European economies like Cyprus are facing the “twin problem” of rising commodity and energy prices and heightened uncertainty following the invasion of Russia in Ukraine, experts argued. “The war really threatens the EU economy with twin problems from the continued dramatic increase in energy prices, increasing inflation and massive uncertainty,” EIB Vice President Lilyana Pavlova
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Hellenic Bank, Cyprus’ second-largest commercial bank, is reducing its staff by some 300-350 people to bring down operating costs. According to news site Stockwatch, Hellenic’s CEO Oliver Gatzke has sent letters to labour unions PEO, SEK, and the Union of Bank Employees ETYK informing them of the bank’s intentions to let around 350 staff go.
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The government will invest €15 mln in incentives for developers to build student accommodation in the old town of Nicosia to address a shortage in the capital, announced Interior Minister Nicos Nouris. The €15 mln is earmarked for subsidising the construction of student dormitories within the walls of the capital’s old town, with a minimum
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A 33-year-old man accused of setting fire to a Limassol court evidence room, destroying proof in a major drug case was sentenced to seven years in prison on Monday. The Limassol Criminal Court sentenced the man who had pleaded guilty, admitting his involvement in the case, saying he was the lookout during the incident last
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Annual household electricity bills shot up by 36% in Cyprus in the second half of 2021, the third-biggest increase in the EU27. According to Eurostat, in the second half of 2021, average household electricity prices in the European Union increased sharply compared with the same period of 2020 (€21.3 per 100 kWh), standing at €23.7
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Cyprus will soon have its first university hospital, as MPs are set to pass the legal framework allowing for the creation of uni clinics and hospitals. The island is the only EU member state without a university hospital, depriving medical students of essential hands-on education and medical research. University hospitals are typically affiliated with a
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In the last few months, Google searches for tourism-reliant Cyprus topped the respective searches for the island in 2019 when a record 3.97 million tourists arrived for a holiday. Cyprus Deputy Tourism Minister Savvas Perdios is cautiously optimistic; this is a sign of a good summer despite the setback caused by the war in Ukraine.
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Cyprus authorities are building up the island’s firefighting capacity ahead of the hot summer months, with Agriculture Minister Costas Kadis announcing the employment of two planes from Spain. In comments to state radio CyBC, Kadis said his ministry is in advanced negotiations to supply additional aircraft. He said two firefighting planes from Spain are expected
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A 44-year-old man was detained in Cyprus police custody on suspicion of people smuggling 29 Syrians on an overcrowded boat intercepted off the island’s southeast coast. The Famagusta District Court on Sunday issued a five-day remand order against the suspect to facilitate a police investigation into assisting irregular migrants entering the country illegally in an
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Passenger traffic to Cyprus is expected to increase by 50% this year from the 2021 figures, despite the challenges of the pandemic and the Russian invasion of Ukraine. Transport Minister Yiannis Karousos said that Paphos airport and tourism to the region “will recover significantly after two difficult years.” In his address to the seventh annual
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