According to the latest figures released by the Central Bank of Cyprus (CBK) on Friday, September 20, the volume of non-performing loans (NPLs) in Cyprus dropped from €177.6 billion in May to €166.9 billion in June. This marks a €107.1 million decrease in NPLs within the Cypriot banking system compared to the previous month, showcasing some improvement in the sector. As per the European Banking...
Extended weekends in October are boosting travel demand among Cypriots, with popular cities in Greece and across Europe becoming top choices for short getaways. As noted in Anna Polyviou's report for Kathimerini, Cypriots are eagerly planning trips for the public holidays on October 1st and October 28th, taking full advantage of the long weekends. Greece remains the number one destination for Cypriot...
Limassol’s mayor, Yiannis Armeftis, has extended an open invitation to all, encouraging people to join the 63rd Wine Festival for an unforgettable experience. The event, set to run from September 28 to October 6, offers visitors a chance to immerse themselves in Cypriot tradition while indulging in a wide array of local wines. The festival, which first began in 1961, will showcase both large and small...
On Monday, the Cyprus Chamber of Commerce and Industry (Keve), in partnership with Invest Cyprus, hosted a forum to promote Cyprus as a key entry point for Lebanese businesses seeking access to the European Union. The event, titled "Discovering Cyprus: A Hub for Business Growth and Opportunities", was aimed at enhancing economic ties between the two nations, highlighting Cyprus' strategic position as a...
Cyprus is experiencing steady winter tourism growth despite regional challenges, but experts argue that a shift in focus and better planning are needed to tap into its full potential. Dorita Yiannakou reports in Kathimerini that Cyprus has missed key opportunities by not targeting the right markets and should concentrate on areas where it holds a competitive edge to maintain its position. Many tourism...
Nicosia has launched an ambitious initiative aimed at transforming the city into a '15-minute city' by 2030, ensuring that residents can reach essential services within a short walk or bike ride from their homes. This plan, announced on Monday, targets reducing the reliance on cars and promoting more sustainable, accessible urban living. According to Philenews, the city-wide strategy focuses on...
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...
