacques Audiard, “Emilia Pérez”
• Coralie Fargeat, “The Substance”

Oscar Nominations For Best Actress

• Cynthia Erivo, “Wicked”
• Karla Sofia Gascon, “Emilia Pérez”
• Mikey Madison, “Anora”
• Demi Moore, “The Substance”
• Fernanda Torres, “I’m Still Here”

Oscar Nominations For Best Actor

• Adrien Brody, “The Brutalist”
• Timothée Chalamet, “A Complete Unknown”
• Colman Domingo, “Sing Sing”
• Ralph Fiennes, “Conclave”
• Sebastian Stan, “The Apprentice”

Oscar Nominations For Best Supporting Actress

• Monica Barbaro, “A Complete Unkown”
• Ariana Grande, “Wicked”
• Felicity Jones, “The Brutalist”
• Isabella Rossellini, “Conclave”
• Zoe Saldaña, “Emilia Pérez”

Oscar Nominations For Best Supporting Actor

• Yura Borisov, “Anora”
• Kieran Culkin, “A Real Pain”
• Edward Norton, “A Complete Unknown”
• Guy Pearce, “The Brutalist”
• Jeremy Strong, “The Apprentice”

Oscar Nominations For Best Original Screenplay

• “Anora”
• “The Brutalist”
• “A Real Pain”
• “September 5”
• “The Substance”

Oscar Nominations For Best Adapted Screenplay

• “A Complete Unknown”
• “Conclave”
• “Emilia Pérez”
• “Nickel Boys”
• “Sing Sing”

Oscar Nominations For Best Animated Feature

• “Flow”
• “Inside Out 2”
• “Memoir of a Snail”
• “Wallace & Gromit: Vengeance Most Fowl”
• “The Wild Robot”

Oscar Nominations For Best Production Design

• “The Brutalist”
• “Conclave”
• “Dune: Part Two”
• “Nosferatu”
• “Wicked”

Oscar Nominations For Best Costume Design

• “A Complete Unknown”
• “Conclave”
• “Gladiator II”
• “Nosferatu”
• “Wicked”

Oscar Nominations For Best Cinematography

• “The Brutalist”
• “Dune: Part Two”
• “Emilia Pérez”
• “Maria”
• “Nosferatu”

Oscar Nominations For Best Editing

• “Anora”
• “The Brutalist”
• “Conclave”
• “Emilia Pérez”
• “Wicked”

Oscar Nominations For Best Makeup And Hairstyling

• “A Different Man”
• “Emilia Pérez”
• “Nosferatu”
• “The Substance”
• “Wicked”

Oscar Nominations For Best Sound

• “A Complete Unknown”
• “Dune: Part Two”
• “Emilia Pérez”
• “Wicked”
• “The Wild Robot”

Oscar Nominations For Best Visual Effects

• “Alien: Romulus”
• “Better Man”
• “Dune: Part Two”
• “Kingdom of the Planet of the Apes”
• “Wicked”

Oscar Nominations For Best Original Score

• “The Brutalist”
• “Conclave”
• “Emilia Pérez”
• “Wicked”
• “The Wild Robot”

Oscar Nominations For Best Original Song

• “El Mal” (”Emilia Pérez”)
• “The Journey (”The Six Triple Eight”)
• “Like A Bird” (”Sing Sing”)
• “Mi Camino” (”Emilia Pérez”)
• “Never Too Late” (”Elton John: Never Too Late”)

Oscar Nominations For Best Documentary Feature

• “Black Box Diaries”
• “No Other Land”
• “Porcelain War”
• “Soundtrack to a Coup D’Etat”
• “Sugarcane”

Oscar Nominations For Best International Feature

• “I’m Still Here,” Brazil
• “The Girl with the Needle,” Denmark
• “Emilia Pérez,” France
• “The Seed of the Sacred Fig,” Germany
• “Flow,” Latvia

Oscar Nominations For Best Animated Short

• “Beautiful Men”
• “In The Shadow Of The Cypress”
• “Magic Candies”
• “Wander To Wonder”
• “Yuck!”

Oscar Nominations For Best Documentary Short

• “Death By Numbers”
• “I Am Ready, Warden”
• “Incident”
• “Instruments of a Beating Heart”
• “The Only Girl in the Orchestra”

Oscar Nominations For Best Live-Action Short

• “A Lien”
• “Anuja”
• “I’m Not A Robot”
• “The Last Ranger”
• “The Man Who Could Not Remain Silent”

When Do The Oscars Take Place?

The Academy Awards will air March 2 at 7 p.m. EST on ABC and Hulu. Conan O’Brien will host the ceremony for the first time.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

What’s Next On The Awards Calendar?

A few major awards ceremonies still have to take place before the Oscars, including the Critics Choice Awards, which was delayed to Feb. 7 from its originally planned date of Jan. 12 because of the Los Angeles fires. Other upcoming awards ceremonies include the Screen Actors Guild Awards and British Academy Film Awards, both of which have membership overlap with the Academy Awards and could indicate who might win Oscars come March. The SAG Awards air Feb. 23 on Netflix, and the BAFTAs air in the United Kingdom on Feb. 16.

Key Background

The lethal Los Angeles wildfires caused the Oscars nominations announcement to be delayed twice, and the voting period was extended by several days. The deadly fires, which ravaged the Pacific Palisades neighborhood, impacted many celebrities, some of whom lost homes—including Eugene Levy, Mel Gibson, Billy Crystal and Anthony Hopkins—and caused many Los Angeles-based film and television productions to be paused. Some celebrities, including Jean Smart and Stephen King, called for the Oscars to be canceled because of the wildfires, though The Hollywood Reporter cited unnamed Academy sources last week stating the ceremony will still happen.

Tangent

Two of the biggest Best Picture contenders—”The Brutalist” and “Emilia Pérez”—stirred controversy over the weekend for their use of artificial intelligence. “The Brutalist” editor Dávid Jancsó said in an interview with Red Shark News, a video technology publication, that the editors used AI to tweak the actors’ Hungarian line deliveries to make them sound more like native speakers. In a statement Monday, director Brady Corbet said the AI technology was used for “Hungarian language dialogue editing only, specifically to refine certain vowels and letters for accuracy,” adding the actors’ performances are “completely their own” and they worked for months with a dialect coach. Cyril Holtz, sound mixer for “Emilia Pérez,” had said in an interview in May at the Cannes Film Festival, which recently resurfaced on social media, that the film employed AI to alter Gascon’s vocal range. The use of AI in film production is controversial and was central to both the actors’ and writers’ strikes in 2023.

On January 20, 2025, the first day of his second term, the 47th President of the United States Donald Trump signed an executive order withdrawing the U.S. from the Paris Agreement. In response to this move, Michael Bloomberg’s philanthropic organization has once again stepped in to ensure the nation’s global climate commitments are upheld. 

Bloomberg Philanthropies announced on Thursday its plans to bridge the financial and reporting gaps left by the U.S. government, supporting the United Nations Framework Convention on Climate Change (UNFCCC) and maintaining momentum in the fight against climate change.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Commitment To Climate Action

In a statement, Bloomberg, who serves as the UN Secretary-General’s Special Envoy on Climate Ambition and Solutions, reaffirmed his organization’s dedication to bridging the gap created by the U.S. withdrawal. “During prior periods of federal inaction, cities, states, businesses, and individuals rose to meet the challenge of upholding our nation’s commitments—and we’re prepared to do it again,” Bloomberg stated.

Bloomberg Philanthropies, along with other American climate financiers, will ensure the U.S. remains engaged in global climate efforts. This includes providing funding to the UNFCCC and maintaining the reporting standards required under the Paris Agreement.

This marks the second time Bloomberg Philanthropies has taken on this role. The organization previously stepped up in 2017, during Donald Trump’s presidency, when the administration also opted out of the Paris Agreement.

Driving Change At Multiple Levels

Bloomberg Philanthropies has been instrumental in empowering local leaders, equipping businesses with tools to monitor emissions, and fostering collaborations across public and private sectors. Bloomberg emphasized the importance of philanthropy in sustaining climate progress, particularly when federal action falters.

By The Numbers

• The U.S. typically provides 22% of the UNFCCC secretariat’s budget, a contribution Bloomberg Philanthropies will help replace.
• The UNFCCC’s operating costs for 2024–2025 are projected to total $91.9 million (€88.4 million).

Bloomberg’s Wealth And Influence

Ranked 16th on Forbes’ Real-Time Billionaires List, Michael Bloomberg boasts a net worth of $104.7 billion as of January 23, 2025. His financial power continues to play a pivotal role in supporting global climate ambitions, even as the federal government steps back from its responsibilities.

By stepping in to fill this leadership void, Bloomberg underscores how private entities can drive meaningful change on a global scale, even in the absence of federal support.

As life satisfaction levels fluctuate across Europe, Cyprus stands out with a notable increase in its citizens’ happiness scores. With a rise from 6.2 to 7.5 over the past decade, Cypriots are now among the happiest in the European Union. But are they the most satisfied? This article takes a closer look at the countries leading the life satisfaction rankings, including the surprising trends in Cyprus and Greece, as well as the challenges faced by traditionally high-ranking nations like Denmark and Sweden.

Happiest Countries In The EU

Finland leads the pack with a score of 7.8, followed by Belgium, Austria, Romania, and Slovenia, each with a score of 7.7. These countries consistently top the life satisfaction rankings, with strong social welfare systems, high-quality healthcare, and good work-life balance contributing to their citizens’ well-being.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Countries With Declining Satisfaction

Denmark and Sweden, historically known for their high levels of happiness, have seen noticeable drops in satisfaction. Denmark’s score decreased from 8.0 to 7.5, and Sweden dropped from 7.9 to 7.5 over the past decade, reflecting growing concerns about societal pressures and changing economic conditions.

Countries With Rising Satisfaction

In contrast, Cyprus and Greece stand out for their improvements in life satisfaction. Cyprus has made a remarkable jump, increasing from 6.2 to 7.5, while Greece has risen from 6.2 to 6.9. This uptick can be attributed to economic recovery and an improvement in quality of life over recent years.

The Least Satisfied: Bulgaria

Bulgaria ranks at the bottom of the list with a score of 5.9, making it the least happy country in the EU. However, even Bulgaria has seen some improvement, increasing from 4.8 to 5.9 in the past decade.

While the life satisfaction survey focused on a simple 0-10 scale, the EU is working towards a more nuanced definition of happiness, moving beyond GDP measures. The European Commission has identified “8+1” criteria to better define the quality of life, which includes material living conditions, employment quality, health, education, leisure, social interactions, safety, governance, and the overall life experience.

The European Union has reached a new milestone, with a record 47% of its electricity generated from solar power and other renewable sources in 2024. This marks a significant step forward in the EU’s clean energy transition, further widening the gap between the bloc’s ambitious sustainability goals and the new U.S. administration’s increased focus on fossil fuels, according to the Associated Press.

Key Facts

Nearly 75% of the EU’s electricity is now produced without emitting greenhouse gases, with another 24% coming from nuclear power, according to a report by energy think tank Ember. This stands in stark contrast to countries like the U.S. and China, where around two-thirds of electricity is still derived from fossil fuels such as coal, oil, and gas.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Experts are particularly encouraged by the EU’s progress in reducing fossil fuel use, especially as the U.S. appears poised to increase emissions under its new president. The administration has promised to lower gas prices, halt leases for wind projects, and roll back Biden-era incentives for electric vehicles.

Important Quote

“Fossil fuels are losing their influence on the EU’s energy mix. In 2024, solar will generate 11% of the EU’s electricity, surpassing coal, which has fallen below 10% for the first time. Clean wind power generated more electricity than gas for the second year in a row,” said Chris Roslow, an energy expert at Ember.

Tactical Insights

While 2024 data isn’t available for all countries, Ember’s data for 2023 shows that Brazil leads the world in renewable electricity, with nearly 89% of its energy coming from renewable sources, primarily hydroelectric power. Other leading countries include Canada at 66.5%, China at 30.6%, France at 26.5%, the U.S. at 22.7%, and India at 19.5%.

Gold prices climbed to their highest level in almost three months on Wednesday, driven by rising uncertainty surrounding U.S. President Donald Trump’s policies and a weakened dollar, making the precious metal a more attractive safe-haven investment.

The spot price of gold increased by 1.4%, reaching $2,761 per ounce by 4 p.m. It earlier touched its highest point in 12 weeks, approaching its record high of $2,790.15 set in October. U.S. gold futures also saw a modest rise of 0.3%, settling at $2,766.80.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

In contrast, silver experienced a slight dip, falling 0.24% to $30.71, though it remained near the one-month high reached on January 16. Meanwhile, the dollar index slipped to its lowest point in more than three weeks. A weaker dollar enhances gold’s appeal for investors holding other currencies, increasing its demand.

Ole Hansen, Head of Commodity Strategy at Saxo Bank, commented, “Gold and silver prices have both benefited from the heightened uncertainty created by Trump’s statements, including tariffs. Investors are also weighing the inflationary effects of these policies and their potential impact on monetary decisions. Over the coming weeks, the precious metals market will be influenced by the constant flow of news from Washington,” he told Reuters.

Trump has threatened tariffs on European Union imports and indicated plans for a 10% tariff on Chinese goods, citing concerns over fentanyl trafficking from China to the U.S. through Mexico and Canada.

However, gold’s appeal as an inflation hedge could diminish if Trump’s policies, which many analysts expect to be inflationary, lead the Federal Reserve to keep interest rates elevated for a longer period. Since gold doesn’t generate income, higher interest rates make other investments more attractive.

A slight majority of economists polled by Reuters expect the U.S. Federal Reserve to hold interest rates steady during its meeting on January 29.

ANZ analysts noted that central bank purchases are providing a strong demand base for gold, and they expect investment demand to rise, potentially offsetting losses in physical demand.

In an unexpected turn of events, stock markets hit a pause and the U.S. dollar faltered after an ambitious $500 billion artificial intelligence infrastructure investment plan sparked tension between President Donald Trump and billionaire Elon Musk, marking the first public conflict between the two since Trump assumed office.

The plan, designed to give the U.S. a competitive edge in AI, has drawn considerable attention. The private sector, including ChatGPT creator OpenAI, Oracle, Japan’s SoftBank, and Emirati investment firm MGX, is set to launch a joint venture called Stargate, which promises to build data centers and create over 100,000 jobs in the U.S., according to Trump. Describing the initiative as a “grandiose undertaking” and “a loud declaration of confidence,” Trump lauded the venture, which will see $100 billion in initial funding, with further investments expected over the next four years. The first data center is already under construction in Texas, and twenty others are planned, each spanning half a million square meters.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

The announcement sent shares in SoftBank, Oracle, Nvidia, and Arm Holdings surging—SoftBank gained 11%, Oracle rose 7%, and Nvidia and Arm rose 5% and 15%, respectively.

However, not everyone is on board. Musk, known for his candid and often controversial statements, took to social media platform X to challenge the credibility of the massive investment, suggesting that the companies involved don’t actually have the promised funds.

A source familiar with the financing of Stargate quickly refuted Musk’s claims, confirming t that the $100 billion in funding is secured through equity from the founding partners and additional co-investors.

Despite this clarification, the excitement over the Stargate project soon began to fade, impacting global stock markets. After a rally sparked by the announcement, stocks dipped—EUROSTOXX 50 down by 0.23%, the FTSE 100 by 0.3%, and the Nasdaq by 0.17%. S&P 500 futures also slipped 0.09%.

While the news initially overshadowed concerns about potential higher tariffs on U.S. goods, which could hurt global growth and fuel inflation, the focus soon shifted. Tariff threats began to limit currency movements, with the U.S. dollar index holding near a two-week low of 108.26. The euro remained steady at $1.0408.

In commodities, oil prices took a hit, and spot gold held firm at $2,754.49 per troy ounce.

This controversy surrounding Stargate pits some of the world’s wealthiest figures against each other. Musk, the world’s richest person with a net worth of $430 billion, faces off with fellow billionaires such as Larry Ellison ($231 billion), Masayoshi Son ($34 billion), Trump ($6 billion), and Sam Altman ($1.1 billion), all part of the ongoing saga surrounding this monumental AI initiative.

ByteDance, the parent company of TikTok, is planning a substantial capital investment of over 150 billion yuan ($20.64 billion) in 2025, with a significant portion directed towards advancing artificial intelligence, sources familiar with the matter revealed.

Approximately half of this budget will be allocated overseas, primarily for AI infrastructure projects such as data centers and networking technology. This strategic expenditure is expected to benefit major players like Huawei Technologies, Cambricon Technologies, and U.S. chipmaker Nvidia, according to the sources, who wished to remain anonymous due to the sensitive nature of the information.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

ByteDance, however, dismissed the claims, stating that the details regarding its spending are inaccurate, without providing further clarification.

In response, Nvidia declined to comment, while Huawei and Cambricon did not immediately respond to requests for comment.

This investment comes as ByteDance aims to consolidate its position as a leader in AI technology. Despite starting 2024 behind its competitors, the company now boasts over 15 independent AI applications, surpassing rivals such as Baidu and Tencent. Notable among its creations is the popular chatbot, Doubao. The spending plan is also set to strengthen ByteDance’s AI capabilities abroad, especially at a time when the future of TikTok remains uncertain in the United States, where a 75-day delay in the enforcement of a potential ban on the app was recently signed into effect by U.S. President Donald Trump.

While ByteDance, a privately held company, does not typically disclose financial figures, the new spending strategy represents a significant step forward. The Financial Times had earlier reported that the company plans to invest $12 billion in AI infrastructure, with additional funds allocated to secure Nvidia chips outside China, where the U.S. imposes restrictions on high-tech exports.

ByteDance is already the largest consumer of Nvidia’s H20 AI chips, which were specifically designed for the Chinese market in light of the restrictions. Additionally, it is Nvidia’s top client in Asia for cloud-based chips, sources have indicated.

In China, ByteDance’s AI applications include Doubao, which boasts 75 million active users, as well as the text-to-video tool Jimeng, the image generator Xinghui, and platforms like Kouzi and Maoxiang for chatbot creation and emotional support. Internationally, ByteDance has adapted its leading apps for foreign markets, with Doubao being known as Cici and Jimeng as Dreamina outside China.

ByteDance recently updated its flagship AI model, also called Doubao, positioning it to compete with Microsoft-backed OpenAI’s advanced reasoning products.

Despite these ambitious plans, ByteDance’s AI investments remain modest compared to its American counterparts. In 2024, Alphabet, Google’s parent company, allocated $50 billion for chips, data centers, and related expenses, while Microsoft spent $55.7 billion in its fiscal year, with a considerable portion devoted to AI infrastructure.