ExxonMobil’s commitment to the region is proved by its extension to Egypt and Greece and renewed interest in Cyprus It has been over two-and-a-half years since ExxonMobil last drilled in Cyprus’ EEZ, but the company is about to come back. In an interview earlier this month the minister of energy, Giorgos Papanastasiou, confirmed that ExxonMobil […]
There have been significant changes to the tourism map of Cyprus since the record year of arrivals in 2019, with markets that were in the top positions five years ago slipping down the list and others showing a marked increase. The only market that has not only withstood the test time, but also cemented its […]
Here are the top business stories in Cyprus from the week starting October 21: A significant share of Cypriot wealth continues to languish in low-interest bank deposits, despite alternative investment options, according to Phanos Vladimirou, senior investment specialist at Athlos Capital. He attributed this persistent trend to excess liquidity, low competition, and a lack of financial […]
Cyprus will switch to winter time early Sunday morning, with clocks moving back one hour from 04:00 to 03:00 on October 27. The time change follows the European Union’s daylight saving system, which aims to better utilise daylight hours for energy conservation. Summer time operates for seven months in Europe, while winter time (or solar […]
Intensive and persistent consultations and negotiations between Cyprus’ Natural Gas Infrastructure Company (ETYFA) as China’s CMC consortium have ‘unblocked; the procedures relating to the “Prometheus” floating natural gas gasification unit, which, based on the agreement reached, will be delivered to the Cypriot side within 60 days. This development is characterised as very important, both by […]
The Cyprus Stock Exchange (CSE) and Invest Cyprus, the country’s official investment promotion agency, signed a Memorandum of Understanding (MoU) on Friday. According to a joint statement from the two organisations, the agreement aims to strengthen their collaborative efforts in attracting investments to Cyprus. In addition, the announcement said that “the partnership will focus on […]
Cyprus’ Composite Leading Economic Index (CCLEI), maintained by the University of Cyprus’ Economics Research Centre (CypERC), recorded a year-on-year increase of 1.1 per cent in September 2024. This follows annual growth rates of 0.8 per cent and 0.4 per cent in August and July 2024, respectively, according to recently revised data. The Economics Research Centre […]
The Bank of Cyprus’ compliance team has received significant recognition from the Association of Compliance Officers in Greece, according to an announcement released this week. The Compliance Awards ceremony took place in Athens, with Greek Minister of Economy and Finance Kostis Hatzidakis in attendance. The Bank of Cyprus won the gold award for the best […]
Cyprus introduced its first zero-emission vessel, Evploia Aphrodite, at Larnaca Marina this week, with the support of Deputy Shipping Minister Marina Hadjimanolis. Evploia Aphrodite, developed by the Cyprus Marine and Maritime Institute (CMMI) with funding from the EU’s Co-Develop programme, is a fully electric vessel that reduces emissions along Cyprus’ coastline. It’s part of the […]
An increase in property sales reported yesterday by the Ministry of Interior has sparked concerns about the sector’s future trajectory, particularly for 2025, despite current positive growth indicators. Industry professionals warn that the combination of high demand, reduced supply, and delays in new stock entering the market could trigger further price increases. According to Land Registry data […]
The European Central Bank (ECB) has scope to further cut its key interest rates as inflation moves closer to its target, but it should remain vigilant about potential upside risks, according to Christodoulos Patsalides, governor of the Central Bank of Cyprus and ECB Governing Council member. With the eurozone economy showing signs of slowing and […]
Cyprus is seeing increased travel activity for the upcoming October 28 holiday weekend, with Greece and the UK remaining the most popular destinations, according to travel industry representatives. “We are observing heightened travel movement from Cypriots during the October 28 weekend,” said Haris Papacharalambous, president of the Association of Travel Agents. He noted that many […]
New residential property sales in Cyprus showed strong growth in the first nine months of 2024, with apartments dominating the market, the Ministry of Interior reported. Data from the Department of Lands and Surveys revealed a 19.2% increase in overall residential sales compared to the same period last year, with 5,253 sale contracts filed between January and […]
Strong revenue growth, mainly stemming from social security contributions and corporate income tax, have been the main driver of Cyprus’ strong fiscal outcomes which have “improved markedly in recent years,” international ratings agency, Morningstar DBRS has said. The agency said in commentary that Cyprus’ strong fiscal outcomes were a key-driver for the trend change of […]
Strong revenue growth, mainly stemming from social security contributions and corporate income tax, have been the main driver of Cyprus’ strong fiscal outcomes, which have “improved markedly in recent years,” international ratings agency Morningstar DBRS has said.
The Cyprus Recovery and Resilience Plan Directorate is currently working with the European Commission to make amendments to the Recovery and Resilience Plan. The goal is to ensure timely implementation and to redirect funds from less popular projects to more promising ones. Initially, 40 projects worth 350 million euros were approved, but some, such as […]