Category: General

The European Commission has sent two letters of formal notice to Cyprus for not having notified the full transposition of two EU directives into national legislation, one for the accessibility to persons with disabilities to services (for a which a total of 26 member states have received letters) and one on the provision of information regarding investments (for a which a total of 24 member states have received letters).

The Commission has adopted this package of infringement decisions due to the absence of communication by Member States of measures taken to transpose EU directives into national law (“non-communication infringements”) for which the deadline expired recently.

Member States concerned now have two months to reply to the letters of formal notice and complete their transposition, or the Commission may decide to issue a reasoned opinion, the second stage in the process. The last stage is the potential referral of the case to the Court of Justice of the EU.

The first directive is the European Accessibility Act which requires that some products and services, such as public transport, banking and online shops to be accessible for persons with disabilities.

Businesses selling products and services covered by the Directive must ensure that they comply with a set of common EU accessibility requirements by 28 June 2025.

The following Member States have not transposed the European Accessibility Act into national law by the deadline of 28 June 2022: Belgium, Bulgaria, Czechia, Germany, Ireland, Greece, Spain, France, Croatia, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.

The second directive is Directive (EU) 2021/2261 amending Directive 2009/65/EC as regards the use of key information documents by management companies of undertakings for collective investment in transferable securities (UCITS).

Each UCITS is already obliged to provide ‘key investor information’ in accordance with EU rules. On 1 January 2023, UCITS will be required to provide the Key Information Document for Packaged Retail Investment and Insurance Products, which summarises and explains the key elements of each investment product – especially the costs, risks, and potential returns – so that private investors can better understand the product they are buying, and compare it with other products.

The amending directive aims to avoid a situation where two different pre-contractual disclosure documents are made available to retail investors in respect of the same UCITS.

The Commission is sending letters of formal notice to Belgium, Czechia, Denmark, Greece, Spain, Italy, Cyprus, Hungary, the Netherlands, Austria, Poland, Slovenia, Finland and Sweden since they have not transposed the Directive by the deadline of 30 June 2022.

Source: Cyprus News Agency

July 20 is a day of self-awareness and national reflection, said the Minister of Finance, Constantinos Petrides, who attended, on behalf of the President of the Republic, Nicos Anastasiades, the memorial service for those who fell during the Turkish invasion of Cyprus in 1974. On his part, the Deputy Minister of National Defence of Greece, Nikos Hardalias, who represented the Greek Government, said that the sacrifice of the fallen is “our ultimate legacy.”

The memorial service, led by Paphos Bishop Georgios, was held on Wednesday at the Cathedral of Apostle Barnabas, in Nicosia.

House President, Annita Demetriou, the Presidential Commissioner, Fotis Fotiou, leaders and representatives of parliamentary Parties and candidates running for the Presidency of the Republic, Nicos Christodoulides, Averof Neofytou, Andreas Mavroyiannis and Charalambos Aristotelous, were among those who attended the memorial service.

Constantinos Petrides stated that today is the anniversary of an ill-fated day. “We honour the victims, Greeks and Cypriots, who fell for this place, but until today they have not been vindicated”, he added. At the time of Petrides’ statement, a group of young people were chanting slogans against a Federal solution. From his part, the Minister of Finance indicated that “today is not a day of slogans or many words, but of self-awareness, of national reflection, to see how we can get out of the impasse”. It is a great honour to have the political and military leadership of Greece with us so that we can give this message together, he concluded.

The Deputy Minister of National Defence of Greece, Nikos Hardalias, who represented the Greek Government, said that forty-eight years later, the sacrifice of the fallen is our ultimate legacy. “It is our daily commitment and duty, for the blue of our sea, our sky, our flag, our country, to be immortal,” he added.

The Bishop of Paphos, Georgios, who delivered the memorial speech, characterised July 20 as a dreadful day for Cyprus and the entire Hellenism. “Forty-eight years later”, he continued, “today we are witnessing an unacceptable and sad situation, a quagmire to which we were led by the tactics of the Turkey but also by the inability of our side to rise above the ephemeral and effectively organise its struggle for liberation”.

The effective way out of the quagmire in which we find ourselves and the thwarting of the Turkish plans at the expense of Cyprus imply an awareness of the situation, however difficult it may be, as well as assuming our responsibilities towards history and our homeland, indicated the Bishop of Paphos. “We should admit our mistakes, in order not to indulge in mutual accusations and blaming, but to avoid repeating them,” he concluded.

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

?he Greek Foreign Ministry underlined that the Cyprus Problem remains an international issue of illegal invasion and occupation, in a statement on the occasion of the 48th anniversary of the Turkish invasion of Cyprus.

“The Cyprus problem remains an international issue of illegal invasion and occupation, just like the ongoing Russian invasion of Ukraine”, the Greek Foreign Ministry said.

The statement also stresses that the continued illegal occupation of more than a third of Cyprus by Turkish troops is a reminder to the international community of Turkey’s flagrant violation of international law and UN Security Council Resolutions.

“Greece, in full coordination with the Republic of Cyprus, is working, with commitment to the fundamental principles of international law, for the national objective, which was and remains an agreed, just and viable solution to the Cyprus problem, with the development of the Republic of Cyprus into a bi-communal, bizonal federation, within the framework of the relevant UN Resolutions,” the Greek Foreign Ministry underlined.

“Unfortunately, the unacceptable claims of Turkey and the Turkish Cypriot leadership make it impossible to conduct meaningful and effective negotiations within the agreed framework of the United Nations, while the illegal actions in Varosha are also in contrast with international community’s requirements”, the statement added.

“Greece will remain firmly committed to finding a just, functional, and viable solution to the Cyprus problem, which will safeguard the one sovereignty of Cyprus with the application of the European acquis throughout the entire Cypriot territory. A solution which, moreover, will free the people of Cyprus from the anachronistic system of guarantees and the interventionist rights of third parties, and will ensure the full withdrawal of the illegal occupying troops,” the Foreign Ministry concluded.

Source: Cyprus News Agency

Presidential Commissioner Photis Photiou has said that a meeting will take place in Athens in September during which all parties involved will coordinate actions for an international campaign to exert pressure on Turkey as regards the humanitarian issue of missing persons.

Photiou, who held a meeting on Wednesday with delegations of relatives of Greek Cypriot and Greek missing persons, said that the passing of time is the greatest enemy in the issue of missing persons and that 48 years after the Turkish invasion against Cyprus we are still looking for 870 missing persons, Greek Cypriots and Greeks.

“Parents pass away, siblings pass away, children die. Efforts must be intensified, the occupying power must be convinced and pressure must be exerted on Ankara, because the key to solving this humanitarian problem that causes so much pain to the relatives of the missing is the occupying power”, he underlined.

The international community must finally demonstrate more sensitivity for our missing persons, like it is showing now in the war in Ukraine, he stressed.

Photiou said they discussed a series of actions that will be carried out in coordination with the governments of Cyprus and Greece and the two organisations of the relatives of the missing persons. The first one will be a broad meeting in Athens in September, in the presence of all the parties involved, for coordination and decisions as regards the involvement of the international community on the issue of missing persons.

He added that more actions will follow in the UK and the US and said that they want a greater involvement of the Greeks of the diaspora to support these actions.

President of the Panhellenic Committee of Parents and Relatives of Undeclared Prisoners and Missing Persons of the Cyprus Tragedy Maria Kalmpourtzi said that there are still 52 missing persons from Greece whose whereabouts are not known.

She said that relatives feel great injustice noting that they demand to know the fate of their beloved ones.

President of the Pancyprian Organisation of the Relatives of Undeclared Prisoners and Missing Persons Nikos Sergides said that the work conducted by the Committee on Missing Persons (CMP) so far is not satisfactory explaining that “the results and the delays cause great concern”.

He said that at the meeting they decided a series of more practical ways for a better coordination so that international organisations and the United Nations are finally obliged to take measures and actions regarding the CMP’s work.

Source: Cyprus News Agency

The European Union faces the risk of further gas supply cuts from Russia, due to the Kremlin’s weaponisation of gas exports, with almost half of our Member States already affected by reduced deliveries. Taking action now can reduce both the risk and the costs for Europe in case of further or full disruption, strengthening European energy resilience.

The Commission is therefore proposing today a new legislative tool and a European Gas Demand Reduction Plan, to reduce gas use in Europe by 15% until next spring. All consumers, public administrations, households, owners of public buildings, power suppliers and industry can and should take measures to save gas.

You can follow the press conference by President von der Leyen, Executive Vice-President Timmermans, Commissioner Breton and Commissioner Simson live on Ebs.

The following press materials are available online:

Press release

Questions and Answers

Factsheet: Save gas for a safe winter

Factsheet: A European Gas Demand Reduction Plan

Factsheet: Supporting cities to save energy

The European Commission is committed to personal data protection. Any personal data is processed in line with the Regulation(EU) 2018/1725. All personal information processed by the Directorate-General for Communication / European Commission Representations is treated accordingly.

La Commission européenne s’engage à protéger les données personnelles. Toutes les données personnelles sont traitées conformément au règlement (UE) 2018/1725. Toutes les informations personnelles traitées par la direction générale de la Communication / les représentations de la Commission européenne sont traitées en conséquence.

Source: Cyprus News Agency

A picket line outside the Houses of Parliament in London’s Westminster was organised on Tuesday to mark the tragic 48th anniversary of the Turkish invasion of Cyprus.

The demonstration has become an annual initiative of the Famagusta Association of Great Britain, with the support of the National Federation of Cypriots in the UK.

In a short speech at the picket, Famagusta Association President Dr Vasilis Mavrou conveyed the “anger and indignation” of the organisation’s members for Turkey’s President Erdogan’s actions with regard to the fenced-off town of Famagusta. As he explained, the area’s beachfront has been illegally opened for the public, instead of it being returned to its lawful inhabitants as a Confidence Building Measure between the Greek Cypriot and the Turkish Cypriot communities.

Dr Mavrou condemned these actions as “they do not comply with the resolutions of the UN Security Council” and the decisions of the EU and other international bodies, and they also “create conflict and tension in the relations between the two communities”.

He said that the picket was also a form of protest against the UK Government for not fulfilling its obligations towards the Republic of Cyprus as one of the Guarantor Powers of the country’s independence and territorial integrity.

“For us the 19th of July (the day before the anniversary) is the day to pay our tribute to the courageous defenders of the nation. 48 years since the invasion, our thoughts go to the youth of the town of Evagoras, Famagusta, who stood up against the invading power,” concluded the Famagusta Association President.

Source: Cyprus News Agency

Deputy Minister of Social Welfare Anastasia Anthousi welcomed on Wednesday as a positive development the US State Department Trafficking in Persons report for 2022 which upgraded Cyprus to Tier 1 status.

A press release by the Deputy Ministry notes that Anthousi said that despite the progress achieved, there can be no room for complacency.

“We are constantly looking for ways and practices that can contribute to the prevention and management of the problem” she said, adding that “we make the most of the recommendations recorded in the Report and based on them, we strengthen our readiness to implement additional measures to more effectively prevent and combat human trafficking”.

In the press release it is noted that in the context of the government’s broader policy to combat trafficking and exploitation of persons, the aim of the Deputy Ministry of Social Welfare is the holistic approach to the problem and, through coordinated actions, the support to the victims, giving them access to information, psychological support and medical care services, help with housing, employment and social reintegration.

Source: Cyprus News Agency

Blockchain fintech company Intelly is launching a fractional NFT (F-NFT) real estate investment platform on July 20th. Investors will be given access to property investments worldwide using Intelly’s INTL token to purchase fractional real estate assets on its decentralized real estate investment platform. Intelly has successfully completed its initial coin offering at the beginning of 2022 and established the Intelly Exchange – a liquid real estate market in which investors can trade F-NFTs priced by market participants based on the underlying asset’s profitability. The exchange will list projects from the residential, commercial, and enterprise sectors like a branded beach club or restaurant, which are tokenized via F-NFT’s, allowing investors to switch between investments in a matter of seconds, depending on their risk appetite.

Intelly Launches an Innovative Real Estate Investment Platform on 20 July 2022 (Photo: Business Wire)

Transforming real estate investments using blockchain technology

Intelly CEO Ismet Tasceken commented, “Switzerland’s outstanding business environment provides stability and predictability essential for fintechs who are active in transforming assets like real estate using blockchain technology. Even though the real estate sector is now worth over 3.7 trillion dollars, the industry suffers from inefficiencies that have plagued it for decades. We plan to leverage our 30+ years of experience, industry connections, and the power of blockchain to unlock the potential of a new era of real estate investing.”

Tokenization market expected to top USD 9.2 billion by 2030

Investing in real estate is profitable in the long term but requires a significant initial down payment, which could be a barrier to entry for many investors. Intelly’s F-NFT platform eliminates many steps needed to participate in property investing. Intelly’s single ecosystem bridges the physical world with the virtual world, joining the fast-growing tokenization market, which is expected to reach US$ 9.2 billion by 2030. Noting that the platform will begin trading on July 20, Tasceken said, “What sets Intelly apart from its competitors is the excellence of its proprietary technology combined with the depth of its industry penetration. This, combined with our financial strength, experience, and vision, will ensure that we create profitable opportunities for our clients through tokenizing property investments.”

Source: Cyprus News Agency

President of the Republic of Cyprus Nicos Anastasiades received Wednesday, the proposals on the Cyprus issue submitted by the Turkish Cypriot leader Ersin Tatar on July 1 and 8, through the United Nations

Government Spokesman Marios Pelekanos says in a written statement that President Anastasiades notes with regret that the proposals constitute a new attempt to establish the unacceptable narrative for a two-state solution.

Nevertheless, Pelekanos says, the President “would be ready to discuss alla the proposals, both those proposed by him and those submitted by the Turkish Cypriot leader, provided that the dialogue takes place on the basis of the agreed solution framework as set out in the resolutions of the United Nations and of the Security Council”.

Cyprus has been divided since 1974, when Turkish troops invaded and occupied 37% of its territory. The last round of UN-backed talks took place in the summer of 2017 in the Swiss resort of Crans Montana but failed to yield results.

Source: Cyprus News Agency

Alsym™ Energy, a developer of next-generation rechargeable batteries, today announced that Alsym and Synergy Marine, in collaboration with Nissen Kaiun, Japan, will jointly develop applications specific to the marine shipping industry using Alsym’s high-performance, low-cost technology. Singapore-based Synergy Marine is a leading global ship management services provider, currently managing more than 500 vessels.

Synergy Marine Group plans to use Alsym Energy batteries on many of its ships, which dock at ports around the world, including the Port of Long Beach, pictured here. Photo Credit: Port of Long Beach

Greenhouse gases from ships are predicted to make up 17% of total global emissions by 2050 if the industry does not accelerate efforts to electrify. Port operations generate substantial amounts of air pollution—up to half of total emissions in some metro areas—and some ports now require ships to use high efficiency fuels and observe speed limits within 20 miles of shore, while others have banned the use of auxiliary diesel generators while docked.

Alsym will provide Synergy and Nissen Kaiun with 1 gigawatt of batteries per year for three years starting in the company’s first year of high-volume production, conditional on the battery systems meeting key performance levels and regulatory requirements specific to cargo ships and tankers. Alsym’s batteries may be used to propel cargo ships and tankers as they enter and leave port, power berthed ships, and support peak shaving applications at sea. The company plans to start pilot manufacturing its non-flammable batteries for EVs, ships, and stationary storage later this year at its facility in Massachusetts, with high-volume production expected to follow in 2025.

“Zero-emission vessels are the future of maritime shipping, and we’re working with like-minded owners, including Nissen Kaiun, to decarbonize every part of the ecosystem as quickly as possible,” said Captain Rajesh Unni, Founder and CEO of Synergy Marine Group. “By lowering the cost of electrification and minimizing the risk of battery-related fire events, Alsym’s technology is well-placed to be a safer alternative that can help the shipping industry meet its goal of zero net emissions by 2050—especially in light of the European Commission’s recent proposal to classify lithium as toxic.”

By using low-cost, inherently non-flammable raw materials with robust global supply chains, Alsym’s aims to provide batteries at a fraction of the cost of lithium-based technologies, making electrification both safe and economically viable. These batteries can help reduce risks to crew and cargo, as well as lower insurance costs for fleet managers and shippers.

“Synergy Marine is on the cutting edge of technology in the maritime sector, and we’re honored to be part of their journey to work with owners in their transition away from fossil fuels,” said Mukesh Chatter, President and CEO at Alsym Energy. “By manufacturing batteries from low-cost, readily available materials that are inherently non-flammable and non-toxic, we’re providing an economically-viable way to help them decarbonize while also lowering operating expenditures and insurance costs associated with lithium and cobalt-based battery technologies.”

About Alsym™ Energy

Alsym Energy is a leading developer of advanced low-cost, high-performance rechargeable batteries made from readily available materials that are inherently non-flammable and non-toxic, providing an economically viable alternative to lithium-based technologies. The company is focused on commercial development and mass production of batteries for use in applications including passenger electric vehicles and two-wheelers, marine shipping, and stationary energy storage to enable a zero-carbon future.

About Synergy Marine Group

Headquartered in Singapore, Synergy’s hallmarks are its through-life approach to asset management and ability to develop custom-designed thought partnership strategies with leading owners. Spanning across a network of 25 offices in 13 countries and employing more than 18,000 seafarers, Synergy manages a fleet of over 500 vessels including the most complex LNG (including FSUs), LPG and vast 20,000+ TEU container ships, as well as oil and chemical tankers, car carriers and bulk carriers. With a strong focus on crew wellbeing, digitalization and environmentally responsible policies, Synergy is at the forefront of transforming the ship management industry.

Source: Cyprus News Agency