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661. Russian tech professionals flock to Cyprus despite sanctions

A recent study by the PACE think tank has underscored the profound transformation of Cyprus' economy amid Western sanctions and the aftermath......

662. Are we in a real estate bubble?

The real estate market has been steadily rising since 2015, marking the ninth consecutive year of growth in the sector. However, this broad trend has not been without fluctuations, particularly influenced by the economic disruptions of the pandemic era. Monthly analyses of transaction numbers and volumes from this platform illustrate these ups and downs....

663. ADMIE pushes for new ruling on power cable costs

Independent Power Transmission Operator (ADMIE) of Greece presented new data to the Cyprus Energy Regulatory Authority (RAEK) on Monday, regarding......

664. Legal challenges mount over Vasilikos Terminal abandonment

Cyprus is preparing for significant changes in its energy sector following the formal termination of the contract between the Natural Gas Infrastructure......

665. Lidl’s 21st store in Paphos boosts Cyprus retail battle

Almost 15 years after Lidl Cyprus entered the Cypriot market, the company is set to open its 21st store in Paphos, specifically in Neon Mall....

666. FT: Unilever to cut 1/3 of office jobs in Europe

Unilever, one of the largest distributors of consumer goods such as Dove, and BEn & Jerry's, Lipton, Knorr, etc., has announced plans to eliminate a third of its office-based roles in Europe by the end of 2025, ...

667. Cyprus boomed in 2022 with more jobs and better services

Cyprus saw a widespread boost in economic activity last year, according to the latest Services and Transport Survey by Cyprus' statistical agency....

668. Cyprus tourism faces €25 million Hit

The president of the Cyprus Hotel Association (PASYXE), Thanos Michaelides, has highlighted the urgent need to extend the tourist season and increase the number of year-round hotel operations. ...

669. 'Land of Tomorrow' set to transform Larnaca's coastline

The coastal community development project, ''Land of Tomorrow,'' is set to transform the industrial image of Dhekelia in Larnaca into a modern and sustainable urban environment. ...

670. Cyprus exports decline sharply while imports see a modest rise

Cyprus saw its trade deficit grow in May 2024, largely due to a significant drop in exports and a slight increase in imports, according to recent data from the Cyprus Statistical Service. The trade deficit for May 2024 was €693.4 million, up from €578.2 million in May 2023....

671. Cyprus ranks among top innovators in Europe

Among the best-performing countries in terms of innovation between 2023 and 2024 is Cyprus, according to the latest European Commission data....

672. Industries expanded in 2022 as Cyprus saw more jobs, higher production

Cyprus saw more people employed in factories and related industries in 2022 compared to the year before, with a 3% increase in jobs. The value of goods produced also went up significantly by 21.2%....

673. Cyprus leads EU in home sales by 31%

Home sales in Cyprus surged by 31% in 2023 compared to the previous year, the highest increase among European Union countries, according to data released by Eurostat, the EU's statistical service....

674. Cyprus remains a strong innovator in European rankings

Cyprus maintains its position as a Strong Innovator in the European Innovation Scoreboard for the 3rd consecutive year, the Deputy Ministry of Research, Innovation and Digital Policy said on Monday....

675. Cyprus charts course for 2025 budget surplus

President Nikos Christodoulides announced during a Cabinet meeting on Monday that the government is on track to achieve a budget surplus for the fiscal year 2025....

676. Cyprus banks receive upgrades, signal economic resilience

In a series of significant upgrades for Cypriot banks, Fitch Ratings has elevated the Bank of Cyprus and Hellenic Bank's credit ratings, underscoring a positive trajectory for the country's financial sector, according to a report by Panayiotis Rougalas in this Sunday's Kathimerini....

677. Goody's returns to Nicosia

The beloved Greek fast food chain Goody's has made a triumphant return to Nicosia, opening its doors at The Mall of Cyprus on June 19, according to a report in this Sunday's Kathimerini by Anna Polyviou....

678. Cyprus' 300 fintech firms boost economy, says Georgoulas

The Economist's 28th Annual Government Roundtable concluded with great success in Greece, running from July 2-4....

679. Cyprus President meets business leaders on HR, energy, and tax

680. Ice cream prices melt wallets by 8.07% more

As temperatures rise, so do the prices of summer essentials in Cyprus, with ice creams, package holidays, and hotel stays seeing noticeable hikes compared to last month, according to data released by the Cyprus Consumers Association....

681. Luxury retailers Saks and Neiman Marcus merge in big deal

A new luxury retail giant is emerging in the United States as the parent company of Saks Fifth Avenue acquires Neiman Marcus for $2.65 billion....

682. Cyprus requests €89.2M in EU grants for recovery plan

The European Commission received a payment request on Thursday from Cyprus for €89.2 million in grants, netting €76.9 million after pre-financing....

683. Greece bucks trend with six-day work week

Greece has introduced a six-day working week for certain businesses in an effort to increase productivity and employment, according to a report by CNBC. ...

684. Green Line: Trade and crossings surge, irregular migration declines

Trade and personal crossings across the Green Line in Cyprus saw significant increases in 2023, while irregular migration dropped by more than 50%, according to the annual European Commission report on the implementation of the Green Line Regulation published Thursday....

685. Cyprus risks losing €657M EU grant for Interconnector project, says Energy Minister

Energy Minister George Papanastasiou expressed concerns over the potential withdrawal of a €657 million subsidy by the European Commission for the electricity interconnection project between Cyprus and Greece......

686. Temu, Shein & Ali Express: EU cracks down on Chinese imports

The European Union is taking steps to clamp down on the surge of low-quality Chinese imports flooding its markets. According to sources speaking to the Financial Times, the EU plans to impose tariffs on cheap products from platforms like Temu, Shein, and AliExpress....

687. Cyprus trade sector sees 20.7% surge in 2022 turnover

Turnover in the broad trade sector increased in 2022 by 20.7%, according to the results of the Wholesale and Retail Trade Survey, published by the Statistical Service on Wednesday....

688. CBC to keep dividends low despite bank profits

The increased profitability of Cypriot banks, will not affect the supervisory authorities’ views over the necessity to maintain a prudent policy with respect to banks’ dividend payments, the Central Bank of Cyprus said in its annual report for 2023, published on Wednesday....

689. Ygea Farm receives accolade for organic egg production

George Konstantinides established Ygea Farm two decades ago in the fertile meadows just outside Mathiatis. ...

690. ECB concerned over Cypriot bank profit tax proposal

In 2023, Cypriot banks reported unprecedented profits, marking a 15-year high, with projections suggesting even greater earnings in 2024....