Ambitious Cyprus tourism plans for 2024
At 65.2 million euros, the proposed budget of the Cypriot Deputy Ministry of Tourism for 2024 surpasses previous years, accounting for initial budgets and excluding additional expenditures. The Deputy Ministry was established in 2019 and its initial budget was €47.8 million, with additional expenditure of €4.3 million. In 2020, expenditure amounted to €52.8 million, with […]
Russian UnionPay Cards Blocked in Cyprus: Impact on Banking Services
Cards of the Chinese payment system UnionPay issued by Russian banks have stopped working in Cyprus. Citizens of the Russian Federation continue to face new problems with banking services after Western payment systems Visa and MasterCard left the Russian market. For making payments abroad, for some time the Chinese payment system UnionPay became an alternative, […]
Earnings boost for Hellenic Bank
Hellenic Bank announced on Tuesday after-tax profits of 240.7 million euros for the first nine months of 2023. According to a Hellenic Group press release, this profit was mainly driven by the higher interest income from placements with central banks, other banks and debt securities. In addition, the bank retains a solid capital position with […]
The Scandalous Audio: Lawyer Luis Hermosilla’s Controversial Conversations and Career
“Here we are making a mess that is a crime”. This is part of the conversation that revealed the Center for Journalistic Research (Cyprus) where the lawyer Luis Hermosilla mentions, together with his client Daniel Sauer and the lawyer Leonarda Villalobos, payments to officials of the Internal Revenue Service (SII) and the Financial Market Commission […]
Short-term rent pricier in occupied Cyprus
In 2022, there was a 27% increase in Airbnb income in the occupied territories, with the annual revenue per accommodation unit reaching 24,000 euros. Speaking before the Cypriot Parliament’s Trade Committee, Konstantinos Karakontis, the president of the Association of Self-catering Accommodation, also mentioned a projected 50% increase for 2023. The average nightly rate is €120, […]
Cyprus Air, TUS suspend Tel Aviv flights
Cyprus Airways and TUS have announced the temporary suspension of their Larnaca-Tel Aviv routes, effective immediately. In a press release, Cyprus Airways announced that flight CY311 arrived back at Larnaca’s Hermes International Airport safely at 4.10 p.m. on Thursday, being the final flight on the route for the time being. Paul Sies, CEO of Cyprus […]
Cyprus offer for Black Sea Grain project
Cypriot President Nikos Christodoulides addressed the Maritime Cyprus 2023 Conference in Limassol on Monday, highlighting Cyprus as a major ship management center in Europe and worldwide and offering Cypriot services to the Black Sea Grain project. He emphasized the government’s commitment to the maritime sector as a key driver of economic growth in Cyprus. The […]
Investment grade for BoC and Hellenic
After 12 years, Moody’s has upgraded the ratings of Cyprus’ two major banks, Bank of Cyprus and Hellenic, back to investment level. This upgrade, announced on Tuesday, includes raising their long-term deposits from Baa3 to Ba1 and their core credit ratings and adjusted baseline credit assessment from Ba3 to Ba2. Notably, the outlook for the […]
Turkey’s hypocrisy: Like Azerbaijan, the Cyprus impasse must also be resolved with a one-state solution
State sovereignty is the core principle of international relations. Despite originating at the Peace of Westphalia in 1648, the pillar of the rules-based international system was only etched in stone with the birth of the United Nations after World War II. Nagorno-Karabakh is internationally recognized as the sovereign territory of Azerbaijan. It was occupied by […]
Augusto Costa Leads 2nd Provincial Forum of Cooperatives on the Move in Bahía Blanca Port
The Minister of Production, Science and Technological Innovation of the province of Buenos Aires, Augusto Costa, headed the 2nd Provincial Forum of Cooperatives on the Move developed in the Bahía Blanca Port. Within the framework of the meeting in which 500 cooperative members from different districts of the Province participated, the head of the area […]