On Thursday, the House of Representatives will decide on a proposed constitutional amendment that enshrines the right to a healthy and sustainable environment. The bill, referred back to the House by President Nikos Christodoulides, incorporates additions made by the Law Office and was reviewed by the legal committee on Wednesday. Background of the Amendment The amendment was initially approved during...
Wall Street’s macro traders are set for their weakest performance in foreign-exchange and rates trading since the pandemic era, as global banks grapple with shrinking margins and a challenging economic environment. Data from Coalition Greenwich indicates that over 250 major financial institutions, including Goldman Sachs, JPMorgan Chase, Citigroup, and Morgan Stanley, are projected to earn $32 billion...
The use of Artificial Intelligence (AI) and Information and Communication Technologies (ICT) continues to rise among businesses in Cyprus, with large enterprises leading the trend. The findings were published in the 2024 Statistical Service of Cyprus survey on ICT and e-commerce in enterprises. AI Adoption Trends The adoption of AI has grown significantly in recent years. In 2024, 7.9% of all...
The government has unveiled plans for projects valued at €128 million to upgrade public health services and hospital infrastructure across all districts by 2027. Government Spokesman Konstantinos Letymbiotis made the announcement on Friday at the Presidential Palace following a meeting chaired by President Nikos Christodoulides. During the meeting, which included the State Health Services Organisation...
The Cyprus Composite Leading Economic Index (CCLEI) continued its upward trend, marking a 1.8% year-over-year increase in October 2024. This follows growth rates of 1.6% in September and 1.2% in August of the same year. As detailed in a press release from the Economics Research Centre of the University of Cyprus, the CCLEI's sustained positive trajectory is underpinned by contributions from all its...
The World Tourism Organisation (WTO) has named Kalopanayiotis and Pissouri among the world’s top tourist villages in its annual list, released on Friday. Launched in 2021, the Best Tourist Villages initiative highlights rural destinations that excel in preserving natural landscapes, cultural diversity, and local traditions, including cuisine. The program aims to promote tourism as a driver of...
Trade between China and Cyprus reached nearly $1 billion in 2023, as highlighted by China's Ambassador to Cyprus, Liu Yantao, in a recent social media post on "X." Ambassador Liu emphasized Cyprus’s commitment to strengthening economic ties, noting that the country has participated in the China International Import Expo (CIIE) for seven consecutive years. He stated, "The total trade in goods between...
In an effort to make mortgages more accessible and affordable, Cypriot banks and the government are launching a new Interest Rate Subsidy Scheme for home loans. This initiative is set to provide significant relief to homebuyers, lightening the financial load of purchasing a property. According to the Bankers' Association, the scheme has been under development for the past three months in collaboration...
According to the Global Innovation Index 2024 released by the World Intellectual Property Organization, Cyprus has secured the 27th position out of 133 countries, improving its ranking by one spot this year. The Global Innovation Index evaluates over 80 indicators grouped into seven categories. The overall ranking is derived from two sub-indices: ‘innovation resources’ (which includes institutions,...
Cyprus is currently experiencing a substantial construction boom. According to data from the Cyprus Statistical Service released on Thursday, September 20, a record-breaking 1,528 building permits were issued by the island's municipalities and district administrations in June 2024 alone. These permits represent a total value of €781.6 million and cover a total area of 594.9 thousand square meters. The...
