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811. Central Bank governor projects higher economic growth for 2023

On Tuesday, Constantinos Herodotou, the Governor of the Central Bank of Cyprus, announced that the Cypriot economy is projected to grow in 2023 at a higher rate than the Eurozone average. ...

812. Expanding Profitability and Strengthening Capital Position

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

813. Here comes the Digital Euro!

The digital euro is set to be a new form of digital currency from the European Central Bank. It will aim to provide a secure, fast and efficient method of payment in the European Union and will be based on a distributed ledger technology,...

814. 100 Cypriot wines to feature new WineCore logo on packaging

The wine industry in Cyprus is at a turning point, as coordinated upgrading and promotion efforts are underway in both the private and public sectors. ...

815. What's wrong with a little transparency?

There has been a lot of buzz surrounding e-kalathi in recent days. It is an electronic platform that aims to provide consumers with real-time updates on the prices of products in supermarkets, enabling them to easily find the best deals on their preferred products....

816. Household electricity and gas prices surge across EU in 2022

In the second half of 2022, average household electricity prices in the EU continued to show a sharp increase compared with the same period in 2021, from 23.5 euros per 100 kWh to 28.4 euros per 100 kWh in the EU, and from 23.0 euros per 100 kWh to 32.6 euro per 100 kWh in Cyprus, according to data released by Eurostat, the statistical service of the EU....

817. Deutsche Bank to slash 800 jobs as part of new cost-cutting initiative

Deutsche Bank to cut 800 jobs in a new cost-saving drive after reporting a bigger-than-expected rise in profit for the first quarter, a volatile period globally for finance companies....

818. The real estate industry's crucial turning point

The European Parliament recently approved a new bill that aims to tackle climate change by reducing carbon emissions. This new legislation has significant implications for the property markets in Cyprus and Greece, where there is a large stock of buildings over 30 years old and requiring energy upgrades....

819. Energy Minister puts forth Cyprus' natural gas to cut costs for consumers

Cyprus' Energy Minister George Papanastasiou said that, during his discussions with consortiums operating in the Cypriot Exclusive Economic Zone (EEZ), he suggested the option of importing natural gas quantities from the EEZ for power generation, in combination with LNG exports via a small LNG plant....

820. Government continues measures to counter inflationary pressures

The government of Cyprus has decided to continue measures aimed at countering inflationary pressures, including an extension of a subsidy on electricity consumption and a reduced excise tax on fuel....

821. Higher prices for Easter meat: Lamb sees a 25% increase, beef up by 15%

A year ago, reports described Easter dinner as the most expensive in four years. This year's prices are expected to surpass that record, according to the first data from the Easter Price Watch gathered by K and soon to be published by the Consumer Protection Agency....

822. EU calls on aspiring journalists to train in Brussels

The European Commission has announced that it has launched a call for journalism students and young journalists to participate in Youth4Regions, an EU program for budding journalists that includes a week of training in Brussels....

823. EY report: Governments need new ways of working to seize digital opportunities

Governments around the world are at risk of failing citizens through lack of digitalization, according to EY research presented in a new report: “How can government workers and technology align to serve future citizens?”. ...

824. Lack of legal protection in EU adoptions

Intercountry adoption is the adoption of a child habitually resident in one state by parents habitually resident in another state, as defined in Article 2 of the 1993 Hague Convention, which ensures cross-border recognition of adoptions. However, in practice, additional procedures are required for its recognition in certain States, including EU Member States....

825. 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....

826. 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). ...

827. 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....

828. 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."...

829. '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....

830. 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....

831. 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....

832. High prices continue to plague the market

833. Legalities and time constraints delaying repairs of refugee apartments

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

834. 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....

835. 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. ...

836. 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....

837. 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....

838. 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....

839. 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. ...

840. 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....