The construction industry is suffering as the price hike of raw materials continues, with developers crushed under higher costs as they are deprived of Russian money. Developers say some private projects in the pipeline have been put on ice; projects underway have been slowed down, while those backed by Russian investors are put on hold
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Cyprus is targeting its first natural gas exports by 2026 from the Aphrodite gas field, Energy Minister Natasa Pilides said. After a parliamentary committee hearing, Pilides said there are many options concerning natural gas infrastructures. One is a pipeline connecting Cypriot gas fields with Egypt, either a joint pipeline with Israeli gas fields or separately.
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President Nicos Anastasiades said he could not be prouder of Cyprus shipping’s contribution to the economy in such a challenging year, with an everchanging pandemic landscape of rules and regulations. “It has never been clearer how much Shipping contributes to this country,” Anastasiades told the Cyprus Shipping Chamber’s 33rd Annual General Meeting. According to Anastasiades,
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By Jeffrey Halley Markets are trading sideways in Asia, a continuation of the price action seen in New York, as the entire world awaits the outcome of the FOMC rate decision Wednesday evening. Asian turnover is muted by a long week of holidays this week as mainland China, Japan, Malaysia, Indonesia and Thailand are closed
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Passenger traffic at airports picked up in April during the Easter holidays, reaching 85% of 2019 pre-pandemic levels when Cyprus had record visitors. Transport Minister Yiannis Karousos welcomed improved passenger traffic in the first four months of the year; it was 70% compared to the same period of 2019. According to figures released by the
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Football hooliganism is back, with its latest victim, a 20-year-old man in hospital in a serious condition with burns to 45% of his body, after being hit with a Molotov cocktail during violence outside the ground. Following the incident, authorities received fierce criticism for not taking hooliganism incidents seriously enough. The 20-year-old was an innocent
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The opening of the first integrated casino resort in Europe, Limassol’s €600 mln City Dreams Mediterranean, has been postponed again, pushing the launch date to the end of the year, from autumn. Initially, the first casino resort was scheduled to open in Cyprus in 2021, mainly due to the pandemic and imposed restrictions on construction
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Cyprus is the first EU state to report full 5G population coverage, even in remote mountainous areas, boasted the telecoms authority Cyta. Cyta’s announcement came after its 5G network reached the village of Sykopetra in the mountainous region of Pitsilia, which was the final stop to achieving 100% coverage. Talking at a small ceremony at
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The government will support low-income groups hit by the highest inflation rate for decades, said Finance Minister Constantinos Petrides. Cyprus’ inflation in April spiked 8.6% in the Harmonized Consumer Price Index compared to the same in 2021, according to Eurostat’s preliminary data. Petrides noted that “we are indeed living in an era of inflation, not
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Cyprus backs EU plans on energy security and beefing up storage after Russia cut off gas supplies to fellow bloc members Bulgaria and Poland. Brussels says it is preparing for difficult months ahead in the energy sector, following an extraordinary meeting of the bloc’s energy ministers on Monday to discuss its strategy after Russia decided to
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