Multi–million construction projects in Larnaca are being jeopardised as the local development plan has been revoked following a court decision citing technicalities. As the Financial Mirror was told by the Larnaca Municipality some 12 projects have been put on ice as the plan has been recalled because the Town Planning board was not in quorum
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With the Cyprus shipping sector employing 9,000 people onshore and a further 55,000 crew onboard ships, of whom 35,000 are on Cypriot-flag vessels, the role of women remains minuscule, and far from the norm of 5% in the worldwide industry. However, this number is changing fast, ever since Cyprus re-introduced maritime academies in recent years,
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. The anachronistic law on statutory tenancies is one of the many drawbacks in the Cyprus real estate market. Statutory tenancy exists only in certain areas (e.g. the towns and some rural Municipalities such as Platres/Ayia Napa/Paralimni etc) and for buildings which are erected/completed before the end of 1999. It covers all sorts of buildings,
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While Cyprus will fail to meet its EU 2020 environmental targets, which include the reduction of CO2 emissions in transport, the government is preparing an incentive scheme to encourage Cypriots to drive cleaner cars. Reportedly, the government is preparing a set of incentive schemes for consumers to replace old vehicles with newer, cleaner cars, to
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. This year’s celebrations marking World Tourism Day could not have come at a worse time for Cyprus, as well as other rival destinations where the economy relies heavily on the leisure sector and related services. The collapse of Thomas Cook, with its implications on Cyprus, is reminiscent of other “too big to fail”
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By Masis der Parthogh Shipping companies in Cyprus, whose merchant fleet is the third biggest in the EU and eleventh in the world, are ready for the challenge of the new sulphur cap on emissions coming into force from January 2020, according to a leading shipowner. George Mouskas, chairman of the Cyprus Union of Shipowners
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Motorsport enthusiasts are getting into gear as the 2019 Cyprus Rally begins on Friday with cars leaving the start point at the Phinikoudes beachfront in Larnaca. During the week crews have performed test runs, as well as reconnaissance of the stages. A free practice stage and qualifying round will determine the order in which the
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. By Theodoros Mantis Since the beginning of the year, the contribution rate to the Social Insurance Fund was increased by 0.5% for employees, employers, self-employed and voluntary insured persons, on the basis of the Social Insurance Law. This has undoubtedly burdened both employees and businesses by significantly increasing their costs. Following the recent publication
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Total deposits in Cyprus banks reached their highest level in the past 11 months, while loans remained at historically low levels, despite a net increase in August. According to Central Bank of Cyprus (CBC) figures, household loans declined by almost €6 bln in August while loans to non-financial corporations were down by almost €5 bln.
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Cyprus’ leading retail bank Hellenic announced after-tax profits of €59.1 mln for the first six months of 2019, with results partly reflecting the negative goodwill of acquiring the healthy portfolio of the Co-op. In H1 results issued on Friday, Hellenic said it has a “strong capital position” as its Tier 1 Equity Index (CET1) stands
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