In April, economic sentiment deteriorated, weighed by a three-year low in consumer confidence battered by a cost-of-living crisis and weaker business activity, according to a University of Cyprus index. The university’s Economic Sentiment Indicator (ESI-CypERC) decreased by 2.8 points compared with March. The decrease in the index resulted from weaker business confidence in services and
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The government will remove VAT on some foodstuffs to relieve households from inflationary pressures and a hike in interest rates, announced Finance Minister Makis Keravnos. Despite March seeing the lowest inflation rate for 13 months, households continue to feel the cost-of-living pinch as they spend more on food, forcing the government to step in. Keravnos
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In the second half of 2022, average household electricity prices in Cyprus rose sharper than the EU average, from €23 per 100 kWh to €32.6 per 100 kWh, while Europe went from €23.5 to €28.4 per 100 kWh, according to Eurostat. Average gas prices also increased in the EU compared with the same period in 2021
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The last Cypriot citizen airlifted from war-torn Sudan has arrived in Cyprus on an RAF flight carrying rescued Britons. Another seven Cypriots are currently making their way to Egypt by land, according to the Foreign Ministry. In comments to the Cyprus News Agency, the ministry’s spokesperson Theodoros Gotsis, said the last Cypriot to be flown
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Authorities on Thursday launched an investigation into the causes of the fire at the Russian Cultural Centre, which Russian diplomats have attributed to a ‘terror attack’ on the building. Police told the Financial Mirror that officers and members of the Fire Service were on site looking into what started the blaze, which caused extended damage
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An apologetic Cyprus Airways said it’s facing unexpectedly high call volumes and doing its utmost to service its customers as soon as possible. The airline has provided additional resources to its customer-facing teams to assist and minimise inconveniences to its clients. Paul Sies, CEO of Cyprus Airways, stated, “We wish to apologise to our clients
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Top lawyers and accounting firms fear being placed on the US and UK sanctions lists as they have clients whom are Russian oligarchs sanctioned following Russia’s invasion of Ukraine. Quoted by Politis daily, the chair of the Bar Association, Christos Clerides, said that prestigious law firms are increasingly worried over recent developments. As reported by
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Nicosia will establish a supervisory authority to control damage inflicted on the island’s reputation as a business destination, following UK and US sanctions on Cypriot service providers. President Nikos Christodoulides has met with stakeholders, including monetary authorities, lawyers, and accountants. The government seeks to create a Single Supervisory Authority to get ahead of possible new
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A large fire caused extensive damage to Cyprus’ landmark Russian Cultural Centre in the heart of the capital Nicosia with authorities not ruling out malicious intent, the fire service said Wednesday. The fire caused extensive damage to the centre’s interior and exterior before being contained. Officials said arson has not been ruled out at this
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More than 500 athletes and support staff are expected to participate in the highly anticipated cycle race L’ Étape Cyprus by Tour de France in November. The Cypriot edition of the L’ Étape by Tour de France series -held under the strict and demanding framework of the greatest cycling event on the planet- will take
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