In a pivotal meeting today, the Ministry of Labour in Cyprus convenes the inaugural session of the advisory tripartite committee to discuss the employment of foreign workers. This committee, chaired by Labour Minister Yiannis Panayiotou, will review data on work visa applications and address aspects of a three-point agreement established in April.

Key Issues on the Agenda

Trade unions are expected to raise concerns about the recent agreement with Egypt regarding Egyptian workers, citing a lack of consultation. Additionally, unions are advocating for a revision of the current foreign worker licensing strategy, which they argue lacks transparency due to the disbanding of advisory technical committees that previously reviewed foreign work permit applications.

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Focus on Collaboration and Worker Welfare

The meeting will also address a memorandum of understanding (MoU) that aims to:

• Enhance collaboration between social partners through a central advisory tripartite committee.
• Improve living conditions for foreign workers by setting housing standards and monitoring compliance.
• Update the existing strategy for employing third-country nationals to ensure a mutually agreed-upon framework.

This initiative underscores the Ministry of Labour’s commitment to addressing the needs and welfare of foreign workers while ensuring that the domestic labour market operates efficiently and transparently. As Cyprus continues to navigate the complexities of its labour market, this meeting marks a significant step towards more effective and equitable employment practices for foreign workers.

In a significant development for the real estate industry, Placy, a Cyprus-born AI assistant, has been launched to revolutionise the sector. Conceived by industry veterans Sergey Osipov, Mike Vasiliev, and Alex Alexeev, Placy aims to simplify and enhance the real estate market with advanced AI capabilities. This innovative tool provides personalised, insightful guidance to real estate professionals, streamlining operations and improving efficiency.

The Genesis and Vision

Placy was developed with a deep understanding of the challenges faced by the real estate market. The creators envisioned an AI-powered solution that transcends traditional property portals, providing real-time, actionable insights. According to Vasiliev, “The time for property portals is over. The next decade is all about AI co-pilots.”

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Functionality and Impact

Placy leverages AI to analyse property listings, state registries, and social media, delivering comprehensive information in multiple languages. This capability allows real estate agents to automate up to 50% of their tasks at a fraction of the cost. As Sotiris Komodromos, Placy’s Chief Commercial Officer, explains, “The objective is to automate 50% of the real estate agent’s tasks at 25% of the cost, safeguarding the profession while creating the instruments for the realtor of the future.”

Placy Pro, an advanced version of the assistant, supports agents by reducing their working hours through ongoing automation. This tool is designed to handle various aspects of real estate transactions, from understanding local regulations to identifying ideal properties for clients, making it an indispensable asset for modern real estate professionals.

Strategic Advantages and Future Prospects

Launching from Cyprus offers unique advantages, including an open market, an enthusiastic community, and high commission rates. Osipov’s extensive local market knowledge, gained over nine years in Cyprus, further enhances Placy’s potential for rapid adoption and success.

Placy’s introduction heralds a new era in real estate, where technology and human expertise converge to create a seamless, efficient experience for all stakeholders. As the industry evolves, AI assistants like Placy are poised to become integral to real estate operations, driving innovation and efficiency.

In summary, Placy represents a significant leap forward for the real estate industry, embodying the future of AI-driven solutions. Its creators are poised to lead this transformation, making Placy an essential tool for real estate professionals in Cyprus and beyond.

In a landmark partnership, Tototheo Global and Neuron have joined forces to bring AI-optimised satellite connectivity to the maritime industry. This collaboration addresses the growing demand for seamless and transparent communication networks in commercial shipping, leveraging Neuron’s advanced AI-powered solutions.

The centrepiece of this partnership is Neuron’s Quality of Experience (QoE) management platform, Neuron 360. This innovative tool provides deep insights into connectivity operations and performance, enhancing the robustness and efficiency of onboard networks. Through real-time data integration from various network components, Neuron 360 offers a comprehensive, vendor-neutral connectivity overview, ensuring more uptime and easier, cost-effective resolution of communication issues.

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Despina Panayiotou Theodosiou, co-CEO of Tototheo Global, emphasised the importance of this technology, highlighting its ability to bring much-needed transparency and performance management in a multi-network service environment. Theodosiou noted that as ships engage with multiple satellite providers and networks, Neuron 360 will maintain high-quality connectivity and reduce operational disruptions.

Further strengthening this partnership is the deployment of Neuron Grid, an AI-driven network management solution designed to intelligently orchestrate connectivity across various providers and network types, including LEO, MEO, GEO, 4G, 5G, and Wi-Fi. By consolidating these services into a single channel, Neuron Grid ensures reliable coverage, optimal QoE, and efficient bandwidth and cost management.

Theodosiou expressed confidence in Neuron Grid’s potential to reduce network management costs and enhance the overall user experience. This AI-powered solution will enable intelligent routing of traffic, ensuring continuous and reliable connectivity, thereby eliminating the inefficiencies associated with manual interventions.

Benny Retnamony, founder and CEO of Neuron, highlighted the transformative impact of intelligent multi-provider, multi-orbit orchestration on the shipping industry. He pointed out that this technology would unlock new use cases for shipping companies, allowing them to scale their connectivity needs dynamically while maintaining high QoE and low total cost of ownership.

Cyprus’ Consumer Price Index (CPI) experienced an increase to 117.84 units in May of this year, up from the 117.09 units recorded in April, according to a report released on Thursday by the Cyprus Statistical Service (Cystat).

This change, amounting to a 0.75-unit rise, marked a 2.7 per cent uptick in inflation, pointing to a more costly landscape for consumers.

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The report noted that from January to May 2024, the CPI’s overall climb reached 2 per cent compared to the corresponding period in the previous year, showcasing sustained inflationary pressures across various sectors.

The most pronounced yearly increase was observed in petroleum products, surging by 10 per cent compared to May 2023.

Regarding monthly changes, agricultural goods led with a significant 6.3 per cent rise from the previous month.

Focusing on specific categories, restaurants and hotels experienced the largest annual growth rate at 6.0 per cent, closely followed by the transport sector, which saw a 5.4 per cent increase.

Comparatively, from April to May, the food and non-alcoholic beverages category recorded the highest increase, surging by 1.8 per cent.

The year-to-date analysis further reveals substantial increases in restaurants and hotels at 5.9 per cent, and miscellaneous goods and services at 3.7 per cent, underscoring the broader economic shifts affecting these sectors.

Furthermore, transport, restaurants, and hotels made the most significant contributions to the annual CPI change, with increments of 0.93 and 0.60 units respectively.

From April to May 2024, the food and non-alcoholic beverages category had the largest effect, increasing the CPI by 0.42 units.

The data also highlights notable contributions from petroleum products and catering services to the annual CPI, with increases of 0.91 and 0.6 units respectively.

Additionally, on a month-over-month basis, fresh vegetables and fresh fruit significantly impacted the CPI, contributing 0.33 and 0.29 units respectively.

The Research and Innovation Foundation has launched the Chatbot Diana on its website, providing visitors with service in both Greek and English.

Initially, the Chatbot will be tested on a pilot basis to answer general questions about all RIF programs and procedures. It is currently trained to respond to queries about the open calls “Islands of Excellence” and “Postdoctoral.” The scope of the Chatbot will be expanded at a later stage.

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The pilot development was carried out in collaboration with the company Ravatar, as part of an initiative to accelerate the adoption of artificial intelligence.

RIF encourages the public to take advantage of and use this new communication channel.

The Ablebook application has announced its new partnership with the Mall of Cyprus and the Mall of Engomi, integrating their spaces into its platform.

This partnership aims to facilitate access and provide information for people with disabilities and other vulnerable groups, a relevant press release notes.

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Ablebook, an application on Android and iOS devices, aims to improve accessibility and support people with disabilities and other vulnerable groups by offering information and services that facilitate their daily lives.

As noted in the press release, the Mall of Cyprus and the Mall of Engomi offer a range of accessible infrastructure, such as dedicated parking spaces near the entrances, ramps, accessible toilets and comfortable wheelchair spaces.

“Through this partnership, Ablebook users visiting the specific malls can be informed about the accessible facilities and ask for assistance, if needed, from the relevant mall staff. This ensures that all visitors can enjoy their shopping experience and moments without obstacles,” the press release adds.

“Our collaboration with the Mall of Cyprus and Mall of Engomi is another step towards a more equal and open society for all. By offering facilities and services that cater to the needs of people with disabilities, shopping centers contribute positively to social progress and solidarity,” Ablebook’s announcement concludes.

A second announcement of a grant scheme to strengthen new business activity in areas within the British Bases has been approved by the Council of Ministers following a proposal by the Minister of Energy, Trade and Industry George Papanastasiou.

According to a press release by the Ministry, the scheme, which was prepared for equal treatment of citizens of the Republic, aims to develop, support and promote entrepreneurship, placing an emphasis on specific groups, such as young people and women, who wish to be active in business in the sectors of manufacturing, services and tourism, making use of their knowledge, experience, training and talents.

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The grant will be up to 70% for young men and women aged 18-29 years, while for men aged 30-50 and women aged 30-55, it will be up to 60%. The grant is calculated on the cost of the eligible costs of the investment (equipment, special facilities, construction, purchase and renovation/configuration of building spaces, promotion and other expenses), with a maximum eligible budget per company of €120,000.

The total budget to be allocated for the needs of the 2nd announcement of the scheme amounts to €500,000 and comes from the state budget.

Those interested can obtain the scheme guide, which contains all the details, the list of supporting documents, as well as other required forms or documents, from the Ministry’s website and, particularly, from the website of the Industry and Technology Service.

It is noted that the applications/proposals from the beneficiaries will only be submitted through the electronic system of sponsorship plans of the Ministry of Energy, Trade and Industry, in a specific period that will be determined in the relevant call for proposals, which will be announced in the next period.

For more information, those interested can contact the relevant officials at 22867178/156/317/109/194.

The eurozone’s manufacturing sector, which has been in a downturn, showed potential signs of recovery in May. The HCOB Eurozone Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, rose to 47.3 from April’s 45.7, marking the slowest decline in new orders in two years. Although the index remains below the 50 threshold which indicates growth, the improvement suggests a possible turning point. Increased business confidence is linked to a rebound in demand and reduced production costs, with optimism for future production at its highest since early 2022.

Context and Analysis

The eurozone manufacturing sector has faced significant challenges over the past few years, including supply chain disruptions, economic uncertainty, and fluctuating demand. The recent PMI data, though still indicative of contraction, points towards a potential easing of these pressures. A key factor contributing to this positive shift is the stabilization of input prices, which had been highly volatile due to global supply chain issues and geopolitical tensions. As production costs stabilize, manufacturers are better positioned to plan and execute their production schedules more effectively.

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Sectoral Performance and Business Sentiment

The survey highlighted that while the overall manufacturing sector is still contracting, certain sub-sectors are beginning to show resilience. Industries such as automotive and electronics have reported a moderate increase in order volumes, driven by a resurgence in consumer demand and investment in new technologies. Additionally, the sentiment among manufacturers has improved, with many expressing optimism about the second half of the year. This confidence is underpinned by expectations of steady demand recovery and further easing of input cost pressures.

Implications for the Eurozone Economy

The manufacturing sector is a critical component of the eurozone economy, contributing significantly to employment and GDP. The potential turnaround indicated by the PMI data is a positive signal for the broader economic outlook. A stabilizing manufacturing sector could lead to increased investment, job creation, and consumer spending, all of which are essential for sustained economic growth. However, it is important to note that the sector is not yet out of the woods, and continued monitoring of key indicators will be necessary to confirm a sustained recovery.

The eurozone manufacturing sector’s potential recovery, as indicated by the May PMI data, brings a cautious sense of optimism. While challenges remain, the signs of stabilizing demand and reduced production costs are encouraging. If these trends continue, the sector could play a pivotal role in driving the eurozone’s economic recovery in the coming months. 

In the first quarter of 2024, Cyprus exhibited a strong economic performance with a 3.5% annual growth in real GDP, as reported by Cystat. This growth, driven by significant expansions in key sectors such as construction, information and communication, and trade, highlights the resilience and dynamism of the Cypriot economy.

Sectoral Contributions to Growth

The construction sector led the growth with an annual increase of 10.2%, reflecting a robust investment environment. The professional, scientific, and technical activities sector also showed significant year-on-year growth of 4.8%. The information and communication sector, a rapidly growing segment of the economy, expanded by 4.4% annually.

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Challenges and Future Prospects

While most sectors showed positive growth, the financial and insurance activities sector faced a slight annual decline of 1.1%. Despite this, the overall economic outlook for Cyprus remains positive, with diverse sectors contributing to the country’s economic resilience.

Cyprus’ Q1 performance underscores the strength of its economic fundamentals and the effectiveness of its strategic sectors. With a continued focus on innovation and infrastructure development, Cyprus is well-positioned to sustain its growth trajectory and enhance its competitiveness on the global stage. 

Cyprus Seeds, a pivotal non-profit organisation dedicated to converting academic research into successful startups, recently held a significant meeting with Julie Fisher, the Ambassador of the American Embassy in Cyprus. This discussion underscored the strategic initiatives supporting Cyprus’ burgeoning innovation ecosystem.

Transformative Mentorship and Training

A focal point of the meeting was the introduction of esteemed USA experts Jonathan B. Green, Paul Blackborow, and Linda Plano. Over the past five years, these experts have provided critical mentorship and training, significantly contributing to the development of innovative projects within Cyprus.

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Strengthening US-Cyprus Collaboration

The dialogue also explored the role of the US Embassy in further enriching Cyprus’ dynamic innovation landscape. Both parties deliberated on enhancing existing support mechanisms and identifying new opportunities to foster a more robust entrepreneurial environment.

Cyprus Seeds’ Mission and Impact

Cyprus Seeds has been instrumental in nurturing innovative startups by bridging the gap between academic research and commercialisation. Their initiatives have not only fostered entrepreneurial spirit but also positioned Cyprus as a promising hub for innovation in the region.

This meeting marks a milestone in the collaborative efforts to boost Cyprus’ innovation ecosystem. With continued support from international experts and strategic partnerships, Cyprus is poised to become a significant player in the global innovation landscape.