A significant infrastructure overhaul has officially commenced in Larnaca, marking a transformative period for the city's central streets and squares. Miltiades Neophytou Civil Engineering Contractors & Developers Ltd has taken charge of the project, which aims to revamp the city centre, making it more pedestrian-friendly. Special attention will be given to accommodating pedestrians, including those...
Here’s a recap of the major business developments in Cyprus from the week starting September 16: Cyprus-based intellectual property incubator, Mad Crusader, made headlines with a significant €30 million investment into premium AA video games. Founder and CEO Yarr Rash shared insights with the Cyprus Mail, discussing the company’s innovative approach to intellectual property development and its...
The confidence of local businesses in Cypriot banks has taken a hit, as shown by a survey conducted in June 2024 among 740 commercial companies across the island. Compared to a similar survey held in June 2023, CBC Bank and Ancoria Bank have seen the most significant drops in trust from businesses. In the survey, respondents were asked to rate seven banking institutions on a scale of 0 to 10 based on...
Cyprus is set to introduce electronic signatures by the end of September, as announced by the Ministry of Innovation on Monday, September 16. This initiative aims to simplify interactions between Cypriot citizens and government agencies, significantly reducing the need for physical presence in many processes where a digital signature can now be used. The implementation of digital signatures will...
Invest Cyprus recently took part in the India Mediterranean Business Conclave 2024, reinforcing its efforts to position Cyprus as a leading destination for business and investment. According to a press release, the event, held on September 6 in New Delhi, was co-organized by the Ministry of External Affairs of India and the Confederation of Indian Industry (CII). The conclave gathered business leaders...
The Harmonized Index of Consumer Prices (HICP) saw a year-on-year increase of 2.2% between August 2023 and August 2024, as reported by the Statistical Service on Wednesday. The index also rose by 0.9% between July 2024 and August 2024, with the most notable growth observed in the Services sector. For the January to August 2024 period, the HICP showed a 2.3% rise compared to the same timeframe in the...
Hellenic Bank has launched a new mortgage plan aimed at making homeownership more accessible for first-time buyers. In its announcement, the bank introduced the "First-Time Homeowners" scheme, which offers reduced interest rates, providing significant assistance to individuals purchasing their first property. This new initiative falls under Hellenic Bank’s "My Home" program, which features a reduced...
The first of five specially designed Instagram spots, offering picturesque settings for photos, has been unveiled at Fig Tree Bay in Protaras, according to an announcement by the municipality on Saturday. This new Instagram spot features a large white frame that presents a stunning backdrop. On one side, visitors can capture the scenic view of the beach, while the other side offers a view of what’s...
On Friday, the Bank of Cyprus announced an immediate cut in its reference rate for loans linked to the European Central Bank’s (ECB) base interest rate. The reduction will see the rate drop from 4.25% to 3.65%, taking effect from September 18, 2024. This decision follows the ECB’s recent move to lower interest rates, with the bank highlighting that the 0.60% reduction is expected to provide a...
During a meeting on September 11, 2024, Cyprus President Nikos Christodoulides and UAE President Sheikh Mohammed bin Zayed al Nahyan focused on enhancing cooperation in energy, infrastructure, and regional matters. This discussion was part of an official visit initiated by the UAE President's invitation to his Cypriot counterpart. According to a statement from Government Spokesman Konstantinos...
