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Cyprus Set To Propel Its Space Ambitions With First Homegrown Satellite Launch

Cyprus is gearing up for a landmark achievement with the planned launch in 2026 of its first domestically developed satellite. Spearheaded by Dimitris Skouridis, Chief Scientist and President of the Foundation for Research and Innovation (ΙΔΕΚ), this ambitious project benefits from the support of both NASA and COSPAR, the global space research organization. This milestone not only underscores Cyprus’ technological progress, but also signals a bold entrance into the international space arena.

International Collaboration And Prestigious Conferences

Dimitris Skouridis inaugurated the sixth global COSPAR conference, “Exploration Of Space 2025: Humanity’s Challenges And Celestial Solutions,” held in Nicosia from November 3 to 7, 2025. The event, organized under the aegis of his office and with the Foundation for Research and Innovation as a major national sponsor, brought together ambassadors, over 40 representatives from international space agencies, leading astronauts, and prominent industry figures including Niklas Hedman, the newly appointed Chief Executive of COSPAR, former deputy director at UNOOSA; John G. Reed of United Launch Alliance; and Jean-Yves Le Gall, former CEO of Arianespace.

Building A National Space Infrastructure

Among the significant initiatives is the establishment of the Cyprus Space Research and Innovation Center (C-SpaRC), described by Skouridis as a cornerstone in advancing national scientific capabilities. With a budget of €2.5 million financed by ΙΔΕΚ, this state-of-the-art facility is managed by the Cyprus Space Exploration Organization (CSEO) and benefits from collaborative ties with NASA’s TRISH, Lockheed Martin, the Sodankylä Geophysical Observatory, and leading Cypriot research institutions. The C-SpaRC’s ultramodern facilities are set to streamline prototype development, production, and space testing, positioning Cyprus as a key participant in European and global space missions.

Enhancing Cyprus’ Regional And Global Influence

Skouridis also highlighted the strategic importance of Cyprus’ integration into the European Space Agency (ESA) as an associate member, along with the nation’s recent signing of the Artemis agreements with NASA in 2024. These developments fortify Cyprus’ role in international space exploration and collaborative research.

Resounding Endorsements And Future Prospects

The conference opened with remarks from George Danos, President of the Cyprus Space Exploration Organization (CSEO), and included addresses by influential figures such as Professor Pascale Ehrenfreund, President of COSPAR, who heralded the event as the beginning of an exciting week of scientific exchange focused on harnessing space observation for global climate research ahead of COP13 in Brazil.

Additional endorsements came from key government representatives and industry leaders. George Komodromos, Deputy Director General of the Undersecretary of Research, Innovation and Digital Policy on behalf of the President of the Republic, pointed to the rapid evolution of Cyprus’ national space ecosystem. Dr. Eric Smith, Director of Optical Detection and Exploitation at Lockheed Martin Space, emphasized the long-standing collaboration between the private and academic sectors, while Marios Tannousis, CEO of Invest Cyprus, reiterated the nation’s commitment to fostering a robust international space network.

A New Era In Space Research

As Cyprus embarks on this exciting journey toward launching its first homegrown satellite, the strategic initiatives and international partnerships being forged promise to elevate the country on the global stage. With expertise spanning government, industry, and academia, Cyprus is poised to become a significant hub for space research, innovation, and crisis management solutions in the Mediterranean region.

Mercedes-Benz Posts Higher Profit Despite China Slowdown

Mercedes-Benz reported stronger-than-expected second-quarter results, lifting its shares on Tuesday despite mounting pressure from Chinese automakers and a weaker outlook for sales and revenue.

The earnings provided a boost for Europe’s auto sector, where manufacturers continue to grapple with tariffs, softer demand and intensifying competition from Chinese rivals. Volkswagen, Mercedes-Benz and BMW have all accelerated restructuring efforts in response.

Cost Discipline Lifts Quarterly Profit

Mercedes-Benz shares rose as much as 5.9% following the results before trimming gains to trade 3.5% higher by 1118 GMT. The company reaffirmed its profit margin guidance for its core passenger car business after reporting an adjusted return on sales of 4.0% for the second quarter, above market expectations and within its 3% to 5% target range.

“In an environment where some automakers are ringing alarm bells on their competitive positioning, Mercedes delivered a clear and confident message,” Morningstar analyst Rella Suskin said.

Second-quarter operating profit increased 22% to €1.5 billion ($1.7 billion), despite a 3% decline in revenue. Lower administrative and research and development costs, together with strong performances from the financial services and vans divisions, supported earnings, while the results also included a €131 million gain related to the planned sale of leasing subsidiary Athlon.

China Remains The Key Pressure Point

Despite stronger profitability, Mercedes continues to face a challenging market environment. Sales in China fell 30% during the second quarter, prompting the company to abandon earlier expectations for stable car sales and group revenue. It now expects both to decline slightly from a year earlier.

BMW also lowered its outlook in June following a deeper-than-expected slowdown in China, highlighting the pressure facing Germany’s premium carmakers. At the same time, Mercedes said Chinese manufacturers are increasingly expanding into European markets, although Chief Executive Ola Kaellenius said their focus remains on higher-volume segments rather than the premium market.

“But that is not a reason to sit back and be relaxed,” he said.

Manufacturing Shift Continues

Mercedes is also reshaping its manufacturing footprint. The company said its German factories will undergo a more aggressive push toward leaner production, although it declined to provide further details while talks with labour representatives continue. Production is also being expanded in lower-cost Eastern European locations, including Hungary, where the company is increasing capacity at its Kecskemet plant, as well as in Poland.

Chief Financial Officer Harald Wilhelm said the full-year margin for the passenger car division is expected to come in at the lower end of the company’s guidance range, reflecting a higher share of electric vehicle sales in Europe, which remain more expensive to produce and continue to weigh on profitability.

“We must continue to work flat out to reduce costs so that we can remain competitive on the prices of our products,” Kaellenius said.

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