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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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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