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China’s global success story achieved through hard work

The worst advertisement for communism, undoubtedly, was the Soviet Union’s dysfunctional economic system, which apart from offering the very basics for subsistence to its citizens merely reproduced poverty. The low standard of living of its population seemed to be a constant, improvements, if any, slow and barely discernible. Compare this to the People’s Republic o...

Business Monday, 27 January, 2020

Law passed to regulate Airbnb rentals

The owners of self-catering accommodation with services such as Airbnb will now have to register with the state under a new law passed by the House of Representatives on Friday. The bill, which covers both new and existing accommodation, was passed by 52 MPs for and two MPs against. The bill was proposed by ruling Disy party head Averof Neophytou and Edek MP Elias Myrianthous...

Business Monday, 20 January, 2020

Cyprus fast internet targets are buffering

While EU member states are completing their fast internet connection targets set by the bloc, Cyprus is nowhere near coming close to them. EU targets foresee that more than 50% of households should be connected with Next Generation Networks by 2020. Connection to a Next Generation Network would see users surfing at speeds of at least 100 Mbps. Despite improvements, 76.6% of h...

Business Monday, 16 December, 2019

KPMG Expects to Invest US$ 5 Billion On Digital Leadership and Expands Microsoft Alliance

KPMG today announced investments in technology, people and innovation and expects to spend US$ 5 billion over the next five years to enhance its leadership position in the digital transformation of professional services. This investment will accelerate the digital transformation of KPMG firms and their clients, who will benefit from the latest technological advancements across...

Business Monday, 09 December, 2019

CYPRUS TO SEE ITS FIRST LNG TERMINAL IN 2021

Cyprus is soon to see the construction of its first LNG terminal station after the government reached an agreement with a Chinese-led consortium for its operation from 2021. Following the contribution of the state’s legal services in the negotiations between the two sides, an agreement between the state Natural Gas Company (DEFA) and a Chinese-Greek consortium to const...

Business Wednesday, 04 December, 2019

Court annuls Alpha Bank Cyprus fine

The Administrative Court has annulled a fine of €250,000 imposed on Alpha Bank Cyprus by the Cyprus Consumer Protection Service (CCPS) in October 2016 for unfair terms in its loan contracts. The Administrative Court has revoked a fine of €250,000 imposed by the Cyprus Consumer and Protection Service (CCPS) on Alpha Bank Cyprus for its business practices relating to l...

Business Monday, 25 November, 2019

Asian stocks lower after China economic data release

Most Asian stocks were lower early Friday, after China’s Q3 GDP came in slightly below market expectations at 6%. September industrial production growth far exceeded market forecasts at 5.8%, while retail sales posted a year-on-year increase of 7.8%, in line with market expectations. China’s GDP figures should come as little surprise to investors, considering that ...

Business Monday, 21 October, 2019

Cyprus to abolish guarantees for foreign workers

Cyprus is pushing for the abolition of a mandatory cash guarantee for foreign workers paid by their employers who are usually on low incomes and in need of care. Interior Minister Constantinos Petrides said that a bill has been sent to the Legal Service providing for the complete abolition of bank guarantees that an employer of a third-country national was obliged to deposit. ...

Business Wednesday, 25 September, 2019

Cyprus Airways signs deal to expand Greek connectivity

Cyprus Airways has officially signed an interline agreement with the Greek-based carrier, Sky Express to connect with 29 destinations across Greece. The agreement, effective from September, will offer more travel opportunities to Cyprus Airways passengers as they can continue their journey from Athens or Thessaloniki to other destinations in Greece or the Greek islands. Passe...

Business Tuesday, 24 September, 2019

Cyprus to abolish ship registration fees to boost registry

Cyprus plans to abolish initial ship registration fees in a bid to boost the Cypriot registry’s competitiveness and attract more vessels, Deputy Minister for Shipping Natasa Pilides said. Pilides briefed the parliamentary committee on Transport about new draft regulations approved by the cabinet for the registry’s new pricing policy which provides for rounding off ...

Business Saturday, 14 September, 2019

Larnaca wants fuel storage terminals moved in 15 days

LARNACA municipality has sent a letter to several government ministers asking them to resolve issues regarding the relocation of the petroleum and LPG facilities from its coast to Vasilikos within 15 days. On Thursday, the municipality announced that a meeting of the inter-ministerial committee on the relocation of the installations was held on Monday at the office of the mini...

Business Friday, 26 July, 2019

GDP Growth Of 3.4% In 2019 And 2020

University of Cyprus’ Economics Research Centre has predicted that real GDP growth will slow from 3.9% in 2018 to 3.4% in 2019, a rate which will also remain in 2020, the Cyprus News Agency reports. In its Economic Outlook, published on Friday, the Economics Research Centre notes that the growth momentum of the Cypriot economy is expected to moderate in 2019 and 2020. &...

Business Thursday, 25 July, 2019