Author: cnadmin

Cyprus President Nicos Anastasiades revealed on Saturday that in his brief encounter with Turkish President Recep Tayyip Erdogan last week in Madrid he proposed a meeting in Paris to discuss the Cyprus problem.

Anastasiades met with the Turkish President in Madrid in the context of a working dinner hosted for EU and NATO leaders in the framework of the NATO Summit last Thursday.

“It was a friendly meeting,” Anastasiades said speaking to journalists, adding that he met with Erdogan with the assistance of French President Emanuel Macron, noting that he met with Erdogan two times one during and one after the dinner.

“The discussions were of friendly nature with the only intervention that, as my friend, President Macron mediated, I (said) I am ready to meet in Paris if he (Erdogan) wished so ,” Anastasiades added.

Responding to a question, the Cypriot President said Erdogan responded that they should meet in the northern part of Cyprus to which he replied “it is out of the question.”

Furthermore, asked on the proposals submitted by Turkish Cypriot leader Ersin Tatar to the UN Assistant Secretary-General for Europe, Central Asia and the Americas, at Department of Political and Peacebuilding Affairs, Miroslav Jenca, Anastasiades said he will respond accordingly when he receives them.

Cyprus has been divided since 1974 when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results. The latest round of UN-brokered talks took place in Crans Montana, Switzerland in July 2017 but ended inconclusively.

Source: Cyprus News Agency

President of the Republic Nicos Anastasiades will meet trade unions on Tuesday to conclude negotiations for the introduction of the minimum national wage in Cyprus.

In a written statement regarding the President’s schedule for next week, the Director of his Press Office, Andreas Iosif said that the meeting is scheduled for 0930 on Tuesday with the participation of Labour and Social Insurance Minister Kyriakos Koushos, employers’ associations Cyprus Chamber of Commerce and Industry as well as the Federation of Employers and Industrialists and trade unions PEO, SEK and DEOK.

The introduction of the minimum national wage in Cyprus is a government priority, said Iosif, adding that the President wants to undertake an initiative to complete negotiations with social partners, which is at the final stage yet was not completed due to the passing of Minister Zeta Emilianidou.

Koushos had said last week he hoped there will be an agreement on the minimum national wage before the president completes his term next year.

Source: Cyprus News Agency

Ronaldo Costa Filho (Brazil), whose country is holding the 15-nation Security Council’s rotating presidency for July, announced that on 13 July, the Council will convene a meeting on troop- and police-contributing countries to the United Nations Peacekeeping Force in Cyprus (UNFICYP) while the resolution to renew the Force’s mandate is scheduled for voting on 28 July.

The President for the month told a United Nations Headquarters press conference on Friday that behind the doors negotiations will also be held for the resolution to renew UNFICYP’s mandate on 18 July.

He also announced that the resolution renewing the mandate for a further six months is scheduled to take place on 28 July.

Cyprus has been divided since 1974 when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results.

Source: Cyprus News Agency

Cyprus’ fiscal watchdog expressed concern over the delays in the implementation of Cyprus’ Recovery and Resilience Plan, warning that in case of further delays it will adversely revise is economic projections over economic growth and unemployment.

In a press release issued on Saturday, the Fiscal Council noted “the issue should be addressed as urgent.”

The Recovery and Resilience plan contains a series of reforms and investments associated with the disbursement of €1.2 billion from the Next Generation EU Fund. Although the first disbursement of €85 million was scheduled for February this year, the implementation of the last prerequisite, involving the granting of access to Credit Acquiring Companies and non-performing loans services to guarantors’ financial data was delayed over a dispute between the government and the parliament.

In it press release, the Council recalled its warning in its interim report issued in June that further delays in the Recovery plan would “constitute substantive risks for Cyprus’ macroeconomic performance.”

“Continued delay in the implementation of the Recovery Plan would prompt the Fiscal Council to adversely revise its projections for growth and unemployment,” the Council had warned, noting that fiscal performance would be affected albeit to a lesser extent.

The Council projected that economic growth will reach 2.1% this year. Under its mandate the Council endorses the Finance Ministry’s annual and medium-term macroeconomic projections.

Furthermore, the Council recalled its previous letter to the Finance Minister that delays in the Restructuring Plan threatens the Finance Ministry projection over a 5.1% increase in public revenue with consequent impact on the year’s primary and fiscal balance.

The Council also recalled that the national reform programme and the Recovery plan are intertwined which underpin projections for the course of the economy and the public finances.

“It is therefore rational that in case of repeated delays in implementing these plans, the projections for 2022 should be revised downwards, reflecting the less desired results, mainly in growth and unemployment and to the public finances to a lesser degree,” the Council concluded.

Source: Cyprus News Agency

Cyprus clinched one silver and one bronze medal shot put and women’s 4X100 relay, with track and field garnering other three medals for the Cypriot delegation at the Mediterranean Games taking place in Oran.

According to a press release issued by the Cyprus Olympic Committee, Alexandros Pursanides secured second place in Mens hammer throw put with 73.71m.

In Women’s 4X100 relay, Cyprus finished third with 45.10.

Cyprus’ so far medal tally reached 10 of which 2 gold, 1 silver and seven bronze.

Source: Cyprus News Agency

NielsenIQ and GfK SE (“GfK”), two leaders in global information services, today announced a definitive agreement through which the companies plan to combine, creating new capabilities in the consumer and retail measurement industry. Powered by state-of-the-art cloud technology, the combination will bring together complementary data and analytics assets to provide a comprehensive view of shopper spending through a total store read, enabling clients to anticipate trends and react faster to consumer needs and expectations. The terms of the agreement were not disclosed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220701005193/en/

GfK’s leading position in technology and durables across 67 countries, combined with NielsenIQ’s leading position in the measurement of fast-moving consumer goods in 90 countries will allow for expansion within the companies’ traditional client industries as well as new market segments. With a larger technology and operations talent base around the world, the combined company will innovate and bring new products to market even faster and then scale them to a broader set of markets and industries. Both companies firmly believe in the strategic merit this combination holds and are looking to further expand the business both geographically and vertically.

“Over the past year, NielsenIQ has been investing both organically and inorganically in the most comprehensive coverage, advanced technologies and predictive analytics to enable our clients to have a complete understanding of their consumers,” said Jim Peck, Executive Chairman and Chief Executive Officer of NielsenIQ. “Combining our market-leading capabilities will allow us to further accelerate innovation that best serves our expanded client base and deliver significant value for all our stakeholders. Together with GfK, we have the opportunity to influence the future of global retail and consumer measurement – one that is fast, nimble and connected.”

Through the combination of NielsenIQ’s cloud based Connect platform and omnichannel measurement technologies and GfK’s recently launched gfknewron platform, the company will become a true analytics leader. Its solutions will provide a harmonized, granular and consistent view of consumer purchasing behavior across channels and categories, allowing for real-time decisions to enhance performance and fuel growth. The two companies will bring together an extensive range of talent and expertise, with a proven record of success in measurement and analytic capabilities.

“GfK has successfully navigated a digital transformation to profitable and sustainable growth over the last years. Joining forces with NielsenIQ is now the logical next step for us and will support the next stage of our company’s development,” said Lars Nordmark, Interim Chief Executive Officer and Chief Financial Officer of GfK. “The combination with NielsenIQ will enable us to empower our customers to make smarter decisions across their organizations at a truly global scale and accelerate our journey into the next chapter of innovation. This will allow us to tap into significant new growth opportunities.”

Ownership

With this transaction, Advent will become the majority shareholder of the combined company. Advent acquired NielsenIQ in a transaction that closed in 2021.

“We see tremendous potential to build on the two companies’ strong brands and cutting-edge platforms,” said Chris Egan, Managing Partner at Advent. “Given the capabilities and resources of the soon-to-be combined entity, we are confident in our ability to build a truly global leader in consumer and retail data. Drawing on our global footprint and operational strength, we aim to further scale the business and advance its position across established and emerging markets.”

Since GfK’s spin-off from NIM in 1984, NIM has been the company’s majority shareholder and will remain one of the key shareholders of the new combined company. Based on the transaction, NIM will be able to further drive and accelerate its development as a leading international research institute.

“GfK and NielsenIQ, two top players in market research, have almost 200 years of combined experience. We see the combination of their complementary strengths as a unique opportunity, creating exciting new business opportunities for both parties. The combination is, thus, in the best interest of their employees, customers and retail partners alike,” said Manfred Scheske, President of NIM, and continued: “As a significant shareholder of the new company, NIM will be able to continue its development as a leading international research institute, fulfill its main purpose, as defined by the association’s statutes, and live-up to its founders’ ambitions.”

Alongside NIM, KKR will stay invested in the combined company as a minority shareholder. The global investment firm took GfK private alongside NIM in 2017 to support GfK’s strategic transformation and pave the way for sustainable growth. In close collaboration with the company’s management team, NIM and KKR supported the company in a comprehensive transformation, focusing its portfolio, introducing cutting-edge predictive analytics offerings and accelerating its profitable organic growth.

“GfK is much stronger today than it was five years ago, and the 2021 results are a testament to GfK’s effort and readiness to continue its path to become an integrated data, analytics and consulting firm providing superior service to its clients. We strongly believe that GfK coming together with NielsenIQ is a transformative combination that allows GfK to proceed on its growth and innovation trajectory at an even faster pace”, said Philipp Freise, Partner and Co-Head of European Private Equity at KKR.

Approvals

The transaction is expected to close later this year or early next year, subject to the satisfaction of customary closing conditions. Until closing, NielsenIQ and GfK will remain independent companies focused on their current strategies and growth plans.

About NielsenIQ

NielsenIQ, a global information services company, delivers the gold standard in consumer and retail measurement, through the most connected, complete, and actionable understanding of the evolving global, omnichannel consumer. NielsenIQ is the source of confidence for the industries we serve and the pioneer defining the next century of consumer and retail measurement. Our data, connected insights, and predictive analytics optimize the performance of CPG and retail companies, bringing them closer to the communities they serve and helping to power their growth.

NielsenIQ, an Advent International portfolio company, has operations in 90+ markets, covering more than 90% of the world’s population. For more information, visit NielsenIQ.com.

About GfK

GfK. Growth from Knowledge.

For over 85 years, GfK has earned the trust of its clients around the world by solving critical business questions in their decision-making process around consumers, markets, brands and media. The company’s reliable data and insights, together with advanced AI capabilities, have shaped access to real-time actionable recommendations that drive marketing, sales and organizational effectiveness of its clients and partners. That’s how GfK promises and delivers “Growth from Knowledge”.

For more information, visit https://www.gfk.com.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 390 private equity investments across 41 countries, and as of December 31, 2021, had $88 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 265 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit

Website: www.adventinternational.com

LinkedIn: www.linkedin.com/company/advent-international

About the Nuremberg Institute for Market Decisions (NIM)

The Nuremberg Institute for Market Decisions is a non-profit institute for the research of consumer and market decisions. At the interface between science and practice, the NIM generates new and relevant insights that aid better decision-making and better understanding of consequences. The NIM examines how decisions of consumers and company decision-makers change in the face of new trends, technologies and socio-political shifts.

The Nuremberg Institute for Market Decisions is the founder and anchor shareholder of GfK SE.

For more information, please visit www.nim.org and on LinkedIn.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR and Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Advisors and Legal Counsel

J.P. Morgan Securities LLC and HSBC Securities are serving as financial advisors to Advent International Corporation and NielsenIQ, and Ropes and Gray LLP, Covington and Burling, Weil Gotshal and Manges LLC and Squire Patton Boggs are serving as legal counsel. Goldman Sachs Bank Europe SE is serving as financial advisor to KKR and Nuremberg Institute for Market Decisions. Simpson Thacher and Bartlett LLP and Hengeler Mueller Partnerschaft von Rechtsanwälten mbB are serving as legal counsel to KKR. Rothschild and Co is serving as financial advisor to Nuremberg Institute for Market Decisions. Fieldfisher and Baker and Hostetler LLP is serving as legal counsel to Nuremberg Institute for Market Decisions. White and Case LLP is serving as legal counsel to GfK SE.

Source: Cyprus News Agency

Cypriot swimmer Kalia Antoniou clinched the bronze medal in Women’s 50m freestyle of the Mediterranean Games taking place in Oran.

Antoniou clocked a time of 25.06 finishing third following Spain’s Lindon Munoz with 24.97 who secured the gold medal and Slovenia’s Naza Clancar who clinched the silver with 25.01.

According the Cyprus Olympic Committee, so far Cyprus has secured eight medals in the 2022 Mediterranean Games.

Source: Cyprus News Agency

Greek-American Representatives Nicole Malliotakis from New York and Gus Bilirakis from Florida have said they remain opposed to any attempt for a sale of US F-16 fighter jets to Turkey.

The two MPs released a statement regarding President Biden’s meeting with Turkish President Recep Tayyip Erdogan where he signaled support for the potential sale of U.S. F-16 fighter jets and modernization kits to Turkey.

“It’s shocking that President Biden would advocate for the sale of the U.S. F-16 fighter jets and modernization kits to Turkey after hearing concerns of Turkish aggression directly from Greek Prime Minister Kyriakos Mitsotakis during his visit to Washington last month,” they note.

“During his visit, Prime Minister Mitsotakis discussed the repeated aggression and military flyovers being conducted over the Greek Islands at the direction of Erdogan and cautioned that any sale to Turkey would be used to continue bullying other smaller nations in the Eastern Mediterranean region, including Greece, Cyprus, and Israel”, the add.

The two Congress members point out that they will remain opposed to any attempt to make a sale, pointing out Greece’s strong ties with the United States.

“As members of the Congressional Hellenic Caucus, we remain strongly opposed to any sale of U.S. military equipment to Turkey and will continue to express our concerns to our colleagues on the House Committee on Foreign Affairs”, the stress.

“The bond between Greece and the United States has only been strengthened over the last two centuries, and it’s incumbent upon Congress to stand together against aggression whether it comes from an adversary like Russia or a NATO ally like Turkey that continues to violate international law,” the two MPs say.

Source: Cyprus News Agency

President Anastasiades sent wishes to Czech Prime Minister Petr Fiala on occasion of the assumption of the Presidency of the Council of the European Union, in a post on his official Twitter account.

“Wishing the Czech Republic and Prime Minister @P_Fiala best of success in the assumption of the Presidency of the Council of the EU” Anastasiades tweeted, along with the Czech Presidency’s hashtags #CZPRES and #RethinkRebuildRepower.

Czechia will hold the rotating presidency of the Council of the EU from July 1st to December 31st 2022, taking from which held the Presidency during the first half of the year.

The next member state will be the third in the current presidency “trio” (three member states that coordinate their long term planning in the context of their presidencies). Sweden, which will hold the presidency during the first half of 2023.

The member state that holds the EU’s six-months Presidency is tasked with setting out the priorities of the Council of the EU and has a coordinating and symbolic role.

Source: Cyprus News Agency

Harmonised inflation rose to 9.1% in Cyprus in June compared with June last year, marking a new historic record, pushed by the soaring prices in energy.

According to a flash estimate issued by Eurostat, annual inflation in the Eurozone amounted to 8.6% in June from 8.1% the previous month.

As regards the components, energy rose to 41.9% followed by food and tobacco with 8.9%, non-energy industrial products with 4.3% while inflation in services declined marginally to 3.4% (compared with 3.5% in May).

According to Eurostat, core inflation (excluding energy and unprocessed food) amounted to 4.6% from 4.4% in May, while excluding energy, food and tobacco amounted to 3.7% from 3.8% in May.

Source: Cyprus News Agency