With higher prices at supermarkets and petrol pumps, Cypriot consumers are changing their shopping habits, limiting their spending to essential items, say retailers. In May, the Statistical Service said Cyprus saw its highest inflation rate in 40 years, equalling the 9.1% registered in February 1982. The highest inflation rate Cyprus endured was 10.8% in 1981.
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One man’s enthusiasm to establish an animal sanctuary on the outskirts of Nicosia keeps on hitting snags, some bureaucratic, others malicious, leaving owner Menelaos ‘Melios’ Menelaou frustrated. Two weeks ago, Melios imported from Europe animals with all the necessary documentation as he did many times in the past. Except for this time, some officials claim
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Global energy markets are looking for a way out of the current crisis, partly caused by the Russian invasion of Ukraine and due to COVID-19 fallout, economic growth and a shortage of investments. Before the Ukraine crisis, Western countries faced an uphill battle to counter the growing demand for oil and gas while energy markets
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Cyprus could lose its flagship export product, halloumi, as the government turns the heat on dairy producers that do not meet the required EU standards under the cheese’s PDO (Product of Designated Origin). Following a Legal Services ruling, products that defy the PDO criteria cannot carry the Halloumi brand in local stores or be exported
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When the SeaDream super-yacht docked at the newly built Ayia Napa Marina, it should have heralded a new age in quality tourism, the likes we have not enjoyed for nearly three decades. Premium holidaymakers stepped off the 55 luxury cabin vessel cruising in the eastern Mediterranean, some in Cyprus for the first time. And if
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Eurostat recently published interesting statistics concerning the rents of housing units in capitals of European countries where Cyprus rents are reasonable. 2021 CURRENT MARKET RENTS Average rent per month given in the local currency of each country – p.m. COUNTRY/CITY Flats Houses Currency 3-Bedroom 2-Bedroom 1-Bedroom Non-detached Detached European Union
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Leading independent telecoms provider Cablenet is extending its partnership with cloud-controlled smart home service provider Plume, adding security and AI-enabled services to its Purple Max internet bundle. Aiming to make the subscriber’s experience as easy and seamless as possible, the Plume device for homes and small businesses offers “flawless whole-home WiFi that adapts to the
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By Edward Moya Robust hiring in the U.S. in May pretty much guarantees the Federal Reserve will move forward with a couple of half-point rate hikes at the next two meetings. US stocks edged lower Friday as the latest employment report showed slower job growth and potentially softening inflation, but still keeps the door open
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Cyprus proposals to cushion the blow from a transition to sustainable aviation fuels that could cause a 20% drop in tourist arrivals as airline tickets become costlier were adopted by EU transport ministers. On Friday, Transport Minister Yiannis Karousos laid out his intervention at the EU transport council’s discussion on the bloc’s ambitious Fit for
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Talk of China laying ‘debt traps’ for emerging markets that would trigger a wave of defaults are “overblown”, said the CEO of a leading independent financial advisory and fintech, following warnings in the media. “I’m currently not convinced by the argument that we’re going to experience a tsunami of emerging markets defaults caused by China’s
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