The United States Congress is expected to approve by Thursday the lifting of the embargo on the sale of US arms to Cyprus, in place since 1987. Lifting of the weapons ban signals closer bilateral relations enjoyed by Nicosia and Washington and Cyprus’ growing influence in the region. The embargo will be lifted once Congress
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Cadets from the newly established Mediterranean Maritime Academy in Limassol joined students from the nautical high school of the First Technical School to commemorate the day of Saint Nicholas (Ayios Nikolaos), patron saint of the navy, marked on December 6 of each year. The celebrations, organised by the Association of Merchant Marine Officers of Cyprus,
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Cyprus President Nicos Anastasiades and Turkish Cypriot leader Mustafa Akinci have changed their minds and said they are “too busy” to attend a UN reception, cancelling an opportunity to show some seasonal goodwill. Cypriot leaders making themselves unavailable to attend UN end of the year festivities comes just weeks after a dinner date in Berlin
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Low productivity and high private debt, as external risks increase, are the main challenges for the Cyprus economy to tackle, said an International Monetary Fund (IMF) review. The IMF Executive Board welcomed the strong economic recovery and declining unemployment rate while commending authorities for the good progress in addressing banking sector vulnerabilities and improving macroeconomic
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After a heated discussion among MPs, parliament gave the green light for the €8.5 mln reimbursement to the producers of a Hollywood movie filmed entirely in Cyprus, but the film scheme remains shackled. Jiu-Jitsu, starring Oscar-winning actor Nicolas Cage is the first international movie shot in Cyprus attracted by an audio-visual incentive scheme promoted by
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Despite a 2% annual decrease in the use of plastic money in November, for the first 11 months, a 12% rise reflects stable consumer confidence. According to the latest JCC data, the value of Cyprus credit card spending in the domestic market decreased by 2% in November to €284.2 mln compared to the same month
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Despite Israel threatening to block Aphrodite gas development in a rights dispute, Cyprus Energy Minister George Lakkotrypis said everything is going ahead as planned. He said resolving a dispute with Israel over the gas reserves that straddle their maritime border is not a precondition for the development of the Cypriot gas field. Israel has advised
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Since the banking crisis of 2013, the economy of Cyprus has shown impressive resilience and improvement. From negative growth rates, we now have significant and positive growth. From budget deficits, we now have significant primary and budget surpluses. From sky-rocketing unemployment levels, we now have levels that are close to full employment. The banking sector
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Cyprus Securities and Exchange Commission imposed fines of €7.5 mln in 2018 while crowdfunding will soon be a new tool for small businesses, said CySEC Chairwoman Demetra Kalogerou. Kalogerou, presenting her 2018 report to President Nicos Anastasiades on Monday, said the report outlines many actions which have been completed and others which will be completed
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Cyprus is not looking to get into a tit-for-tat confrontation with Turkey by following the same course of provocation taken by Ankara especially over energy rights, said President Nicos Anastasiades. Illegal drilling activity in Cyprus waters has heightened tensions in the region but Nicosia is calling for restraint. “Let us not follow the course of
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