Ministers Maria Panayiotou and Marios Hartsiotis have revoked all fireworks permits and are collaborating with stakeholders to enhance regulations after recent fires near Limassol and Paphos. Immediate action is being taken to ensure public safety through stringent examination for new permits and the establishment of a comprehensive framework for the future management of fireworks.
Turkish Cypriot leader Ersin Tatar heads to The Gambia for the 15th Islamic summit, advocating for recognition and equality for his community against Greek Cypriot isolation. Through strategic meetings, he aims to gain global support and reshape perceptions of Turkish Cypriots on the international stage.
In March 2024, Cyprus’ retail sector experienced a substantial surge with a 5.5% increase in the trade turnover value index and a 5.2% rise in retail volume, indicating a robust consumer market. This positive trend continued into the first quarter of the year, showing a 5.4% climb in the value index and a 4.9% increase in the volume index compared to the same period in 2023, highlighting a flourishing retail landscape.
The National Solidarity Fund in Cyprus, established to aid those affected by the 2013 banking crisis, has received an overwhelming response with around 7,500 applications submitted for financial relief. With plans to increase the fund by €50 million annually from state funds, the ongoing verification process aims to provide support to individuals who suffered significant losses from the banking resolution measures.
In April, Cyprus saw a sharp increase in inflation with a rate of 2.4%, nearly double that of the previous month. The rise in the consumer price index to 117.09 units, driven by the expiration of government subsidies on oil products, has impacted local consumers significantly, leading to concerns over the cost of living.
A 30yearold man in Limassol assaulted a woman in her home before stealing her car at knifepoint, resulting in his arrest by the police for charges including assault, robbery, and possession of drugs. The violent incident has left the community shaken as authorities work to ensure safety and justice prevails in the wake of this dramatic car theft.
Limassol port has become a pivotal hub for vehicle transportation with its strategic Mediterranean location, handling a 75% surge in traffic and processing 60,000 units in 2023. The port’s roundtheclock operations and adaptability play a crucial role in Cyprus’s economic infrastructure, tourism, and local economy, making it an indispensable asset for regional maritime logistics.
Altamira Real Estate is offering a unique chance to own coastal properties, including 28 apartments and villas within tourist complexes along stunning coastlines. These renovated properties are ideal for holiday rentals or personal use, with bidding starting on May 14 at 10 am.
EKO Cyprus, in collaboration with TBWA\Entelia, unveils an electrifying new campaign showcasing their commitment to innovation and sustainability. With dynamic visuals and storytelling, the campaign solidifies EKO’s position as a global energy industry player, energizing audiences worldwide.
Hellenic Bank’s strategic acquisition of CNP’s insurance operations is set to elevate its market share in the life insurance sector from 7% to 30% and in general insurance from 9% to 23%. This move, validated by Fitch Ratings, positions the bank as a robust player in the financial realm, with enduring benefits anticipated for its revenue streams and business profile.
