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841. 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. ...

842. Cyprus sets course for cheaper electricity in 2025

Energy, Commerce, and Industry Minister George Papanastasiou unveiled Cyprus' ambitious plans for the Electricity Authority of Cyprus (EAC) during a press conference in Nicosia on Tuesday. ...

843. Cyprus grapples with energy future amid interconnector debate

The Cyprus Energy Regulatory Authority (CERA) has summoned ADMIE, the country's electricity grid operator, for a crucial meeting on July 15 to discuss new data that could potentially alter a decision barring charges to Cypriot consumers ahead of the Great Sea Interconnector project's implementation....

844. 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....

845. Burberry announces hundreds of redundancies following share price drop

British fashion house Burberry is set to make hundreds of redundancies after a significant drop in its share price. The layoffs will primarily affect employees in the UK, according to a report by the Telegraph....

846. Producers must increase goat and sheep's milk in Halloumi

Agriculture Minister Maria Panayiotou announced on Saturday a new decree to adjust milk quotas for making Halloumi cheese with Protected Designation of Origin (PDO) status. She also revealed financial support measures for the sector....

847. 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....

848. 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....

849. Fikardos Winery: Crafting award-winning Cypriot wines

850. 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......

851. 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....

852. Reflect Festival highlights traffic and housing challenges in Limassol

The recent Reflect Festival brought forth crucial discussions on pivotal issues affecting Limassol, prominently featuring traffic congestion and housing shortages as central topics. ...

853. 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....

854. Younger tourists are choosing Cyprus in the winter

In a bid to extend Cyprus's tourism season, a recent survey commissioned by Hermes Airports highlights promising opportunities for bolstering winter tourism, according to a report by Pavlos Neophytos....

855. Cyprus tightens laws to combat illegal employment

The Council of Ministers has approved three new bills aimed at cracking down on illegal and undeclared work....

856. Dior bags assembled for €53, sold at €2,600

Italian authorities have uncovered stark realities behind the glitz of fashion catwalks and luxury boutiques during recent raids on local factories and workshops involved in the production of Dior and Armani handbags....

857. New pyramid scheme preys on Cypriots promising big profits

In a report by Hectoras Georgiou from Kathimerini, a new company named Metamax has recently popped up in Cyprus, promising substantial profits to users through its application. ...

858. AstroBank wins international recognition for the second consecutive year

AstroBank has been named Best Private Bank – Cyprus by the Global Private Banking Innovation Awards 2024 for the second consecutive year. ...

859. Cyprus secures halloumi PDO status with 5-year plan

Cyprus has been granted a 5-year transition period by the European Commission to comply with the requirements for the production of halloumi......

860. Fitch elevates Hellenic Bank’s credit rating

Fitch Ratings has upgraded Hellenic Bank's Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+', with stable outlook and its Viability Rating (VR) to 'bbb-' from 'bb+'. ...

861. Why building a home is rare today

As discussed in our previous article, the housing landscape in our country is changing, with home ownership rates decreasing and aligning with the European average. ...

862. King Jason Zante Invites Guests to Experience the Art of Slow Living

On June 29th, 2024 King Jason Zante opens its doors and invites discerning travelers to embark on a journey of tranquillity......

863. Monthly car auction returns to Larnaca, featuring Bank of Cyprus vehicles

Car enthusiasts and bargain hunters alike will converge once again on Mosfiloti, Larnaca, as the monthly car auction resumes its cycle....

864. ICT sector powers Cyprus' economic growth

Almost all of the productivity growth in Cyprus' economy over the past three years can be attributed to the Information and Communication Technology......

865. Eurobank gains green light for 100% acquisition of Hellenic Bank

The Cyprus Securities and Exchange Commission (the “CySEC”) approved on 25 June 2024, the publication of the Takeover Bid Document for the acquisition by Eurobank S.A. of up to 100% of the issued share capital of Hellenic Bank, whose shares are listed on the Main Market of the Cyprus Stock Exchange (“CSE”). ...

866. KEDIPES sends first approvals for mortgage-to-rent scheme

State-owned asset management company, KEDIPES began sending the first approvals for eligible borrowers as part of the government-funded mortgage-to-rent scheme....

867. Lids on plastic beverage containers must be attached by July 2024

The Department of Environment within the Ministry of Agriculture, Rural Development, and Environment announced today that starting July 3, 2024, all plastic beverage containers up to three liters in capacity must be sold with their lids and caps attached. This measure aims to reduce plastic waste and its environmental impact....

868. Global giants eye battery storage project in Cyprus

Major global companies like Tesla and Samsung have expressed interest in developing a battery-based electricity storage system in Cyprus, according to Minister of Energy, Trade, and Industry George Papanastasiou. ...

869. Biden-Harris attacks Trump's reproductive rights record with new TV ad

Today marks the two-year anniversary of the Dobbs decision, and the Biden-Harris 2024 campaign has launched a new television advertisement to coincide with the start of debate week....

870. Major shareholders of Bank of Cyprus seek to sell 15% stake

Two major shareholders of Bank of Cyprus, CarVal Investors and Caius Capital, who together hold 15% of the bank's shares, are looking to sell their stake....