Labour Minister Yiannis Panayiotou expressed serious concerns on Wednesday evening regarding the impact of the ongoing cement workers’ strike on Cyprus' construction sector. This came after the workers’ unions rejected a mediation proposal aimed at resolving the dispute. “The decision by the unions to reject the mediation proposal, reinstate their initial demands, and continue the strike does not...
Tourist arrivals in Cyprus for January to October 2024 reached nearly 3.73 million, marking an annual growth of 4.6% and a slight rise of 0.81% compared to the same period in 2019—a benchmark year for tourism. October 2024 alone set a new record, with 459,106 tourist arrivals, making it the highest-ever figure for the month, according to the Statistical Service of Cyprus (CyStat). This milestone...
Cyprus has secured the leading position in the European Union for the effective absorption of European funds, as confirmed by Lefteris Christoforou, the Cypriot member of the European Court of Auditors (ECA). Christoforou shared this achievement on Tuesday after meeting with President Nikos Christodoulides in Nicosia, where he presented the ECA’s annual report. Highlighting Cyprus’ success,...
Cyprus is currently achieving the fastest economic growth rates in the European Union, a testament to the dedication of its business sector and strategic initiatives, according to Minister of Energy, Commerce, Industry, and Tourism George Papanastasiou. Speaking at the Annual General Meeting of the Larnaca Chamber of Commerce and Industry on Monday, Papanastasiou highlighted the island's impressive...
The Supreme Constitutional Court is set to issue its verdict on the controversial wealth declaration law, commonly referred to as pothen esches, on Wednesday at 11 a.m., as announced in a post on X. The pothen esches legislation requires public officials and key public figures to submit detailed online declarations of their financial assets. These disclosures must cover not only the assets of the...
Cyprus is seeing encouraging progress in resolving its non-performing loans (NPLs), a longstanding challenge for its financial sector. A report by DBRS Morningstar highlights significant recovery in key NPL projects and credits the island's banking reforms for improving economic stability and credit ratings. The report sheds light on the performance of three major NPL projects: Hestia Financing, Titan...
Israel’s Ambassador to Cyprus, Oren Anolik, underscored the deepening energy collaboration between Israel, Cyprus, and Greece as pivotal for advancing regional security and sustainability. Speaking at the 12th Energy Symposium in Nicosia, Anolik emphasized that these partnerships are vital for shaping a connected and sustainable energy future in the Eastern Mediterranean. Despite the challenges posed...
The inaugural Cyprus Influencers & Creators Festival (CIC) took place from November 8-10, 2024, at the stunning Cap St. Georges Hotel & Resort in Paphos, offering an exciting platform for innovation and inspiration. Set against the picturesque backdrop of Cape St. George, the event gathered over 80 prominent influencers and creators from 14 countries, spanning diverse industries such as education,...
Cyprus is set to face a €30 million reduction in revenue from emissions allowances next year, according to the agriculture ministry. The announcement came on Friday, ahead of parliamentary discussions regarding the ministry’s budget. Agriculture Minister Maria Panayiotou, in a letter to the House Finance Committee, explained that the ministry’s total income for 2025 is projected to decline by 11%....
Famagusta's district office is contemplating a temporary return to paper-based building permit submissions due to persistent inefficiencies with the digital Ippodamos system. District governor and former minister Yiannis Karousos announced the potential shift on Friday, highlighting frustrations with the online platform’s slow response times and frequent outages. Karousos explained to CyBC that...
