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31. Christodoulides unveils €60M relief package amid rising prices

In an address to the nation, the President of Cyprus unveiled a series of targeted measures aimed at alleviating the economic challenges faced by households and businesses amidst rising prices. ...

32. Cyprus delays 15% multinational tax enforcement

Cyprus has yet to enforce the new EU rules introducing a minimum effective tax rate of 15% for multinational corporations operating within EU member states....

33. EC approves interest subsidy scheme for housing loans

In a significant development, the European Commission's DG Competition has approved an interest subsidy scheme aimed at housing loans in Cyprus....

34. Netherlands tops global pension charts

A recent analysis by the Mercer CFA Institute has identified European nations as leaders in global pension systems. The Netherlands secures the top spot in the rankings, with Iceland and Denmark following closely behind....

35. Bank of Cyprus posts nearly half a billion euro profit in 2023

Bank of Cyprus reported a robust profit of €487 million for the fiscal year 2023, as announced by Group CEO Panicos Nikolaou during the presentation of the bank's financial results....

36. Banks urged to accelerate loan restructurings

The governor of the Central Bank has shed light on the strategy for restructuring Non-Performing Loans (NPLs) and navigating credit risk management....

37. Lidl Cyprus invests €450,000 in employee appreciation program

Lidl Cyprus rewards the collective effort and contribution of its team, by granting additional cash benefits totalling €450,000....

38. Cyprus development expenditure: 2023 surpasses €1B

The realization of state budget development expenditure in 2023 reached 72% compared to 70% in 2022 and the average of 69% over the last decade, according to a Treasury report released on Wednesday....

39. Department faces 2,000 backlogged refugee applications due to understaffing

In February 2024, the Service for the Care and Rehabilitation of Displaced Persons (YMAPE) revealed a backlog of 2,000 pending applications, citing understaffing issues. ...

40. Housing costs rise: Apartments jump 11.1% in 2024

House and apartment rents went up 8% and 11.1%, respectively, over the year in the fourth quarter of 2024, according to the Ask Wire Index. At the same period, house and apartment values rose 3% and 8.8% respectively over the year....

41. Investigation urged as state contracts lead to €6.4M payout

In a recent address, Deputy Dipa Alekos Tryfonidis called attention to questionable agreements, urging an investigation into the responsible parties behind a contract resulting in a hefty 6.4 million euros compensation payout....

42. CERA proposes reduced electricity increases amidst parliamentary discussion

The head of Regulatory Energy Cyprus (Cera), Andreas Poulikkas, briefed the Parliament's Finance Committee on the latest proposals submitted by the Electricity Authority of Cyprus (EAC) for review. ...

43. Government raises minimum wage to €1000, boosting income for 25,000 workers

In a move aimed at bolstering the income of low-wage earners, the Ministry of Labour and Social Insurance has announced a significant rise in the National Minimum Wage, effective this January....

44. Digital Citizen initiative for streamlined services

President Nikos Christodoulides announced a series of policy actions aimed at improving citizens' daily lives and enhancing their overall quality of life, alongside legislative and other initiatives geared towards modernizing state structures and institutions....

45. Foreclosure fate tied to 'Mortgage-to-Rent' scheme

Cyprus' parliament has given the green light to a groundbreaking law aimed at empowering homeowners and offering relief in the face of mortgage challenges....

46. How state members earn in semi-governmental boards

The monthly income for the president/member of a semi-governmental organization, derived from participating in the organization's sessions, averages around €400 to €500....

47. Hellenic Bank and ERGO Germany eye CNP Cyprus acquisition

Two entities are currently in discussions regarding the acquisition of CNP Cyprus Insurance Holdings, the subsidiary of the French insurance giant CNP Assurances. ...

48. Deal in the works for CNP Cyprus

The subsidiary of the French insurance giant CNP Assurances, CNP Cyprus Insurance Holdings, is currently in discussions for a potential change in ownership. ...

49. Can Cyprus withstand yet another crisis?

The recent Houthi attacks on commercial vessels navigating the Red Sea have triggered another disturbance in the intricate web of the global supply chain...

50. Faster approvals in just 90 days, Deputy Minister reveals

The average processing time for the guaranteed minimum income (GMI) applications has been reduced by 75%, from 12 months to 90 days, the Deputy Minister of Social Welfare, Marilena Evangelou, said during a press conference on the modernisation and upgrade of the GMI....

51. Central Bank chief cautions on early rate cuts amid global tensions

Central Bank Governor and European Central Bank (ECB) member Constantinos Herodotou stated that discussions regarding interest rate reductions are premature, given ongoing geopolitical conflicts and potential disruptions in the supply chain arising from tensions in the Red Sea....

52. Forty percent of global jobs face disruption because of AI

Artificial intelligence (AI) is poised to reshape the global job market, potentially affecting 40% of jobs worldwide, according to the head of the International Monetary Fund (IMF), Kristalina Georgieva....

53. Europe faces weak growth amid global uncertainty

In a comprehensive survey released today, leading economists express apprehension about the global economy, anticipating a year of sluggish growth, primarily attributed to geopolitical conflicts, challenging financing conditions, and the impact of artificial intelligence. ...

54. EY Cyprus releases the Cyprus Tax Facts Guide 2024

EY Cyprus is delighted to announce the release of the latest edition of the Cyprus Tax Facts guide for the year 2024....

55. Deloitte’s Tax Facts 2024

56. Global economy faces worst 5-year period in 30 years

The World Bank projects a sluggish global economy from 2020 to 2025, marking the worst five-year period in the last three decades....

57. Cyprus tax reform targets green initiatives and economic revitalization

By March 2024, the initial six phases of the tax transformation project commissioned by the Ministry of Finance to the Centre for Economic Research of the University of Cyprus will conclude,...

58. Cyprus grapples with lingering private debt woes

In Cyprus, the European Commission consistently highlights the significant economic challenge of private debt through regular post-program or post-memorandum reports....

59. Cyprus makes the cut in new tax-friendly nations list

In a recent announcement, the Ministry of Finance shed light on the revised list of countries enjoying preferential tax status under the Independent Authority for Public Revenue of the Hellenic Republic (IAEA)....

60. Landlords urged to be reasonable when pricing rentals

Marinos Keynegirou, the president of the Real Estate Registration Council, warns of escalating prices and dwindling demand in the real estate market's fourth quarter....