. The Risk Watch Column By Dr Alan Waring When President Anastassiades came to power in 2013, he made numerous public statements to the effect that his administration would, for the first time in the Republic’s history, tackle corruption head-on, go after major white-collar criminals and rein in the laissez-faire culture of indolence, inefficiency and
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. Many see the securities watchdog CySEC as an ogre, ever so meddling in the affairs of investment or forex companies, that are supposed to be the new bread and butter of the Cyprus economic recovery. Admittedly, these companies, that have mainly mushroomed in the past decade, have provided job opportunities and a steady revenue
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The bank staff trade union ETYK’s strong-arm tactics seem to have paid off as a new deal struck with the island’s biggest lender – with others expected to follow – will see cash tills closing daily at 2.30pm, at 2pm on Fridays and abolishing the Monday afternoon shift. ETYK described the deal with Bank of
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The monthly Economic Sentiment Indicator (ESI) remained unchanged at 104.2 points in June, due to a marginal drop in consumer confidence and an equal improvement in business confidence in the retail, construction and manufacturing sectors. The Economics Research Centre of the University of Cyprus said that climate change in retail was affected by a lesser-negative
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Porter companies at Limassol port will get €28 mln in compensation for their licenses, equalling a cool €1 mln for each of the 28 porters, but lifting the final hurdle in tendering out the management of the port’s services to private bidders. The government, acting as landlord and future regulator of the island’s commercial ports,
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A deterioration of the economy in Greece and a potential Greek exit (Grexit) from the eurozone, could have a negative impact on Cyprus banks, despite the fact that the island’s lenders have little or no exposure to the Greek market, according to Moody’s. The rating agency said on Thursday that Cyprus companies that do business
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German companies are currently hiring a slightly lower number of new staff than in May, according to the Ifo Employment Barometer that edged downwards in June to 107.8 index points from 108.2 points last month and just above levels seen last August. The Ifo report said that the service sector remains the main driver behind
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A project of huge importance for the development of the innovation, research and technology – the Microsoft Innovation Center (MIC) – was officially inaugurated by Cypriot Minister of Transport, Communications and Works Marios Demetriades, on behalf of President Nicos Anastasiades. With a track record of success in many countries around the world, the MIC has
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Two hundred runners took to the mountains on June 14 for Dro.Me.A. Racing’s «6th annual Garmin Troodos 15-km Green Race», making it an event to remember. The race, which is amongst the island’s toughest running events, meanders across a rocky terrain to the island’s highest elevation point. “We are delighted that the event is growing
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Europe’s bio-based economy will receive a major boost with the announcement of a new, over €200 million call for proposals on June 26 for the Bio-Based Industries Joint Undertaking (BBI JU). The latest call for proposals follows the July 2014 launch of the BBI JU, a €3.7 billion public-private partnership aimed at supporting the development
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