The EuroAsia interconnection project must move forward. The future of energy worldwide, and in Cyprus, is green energy and renewable energy sources (RES). We cannot increase the penetration of RES by more than 25-30% of the island’s electricity output without upgrading the grid, electricity storage batteries and interconnections. As RES penetration increases, the grid becomes
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Foreign buyers still power Cyprus’ real estate sector, as coastal cities see an influx of demand generated from the growing trend of high-profile companies relocating to the island, reveals an EY survey. The trend is expected to continue as foreign nationals purchase homes in coastal areas, especially in the aftermath of the war in Ukraine.
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After twelve years of designing and implementing the world’s longest and deepest electricity cable between Israel, Cyprus and Greece, EuroAsia Interconnector Limited has handed over the role of project promoter to the Independent Power Transmission Operator (IPTO) of Greece. The two companies issued a joint announcement on Friday, saying they have informed the European Commission,
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President Nikos Christodoulides is not hiding anything, said government spokesperson Constantinos Letymbiotis on Friday, after criticism over the controversial issue of multiple pensions for state officials. Earlier in the week, President Christodoulides was called out after failing to include an early pension he receives on top of his salary in a required statement over his
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By Craig Erlam Equity markets edged higher in the run up to the US jobs report on Friday, a release that could set the tone in the markets ahead of next month’s Fed meeting. While price pressures are what the Fed is primarily interested in, there is a view on the FOMC that sustainable 2%
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Cypriot champions Aris Limassol stunned football fans across the continent after beating Scottish giants Glasgow Rangers at home 2-1 in their second Group C Europa League game. Rangers, who beat Real Betis to get their Europa League campaign up and running, were sunk in Cyprus before they even got going. Aris defender Alex Moucketou-Moussounda put
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The cost of leaving inflation untamed is much higher for households and businesses, said Central Bank Cyprus governor Constantinos Herodotou. Addressing the 14th Limassol Economic Forum in Limassol, Herodotou referred to the “difficult” monetary policy decisions taken by the European Central Bank in a bid to tame inflation, which in 2022 rose to record highs,
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A €61 million contract for the construction of 4,450 new and sheltered bus stops and the upgrade of over 1,000 existing ones was signed at the Ministry of Transport. The contract plans for constructing and installing 2,350 pillars throughout Cyprus, of which 350 will have integrated technology, while the remaining 2,000 will have lighting and information
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Authorities are toughening up on unlicensed crypto asset service providers, slapping them with hefty fines to protect investors and clamp down on money laundering activity. The move follows instructions and directives from the international money laundering watchdog authorities. The Finance Ministry has proposed legislation foreseeing fines of up to €350,000 or five years in prison,
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July 2023 was the warmest month on record in the last four decades, the Cyprus Institute announced. According to the Copernicus Climate Change Service, this summer was by far the hottest on record globally, with an average temperature of 16.77°C, or 0.66°C above average. It says a similar phenomenon, but to a greater extent, was
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