Cyprus retailers are banking on the Christmas shopping rush to boost business at what is usually the busiest time of the year. Most shops look to make up lost ground over the year during the last-minute rush to buy presents during the season-of-giving. Volume at the island’s shopping malls is growing in anticipation of the
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Cyprus ranks 37, out of 161, among the best countries to do business in 2019, according to a survey by Forbes Magazine. High GDP growth, falling unemployment and the prospect of tapped energy sources are all in Cyprus’ favour, said Forbes. But it ranks below Latvia, Poland, Chile and just above Slovakia and Mauritius –
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According to the ‘Construction and Housing Statistics 2016’ survey released Thursday, the production value of Cyprus’ building sector increased 22.2% to €2.146 bln from €1.756 bln the year before. The value added at current prices shows an increase of 23.5%. More new and bigger homes were built – with Limassol leading the way – while
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Washington gave its full support Thursday to the leaders of Cyprus, Israel and Greece agreeing to build a multi-billion EastMed pipeline that will transport gas to Europe. As a visible symbol of political backing, US Ambassador to Israel, David Friedman attended the Trilateral Summit of Israel, Greece and Cyprus in Beer Sheva. “On behalf of
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Leaders of Cyprus, Greece and Israel have reached an interstate agreement on building a $7 bln EastMed pipeline, during Thursday’s summit held in Beer Sheva. CNA said the deal on the pipeline, which aims to connect Israel, Cyprus, Greece and Italy needs to get the approval of the European Commission first. The signing of the
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Luxury property sales are steadily on the rise at the new €300 mln Ayia Napa Marina, the largest development project in the Famagusta district and one of the most ambitious construction works in Cyprus. Developers of the project said: “Over 75% of the Ayia Napa Marina East Tower has already been sold, while great interest
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The 5th Trilateral Cyprus-Greece-Israel leaders’ Summit got underway Thursday in Beer Sheva with the general theme Cyberspace and Innovation. The Summit focuses on cybersecurity, energy security, digital technology and start-up businesses. Moreover, the Cyprus issue, regional developments and the Middle East peace process are also on the agenda. The United States is expected to be
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By Hussein Sayed, Chief Market Strategist at FXTM Equity investors didn’t like what they heard from Fed Chair Jerome Powell on Wednesday. After trading more than 350 points higher intraday, the Dow Jones Industrial Average took a dive after the Federal Reserve raised interest rates and continued to decline throughout Powell’s press conference, in
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Spending on social protection in Cyprus, as a percentage of GDP fell to 19.1% in 2016 from 19.9% the year before, that translates to €3.530 bln compared to €3.532 bln in 2015, official data showed on Wednesday. The majority of the social welfare benefits that were provided to beneficiaries in 2016 (85%), were non-means tested
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Hellenic Bank, claiming to be the biggest retail lender after taking over the good operations of the Cyprus Co-operative Bank earlier this year, reported a record after-tax profit of EUR 295.9 mln for the nine-month period, driven mainly by the ‘negative goodwill’ of EUR 297.9 mln tied to the deal. Negative goodwill is an accounting
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