Cyprus Business Now
The council president highlighted the adverse impacts on the economy, particularly on the tourism and real estate sectors, stressing the need for government intervention.
“The way short-term rentals currently operate causes multiple problems in key economic sectors like tourism and real estate. The state loses tax revenue, and the effects impact society and citizens,” Kineyirou stated.
Kineyirou noted that short-term rentals, especially of apartments, drive up rental prices by reducing the supply of long-term rental properties.
“This is one of the reasons for the steep rise in rental prices, as a significant number of properties are removed from the market at a time of increased demand due to high interest rates and inflation, making home buying difficult,” he explained.
Speaking on CyBC radio, the minister said he had visited the site over the weekend to see the port’s operations, including the ongoing Amalthea initiative and the securing of equipment, such as cranes.
“Amalthea is currently not operating with cranes but by other means,” the minister added. “We want it to increase the output from the port and this will happen soon.”
Access to equipment previously supplied by ex-managing company Kition is being handled through the legal service and will be cleared up within 30 days, he said.
According to tour operators and leisure professionals, this trend of Cypriots travelling abroad continues unabated.
Last year, nearly 1.7 million trips abroad were made by Cypriots, up from around 1.3 million in 2022 and 1.5 million in 2019. Antonis Orthodoxou, the press representative of the Association of Cyprus Travel Agents (Acta), confirmed the strong momentum in travel bookings for this summer.
This burgeoning trend is corroborated by statements from Antonis Orthodoxou, the press representative of the Acta, who on Monday confirmed the strong momentum in travel bookings for this summer.
Orthodoxou revealed that Cypriots have already begun exploring the travel packages on offer this year, actively seeking information and updates.
Cyprus’ Producer Price Index (PPI) in industry recorded a 3.8 per cent decrease in April 2024 compared to the same month in 2023, primarily due to reductions in the electricity supply sector, according to a report by the Cyprus Statistical Service (Cystat).
Over the first four months of the current year, the index has shown a decrease of 3.6 per cent.
According to the Statistical Service, the index reached 121.6 points, with 2021 being the base year set at 100 units, indicating a marginal increase of 0.1 per cent compared to March 2024.
In April 2024, compared to March 2024, the index remained stable in the mining and quarrying sector and the electricity supply sector.
However, it saw an increase in the water supply and materials recovery sector by 2.3 per cent and in the manufacturing sector by 0.1 per cent.
The Cyprus Mail recently attended Cyprus-based marketing agency CAPSBOLD’s presentation at Reflect Festival, where she chatted with PR Director Olga Loktionova about the future of marketing and the transformative power of AI.
In today’s bustling digital landscape, capturing and retaining the audience’s attention has become an intricate art form.
“Today we live in the era of the economy of attention. You see thousands of ads every day, making it impossible to focus and pay attention,” Loktionova aptly observed.
This annual gathering highlighted the significant progress and potential of Cyprus as a burgeoning tech hub.
Valentinos Polykarpou, Chairman of TechIsland and Executive Director of Global HR Ops & Services, as well as General Manager of Cyprus at Wargaming, delivered a compelling keynote speech.
Polykarpou underscored the exponential growth of the wider tech sector, noting its direct contribution of over €3 billion to the Cypriot economy in 2023. This achievement is a testament to the strategic efforts to attract international tech companies and highly skilled experts to Cyprus.
The Cyprus Stock Exchange (CSE) ended Monday, June 3 with losses.
The general Cyprus Stock Market Index was at 163.00 points at 12:18 during the day, reflecting a decrease of 0.21 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 99.10 points, representing a drop of 0.20 per cent.
The total value of transactions came up to €102,722, until the aforementioned time during trading.
In terms of the sub-indexes, the main and alternative indexes fell by 0.23 per cent and 0.1 respectively. The hotel index rose by 0.12 per cent while the investment firm index remained stable.
The biggest investment interest was attracted by the Bank of Cyprus (-0.68 per cent), Hellenic Bank (no change), Kythreotis Holdings (-5.52 per cent), Pandora (-7.32 per cent), and Petrolina Holdings (nochange).