At the end of July, the construction of Techo International Airport has reached over 80% completion, with a total investment of approximately $1.2 billion. The project is on schedule to be completed by the end of the year, Sin Chansery Vutha, Undersecretary of State and Spokesperson of the Secretariat of State for Civil Aviation, told […]
Cyprus on Monday became the first country to announce the name of its entry into the 2025 Eurovision song contest, with Theo Evan set to represent the island in Basel. Theo Evan is the stage name of Nicosia-born singer Evangelos Theodorou. Theodorou went to the English School, where he sang in the school choir, before moving […]
Cyprus recorded a significant fiscal surplus of 702.5 million euros for the period of January to July 2024, according to provisional general government fiscal results, released on Friday by the Statistical Service of Cyprus This figure represents 2.2% of the country’s gross domestic product and marks a substantial increase from the €345.9 million surplus (1.2% […]
The economic growth rate for the second quarter of 2024 is positive, estimated at 3.6% compared to the same quarter in 2023. According to the Statistical Service, after adjusting the GDP for seasonal fluctuations and working days, the growth rate is calculated at 3.7%. Regarding the production approach for calculating GDP, the positive growth rate is […]
The Republic of Cyprus is evaluating the updated development and production plan for the ‘Aphrodite’ gas field, which is moving in the right direction, according to President Nikos Christodoulides, who responded to journalists’ queries in Limassol. He stated that a specific proposal has been made and is being assessed by the relevant department. “It is […]
Saudi Arabian Transport Minister, Saleh Bin Nasser Al-Jasser, on Monday visited DP World Limassol’s general cargo and cruise terminal, where he discussed avenues for further cooperation in areas of mutual interest. Cyprus Transport Minister Alexis Vafeades, along with Deputy Minister of Shipping Marina Hadjimanolis, provided a tour of the Limassol port and passenger terminal. They also engaged in discussions […]
The Cypriot economy grew by 3.6 per cent in the second quarter of 2024, compared to the same period in 2023, according to a report released this week by the Cyprus Statistical Service (Cystat). The service also noted that the construction sector was a key economic driver, witnessing growth of 10.4 per cent during this time. Specifically, […]
The Bank of Cyprus completed approximately 41 per cent of its maximum share buyback programme value by the end of August, according to an announcement by the bank. The announcement noted that as of August 31, 2024, the total issued share capital of the bank amounted to 443,894,907 ordinary shares with a nominal value of €0.10 each, with each ordinary share carrying […]
Cyprus’ retail sector experienced growth in July, according to a report released on Monday by the Cyprus Statistical Service (Cystat). According to the report, the retail trade turnover value index rose by 3.4 per cent compared to July 2023, while the volume index increased by 1.2 per cent over the same period. For the period from January to July […]
With India’s economy on the boom and direct flights underway, the Kingdom’s tourism industry stands to benefit from the Asian giant’s economic growth, with numbers expected to shoot up four times, a top official from Cambodia’s tourism ministry said on Saturday in Mumbai on the sidelines of an international exhibition. Hul Seila, Under-Secretary of State […]
Cambodia’s Acting Head of State Hun Sen sought substantial investments from Australian investors, especially in potential sectors. Receiving the newly-appointed Australian Ambassador to Cambodia Derek Yip at the Senate Palace on Friday, Mr Hun Sen hoped that the ambassador would continue to further strengthen and expand the relations and cooperation in all fields between the […]
International Finance Corporation (IFC) – a financial institution that promotes private-sector development in the least developed countries (LDCs) – has increased its investment from $167.5 million to $438.5 million into the Kingdom’s financial sector, a rise of 260 percent over the past five years. Informing this to Aun Pornmoniroth, Deputy Prime Minister and Minister of […]
The Council for the Development of Cambodia (CDC) has speeded up the preparation for a roadmap on the development of the automotive and electronics sectors in the country which will be submitted to the policy committee on economy and finance for approval. CDC First Vice President Sun Chanthol chaired a meeting last week to review […]
Cambodia’s famed Angkor Archaeological Park made $30.33 million from ticket sales in the first eight months of 2024, up 31.3% from $23.09 million over the same period last year, said an official report on Sunday. The Angkor attracted 651,857 international tourists during the January-August period this year, up 30.7% from 498,513 over the same period […]
Here are the top business stories in Cyprus from the week starting August 26: Starting with the economic landscape, the value of Cypriot bonds held by the Eurosystem has decreased to €6.38 billion as the European Central Bank (ECB) proceeds with its balance sheet reduction. These actions represent a strategic effort to tighten monetary policy amid inflation […]
Hellenic Bank on Friday posted a profit after tax of €189 million for the first half of 2024, marking an 18 per cent increase compared to the same period during the previous year. In addition, the bank’s solid capital position was highlighted by a pro forma CET1 ratio of 26.55 per cent and a pro […]