The population in the Government-controlled areas of Cyprus reached an estimated 966,400 by the end of 2023, up from 949,100 in 2022, reflecting a 1.8% increase, according to demographic statistics published by the Statistical Service on Wednesday.

The data highlight the ageing of Cyprus’ population. In 2023, children under 15 years made up 15.3% of the population, while individuals aged 65 and over accounted for 17.7%. This is a notable shift from 2000 when children represented 22.3% and the elderly just 11.3%.

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Birth Rates

Births in the Government-controlled areas saw a slight increase, reaching 10,241 in 2023, up from 10,187 the previous year, resulting in a crude birth rate of 10.7 per 1,000 people. However, the total fertility rate remained unchanged at 1.4, well below the replacement level of 2.1, and a significant decline from its local peak of 2.5 in 1982.

Women in Cyprus are having children later in life, with the average age at first birth rising to 30 years, and the mean age at childbirth, regardless of order, increasing to 31.5 years.

Mortality And Life Expectancy

Deaths in the Government-controlled areas dropped to 6,742 in 2023, compared to 7,307 in 2022, bringing the crude death rate down to 7 per 1,000 population from 7.8.

Life expectancy improved slightly, reaching 81 years for males and 85 years for females in 2023, compared to 80.2 and 83.9, respectively, in 2022. However, infant mortality rose from 3.3 to 4.5 deaths per 1,000 live births.

Migration Trends

Cyprus has maintained positive net migration since 2016. In 2023, net migration was estimated at 13,782. Long-term immigrants—both Cypriots and foreigners—totalled 40,761, compared to 37,558 in 2022. Conversely, the number of emigrants rose to 26,979, up from 21,118 the previous year.

Marriage And Divorce Statistics

The total number of marriages declined in 2023, falling to 11,766 from 13,350 in 2022. Ecclesiastical marriages saw a small drop, from 4,486 in 2022 to 4,355 in 2023. Civil marriages experienced a sharper decline, from 8,864 to 7,411, with only 2,076 involving residents of Cyprus.

The number of divorces, however, increased significantly, reaching 2,134 in 2023, up from 1,503 in 2022. The crude divorce rate rose to 2.23 per 1,000 people, while the total divorce rate—indicating the percentage of marriages expected to end in divorce—surged to 347.8 per 1,000 marriages, a dramatic increase from 41.6 per 1,000 in 1980.

Gender equality remains a core priority for the Government, President Nikos Christodoulides stated on Wednesday during the presentation of the Commissioner for Gender Equality Josie Christodoulou’s report for March–December 2023.

Highlighting the Government’s commitment, President Christodoulides remarked, “There is still much work ahead, but we are encouraged by the progress we’re seeing. It is precisely these results that compel us to continue.” He emphasized that the report’s findings would be thoroughly examined by the Secretariat for Monitoring the Government’s Work to identify obstacles and inefficiencies, ensuring they are addressed in the 2025 annual planning.

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Commissioner Christodoulou underscored the Government’s integrated approach, noting that policies promoting work-life balance, the increasing number of women in the Council of Ministers, education reforms, and comprehensive measures to combat violence against women are accelerating progress toward true gender equality. She also informed the President that Cyprus had climbed to 20th place in the European Institute for Gender Equality rankings this year.

“By integrating gender considerations across all Ministries and Deputy Ministries, we are advancing toward substantive equality between women and men,” Christodoulou said while acknowledging that significant challenges remain.

Deputy Minister to the President, Irene Piki, also attended the meeting, reflecting the Government’s united front on gender equality.

A Broader Perspective

While Cyprus doubles down on its commitment to gender equality, the global narrative presents a contrasting picture. In recent months, some companies and institutions have shifted away from Diversity, Equity, and Inclusion (DEI) initiatives, citing either a re-evaluation of priorities or criticism of their efficacy. Cyprus’ steadfast focus on equality amidst this backdrop serves as a reminder that achieving substantial change requires persistence, adaptability, and a clear vision—values that remain at the heart of the Christodoulides administration’s policies.

US President Joe Biden’s latest move has been described by the Cyprus government as a “historic development,” opening the door for the Republic of Cyprus to access US defence equipment, supplies, and services through key programmes such as Foreign Military Sales, the Excess Defense Articles (EDA) initiative, and other military assistance channels, according to a statement from the Presidency.

This decision is a direct result of the strategic focus and diplomatic efforts spearheaded by President Nikos Christodoulides, which are already bringing significant benefits in defence and foreign policy, the statement added.

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The announcement follows President Christodoulides’ meeting with President Biden at the White House last October, underscoring a new milestone in US-Cyprus relations. The Republic of Cyprus is increasingly recognized as a cornerstone of stability and security in the Eastern Mediterranean, with a vital role to play in fostering peace and addressing regional humanitarian challenges.

Through its inclusion in the EDA programme, Cyprus can now acquire surplus US defence equipment either as a grant or at significantly reduced costs, a development expected to accelerate the modernization of its military capabilities. Simultaneously, participation in the Foreign Military Sales programme allows Cyprus to procure advanced defence technology directly from the US government, further aligning the two nations’ shared strategic interests. Additionally, Title 10 programmes will bolster Cyprus’ capabilities in areas such as land and maritime border security through specialized training and equipment.

The Presidency highlighted that this decision marks a major upgrade in bilateral defence cooperation, solidifying Cyprus as a dependable regional partner. It also contributes to enhancing the National Guard’s modernization efforts, fortifying national defence, and strengthening Cyprus’ geopolitical influence.

“This strategic partnership underscores Cyprus’ role as a pillar of security, stability, and diplomacy in the region while reflecting the political stability and international credibility of the Cypriot state,” the statement said.

The White House echoed this sentiment, with President Biden’s determination, issued under the Foreign Assistance Act of 1961 and the Arms Export Control Act, stating that the provision of defence articles and services to Cyprus would advance US security interests and promote global peace.

Addressing the Secretary of State, Biden authorised the necessary steps to notify Congress and ensure the decision’s publication in the Federal Register. “This action demonstrates the strategic value of Cyprus in the broader geopolitical landscape and reinforces the deepening cooperation between the two nations,” the statement read.

The decision is also seen as a powerful message of support for Cyprus’ efforts to resolve the ongoing division of the island, which has been split since 1974 following Turkey’s invasion and occupation of the northern third. Despite decades of UN-led negotiations, a lasting solution remains elusive, with the most recent talks in 2017 at Crans-Montana ending without agreement.

Apple is taking a stand against a growing wave of anti-diversity sentiment, urging shareholders to reject a proposal that calls for abandoning its diversity, equity, and inclusion (DEI) initiatives. Under mounting cultural and legal pressure, the tech giant’s firm stance sets it apart as other companies scale back their commitments to such policies.

Key Details

Apple’s board of directors has called on shareholders to oppose a proposal introduced by the National Center for Public Policy Research (NCPPR), a conservative think tank advocating for policies that counter corporate DEI and climate programs. The NCPPR has described DEI initiatives as emblematic of the “woke takeover of corporate America.”

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The proposal leans heavily on the precedent set by the Students for Fair Admissions v. Harvard Supreme Court decision, which eliminated affirmative action in higher education. The group argues that this ruling could extend to corporate DEI programs, despite the court’s focus on college admissions.

Critics of Apple’s DEI initiatives claim that the company’s efforts—such as its supplier diversity program and its appointment of a Vice President for Diversity—amount to discriminatory practices. The NCPPR went as far as to label Apple’s DEI strategy “more radical” than most corporate programs.

Apple, however, rejected these assertions, stating that the proposal is unnecessary and mischaracterizes its business practices. The board defended its DEI initiatives as compliant with all laws and emphasized that its audit committee actively monitors any potential risks. Apple accused the proposal’s backers of attempting to micromanage its operations under the guise of shareholder activism.

What’s Next?

Apple’s shareholders will cast their votes on the proposal during the company’s annual meeting on February 25. Such shareholder-driven proposals are relatively common, and boards of publicly traded companies frequently recommend voting against them.

The Broader Trend: Companies Back Away From DEI

Apple’s position contrasts sharply with that of other major corporations, many of which are retreating from their DEI commitments amid shifting legal and cultural dynamics.

Just last week, Meta and McDonald’s announced rollbacks of their DEI policies. In an internal memo, Meta’s VP of People, Janelle Gale, explained that the company was scrapping supplier diversity requirements and disbanding its DEI team due to the evolving “legal and policy landscape” and the increasing controversy surrounding the term “DEI.”

Other notable companies scaling back on DEI include Walmart, Boeing, Molson Coors, Lowe’s, Ford, and Harley-Davidson. These moves often cite the Supreme Court’s affirmative action ruling or shifting cultural attitudes as justification.

The anti-DEI movement has gained traction thanks to vocal conservative activists such as Elon Musk, Bill Ackman, and Robby Starbuck. Starbuck, a former music video director turned activist, has publicly pressured companies to abandon their “woke” policies, threatening to expose those that resist. He has claimed credit for persuading Walmart to make changes after what he described as “productive conversations.”

Tangent

Apple isn’t alone in pushing back. Costco’s board recently recommended rejecting a similar proposal aimed at gutting its DEI programs. In its response, the company emphasized that fostering respect and inclusion is both “appropriate and necessary” for its business success.

The Takeaway

Apple’s stance highlights a growing divide in the corporate world over diversity policies. While some companies retreat to avoid controversy, others, like Apple and Costco, argue that DEI is essential for their long-term innovation and culture.

The February shareholder vote will not only determine Apple’s path forward but could also signal how willing companies are to defend their diversity commitments in the face of growing opposition. Will Apple’s resolve inspire others to stand firm, or will the anti-DEI wave continue reshaping the corporate landscape? The stakes couldn’t be higher.

The ongoing wildfires in California, which have ravaged much of Hollywood, have forced the Academy of Motion Picture Arts and Sciences to delay the announcement of the 2024 Oscar nominations. The nominations, originally scheduled for January 16, will now be announced on Thursday, January 23.

Key Facts

• The Oscar nominations voting period has been extended to Friday, January 17, moving from the original deadline of Sunday, January 12.
• The 97th Academy Awards ceremony will still take place on March 2 at the Dolby Theatre.
• The nominations will be announced live on YouTube.
• Academy CEO Bill Kramer and President Janet Young explained in a joint statement that the extension and change in schedule were necessary due to the ongoing fires and their impact on the Los Angeles community. They expressed solidarity with those affected and emphasized the need to accommodate the region’s infrastructure and housing challenges.

Accent

The fires, including the massive Palisades Fire, which has burned over 23,000 acres, continue to ravage the Los Angeles area. The fires have claimed at least 24 lives, and 23 people are still missing. Authorities have evacuated over 90,000 residents.

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Tactical Impact

The devastating fires have also led to the postponement of other major industry events. The Writers Guild of America delayed the announcement of its nominations, which were originally set for January 9. The Critics’ Choice Awards, originally scheduled for January 12, have been rescheduled to January 26.

Despite the devastation, the Academy remains committed to supporting the industry and its members during this challenging time.

In his final days in office, US President Joe Biden signed an executive order aimed at accelerating the large-scale construction of data centers across the country, particularly for the development of artificial intelligence (AI). Under the new directive, the federal government will lease state land for the establishment of infrastructure vital to the nation’s ongoing technological leadership, particularly in AI.

Key Facts

• The executive order requires federal agencies to speed up the creation of large-scale AI infrastructure on state-owned land, with provisions in place to ensure investor responsibility.
• The US Department of Defense and the Department of Energy will each designate at least three sites where the private sector can build data centers.
• Competitive bidding processes will be held for private companies, which will be tasked with covering all costs related to construction and operation.
• Investors will also be required to ensure that the data centers are powered by clean energy to meet their full operational capacity.
• While the federal government will lease the land, companies will retain ownership of the materials and infrastructure they develop on the land.
• The order mandates that the construction of AI-focused data centers on federal land be carried out through public works contracts.

Important Quote

“We must not take our leadership position for granted. We will not allow the United States to be overtaken when it comes to the technologies that will define the future, nor must we sacrifice critical environmental standards and our shared efforts to protect clean air and clean water,” said President Biden.

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Key Story

This move comes just a day after the announcement of new rules governing the sharing of AI chips and models with foreign countries. These regulations aim to control global access to US-developed AI chips and technologies, ensuring that sensitive AI applications remain under US control. The new rules are focused on regulating the export of American-made chips and AI technologies, pivotal to the most advanced AI developments.

Greece has secured its spot as one of the eight most popular destinations for short-term rentals in the European Union, reflecting the increasing trend of platform-based tourism, according to Eurostat.

The country’s solid performance in the summer of 2024 aligns with a broader rise in short-term rental bookings across Europe. Eurostat’s latest data reveals an 18% year-on-year increase in bookings through platforms like Airbnb, Booking.com, and Expedia. Greece saw a 14.3% rise in overnight stays compared to 2023, contributing significantly to this growth.

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A Surge Across Europe

During the third quarter of 2024, short-term rental bookings across the EU reached 366.2 million overnight stays, with Greece accounting for 26.1 million of these, marking a 14.3% increase over the previous year.

The highest growth rates were seen in Malta (+40.9%), Germany (+26%), and Sweden (+24.6%). France, Spain, and Italy also experienced significant increases in bookings, with year-on-year growth rates of 23.8%, 20.2%, and 15.5%, respectively.

Strong Performance In The Summer Months

Across the EU, the third quarter of 2024 recorded robust growth in short-term rental bookings, with all three summer months showing impressive results:

• July 2024: 135 million overnight stays, up 16.4% from the previous year.
• August 2024: 152.2 million overnight stays, a 21.6% increase.
• September 2024: 79 million overnight stays, rising 14% compared to 2023.

Malta led the EU in August with a 41.4% increase in overnight stays, followed by Germany (+32.7%) and France (+29.9%). Smaller increases were recorded in countries like Croatia (+9.7%), Bulgaria (+12.2%), and Slovenia (+13.6%).

In Greece, August saw a 16% rise in overnight stays, further cementing its status as a top summer destination in Europe.

Greece’s Continued Popularity In Short-Term Rentals

Greece’s growth in short-term rentals is part of a larger upward trend seen across the EU. The country is now firmly positioned as one of the eight most sought-after destinations for short-term rentals, joining:

1. France
2. Spain
3. Italy
4. Greece
5. Croatia
6. Germany
7. Portugal
8. Poland

The Rise Of Platform-Based Tourism

The Eurostat report underscores a broader trend of growing reliance on platform-based tourism, with all eight top destinations surpassing pre-pandemic levels. Greece’s inclusion among these countries highlights its enduring appeal to travellers seeking short-term rentals.

This sustained growth not only underscores Greece’s importance in the European tourism market but also reflects the country’s ability to adapt to evolving travel preferences.

Global investment fund CarVal Investors has further trimmed its shareholding in the Bank of Cyprus, now holding 5.9% of the bank’s shares, as disclosed in a recent announcement on the Cyprus Stock Exchange (CSE).

This marks the second reduction in CarVal’s stake within a few months. In October 2024, the firm decreased its shareholding from 9.1% to 6.1%, reflecting its continued divestment strategy.

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On Monday, Bank of Cyprus shares closed at €4.74, a slight decrease of 0.21%, with a trading volume of 35,524 shares.

The move by CarVal signals ongoing shifts in the bank’s ownership structure, potentially influencing its future strategic direction and market dynamics.

Day three of the Australian Open delivered a thrilling mix of breakout performances, seasoned resilience, and high drama, leaving fans on the edge of their seats.

Fonseca’s Grand Slam Fairytale

The spotlight shone brightest on 18-year-old Joao Fonseca, who made history on his Grand Slam main draw debut. The Brazilian qualifier stunned ninth-seed Andrey Rublev with a dazzling 7-6(1) 6-3 7-6(5) victory, becoming only the second teenager since 1973 to defeat a top-10 ATP player in their debut. With 51 winners and unshakeable composure, Fonseca is now set to face Italy’s Lorenzo Sonego in the second round.

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Medvedev’s Meltdown And Redemption

Fifth seed Daniil Medvedev’s match against Thai wildcard Kasidit Samrej was as much about the tennis as it was about his fiery emotions. After smashing his racket and a net camera in frustration, earning a code violation, Medvedev rallied for a hard-fought 6-2 4-6 3-6 6-1 6-2 victory. Reflecting on his turnaround, Medvedev said, “At the end of last year, this match I probably would have lost. Now it’s a new year and new energy … So I’m happy to win this match.”

Steady Hands And Setbacks

Fourth seed Taylor Fritz showcased his clinical form with a commanding 6-2 6-0 6-3 win over compatriot Jenson Brooksby. Fritz, who played a pivotal role in the U.S. United Cup triumph, will next face qualifier Cristian Garin. Despite returning from injuries and a doping suspension, Brooksby was unable to match Fritz’s precision, marked by 34 winners.

Emma Raducanu battled through inconsistency to secure her fourth consecutive second-round appearance, overcoming 26th-seeded Ekaterina Alexandrova 7-6(4) 7-6(2). Despite 15 double faults, the 22-year-old summoned her brilliance when it mattered most and now faces American Amanda Anisimova.

Navarro’s Marathon Victory

In one of the day’s longest encounters, eighth seed Emma Navarro outlasted fellow American Peyton Stearns in a gruelling 7-6(5) 6-7(5) 7-5 contest. Over three hours and 20 minutes, Navarro clawed back from a breakdown in the final set to win four consecutive games and secure her place in the next round. Reflecting on the match, she remarked, “Crazy match today … maybe wasn’t my best, but it feels really special to get the win.”

Other Notable Results

• Former Wimbledon champion Elena Rybakina cruised past Australian wildcard Emerson Jones 6-1 6-1 under the watchful eye of new coach Goran Ivanisevic.
• Matteo Berrettini came from a set down to beat Britain’s Cameron Norrie 6-7(4) 6-4 6-1 6-3, earning a second-round clash with Holger Rune, who survived a five-set thriller against Zhang Zhizhen.
• Gael Monfils triumphed in a French epic against Giovanni Mpetshi Perricard 7-6(7) 6-3 6-7(6) 7-6(5) 6-4.

As the Australian Open unfolds, the third day highlighted the unpredictability and brilliance that make tennis’s first Grand Slam of the year unmissable. From Fonseca’s electrifying debut to Medvedev’s resilience and Navarro’s determination, the tournament promises even more drama ahead.

The ratio of Non-Performing Loans (NPLs) in Cyprus’s banking sector fell to 6.5%, equivalent to €1.6 billion, at the end of September 2024, down from 6.9% (€1.7 billion) in June 2024, according to the Central Bank of Cyprus (CBC).

The coverage ratio for NPLs, reflecting provisions held against these loans, increased slightly to 55.7% (€0.9 billion) by the end of September, compared to 55% in June 2024.

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The CBC attributed the reduction in NPLs to several factors:

• Loan repayments, including debt-to-asset swaps.
• Successful restructurings, with loans reclassified as performing after probation periods.
• Loan write-offs are often tied to previously provisioned amounts or accounting set-offs.

Key Highlights

• Household NPLs: Declined to €900 million in September 2024 (from €916 million in August), representing 8.5% of total household loans. Total provisions for household NPLs accounted for 41% (€388 million) of the total.
• Total Household Loans: Reached €10.57 billion.
• Corporate NPLs: Dropped to €658 million in September (from €682 million in August), representing 5.5% of total corporate loans. Of these, €610 million related to small and medium-sized enterprises (SMEs), with provisions covering 75.5% of total corporate NPLs.
• Restructured Loans: Totalled €1.3 billion at the end of Q3 2024, with €0.7 billion still classified as NPLs.

The steady decline in NPLs reflects ongoing efforts by Cypriot banks to manage credit risk and improve loan portfolio quality, supporting the overall stability of the financial system.