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Chief Scientist Of Cyprus Meets With NASA JWST Scientist

by THEFUTURE.TEAM

Chief Scientist of the Republic of Cyprus for Research, Innovation and Technology, Demetris Skourides has held a meeting with Dr. Alexandra Lockwood, NASA James Webb Space Telescope Scientist, in  Cyprus at the invitation of the United States Embassy in Nicosia.

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During their meeting, which took place on 21 May, Skourides presented the work of the Research and Innovation ecosystem of Cyprus, while making special reference to the 2022 – 2027 Space Strategy of the Deputy Ministry of Research, Innovation and Digital Policy.

He underlined that Cyprus’ geographical position favors the further development of the ecosystem in the space sector, which currently consists of about 50 unique entities, including 33 companies with research activities in robotics, earth observation and navigation systems.

Dr. Lockwood informed the Chief Scientist on the capabilities of the James Webb Space Telescope and the features it offers to humanity, enhancing the ecosystem. She also said that NASA is investing in Artificial Intelligence, creating the position of Chief AI Officer to lead efforts in the field.

Skourides referred to the important role of artificial intelligence in the search for exoplanets and gravitational waves since the process can be significantly simplified with the use of new technologies.

Interest rates on housing loans up and down on deposits

by THEFUTURE.TEAM

Cypriot banks raised mortgage rates in August while cutting interest on one-year deposits for households, according to data released by the Central Bank of Cyprus (CBC).

Meanwhile, the total value of new loans dropped sharply in August, falling by 33 per cent compared to July.

The latest figures, published on Wednesday reveal that the interest rate for short-term deposits by households fell to 1.79 per cent, from 1.96 per cent in July. In contrast, the deposit rate for businesses (non-financial companies) travelled in the opposite direction up to 2.33 per cent in August from 2.28 per cent in the previous month.

Consumer loan rates also saw a small decline, dropping to 6.59 per cent from 6.67 per cent in the previous month. Mortgage rates rose marginally to 4.65 per cent, from 4.59 per cent.

Rates for businesses, on loans €1 million also fell to 5.36 per cent from 5.61 per cent. For loans

above €1 million the rate fell to 5.42 per cent from 5.64 per cent.

In terms of new loans, there was a marked drop across the board. Total new loans fell to €395.5 million, down from €596.3 million in July.

Consumer loans also fell with net new loans at €19m, compared to July’s €28m (€26.1m net).

Loans for house purchases also declined significantly, falling to €95.6m, of which €72.3m were net new loans, down from €134.3m (€100.7m net) in July.

New loans of under a million euro to businesses decreased to €52.8m (€34.1m net), down from €75.5m in July (€49.5m net).

Similarly, loans of over a million euros were halved to €179.3m (€78.3m net), compared to €345.2m (€211.8m net) in the previous month.

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