While investors have spent much of the past year chasing semiconductor companies at the center of the AI boom, some of the market’s strongest performers have come from unexpected corners of Japan’s industrial economy.

Toto, Nittobo and Ajinomoto are better known for toilets, glass fiber and seasoning than advanced computing. Yet each has carved out a critical role in the semiconductor supply chain by applying decades of manufacturing expertise to AI infrastructure. Their shares have climbed 78%, 63% and 61%, respectively, this year as demand for semiconductor equipment and advanced chip packaging continues to grow.

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From Legacy Businesses To AI Infrastructure

Rather than reinventing themselves, all three companies have adapted long-established materials science and manufacturing capabilities to serve the AI industry.

Toto supplies ceramic electrostatic chucks used in semiconductor production equipment. Nittobo manufactures advanced glass fiber for semiconductor package substrates, while Ajinomoto produces ABF, an insulating film essential for packaging high-performance chips used in data centers and AI applications.

The AI boom is driving demand throughout the semiconductor supply chain, creating new growth opportunities for businesses once considered niche parts of much larger industrial groups.

Toto: A Ceramics Business Finding New Scale

Toto remains best known for its housing and bathroom products, but its advanced ceramics division has become an increasingly important source of earnings. The business reported a 34% increase in annual revenue and a 42% rise in operating profit for the fiscal year ended March 31, offsetting weaker results in the company’s core housing operations.

The company entered the semiconductor industry in 1988, when it began producing electrostatic chucks that hold silicon wafers in place during chip manufacturing. The components help improve production yields for advanced semiconductors, positioning Toto to benefit from investment in AI, data centers, IoT and digital transformation.

Despite the rapid growth of its ceramics business, Toto says it has no plans to shift away from its traditional operations. Instead, it views its housing business as a stable foundation while expanding its higher-growth semiconductor business.

Nittobo: Electronic Materials Become The Growth Engine

Electronic materials have become central to Nittobo’s growth strategy. Its T-glass product, introduced in 1984 for printed circuit boards and electronic components, has benefited from rising demand for AI hardware.

The company says AI-related semiconductor demand is shaping investment, research and hiring decisions. That strategy has translated into stronger results: net sales in the electronic materials segment rose 20.4% year on year, while operating profit increased 39.7%.

According to CNBC calculations, the segment generated about 91% of Nittobo’s total net sales growth in the latest fiscal year. Operating profit increased by 5.5 billion yen, or roughly $34 million, exceeding the company’s overall operating profit growth. Nittobo expects demand for specialty glass used in servers, networking equipment and semiconductor package substrates to remain strong and plans to expand production capacity.

The company continues to develop new industrial applications for its traditional glass-fiber business, suggesting AI is strengthening rather than replacing its broader manufacturing portfolio.

Ajinomoto: An ABF Advantage

Ajinomoto remains best known as a food company, but one of its most valuable technologies sits far beyond the supermarket aisle.

Its ABF (Ajinomoto Build-up Film) is a semiconductor insulation material originally developed from a byproduct of the company’s MSG manufacturing process. Introduced commercially in 1999, it is now widely used in packaging high-performance processors.

As semiconductor packaging becomes more complex, demand for ABF has continued to grow. Ajinomoto expects AI, 5G and other advanced technologies to support further expansion.

Although the company does not report ABF as a standalone business, its fiscal 2025 results highlight its growing importance. The Healthcare and Others division, which includes ABF, posted revenue growth of about 4% and a 45.1% increase in business profit, driven by stronger electronic materials sales. The segment accounted for more than one-third of total company profit and surpassed the frozen food business in both revenue and profit.

Ajinomoto expects continued expansion of its ABF business as part of its broader AminoScience strategy, where the company aims to balance industrial and food operations over the long term.

The Broader Lesson For Investors

The AI boom is extending well beyond chip designers and cloud providers. As semiconductor supply chains become more specialized, companies with decades of expertise in ceramics, specialty glass and advanced materials are finding new sources of growth.

For investors, some of the strongest AI opportunities may lie in businesses that were never considered technology companies in the first place. Japan’s industrial sector shows that long-established manufacturing expertise can become a competitive advantage in the next generation of computing.

Governments around the world are increasingly moving to restrict children’s access to social media, shifting the debate from online safety to age-based access itself.

Australia became the first country to implement a nationwide ban for users under 16, and a growing number of governments have since introduced similar laws, draft legislation or policy proposals. France is the latest to join the list, highlighting how quickly age-based restrictions are gaining political support.

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Why Governments Are Acting

Supporters argue that social media exposes children to cyberbullying, addictive platform design, mental health risks and online predators. They say governments must intervene where parental controls and platform safeguards have failed.

Critics, including Amnesty Tech, argue that blanket bans fail to reflect how young people use digital services while raising concerns over privacy, surveillance and intrusive age verification.

Despite those objections, more governments continue to pursue similar policies. Below is a country-by-country overview of where social media bans for minors have been adopted or are under serious consideration.

Australia

Australia became the first country to ban social media for children under 16 in December 2025. The restriction covers Facebook, Instagram, Snapchat, Threads, TikTok, X, YouTube, Reddit, Twitch and Kick, but excludes WhatsApp and YouTube Kids.

Platforms must take active steps to prevent underage access or face fines of up to A$49.5 million (about US$34.4 million). The government has also said self-declared birthdays will not be sufficient, requiring platforms to use multiple age-verification methods.

Austria

Austria plans to ban social media for children under 14, with draft legislation expected to be finalized by June.

Canada

Canada introduced a digital safety bill in early June that would ban social media for children under 16. Platforms could be exempt if they demonstrate adequate protections for young users. Officials say the legislation could take up to a year to pass.

Denmark

Denmark is preparing to ban social media for children under 15 after securing cross-party political backing in late 2025.

The measure could become law as early as mid-2026. The government is also developing an age-verification app to help enforce the restrictions.

France

France passed a law on July 21 banning social media access for anyone under 15. The measure could take effect as early as September 1.

It also extends restrictions on mobile phone use to high schools, building on existing rules covering primary and middle schools.

Germany

Conservatives led by Chancellor Friedrich Merz have proposed banning children under 16 from social media, although opposition from coalition partners has cast doubt on whether the proposal will move forward.

Greece

Greek Prime Minister Kyriakos Mitsotakis announced in April that Greece will ban social media access for children under 15 beginning in January 2027.

He said the policy is intended to address rising anxiety, sleep problems and the addictive design of social media platforms.

Indonesia

Indonesia announced in early March that it plans to ban children under 16 from using social media and other widely used online platforms, including YouTube, TikTok, Facebook, Instagram, Threads, X, Bigo Live and Roblox.

Malaysia

Malaysia said in November 2025 that it plans to ban social media for children under 16, with implementation expected this year.

Poland

Poland’s ruling party is drafting legislation that would ban children under 15 from using social media.

Slovenia

Slovenia is preparing legislation to prohibit children under 15 from accessing social media. The proposal would apply to platforms where users share content, including TikTok, Snapchat and Instagram.

Spain

Spain plans to ban social media for children under 16, although the proposal still requires parliamentary approval.

The government is also seeking legislation that would hold social media executives personally liable for hate speech published on their platforms.

Turkey

Turkey’s parliament passed a bill in April restricting social media access for children under 15. The legislation now awaits approval from President Recep Tayyip Erdogan.

United Kingdom

Prime Minister Keir Starmer announced on June 15 that the U.K. plans to ban social media use for children under 16.

The proposal would apply to Snapchat, TikTok, YouTube, Instagram, Facebook and X, while excluding messaging services such as WhatsApp and Signal.

The government also plans restrictions on AI tools, including romantic companion chatbots, limiting access to users aged 18 and older.

While experts have questioned whether such a ban can be effectively enforced, Starmer has said he believes it is achievable. The government expects the policy could take effect by spring 2027.

The Bigger Policy Question

Australia remains the only country to have fully implemented a nationwide social media ban for minors, while most others are still drafting legislation or awaiting parliamentary approval.

Whether these measures reduce harm to young users will depend largely on age-verification technology, platform compliance and how governments balance child safety with privacy concerns.

ASBISc Enterprises Plc said this week that estimated consolidated revenue for June climbed to approximately $649 million, up about 74% from the same month a year earlier, in a trading update from the Cyprus-based IT distributor.

Monthly Disclosure Reflects A New Reporting Approach

The board said the estimate was released following its decision to begin disclosing monthly consolidated revenue information, in line with a previous report. The move gives investors a more frequent view of the company’s trading performance and adds a new layer of transparency to its reporting.

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Revenue Growth Points To Stronger Trading Momentum

The June 2026 estimate compares with approximately $374 million in June 2025, highlighting a sharp year-on-year increase. While the company noted that the figure is based on its best estimate and may differ slightly from the final data, the update suggests solid operating momentum heading into the second half of the year.

Cyprus and India are looking to turn closer political ties into stronger commercial cooperation in the maritime sector, with Shipping Deputy Minister Marina Hadjimanolis preparing an official visit to India alongside a delegation of Cypriot shipping companies.

From Diplomatic Momentum To Commercial Action

Hadjimanolis met India’s High Commissioner to Cyprus, Manish Manish, on Tuesday to discuss the upcoming mission and opportunities to expand cooperation between companies from both countries.

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According to the Shipping Deputy Ministry, the visit will focus on business-to-business meetings, giving Cypriot maritime companies direct access to potential Indian partners and new commercial opportunities.

Joint Maritime Framework Takes Shape

The two officials also discussed the implementation of the Bilateral Agreement on Merchant Shipping and preparations for the first Cyprus–India Joint Maritime Committee, which is expected to provide a structured platform for cooperation between the two governments and their maritime industries.

The agreement was signed during former president Nicos Anastasiades’ state visit to India in April 2017 and covers cooperation in merchant shipping and maritime transport.

Strategic Partnership Lays The Groundwork

Tuesday’s meeting followed President Nikos Christodoulides’ state visit to India from May 20 to 23, during which Cyprus and India elevated their relationship to a strategic partnership.

During talks with Indian Prime Minister Narendra Modi, the two sides identified shipping as a key area for strengthening trade and connectivity between the Indo-Pacific and Europe.

They also agreed to establish a joint task force to advance cooperation in shipping, infrastructure and maritime security.

Why The Opportunity Matters

The planned mission aims to translate those commitments into commercial partnerships.

Cyprus is positioning itself as a gateway to the European market for Indian companies through its EU membership and established shipping sector. India, in turn, offers Cypriot maritime businesses access to one of the world’s largest shipping markets, supported by an extensive network of ports, shipbuilding, logistics and seafarer services.

Cyprus recorded one of the largest annual reductions in government debt across the European Union in the first quarter of 2026, even as debt ratios increased across both the euro area and the bloc, according to Eurostat data released on Tuesday.

The country’s general government gross debt stood at 54.6% of gross domestic product at the end of March, down from 55% in the previous quarter and 62% a year earlier. In absolute terms, government debt edged up slightly to €20.09 billion from €20.08 billion at the end of 2025.

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One Of The EU’s Largest Annual Declines

Cyprus’ debt-to-GDP ratio fell by 7.4 percentage points compared with the first quarter of 2025, marking the second-largest annual decline in the EU behind Greece, where the ratio dropped by 9.4 percentage points.

Debt Ratios Rise Across Europe

The euro area debt ratio increased to 88.9% of GDP at the end of the first quarter from 87.7% in the previous three months, while the EU ratio rose to 82.9% from 81.8%.

Compared with a year earlier, debt levels also increased across both regions, rising from 87.2% to 88.9% in the euro area and from 81.4% to 82.9% across the EU.

Debt Composition

Debt securities remained the largest source of government borrowing, accounting for 84.3% of total debt in the euro area and 83.6% in the EU. Loans represented 13.2% and 13.9%, respectively, while currency and deposits accounted for 2.5% in both regions.

Highest And Lowest Debt Levels

Greece continued to record the highest debt-to-GDP ratio in the EU at 143.5%, followed by Italy (138.9%), France (117.6%), Belgium (109.1%) and Spain (101.6%).

Estonia had the lowest ratio at 25.2%, ahead of Denmark (26.8%), Bulgaria (28.5%) and Luxembourg (29.2%).

Quarterly And Annual Changes

Compared with the final quarter of 2025, debt ratios increased in 17 EU member states and declined in eight. The largest quarterly increases were recorded in Hungary, Lithuania and Luxembourg, while Greece posted the biggest decline, followed by Bulgaria, the Netherlands and Slovenia.

On an annual basis, 19 member states reported higher debt ratios than a year earlier, while eight recorded declines. Finland, Bulgaria, Poland, Romania and France saw the largest increases.

Cyprus posted the EU’s second-largest annual reduction in government debt relative to GDP, behind only Greece.

The PwC Foundation broadened its contribution to education, entrepreneurship and community support during the 2026 financial year, with PwC Cyprus advancing a series of initiatives designed to create measurable social impact across the island.

Guided by PwC’s broader purpose of building trust in society and addressing long-term challenges, the foundation concentrated its efforts on three strategic pillars: education and culture, youth entrepreneurship, and community support through its Offering Our Hearts & Minds programme.

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Education And Skills Remain A Core Priority

Education remained one of the foundation’s main areas of focus throughout FY26.

Fourteen scholarships were awarded to high-performing students at the University of Cyprus and the Cyprus University of Technology, with both academic achievement and financial need taken into account. PwC Cyprus also continued to support initiatives, including Girls in STEAM and TechWeCan, helping students develop science, technology, and digital skills.

Financial literacy formed another key part of the programme. During Global Money Week, PwC volunteers visited 10 public schools, delivering financial education sessions to 28 classrooms and nearly 300 primary, secondary and lyceum students.

Additional initiatives included a partnership with the Cyprus Institute of Marketing, the Beyond the Workforce of Today programme and continued support for the Pharos Arts Foundation.

Backing The Next Generation Of Entrepreneurs

Youth entrepreneurship remained another major focus, with the PwC Foundation continuing its strategic partnerships with Junior Achievement Cyprus, the University of Cyprus and Cyprus Seeds.

Students gained hands-on business experience through the Company Programme, while the Our Community initiative introduced younger participants to civic engagement and community projects.

Among the year’s highlights, HerShield from St Mary’s School in Limassol represented Cyprus at the JA Europe competition in Riga, finishing third in the JA Europe Company of the Year 2026 category among teams from more than 40 countries.

Support also included the Innovation & Entrepreneurship Forum, the Global Entrepreneurship Monitor (GEM) at the University of Cyprus and the launch of the University of Cyprus C4E Summer Academy. PwC Cyprus is also set to launch the Scale Up 3 programme in September 2026 to support emerging startups.

Community Support Continues To Extend The Foundation’s Reach

Community engagement remained an important part of the foundation’s activities.

Employees participated in blood donation campaigns and supported the Movember movement, while more than 350 volunteers took part in 13 Volunteer Days activities across Cyprus. PwC also continued providing pro bono services and financial support to non-profit organisations.

Leadership Frames Impact As A Long-Term Commitment

PwC Cyprus Chief Executive Andreas Yiasemides said the foundation’s work reflects the company’s long-term commitment to supporting education, entrepreneurship and local communities.

“At PwC, we believe that meaningful change is achieved through collective action, long-term commitment and active participation,” Yiasemides said, adding that the company will continue investing in initiatives that create opportunities for people to thrive and deliver lasting value for future generations.

Cyprus recorded a general government surplus of €567.1 million in the first quarter of 2026, according to preliminary figures released by the Cyprus Statistical Service (Cystat). Although slightly below the €600.6 million recorded a year earlier, the country remained in surplus as government revenue continued to grow despite higher public spending. Separate Eurostat data showed Cyprus posting a seasonally adjusted surplus equal to 0.4% of GDP during the quarter.

Revenue Growth Outpaced Expenditure Pressure

Government revenue increased 5.8% year on year to €3.82 billion from €3.61 billion, driven mainly by stronger tax receipts and social contributions.

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Social contribution revenue rose 8.2% to €1.28 billion, while taxes on income and wealth climbed 10.9% to €1.09 billion. Revenue from taxes on production and imports also increased, reaching €1.13 billion, supported in part by a 5.5% rise in net value-added tax (VAT) receipts to €764.3 million.

Performance across the remaining revenue categories was mixed. Capital transfers edged up to €5 million, whereas other current transfers declined to €59.1 million. Revenue from the sale of goods and services fell 7.2% to €243.8 million, while property income dropped 31.2% to €13 million.

Spending Continued To Expand

At the same time, government expenditure rose 8% to €3.25 billion from €3.01 billion in the first quarter of 2025.

Social transfers increased 6.5% to €1.36 billion, accompanied by a 2.4% rise in compensation of employees, including imputed social contributions and civil servants’ pensions, to €974.9 million.

Spending also increased across several other categories. Intermediate consumption climbed 9.3% to €303.9 million, other current expenditure jumped 31.8% to €245.4 million, and property income payable rose to €79 million from €72.8 million a year earlier.

Capital expenditure reached €271.8 million, comprising €188.9 million in capital formation and €82.9 million in capital transfers, compared with €223.5 million in the corresponding period of 2025. Subsidies were the only major spending category to decline, falling 19.5% to €16.1 million.

Cyprus Remains A Relative Outlier In Europe

Eurostat’s seasonally adjusted figures showed Cyprus’ budget surplus easing to 0.4% of GDP from 1.2% in the fourth quarter of 2025 and 0.9% in the third quarter.

Even so, the country remained one of the few EU member states to record a surplus. Across the euro area, the government deficit stood at 3.1% of GDP, compared with 3.2% in the previous quarter, while the European Union also posted a deficit of 3.1%, improving from 3.4%.

Revenue across the euro area represented 47.1% of GDP, slightly below the previous quarter’s 47.3%, while expenditure eased to 50.2% from 50.4%. Across the European Union, revenue accounted for 46.6% of GDP compared with 46.7% in the previous quarter, as expenditure declined to 49.8% from 50.1%.

Cyprus’ outstanding tax debt reached €4.64 billion at the end of 2025, up from €3.93 billion a year earlier, according to Tax Department data reported by Philenews. Immediately collectable debt totalled €3.32 billion, while €1.31 billion was classified as not immediately recoverable.

Collectable Arrears Continue To Grow

Nearly one-third of immediately collectable debt, or €979.4 million, relates to tax arrears outstanding for less than one year. Another €992.6 million, representing 29.9% of the total, has remained unpaid for between one and four years.

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Liabilities outstanding for more than four years account for the remaining €1.32 billion, or about 40% of immediately collectable debt.

Immediate Recovery Potential Improves On Paper

Debt classified as immediately recoverable increased from €2.29 billion at the end of 2024 to €3.32 billion a year later.

Around €901.5 million is already subject to enforcement measures, including €325.9 million in court proceedings and €575.4 million under administrative recovery measures such as MEMOs and bank account seizures.

Bank account seizures have so far recovered €263,000. After deducting debt already under enforcement and amounts recovered through bank account seizures, €2.42 billion remains immediately payable.

New Powers Expand The State’s Leverage

Tax reforms that took effect on January 1, 2026, expanded the Tax Department’s enforcement powers. Businesses with unpaid tax exceeding €20,000 can now have their premises sealed, while the same measure also applies to businesses that fail to issue receipts or invoices.

Beginning in 2027, taxpayers who fail to submit tax returns will also face the same sanction.

Criminal proceedings continue against cases involving unpaid value-added tax (VAT), Pay As You Earn (PAYE) deductions, the Special Defence Contribution and failures to submit tax returns.

Convictions may result in court-imposed penalties, repayment agreements or out-of-court settlements linked to compliance measures.

Debt Age Signals A Deeper Structural Problem

Some outstanding liabilities have been incorporated into repayment plans, although not all agreements have been completed.

Average collectable tax debt reached an age of 80.3 months, or about 6.7 years, by the end of December 2025, compared with 58.3 months a year earlier.

According to the Tax Department, that figure is influenced by large volumes of long-standing unpaid liabilities accumulated over many years and considered difficult to recover.

AI-generated music now accounts for more than half of all tracks uploaded to Deezer each day, according to new figures released by the streaming platform.

Daily uploads reached 90,000 tracks in June 2026, up from 10,000 in January 2025, when AI-generated music represented about 10% of new content on the platform

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A Rapid Surge In Synthetic Tracks

Growth has been steady over the past 18 months. The share of AI-generated uploads rose to 18% in April 2025, 28% in September, 34% in November, 39% in January 2026 and 44% in April before surpassing the 50% mark in June.

Platforms Are Taking Different Approaches

No industry-wide standard has emerged for handling AI-generated music, with streaming platforms taking different approaches to synthetic content.

Bandcamp has banned AI-generated tracks, while Tidal has removed monetization from such content. Spotify requires creators to disclose the use of AI in the music creation process, while Apple Music has adopted a voluntary AI-tagging system.

Deezer Targets Fraud And Low-Value Content

Under Deezer’s latest policy, AI-generated tracks that have not been streamed during the past six months or are linked to fraudulent streaming activity will no longer be eligible for monetization.

“Deezer has been at the frontline of fighting fraud and reducing payment dilution related to AI music for almost two years. Now that half of all daily uploads are AI-generated tracks, we are taking additional steps to safeguard the rights of artists and songwriters, while maintaining focus on music that fans actually love,” Chief Executive Alexis Lanternier said in a statement.

Large volumes of AI-generated tracks can distort recommendation systems, dilute royalty distribution and fuel fraudulent streaming, the company said.

From Detection Tool To Industry Infrastructure

Data on AI-generated uploads was first published in January 2025 alongside the launch of Deezer’s detection technology. The system identifies tracks created using models from Suno and Udio, two AI music startups currently facing copyright lawsuits.

Earlier this year, access to the technology was expanded to other platforms, although Deezer has not disclosed which services have adopted it. In June, the company also introduced a separate tool designed to detect AI-generated music in playlists across services including Apple Music and Spotify.

Colossal Biosciences, the biotechnology startup known for its efforts to revive extinct species including the woolly mammoth and dire wolf, is in talks to raise funding at a valuation of $20 billion to $30 billion, according to Axios.

The company was last valued at $10.2 billion in a January funding round. It has since begun generating revenue, Axios reported, although neither the size of the new financing nor its potential investors have been disclosed.

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Business Extends Beyond De-Extinction

While Colossal has attracted global attention for its de-extinction projects, the company is also building a broader biotechnology business around the tools developed through that research.

Co-founder and Chief Executive Ben Lamm has said Colossal expects revenue from three areas: conservation technologies, new businesses created from its research and future commercial applications of technologies developed alongside its de-extinction programme.

Expanding Commercial Portfolio

Colossal has already supplied conservation technology to the U.S. government and the United Arab Emirates, which recently invested $60 million in the company, according to Wired.

Its research has also led to the creation of several startups, including plastics recycling company Breaking, computational biology platform Form Bio, which raised $30 million, and AI-driven biology company Astromech, which was valued at $2 billion in March.

Research Continues To Expand

Operating from a 55,000-square-foot facility in Dallas, Colossal continues to broaden its research portfolio.

In April, the company added the bluebuck antelope as its sixth de-extinction target. More recently, the Colossal Foundation partnered with the University of Tasmania to develop vaccines and gene-editing approaches aimed at protecting Tasmanian devils from a contagious facial cancer.

Lamm has also said the company plans to spin out its artificial womb technology, which could eventually have applications in fertility treatment. Speaking to Rolling Stone in May, he said the technology could be ready next year.

Investor Interest In Deep Tech

The fundraising discussions come as investors increase spending on sectors such as biotechnology, longevity and other deep-tech fields.

Lamm has also said Colossal could eventually generate revenue from biodiversity credits if restored species are successfully reintroduced into their natural habitats, creating another potential commercial opportunity.