Donald Trump has been named Time magazine’s ‘Person of the Year’ for 2024, marking the second time he has received the prestigious title. The recognition follows his decisive victory in the U.S. presidential election, securing his return to the White House and reaffirming his profound influence on American and global affairs.

A Historic Comeback

Time’s editorial board cited Trump’s “historic comeback” as the key reason for his selection. His victory in the 2024 U.S. election, which Time describes as a “once-in-a-generation” shift, promises to reshape American politics and global economics. Trump’s calls for a more aggressive economic policy, including higher tariffs on foreign goods, signal major changes in international trade dynamics.

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Honouring The Most Influential Figure

The ‘Person of the Year’ title is awarded to the individual or group deemed to have had the most significant impact on global affairs “for good or for ill.” Trump’s impact on modern politics is undeniable. Time’s editor-in-chief, Sam Jacobs, wrote, “Since Trump first ran for president in 2015, perhaps no one else has played a greater role in changing politics and history.”

To mark the announcement, Trump is expected to ring the opening bell at the New York Stock Exchange. The event will be attended by several members of his family, including Ivanka Trump, making it a rare public appearance for the former senior adviser.

Other Contenders

Trump was chosen over a list of high-profile candidates, including his presidential rival Kamala Harris, Princess of Wales Kate Middleton, Israeli Prime Minister Benjamin Netanyahu, and billionaire Elon Musk. The selection echoes his first win in 2016, following his unexpected rise to the presidency that year.

The Power Of The Cover

Time’s ‘Person of the Year’ cover has long been a cultural milestone, highlighting figures who have had a profound impact on the world. While the selection is not always a president, U.S. election winners often grace the cover. Notable exceptions include Queen Elizabeth II in 1952 and the Apollo 8 astronauts in 1968. Trump’s obsession with the Time cover is well known, with replicas of a 2009 “Person of the Year” cover, which never existed, displayed in some of his golf clubs.

Trump’s first term was marked by controversy, including the chaotic early stages of the COVID-19 pandemic, mass protests, and the January 6 Capitol attack. His loss to Joe Biden in the 2020 election led many to believe his political career was over. However, his return to the presidency in 2024 represents a striking political resurrection. As Time’s analysis states, “If that moment was Trump’s apogee, today we are witnessing his apotheosis.”

The ‘Person of the Year’ honour has been awarded since 1927, recognising those who, for better or worse, have made a profound impact on the world. Past honorees have included activists, entrepreneurs, world leaders, and, on occasion, divisive figures. Trump’s second win places him in the company of U.S. presidents who have also received the title, including Franklin D. Roosevelt, Barack Obama, and Joe Biden.

Trump’s latest victory underscores his enduring influence on the political stage and positions him as a central figure in the unfolding narrative of American and global politics.

The latest “Monthly Economic Developments” bulletin from the Cyprus Statistical Service (CySTAT) highlights an upward trend in key economic indicators for the period between January and October 2024.

Growth In Production And Construction

Manufacturing output rose by 3.3% in the January-September 2024 period compared to the same timeframe in 2023, reflecting steady growth in the sector. Meanwhile, the construction sector saw a remarkable surge. The total area of approved building permits reached 1,627.5 thousand square meters during January-June 2024, a significant 46.5% increase over the corresponding period in 2023.

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Boost In Vehicle Registrations

Motor vehicle registrations also experienced notable growth. From January to October 2024, total vehicle registrations reached 42,930, marking an 11.5% increase compared to the same period in 2023. The rise was driven by a 15.8% increase in private saloon cars, which totalled 29,588 registrations, and a 34.2% increase in light truck registrations, which rose to 3,855.

Tourism Sector On The Rise

Tourism showed promising growth as well, with tourist arrivals hitting 3,727,196 from January to October 2024. This represents a 4.6% increase compared to the 3,562,417 arrivals recorded in the same period in 2023, signalling strong recovery and growth in the tourism industry.

Decline In Trade Figures

Not all indicators followed the upward trend. Total imports of goods fell by 12.3%, amounting to €9,758.1 million for January-October 2024. Exports also dropped, with total exports of goods reaching €3,383.7 million, reflecting a 5.3% decline compared to the previous year’s figures for the same period.

Inflation And Consumer Prices

The Consumer Price Index (CPI) recorded a modest increase of 1.8% during the January-October 2024 period, compared to the same timeframe in 2023. This rise points to a controlled inflationary environment amid broader economic changes.

CySTAT’s report underscores positive growth in key sectors such as manufacturing, construction, vehicle registrations, and tourism. However, it also highlights the challenges faced in trade, with declines in both imports and exports. Overall, the data presents a mixed but optimistic outlook for the Cypriot economy as it navigates the remainder of 2024.

Marina Makri, a distinguished Cypriot actress, has been selected as one of Europe’s most promising talents for 2025. Chosen by an international jury from the European Film Promotion (EFP) network, she will represent Cyprus in the prestigious Shooting Stars 2025 programme.

About The Shooting Stars Initiative

The European Film Promotion’s (EFP) Shooting Stars programme annually spotlights ten of Europe’s brightest emerging actors. These rising stars are given the chance to enhance their careers through exclusive meetings with industry professionals, including casting directors, talent agents, journalists, and key entertainment industry figures. The programme takes place during the Berlin International Film Festival, where the selected actors engage in international networking opportunities and media exposure.

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Makri’s Impressive Career And Achievements

Marina Makri is a multi-award-winning actress with an established career in theatre, cinema, and television. Her portfolio includes roles in successful local and international film productions, as well as appearances in acclaimed television series. She holds a master’s degree in Visual Culture and a degree in Art Theory, showcasing her deep-rooted passion for the arts.

Her exceptional talent was recently recognised at the Cyprus Film Days 2024 International Film Festival, where she received the Best Actress award from the festival’s international jury.

A Milestone For Cypriot Cinema

Makri’s selection for Shooting Stars 2025 is a significant milestone for Cypriot cinema. The Deputy Ministry of Culture’s Department of Contemporary Culture emphasised that this recognition highlights Cyprus’s growing influence in the global film industry. Cyprus has been actively participating in EFP programmes like Producers on the Move since 2018, working to showcase Cypriot talent on the international stage.

As Marina Makri prepares to take the stage at the Berlin International Film Festival, her story inspires hope for the future of Cypriot cinema, shining a light on the island’s growing cultural footprint in the world of film.

Elon Musk has made history, becoming the first individual to reach a net worth of $400 billion, according to Bloomberg. This milestone is largely driven by a significant surge in SpaceX’s valuation, now pegged at $350 billion following a $1.25 billion insider share purchase agreement. Musk’s fortune now positions him $140 billion ahead of Amazon’s founder Jeff Bezos, his closest rival. Although wealth rankings fluctuate, Musk’s commanding lead appears firmly in place.

Key Drivers Of Wealth Surge

The recent $20 billion increase in Musk’s fortune came largely from SpaceX’s valuation hike. Although the company’s finances are typically opaque, the deal underscores the growing confidence in SpaceX’s future.

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Musk’s post-election alliance with President-elect Donald Trump has also amplified his influence. His new role co-leading the “Department of Government Efficiency” (DOGE) with Vivek Ramaswamy is seen as a potential catalyst for deregulation, which could benefit Musk’s ventures.

Tesla’s stock hit a record high of $424.77, contributing to a 65% increase since Election Day. This stock surge, combined with the NASDAQ crossing 20,000, has been instrumental in Musk’s wealth spike. As Tesla’s largest shareholder, Musk directly benefits from these market gains.

Beyond SpaceX And Tesla

Musk’s xAI venture has doubled its valuation to $50 billion following a new funding round, reflecting the growing interest in AI technologies. Additionally, ventures like Neuralink, The Boring Company, and his ownership of X further bolster his wealth.

Musk’s $101 billion Tesla pay package, which faced legal scrutiny, remains part of Bloomberg’s wealth calculation. The package is now valued at $120 billion, due to the rising stock price of Tesla.

With continued growth in AI, electric vehicles, and space exploration, Musk’s wealth is on track to keep rising. The expanding valuations of his ventures and potential policy shifts could further fuel his financial ascent.

Malaysia has taken a bold step toward becoming a regional leader in artificial intelligence (AI) with the launch of its National AI Office. This new centralised agency aims to spearhead AI-related policies, oversee regulations, and accelerate the nation’s digital transformation.

A Major Milestone in Malaysia’s Digital Journey

Prime Minister Anwar Ibrahim called the establishment of the office a “historical moment” for Malaysia’s ongoing digital transformation. The office will be responsible for strategic planning, research and development, and regulatory oversight, according to official information shared on its website.

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As part of its ambitious agenda, the National AI Office has outlined seven key deliverables for its first year. These include:

• Developing a Code of Ethics for AI
• Creating an AI Regulatory Framework
• Designing a Five-Year AI Technology Action Plan (2025-2030)

These initiatives aim to position Malaysia as a pivotal hub for AI development in Southeast Asia.

Partnerships with Global Tech Giants

The launch also marked the announcement of strategic partnerships with six major technology companies, including Amazon, Google, and Microsoft. Over the past year, these global firms have committed to developing data centres, cloud infrastructure, and AI projects in Malaysia, reinforcing the country’s position as a destination for high-tech investment.

AI Driving Economic Growth

Digital ventures have significantly contributed to Malaysia’s economic growth. In 2024, the country’s information and communications sub-sector attracted 71.1 billion ringgit ($16.06 billion) in approved investments, according to Malaysia’s investment authority.

This influx of foreign direct investment (FDI) underscores the country’s growing status as a digital economy powerhouse. The establishment of the National AI Office is expected to further bolster investor confidence, promote innovation, and create a robust regulatory environment for the adoption of AI technologies.

With its strategic partnerships, clear regulatory goals, and a structured roadmap for AI development, Malaysia is positioning itself as a key player in Southeast Asia’s digital economy. By 2030, the country aims to be at the forefront of AI innovation, ensuring sustainable growth and technological leadership in the region.

This latest initiative highlights Malaysia’s forward-thinking approach to harnessing the potential of AI, attracting international investment, and establishing itself as a leader in the global AI landscape.

Cyprus remains one of the EU’s lowest spenders on research and development (R&D) as a share of GDP, despite recording gradual growth over the last decade. According to fresh data from Eurostat, Cyprus’s R&D intensity — the proportion of GDP dedicated to R&D — rose from 0.48% in 2013 to 0.68% in 2023.

While this increase signals progress, Cyprus still lags behind most of its European counterparts. Its R&D intensity remains well below the EU average of 2.2%, a figure that has stayed consistent since 2022.

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R&D Expenditure on the Rise

In monetary terms, Cyprus’s R&D spending reached €213.5 million in 2023, up from €207 million in 2022 and significantly higher than the €87.5 million recorded in 2013. The steady growth in expenditure highlights the country’s ongoing, albeit modest, efforts to support research and innovation.

Across the EU, R&D spending saw a 6.7% rise in 2023, reaching €381.4 billion, up from €357.4 billion the previous year. Compared to 2013, EU spending on R&D increased by 57.9%, reflecting the bloc’s broader push toward technological development and innovation.

Cyprus vs. the EU: A Stark Contrast

Although Cyprus has made progress, it still ranks among the EU’s five lowest performers in terms of R&D intensity. Other countries in this group include Romania (0.5%), Malta (0.6%), Bulgaria (0.8%), and Latvia (0.8%). In contrast, Sweden (3.6%) leads the bloc, followed by Belgium and Austria (3.3% each) and Germany and Finland (3.1% each).

From 2013 to 2023, R&D intensity increased in 19 EU countries. The largest gains were seen in Belgium (+1 percentage point), Poland (+0.7 pp), and Greece (+0.7 pp). Cyprus, with its +0.2 percentage point increase, made more modest progress in comparison.

Where Does EU R&D Funding Go?

In 2023, the EU’s R&D expenditure of €381.4 billion was largely driven by the business sector, which accounted for 66% of total spending (€253.1 billion). The higher education sector followed with 21% (€81.7 billion), while the government sector accounted for 11% (€41.0 billion). The non-profit sector had the smallest share at just 1% (€5.5 billion).

Cyprus’s R&D trajectory shows signs of growth, but the country faces a steep climb to catch up with the EU average. Despite a decade of incremental increases, Cyprus remains one of the bloc’s lowest spenders relative to GDP. With R&D playing a crucial role in driving technological advancement and economic competitiveness, the need for accelerated investment in this sector has never been more urgent.

A Breakthrough in Quantum Computing

Google has introduced “Willow,” a revolutionary quantum chip capable of solving problems so complex that even modern supercomputers would require an astronomical 10 septillion years to complete them. In stark contrast, Willow accomplishes these tasks in just five minutes, marking a monumental leap in the race to develop functional, large-scale quantum computers.

How Willow Works

The power of Willow lies in its ability to harness quantum mechanics — the physics governing subatomic particles — to perform calculations at unprecedented speeds. Traditional supercomputers process information in binary bits (0s and 1s), but Willow employs qubits, which can exist in multiple states simultaneously. This capability allows quantum computers to solve complex problems exponentially faster than classical devices.

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One of Willow’s most significant advancements is its capacity to reduce quantum errors — a persistent challenge in quantum computing. Google achieved this by increasing the number of qubits, enabling more precise and stable computations. This breakthrough addresses an issue researchers have been working on for nearly 30 years. Google calls it a major milestone on its journey toward building a “large-scale useful quantum computer” that could transform industries like healthcare, logistics, and cybersecurity.

What It Means for the Future

Quantum computing is seen as a double-edged sword. On the one hand, it holds the promise of faster drug discovery, optimization of supply chains, and advances in AI. On the other, it raises concerns about the potential to crack existing encryption methods, posing a threat to global cybersecurity. Tech giants like Apple have already responded by upgrading their encryption to be “quantum-proof,” ensuring that sensitive data remains secure even as quantum technology advances.

For now, Willow remains a prototype, not yet ready to tackle real-world applications. Experts predict it will take years — and billions in investment — before quantum computers reach the scale needed to address practical problems. But for Google, the unveiling of Willow represents a crucial step forward. As Google Quantum AI stated, “Willow takes us significantly further along that path toward commercially significant applications.”

With quantum computing now moving from theory to tangible progress, Willow’s debut could be a defining moment in the evolution of technology, one that challenges the very concept of time in problem-solving.

The global airline industry is on track to achieve record revenues of $1 trillion by 2025, according to the International Air Transport Association (IATA). While passenger numbers continue to rise, the sector faces persistent challenges, including aircraft supply chain disruptions and operational delays.

Record Revenue and Profit Growth

IATA projects a net profit of $36.6 billion for the airline sector in 2025, a rise from the $31.5 billion expected in 2024. Passenger traffic remains strong, with a record 5.2 billion passengers travelling in 2024. Although growth in 2025 is forecasted to be more moderate, it will still contribute to a sustained recovery following the COVID-19-induced collapse of 2020, which saw industry losses of $140 billion.

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Lower fuel prices are providing some relief for airlines. Brent crude oil prices have declined by 20% over the past year, easing operating costs. The outlook is further supported by expectations of looser fiscal policies worldwide, which could bolster consumer purchasing power and drive global economic growth.

Supply Chain Disruptions Hamper Expansion

Despite positive financial projections, airlines face significant operational challenges. Strikes and technical issues at major aircraft manufacturers Boeing and Airbus have delayed deliveries of new, more fuel-efficient planes. These delays are problematic for airlines seeking to modernise their fleets and reduce fuel costs.

Boeing’s production of the 737 MAX aircraft was disrupted after a seven-week strike involving more than 70,000 employees. Following a new labour agreement that includes a 38% wage increase over four years, production has resumed. However, the backlog of more than 4,000 pending orders poses a logistical hurdle for Boeing as it seeks to meet growing airline demand.

A Look Ahead

As the airline industry edges closer to the $1 trillion revenue milestone, it must navigate both opportunities and obstacles. Rising passenger numbers and easing fuel costs are key growth drivers. However, production delays at Boeing and Airbus highlight the fragile nature of the sector’s supply chain.

The coming years will be defined by how well the industry adapts to these challenges. Airlines reliant on timely fleet upgrades may face operational setbacks, but the overall outlook remains positive. With strong global demand, increased profits, and declining fuel costs, the sector is poised for continued growth—though not without turbulence along the way.

The Cypriot real estate market experienced significant growth in 2024, with Limassol firmly at the forefront. From suburban houses to city-centre apartments, shifting buyer preferences and rising investment interest are driving demand across the island.

Limassol: A Market Powerhouse

Limassol remains the undisputed leader, with property sales far exceeding those of other districts. From January to September 2024, the city recorded 237 house sales worth €165 million and 1,469 apartment sales valued at €820 million.

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Limassol City attracted the most apartment sales (557 units, €471,000 average), followed by upscale Germasogeia (247 units, €706,000 average) and Agios Athanasios (133 units, €342,000 average). The housing market also saw strong demand in Ypsonas, Cherkezoi, and Agios Tychonas, reflecting Limassol’s appeal among local and international buyers seeking luxury and investment opportunities.

Nicosia, Larnaca, and Paphos Follow the Trend

Nicosia, the island’s capital, saw strong demand for apartments, with 1,194 units sold for a total of €236.9 million. Key areas like Strovolos, Lakatamia, and Nicosia City led apartment sales, driven by professionals and investors seeking high-yield properties.

Larnaca has become a rising star, attracting buyers seeking affordable homes and apartments. The district recorded 191 house sales worth €64.35 million and 1,113 apartment sales totalling €218.8 million. Sales were concentrated in Larnaca City, Livadia, and Aradippou, where buyers are drawn by the promise of coastal living and competitive pricing.

Paphos continues to attract foreign buyers and lifestyle investors. In 2024, it recorded 243 house sales worth €149.6 million and 416 apartment sales totalling €138.4 million. The district’s coastal charm, scenic views, and investment potential make it a prime choice for second-home buyers and holiday rental investors.

Shifting Buyer Preferences

The 2024 market trends reveal a shift towards suburban living, with areas like Ypsonas (Limassol), Lakatamia (Nicosia), and Aradippou (Larnaca) gaining traction. The pandemic has influenced demand for larger, more comfortable living spaces.

Apartments remain a strong choice for professionals, students, and investors, particularly in Limassol, Nicosia, and Larnaca, where rental yields and urban convenience appeal to younger demographics. Investors are also targeting city-centre apartments as Cyprus maintains its status as a key market for international buyers.

What’s Next?

With Limassol leading the charge, the Cypriot property market is set for continued growth. Demand for suburban homes will likely persist, while city-centre apartments remain a lucrative investment. Limassol’s luxury market will continue to draw affluent buyers, and regions like Nicosia, Larnaca, and Paphos are set to benefit from rising demand.

Buyers prioritise lifestyle, space, and investment returns as the market evolves. Cyprus’ appeal as a residential and investment destination remains strong, with Limassol at its heart.

The vehicle registration market in Cyprus saw a significant shift in 2024, with hybrid and electric cars leading the way. From January to November, overall vehicle registrations increased by 10.1%, driven largely by the rising demand for eco-friendly alternatives. Hybrid vehicles in particular experienced a remarkable growth, making up 36.9% of all new car registrations, up from 28.9% in 2023. Meanwhile, electric vehicle registrations doubled to 4% of the market, compared to just 2.7% last year.

The surge in hybrid and electric vehicles reflects the broader global trend towards sustainability and environmental responsibility. With fuel-efficient and environmentally friendly alternatives becoming more accessible and desirable, consumers in Cyprus are increasingly opting for these vehicles. Hybrid cars, with their blend of petrol and electric power, offer a practical solution for those looking to reduce fuel consumption and carbon emissions, while electric vehicles continue to gain traction as the country invests in charging infrastructure and green energy initiatives.

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On the other hand, traditional petrol-powered vehicles have seen a decline in popularity, dropping from 58.2% of the market in 2023 to 48.9% in 2024. Diesel-powered vehicles have remained stable, accounting for 10.1%, but the shift towards cleaner, more efficient options is evident.

Overall, the increase in hybrid and electric vehicle registrations reflects a significant change in consumer attitudes, driven by both environmental concerns and the growing availability of green vehicle models. This shift is likely to continue as more incentives and infrastructure are introduced to support eco-friendly transportation, positioning Cyprus as part of the broader global movement towards sustainable urban mobility.

Despite some decline in overall vehicle registrations in November 2024, hybrid and electric vehicles appear to be at the forefront of Cyprus’ automotive future. With rising fuel prices and heightened awareness of climate change, the shift to greener vehicles is a clear response to both economic and environmental factors, making hybrid and electric cars the preferred choice for many Cypriot drivers.