Cyprus on Friday approved Chevron’s development plan for the Aphrodite natural gas field. The development plan includes a floating production unit in Cyprus’s exclusive economic zone and a pipeline to transport natural gas to Egypt, the energy ministry said in a joint statement with Chevron Cyprus Limited (CCL). The project will be developed by a consortium comprising […]

Hong Kong businessman Balram Chainrai plans to upgrade and modernise the Rodon Hotel in Cyprus’s Agros region, as part of a multimillion-euro investment strategy, sources close to the investor told philenews. Chainrai, who currently holds a 35.96% stake in AGRO, the hotel’s parent company, has launched a public bid to acquire 100% of the company’s shares […]

The latest reports from the three major credit rating agencies show a general improvement in the ratings of banks in both Cyprus and Greece, reflecting the broader upgrades of both countries’ economies by these agencies. In addition, continued strong economic performance in both nations is expected to contribute to further upgrades of the banking sector […]

President Nikos Christodoulides this week announced a €122 million initiative designed to significantly enhance infrastructure and public services throughout the Famagusta district. The president outlined the details of this plan, wihch includes 30 new and ongoing projects, during a regional meeting in Paralimni, as part of his broader tour of Cyprus’ municipalities. Christodoulides pointed out […]

Here are the top business stories in Cyprus from the week starting February 10: Cypriot banks have lowered their key interest rates, with expectations of further reductions throughout 2025, in response to decisions made by the European Central Bank (ECB). The director of retail banking at the Bank of Cyprus, Theodosios Theodosiou, stated in an interview with state […]

A pioneering environmental programme in Cyprus is transforming used cooking oil into biofuel by enlisting schoolchildren as collection agents, achieving strides in tackling waste management. The “Tiganokinisi” (frying pan) initiative, which became part of Cyprus’s national curriculum in 2018, reaches more than 80,000 schoolchildren annually through a mobile science laboratory that visits schools across the island. […]

The Environmental Authority has approved the conversion of tourist apartments into a 480-bed hotel in Prodromi, Polis Chrysochous, in a project valued at €55 million. The development, set to become a four-star hotel with capacity for 720 guests, is expected to take 18 months to complete once necessary permits are secured and construction begins. The existing […]

Cyprus experienced growth across a number of key economic sectors, according to the state statistical service. In its latest report, which analysed monthly economic developments from January to December 2024, the service provided a comprehensive overview of the most recent economic trends in Cyprus. The report included a comparison of data from the past four […]

Hong Kong investor Balram Chanrai is steadily increasing his ownership of Agros Development Company ‘Proodos’ Public Ltd, which owns the Rodon hotel in Agros. Based on the announcements on the Cyprus Stock Exchange (CSE), since the beginning of 2025 up to February 12, he has made approximately 20 share purchases, now holding 35.96 per cent […]

Bank also earns key compliance certification The Bank of Cyprus this week presented its revamped branch network model, inaugurating its newly renovated branch on Archbishop Makarios III Avenue in Nicosia. The event, held on Wednesday afternoon, was attended by the Nicosia Mayor Charalambos Prountzos, along with the city’s deputy mayors. Retail Banking Director Theodosis Theodosiou explained that in-store […]

Deputy Shipping Minister Marina Hadjimanolis visited Doha from February 4 to 6, in a move to strengthen maritime ties, according to an announcement released on Friday. Invited by Qatar’s Minister of Transport, the visit provided an opportunity for key discussions on enhancing sustainable development and expanding maritime infrastructure”, with a focus on deepening cooperation between […]

A Cypriot property developer has unveiled plans for a 1-billion-euro mixed-use development in Prastio Avdimou, which could become one of the largest private investments in the country. The project, named St Nicholas Hills, will include a hospital, private school, university, and student accommodation for 12,000, DNP Property Group announced. The development will be built on […]

The environment department has given approval for a €55 million project to convert an existing tourist apartment complex into a 480-bed, 4-star hotel in Polis Chrysochous, it emerged on Wednesday. In addition, the department noted that the approval is subject to specific conditions and input from various stakeholders. According to the environmental study submitted by […]

The European Commission has issued a positive preliminary assessment for Cyprus’ request to receive €76.9 million under the NextGenerationEU programme, which aims to drive Europe’s recovery towards a greener, more digital, and competitive future. According to the European Commission, Cyprus has successfully met the required milestones and targets to qualify for this third payment under the Recovery and Resilience […]

By Associated PressMANILA, Philippines — Philippine President Ferdinand Marcos Jr. thanked Cambodia’s king on Tuesday for granting a royal pardon last year to 13 Filipino women who were convicted of illegally serving as surrogate mothers in the Southeast Asian kingdom. Marcos expressed his gratitude in a meeting with Cambodian Prime Minister Hun Manet , who […]