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Extreme Heat Could Cost Cyprus Up To €3.8 Billion By 2050

Heatwaves Threaten Productivity

Extreme heat could cost Cyprus between €2.3 billion and €3.8 billion by 2050 unless workplaces are adapted to cope with rising temperatures, according to a new study by the Cyprus Institute released on Wednesday.

Increasingly frequent and intense heatwaves could force employees working outdoors or in poorly cooled environments to reduce their working hours or stop work altogether during unsafe conditions.

The research focused on sectors including construction, agriculture and tourism, where workers are particularly exposed to high temperatures and direct sunlight.

Economic Losses Expected To Grow

Comparing future projections with conditions recorded between 1980 and 2020, researchers found that employees are likely to face a growing number of days when temperatures exceed safe limits for normal work.

Lost working hours and lower productivity could cost the economy around €101 million by 2030, with annual losses rising to approximately €303 million by 2050.

Without measures to protect workers and adapt workplaces, the cumulative economic impact over the next 25 years could reach between €2.3 billion and €3.8 billion, the study estimates.

Researchers Call For Workplace Adaptation

Professor Theodore Zachariades, one of the study’s authors, said the research is the first to quantify the economic impact of lost working hours caused by extreme heat using Cyprus-specific data.

He warned that the financial burden would increase as very hot days become more frequent and prolonged in the years ahead. According to Zachariades, workers most exposed to high temperatures could also face serious health risks, highlighting the need for measures that protect both their wellbeing and their ability to work.

The Cyprus Institute said the findings underscore the importance of reducing the impact of rising temperatures on employees and the wider economy.

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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