Industrial output prices in Cyprus continued to decrease in September, showing a 1% year-over-year decline, according to data released on Thursday by the Cyprus Statistical Service (CyStat). In September 2024, the Industrial Output Price Index dropped to 123.4 points (with a base of 2021=100), marking a 0.4% decrease from August and a 1% decline compared to September 2023. Looking at the...
A Cyprus-registered company has been included in the latest US sanctions, aimed at entities and individuals allegedly supporting Russia's ongoing military activities. On October 30, the US Treasury released an updated sanctions list that includes Mostrello Commercial Ltd., a company operating from Cyprus. Mostrello was cited specifically under measures targeting Russia's maritime supply chain, as the US...
The European Commission has remained resolute in its demand that Cyprus repay €68.6 million in grants allocated for the liquefied natural gas (LNG) facility at Vasiliko, according to reports from Monday. These funds represent part of the €101 million total pledged by the EU for this LNG project, which was recognized as a European Project of Common Interest. However, according to Phileleftheros, the...
During a meeting at the House energy committee on Tuesday, officials confirmed there are currently no viable ways to reduce energy costs, which are heavily impacting the prices of essential goods. With inflation weighing heavily on lower-income households, one MP warned that some people are facing "financial annihilation" from the high cost of living. Committee chair Kyriacos Hadjiyiannis from the Disy...
The latest figures from the Central Bank of Cyprus (CBK) reveal a continued decline in the volume of non-performing loans (NPLs) within the country. As of July 2024, NPLs had decreased to €1.652 billion, down slightly from €1.669 billion in June. However, the number of NPL accounts rose by €17 million compared to the previous month. According to the European Banking Authority, loans considered...
A new bill mandating civil engineer inspections of Turkish Cypriot properties before allocation to eligible refugees sparked mixed responses from lawmakers in a House refugee committee meeting on Tuesday. The bill, introduced by MPs Christos Senekis, Nikos Kettiros, and Michalis Yiakoumis, aims to address ongoing issues regarding the condition and allocation of these properties. Following the...
According to a report published last week by Landbank Analytics, Cyprus has seen notable property sales between January and September 2024, highlighting average prices for new houses and apartments across the island's five main cities. Experts have used this data to rank these cities based on property values, revealing that Limassol leads as the most expensive location for both houses and...
ExxonMobil is reaffirming its commitment to the Eastern Mediterranean, with recent expansions into Egypt and Greece and renewed plans for exploration in Cyprus. It has been over two years since ExxonMobil last conducted drilling operations within Cyprus’ Exclusive Economic Zone (EEZ), but the company is preparing to return. Energy Minister Giorgos Papanastasiou recently confirmed that ExxonMobil is...
President Nikos Christodoulides has urged an intensified push to meet his administration’s 88 primary goals for 2024, according to Deputy Minister to the President Irene Piki. During a Cabinet meeting, Piki announced that 51 of these initiatives are either completed or set to conclude in the coming weeks, with 38 finished and another 13 nearing the final stages. However, 37 projects still trail behind...
On October 24, Cyprus hosted a conference led by the Department of Environmental Protection, where chief commissioner Antonia Theodosiou advocated for a ban on construction within 100 meters of the island’s coastline. Theodosiou emphasized that coastal construction projects disrupt local ecosystems and degrade natural landscapes. She pointed out that climate change has worsened these impacts,...
