Nicosia should continue fiscal support measures to mitigate COVID-19 economic scarring and focus on digitisation and transition to a green economy as recovery takes hold, the International Monetary Fund said. Following a consultation, the IMF said that after a 5.1% GDP recession in 2020, the Cypriot economy is estimated to grow by 3% and accelerate
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In an unprecedented show of rebellion, Emily Yiolitis has resigned as Justice Minister accusing President Nicos Anastasiades of “insulting behaviour” in trying to undermine her work as he pushes for a reshuffle. Yiolitis only appointed a year ago, said she decided to hand in her resignation amid continuing reports of a reshuffle in which she
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Cyprus is one of 23 countries that participated in the Europe-wide coordinated action days against human trafficking for labour exploitation, which took place between 31 May and 6 June. According to the police, one operation was conducted in Cyprus during, which an individual was arrested, and eight possible victims of human trafficking were identified. The
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Hourly labour costs decreased in Cyprus by 1.7% in the first quarter of 2021, while in the rest of the euro area, they increased 1.5% year-on-year; it was a higher 1.7% in the EU27. Also, in Cyprus, the wage part of labour costs fell -2.4%, and other costs increased by 1.5%. In Q4 2020, hourly
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Cyprus’ hopes of salvaging a blighted coronavirus summer have been rekindled, as UK government officials and Tory MPs campaign to convince Prime Minister Boris Johnson to lift travel restrictions for fully vaccinated Britons. Cyprus tourism was on a cliff edge earlier this week when Boris Johnson delayed plans to unlock the UK by almost a
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Cyprus Marine Club, the community organisation embracing the complete spectrum of maritime industry stakeholders, is going from strength to strength. Despite Covid restrictions, it tripled its membership in just three years. The club’s president, Capt. Eberhard Koch, in office until 2022, told members during the annual general meeting the CMC is one of a handful
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In Cyprus, the job vacancy rate increased to 2.0% in the first quarter of 2021, the same rate as the EU, up from 1.3% in Q4 2020, but stable from a year ago. In Q1 2021, the job vacancy rate was 2.1% in the euro area, up from 1.9% in the previous quarter and 1.8%
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The impoverishment of the Turkish Cypriots in the occupied north has worsened by the tumbling Turkish Lira due to political instability in Turkey, pushing inflation upwards and reducing their purchasing power. A survey conducted by the Turkish Cypriot public sector union KTAMS suggests the community is sinking further into poverty. KTAMS published a survey regarding
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Interior Minister Nicos Nouris thanked Poland for donating 80 housing units at a new Reception Centre for Applicants for International Protection, saying it puts EU solidarity into practice. Speaking at the centre’s opening ceremony, Nouris said: “One year ago, when we started discussing the European Pact on Migration and Asylum and the need for mandatory solidarity towards
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By Marios Tannousis Nowadays, the subject of Tech & Sustainability comes up in almost every Investment Fund event, either in a debate or a panel discussion, on the local and international stage, always trying to work out what the future has in store for us. The Professional Wealth Management Journal (PWM) recently published the results
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