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Cyprus Records Eighth-Hottest July Since 1968

Despite a series of heat warnings, July 2026 ranked as only the eighth-hottest July in Cyprus since systematic records began in 1968, according to the Meteorological Department.

The island was placed under yellow or orange heat warnings on 11 of the month’s 31 days. Even so, temperatures remained below previous July records, including the all-time high of 44.7°C recorded at Athalassa in 2025.

Prolonged Heat Shaped Public Perception

Meteorological Department official Chrystalla Papachristodoulou said many people perceived this July as one of the hottest because of the prolonged heatwave rather than record-breaking temperatures.

Nine yellow and two orange warnings were issued, including seven consecutive days of yellow alerts. After a brief break, temperatures climbed again, reaching 40.7°C on July 31. The month’s highest temperature was 43.2°C, while overnight lows exceeded 30°C at Athalassa.

Hot, But Not Record-Breaking

The highest temperatures this July reached 43.2°C at Athalassa, 38.5°C at Polis Chrysochous, 38.2°C at Larnaca Airport and 33°C at Prodromos, all below historical records for those locations. Yellow warnings were also issued in the Troodos mountains on four days.

The department added that temperatures can feel even higher in central Nicosia, where dense urban development amplifies heat beyond official weather station readings.

Although July brought several days of extreme heat, long-term data show it was warm rather than exceptional by Cyprus’ historical standards.

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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