A concerning financial trend has emerged within Cyprus’ top-tier football clubs, as 18 out of 21 first-division teams have amassed over €4.8 million in unpaid taxes. This situation arises from missed instalments and current liabilities under a tax repayment plan introduced by the government in April 2023. The clubs with the highest outstanding debts include APOEL, Apollon, AEL, and Pafos FC.

Government Efforts and Club Non-Compliance

Despite governmental measures to provide tax relief and establish manageable payment plans, many clubs have continued to struggle with compliance, not only failing to meet their repayment obligations but also accruing additional debts. This persistent issue highlights significant challenges in the financial management practices of these organisations.

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

Impact on Financial Stability

The accumulation of tax debts by these clubs raises critical questions about their financial stability and the sustainability of their operations. The repeated failure to adhere to tax repayment schedules suggests deeper systemic issues within the financial structures of these clubs, necessitating a review and potential overhaul of their fiscal strategies.

Government Plans and Future Outlook

In response to the ongoing non-compliance, the government is considering stricter measures, including the potential increase of the betting tax, which could impact the revenue streams of these football clubs. The government remains committed to ensuring that these clubs fulfil their tax obligations, which is crucial for maintaining fiscal order and supporting the broader economic framework.

The continued financial difficulties faced by Cyprus’ football clubs underline the need for more robust financial oversight and management practices. As these clubs play a significant role in the cultural and social fabric of the country, ensuring their financial health is of paramount importance.

Cyprus has maintained its position as a “Strong Innovator” in the European Innovation Scoreboard for the third consecutive year. Ranked 10th among EU member states, Cyprus achieved 106.3% of the European average, marking the highest growth in innovation performance across Europe since 2017. The Deputy Ministry of Research, Innovation and Digital Policy reported increases in 15 of the 32 assessed indicators this year. Notably, Cyprus excelled in categories like “Linkages” and “Attractive research systems,” showcasing effective collaborations and robust research outputs.

Innovation Ecosystem and Government Policies

Deputy Minister Dr. Nicodemos Damianou highlighted the significant evolution and performance of Cyprus’ research and innovation ecosystem, attributing success to effective government policies. The country aims to create favourable conditions for scientists and entrepreneurs, ensuring that research and development spending translates into tangible benefits for society and the economy.

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

Focus on Collaboration and Research Excellence

Cyprus was acknowledged as a top performer in “Linkages,” reflecting strong collaborations between innovative businesses and research institutions. Additionally, the country scored high in “Attractive research systems,” underscoring the quality of its international scientific publications and the presence of prestigious research institutions.

Commitment to Continuous Improvement

The Deputy Minister stressed the importance of continuously evaluating and improving the innovation ecosystem. Through a new impact assessment mechanism, the government aims to ensure that Cyprus’ trajectory in innovation remains on a path of substantial improvement, benefitting both the economy and society.

By maintaining its strong position in the European Innovation Scoreboard, Cyprus demonstrates its commitment to fostering a dynamic and innovative environment, driving progress and development across multiple sectors. This achievement reflects the country’s strategic focus on research, innovation, and collaborative growth, positioning it as a key player in the European innovation landscape.

In a bold economic declaration, Cyprus’ President Nikos Christodoulides revealed a budget surplus forecast for 2025 during a recent Cabinet meeting. This announcement underscores the government’s strategic focus on fiscal responsibility, strong financial systems, and comprehensive reforms.

Strategic Fiscal Management

President Christodoulides emphasised the critical need for meticulous budget management across ministries. He called for a detailed review of each ministry’s budget to categorise non-negotiable operational costs alongside social and developmental expenses. The intent is to ensure every ministry aligns its priorities with the overarching budget ceilings, promoting efficient utilisation of resources.

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

Pillars of Economic Strength

The proposed surplus is built upon three foundational pillars: fiscal discipline, a robust financial system, and aggressive reforms. This approach aims to solidify Cyprus’ economic resilience, fostering a stable environment conducive to sustainable growth and development.

Social and Developmental Focus

Central to the budget are the “flagship policies” targeting digital transformation, climate change, and addressing infertility, reflecting a holistic approach to national development. The government’s commitment to a “social contract” with its citizens is evident, promising enhanced social spending and developmental initiatives.

Transparent and Inclusive Governance

In a bid to maintain transparency and public engagement, President Christodoulides has mandated that each ministry publicly present its budget and outline specific actions and reforms. This move is designed to ensure that the annual budget reflects both the President’s vision and the governance programme’s priorities.

Supporting the Middle Class

Government spokesperson Konstantinos Letymbiotis highlighted that the budget will particularly focus on supporting the middle class. The detailed presentations from the Ministries of Labour and Social Insurance, Energy, Trade and Industry, Foreign Affairs, and various Deputy Ministries reflect a comprehensive approach to policy implementation.

In a significant policy shift, Cyprus’ Agriculture Minister Maria Panayiotou announced a new decree adjusting the milk quotas to produce Halloumi with Protected Designation of Origin (PDO) status. This decree, effective from February 2025, aims to bolster the authenticity and market strength of Cyprus’ primary export product by increasing the goat and sheep milk content from 25% to 30% in the Halloumi mixture.

Addressing Seasonal Variability and Production Standards

The decree marks a pivotal change in the agricultural landscape, reducing seasonality from six to five months and setting an annual average quota of 23% for goat and sheep milk, up from the previous 18%. This adjustment benefits both seasonal and year-round goat and sheep farmers, providing a more stable production environment and aligning with European Union environmental commitments by limiting cow milk usage in Halloumi production.

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

Technological Integration for Enhanced Monitoring

The introduction of advanced software for tracking goat and sheep milk, slated for October 2024, signifies a forward-looking approach. This system will gather critical data to inform future quota decisions, ensuring that the decree is data-driven and responsive to production realities.

Financial Incentives and Infrastructure Development

The government has introduced financial measures to support the agricultural sector in tandem with the quota adjustments. These include targeted incentives for increasing goat and sheep milk production, infrastructure improvements, genetic enhancement, and the expansion of production units. Such initiatives are expected to modernise the industry, making it more resilient and competitive.

Strategic Goals and Long-Term Vision

Minister Panayiotou emphasized the decree’s alignment with the broader goals of sustaining PDO Halloumi’s status and ensuring its market strength. The five-year transitional period granted by the European Commission, ending in 2029, allows Cyprus to gradually meet the EU Regulation 2021/591 requirements, which mandate a minimum of 51% goat and sheep milk in Halloumi production.

By actively engaging with stakeholders and implementing these comprehensive measures, Cyprus is set to reinforce its position in the global Halloumi market. This decree is a strategic move towards balancing traditional practices with modern demands, ensuring the long-term viability of an iconic Cypriot product.

Paramount Global and Skydance Media have agreed to merge, opening a new chapter for one of Hollywood’s oldest studios, Reuters reported.

KEY FACTS

• Shari Redstone, Paramount’s non-executive chairman, will sell the family’s controlling stake in the company in a complex deal that will end in a merger.
• The deal marks the end of an era for Redstone, whose late father Sumner Redstone transformed the family’s chain of car dealerships into a media empire that includes Paramount Pictures, as well as the CBS network and cable networks Comedy Central, Nickelodeon and MTV.
• The merger will combine Paramount, home of classics such as Chinatown, The Godfather and Breakfast at Tiffany’s, with a financing partner on several major recent films, including Top Gun: Maverick, Mission: Impossible – Fallout and Falling into Darkness.
• The deal will elevate David Ellison, the 41-year-old scion of tech tycoons who founded Skydance, into Hollywood’s newest giant. He will inherit a media company that faces a host of challenges while managing an entertainment business upended by the video streaming revolution.

KEY STORY

Paramount has wiped nearly $17 billion off its value since the end of 2019 as its traditional TV business eroded faster than video streaming service Paramount+ could turn a profit.

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

There was tension between the directors. CEO Bob Bakish was ousted in April after clashing with controlling shareholder Sherry Redstone over the Skydance deal. He was replaced by three executives who hold the CEO position as a group, proposing $500 million in layoffs, selling off certain assets and exploring a possible joint venture partner with Paramount+.

TANGENT

The deal between Paramount and Skydance is the culmination of months of negotiations that appeared to have reached an impasse when Redstone abruptly ended negotiations on June 11.

At the time, Skydance and its partners had agreed to acquire the Redstone family’s holding company National Amusements, which owned 77% of Paramount’s voting stock. However, the talks reached an impasse on other issues, including National Amusements’ demand that the deal be approved by a majority of non-Redstone shareholders, a condition Skydance believed impossible.

Greece is taking a significant step towards diversifying its energy portfolio by considering the deployment of small modular reactors (SMRs) for electricity production. This initiative, spearheaded by Prime Minister Kyriakos Mitsotakis, was highlighted during an Economist event with former Italian Prime Minister Enrico Letta.

SMRs, with capacities ranging from 50 to 300 megawatts, offer distinct advantages over traditional nuclear power plants. They are not only smaller and easier to build but also boast enhanced safety features. Their modular nature allows for quick assembly and disassembly, providing flexibility in operations and heightened safety during emergencies. These reactors require significantly less water for cooling, making them more environmentally friendly and suitable for a variety of locations.

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

The European Union has been actively supporting the development of SMRs as part of its broader strategy to enhance energy security and transition to cleaner energy sources. This support has gained urgency in the wake of geopolitical disruptions, notably the reduced gas supplies following Russia’s invasion of Ukraine. As part of its commitment, the EU has earmarked €1.38 billion under the Horizon Europe program for research and development in nuclear energy, including SMRs.

Globally, over 80 SMR projects are currently in various stages of development. Countries like the United States, United Kingdom, Canada, Japan, South Korea, Russia, and China are leading the charge in this innovative technology. The modular design and smaller size of these reactors make them an attractive option for countries looking to modernize their energy infrastructure without the significant financial and logistical burdens associated with traditional nuclear power plants.

For Greece, the introduction of SMRs could represent a transformative shift in its energy landscape. By replacing ageing fossil fuel plants with these advanced reactors, Greece could significantly reduce its carbon footprint and enhance energy security. Furthermore, integrating SMRs into the energy grid would complement the country’s growing renewable energy sector, creating a more resilient and sustainable energy system.

However, experts caution that the implementation of SMRs in Greece is a long-term endeavour. While the potential benefits are substantial, it may take up to 20 years for these technologies to become operational in the country. The high costs and extended timelines associated with large nuclear plants make SMRs a more practical and economically viable solution for Greece.

In conclusion, Greece’s exploration of small modular reactors marks a pivotal development in its energy policy. As the country seeks to enhance energy security and transition to a low-carbon economy, SMRs offer a promising solution. By leveraging EU support and global advancements in nuclear technology, Greece could position itself at the forefront of energy innovation, ensuring a secure and sustainable energy future.

The European Union is projected to face the highest energy prices globally until at least 2050, according to a recent study by BusinessEurope. This scenario arises from increased energy demand and inherent disadvantages within the EU’s energy framework. Even under the most optimistic net-zero scenario, the EU’s energy production costs are expected to be at least 50% higher than those in the US and China. In a scenario where climate policies encounter delays, costs could triple compared to key competitors, placing European industries at a severe competitive disadvantage.

The root causes of this cost disparity include the EU’s reliance on energy imports and geopolitical disruptions, notably the reduced gas supplies following Russia’s invasion of Ukraine. Such dynamics have exacerbated the cost challenges, prompting concerns over Europe’s ability to sustain its industrial base against global competitors like the US and China, who may capitalise on their lower energy costs to boost traditional and clean tech sectors, such as steel and wind energy.

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

Markus Beyrer, Director General of BusinessEurope, has called for urgent action at the EU level to address these energy cost issues. He highlighted the need for competitive energy prices to maintain Europe’s industrial competitiveness. Key recommendations from BusinessEurope include revisiting the phase-out of free carbon emission allowances for manufacturers, better integration of renewable and low-carbon energy sources, ensuring the hydrogen value chain, streamlining licensing procedures, and promoting decarbonisation through incentives.

The high energy costs remain a top concern for major European industrial leaders. Policymakers have recognised the importance of competitiveness in renewable energy as a cornerstone for the next European Commission. However, businesses continue to struggle with bureaucratic hurdles that hinder swift progress in energy transition.

The prices of “summer” products specifically ice creams, package holidays and hotels went up in June, compared to the previous month, according to data released by the Cyprus Consumers Association, based on the Consumer Price Index.

According to the data, the price of organised domestic holidays has increased by 11.8%. At the same time, ice creams are 8.07% more expensive, while hotels’ prices have also increased by 7.76% compared to May.

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

Compared to May 2024, an increase was also recorded in the price of dried, salted and smoked meat by 5.09%, yoghurt by 3.75%, food processing equipment by 3.5% and fresh fruit by 3.44%.

On the contrary, compared to May, in June the price of sewerage services decreased by 10.4%, the price of subscription to TV stations dropped by 10.06%, while the price of fresh vegetables, excluding potatoes and other bulbs, decreased by 9.12% and vegetables by 7.07%.

Compared to June 2023, in June 2024 the price of olive oil continued to register a large increase by 63.09%, passenger transport went down by 16.54%, fresh fruit by 15.42% and fruit by 12.87%.

A significant decrease, compared to last year, was recorded in the price of sugar, by 20.44% in June 2024. Garden furniture is also cheaper this June by 13.72%, while the price of butter decreased by 10.42%. 

In a significant development, China and Cyprus are embarking on an enhanced phase of bilateral cooperation, as noted by the Chinese Ambassador to Cyprus, Liu Yantao. This announcement, following productive discussions with Yiannis Panayiotou, Cyprus’ Minister of Labour and Social Insurance, signals a deepening of ties between the two nations, with substantial mutual benefits anticipated.

Ambassador Liu’s recent meeting with Minister Panayiotou exemplifies a strategic effort to fortify relations, focusing on innovative collaboration across various sectors. This bilateral engagement underscores the importance both countries place on exploring new opportunities that can foster economic growth and social development.

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

Historically, Cyprus has maintained a balanced foreign policy, leveraging its strategic geographical position. This new phase of engagement with China highlights Cyprus’ intent to diversify its international partnerships, capitalising on China’s growing influence in global affairs. The collaboration is expected to span multiple domains, including trade, technology, education, and cultural exchanges, providing a robust framework for sustainable development.

For China, this partnership with Cyprus is part of a broader strategy to strengthen its presence in the Eastern Mediterranean. The region’s geopolitical significance offers China a gateway to European markets, reinforcing its Belt and Road Initiative (BRI). Cyprus, with its well-established maritime industry and favourable business environment, presents an ideal partner for China’s ambitious infrastructure and trade projects.

The economic implications of this enhanced cooperation are profound. Cyprus stands to benefit from increased Chinese investment, which could spur infrastructure development, boost tourism, and create new business opportunities. The potential influx of Chinese capital and expertise could also drive advancements in Cyprus’ technology and education sectors, fostering innovation and enhancing the country’s competitive edge.

Moreover, this bilateral cooperation is expected to pave the way for more extensive cultural exchanges, enriching the social fabric of both nations. Such interactions can foster greater mutual understanding and goodwill, laying a solid foundation for enduring partnerships.

In a significant step towards energy security and regional cooperation, Cyprus and Greece have advanced plans for the Cyprus-Crete interconnector, a key segment of the broader EuroAsia Interconnector project. This development follows positive study results and recent regulatory decisions that paved the way for this critical infrastructure project.

The Cyprus-Crete interconnector, now known as the Great Sea Interconnector, aims to establish a high-voltage direct current (HVDC) link between Cyprus and Crete. The project’s approval comes after thorough evaluations by the Independent Power Transmission Operator (ADMIE) of Greece and the Cyprus Energy Regulatory Authority (CERA). This collaboration underscores the project’s importance in enhancing energy connectivity and security in the Eastern Mediterranean.

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

According to ADMIE President and CEO Manousos Manousakis, construction is set to begin in 2024, with an expected completion timeline of four to five years. This ambitious project is supported by substantial funding, including a significant €800 million grant from the European Commission and a €100 million contribution from Cyprus, part of a total projected cost of €1.9 billion. The remaining funds will be sourced from ADMIE, investment funds, and other resources.

The interconnector is poised to transform the energy landscape by enabling the exchange of electricity between Cyprus and Greece, thereby reducing energy costs, enhancing supply reliability, and facilitating the integration of renewable energy sources. This strategic infrastructure will not only benefit the involved nations but also contribute to the broader European energy network.

The project has faced delays, particularly due to the complex regulatory environment and the need for comprehensive studies. However, the recent positive study outcomes have accelerated decision-making processes. Cyprus is expected to finalise its participation by the end of January 2024, reflecting its commitment to the project despite earlier setbacks.

Minister of Energy George Papanastasiou highlighted the project’s potential to usher in a new era of energy efficiency and security for Cyprus. He emphasised that the interconnector would reduce the island’s energy isolation and dependency on fossil fuels, aligning with broader EU energy policy goals.

Additionally, the involvement of the German company Siemens in connecting the converters between Cyprus and Crete marks a critical milestone. The contract with Siemens is anticipated to be signed by the end of 2024, further solidifying the project’s implementation timeline.