Industrial turnover continued to decline in November, according to the latest figures from the Statistical Service. The industrial turnover index reached 117.5 (base 2005=100), recording a decrease of 11.2% compared with November 2008. In the same period, industrial production fell by 6.4%. For the period January-November 2009, the turnover index recorded a decrease of 11.3%

The EU-harmonised inflation rate accelerated in January, reaching 2.5%, compared with just 1.6% in December 2009 and 0.9% in January 2009. The main reason was a big jump in housing, electricity, water and gas prices, owing to the 1.5% increase in tariffs imposed by the Electricity Authority of Cyprus in January. Transport prices were also

Tourism revenue followed January downwards in January, falling by 4.9% over the year earlier to EUR 29.7 mln in January 2010 compared with EUR 31.2 mln in January 2009. Tourism arrivals in the same period fell by 2.4%.

December figures for building permits in Cyprus show that total building permits authorised inched up by 0.6% over the year earlier in 2009, reaching a total of 8,950 compared with 8,896 in 2008. This was better than the 6.6% drop recorded in 2008 and, since building permits are a leading indicator, could suggest that the

  — Investors have paid the highest price for an inner-city plot in Nicosia when they bought a parcel of 2,000 sq.m. off Makarios Ave. for a record EUR 18.25 mln. The plot that looks on to Stassicratous, Mnassiadou and Princess De Tyra streets, has a market value of EUR 22 mln, as per two

For the past six years, Professor Yair Aharoni, a world authority in business management, has been visiting Cyprus twice a year to examine and report to an international academic council on the educational standards and quality control at the Cyprus International Institute of Management. Prof. Aharoni was awarded the prestigious Israel Prize for his outstanding

Patrick Borg Hedley has been appointed as the new Lufthansa General Manager for Cyprus, replacing Kathrin Pfeiler. During a corporate event in Nicosia attended by associates and Miles & More partners, Hedley said, “I am really happy and excited to be here in Cyprus. Each new assignment is challenging and fulfilling, setting new goals to

The European insurance giant Eureko and Rodardo Ltd. have concluded an agreement for the sale of 98.9% of the share capital of Interlife Insurance Co. and 100% of the road assistance network, Interamerican Voithias. Following the agreement, Michalis Michaelides (seen here with Eureko’s chief negotiator Rudy van der Linden) will retain his post as Managing

The Four Seasons Hotel in Limassol has received a major award for providing the Best Tourist Services in Cyprus from the Employers and Industrialists Federation (OEV). The Four Seasons has always been widely regarded as one of the leading hotels on the island and this award came at the 2009 Financial and Business Excellence Awards.