Cyprus is expected to join the club of countries that issue eco bonds, with the first issuance of “green loans” before the end of the year, Finance Minister Constantinos Petrides said. “The decision to proceed with the issuance of a green bond by the end of the year has been approved by the Cabinet,” said
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The government has defended criticism from unions over the national minimum wage, arguing that €940 a month is among the highest in the EU, offering low earners more purchasing power than their fellow Europeans. Quoting their statistics, the Finance Ministry argued that Cyprus comes 9th among EU states, while the minimum salary is worth €1,036
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By Craig Erlam Stock markets are mixed on Thursday following a rollercoaster week in the run-up to, and aftermath of, the US inflation report. Investors got ahead of themselves in a desperate attempt to board the peak inflation train early. The collapse on Tuesday – carrying into Wednesday in Asia and Europe – looked quite
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Larnaca must wait a little longer for its new-look marina, as Kition Ocean Holdings – the Cypriot-Israeli consortium awarded the €1.2 bln redevelopment project – announced it is delaying the opening until October. Initially, the marina was to open for the public on 20 September, but the firm said it would postpone the grand opening
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Cyprus and Israel conducted an annual military exercise, codenamed IASON – 2022, this week as part of their flourishing defence cooperation program. According to the Defence Ministry, the exercise took place within the Nicosia FIR, involving land and air assets of Cyprus’ National Guard and the Israel Defence Forces. The National Guard and the Israeli Air Force personnel were
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US private equity firm Lone Star is not giving up on buying Bank of Cyprus, with senior officials in Nicosia to negotiate with stakeholders. Despite seeing three cash offers rejected by the island’s biggest lender and scepticism from financial authorities, the fund appears determined to push for a deal to acquire the bank. Quoting sources
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The cabinet on Wednesday approved experts’ recommendation to roll out a second booster shot for COVID-19 using the updated ‘bivalent’ vaccines. The government said the decision was made after the vaccination committee reviewed the European Medicine Association and World Health Organisation reports. The updated vaccines will be available as a second booster (fourth dose) for
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Consequences of geopolitical events to the economy and banking sector have been contained, but the second-round effects are unknown, said Cyprus Central Bank governor Constantinos Herodotou. He argued that uncertainty in an environment with high inflation and weakened growth prospects might lead to unpredictable new challenges. The Cyprus economy, he said, continued to record impressive
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The government hopes to strike a happy balance between labour union demands to scrap the 12% penalty clause imposed on people who retire early at 63 and the state’s budget. In comments to CyBC radio on Wednesday, government spokesperson Marios Pelekanos said the Anastasiades administration has prioritised the matter and aims to resolve it before
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Israel’s intelligence agency, Mossad, said it actively prevented the contract killing of Israeli businessmen living in Cyprus. The cases involved a ‘would-be’ Azeri hitman, who allegedly arrived in Cyprus to assassinate a wealthy Israeli, who was arrested in September last year while crossing to the Turkish-occupied north carrying a gun. On a rare occasion, Mossad’s
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