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91. Shazam founder at the Digital Agenda Cyprus Summit '23

Dhiraj Mukherjee, the co-founder of Shazam Entertainment, pioneered the development of the world's first mobile phone-based music recognition service. This groundbreaking technology caught the attention of Apple, leading to its acquisition in 2017 for a staggering $400 million....

92. Applications open for 'Rent in Exchange' program

"The submission of applications for the 'Rent in Exchange for Installment' program will begin in October," said Ioanna Markidou, Chief Economist A' at the Ministry of Finance, in a statement to CNA....

93. Loan demand in Cyprus falls, interest rates rise

The Cypriot banking institutions are holding a small basket for demand in new loans....

94. Proposed foreclosure reforms spark debate in Cyprus

Three proposals will be discussed at the last Plenary Session of the House of Representatives before the summer recess, along with three scenarios regarding the outcome of the foreclosure framework....

95. Parliament approves foreclosure law

A significant mobilization by the Government and the Central Bank of Cyprus took place this week regarding the framework of foreclosures, primarily to withdraw the "problematic" proposal that, according to the state and banks, would have negative consequences for the Cypriot economy....

96. The government's seven proposals for vulnerable individuals

Finance Minister Makis Keravnos submitted seven government actions aimed at addressing issues related to non-performing loans to Parliament yesterday....

97. President urges solution as foreclosure laws vote approaches

Cyprus is heading towards suspending first residence property foreclosures up to 350,000 euros until the end of October....

98. F-35 approval halted until after Vilnius

Washington’s concern over upsetting Turkey and jeopardizing Sweden’s NATO membership appears to have drawn the Greek F-35 issue into the mix, delaying the official congressional notification, Kathimerini understands, until after the Vilnius Summit in July...

99. MPs move forward with divestment changes

MPs are displaying a resolute determination to press ahead with crucial changes to the divestment framework before the parliamentary summer recess....

100. Cyprus takes center stage as it strengthens its defense planning

Last week, Ankara used the reference to the ''Republic of Cyprus'', the legitimate and internationally recognized state entity on the island of Cyprus, in the ongoing regional plans of NATO as a pretext to derail the process....

101. Anticipating the arrival of natural gas in Cyprus

After attending a workshop on energy issues in Nicosia and engaging in meetings with stakeholders in the UK, George Papanastasiou, the Minister of Energy, Trade, and Industry, is now embarking on a two-day working visit to Israel. ...

102. Cyprus's slow ride on the electric car bandwagon

We are slowly rushing towards zero-emission transportation. The data from new vehicle registrations indicate that while the numbers are increasing, the percentage of electric cars on Cypriot roads remains limited....

103. Climate change and increased wildfires

The occurrence of the first wildfires just before we officially enter the summer period can be perceived as a warning of the danger that Cyprus faces in experiencing extreme environmental destruction from fires in the coming period....

104. Drones revolutionize Russia-Ukraine conflict

The war between Russia and Ukraine is witnessing an increasing use of drones alongside conventional weapons....

105. AI-driven job losses surge marking a disturbing trend

Almost 4,000 people who were laid off in May lost their jobs because of artificial intelligence, and it's the first time AI has been listed in the monthly report from Challenger, Gray, and Christmas....

106. EC challenges 5% VAT proposal for primary residences

Finance Ministry Director-General George Pantelis informed the parliamentary Finance Committee that the European Commission disagrees with the consensual proposal agreed upon in Parliament regarding the imposition of a reduced VAT rate on the construction or acquisition of a primary residence....

107. Divestments trigger a risk of backlash in the Recovery Fund

As Cyprus races against time to secure €1.1 billion in grants and loans from the Recovery Fund (NextGenerationEU) by June 2026, a new challenge arises. ...

108. Russia's Lukoil completes sale of oil refinery in Italy

Russia's second-largest oil producer Lukoil said on Thursday its subsidiary LITASCO had completed the sale of the ISAB oil refinery in Sicily to Cypriot private equity firm G.O.I. Energy following approval by Italian authorities...

109. Expanding Profitability and Strengthening Capital Position

Group Financial Results for the year ended December 31, 2022...

110. Probe into T/C businessman's acquisition of G/C properties in Varosha

Government officials have refuted reports published by T/C newspaper Yeni Bakis which claimed that a T/C businessman had acquired three Greek Cypriot hotels and two floors of apartment buildings in the closed city of Famagusta with the approval of the Ministry of Interior of the Republic....

111. Turkish Cypriot entrepreneur purchases hotels in closed Famagusta

Yeni Bakis reported today that a Turkish Cypriot entrepreneur claims to have purchased three hotels and two floors of apartment buildings from their Greek Cypriot proprietors in the closed Famagusta. ...

112. Finance Minister considers lowering VAT rates for basic necessities

The Minister of Finance of Cyprus, Makis Keravnos, has announced that the Ministry is considering measures for banks and credit-acquiring companies to absorb high-interest rate increases, as well as reducing value-added tax (VAT) for basic necessity products to tackle high prices....

113. Finance Minister requests containment of lending rates for housing loans

The Finance Minister of Cyprus, Makis Keravnos, has written letters to the Director General of the Cyprus Banks Association and the Director General of the Association of Credit Acquisition Companies and Credit Facility Managers, requesting measures to control rising lending rates for serviceable loans up to €350,000....

114. Numerous foreclosure sales expected in 2023 and 2024

The COVID-19 pandemic and the subsequent suspension of divestments since 2020 have led to the creation of a considerable volume of properties for disposal that banks and credit purchase companies have on their balance sheets....

115. BP and ADNOC's bold bid for the Leviathan field

Last Tuesday, British multinational oil giant BP and Emirati Abu Dhabi National Oil (Adnoc, the UAE's state oil company) announced a joint bid to buy 50% of Israel's NewMed Energy in a $2 billion deal. ...

116. Completion of Project Starlight

117. New Jersey and Cyprus armies tie the knot

Cyprus and US relations have never been stronger, Minister of Defence of the Republic of Cyprus Michalis Giorgallas has stressed during the signing ceremony of a State Partnership Program between the Republic of Cyprus and the New Jersey National Guard...

118. Herodotou: 'European banking system in good health'

Governor of the Central Bank of Cyprus (CBC) Constantinos Herodotou said on Wednesday that there’s concern that the banking problems with some European banks could evolve into something bigger....

119. 'Cyprus banking system ready to absorb shocks'

Tasos Yasemidis, an economist, spoke to "SPOR FM 95.0" and the "DIASPORA NEWS" show about the deal for the acquisition of Swiss bank Credit Suisse by UBS and how it affects the banking sector in Cyprus, ...

120. Real estate trends in 2023

Increased inflation, rising interest rates, rising building costs, rising property values, a slight decline in new development approvals, a slight decline to stabilization in the unemployment rate, a slight increase in GDP, and a slight decline in private lending are just a few indicators of the (very) general economic picture....