It matters when the tourism sector faces enormous challenges. In the early years when tourism became an industry, many called it the hen laying the golden eggs. In the 1970s and ’80s, tourism helped the war-torn economy generate growth, jobs, and foreign income. Today, it faces different challenges because it is paying the highest energy
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The European Commission thinks the natural gas crisis has gone away. However, many energy-intensive companies have either closed or reduced production after being unable to cope with higher energy prices, especially as activity is down 20% from 2022. Energy Commissioner Kadri Simson admits the EU faces a fundamental challenge to ensure energy independence and deliver
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Cypriot dairy producers are planning to enter supermarkets in Israel, excited over confirmation the country will lift all customs duty applicable to various cheese products, paving the way for halloumi to conquer another market. During his visit to Cyprus for a trilateral meeting with President Nikos Christodoulides and Greek counterpart Kyriacos Mitsotakis in Nicosia, Israel’s
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Increasing construction costs, the limited supply of suitable units in residential or central areas, VAT, and the lack of title deeds have turned the market’s interest in acquiring older homes. In most cases, these units need upgrading and repair, while residential units of the pre-crisis era that would have been considered depreciated are also upgraded
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By Craig Erlam A big couple of weeks are in store for the Bank of England and Friday’s figures may support the case for a more balanced debate on September 21, as policymakers hinted this week. Inflation is by no means under control, but it is falling fast and, if the BoE is to
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In the second quarter of 2023, seasonally adjusted GDP increased by just 0.1% in the euro area and was stable in the EU, but in Cyprus, it decreased compared with the previous quarter, according to Eurostat. Cyprus has the fourth slowest economy in the Eurozone, with GDP contracting quarterly. These numbers reflect a subtle shift
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A 55-year-old Israeli woman lost her life while cycling in the Platres area in mountainous Limassol, police said on Friday, as they are attempting to establish the cause of death. The Platres Police Station is investigating an “unnatural death” case, possibly due to a cycling accident. The local police station was informed on Thursday at
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Tesla, a prominent manufacturer, has seen its dominating position challenged as China’s BYD has now taken the lead in terms of electric vehicle (EV) sales volume, nearing the 200,000 monthly mark. Competition is intensifying, and dominant players are at risk of losing market share, a market study has shown. In particular, data acquired by Finbold
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The island’s two airports recorded the largest passenger traffic flows for August after increasing over 20%, according to private operator Hermes Airports. Larnaca and Paphos airports handled more passengers in August than the record year of 2019. Hermes Airports said the total number of passengers handled at Larnaca and Paphos reached 1.5 million from 1.3
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Enhancing technology and innovation are at the cornerstone of the government’s vision for the economy, President Nikos Christodoulides said at the first Techisland Awards in Limassol. He said the government promotes initiatives to enhance the competitiveness of Cyprus as an investment destination, with changes to the Strategy for Attracting Investment and Talent soon being approved to make it more attractive.
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