. By Makis Georghiou When news of a ‘breakthrough’ in the Crete-Attica electricity cable deadlock was announced by the Ministry of Energy in Athens, it seemed as if it was dictated by the transmission operator ADMIE. It emulated the same tone of language used over the past 12 months by the previous Syriza administration and
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Maritime Cyprus 2019 has exceeded all expectations with an unprecedented number of participants reaching more than 1000 shipping executives including IMO boss Kitack Lim while Brexit is a concern. Deputy Shipping Minister Natasa Pilides said the messages received for Cyprus shipping are positive with companies expressing an interest in expanding and relocating their activities to
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Cyprus’ banking system is in for a bumpy ride as staff at Hellenic are preparing to strike on Friday over a pay dispute with management. ETYK banking employees’ union has called for a 24-hour strike at Hellenic Bank, demanding that employers conform to obligations deriving from renewing the collective agreement. It is calling on banks
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Property sales have dipped over the four months June to September bringing the boom to a temporary halt after almost 4 years of double-digit growth fueled by the Cyprus passport scheme. Since the passport criteria have become tougher, property sales have dropped by 6.6% in the last four months according to Land Registry data collected
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Cyprus has acquired four Israeli-made unmanned drones costing 12 million euros, the first military purchase of its kind the Cypriot defence ministry has made. According to Kathimerini Cyprus, the drones will help Nicosia more effectively monitor its exclusive economic zone from the air where international energy companies are searching for natural gas, a strategy Turkey
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The Turkish drillship Yavuz will begin drilling for oil and gas off Cyprus by Tuesday, Energy Minister Fatih Donmez said, in a move that will stoke regional tension. Ankara announced last week it had sent the vessel to block 7 where Cyprus has already awarded hydrocarbon exploration rights to Italy’s Eni and France’s Total. Cyprus
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APS, one of Europe’s largest debt servicing companies, says it has been instrumental in strengthening the Cyprus economy by combating the plague of non-performing loans through acquiring a €400 mln property portfolio. According to APS Real Estate Director Elpiniki Franzis, the Cyprus subsidiary has so far added to its portfolio more than 1,250 properties worth
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In Q2 2019, Cyprus had the EU’s third biggest quarterly rise in house prices at 4.2% behind Luxembourg on 5.1% and Latvia 5.6%. Among the Member States for which data are available, the highest annual increases in house prices in Q2 2019 were recorded in Hungary (+14%), Luxembourg (+11.4%), Croatia (+10.4%) and Portugal (+10.1%), while
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Prime Minister António Costa’s Socialist Party (PS) is once again on course to lead the country without an absolute majority, which is likely to occur with a coalition similar to the existing government, the rating agency DBS Morningstar said in a sovereign commentary after Sunday’s polls. Successive governments since 2011 have proven successful in adhering
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Energy issues and regional security in the Eastern Mediterranean region will hug the agenda at the Cyprus, Greece and Egypt Summit on Tuesday, in Cairo. Cyprus President Nicos Anastasiades, on the sidelines of the Summit, will hold bilateral meetings with Egypt President Abdel Fattah El Sisi and Greek Prime Minister Kyriakos Mitsotakis. A Joint Communique
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