Overview Of The European Initiative

The Nicosia Regional Tourism Board has taken a decisive step in preserving Europe’s rich cultural traditions by actively participating in the “Hands Across Generations – Preserving Intangible Heritage through Intergenerational Craft Exchange” project. The initiative, under the auspices of the Erasmus+ VET programme, aims to transfer traditional craft skills from seasoned artisans to vocational education apprentices, ensuring that these valuable techniques are adapted to meet modern digital demands.

Project Kick-Off In Carlow, Ireland

The project’s inaugural meeting was held on October 21–22, 2025, in Carlow, Ireland, hosted by the Carlow Municipal District. As the lead partner, the district set the stage for a collaborative effort focused on safeguarding the continent’s intangible cultural heritage through a structured intergenerational exchange.

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Sustainable Craftsmanship And Digital Integration

Over a 24-month duration from September 2025 to August 2027, the project will implement a variety of activities including research, mentoring workshops, digital literacy training, and cultural events. A standout component of the initiative is the creation of the Digital Heritage Toolkit—a multilingual platform that will offer free educational resources to artisans, vocational schools, and local communities. This digital pivot is designed to enhance the sustainability and reach of traditional craft techniques.

Strengthening European Collaboration

The project brings together a consortium of seven partners from across Europe. Alongside the Nicosia Regional Tourism Board, participants include organizations from Greece, Italy, Finland, Spain, and Lithuania. Coordinated by Carlow County Council, this pan-European partnership is committed to fostering intergenerational cooperation, creativity, and social inclusion, thereby reinforcing the cultural fabric of the continent.

Looking Ahead

By nurturing the transmission of traditional craftsmanship within a modern, digital context, the initiative stands as a prime example of how heritage preservation can drive innovative educational and economic outcomes. This project not only preserves historical know-how but also paves the way for a dynamic integration of cultural traditions within today’s digital economy.

The Cyprus Computer Society (CCS), in tandem with the Ministry of Education, orchestrated an exceptional event this week by hosting the Junior Balkan Olympiad in Informatics (jBOI) 2025 at the Tassos Mitsopoulos Lyceum in Aradippou. The competition, held on Wednesday, united delegations from nine Balkan nations to celebrate emerging talent and foster competitive programming skills among secondary school students.

Uniting Talent Across the Balkans

The jBOI, an annual programming challenge, brings together outstanding young minds aged 10 to 15 from across the region. Participants are tasked with deciphering complex algorithmic problems in accordance with the International Olympiad in Informatics (IOI) standards. The event underscores the importance of cultivating critical digital skills, with Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou emphasizing that his own journey into programming began in his youth. His remarks resonated with the audience, highlighting the long-term benefits of rigorous academic and technical training.

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Ceremonial Honors and Cultural Exchange

The closing ceremony, conducted at Larnaca Municipality’s Multipurpose Centre for Social Welfare and Employment, featured accolades from notable dignitaries including Deputy Mayor Iasonas Iasonidis and Inspector of Informatics for Secondary Education Michalis Farazis. The President of CCS, Andreas Loutsios, extended his gratitude to all contributors, celebrating a week marked by inspiration, competitive spirit, and vibrant cultural exchanges. A musical performance by students from the Mikis Theodorakis Music School of Larnaca added a creative flair to the proceedings.

Exemplary Performances and National Achievements

The event’s competitive facet culminated in an awards ceremony honoring the region’s finest. Cyprus’ delegation, admirably led by Secondary School teachers Akis Sykpetritis and Demetris Livadiotis, garnered significant success, with pupil Mariza Paspalli securing a Gold medal and Alexis Tsangaris along with Petros Vourmas earning Bronze medals. This victory extends Cyprus’ impressive record to eight medals and one honorary distinction across the five international Informatics Olympiads of 2025.

Beyond The Competition

Participants also experienced Cyprus’ rich cultural heritage, touring the historical center of Larnaca, visiting Lefkara, and engaging in interactive activities organized by JetBrains. This blend of rigorous academic competition and cultural immersion not only celebrates technical expertise but also enriches the perspective of these future innovators.

An Ongoing Tradition Of Excellence

The seamless organization of the jBOI 2025, overseen by the Organising and Scientific Committees alongside the dedicated members of the Cyprus Computer Society and educators from the Ministry of Education, Sport and Youth, reinforces Cyprus’ long-standing reputation for delivering exceptional international events. As anticipation builds for the forthcoming Pancyprian Informatics Olympiad, the jBOI 2025 stands as a testament to the nation’s commitment to nurturing the next generation of technological leaders.

Program Advancement And European Endorsement

The General Directorate of Development at the Ministry of Finance has confirmed that the “THALEIA 2021–2027” Cohesion Policy Program is progressing at a robust pace. With over 100 projects either in progress or completed and approximately €700 million already deployed, the initiative is setting the stage for transformative social and economic reforms in Cyprus. This update was delivered during the visit of the European Parliament’s Committee on Employment and Social Affairs (EMPL) delegation, underscoring the program’s alignment with EU strategic priorities.

Strengthening Partnerships And Best Practices

The delegation’s visit served as a platform for exchanging experiences and best practices in employment and social inclusion policies. Delegates had the opportunity to inspect a series of EU co-financed projects on the ground, providing concrete examples of how targeted investments are enhancing the quality of life for communities across Cyprus. This collaborative approach not only reinforces policy coherence but also paves the way for innovative solutions in tackling unemployment and social disparities.

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High-Impact Projects With Social Returns

Among the flagship projects under the THALEIA initiative are:

• Organization And Operation Of The Inspection Service – With a budget of €8.5 million, this project, managed by the Ministry of Labor, aims to intensify labor inspections, advance the ERGANI II system, and implement an electronic records platform to improve service delivery for both employers and employees.
• Ackida Center For Family Intervention And Autism Support – Budgeted at €6 million, this initiative in Nicosia focuses on providing comprehensive assessments, therapeutic interventions, and counseling services to support children and families, under the supervision of the Department of Social Integration for Persons with Disabilities.

Financial Commitment And Strategic Deployment

The THALEIA program commands a substantial budget of €1.8 billion, comprising €969 million from the European Union and €842 million from the national treasury. To date, more than 100 projects have been implemented or completed, with approximately €700 million disbursed towards impactful actions. This strategic financial mobilization is central to driving significant progress in labor market participation and social cohesion.

Measurable Social And Economic Outcomes

The program is poised to deliver extensive benefits, including:

• Creation of 6,000 new job opportunities for unemployed individuals by October 2025.
• Engagement of 1,100 new graduates in practical training assignments.
• Support for 540 young individuals outside the employment, education, or training sectors through guided market integration.
• Deployment of 35 community social workers across 19 municipalities and 255 local communities, addressing approximately 2,700 cases.
• Provision of subsidies covering tuition fees and meals for 25,000 children aged four years and younger.
• Annual social inclusion initiatives that benefit 27,000 students, with a supplementary 65,000 students participating in a school breakfast program.
• Extensive support for persons with disabilities, including 23,000 assessments, 12 independent living homes, 8 personalized programs, and in-home care for 130 individuals.

Conclusion

The recent EMPL visit has shone a spotlight on the breadth and depth of the THALEIA program’s interventions. By catalyzing employment opportunities and strengthening social cohesion, this initiative underscores the pivotal role of European cohesion policy in enhancing the socio-economic fabric of Cyprus. As the program moves forward, its achievements to date offer a compelling blueprint for sustainable development and inclusive growth across Europe.

Enhancing Cross-Border Collaboration

Bruna Szego, Chair of the Anti-Money Laundering Authority (AMLA), embarked on a strategic visit to Cyprus as part of a broader tour across European Union member states. Hosted at the Central Bank of Cyprus headquarters, the trip underscored AMLA’s commitment to consolidating efforts against money laundering through closer coordination with National Competent Authorities (NCAs).

High-Level Engagements and Strategic Discussions

During her visit, Szego engaged in a series of high-level meetings, including a private discussion with Kleanthi Ioannidis, Cyprus’ permanent joint representative on AMLA’s General Council. She also met with senior officials from the CBC, including Executive Board Member George Karatzias and Pani Karamanou, Head of the Directorate for Financial Stability and Resolution.

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Two roundtable discussions followed, drawing representatives from a diverse spectrum of NCAs across both financial and non-financial sectors, as well as key industry associations. These sessions provided a forum for candid discourse on the inherent challenges and new opportunities emerging from AMLA’s innovative approach to anti-money laundering protocols.

AMLA’s Strategic Vision

Throughout the discussions, Szego articulated AMLA’s short-term priorities and long-term vision, emphasizing the importance of harmonizing supervisory practices across member states. The dialogue also delved into current challenges, particularly the need for a unified framework in supervising financial entities with significant cross-border activities. This coordinated approach is critical as AMLA prepares to assume direct oversight over 40 financial obliged entities by January 2028.

Future Outlook

The strategic meetings in Cyprus serve as a pivotal step in fostering a unified European front against money laundering and terrorist financing. As AMLA continues to cement its regulatory framework—officially established following legislative approval in May 2024 and operational since July 2025—the collaborative efforts with national authorities, as demonstrated in Cyprus, are set to drive remarkable advancements in the financial sector’s integrity and resilience.

Robust Growth in Cloud Revenue

Amazon’s cloud business has demonstrated remarkable resilience and growth in the third quarter, registering a 20% increase in revenue that surpassed analysts’ expectations. Amazon Web Services (AWS) generated $33 billion in revenue, outperforming the anticipated $32.42 billion and marking an 18.1% year-over-year growth. Operating income also rose by 9% to $11.4 billion, contributing approximately two-thirds of the company’s overall operating profit.

Competitive Pressures in the Cloud Sector

Despite being the world’s leading cloud infrastructure provider, AWS faces mounting competition from industry giants like Google and Microsoft. In recent months, Google reported a vigorous 34% increase in its cloud revenue, while Microsoft Azure achieved a 40% growth rate. These figures underscore a fiercely competitive landscape where AWS must continuously innovate and deliver superior performance to maintain its edge.

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Strategic Advancements in Artificial Intelligence

In a strategic maneuver to strengthen its foothold in artificial intelligence, Amazon has officially opened its $11 billion data center, Project Rainier, in Indiana. Designed to support the training and deployment of models developed by Anthropic, this facility leverages cutting-edge custom Trainium2 chips. With an $8 billion investment already in Anthropic and plans to deploy 1 million custom chips by the end of 2025, Amazon aims to dispel perceptions of missing out on lucrative AI cloud service deals.

Market Dynamics and Service Disruptions

The latest earnings report arrives amid operational challenges, including an extended AWS outage that lasted over 15 hours, affecting numerous websites. This incident occurred just as competitors like Microsoft experienced their own service interruptions, highlighting the critical nature of reliability in cloud services. Despite these setbacks, Amazon’s strategic investments and robust performance reinforce its commitment to innovation and market leadership.

Overview Of The Pronomia Program

More than 173,000 citizens have already enrolled in the Bank of Cyprus’ Pronomia initiative, a forward-thinking rewards scheme that offers a range of privileges, including significant discounts on loans and home purchases. Launched last year, the program is available to any bank customer with no registration fee—simply a click through the bank’s mobile application is all it takes.

Early Success And Customer Benefits

Within just one year, the Pronomia program has delivered compelling benefits to its members. According to recent reports by Philenews, over 8,000 customers have taken advantage of discounts, exclusive concerts, and other surprises. Among these, 500 fortunate individuals secured tickets to Eurobasket games, while an additional 300 received premium seating for a high-profile Anna Vissi concert.

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A World Of Experiences: From Formula 1 To Lady Gaga

The program goes beyond traditional financial incentives. Members, irrespective of tier, participate in weekly draws where one lucky prize winner receives an all-expenses-paid travel package for two. This package includes airfare, hotel accommodations, and tickets to an event of their choice. Winners have shown a diverse range of interests, from coveted Formula 1 races in Hungary, the Netherlands, Italy, and Monza to major music concerts—enjoying performances by Robbie Williams, Coldplay, Calum Scott, and Lady Gaga—as well as premier football matches featuring top European clubs.

Program Structure And Tiered Benefits

The Pronomia initiative is delineated into three tiers—Silver, Gold, and Diamond—each offering an escalating array of opportunities and financial incentives. Membership eligibility is determined by a customer’s active status, consistent deposit behavior, and possession of a bank card with 1bank subscriptions, among other reliability metrics.

Silver Tier

Silver members enjoy the exclusive benefit of being exempt from loan fees. Additional incentives include a 10% discount on new home and auto insurance policies through the General Insurances and a 5% reduction on new Personal Accident contracts with Eurolife. They also have access to discount coupons, special events, and reward program enhancements such as 25% bonus points, a 0.10% lower interest rate on new home loans, and a 0.50% reduction on personal loans.

Gold Tier

To qualify for the Gold tier, customers must maintain deposits of at least €50,000 along with a mortgage. This level builds on the Silver benefits by awarding double the reward points, a 0.15% reduction on new mortgage loans, a 1% discount on personal loans, and 10% discounts on both new Personal Accident policies (with Eurolife) and home and auto insurance (with the General Insurances).

Diamond Tier

The Diamond tier is reserved for the bank’s highest echelon of customers, requiring a minimum of €100,000 in deposits and a mortgage of at least €200,000. Members of this elite group benefit from triple reward points, a 0.20% lower rate on new home loans, a 2% reduction on personal loans, and substantial discounts across services: 15% off from General Insurances, 20% off on Personal Accident contracts, 7.5% off Medica policies with Eurolife, and a 15% discount on property acquisitions through Remu.

Conclusion

With its innovative rewards structure, the Bank of Cyprus’ Pronomia program is setting a new benchmark in customer loyalty initiatives. By providing a rich blend of financial incentives and unique experiential opportunities, the program not only fosters customer retention but also enhances the overall banking experience with a dynamic mix of tangible and experiential rewards.

Strategic Partnership for Enhanced AI Capabilities

Getty Images experienced a significant 19% increase in share value after unveiling a multi‐year licensing agreement with Perplexity AI. This collaboration will enable Perplexity to feature Getty Images’ creative and editorial content within its advanced AI-powered search platforms, thereby enriching the user experience with high-quality, accurate imagery.

Market Impact and Business Implications

The agreement underscores the growing trend of integrating established content providers with pioneering AI technologies. By incorporating essential image credits and direct source links, the partnership not only bolsters the credibility of Perplexity’s offerings but also sets a new benchmark for content transparency in the digital realm. Industry leaders recognize such alliances as pivotal in enhancing the overall quality and reliability of AI-driven information platforms.

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Competitive Dynamics in the AI Landscape

Alongside this development, Perplexity has gained attention with its free-to-use AI browser, Comet, that directly challenges tech giants such as Google and emerging competitors like OpenAI with its ChatGPT Atlas. This strategic move reflects the broader competitive dynamics within the technology sector, where quick adaptation and continuous innovation are key drivers of market leadership.

Conclusion

As the financial terms of the contract remain undisclosed, industry observers continue to watch closely how such strategic partnerships will further influence market trajectories and technology adoption. The Getty Images and Perplexity AI alliance not only promises to enhance the informational value delivered to consumers but also signals an important evolution in the integration of creative content with advanced search technologies.

Market Overview

In the first half of 2025, Cyprus’s land market commanded attention as transactions in plots and fields surpassed a total value of €360.4 million, according to an analysis by Landbank Analytics. With 1,130 recorded transactions, the sector underscores both residential demands and strategic investment opportunities: 794 plot sales amounted to €189.9 million, while 336 field sales generated €170.5 million. Notably, the average sale price for fields reached €507,440 compared to €239,170 for plots, reflecting differing investment profiles.

Regional Performance Analysis

Nicosia: As the capital, Nicosia reported 341 plot transactions and 83 field deals. The average price for field sales soared to €363,654, closely followed by plots at €220,331, positioning plots as the second most popular property type after apartments.

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Lemesos: The city of Limassol remained a dynamic marketplace with 191 plot sales and 90 field transactions. The considerable average field price of €687,800, more than double that of plots at €305,000, highlights a strong tilt towards high-value strategic investments.

Larnaka: With 173 plot sales and 64 field transactions, Larnaka’s market performance was marked by field sales averaging €416,300, the highest on the local stage, while plots averaged €204,500.

Paphos: Paphos reinforced its reputation for strategic investment as 46 field transactions from a total of 123 deals achieved an impressive average sale value of €846,700 — the highest in Cyprus — with plot sales averaging €252,000.

Ammohostos: Distinctly different, Ammohostos targeted mainly field transactions with 53 field deals and 12 plot sales. Reflecting its unique market, fields averaged €241,000 compared to €134,500 for plots, mirroring trends in tourism and agricultural use.

Expert Insight

Andreas Christoforidis, CEO of the Landbank Group, emphasized the critical role of the land market in propelling Cyprus’s economic development. “The market for plots fuels the ongoing demand for residential and commercial development, while the field market emerges as a silent giant in strategic investments,” he stated. Christoforidis further noted that high average prices in Paphos and Limassol—reaching approximately €850,000 and €700,000 respectively—underscore the shift from traditional agricultural use to properties with significant investment potential, including those with tourism or energy orientations and those that may be integrated into future urban planning initiatives.

Conclusion

The robust performance of the land market in Cyprus signals a transformative phase in the real estate landscape. With clear regional distinctions and evolving investment dynamics, industry stakeholders can expect the market’s momentum to drive further growth in the coming years.

The Cyprus Real Estate Development Association has welcomed the House of Representatives’ unanimous approval of a new law designed to regulate foreign direct investments. The legislation, aligning Cyprus fully with the European Union’s screening regulation since October 2020, is a significant step in safeguarding national interests and elevating the island’s investment framework.

Aligning With EU Standards

The new law introduces a stringent review process for investments that could affect national security. Focusing on “sensitive strategic areas,” the legislation establishes a dedicated national mechanism to monitor such investments, ensuring that Cyprus remains compliant with EU regulations.

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Comprehensive Investment Screening

Under this framework, any foreign investment exceeding €2 million is subject to thorough scrutiny. Additionally, property acquisitions will be evaluated when associated with vital infrastructures—a detailed list expected to be finalized in the ensuing months. In the interim, the Finance Ministry will provide provisional guidelines to assist investors.

Clear Definitions and Enforcement Measures

The law clearly differentiates between dual nationals and foreign investors, exempting the former from additional review. Meanwhile, designated foreign investors must notify the relevant national authority prior to proceeding with their investments. Authorities are also empowered to impose conditions or fines to enforce compliance.

Enhancing Market Stability and Confidence

The association emphasized that the introduction of a transparent and consistent regulatory framework will bolster market stability and investor confidence. By striking an equilibrium between protecting national security and fostering an open, competitive investment climate, the legislation reinforces Cyprus’s reputation as a modern and reliable destination for foreign investment.

The Cyprus Real Estate Development Association remains committed to monitoring the law’s implementation and contributing to public discourse, ensuring that the investment environment continues to support the economic and social benefits for the nation.