Breaking news

Youth Unemployment And Education Gap In Cyprus

Recent Eurostat data reveal that 13.8% of young people in Cyprus, aged 15 to 29, were neither employed nor in education or training (NEET) in 2023. This figure, although showing a decline from the 20.4% recorded in 2013, remains higher than the EU average of 11.2%. Cyprus ranks fifth highest in NEET rates within the EU. The European Pillar of Social Rights aims to reduce NEET rates to 9% by 2030, a target already achieved by several EU countries.

Despite a decrease of 0.9 percentage points from 2022, Cyprus continues to face challenges in integrating young people into the workforce or educational systems. The persistent NEET rate underscores the need for targeted policies and programs to address the barriers preventing youth from engaging in employment or education.

The Cypriot government, in collaboration with the European Union, is working on various initiatives to tackle this issue. These include vocational training programs, apprenticeships, and initiatives aimed at improving access to higher education and job opportunities for young people. The goal is to equip the youth with the necessary skills and qualifications to meet the demands of the modern labour market.

Economic and Social Implications

High NEET rates have significant economic and social implications. Young people who are neither working nor studying are at a higher risk of social exclusion, poverty, and long-term unemployment. Addressing this issue is crucial for fostering a more inclusive and resilient economy.

As Cyprus strives to meet the 2030 target, continuous efforts are needed to reduce the NEET rate further. This involves not only government action but also the participation of businesses, educational institutions, and the community in creating an environment that supports youth engagement in productive activities.

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.

Uri Levine course

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter