Dendias and Kasoulides discuss regional developments in a phone conversation

Greek Foreign Minister Nikos Dendias had a telephone conversation with his Cypriot counterpart Ioannis Kasoulides on Tuesday, June 28.

The two Foreign Ministers discussed the broader developments in the region, in the context of close coordination between the two countries.

“In the context of close coordination between Greece and Cyprus, ? held a phone call with Cyprus’ Foreign Minister Ioannis Kasoulides to discuss developments on the wider region”, Dendias said on Twitter.

Source: Cyprus News Agency

Energy Ministry permanent secretary said Cyprus supports EU support to green tech in Mediterranean

Cyprus supports the creation of a common platform for the supply of natural gas, as well as the EU providing financial support for innovative green technologies to mainly address the needs of the Southern Mediterranean, the permanent secretary of the Ministry of Energy, Marios Panayides, said during a meeting of the Council of EU Energy Ministers held in Luxembourg on Monday.

Panayides was speaking in the context of the discussion regarding the energy situation in the EU due to the Russian invasion of Ukraine, according to an official statement. He noted that high energy prices are already having a serious impact on the economy and citizens in Cyprus, especially in the transport sector where the country, like most small countries and islands, lacks public infrastructure.

Speaking about the adoption of the Council’s position (general approach) on the proposal to revise the Energy Efficiency Directive, Panayides thanked his interlocutors for the approach adopted towards Cyprus and Malta regarding the mandatory national energy saving contributions of Member States.

The revision of the directive includes an update to the EU-wide energy consumption reduction target, in order to achieve the objective of reducing greenhouse gas emissions by at least 55% compared to the 1990 baseline.

The Council also adopted its position on the proposal to update the directive on renewable energy sources, aiming to increase the target for renewable energy in the EU to 40% by 2030.

Commenting on the proposal, Panayides called for a balanced solution that takes into account the EU’s climate objectives while recognising the specific situation of some Member States, including island Member States, where gross final energy consumption in the maritime transport sector is disproportionately high.

Source: Cyprus News Agency

Wejo and Ford to Leverage Connected Vehicle Data Across Europe to Enable End-to-End Insurance Offerings

Wejo Group Limited (NASDAQ: WEJO), a global leader in Smart Mobility cloud and software solutions for connected, electric and autonomous vehicle data, today announced a collaboration with Ford Motor Company in Europe which gives Wejo access to personalized connected vehicle data from Ford vehicles across the continent. This supports the provision of data and insights to insurance providers that leverage user-based intelligence for end-to-end insurance. Insurance providers, in turn, can leverage the data to better understand driving behaviors and to drive efficiencies, including by minimizing fraud.

“What sets Wejo apart from other data suppliers working in this space is that Wejo has a much broader perspective about how, where and when connected vehicle data can be utilized across multiple areas of the business”

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“Providing actionable data insights to insurance providers is another example of how Wejo is expanding into additional markets and demonstrating new use cases for OEMs and insurance companies to monetize connected vehicle data for good,” said Richard Barlow, founder and CEO, Wejo. “We will continue to work with partners like Ford and other vehicle OEMs to look beyond insurance to identify all the use cases for connected vehicle data.”

As part of this collaboration, Wejo leverages Ford’s end-to-end data consent process through which the insurance company gains consent from the customer to access the personalized vehicle data such as vehicle location, speed and mileage. Once provided, that consent is then passed back to Ford through Wejo to release the data for analysis and insight. The connected vehicle data (CVD) is then passed back to the insurer to establish usage-based end-to-end car insurance policies that are appealing to the customer based on their safe driving or limited mileage.

Graeme Stevens, Manager, Third Party Enablement at Ford of Europe, said: “At Ford we believe in the power of harnessing connected vehicle data. Through the insights our vehicles and customers can provide us, with full consent, we are able to better understand driving behaviors and ultimately make the insurance experience a much more tailored and cost-effective experience for our customers. We want to continue to demonstrate how through connectivity we are able to help make the driving experience across Europe better.”

The partnership focuses on defined data sets created specifically for end-to-end insurance in Europe. These data sets, coupled with Wejo’s broad range of capabilities and experience in interpreting historic and real-time connected vehicle data, including over 76.7 billion journeys to date collected from approximately 13 million connected vehicles, create an opportunity for deep insights and understanding, as well as furthering its promise of data for good.

“What sets Wejo apart from other data suppliers working in this space is that Wejo has a much broader perspective about how, where and when connected vehicle data can be utilized across multiple areas of the business,” said Matt Bialuk, senior vice president of Dealer and Insurance Solutions at Wejo. “Our experience in real-time traffic monitoring, edge processing and vehicle movements allows us to see the bigger picture so that we can help organizations see the value they can achieve by tapping into CVD.”

About Wejo

Wejo Group Limited is a global leader in cloud and software analytics for connected, electric, and autonomous vehicles, revolutionizing the way we live, work and travel by transforming and interpreting historic and real-time vehicle data. Wejo enables Smart Mobility for GoodTM smarter mobility by organizing trillions of data points collected from approximately 13 million vehicles and 76.7 billion journeys to date, across multiple brands, makes and models, and then standardizing and enhancing those streams of data on a vast scale. Wejo partners with ethical, like-minded companies and organizations to turn that data into insights that unlock value for consumers. With the most comprehensive and trusted data, information and intelligence, Wejo is creating a smarter, safer, more sustainable world for all. Founded in 2014, Wejo employs more than 300 people and has offices in Manchester, UK and in regions where Wejo does business around the world. For more information, visit: www.wejo.com or connect with us on LinkedIn, Twitter, and Instagram.

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995.

Source: Cyprus News Agency

EIG Hires De La Rey Venter as CEO of MidOcean Energy

EIG, a leading institutional investor to the global energy and infrastructure sectors, today announced that De la Rey Venter has joined the firm as Chief Executive Officer of MidOcean Energy (“MidOcean”) and as a Managing Director of EIG. MidOcean is an EIG-controlled LNG company seeking to create a diversified “pure play” integrated LNG portfolio of high-quality operating LNG projects with strong existing cash flow. Mr. Venter is a 25-year industry veteran with global operating, dealmaking and business leadership experience in the mining, upstream and LNG sectors. Among other roles, he served as Executive Vice President of Integrated Gas Ventures, responsible for the majority of Shell’s LNG and natural gas assets, and previously also as Shell’s Global Head of LNG. He will be based in EIG’s London office.

“LNG is a key enabler of the energy transition and is increasingly a geopolitically strategic energy source,” said R. Blair Thomas, EIG’s Chairman and CEO. “EIG has long been a key capital provider to the sector and has already invested in nine LNG projects, globally, involving both liquefaction and regasification. Adding someone of De la Rey’s caliber to lead MidOcean further demonstrates our commitment to LNG and the energy transition. We welcome De la Rey aboard and are excited about the future that he will help develop for MidOcean.”

Mr. Venter added, “EIG’s vision for MidOcean presents a compelling proposition for a world that will need LNG for a long time to come. We share a strong belief in the important role of LNG, as part of a family of low and no carbon gasses, to help the world transition to a Net Zero future. I look forward to working with the team to build a business of substance, based on EIG’s extensive track record in global LNG, and for this business to have real impact in this highly relevant sector of the global energy industry.”

Mr. Venter first joined Shell in 2002. In addition to his roles as EVP of Integrated Gas Ventures and Global Head of LNG, he has held diverse positions globally, including EVP Upstream Joint Ventures, EVP Gas & Power Africa, and VP Commercial in Qatar. Mr. Venter has also been responsible for Shell’s CCUS and Blue Hydrogen manufacturing themes. Mr. Venter holds an MBA with Honors from IMD in Switzerland, a Bachelor of Commerce degree (Cum Laude) from the Northwest University and an Honors Degree in Finance and Investment Management (Cum Laude) from the University of Johannesburg, both in South Africa.

About EIG

EIG is a leading institutional investor to the global energy and infrastructure sectors with $25.0 billion under management as of March 31, 2022. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed $40.1 billion to the energy sector through 380 projects or companies in 38 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul.

Source: Cyprus News Agency

Countercyclical capital buffer rate 1 July 2022 – 30 September 2022 remains at 0%, CBC says

The Central Bank of Cyprus (CBC), in accordance with the methodology described in its macroprudential policy, did not deem necessary to adjust the CCyB rate for the period 1 July 2022 – 30 September 2022 and, therefore, the CCyB rate remains at 0% of the total risk exposure amount of each licensed credit institution in the Republic.

According to the CBC, based on the time series ending on 30 December 2021 the gap between the credit-to-GDP ratio and its long term trend (credit-to-GDP gap) based on the broad credit definition is -62,9 and the gap between the credit-to-GDP ratio and its long term trend (credit-to-GDP gap) based on the narrow (bank) credit definition is -54,3.

It adds that given that the credit-to-GDP gap is lower than 2 percentage points and taking into account the additional indicators that were assessed by the CBC, the benchmark buffer guide is 0% and the CCyB rate remains at 0%.

In addition to the credit-to-GDP gap, the CBC takes into account a range of quantitative and qualitative information in its assessment of system-wide risks associated with periods of excessive growth.

The additional indicators assessed by the CBC relate to: Non-financial private sector indebtedness; banking sector resilience; the real estate market; the real economy; and external imbalances. The summary table of indicators used by the CBC is set out in this file.

Additional information on the CCyB, which, since its introduction on 1 January 2016, has been set on a quarterly basis, is provided in this file.

Source: Cyprus News Agency

Cyprus President to attend dinner for EU and NATO leaders in Madrid (Correction)

Cyprus President, Nicos Anastasiades, will attend a dinner for the EU and NATO leaders, that will take place on Wednesday in Madrid.

As the Director of Anastasiades’ Press Office, Andreas Iosif, had announced, the President will travel to the Spanish capital, where the NATO summit will take place. According to a written statement, President Anastasiades has been invited and will attend the dinner which the Prime Minister of Spain, Pedro Sánchez, will be hosting one the sidelines of the summit for the EU and NATO leaders, during which Anastasiades will deliver a speech.

According to Iosif, Anastasiades’ trip to Madrid will give him the opportunity to hold bilateral meetings with foreign leaders and brief them on issues concerning Cyprus, with the Cyprus problem being at the top of the agenda.

“His proposal for the implementation of CBMs that will help the whole process and the need for the Turkish side to abandon any provocative actions and its intransigent position will be the focus of President Anastasiades’ contacts,” Iosif said, adding that the the President will return to Cyprus on June 30.

Source: Cyprus News Agency

Global Experts and Practitioners Unite to Improve Ocean Health by Tackling Systemic Challenges in Marine Management

Marine protected areas (MPAs) are key tools for reducing threats to biodiversity, safeguarding marine and coastal habitats, building climate solutions, and supporting human needs through sustainable use. The Convention on Biological Diversity’s Global Biodiversity Framework may include an ambitious target of expanding MPA coverage to 30% by 2030. However, less than 3% of marine protected areas are meeting their objectives in the face of accelerating local and global threats.

To tackle this challenge, a team of experts is convening at the United Nations Oceans Conference in June 2022 in Lisbon, Portugal in a side event entitled, “Quality Matters: Enhancing Governance, Effective Management and Resilience of Marine Protected Areas for Multiple Co-benefits.” The event includes speakers from the private sector, local marine science agencies, representatives from non-profit organizations, governments, and intergovernmental organizations. Speakers will share how they are spearheading technological innovation and best practices in marine management and will spotlight valuable tools, increase collaboration, knowledge sharing, and uptake of lessons learned. Dr. Lizzie McLeod, Global Reefs Lead for The Nature Conservancy notes, “Strong partnerships including the private sector, governments, NGOs, researchers, and local communities are essential to improving ocean health. Harnessing lessons learned and best practices globally to improve ocean management is a conservation priority including the co-creation of solutions with key partners.”

Building on this event, the United Nations Environment Programme, The Nature Conservancy, and other conservation partners, with support from Mary Kay Inc., are developing a suite of decision support tools for marine managers that improve marine management, support the sustainable financing of marine protected areas, and guide marine habitat restoration building on best practices around the world. By leveraging scientific innovation and new technologies and global best practices, marine managers are better able to tackle major threats facing marine ecosystems around the world. “MPAs are key to ocean health and sustainable development. But they are not always effective without a range of support. Decision support tools that enable improved MPA design and management, knowledge sharing, and collaboration are needed to give marine stakeholders the support they need to better protect the oceans,” said Ole Vestergard, Programme Officer, United Nations Environment Programme.

“Mary Kay is delighted to support TNC, in collaboration with UNEP and other experts from around the world, in an effort to protect our world’s most precious assets: oceans,” said Deborah Gibbins, Mary Kay’s Chief Operating Officer. “These organizations are on the frontlines of the fight to preserve our waterways, and we’re hopeful that with Mary Kay’s support, they’ll have the tools and resources needed to ensure our oceans are healthy for generations to come.

As governments refine their conservation targets, it is timely to highlight new innovations and technologies that help countries meet global biodiversity and sustainable development goals. New decision tools and foundational science are needed to enhance the capacity of marine planners and managers to better manage marine habitats in the face of climate change and other threats.

About The Nature Conservancy

The Nature Conservancy is a global conservation organization dedicated to conserving the lands and waters on which all life depends. Guided by science, we create innovative, on-the-ground solutions to our world’s toughest challenges so that nature and people can thrive together. We are tackling climate change, conserving lands, waters, and oceans at an unprecedented scale, providing food and water sustainably, and helping make cities more sustainable. Working in 79 countries and territories, we use a collaborative approach that engages local communities, governments, the private sector, and other partners. To learn more, visit www.nature.org or follow @nature_press on Twitter.

About the United Nations Environment Programme (UNEP)

UNEP is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing, and enabling nations and peoples to improve their quality of life without compromising that of future generations.

About Mary Kay

One of the original glass ceiling breakers, Mary Kay Ash founded her dream beauty company in 1963 with one goal: enriching women’s lives. That dream has blossomed into a multibillion-dollar company with millions of independent sales force members in nearly 40 countries. As an entrepreneurship development company, Mary Kay is committed to empowering women on their journey through education, mentorship, advocacy, networking, and innovation. Mary Kay is dedicated to investing in the science behind beauty and manufacturing cutting-edge skincare, color cosmetics, nutritional supplements, and fragrances. Mary Kay believes in enriching lives today for a sustainable tomorrow, partnering with organizations from around the world focusing on promoting business excellence, supporting cancer research, advancing gender equality, protecting survivors of domestic abuse, beautifying our communities, and encouraging children to follow their dreams.

Source: Cyprus News Agency

Cyprus can become a regional educational, research and excellence centre, said President of the Republic Nicos Anastasiades

Cyprus can become a regional educational, research and excellence centre, said President of the Republic Nicos Anastasiades addressing on Monday evening the graduation ceremony of the University of Cyprus.

In his speech, he referred to the state’s work to promote tertiary education in the country and especially the work of the University of Cyprus.

President Anastasiades talked about a targeted government policy for higher education, noting that at the University of Cyprus, the institution was reinforced with the construction of the Stelios Ioannou library, renovating the Shakolion Health Education Centre which is currently housing the Medical School and totally upgrading the historic significance of the former Pedagogical Academy.

He also said that in the pipeline are projects such as the construction of the Faculty of Engineering, which is underway, the Institute of Cancer Research, the “Nikos K. Shacolas Medical School and Health Sciences”, the premises for the Medical and Biological Sciences under the name of “Dr. Artemis Hadjipanayis” and the “A.G. Leventis Foundation” Department of Biological Sciences building.

A big part of the development underway is covered by citizens’ donations and a 194-million-euro loan that the government has secured from the European Investment Bank and the Development Bank of the Council of Europe.

He also said the government decided to increase the existing EIB loan by 20 million euro to cover additional infrastructure projects such as a green park in the heart of the campus while an additional 45 million euro is under study for the construction of 700 new rooms at student dormitories.

As a result of our policies, Cyprus is beginning to emerge as a centre for students, academics and researchers, while our Institutions receive praise in university ranking systems of reputable international and European organizations”, said President Anastasiades, expressing his satisfaction for the fact that the University of Cyprus is between the 400- 500 best universities in the world and among the 90th tier in the newly founded universities.

The President added that today, out of a total of 54,235 students studying at higher education institutions in Cyprus, during the spring semester of the previous academic year, 23,812 were Cypriot citizens (44%) and 21,611 citizens of other European countries (40%), while 8,812 citizens of third countries (16%).

Source: Cyprus News Agency

Adoption of financial literacy strategy integral part of efforts to safeguard people’s prosperity, FinMin says

The adoption by the Cabinet of a National Strategy for Financial Literacy and Education shows the state’s commitment in educating people in financial issues and constitutes an integral part of the efforts to safeguard citizens’ financial prosperity, the Ministry of Finance said on Tuesday.

The Cabinet approved today a report of the Ad-Hoc committee for the National Strategy, which is included in the Recovery and Resilience Plan.

The goal is to strengthen the knowledge and skills of the people, in order to make them more capable in managing their finances, the Ministry says.

This is why it proposes a list of actions, aiming to raise public awareness about financial literacy, through a targeted communication strategy, as well as to promote financial literacy in public education, promote continuous education and educate the educators that will be employed for this purpose.

It is further stressed that the National Strategy’s adoption shows “the state’s commitment in educating people in financial issues and constitutes an integral part of the efforts to safeguard citizens’ financial prosperity.”

Source: Cyprus News Agency

STATEMENT BY COMMISSIONER SIMSON ON THE START OF ELECTRICITY TRADE BETWEEN UKRAINE AND THE EU

The European Network of Transmission System Operators for Electricity announced today that electricity trade between Ukraine and the EU will start this week, on 30 June. I welcome this development that follows the successful emergency synchronisation of the Ukrainian and Moldovan grids with the European Continental Grid in March. This is the next step in integrating the energy systems of these two countries with Europe and has a special significance now that they have received EU candidate country status.

Gradually increasing electricity trade is particularly important in the context of Russia’s continuing aggression against Ukraine. It will allow Ukraine to earn revenues to support its power system in a situation where their domestic income has been reduced by Russia’s attacks. At the same time, it will make additional affordable electricity available for the EU during a time when prices are exceptionally high.

I am grateful to ENTSO-E, the transmission system operators of neighbouring countries and the Energy Community Secretariat for their commitment to supporting Ukraine and want to commend Ukrenergo for swiftly implementing the necessary preconditions for starting commercial exchanges.

Source: Cyprus News Agency