Cyprus Launches €31 Million Welfare Reform

by News Editor

August 6, 2026

Cyprus is rolling out a €31 million reform to modernise its Social Welfare Services, with a focus on strengthening child protection, supporting vulnerable groups and improving the quality and speed of public services.

Speaking on Wednesday, Social Welfare Services Director Maria Kyratzi described the initiative as the first comprehensive overhaul of the country’s welfare system.

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“This reform is designed to improve the functioning of the Social Welfare Services while substantially upgrading Cyprus’ social protection system, with social cohesion, equal opportunities and a decent quality of life for all citizens at its core,” she said.

The project is being implemented under the THALIA 2021-2027 Cohesion Policy Programme and is co-financed by the European Union.

Stronger Child Protection And Local Support

The reform will modernise the organisation’s structures, procedures and intervention mechanisms to create a more efficient and people-centred welfare system.

Social Welfare Services currently manage more than 40 programmes and employ over 500 professionals. According to the Deputy Ministry of Social Welfare, rising demand and increasingly complex cases, particularly those involving children under state guardianship, have made the overhaul necessary.

A key measure is the creation of multidisciplinary teams at central and district level to improve the management of complex cases and strengthen cooperation between public agencies. The reform will also introduce escort and mentoring services, together with additional specialist support for vulnerable children.

Since May 2026, the Deputy Ministry has been working with the ministries of education, justice and health on a national child protection strategy and action plan, due to be completed by the end of 2029.

Digital Upgrade

Following a successful pilot phase, the Neighbourhood Social Worker programme will be expanded nationwide in cooperation with municipalities and community clusters, bringing services closer to local communities and strengthening early intervention.

The reform also includes the introduction of a new digital information system to improve efficiency and modernise the delivery of social welfare services.

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

by News Editor

August 17, 2026

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.

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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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