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511. Prem Watsa: 'Greek banks are safer'

Greece has entered a virtuous cycle of growth, and the next few years will be especially beneficial to the economy and Greeks if political stability is maintained and business-friendly policies are implemented....

512. Cyprus' hourly labor costs below EU average at 19.4 euros

The average hourly labor costs in Cyprus increased from €18 in 2021 to €19.4 in 2022, according to Eurostat. Hourly labor costs were the lowest in the EU in Bulgaria (€8.2) and Romania (€9.5), and highest in Luxembourg (€50.7), Denmark (€46.8) and Belgium (€43.5). ...

513. Lawmakers discuss special energy plans for refugees and large families

Lawmakers in Cyprus are urging relevant agencies to create two special plans for the installation of photovoltaics, energy-saving, and subsidizing electric mobility for refugees and large families....

514. Keravnos urges banks to restructure loans and keep rates low

Cyprus Finance Minister Makis Keravnos has urged banks to restructure loans, maintain low lending rates and bank charges, and increase deposit rates in light of continued basic rate hikes by Central Banks. He warned that otherwise the government "would make different thoughts."...

515. 'Mansion tax' introduced to help homeless Californians

Some of the biggest names in Hollywood are rushing to sell their multi-million-dollar houses in Los Angeles before a new “mansion tax” kicks in on April 1....

516. Why does the EAC block the installation of solar panels?

"The weaker the government, the stronger the bureaucracy," said the French anthropologist Gustave Le Bon. And he didn't say it by accident....

517. Marinas of the future with antiquated regulations

The need to modernize marina legislation was raised before the House Commerce Committee, with its chairman, Kyriakos Hatzigiannis, declaring his willingness to move forward with a legislative proposal....

518. High prices continue to plague the market

519. Legalities and time constraints delaying repairs of refugee apartments

Attempting to overcome legal and time constraints in the construction of refugee apartment buildings...

520. 1 billion euros from the EU for Turkey's reconstruction

Ursula von der Leyen, President of the European Commission, and Ulf Kristerson, Prime Minister of Sweden, who holds the EU Council presidency, are hosting a donors' conference in Brussels today to raise funds and coordinate aid to those affected by the earthquakes in Turkey and Syria....

521. Inflation sees downward trend for 7th month in a row

The cost of living in Cyprus has decreased for the seventh month in a row, with the rate of inflation dropping to 6.7% in February. This is down from a peak of 10.6% in July 2022. ...

522. MEP's pass bill banning home sales or rentals without energy upgrade

All properties available for sale or rent must incur compulsory energy upgrade costs, costing tens of thousands of euros, from 2030 onward, based on what is stated in the relevant European Union directive....

523. Petrol stations open their doors to electric mobility

Petrolina Holdings Public announced last month the installation of the first state-of-the-art electric vehicle rapid charging charger at its petrol station in Larnaca's GSZ district....

524. 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....

525. US specialist in Cyprus to treat patient's rare disease, 100% funded by EU

A significant development in the EU medical industry has occurred in Cyprus involving EU cross-border treatment. Greece's National Healthcare Service (EOPYY) recently approved using the "Planned medical treatment abroad" scheme to cover the costs of a Greek patient receiving surgical treatment for a rare disease by a world-leading US-based surgeon in a private hospital in Cyprus. ...

526. Digital app to compare product prices in the works

Following the withdrawal of the Household Basket proposal in Cyprus, the Consumer Protection Service is now promoting the preparation of a bill for the implementation of a digital tool that will enable the daily comparison of retail prices of products....

527. Tourists are spending 13% more in Cyprus

If there is one thing that has changed in the past year's data on the tourism industry, it is the realization that, even though there are fewer visitors coming in than in 2019,...

528. Toblerone forced to change logo due to its un-'Swissness'

The most famous mountain in Switzerland is no longer appropriate for Toblerone to use on its packaging. Due to its decision to relocate a portion of its production to the Slovakian capital, Bratislava, this year, US company Mondelez, ...

529. Cyprus asks for more assistance to stem Green Line flow

The Permanent Secretary of the Ministry of Interior Dr. Costas Constantinou requested during the informal Ministerial Meeting of the MED5 (Greece, Italy, Spain, Malta and Cyprus) the assistance of FRONTEX to limit the flow of irregular migrants from Turkey through the Green Line, while the issue of the Green Line was also included in the joint communiqué that was signed by the participants....

530. Island bids farewell to Cypriot victims of Greek rail disaster

The remains of two young Cypriots who perished in Greece’s deadly rail disaster arrived on the island on Sunday, with both families of the victims requesting a media blackout as they bid farewell to their children...

531. Reduction of electricity costs a priority, says new Energy Minister

One of the first priorities of the new administration will be to reduce the cost of electricity, in order to help the industry and the economy reach the potential “they deserve”, new Minister of Energy, Commerce and Industry Giorgos Papanastasiou said on Wednesday....

532. Akamas compensation guidelines poses risks, says Finance Minister

"The guidelines for compensating landowners in Akamas for the loss of land value they have incurred and providing assistance to the neighborhood are speculative and ill-defined....

533. EY presents report on the Future of Banking in Cyprus

The report showcases the importance and contribution of Cypriot banks to the wider economy and society, and identifies current and upcoming challenges and opportunities...

534. Electricity subsidies extended for another two months

The Council of Ministers, which convened on Wednesday for the last time under outgoing President of the Republic Nicos Anastasiades, approved the extension of a subsidy for the cost of electricity consumption as well as reduced excise for specific products....

535. Fruits and vegetables being rationed in Britain

Supermarkets across the country have begun rationing fresh food items in a move that is expected to last “weeks”....

536. Thinking of investing in real estate? Don’t do it.

A lack of financial literacy can lead people to consider investing in direct real estate. This a provocative statement to say the least, so let me explain....

537. Bank of Cyprus: 71 million in profits in 2022

Bank of Cyprus' profit for 2022 was 71 million euros, up from 30 million euros in 2021....

538. Lagarde announces a new interest rate hike in March

European Central Bank President Christine Lagarde reiterated in a speech to the European Parliament that the ECB intends to raise borrowing costs by half a point next month....

539. All new city buses in the EU to have zero emissions by 2030

The Commission of the European Union has presented a plan through which it requires new buses operating within the bloc to have zero emissions by the year 2030....

540. PwC: 5.2 billion in real estate transactions in 2022

Transaction volumes in the real estate and land development sector have surpassed those of 2019. According to the most recent PwC Cyprus publication, the total value of transactions in 2022 will reach €5.2 billion,...