The government has abandoned the idea of jointly developing Larnaca’s port and marina, announcing instead that it will spend some €30 million to upgrade the marina and surrounding area, heeding the suggestions of the city’s local stakeholders. As for the expansion of the port and marina, Minister of Transport, Communications and Works Alexis Vafeades said […]
The value of cashless transactions in Cyprus reached €129 billion in the second half of 2023, with a total of 152 million transactions, reflecting an increase of 12 per cent and 15 per cent, respectively, on an annual basis. This growth rate outpaced the eurozone average, which saw a 7 per cent increase in transactions […]
Cyprus airports are operating normally despite escalating tensions in the Middle East, according to Hermes Airports. The company reported no flight cancellations or schedule changes on Thursday. Maria Kouroupi, Director of Aviation Development and Communication, emphasised the importance of maintaining uninterrupted flight schedules during the peak summer season. “At the moment, we do not […]
The government has approved Larnaca’s request to develop its port and marina, opting to separate the two projects and proceed with urgent improvements, Transport Minister Alexis Vafeades announced on Thursday. At a press conference, Vafeades outlined the new implementation strategy, which aims to ensure long-term sustainability and allow specialised entities to manage each aspect of the […]
Larnaca is poised for a significant urban renewal, with a series of projects totalling over €22 million set to reshape its cityscape over the next two years. At the heart of the transformation lies a dual-pronged effort to revitalise the city centre. A €5.1 million project will see the complete reconstruction of the commercial district’s remaining unpaved streets, enhancing […]
Larnaca and Paphos airports saw a 4.5 per cent rise in passenger numbers in the first seven months of 2024, compared to last year, according to Maria Kouroupi, Director of Aviation Development and Communications at Hermes Airports. Kouroupi said that July alone saw approximately 1.5 million passengers, marking a 1 per cent increase from the […]
Eurobank announced on Wednesday evening that it had successfully completed its mandatory public offer to acquire up to 100 per cent of the issued share capital of Hellenic Bank. This resulted in Eurobank increasing its direct stake in the Cypriot lender to 55.886 per cent, which was rounded up to 55.9 per cent in the CEO Fokion Karavias’ statements accompanying the […]
Eurobank this week posted an adjusted net profit of €732 million for the first half of 2024, an increase of 22.2 per cent year-on-year, while reported net profit stood at €721 million. In addition, the bank’s financial results for this period showed that earnings per share stood at €0.20, while the return on tangible book value (RoTBV) stood at 18.5 per […]
Real activity growth in Cyprus is projected to gather momentum over 2024 – 2025, the Economics Research Centre of the University of Cyprus (CypERC) said in its July economic outlook. “Real activity growth in Cyprus is projected to gather momentum over 2024 – 2025, driven by robust demand and a tight labour market, the easing […]
The Cyprus Chamber of Commerce and Industry (Keve) this week announced the signing of a cooperation protocol with the Hellenic-German Chamber of Commerce and Industry. “This partnership aims to foster closer collaboration between the two chambers for the benefit of our members, leveraging the expertise and international connections of both organisations,” Keve said in a […]
The University of Cyprus’ Economics Research Centre (CypERC) this week released a report predicting improved economic growth for Cyprus during the 2024-2025 period. According to the centre’s July 2024 issue, this optimistic outlook is attributed to resilient demand, a tight labour market, easing inflationary pressures, and the gradual reduction of interest rates resulting from the […]
Celebrating local life, tradition and of course Cypriot wine is the annual Limassol Wine Festival – a highly-anticipated event for Limassolians. This year it will return to the heart of the city towards the end of summer. Age-old local celebrations centred around wine, dozens of local wine exhibitors, food and cultural events will take over […]
Limassol has cemented its position as the epicentre of Cyprus’ luxury property market, according to new data from Ask Wire. The district accounted for seven of the ten most expensive property sales in the first half of 2024, totalling €116.5 million. The most expensive property sold during this period was a set of offices in Germasogeia, Limassol, fetching […]
International glamour and beauty is coming to Cambodia, with the exciting news that the final of the Miss Grand International 2024 beauty pageant will be hosted in Cambodia and Thailand. The news was announced this morning via social media, with the organizers of the pageant stating: ‘The wait is over! Witness a groundbreaking event in […]
Cyprus has reported a substantial budget surplus of 424.5 million euros for the first half of 2024, a huge increase from the €62 million surplus during the same period last year. This improvement is mainly thanks to a significant rise in government revenue, according to the Statistical Service of Cyprus (CyStat). In the first half […]
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 […]