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Cyprus’ Research And Innovation Foundation’s €6 Million Initiative

The Research and Innovation Foundation (RIF) of Cyprus has unveiled a significant initiative aimed at strengthening collaboration between industry and research sectors. With a budget of €6 million, the “Co-Develop” funding programme is set to foster partnerships to address key areas such as digital technologies, advanced agri-food materials, health, and the environment. This initiative, funded under the Cohesion Policy Programme “THALIA 2021-2027” and the European Regional Development Fund, aims to bolster Cyprus’ economic competitiveness and improve the quality of life.

The programme, offering up to €600,000 per project, invites domestic consortia comprising at least one enterprise and one research organisation to develop technological solutions. This collaborative approach is designed to leverage existing knowledge and resources, ensuring practical applications in real-world scenarios.

Selected projects will benefit from the Foundation’s support services and knowledge transfer tools, provided through the Central Knowledge Transfer Office. This strategic initiative underscores the importance of research and industry interconnection in driving innovation and economic growth.

The deadline for proposal submissions is set for 22 November, 13:00, via the IRIS platform. Interested parties can obtain further details by contacting the Foundation’s Partner Service Centre.

This programme highlights Cyprus’ commitment to advancing its research and development capabilities, fostering a robust ecosystem where academic knowledge meets industrial application. By targeting critical sectors, the RIF aims to propel Cyprus towards a more competitive and innovative future.

Amazon’s AI Bets and Cost-Cutting Measures Pay Off, Boosting Stock by 5%

Shares of Amazon surged over 5% in after-hours trading on Thursday after the company reported stronger-than-expected third-quarter earnings. Amazon announced earnings per share of $1.43, alongside revenue reaching $158.9 billion, surpassing analyst projections of $1.14 per share and $157.2 billion in revenue, according to FactSet.

Key Financial Highlights

  • North American Sales: Amazon’s North American segment recorded a 9% year-over-year sales increase, totalling $95.5 billion.
  • AWS Growth: Amazon Web Services (AWS), the company’s cloud unit, posted $27.5 billion in revenue, marking a 19% rise compared to the same period last year.
  • Stock Movement: Although Amazon’s stock initially fell over 3% on Thursday before earnings were released, it rebounded significantly in after-hours trading. So far, Amazon shares are up almost 24% year-to-date.

Background on Amazon’s Strategy

Amazon’s recent efforts include major cost-cutting moves, guided by CEO Andy Jassy, to streamline operations since 2022. This restructuring has led to over 27,000 layoffs and the closure of initiatives such as Amazon’s telehealth and same-day delivery services. Despite these reductions, Amazon is doubling down on other key areas, like a $52 billion investment in nuclear energy to support data centers in Virginia, Mississippi, and Ohio. The company is also moving forward with **Project Kuiper**, aiming to build a satellite network of 3,236 units to broaden internet access worldwide—a venture projected to involve over $10 billion in launch costs across five years, according to analysts from Wedbush Securities.

Amazon’s Market Reach

July’s Prime Day achieved “record-breaking sales,” while the introduction of Amazon’s AI-powered shopping assistant, **Rufus** was rolled out to U.S. customers last month. Notably, Amazon had slightly missed expectations in the previous quarter and cautioned that intense news cycles could distract customers—a factor cited by CFO Brian Olsavsky during the second-quarter earnings call. Despite these challenges, the company’s annual revenue is expected to remain strong.

Noteworthy Figures

Amazon’s market capitalization has reached $1.96 trillion, making it the fifth-largest company globally, trailing behind Apple, Nvidia, Microsoft, and Google. Meanwhile, Jeff Bezos, who served as Amazon’s CEO until 2021, holds a net worth of $204.1 billion, much of which is tied to Amazon’s stock. Market fluctuations ahead of Amazon’s earnings report momentarily decreased Bezos’ wealth by around $6 billion. Bezos ranks as the second-richest American, after Elon Musk, on the Forbes 400 list.

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