International credit rating agency Standard & Poor’s (S&P) this week upgraded the long-term credit rating of the Bank of Cyprus to BB+ with a positive outlook. This upgrade follows S&P’s recent upgrade of Cyprus’ sovereign credit rating last Friday, which also received a positive outlook. In addition, the agency explained that the upgrade reflects the […]
The Research and Innovation Foundation (RIF) this week announced the launch of a new programme titled “Enterprises Capacity Building in New Product Development.” According to the announcement, this initiative aims to bolster businesses with 30 or more employees, enabling them to recruit qualified personnel and innovate with new products or services. To streamline the process, […]
Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou on Thursday set a forward-looking tone at the 3rd CITEA Digital Cyprus Conference, focusing on the potential and strategic importance of both Artificial Intelligence (AI) and data in shaping Cyprus’ digital future. In a virtual address from Athens, Damianou reflected on his participation in a […]
The Cabinet has approved a proposal by Finance Minister Makis Keravnos for the extension of measures to compensate the living costs of Cypriot households. They fall in the framework of targeted measures, taking into account the fiscal conditions and challenges as well as the summer climate conditions on the island, Government Spokesperson Konstantinos Letymbiotis said, following the Cabinet’s […]
The tourism industry is set for a significant boost during the upcoming Festival of the Flood (Kataklysmos) long weekend, with locals and foreign visitors alike expected to take advantage of the favourable weather and extended break. Hotel occupancy rates are projected to surpass 80% nationwide, exceeding 90% in some popular destinations, according to Philokypros Roussounides, […]
The Central Bank of Cyprus has revised its 2024 forecast for GDP growth to 3%, from 2.8% that was expected last March, mainly due to the upward revision of domestic demand, while it maintained its forecast for growth in the years 2025 and 2026, at 3.1% and 3.2%, respectively. According to the CBC’s macroeconomic forecasts (June […]
The EU Cohesion Policy, which finances development projects and reforms in the Member States, invests significantly in the green and digital transition and should respond to its role in ensuring economic, social and territorial cohesion, Finance Minister Makis Keravnos has said. He was speaking during the General Affairs Council of the EU which was dedicated […]
The government extended its anti-inflation package for four months, aiming to ease the burden of rising prices on households and businesses. The Council of Ministers approved the extension on Wednesday. The extended measures include: Government Spokesman Konstantinos Lettymbiotis emphasised the administration’s commitment to responsible fiscal policy while providing targeted support. He highlighted efforts to strengthen […]
The Central Bank of Cyprus has revised its 2024 forecast for GDP growth to 3%, from 2.8% that was expected last March, mainly due to the upward revision of domestic demand, while it maintained its forecast for growth in the years 2025 and 2026, at 3.1% and 3.2%, respectively. According to the CBC’s macroeconomic forecasts (June […]
Prime Minister Hun Manet and Singapore Prime Minister Lawrence Wong have decided to set up a joint working group to promote trade and investment between the two countries and also agreed to operate more direct flights to encourage tourism. The decisions were taken when the two Prime Ministers, accompanied by top officials, met on Tuesday […]
Firm and salty, Halloumi cheese is best when cooked and can stand up to countless preparations, from grilling to frying. This white cheese originated on the Mediterranean island of Cyprus, and is traditionally made with sheep’s milk, though you’ll also find cow’s and goat’s milk versions, or ones that are made with a combination. Halloumi […]
“We predict that real estate prices in the area will rise by double digits in the coming years,” Bell Real Estate Group claimed yesterday (Sunday) at the launch event of its flagship project in Larnaca, Cyprus. The elegant complex, spread over approximately 4 hectares, includes 7 architecturally designed buildings with 304 low-rise housing units, three pools, ornamental […]
Freedom Holding Corp. (FRHC), the parent company of Freedom24, this week reported record-breaking results for the fiscal year ending March 31, 2024. During this period, the holding company’s revenue doubled to $1.6 billion, while net income rose by 82 per cent to $375 million. The significant revenue growth was primarily driven by increases in interest […]
‘I don’t know what Paradise is like, but I hope it smells of Cyprus!’ ALIX NORMAN discovers one of the island’s towns has been named a ‘Best-Smelling City’, and asks what aromas most strongly trigger our memories Watch people disembarking from a plane in Larnaca or Paphos, and it’s immediately clear who’s been to Cyprus […]
Tourist arrivals in Cyprus displayed a slight yet steady increase in May 2024, compared to the same month last year, with the primary markets sustaining robust performance levels, the Cyprus Statistical Service (Cystat) revealed on Monday. Notably, the figures for this period show a rise in tourist numbers to 421,400 from 420,076 in May 2023, […]
Tourist arrivals in Cyprus displayed a slight yet steady increase in May 2024, compared to the same month last year, with the primary markets sustaining robust performance levels, the Cyprus Statistical Service (Cystat) revealed on Monday. Notably, the figures for this period show a rise in tourist numbers to 421,400 from 420,076 in May 2023, […]