Cyprus to introduce a “Green Tax Reform” by 2021 that increases taxation on energy-consuming products while providing tax relief on social contributions paid by employees and employers. Finance Minister Harris Georgiades said that modern trends in the economy are in the direction of environmentally friendly tax reforms. He said Cyprus is moving in this direction
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Cyprus has reasonable prospects of discovering more gas to become an exporter, but the global market is challenging while climate change and Turkey’s gunboat diplomacy make it a riskier venture. Moreover, Cyprus’ aspiration to export gas to Europe are facings the headwinds of low prices and renewables, said analyst Charles Ellinas in a recent presentation
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The International Monetary Fund (IMF) foresees a cocktail of challenges and risks for the Cyprus economy, as external headwinds are decelerating GDP growth expected to be 3% this year and next. In a mission statement issued after talks with Cypriot authorities, the IMF said: “Cyprus has made significant progress in recovering from the financial crisis.”
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The collapse of Thomas Cook has reignited the standoff between hoteliers and unions which appeared resolved earlier this month after a pay deal averted industrial action. Hoteliers argue an agreement on the renewal of the collective agreement should be put on ice for now while the impact of the UK travel group going bust is
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Cyprus will host the final phase of the 2021 UEFA European Under-17 Championship following a decision by the UEFA Executive Committee, with Portugal and Israel also contesting to hold the tournament. The Cyprus Football Association (CFA) hailed the decision as a significant achievement for Cyprus, noting that it also bore a great responsibility to live
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By Hussein Sayed, Chief Market Strategist at FXTM Investors were caught by surprise when the Speaker of the US House of Representatives Nancy Pelosi announced on Tuesday that she would initiate a formal impeachment inquiry against President Trump. The news led to a mild selloff in US equities with the S&P 500 ending the trading
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The Bank of Cyprus Cultural Foundation is organizing an innovative, first of its kind, workshop dedicated to developing skills on archival research. The workshop runs 4-5 October and is geared towards developing the knowledge and experience of professionals and non-professionals conducting research into archival records relating to international and military history (from 1872 to the
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Major General Rob Thomson was sworn in at Episkopi as the new Sovereign Base Areas Administrator during an official ceremony. Maj Gen Thomson, who also assumed the role of Commander British Forces Cyprus this week, is now set to get down to work as head of both the civilian and military elements within the Bases. The
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Thomas Cook’s demise is credit negative for Bulgarian, Greek and Cypriot banks because it weakens the cash flow of businesses in those countries' significant tourism sectors, potentially leading to higher credit impairments, said Moody’s. “The compulsory liquidation of Thomas Cook and the resultant decline in tourism revenue and investment in these three countries will weaken
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Washington is firmly against Turkey’s plans to open up the ghost-town of Varosha to people other than its original Greek Cypriot inhabitants. US Secretary of State Mike Pompeo assured Cyprus Foreign Minister Nikos Christodoulides that Washington shared his concerns that any unilateral actions to reopen Varosha would not be conducive to the resumption of peace
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