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571. Missiles filled with water spark corruption scandal

China's army fielded missiles filled with water instead of fuel and arrays of silos with improper lids — examples of military corruption that led to a dramatic purge of top officials, Bloomberg reported, citing US intelligence....

572. EU implements new VAT transparency rules targeting e-commerce fraud

The EU’s new transparency rules against Value-Added Tax (VAT) fraud have come into effect starting on January 1st, the European Commission has announced....

573. Finland and Sweden hit -40°C, breaking winter records

In an unprecedented turn of weather events, Finland and Sweden were plunged into the depths of winter as temperatures hit a bone-chilling minus 40 degrees Celsius, marking the coldest recorded temperatures of the season. ...

574. Cyprus grapples with lingering private debt woes

In Cyprus, the European Commission consistently highlights the significant economic challenge of private debt through regular post-program or post-memorandum reports....

575. Tragic turn for infant found unconscious in Larnaca nursery

In a heart-wrenching incident, police are actively gathering statements from both the family and the nursery in the Larnaca district where a five-month-old infant was discovered unconscious, losing the battle for life on December 29....

576. Massive quake strikes Japan on New Year's Day, leaving 48 dead

In a devastating turn of events, at least 48 people have lost their lives following a powerful earthquake that rocked the central coast of Japan on New Year's Day....

577. Cypriots opt for overseas New Year celebrations

Many Cypriots are traveling abroad this year for the New Year, choosing as destinations mostly Greece and the United Kingdom, but also Central European countries, the President of the Association of Travel Agents (ACTA) Haris Papacharalambous has told CNA....

578. Prison guard arrested in Nicosia drug case

In a recent development in Nicosia, a prison guard employed at the Central Prisons was apprehended in connection with a drug-related case....

579. As 2023 ends, banks and unions lock horns on pay structures

The banks and bank employees' unions are at odds over labor issues and the signing of new collective agreements. As we approach the end of 2023, no significant progress has been made in renewing collective agreements during the outgoing year....

580. Pafos-Polis Chrysochous motorway construction continues amid contractual discussions

The risk of halting construction on the Pafos-Polis Chrysochous motorway has been temporarily averted. In recent days, the construction company formally submitted a series of requests in a letter to the Department of Public Works and the Ministry of Transport,...

581. PwC Cyprus hosts informative CESOP event on new VAT reporting obligation

PwC Cyprus successfully organized a pivotal event entitled ''A New Reporting Obligation on VAT'' at its state-of-the-art experience centre on Monday, 18 December 2023....

582. 2024 budget gets green light – Inside scoop on state wage proposals

The 2024 budget was passed into law relatively comfortably, with a total of 37 MPs voting for it, while 19 were opposed. ...

583. Half of Cyprus loans vulnerable to Euribor and ECB rates

Half of the loans in Cyprus are "vulnerable" to euribor and the European Central Bank's (ECB) key rates. In 2024 and 2025, we may not expect further increases, but rather possible decreases, according to the Central Bank of Cyprus' Financial Stability Report for 2022....

584. Cyprus expands diplomatic footprint, bolsters migration management efforts

President Nicos Christodoulides, leading the Council of Ministers at the Presidential Palace, announced significant developments in Cyprus' foreign policy and measures taken to address migration challenges....

585. AG appeals ruling holding state liable for 2013 Laiki Bank ''haircut''

The Attorney General of the Republic of Cyprus has filed an appeal challenging a decision by the Limassol District Court dated November 8, 2023....

586. President launches state-sponsored arts opportunities for youth

President Nikos Christodoulides announced the initiation of the much-anticipated youth culture card, marking a significant step towards supporting the arts and engaging young minds in the cultural richness of Cyprus. ...

587. CBC warns of non-performing loan surge amid economic challenges

The Central Bank of Cyprus (CBC) issued a warning on Monday, cautioning about the potential influx of non-performing loans (NPLs) driven by high-interest rates and inflation, which are impacting households' disposable income and businesses' profitability....

588. Fire razes hotel in Ireland slated for asylum seekers

A 19th-century Georgian hotel, earmarked for housing asylum seekers, became the epicenter of a police investigation as flames engulfed the vacant Ross Lake Hotel in Rosscahill. ...

589. Themis Themistocleous signals potential 2024 interest rate cut

In their ''Year Ahead 2024'' forecast, analysts at Swiss financial giant UBS anticipate a slowdown in the strength of the US economy throughout 2023. ...

590. One to three-star hotels dominate Greece’s accommodations

Three in four Greek hotels belong in lower categories of one to three stars, representing 50% of the country’s total capacity in terms of rooms, according to data from the Institute of Tourism Research and Forecasts (ITEP) of the Hellenic Chamber of Hotels....

591. Non-performing loans take a €95M dive

As of the end of September 2023, the total Non-Performing Loans (NPLs) in the banking system of Cyprus further decreased to €2.02 billion compared to €2.08 billion at the end of August. ...

592. BOC to revitalize former Orphanides building by 2026

Thoughts from the past year and a half are taking concrete form for the Bank of Cyprus, particularly concerning its plans for the creation of a new central headquarters (BOC Headquarters - Q H)....

593. Cypriots pack bags for record-breaking 2023 getaways

Cypriots are preparing suitcases for abroad, taking advantage of the short holidays offered by the Christmas and New Year celebrations....

594. ''Shine your light''

Several European cities share similarities in building architecture, with central squares capturing visitors' attention. However, each city, including capital cities, boasts a unique history reflected in its grand structures, cathedrals, and fortifications erected primarily for population protection....

595. Deloitte Cyprus CEO on 65 years, challenges, and future strategies

Deloitte Cyprus celebrates 65 years of presence on the island, playing a major role in the financial affairs of the state....

596. Berlin to Paris: First sleeper train in 20 years hits tracks

In a collaborative effort, SNCF and Deutsche Bahn, the French and German national train operators, join forces with Austrian company ÖBB to resurrect the night train experience across Europe....

597. Doughnut diplomacy as Krispy Kreme invades Paris sparking croissant crisis

France, renowned for its culinary artistry, especially in the realm of patisserie, has recently found itself caught in the irresistible allure of the American doughnut, courtesy of Krispy Kreme....

598. Is the digital Euro the ECB's game-changer or a banks' ally?

The digital euro would not be a threat to the role of banks as financial intermediaries, Constantinos Herodotou, Governor of the Central Bank of Cyprus (CBC) and ECB Governing Council member, has said, stressing that the digital euro will be issued and guaranteed by the ECB and not at the level of the member state....

599. Minors still held in adult prisons, urgent action needed

In a concerning development, legislation addressing the detention of minors in adult prisons remains stalled since 2021....

600. Surge in bounced checks worth €1.6 million in 2023