The Cyprus Borrowers Association (Syprodat) and Central Bank of Cyprus (CBC) governor Christodoulos Patsalides on Tuesday discussed the need for sustainable loan restructurings, as well as the issue of lending rates. In a statement to the Cyprus News Agency (CNA), Syprodat president Costas Melas described the meeting as constructive. He said that both sides agreed […]
United Kingdom remains key source of tourism, followed by Israel, Poland Tourist arrivals to Cyprus reached 554,923 people in August 2024, an 8.5 per cent increase compared to 511,387 in August 2023, according to a report released on Tuesday from the Cyprus Statistical Service (Cystat). From January to August 2024, a total of 2,758,627 tourists […]
Eurobank’s recent acquisition of a majority stake in Hellenic Bank, Cyprus is set to enhance its credit profile and geographic diversification, according to a statement by credit rating agency Moody’s. Moody’s noted that Eurobank’s newly acquired 55.9 per cent stake in Hellenic Bank, the second-largest bank in Cyprus, adds to its existing presence in the […]
Research Deputy Ministry official Georgios Komodromos on Tuesday said that digital transformation is crucial in improving the country’s competitiveness and economic growth. In a statement, Komodromos outlined the government’s vision for Cyprus to become a regional centre for technology and innovation, saying that Cyprus is currently in its strongest position to pursue this goal. “The […]
Cyprus experienced a 4.8 per cent increase in hourly labour costs during the second quarter of 2024 when compared to the same period from last year. According to a report from the Cyprus Statistical Service, which utilised preliminary data, the rise in labour costs was attributed to increases in both wages and non-wage costs. Specifically, […]
Cyprus’ competition watchdog has ruled that competition in the country’s banking market remains healthy, approving Eurobank’s acquisition of a 26.1 per cent stake in Hellenic Bank. With the transaction, Eurobank now controls 55.9 per cent of Hellenic Bank shares. The Commission for the Protection of Competition’s (CPC) decision, which was made public in the Official […]
While the construction of the new Paphos-Polis Chrysochous highway has faced delays, a parallel issue is causing concern among local residents and stakeholders. The project’s impact on land values and property prices in areas along the new highway’s route is becoming increasingly central to discussions. Landowners and developers in the construction and real estate sectors […]
Cambodia has introduced a new online platform, Cambodia e-arrival, aimed at simplifying the arrival process for international travellers. This innovative system is expected to bolster tourism, attract investors and enhance security in the digital age, tourism insiders said. The Cambodia e-Arrival is a new system designed to make the process easier for arrival to the […]
The scale of the Cypriot economy has already exceeded the current demographic potential of the country, Minister of Labour and Social Insurance, Yiannis Panayiotou has said. He was addressing a conference in Nicosia on technical and vocational education and its connection with the labour market. “The size of the Cypriot economy has already exceeded the existing demographic […]
Total employment in the broad public sector reached 75,714 in the second quarter of 2024, marking an increase of 2,388 persons (3.3%) compared to the same period in 2023, CySTAT has announced. Employment in the General Government sector was 70,011, while Publicly Owned Enterprises and Companies employed 5,703 people. Within the General Government, which includes […]
The job vacancy rate for the second quarter of 2024 stood at 3.0%, consistent with the rate recorded in the first quarter of 2024 and slightly higher than the 2.9% rate recorded in Q2 2023. According to data released by CySTAT, the number of job vacancies in the second quarter of 2024 rose to 13,778, […]
Fitch Ratings on Monday upgraded the Shareholder Support Rating (SSR) of Hellenic Bank Public Company Limited (Hellenic Bank) to “bb” from “bb-“. According to the agency, this follows the recent upgrade of Eurobank S.A.’s Long-Term Issuer Default Rating (IDR) to “BB+” from “BB”. Eurobank, which holds a 55.9 per cent stake in Hellenic Bank, is […]
Cyprus’ competition watchdog has ruled that competition in the country’s banking market remains healthy, approving Eurobank’s acquisition of a 26.1 per cent stake in Hellenic Bank. With the transaction, Eurobank now controls 55.9 per cent of Hellenic Bank shares. The Commission for the Protection of Competition’s (CPC) decision, which was made public in the Official […]
Business accelerator Kinisis Ventures on Monday announced the launch of Kinisis Venture Fund II (KVF II), a new investment fund under the KV Kinisis Ventures Fund in Cyprus. According to an official announcement, the new fund seeks to build on the success of its first fund and recent US partnerships. In addition, the move seeks […]
Cyprus, the sun-soaked Mediterranean island, has long been known for its pristine beaches and ancient ruins. But in recent years, a new attraction has been drawing a different kind of visitor: entrepreneurs and investors looking to tap into the country’s growing startup ecosystem. While the island’s favourable tax regime has certainly played a role in […]
Here are the top business stories in Cyprus from the week starting September 9: Influencers in Cyprus are currently facing increased scrutiny as authorities ramp up checks on tax compliance and transparency in advertising. This initiative aims to protect consumers and follows new EU regulations mandating influencers to disclose their commercial interests in posts. Content creators on platforms […]