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1141. More mergers and acquisitions needed to bolster competitiveness

Cyprus Economy and Competitiveness Council proposed the encouragement of acquisitions and mergers of Cyprus' companies in order to improve their competitiveness....

1142. Cyprus features prominently in US Congress’ Turkey report

The possible sale of F-16s to Turkey and tensions between Turkey and Cyprus and Greece are included in a US Congressional Research Service report on Turkey released on January 9, which outlines Biden administration support of the sale and opposition by 'some members of Congress'...

1143. Princess Anne welcomed by President Anastasiades (photos)

Princess Anne of the United Kingdom, who is in Cyprus to inspect the British contingent in UNFICYP, met with President of the Republic Mr. Nicos Anastasiades this morning at the Presidential Palace....

1144. Exports of halloumi at 1.34 billion over the last 5 years

Halloumi exports have increased in recent years and are expected to peak in 2022. Data for the first nine months of 2022, i.e. up to September, show exports worth €227 million and an export volume of 32,000 tonnes. ...

1145. Dispute resolution services a more cost effective way to resolve issues

Going to court to resolve a dispute between a consumer and a business is not always necessary. There are alternatives that are less time-consuming and less expensive than legal action and can provide very effective solutions. ...

1146. Cypriot fund keeps Lukoil’s sanctioned plant in the game

A Lukoil refinery in Italy might survive sanctions against Russia if it falls in the hands of a Cypriot private equity fund, with the company saying the sale could take place by March of this year after turning down a US offer two months ago...

1147. Housing, water and energy take up 25% of EU household expenses

In 2021, ‘Housing, water, electricity, gas and other fuels’ represented a quarter (25.0%) of EU household expenditure and 17.1% of household expenditure in Cyprus, according to Eurostat, the statistic service of the EU....

1148. Looking ahead to 2023: House prices in Cyprus

The end of 2021 saw Europe’s and Cyprus’ economies gradually recovering from the two-year rollercoaster ride of lockdowns, the stock market at record highs, and inflation increasing....

1149. The plan to bring in more German tourists

In a trip organized by the FTI Group and Meeting Point, German travel agents recently visited the island and discovered increased demand for Cyprus....

1150. Projects in excess of €48 million will begin in the first quarter of 2023

Projects worth more than €48 million will be tendered in the first quarter of the year under the Cyprus Tomorrow Plan, according to Government Spokesman Marios Pelekanos....

1151. First LNG tanker from US arrives in Germany

The first regular shipment of liquefied natural gas from the United States arrived in Germany on Tuesday, part of a wide-reaching effort to help the country replace energy supplies it previously received from Russia....

1152. EAC demands to be revisited on January 13

1153. Economic events that will be remembered in 2022

The energy crisis, which intensified after Russia's invasion of Ukraine and resulted in skyrocketing gas prices, took the lead throughout the year....

1154. Nikos Christodoulides’ program for the next five years

Cypriots will go to the polls on February 5 to elect the 8th President of the Republic. The campaign began very early compared to previous elections and will intensify during the remaining few weeks. ...

1155. Cyprus, India sign bilateral cooperation agreements

Bilateral cooperation agreements between the Republic of Cyprus and India were signed on Thursday at the Ministry of Foreign Affairs in Nicosia...

1156. Israeli ambassadorship to Turkey rewrites gas rules

Israel's new ambassador to Turkey presented her credentials to Turkish President Tayyip Erdogan week, after four years of strain between the two countries and just months after Nicosia said it was confident it would not be sidelined by its Jewish neighbor...

1157. Turkish minister calls on Cypriot sides to share gas

Ankara says actions taken by Greek Cypriots to exploit gas resources off the island’s coast but outside Turkish jurisdiction are still unfair if Turkish Cypriots are not involved in the process...

1158. Cyprus braces for credit ratings in 2023

The ratings will take place in a year marked by a projected economic slowdown, amid the continued uncertainty that clouds the economic outlook, due to high inflation and the energy crisis, fueled by the continuing war in Ukraine...

1159. When will Cypriots begin to reap the benefits of natural gas?

Minister of Energy, Trade, and Industry Natasha Pileidou hailed the discovery of a natural gas deposit in Block 6 of the Cypriot EEZ as a very positive development. Given the energy challenges the European Union is facing,...

1160. Plant to process Israeli gas for export an option

The government of Cyprus is weighing a proposal for a pipeline that would carry natural gas from Israel to the island nation, where it would be processed and exported by ship to Europe and elsewhere as Russia’s war in Ukraine compounds an energy crisis, the Cypriot energy minister said Monday...

1161. New gas field discovery in Cyprus EEZ

The drilling rig of the ENI-TotalEnergies consortium in the Cyprus EEZ has discovered a new gas field at the Zeus 1 target. This is a larger field than the one discovered by the Italian-French consortium on 22 August in the same block (Block 6)....

1162. Zelensky heads to Washington

Ukraine's President Volodymyr Zelensky says he is on his way to Washington, where he will meet US President Joe Biden on Wednesday....

1163. Electricity subsidies extended to February 2023

The Council of Ministers met yesterday under the chairmanship of the President of the Republic Mr. Nicos Anastasiades and approved the extension for two additional months of the measure concerning the subsidy by the State of part of the cost of electricity consumption...

1164. Finance Ministry: 'Cyprus economy will not enter a recession'

There will be a significant slowdown in economic activity next year, we will be affected by increased energy prices and borrowing costs, but "inflation in Cyprus is being reined in at lower levels" compared to other European member states, ...

1165. EU Parliament halts work on Qatar-related cases

The European Union’s parliament voted Thursday to suspend work on all files involving Qatar, and called for security passes for representatives of the Gulf country’s interests to be withdrawn until light can be shed on a corruption scandal rocking the assembly....

1166. Cyprus 7th in the EU in generating waste

The total amount of municipal solid waste generated in Cyprus in 2021 stood at 570 thousand tonnes compared to 543 thousand tonnes in 2020, recording an increase of 5%....

1167. Grant Johnson: City of Dreams Mediterranean will be the game changer for Cyprus’ hospitality industry

The multi-themed City of Dreams Mediterranean resort in Limassol, which will include a luxury hotel, casino, entertainment and sports facilities, adventure park, shops and restaurants, among others, will begin operations in the second quarter of 2023. Grant Johnson, the General Manager of COD analyzes what exactly the City of Dreams Mediterranean will be, what it will offer to the tourism product of Cyprus, how it will strengthen the country's economy and its position as a popular tourist destination and at the same time he analyzes how this project will have significant benefits for the local community and its people. ...

1168. ECB raises interest rates by 0.5%

Christine Lagarde warned markets not to expect an early end to rate rises next year, on a day when the European Central Bank and the Bank of England lifted borrowing costs to their highest levels in 14 years....

1169. Cyprus retail sector continues climb despite inflation

Black Friday, with its high levels of traffic and shopping, appears to have given way to the Christmas holiday season. The market is still moving well, with increased foot traffic in shopping malls and main streets....

1170. The Louvre, the British Museum, and now the New Cyprus Museum (photos - video)

Work on the New Cyprus Museum will begin in January 2023, and the project is expected to take 42 months to complete, with completion scheduled for mid-2026. ...