Construction work to complete Ayia Napa Marina has resumed apace after COVID-19 lockdown while final completion is rescheduled for 2023, the project’s CEO Stavros Caramondanis said on Wednesday. With the necessary administration buildings for its operation already delivered the mixed-development project has entered its second phase which will see the erection of two 100 metre
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There is no global second wave of coronavirus even though recorded cases worldwide are spiking, said a Cyprus government advisor on infection control. European University assistant professor Constantinos Tsioutis, told CNA that on a global basis, we are still witnessing the first wave. “What we will see happen over the next months is that the
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Cyprus house prices in the first three months of 2020 increased by 1.1% annually and a higher 2.5% on a quarterly basis, official figures showed on Wednesday. According to preliminary estimates, the House Price Index for the first quarter amounted to 109.13 units, compared to Q4 2019, the HPI increased by 2.5% while from the
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A low-pressure system causing temperatures to drop six degrees following a heatwave with the prospects of showers is puzzling Cyprus weather experts. According to Cyprus’ met office, Wednesday will be mainly fine but increased cloud may lead to isolated showers and thunderstorms, mainly in the mountains and inland. Maximum temperatures will rise to 35°C inland,
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Good news for consumers, the Cyprus Electricity Authority (EAC) is to continue applying a 10% reduction on its electricity bills until September. In an announcement it issued on Wednesday, the EAC said the decision was in response to calls from the government at a time of challenges for the economy as society steps up its
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The European Commission’s downward economic forecast for Cyprus is in line with the government’s low expectations as the economy will not be making a full recovery in 2021 as initially expected. According to the EC, real GDP is forecast to contract by 7.75% in 2020, a decrease of 0.3% compared to EC’s May forecast, and
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The United States on Wednesday announced its intention to provide International Military Education and Training (IMET) to Cyprus from next year. “We plan to provide IMET to the Republic of Cyprus beginning in U.S. fiscal year 2021, subject to Congressional appropriations and notification,” said a statement from the US embassy in Nicosia. It said the
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By Han Tan, Market Analyst The Euro has refused to buckle under the weight of lacklustre economic data and dire warnings of late. Germany’s factory orders and industrial production came in less-than-expected in May, and points to a long and laborious recovery for Europe’s largest economy. Factory orders in May registered a 10.4% growth compared to
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Emirates SkyCargo will be operating scheduled cargo flights to 100 destinations across six continents this month, including Larnaca, Cyprus. Apart from Larnaca, the new cities added to the air cargo carrier’s network include Accra, Algiers, Athens, Fort Lauderdale, Glasgow, Los Angeles, Male, Moscow (SVO), Phnom Penh, Rome, Santiago, Sialkot and Tunis. According to a statement,
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The outlook for the global shipping sector for the coming 12 to 18 months remains negative, Moody’s Investors Service said in a new report, with the outlook remaining negative since the coronavirus pandemic in March 2020. The key drivers of the negative outlook are a combination of expectations that the global economy will shrink in
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