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Financial Upswing: Cyprus Deposits Surge by Nearly €0.5 Billion in April 2025

April 2025 marked a significant financial turn for Cyprus as net deposits soared by €492.9 million, a stark contrast to the net decrease of €66.3 million in March, according to the Central Bank of Cyprus (CBC). This uptrend resulted in deposits reaching a robust total of €56.1 billion.

Key Contributors to Growth

Cypriot residents played a pivotal role in this growth, with their deposits rising by €410.5 million. Household deposits alone surged by €172.2 million, while non-financial corporations contributed another €173.1 million. An additional €65.2 million was garnered from other domestic sectors.

Loan Activity: A Comparative Snapshot

In terms of loans, April saw a net increase of €169.1 million, though this was a tapering from March’s €429.9 million hike. However, the annual loan change rate climbed to 4.9% from the previous 3.1%, highlighting a balanced financial environment.

For more insights on financial trends impacting Cyprus, consider exploring how Cyprus’s labor market is strengthening. Stay tuned for more updates on how these trends affect various sectors.

Mirendil Signs $100 Million Google Cloud Deal To Advance Self-Improving AI

AI startup Mirendil has signed a multi-year agreement worth more than $100 million with Google Cloud to secure computing infrastructure for its self-improving AI research.

The partnership reflects growing competition among AI companies to lock in access to high-performance computing, while cloud providers race to attract promising startups developing next-generation AI models.

Backing The Next Stage Of AI Research

Mirendil plans to use Google’s Tensor Processing Units (TPUs), Nvidia GPUs and managed training infrastructure to develop AI systems capable of improving their own performance over time.

Known as recursive self-improvement, the concept focuses on building AI that can refine its knowledge and capabilities with minimal human intervention. The technology is attracting growing interest across the industry, with several startups and leading AI labs exploring similar approaches.

According to co-founder and Chief Executive Behnam Neyshabur, the long-term goal is to develop AI that can automate scientific research and accelerate discoveries in fields such as medicine, biology and materials science.

Compute Capacity Becomes A Strategic Asset

Training increasingly advanced AI models requires enormous computing resources, making long-term infrastructure agreements a critical competitive advantage.

Mirendil said Google’s combination of TPUs and GPUs allows workloads to be matched with the most suitable hardware, improving efficiency while reducing costs for customers.

For Google Cloud, the agreement strengthens its position in the race to provide infrastructure for frontier AI developers, while giving the company exposure to one of the industry’s emerging approaches to next-generation artificial intelligence.

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