Cyprus Reviews Public Sector Reform And Working Conditions

by News Editor

August 4, 2026

The future of public sector reform, workplace conditions and the modernisation of government services were among the key issues discussed during a meeting on Tuesday between President Nikos Christodoulides, senior ministers and representatives of the civil servants’ union Pasydy.

The discussions brought together Finance Minister Makis Keravnos, Labour Minister Marinos Mousiouttas and Pasydy officials to review several outstanding issues affecting public sector employees and the operation of government services.

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Focus On Reform And Modernisation

Rather than seeking salary increases, Pasydy said its priority is improving the efficiency and quality of the public service. The union is calling for reforms that support digital transformation, clarify the status of permanent employees and create a more modern public administration for both citizens and businesses.

Pasydy General Secretary Stratis Mattheou described the meeting as constructive, adding that discussions with the Ministry of Finance will continue as work on the proposed reforms moves forward.

Concerns Over Public Infrastructure

The union also highlighted the condition of some government buildings, particularly those housing social welfare services, arguing that parts of the public sector continue to operate in facilities that fall well below acceptable standards. Mattheou described some workplaces as resembling “third world” conditions.

While plans already exist to gradually replace or upgrade government buildings, he acknowledged that implementation will depend on future state budgets and cannot happen immediately.

Next Steps

A joint working group comprising representatives from the Ministry of Finance, the Public Service Commission and Pasydy is expected to submit its recommendations on public sector reform to the president by the end of September.

Other outstanding issues discussed during the meeting are expected to be addressed before the end of the year, as consultations between the government and the union continue.

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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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