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Cyprus Hosts UN’s New Space Office To Boost Disaster Response In The Eastern Mediterranean

Cyprus is making a significant leap onto the global stage in disaster management with the launch of a new space-based initiative. A Memorandum of Understanding (MoU) signed between the United Nations Office for Outer Space Affairs (UNOOSA) and the ERATOSTHENES Centre of Excellence paves the way for the creation of a Regional Support Office (RSO) for the UN’s UN-SPIDER program, aimed at harnessing satellite technology to tackle disasters in the Eastern Mediterranean and beyond.

This strategic partnership will strengthen regional and global efforts to use space-based tools for disaster management and risk reduction. The ERATOSTHENES CoE, known for its cutting-edge research in satellite and airborne remote sensing, will host the new RSO, bringing its advanced expertise to the UN-SPIDER network.

The new office will focus on offering technical advisory support, capacity-building in space technology, and sharing knowledge from Earth Observation data to mitigate the impact of disasters. The RSO will also play a key role in providing real-time assistance during emergencies, ranging from earthquakes and forest fires to floods and coastal erosion.

Dr. Marios Tzouvaras, Research Coordinator at ERATOSTHENES CoE, highlighted the importance of the initiative, noting that the center’s extensive research in satellite imagery and data analysis will play a crucial role in disaster risk reduction. “Our collaboration with UNOOSA will allow us to apply our long-term scientific knowledge to real-world challenges, not just for Cyprus but for the entire region,” Tzouvaras said.

With the agreement set to begin in February 2025, Cyprus is poised to become a central node in UNOOSA’s mission to bring space-based disaster response solutions to the global community. This partnership marks a crucial step in the evolution of disaster management, leveraging the power of space to save lives and reduce risks across multiple regions.

Ermes Transfers ERA Department Stores for Strategic Realignment

In a strategic move aimed at restructuring and shedding non-profitable divisions, Ermes Department Stores Plc has announced the transfer of its ERA department stores to Gencom Ltd for a nominal price of €1. While such a figure might raise eyebrows, it aligns with Ermes’ broader objectives of streamlining operations and managing financial sustainability, given the stores report a loss of €1.3 million for 2024.

The deal, pending approval from Cyprus’ Competition Protection Commission, requires Gencom to take on long-term lease contracts and approximately €4.5 million in pending orders for the Spring/Summer 2025 season.

Transferring staff and assets like fixtures and the UNIQUE customer loyalty program ensures a smooth transition. Ermes will maintain a supporting role until late 2025.

Expected to realize a €1 million accounting profit due to IFRS 16 compliance, the transaction should benefit the CTC Group and its shareholders without impacting essential managerial interests. With such strategic shifts, the economic landscape of Cyprus continues to evolve. For more insights on Cyprus’ dynamic markets, read our financial overview.

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