Newsroom
From electricity bills getting a surprise bump to football clubs sliding past tax rules (again) and a Nicosia street project taking a literal U-turn, this week was full of plot twists. Add in nervous teachers, merger-shy businesses, and a fresh dose of global tariff drama, and you've got yourself a front-row seat to the mess, the maneuvering, and the moments that matter.
Electricity hike back on the table – but not as steep
After pushback and a brief pause, President Christodoulides gave the green light for a smaller hike in electricity bills. The Electricity Authority of Cyprus (EAC) warned that without an increase, it couldn’t keep up with investments or remain financially sound. So instead of the full 7.5% rise originally proposed, the government approved a modest half-step hike. This marks the first successful attempt in three years after repeated rejections of EAC’s requests.
Football farce: tax rules bent for clubs—again
A game of political hot potato, just in time for 'World Potato Day', unfolded over football club licensing and tax debts. Despite loudly promising “no special treatment” for football companies, the government quietly gave the green light for tax debt settlements without the clubs meeting basic financial criteria. Finance Ministry officials stayed mum while the Cyprus Football Association (CFA) scrambled to keep clubs eligible for European tournaments. Critics are calling it hypocrisy at best and favoritism at worst.
Teachers on edge over evaluation reform
Teachers’ unions are bracing for a long, hot summer of negotiations. The government’s plan to overhaul teacher evaluations sparked pushback from the primary teachers' union (POED), which is already lobbying political parties. After meeting with DISY leader Annita Demetriou, it’s still unclear where she stands, and even less clear what the unions oppose exactly. While we’re not at 2018 protest levels yet, tensions are rising.
EU-funded street redo...undone?
The transport minister slammed Nicosia Municipality for its decision to reopen Makarios Avenue to cars, reversing an EU-funded project aimed at promoting walking, cycling, and public transport. The city had committed to creating a low-emission zone. Instead, it’s taking a U-turn, with the minister warning such moves need proper studies, not just spur-of-the-moment decisions that risk losing EU support.
Family businesses fear the “M” word—mergers
With costs up and spending down, more Cypriot businesses are looking into mergers and acquisitions as a survival strategy. But many family-owned firms still see M&A as taboo. The Cyprus Chamber of Commerce is urging companies to shed the stigma, saying banks are ready to help with financing and advice. Whether the message sticks, especially among smaller players, remains to be seen.
Trade tariffs: chaos continues
Just when markets cheered a US court ruling against Trump-era tariffs, the Biden administration appealed, bringing uncertainty roaring back. While the court had flagged an abuse of power, Washington is standing firm: tariffs will stay one way or another. With more lawsuits in the pipeline, the global economic jitters aren’t going anywhere soon.
