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691. MPs debate executive bonuses in semi-governmental organizations

The issue surrounding the renewal of Cyprus Telecommunications Authority (CYTA) CEO Andreas Neocleous's contract for another five years and a requested bonus sparked discussions within the Council of Ministers about executive bonuses in semi-governmental organizations. ...

692. Bank of Cyprus expands with €58M loan acquisition

Agreement for the Acquisition of a Performing Loan Portfolio. ...

693. Labor Minister responds to industry staff shortages, urges caution in demands

In response to demands from employer representatives regarding staff shortages in retail, catering, and the hotel industry, Minister of Labour and Social Insurance, Yannis Panagiotou,...

694. Stellantis Group shifts gears in Cyprus, hands dealerships to CIC Automasters

In a significant development for Stellantis Group's car dealerships in Cyprus, the renowned global car manufacturer is set to transfer operations to CIC Automasters Group. ...

695. Over 215M COVID vaccines trashed, €4B down the drain

In a concerning revelation, European countries have disposed of more than 215 million doses of COVID-19 vaccines, originally procured at the peak of the pandemic....

696. Businesses to cut greenhouse gas targets by 10%

Businesses revise climate targets as reality of long-term sustainability transformation hits. Sustainability progress plateaus as short-term pressures and external forces hit CSO agenda....

697. CBC warns of non-performing loan surge amid economic challenges

The Central Bank of Cyprus (CBC) issued a warning on Monday, cautioning about the potential influx of non-performing loans (NPLs) driven by high-interest rates and inflation, which are impacting households' disposable income and businesses' profitability....

698. Workforce crisis grips Cyprus as 12,000 job vacancies surge

In the hotel, catering, and retail sectors, an estimated 12 thousand personnel needs have prompted relevant professional associations to jointly appeal to the Ministry of Labour, seeking simplified procedures for hiring staff from third countries....

699. Lisbon's homes unaffordable as prices hit record highs

In a dramatic twist, Lisbon finds itself grappling with a housing crisis, ranking second only to Athens in soaring housing costs among major European cities, reports Bloomberg. ...

700. Themis Themistocleous signals potential 2024 interest rate cut

In their ''Year Ahead 2024'' forecast, analysts at Swiss financial giant UBS anticipate a slowdown in the strength of the US economy throughout 2023. ...

701. Government seeks €1B via EMNT bond in 2024

Cyprus’ financing needs for 2024 amount to €1.3 billion, largely to be covered by the issuance of a €1 billion EMNT bond, the Finance Ministry’s Public Debt Management Office (PDMO) has said. ...

702. Interior Minister highlights 75% reduction in African arrivals

In bilateral meetings held in Geneva, Interior Minister Konstantinos Ioannou emphasized the shift from illegal to legal migration channels, as stated in a press release by the Interior Ministry on Friday. ...

703. Government joins elite with third plea for €152.3M

Acting Permanent Secretary of DG Growth at the Finance Ministry, Andreas Zachariades, said on Thursday that as of Friday, Cyprus will be among the first ten EU member states that have submitted the third payment request from the Recovery and Resilience Mechanism of the EU....

704. Interior Minister considers plan with IOM to boost international workforce

Interior Minister Constantinos Ioannou has conveyed to IOM (International Organization for Migration) Director General Amy Pope Cyprus' willingness to look into implementing a pilot programme to attract labour force from third countries....

705. European data shows low interest payouts by Cypriot banks

Cypriot banks rank second to last among European banks in terms of paying interest on total household deposits, according to data released on Wednesday by the European Banking Authority (EBA), as part of its annual risk assessment of the European banking system....

706. One to three-star hotels dominate Greece’s accommodations

Three in four Greek hotels belong in lower categories of one to three stars, representing 50% of the country’s total capacity in terms of rooms, according to data from the Institute of Tourism Research and Forecasts (ITEP) of the Hellenic Chamber of Hotels....

707. Non-performing loans take a €95M dive

As of the end of September 2023, the total Non-Performing Loans (NPLs) in the banking system of Cyprus further decreased to €2.02 billion compared to €2.08 billion at the end of August. ...

708. Chinese elite move billions abroad in economic shift

In a remarkable shift this year, affluent Chinese have moved hundreds of billions of dollars out of the country, capitalizing on the end of COVID precautions that had tightly sealed China's borders for nearly three years....

709. BOC to revitalize former Orphanides building by 2026

Thoughts from the past year and a half are taking concrete form for the Bank of Cyprus, particularly concerning its plans for the creation of a new central headquarters (BOC Headquarters - Q H)....

710. Deloitte Cyprus CEO on 65 years, challenges, and future strategies

Deloitte Cyprus celebrates 65 years of presence on the island, playing a major role in the financial affairs of the state....

711. State employees brace for 25-30M euro salary squeeze

The agreement signed with unions PASYDYS and SEK is set to bring an annual cost of 25-30 million euros, impacting state employees and those in the wider public sector....

712. Ministry reverts VAT refund amount to €50

The Ministry of Finance's new circular set to change in 2024, altering the decision that foresaw an increase in the minimum expenditure from €50 to €175. ...

713. Makarios Avenue struggles to fulfill commercial expectations

Two years after the official opening of Makarios Avenue (8 December 2021), the commercial success of the street has fallen short of expectations,...

714. The overtime dilemma – George Vassiliou's proposal

Only a young John Kapodistrias, with his wit and cunning, can rescue this troubled land from the folly of officials and citizens....

715. Billionaires choose Abu Dhabi as global wealth safe haven

In a surprising trend, billionaires including Zhao Changpeng, the Adani family, Ray Dalio, and Vladimir Lisin are flocking to Abu Dhabi's international financial center, establishing special purpose vehicles (SPVs) to safeguard their fortunes....

716. Farmers rally at Presidential Palace over subsidies

In a dramatic turn of events today, potato and wheat farmers engaged in clashes with the police during their protest outside the Presidential Palace....

717. Stephanis leads the charge in €17.7M commercial venture

Alexandros Stephanis & Co Ltd is making waves in the real estate scene with a visionary €17.7 million mixed commercial and residential development....

718. Controversy erupts as schools implement voucher scanning systems for needy students

The decision by certain schools to install systems for scanning vouchers of needy students, enabling them to receive their food, has sparked strong reactions....

719. Surge in bounced checks worth €1.6 million in 2023

720. Urgent measures taken after a series of fires on buses

According to the commitment of the Ministry of Transport and the owners of the 570 immobilized buses, a return to normality is expected early this week....