Breaking news

High Occupancy Rates for Cyprus Restaurants in October; Winter Decline Anticipated

Restaurants, cafes, and bars in Cyprus experienced a strong October, with occupancy levels reaching 80 to 90 per cent, according to Neophytos Thrasyvoulou, president of the Federation of Leisure Centre Owners (Osika). He described October as a “very successful month” for the food service industry.

However, with winter approaching, Thrasyvoulou acknowledged potential challenges, especially with the impact of regional instability. “Visitor numbers have seen a slight drop in recent days,” he noted, though he hopes that occupancy levels will remain steady until mid-November. By early November, Thrasyvoulou expects visitor occupancy to hover around 50 to 60 per cent, after which the responsibility will lie with businesses to keep operating, with support from the Labour Ministry’s programme to extend the tourism season.

Reflecting on the earlier summer months of June and July, Thrasyvoulou highlighted that visitor numbers were initially lower than expected, largely due to Middle East tensions. The trend eventually improved, leading to a stronger second half of the season.

Despite rising costs, Thrasyvoulou urged business owners to maintain affordable pricing, aiming to keep dining accessible for both locals and tourists amid economic pressures.

Snap Terminates AI Partnership With Perplexity Amid Strategic Reassessment

Deal Dissolution And Strategic Reassessment

Snap Inc. ended its partnership with Perplexity during the first quarter of 2026, according to its earnings report. The decision cancels previously announced plans to integrate Perplexity’s conversational AI search into Snapchat’s chat interface.

The agreement, first disclosed in November 2025, included a $400 million package in cash and equity. As part of the termination, Snap revised its guidance to exclude any expected revenue contribution from the deal.

Integration Plans And Broader Rollout Challenges

Integration of conversational AI search was intended to expand how users interact with content within Snapchat, enabling real-time responses inside chat. Testing had begun with a limited group of users, but a broader rollout had not been finalised. The termination reflects challenges in aligning product strategy and deployment timelines for AI features within large-scale consumer platforms.

Solid User Growth And Financial Momentum

Despite the cancellation, Snap reported continued growth across key metrics. Global daily active users increased 5% year-on-year to 483 million, while monthly active users rose 5% to 965 million. Growth was supported by product updates, including features such as Snap Map and augmented reality Lenses. Evan Spiegel said the company is focused on improving revenue performance and free cash flow alongside user growth.

Investment in Innovation and Workforce Restructuring

Looking ahead, Snap Inc. continues to invest in long-term product development, including intelligent eyewear and related technologies, with further details expected at the AWE event on June 16. At the same time, these investments follow a broader restructuring effort. The company reduced approximately 16% of its global workforce, a move linked in part to increased use of automation and AI tools across its operations. The combination of continued product investment and workforce adjustments reflects how the company is reallocating resources while integrating AI into its development and operating model.

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