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Cyprus Bar Association Defends Summer Court Recess

Cyprus’ summer court recess is a “very good” system that serves several purposes, according to Nicosia Bar Association chairman Stefanos Skordis, who said there is no need to change the current arrangement.

The Supreme Court and district courts observe a summer recess from July 10 to September 9. While trials are generally not held during this period, judges can still hear urgent cases and deal with other judicial matters when required.

Recess Allows Courts To Prepare For New Year

Skordis said the summer period should not be viewed simply as a holiday, as judges and lawyers continue working on paperwork, pending matters and preparations for the new judicial year.

He also noted that similar arrangements exist in other countries, with courts limiting hearings or introducing special procedures for urgent cases during the summer.

Procedural deadlines generally exclude the summer recess, apart from the final seven days of the period, unless a court decides otherwise.

Similar Systems Across Europe

Several European countries operate comparable systems. Greece has special summer court divisions from July 1 to September 15, while Spain generally treats August as a non-working month for judicial proceedings, with exceptions for urgent cases. Italy also limits proceedings during August, mainly continuing to hear labour disputes.

Belgian courts generally close from July 1 to August 31, while Ireland, which shares a common-law tradition with Cyprus, limits court sittings during judicial holidays but allows special hearings for urgent matters.

A similar approach is followed by the Court of Justice of the European Union, where proceedings are generally suspended during its judicial holiday from July 16 to August 31, unless urgent circumstances require otherwise.

Shein Targets $25 Billion Valuation In Hong Kong IPO As Growth Slows

Shein is reportedly targeting a valuation of around $25 billion in its planned Hong Kong IPO, a sharp decline from the nearly $100 billion valuation the online fashion retailer achieved in a 2022 fundraising round.

Two people familiar with the plans said the company was likely to target about $25 billion, while another source put the expected range at $25 billion to $28 billion based on the proposed price band.

IPO Valuation Falls Sharply

Shein plans to sell up to 8% of its shares in the offering, according to a person familiar with the plans. At a $25 billion valuation, that would translate into an IPO of as much as $2 billion.

The latest target is also below the $30 billion to $40 billion valuation the company was seeking earlier this month as it began meeting with potential investors.

Founded in China in 2012 and now headquartered in Singapore, Shein sells low-cost clothing to consumers in about 160 countries. The company is expected to launch its long-awaited Hong Kong IPO later this week.

Trade Restrictions Weigh On Growth

Shein’s valuation has come under pressure as major markets tighten rules affecting low-cost e-commerce shipments. The European Union, for example, has moved to impose additional fees on cheap parcels from platforms such as Shein and Temu. EU Tightens Rules On Low-Cost E-Commerce Parcels

In the U.S., the removal of an import duty exemption for small packages has also affected the company. Shein reported a $99 million quarterly loss in the first quarter of 2026 as sales growth slowed, while a one-time accounting charge further weighed on its results. Shein Reports First-Quarter Loss Ahead Of IPO

Investors Question Shein’s Growth Prospects

The steep reduction in valuation reflects growing concerns over slower growth, higher trade costs, regulatory pressure and stronger competition across global e-commerce.

Some investors who reviewed Shein’s recent financial statements or attended IPO presentations told Reuters they were skeptical that the company could return to the growth rates that supported its $98.2 billion valuation in 2022. Shein’s Slowing Growth Tests Investor Appetite

A lower IPO valuation could also affect Shein’s existing investors. Under the terms of its IPO filing, the company may have to issue additional shares to certain pre-IPO investors if its valuation falls below agreed thresholds.

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