It looks like the ruling Progressive Party of Working People (AKEL) finally gave into pressure from its coalition partner, the Democratic Party (DIKO), this week and will concentrate efforts on cutting spending rather than raising taxes. What is somewhat surprising is that, despite legislative elections in May 2011, DIKO has been unofficially joining forces with
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EU regulators have dropped antitrust charges against Visa after accepting the company's pledge to cut its debit card fees to one lower rate for domestic and cross-border transactions across nine EU countries. Visa will apply a 0.2% fee to all cross-border transactions and domestic purchases in Greece, Hungary, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Malta,
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Cypriot bankers have agreed to be levied an additional tax, as long as money raised goes into a stability fund to help the island’s banking system, should it falter. Central Bank Governor Athanassios Orphanides suggested that such a fund, based on a Swedish model and one that Germany is currently setting up, would help cushion
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Despite a 68% climb in French direct investments in Cyprus, tourist arrivals from France to Cyprus remain low, a Cyprus-French business breakfast heard today. In statements following a business breakfast organised by the Cyprus Investment Promotion Agency and the French-Cypriot Business Association, Minister of Commerce, Industry and Tourism Antonis Paschalides and French Ambassador to Cyprus
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Minister of Commerce, Industry and Tourism Antonis Paschalides, said he was satisfied with tourist arrivals to Cyprus. Addressing the Annual General Assembly of the Cyprus Hotel Managers’ Association (PASYDIXE), the Minister said that despite the world economic crisis, the closure of the Eurocypria air company, the strikes in Greece and the problems in aviation caused
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Construction works for a private oil terminal will begin January and be concluded in one year. According to a press release, VTTI, the 50/50 joint venture between major energy trader Vitol and world-leading maritime corporation MISC Berhad, confirmed Tuesday that it will begin construction work on its major new oil import and distribution terminal at
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Researchers in Cyprus have discovered trace levels of pharmaceuticals in the water supply as a result of a pill-popping culture which makes Cypriots one of the leading EU consumers of antibiotics. At present, the quantities of chemicals ranging from painkillers to antibiotics and antidepressants found in the water supply are too minute to be a
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The euro zone needs a comprehensive solution to the debt crisis rocking the group and must avoid a country-by-country approach, the head of the International Monetary Fund said on Tuesday. Dominique Strauss-Kahn's call during a visit to Greece — the first euro zone country rescued by an EU/IMF bailout — came after euro zone ministers
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Consumer price inflation fell to 1.5% in November from 3.0% in October 2010 and 1.4% in November 2009, according to the Statistical Service. The Statistical Service said that the main reason for both the fall in November and the rise in the preceding months was prices of fresh vegetables and fruit. Compared with the previous
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Unemployment rose on a seasonally adjusted basis by 1.3% over the previous month in November, according to the Statistical Service, rising by . The actual number of registered unemployed reached 25,021 in November. Compared with November 2009 an increase of 4,129 persons or 19.8% was recorded. This was mainly in the sectors of trade (an
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