Month: November 2022

Mary Kay Inc., a global advocate for corporate sustainability and stewardship and signatory to the UN Global Compact Sustainable Ocean Principles, continues to support global efforts to increase ocean awareness and highlight the important role the ocean plays in efforts to combat climate change.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221129005781/en/

(Credit: Mary Kay Inc.)

This week at the Economist Impact’s World Ocean Summit Asia Pacific in Singapore, a Mary Kay-supported project focused on women and conservation was featured in the panel “Innovation and adaptation—coastal solutions to climate change.” The panel covered the effect climate change is having on Asia-Pacific’s coastal ecosystems as well as on the global ocean and featured case studies on how the region is preparing for and adapting to climate change.

Mangroves are vital to coastal ecosystems yet are one of the most threatened ecosystems on the planet. To create long-term solutions for mangroves in Papua New Guinea, Mangoro Market Meri—an initiative supported by The Nature Conservancy and Mary Kay—is linking local efforts, ecotourism, and blue carbon (the carbon that is captured by the world’s oceans and coastal ecosystems) to create incentives for mangrove protection and restoration.

The women of Mangoro Market Meri market sustainable mangrove products, such as shellfish and mud crabs to generate much-needed income and employment opportunities while also protecting mangroves from being harvested for their wood. With Mary Kay’s support, the women of Mangoro Market Meri receive training in gender equity, leadership, financial literacy, and business management.

Ruth Konia, Mangoro Market Meri programme manager for The Nature Conservancy’s Melanesia Program, joined panelists from UNEP, WWF China, and the Greener India Council, to share the impact The Nature Conservancy is having in the region with private sector support from Mary Kay.

“Women must be empowered in decision making related to their health, education, governance, and finances. Mangoro Market Meri is changing mind-sets and giving our women equal opportunities by empowering women through mangrove conservation,” said Ruth Konia. “When women are empowered, their actions bring positive impacts to their families and produce ripples that benefit the whole community.”

Mary Kay is committed to being a good steward of natural resources while fostering gender equality and women’s empowerment in conservation across the globe. To read more about Mary Kay’s commitment to sustainability, visit marykayglobal.com/sustainability and download Mary Kay’s global sustainability strategy: Enriching Lives Today for a Sustainable Tomorrow.

Source: Cyprus News Agency

NielsenIQ, the leading global consumer intelligence company, today announced that Michael (Mike) Burwell will join the company as Chief Financial Officer, effective January 3, 2023. Burwell brings a wealth of experience in capital markets and global financial leadership to the role.

With NielsenIQ’s acquisition by Advent International long complete, and the company’s transformation well underway, Chandler Bigelow will leave NielsenIQ after a transition period on January 31, 2023.

Burwell has led multiple finance organizations and worked with capital markets on behalf of publicly traded companies. Most recently, he served as the CFO of privately held Datavant, a health analytics company that is working to connect the world’s health data. Prior to that, he was the CFO of Willis Towers Watson, a publicly traded data and insights-driven global advisory company. Burwell spent over 32 years in a number of senior leadership positions at PwC, where he assisted companies with mergers and acquisitions, IPOs, valuation, and integration.

“We are thrilled to welcome Mike Burwell to the NielsenIQ team at this critical moment in our transformation,” said Jim Peck, Executive Chairman and Chief Executive Officer. “Mike’s experience will help support our efforts in driving sustainable growth, managing our cost base, and executing our strategic initiatives. I would like to thank Chandler Bigelow for his tireless leadership in navigating NielsenIQ’s acquisition by Advent International, as well as our own M&A activity and growth strategy. He has been a great business partner and friend, and I wish him well in all his future endeavors.”

”I am honored to have this opportunity to join NielsenIQ. In all my interactions with the company and its people, I have been impressed with the strength of leadership, commitment to clients and collaborative and inclusive culture. I look forward to contributing to the future success of the company,” said Mike Burwell.

Source: Cyprus News Agency

Hyatt Continues Asset-Light Growth Strategy with Plans to Acquire Dream Hotel Group

Acquisition to expand Hyatt’s unique lifestyle hotel offerings with a quickly growing brand portfolio focused on vibrant dining and nightlife experiences

CHICAGO–(BUSINESS WIRE)– Hyatt Hotels Corporation (NYSE: H) and Dream Hotel Group announced an agreement for a Hyatt affiliate to acquire Dream Hotel Group’s lifestyle hotel brand and management platform including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands, with properties in some of the world’s most prominent hotel markets across the Americas, Europe and Asia.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221129005474/en/

Dream Downtown (Photo: Business Wire)

This asset-light acquisition will include a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. Upon closing, this expansion will add over 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30%. This acquisition continues Hyatt’s asset-light growth strategy following its transactions to acquire Two Roads Hospitality in 2018 and Apple Leisure Group in 2021 – and, most recently, Hyatt’s collaboration agreement with German Lindner Hotels AG, to further grow Hyatt’s brand footprint in Europe.

Upon closing, Hyatt will pay a base purchase price of $125 million, with up to an additional $175 million over the next six years as properties come into the pipeline and open. Stabilized management fees associated with the base purchase price of $125 million are anticipated to be approximately $12 million and, to the extent the contingent purchase price of $175 million is paid, additional stabilized management fees are anticipated to be up to approximately $27 million. The total base purchase price plus the contingent purchase price represents an attractive acquisition multiple in the high-single digits on projected stabilized earnings.

Dream Hotel Group properties are known for their vibrant dining and nightlife experiences including hotspot restaurants, lavish entertainment venues and exclusive night clubs built on strategic collaborations with innovative and award-winning industry leaders. The acquisition will extend Hyatt’s brand footprint in key markets, including Nashville, Hollywood, South Beach, Durham, several locations in New York City and one in the Catskills. Signed contracts represent additional strategic destinations including Las Vegas, Saint Lucia and Doha.

“We have tremendous respect for what Dream Hotel Group founder Sant Singh Chatwal and Chief Executive Officer Jay Stein and their team have created and are grateful for the trust being placed in us by Dream Hotel Group to care for their brands and carry their success forward into the future,” said Mark Hoplamazian, president and chief executive officer, Hyatt. “We look forward to continuing our growth journey with more than 600 new Hyatt family members who will further elevate our lifestyle expertise and expand the success of our dedicated lifestyle division. We are excited to offer even more inspiring experiences and celebratory programming to our guests and loyalty members and bring the value of the Hyatt network to a growing number of discerning hotel owners and developers around the world.”

“Hyatt has a proven track record of preserving what makes lifestyle hotels special and is the ideal new home for our growing Dream Hotel Group brands,” said Sant Singh Chatwal, chairman and founder, Dream Hotel Group. “As an owner of Dream Hotel Group properties, I look forward to the next part of our journey and am confident there is a bright future ahead for our hotels, owners, guests and team members as part of the Hyatt family.”

The transaction is anticipated to close in the coming months, subject to customary closing conditions. Following completion of the transaction, Hyatt will work to welcome the new properties into the World of Hyatt loyalty program, bringing more stay occasions and destinations to its member base. World of Hyatt members are some of the most valuable travelers in the industry who spend more and stay more, generating high-quality revenue for the owners of Dream Hotel Group properties.

Dream Hotel Group founder Sant Singh Chatwal will continue his commitment as an owner of four open and two future hotels that are expected to join the Hyatt portfolio. Dream Hotel Group CEO Jay Stein will join Hyatt as Head of Dream Hotels to guide the integration of the Dream Hotel Group brands into the Hyatt portfolio, ensuring the unique DNA of each brand is preserved while leveraging Hyatt’s capabilities to optimize property performance. Additionally, Dream Hotel Group’s Chief Development Officer David Kuperberg will join Hyatt as Head of Development – Dream Hotels; Chief Operating Officer Michael Lindenbaum will join Hyatt as Global Head of Operations – Dream Hotels.

In connection with the transaction, Moelis & Company LLC served as financial advisor to Hyatt and Latham & Watkins LLP acted as its legal advisor.

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of September 30, 2022, the Company’s portfolio included more than 1,200 hotels and all-inclusive properties in 72 countries across six continents. The Company’s offering includes brands in the Timeless Collection, including Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Residence Club®, Hyatt Place®, Hyatt House®, and UrCove; the Boundless Collection, including Miraval®, Alila®, Andaz®, Thompson Hotels®, Hyatt Centric®, and Caption by Hyatt; the Independent Collection, including The Unbound Collection by Hyatt®, Destination by Hyatt™, and JdV by Hyatt™; and the Inclusive Collection, including Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Vivid Hotels & Resorts®, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt® loyalty program, ALG Vacations®, Unlimited Vacation Club®, Amstar DMC destination management services, and Trisept Solutions® technology services. For more information, please visit www.hyatt.com.

Source: Cyprus News Agency

The problems journalists and freedom of the press are faced with in Turkey and the Turkish occupied areas of Cyprus were discussed at an event organised by the Press and Information Office (PIO) in Nicosia on Tuesday afternoon.

The event, also broadcasted online, was attended by Turkish Cypriot journalists Rasih Resat and Ali Kismir, CNA’s Istanbul correspondent Anna Andreou and journalist and researcher Evangelos Areteos.

Addressing the event, PIO Director Aliki Stylianou, referred to the role of the free press in modern times, the roots of Turkish Cypriot and Turkish journalism and the new initiatives of the European Union to guarantee pluralism and freedom of expression.

For his part, Turkish Cypriot journalist Rasih Resat analyzed the modern image of Turkish journalism and the efforts made by the Justice and Development Party (AKP) governments since the 2000s to control the major media. Resat then spoke about the fine line that separates news reporting from commentary and opinion.

In the context of this analysis, the Turkish Cypriot journalist referred to the case of the self-exiled Turkish journalist Can Dündar. He also briefly put under the microscope current reality in Turkish Cypriot journalism, pointing out that the totalitarian practices applied in Turkey are gradually being introduced to the occupied territories.

The Turkish Cypriot journalist and president of the “Basin-Sen” syndicate, Ali Kismir, analysed the pressures and attacks that Turkish Cypriot journalists have been subjected to from the period of the establishment of the Republic of Cyprus to the present day. Providing examples from the historical evolution of modern Turkish Cypriot journalism, Kismir focused on the last “elections” held in the occupied territories which resulted in the new T/C leader, adding that “we experienced the most difficult moments”.

According to him, before the “elections”, opposition Turkish Cypriot journalists supporting the bicommunal, bi-zonal federation faced pressure to the extent that “kidnappings” and intimidation attempts took place on the streets of the Turkish occupied territories. Kismir also referred to his personal experience, recalling that he was recently refused admission to Turkey and found himself at the centre of a “trial” to do with an opinion piece he wrote.

CNA’s Turkey correspondent Anna Andreou, stressing what has happened in Turkey in the last decades, said that according to the report prepared by Reporters Without Borders, Turkey ranks 149th out of 180 countries for freedom of the press. In Turkey, 26 journalists are in prison because of their journalistic activities, she added.

Andreou then provided a detailed update on the legal framework currently governing Turkish journalism, with particular reference to the 40-point regulation on social media and the reactions to the new law within Turkey and in Europe. The CNA’s correspondent also referred to the night of the failed coup in Turkey (15/07/2016) as a landmark date for intensifying authoritarian measures against Turkish media.

The views on contemporary Turkish journalism were also presented at the PIO event by journalist and researcher Evangelos Aretaios, who focused on the pressures faced by Turkish journalists. Areteos referred to the case of foreign journalists in Turkey, adding that “foreign journalists along with representatives of foreign non-governmental organizations are easily characterized as agents and in practice it is difficult to be accepted by the wider population.”

Areteos continued by noting that journalists and columnists working in these Turkish opposition media are fully aware that specific issues are classified as taboo subjects. Concluding his intervention, Areteos summarised the challenges faced by the representatives of Cypriot media in Turkey and underlined the peculiarities of the modern journalistic landscape in this country.

Source: Cyprus News Agency

Access Advance today posted the initial patent list for its VVC Advance Patent Pool (https://accessadvance.com/vvc-advance-patent-list/). The initial patent list includes over 700 VVC standard essential patents (SEPs) issued in sixty-one countries that were independently determined to be essential to the VVC/H.266 Standard. With thirty-three VVC Advance Licensors currently, the size of the VVC Advance patent list is expected to grow substantially as additional VVC SEPs issue and are evaluated, and as additional Licensors join the VVC Advance Patent Pool. As with the HEVC Advance Patent Pool, the VVC Advance Patent Portfolio License (“PPL”) includes all VVC SEPs, current and future, that the program’s Licensors have the right to license, regardless of whether the patents are specifically included in the patent list. This assures that compliant Licensees are licensed to all VVC Advance Licensors’ VVC SEP claims under the terms of the PPL when a patent with VVC essential claims issues, even if a Licensor is unaware of essential patent claims or such claims have yet to be evaluated.

“We commend the inventiveness of our licensors and the efforts they have shown in having their patents evaluated for VVC essentiality,” stated Access Advance CEO, Pete Moller. “The results so far have surpassed our expectations in the size and scope that the VVC Advance patent portfolio would have at this early point in the program. With this strong start we are confident that the VVC Advance Patent Pool is the marketplace’s best option to consolidate the VVC patent landscape into a single pool moving forward. This consolidation will provide greater licensing certainty and lower royalties and administrative costs to the entire marketplace, while accelerating VVC adoption and providing users with a seamless and enhanced video experience.”

About Access Advance:

Access Advance LLC is an independent licensing administrator company formed to lead the development, administration, and management of patent pools for licensing essential patents of the most important standards-based video codec technologies. Access Advance provides a transparent and efficient licensing mechanism for both patent owners and patent implementers. Access Advance currently manages and administers the HEVC Advance Patent Pool for licensing patents essential to H.265/HEVC technology, and the separate and independent VVC Advance Patent Pool for licensing essential patents to VVC/H.266 technology. The HEVC Advance Patent Pool and the VVC Advance Patent Pool are elements of the Access Advance Video Codec Platform Initiative that seamlessly incorporates HEVC and VVC technologies into a single discounted royalty rate structure through the Multi-Codec Bridging Agreement for eligible Licensees whose products include both HEVC and VVC codecs. This innovation responds to the market’s desire for an even more efficient next-generation pool licensing structure. For more information, please visit www.accessadvance.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221129005943/en/

Source: Cyprus News Agency

Cyprus has a new growth model that can adapt to changing conditions, Finance Minister Constantinos Petrides said on Monday evening, speaking at the event “Cyprus Vision 2035: The path to Growth”, organised by the Cyprus-American Chamber of Commerce (AmCham Cyprus) in Nicosia.

“We have proven the resilience of the economy when during the pandemic, I insisted that the solution is growth,” Petrides said, adding that the economy has diversified and there are investments from the US in the energy, tourism, education, health, shipping sectors and this was not by chance.

For his part, Deputy Minister of Research, Innovation and Digital Policy, Kyriakos Kokkinos, said that Vision 2035 aims at creating a future-ready society with a knowledge-based economy enabled by digital and emerging technologies that will lead to sustainable growth, social well-being and competitiveness.

These, he said, will come through the digitisation of public services, which has already begun, through secure and stable digital infrastructures, through the digital transition of businesses, and through a digitally literate population of highly skilled digital professionals.

For his part, Vice President of the Cyprus Economy and Competitiveness Council, Andreas Assiotis, said that Vision 2035 is an ambitious, realistic and comprehensive plan that takes into account current challenges. For the first time, he added, “we are linking this effort with money, with money from the Recovery and Resilience Fund, from the structural funds or linked to the budget.” He noted that 92 of the 240 actions have already been integrated into the budget.

Hellenic Bank’s Chief Banking Officer Phivos Stasopoulos stated in his address that the banking sector contributes to growth and that lending for 2016 to 2020 reached around €14 billion. He added that Russia’s invasion of Ukraine created inflationary trends in the energy sector, as well as in goods and services, but inflation had already started to show downward trends recently. For a resilient economy in Cyprus we need a long-term strategy, he concluded.

Source: Cyprus News Agency

The Ministry of Energy, Commerce and Industry has announced in the last two years grant schemes that exceed €330 million of which €171 are for enhancing entrepreneurship and these schemes were warmly welcomed by businesses, said the competent Minister Natasa Pilides.

Speaking from Paphos, she said that in 2023, the government will announce schemes of up to €120 million to support businesses, of which €80 million will be geared to promote investments for storing energy, in conjunction with new renewable energy sources. Other grant schemes that will be announced include consulting services to small medium sized enterprises, implementation of circular economy, digital upgrading and forging partnerships.

The positive picture which the government presents amid the unprecedented international energy crisis, said Pilides, was decisive policies which the government undertook to support the business community.

The Minister noted the new Industrial Policy 2019-2030 is already increasing productivity, innovation and exports. Today, she continued, the contribution of Industry to GDP based on statistics in 2020 amounted to 8.1% while this percentage for 2022 is expected to reach 8.5%.

Another indicator that is increasing is employment in industry, reaching 9% of the labour industry from 8.1% in 2020.

Pilides said it is very encouraging to see new synergies between researchers and industrialists to develop innovative products and highly added value services.

She also referred to efforts to upgrade the Paphos District industrial areas.

Source: Cyprus News Agency

By the end of the year the first phase of the construction of the new hemodialysis ward at Famagusta General Hospital will be completed, Health Minister Michalis Hadjipantela said Tuesday, during a visit to the Hospital.

In his statements to the press he also referred to the increase in COVID cases and announced that a meeting will be held for the issue of bird flu cases in Cyprus, by the end of the week.

The Minister said that he has been informed that the construction is progressing and the goal is for the first phase to be ready until the end of the year. He said that the unit will have all the necessary equipment to accommodate all patients.

As regards the bird flu cases the Minister said that he will have a meeting in order to be informed about the steps taken by the Veterinary Services and if new measures are needed.

Replying to a question about the increase in COVID cases he said that there is indeed a rise in cases and hospitalizations in the last few days adding that before Christmas he will hold a fresh meeting with the scientific advisory committee.

Amalia Hadjiyianni, Scientific Director of the Larnaca – Famagusta Hospitals, said that right now they are treating 19 patients with COVID and 2 are in the ICU.

Source: Cyprus News Agency

The termination of the operations of Lebanese banks’ branches in Cyprus took place in the last months without particular problems, CNA has learned.

Through the close monitoring and enforcement of specific measures by the Central Bank of Cyprus (CBC) – within the framework of the prudential supervision it exercises on the branches – it was ensured that there was the necessary liquidity to repay the customers’ deposits.

The implementation of a deposit repayment process through withdrawals from the liquidity held at CBC, has ensured the repayment of almost all deposits of customers of the specific branches.

According to sources, out of a balance of hundreds of millions, a few thousand are currently pending to be settled, which is expected to be done in the next period.

Developments in Cyprus unfolded amid an explosive situation in Lebanon which was the outcome of the economic crisis of recent years, culminating in the events of recent weeks during which desperate depositors literally attempted, in some cases, to rob banks to get their deposits back.

Following the imposition of the obligation to terminate the operations of branches in Cyprus by the Lebanese Supervisory Authority at the beginning of 2022, the CBC imposed the obligation to maintain liquidity equal to 100% of customer deposits in the CBC to ensure full repayment of deposits.

Developments in Lebanon have confirmed the correctness of the CBC’s decisions, since depositors of the branches in Cyprus were fully protected, while at the same time possible side effects on the rest of the Cypriot banking system, public finances and the economy in general were avoided, said CNA sources.

According to the same sources, although the importance of the Lebanese branches in the Cypriot economy was considered negligible (loans were corresponding to less than 1% in the Cypriot banking system based on the latest available data), failure to take preventive measures in time could have affected the banking system

Source: Cyprus News Agency

Cyprus President, Nicos Anastasiades, and Turkish Cypriot leader, Ersin Tatar are expected to have a social meeting in the framework of a reception to be hosted on Wednesday December 7th, at Ledra Palace, by the UN good offices mission in Cyprus on the occasion of the end of the year.

The Cyprus News Agency (CNA) has learned that apart from the two leaders, their negotiators and the rest of the members of their delegations, the reception, that will take place at 1800-2000 local time, will be alsoattended by members of the diplomatic corps accredited to Cyprus and members of the civil society from both communities. A total of 100-150 people will be invited.

On the part of the UN, the UNSG’s Deputy Special Adviser, head of the UN peacekeeping force in Cyprus (UNFICYP) Colin Steward and other officials of the UN good offices mission will attend the reception.

Source: Cyprus News Agency