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President Christodoulides Assures Transparency In Vasilikos Investigation

President Nikos Christodoulides has emphatically assured that there will be no cover-up in the ongoing investigation into the Vasilikos liquefied natural gas (LNG) infrastructure project. Addressing the media, the President confirmed full cooperation with the European Public Prosecutor’s Office, stating that all findings will be transparent and accountable.

The project initially contracted to a consortium led by Chinese firm CPP-Metron Consortium Ltd, encountered significant delays and financial disputes, leading to the contract’s termination. The European Commission is demanding the reimbursement of €68.6 million from Cyprus due to irregularities in the project.

President Christodoulides reiterated his commitment to justice and accountability, ensuring that no individual or entity will be shielded from scrutiny. The President’s firm stance underscores the government’s dedication to integrity and lawful conduct in public projects.

Background and Implications

In 2018, Cyprus awarded a €542 million contract to the CPP-led consortium to construct the Vasilikos LNG terminal. The project, plagued by delays and financial disputes, was initially scheduled for completion in 2019 but faced numerous setbacks, pushing the deadline to 2022 and beyond. The contract’s collapse in July 2024 has now led to international arbitration, with CPP seeking €200 million from Cyprus.

This situation has garnered significant attention, not only due to the financial implications but also because of the potential impact on Cyprus’s energy strategy. The Vasilikos project was a cornerstone of the country’s plans to diversify its energy sources and reduce reliance on imported fuels. The investigation’s outcome will thus be pivotal in shaping the future of Cyprus’s energy infrastructure and policy.

Transparency and Accountability

President Christodoulides’s assurance of no cover-up and full cooperation with European authorities highlights a strong commitment to transparency. This approach is crucial in maintaining public trust and ensuring that all stakeholders are held accountable. The President’s declaration that no one is above the law is a clear message to both the Cypriot public and the international community that Cyprus is dedicated to upholding the highest standards of governance.

The ongoing investigation by the European Public Prosecutor’s Office, alongside the demand from the European Commission for reimbursement, indicates a rigorous scrutiny of the project’s contractual and financial irregularities. The findings from these investigations will play a critical role in determining the legal and financial repercussions for the parties involved.

Amazon’s AI Bets and Cost-Cutting Measures Pay Off, Boosting Stock by 5%

Shares of Amazon surged over 5% in after-hours trading on Thursday after the company reported stronger-than-expected third-quarter earnings. Amazon announced earnings per share of $1.43, alongside revenue reaching $158.9 billion, surpassing analyst projections of $1.14 per share and $157.2 billion in revenue, according to FactSet.

Key Financial Highlights

  • North American Sales: Amazon’s North American segment recorded a 9% year-over-year sales increase, totalling $95.5 billion.
  • AWS Growth: Amazon Web Services (AWS), the company’s cloud unit, posted $27.5 billion in revenue, marking a 19% rise compared to the same period last year.
  • Stock Movement: Although Amazon’s stock initially fell over 3% on Thursday before earnings were released, it rebounded significantly in after-hours trading. So far, Amazon shares are up almost 24% year-to-date.

Background on Amazon’s Strategy

Amazon’s recent efforts include major cost-cutting moves, guided by CEO Andy Jassy, to streamline operations since 2022. This restructuring has led to over 27,000 layoffs and the closure of initiatives such as Amazon’s telehealth and same-day delivery services. Despite these reductions, Amazon is doubling down on other key areas, like a $52 billion investment in nuclear energy to support data centers in Virginia, Mississippi, and Ohio. The company is also moving forward with **Project Kuiper**, aiming to build a satellite network of 3,236 units to broaden internet access worldwide—a venture projected to involve over $10 billion in launch costs across five years, according to analysts from Wedbush Securities.

Amazon’s Market Reach

July’s Prime Day achieved “record-breaking sales,” while the introduction of Amazon’s AI-powered shopping assistant, **Rufus** was rolled out to U.S. customers last month. Notably, Amazon had slightly missed expectations in the previous quarter and cautioned that intense news cycles could distract customers—a factor cited by CFO Brian Olsavsky during the second-quarter earnings call. Despite these challenges, the company’s annual revenue is expected to remain strong.

Noteworthy Figures

Amazon’s market capitalization has reached $1.96 trillion, making it the fifth-largest company globally, trailing behind Apple, Nvidia, Microsoft, and Google. Meanwhile, Jeff Bezos, who served as Amazon’s CEO until 2021, holds a net worth of $204.1 billion, much of which is tied to Amazon’s stock. Market fluctuations ahead of Amazon’s earnings report momentarily decreased Bezos’ wealth by around $6 billion. Bezos ranks as the second-richest American, after Elon Musk, on the Forbes 400 list.

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