Cyprus’ construction sector has clinched a landmark collective agreement that promises to significantly enhance the livelihoods of its approximately 40,000 workers. The deal, finalised after protracted negotiations, introduces substantial wage hikes, restores previously slashed earnings and expands worker benefits. Key provisions of the agreement, which extends until the end of 2027, include annual salary increases of […]
The deputy ministry of tourism and Deloitte Triton Paphos Marina Consortium signed on Monday a 30-month contract to provide consulting services over the tender process for the Paphos marina development. The aim of the contract is to create a tender process that will lead to the selection of a strategic investor, which will develop the […]
The Centre for Entrepreneurship at the University of Cyprus on Monday announced the launch of the 2024 Cypriot Entrepreneurship Competition (CyEC). According to the announcement, the competition, which is organised annually by the centre, under the auspices of the Ministry of Energy, Commerce and Industry, aims to promote entrepreneurship and innovation in the modern economy. […]
Cypriot real estate data analytics firm, Ask Wire on Monday published a report detailing the ten most expensive real estate sales transactions in Cyprus for the first half of 2024 across the island. The top transactions, completed between January and June, amassed a total of €144.9 million. Notably, the most expensive sale was an office […]
Cypriot Artistic Gymnastics champion, Marios Georgiou, qualified on Saturday in Paris in the Men’s Horizontal Bar category final, which will be held on August 5. President Nikos Christodoulides, who watched Georgiou compete and qualify for gymnastics’ horizontal bar final on Saturday in Paris, told the press team of the Cyprus Olympic Committee that he was “moved” […]
In a major expansion of its retail network, Lidl Cyprus opened its newest store in the Neon Mall of Pafos on July 24, 2024, marking the third Lidl store in a row in the Paphos district and the 21st in Cyprus. The opening ceremony was attended by distinguished guests, including local officials, partners and members of the company, friends […]
Here are the top business stories in Cyprus from the week starting July 22: The European Central Bank (ECB) recently decided to maintain interest rates at their current levels but indicated that the upcoming September meeting is “wide open,” given the downgraded economic outlook for the eurozone and predicted continued falling inflation. ECB President Christine Lagarde […]
The artefacts’ repatriation marks the end of decades-long legal battles and efforts to recover the nation’s cultural heritage. Cyprus have unveiled a remarkable collection of ancient artefacts, some dating back thousands of years, that were returned after being looted decades ago by a notorious Turkish art dealer. Aydin Dikmen took the treasures from the country’s […]
Passenger numbers on flights between Belgrade and the Cypriot city of Larnaca have continued to grow into 2024 following last year’s record levels. During the first half of this year, a total of 75.338 passengers flew between the two cities on Air Serbia and Wizz Air flights, with the figure growing 3% on 2023, despite […]
The Republic of Cyprus, even though not a member of the Organisation for Economic Co-operation and Development (OECD) for political objections and not able to partake to the relevant consultations at the Inclusive Framework (IF) OECD level, has been supportive of the OECD/G20 BEPS actions and the work undertaken so far by the OECD/G20 and […]
“We expect to close the minimum size in the autumn and start operations, with the remainder of the financing amount to be raised soon thereafter,” Demetrios Zoppos, the co-founder of 33East, the VC firm selected to steer the Cyprus Equity Fund’s capital has told CBN. He was speaking to CBN soon after The Bank of […]
Nicosia and London-based Journey Mentor, a travel-tech SaaS company, has announced that it has been awarded a five-year IT contract by Total Air Services Ltd (TAS), a prominent provider of aviation services in Bangladesh. According to the announcement, the deal aims to enhance TAS’s travel solutions with Journey Mentor’s suite of innovative IT tools. Paul […]
A €50 million contract for Advanced Metering Infrastructure (ΑΜΙ) was signed on Wednesday between the Electricity Authority of Cyprus (EAC) and the Cyprus Telecommunications Authority (CYTA). Minister of Energy, Commerce and Industry, George Papanastasiou, who addressed the signing ceremony, noted that this is a milestone for the progress of the project and the government’s energy saving goals. The Minister noted […]
Money management app Plum, which has offices in Nicosia, Athens and London, announced this week that it raised more than £16 million in its Series B round. Series B financing is the second phase of funding for a company that has achieved specific milestones and progressed beyond the initial startup phase. In addition, Investors in […]
The first investments from the Cyprus Equity Fund, established by the Cypriot government in collaboration with the European Investment Fund (EIF), are expected to commence in the autumn, it emerged on Thursday. The fund, with a total budget of €37.5 million, aims to bridge the financing gap in entrepreneurship and innovation. According to statements made […]
The opening of Salina Park, Larnaca’s newest urban green space, has been delayed by two months due to the summer heatwave. The park, which was originally slated for completion in August, is now expected to open in October. Mayor Andreas said that the contractor was granted justified extensions due to the extreme weather conditions. The 14,000-square-meter park […]