Collapsed Cypriot airline Cobalt Air said Friday it wanted more time to find investors after the aviation authorities revoked its license following the indefinite suspension of all flights. “We wanted more time, but our license was revoked,” Cobalt Air chairman Grigoris Diakos told state radio Friday. “We asked for a suspension, we needed two months

Summer time will officially end on Sunday, October 28 when the clocks will go back one hour at 4.00 am, the government announced Friday. The hour change will take place across the European Union even though it is preparing to scrap the twice-yearly time adjustment next year. Backed by a popular vote, Brussels wants to

The increase in residential property prices remains moderate the Central Bank of Cyprus (CBC) said despite the index marking eight consecutive quarters of growth in Q2 2018. In the second quarter of 2018, the residential property price index, compiled by the CBC (houses and apartments) rose by 0.3% with the index of houses and apartments

The United Nations will a host a meeting between rival Cypriot leaders next week to try and move closer to resuming Cyprus reunification talks that crashed 15 months ago. The Cyprus government announced Friday that the United Nations will host the meeting on October 26 between Cypriot president Nicos Anastasiades and Turkish Cypriot leader Mustafa

Airlines and local banks have rushed in to ensure travellers can get another flight or have tickets refunded after the sudden collapse of Cobalt Air. Rescue fares have been announced by rival airlines flying out of Larnaca and Paphos. While Hellenic Bank and Bank of Cyprus said customers using their credit cards to buy Cobalt

Cyprus said on Thursday it would pay to ensure that hundreds of tourists stranded on the island can return home safely in the wake of the sudden closure of cash-struck Cobalt Air. After an emergency meeting on how to handle the situation, Cypriot Transport Minister Vassiliki Anastassiadou said everything would be done to minimise the

Cobalt Air has expressed “great regret” for the indefinite suspension of its operations, calling it a “sad day” for its 250 staff and hundreds of stranded passengers. A statement, issued by the airline, also said that in spite of arduous efforts to keep the airline flying, it was not possible to secure long-term financing. “It

Cobalt Air defaulted under the weight of damages reaching EUR 100 mln and its inability to meet its immediate capital needs, it was reported Thursday.   The company halted all activities as of midnight the same day, just 27 months since its first commercial flight. The closure of Cobalt has left thousands of travellers stranded