Cyprus Business Now

The University of Cyprus (UCY) this week announced that it is set to host a two-day event on artificial intelligence, called AI Days, on November 27-28.

In its announcement, the university explained that the rapid growth of Artificial Intelligence (AI) and the widespread use of conversational platforms such as chatGPT have sparked extensive discussions and research within the academic community about the potentially transformative nature of these developments.

“The era of AI presents risks but also stands as an exciting challenge for universities,” UCY said.

“Universities are called upon to implement significant changes by harnessing the capabilities of AI, equipping the next generation with necessary skills and knowledge, shaping new educational and research processes within and beyond the university,” it added.

It further said that “universities are urged to bolster society, meeting the needs for inclusive and high-quality education and promoting lifelong learning for all”.

As part of raising awareness within the academic community regarding the use of AI in teaching and research, the Office of the Vice-Rector for Academic Affairs is organising a seminar titled “Artificial Intelligence: Developments and Prospects in the Academic Environment.”

The seminar will take place on Monday, November 27, 2023, at 18:00 in Lecture Hall B108, Council Building “Anastasios G. Leventis” at the University Campus.

The keynote speaker for the event will be Yiannis Ioannides, Professor at the Department of Informatics and Telecommunications of the National and Kapodistrian University of Athens, Collaborating Professor at the “Athena” Research Centre, and President of the Association for Computing Machinery (ACM).

For the complete event schedule, please visit the following link.

The second quarter of 2023 witnessed a notable 2.6 per cent increase in the weight of goods transported within Cyprus, compared to the same period last year, according to data released this week by the Cyprus Statistical Service (Cystat).

During the April to June 2023 period, a total of 9.95 million tons of goods were transported within Cyprus, showcasing an upsurge from 9.5 million tons reported during the corresponding period in the previous year.

Moreover, during the same period, the weight of freight transported by road to and from Cyprus also saw a significant uptick, marking a 9.4 per cent increase on an annual basis.

For the January to June 2023 period, there was a 5.4 per cent increase in the total weight of goods transported within Cyprus compared to the same period in 2022.

At the same time, the weight of freight transported to and from Cyprus by road registered a substantial 18.1 per cent increase, according to the Statistical Service.

Contrary to the increase in freight volume, tonne-kilometres for the April to June period decreased to 214 million, reflecting a 9.3 per cent decline compared to the corresponding period last year.

However, for the January to June period, there was a 1.3 per cent increase in tonne-kilometres on an annual basis.

Michaella Savva, Manager of Wealth & Investment Services at Hellenic Bank, shed light on the trends and dynamics shaping pension funds on a global scale during the recently-held 14th Pension Forum titled “The Future of Pensions: Complexity to Clarity.”

According to a statement by the bank, Savva highlighted powerful trends that have transformed our way of working, how we spend our time, and, more broadly, influence society and investment opportunities.

Beyond sustainable development and the shift towards a green economy, Savva underscored the significance of digitisation and the immense potential of artificial intelligence.

“We are witnessing the birth of a technological revolution as groundbreaking as the internet itself,” she stated, emphasising the opportunities for technology companies and artificial intelligence infrastructure.

Regarding demographic changes, she explained that as economies age, healthcare will absorb the largest share of household and government spending, which holds implications for companies in the industry.

Savva also addressed urbanisation trends, noting that people are seeking better education, job opportunities, and city living.

She stressed the need for significant investments in communication networks (e.g., 5G, optical fibres), transportation (e.g., metro, bridges), social infrastructure (e.g., hospitals, schools), and housing.

Highlighting the challenges and the new investment environment, Savva noted substantial investment opportunities, yet not all are equal.

“At Hellenic Bank Wealth, we are selective and prioritise quality across all asset classes,” she concluded.

The Cyprus Stock Exchange (CSE) ended Tuesday, November 14 with minor losses.

The general Cyprus Stock Market Index was at 126.28 points at 13:30 during the day, reflecting a decrease of 0.06 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 76.59 points, representing a drop of 0.05 per cent.

The total value of transactions came up to €231,956.

In terms of the sub-indexes, the main and investment firm indexes fell by 0.14 per cent and 0.79 per cent respectively. The hotel index remained stable while the alternative index rose by 0.15 per cent.

The biggest investment interest was attracted by the Bank of Cyprus (-0.34 per cent), Hellenic Bank (no change), Logicom (+1.48 per cent), K+G Complex (-2.5 per cent), and Demetra (-0.82 per cent).