. There is no doubt in anyone’s mind that the potential demise of our national carrier is all-round bad news, both for the economy in general and the struggling tourism sector in particular. But recent events have revealed the extent to which meritocracy has been thrown out the window in exchange for political and other
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The unemployment rate rose to 16% of the labour force in the third quarter of 2014, from 15.4% in the previous quarter, according to the Cyprus statistical office Cystat. The unemployment was higher for men 16.8% compared to the 15.2% for women. According to the Labour Force Survey for the third quarter, the number of
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The level public debt is expected to rise to 18.9 bln euros by the end of 2014, from 18.4 bln at the end of 2013, according to the Finance Ministry. A document prepared by the Ministry, titled “Medium-term debt management strategy 2015-2019” notes that debt maturities are estimated at 1.3 bln euros for 2015, will
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The European Union is changing its approach to the sanctions against Russia which Cyprus has always decisively opposed, Foreign Minister Ioannis Kasoulides said in an interview with TASS. “Cyprus was always very careful and reluctant of the use of the sanctions. We have never been happy with this policy and we have said it so
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VTS Vasiliko Terminal Services Ltd (VTS) announced the launch last week of its operations at the jetty of VTT Vasiliko Ltd (VTTV) oil storage terminal. Under a license agreement signed with the Cyprus Ports Authority (CPA), whereby CPA receives fees, VTS will be providing marine services to the terminal including pilotage, towage, mooring and sludge
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The political and economic situation in Cyprus is “more stable” than that in Greece, Finance Minister Haris Georghiades said, adding that the authorities are not concerned about an fall-out from the elections and the free-fall of the Greek stock market and bond yields. “I hope there is no political instability in Greece for the sake
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The European Investment Bank (EIB) will provide EUR 80 mln to finance electricity production on 18 Greek islands in the North and East Aegean, Dodecanese, Cyclades, and the Diapontia island complex. EIB President Werner Hoyer and Arthouros Zervos, CEO of Public Power Corporation S.A. (PPC/DEH) signed the finance agreement in Athens in the presence of
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Fourth-largest lender Alpha Bank will launch a joint venture with Spanish financial services firm Aktua Soluciones Financieras, an offshoot of Santander, to manage a substantial chunk of its non-performing loans. Alpha and Greece's other big banks remain burdened by large problem loan portfolios after a deep recession which pushed the jobless rate to nearly 27%,
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. By Dr. Jim Leontiades Cyprus International Institute of Management A good business environment requires a strong legal and judicial system. The growing number of scandals raise concerns about the effectiveness of justice in Cyprus. Is it possible that in this small, inward looking and interrelated society that no one knew what was going on
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Emirates, the world’s largest international airline, will round off 2014 as the airline with the world’s largest wide-body passenger fleet of 218 aircraft, in addition to 14 freighters. Following two consecutive years of record deliveries and capacity increases, 2014 saw Emirates adding 27 aircraft – 13 Airbus A380s, 12 Boeing 777-300ERs two Boeing 777 freighters
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