In 2022, Cyprus’s trade sector saw a remarkable 20.7% increase in turnover, reaching €17.61 billion, with wholesale trade surging by 28.7% and retail trade by 12.5%. Employment in the sector also grew by 3.2%, reflecting the sector’s expansion and positive economic impact.
The Bank of Cyprus has introduced ecofriendly financial products like Green Home Loans, EcoFriendly Renovation Loans, and Energy Loans to support sustainability. These initiatives aim to promote ecoconscious living by offering reduced rates for energyefficient properties and funding for solar panel installations, showcasing the Bank’s commitment to a greener future.
The tragic shooting incident in Peyia, where Stylianos Stylianou lost his life, has left the community in shock. The suspect, a 50yearold man, has surrendered to the authorities and admitted guilt, as the police work tirelessly to uncover the motives behind this violent act.
Cyprus’s tourism sector faces a critical crossroads amidst geopolitical tensions, economic strains, and sustainability concerns. Stakeholders are reevaluating their approach, shifting from mass to quality tourism and advocating for sustainable practices to ensure longevity and prosperity. Adapting to challenges and embracing sustainability will be crucial for the future of Cyprus’s tourism industry.
The proposed fake news criminalization amendment has sparked concerns among stakeholders like the Union of Cyprus Journalists, warning of potential threats to free speech and journalistic freedom. If passed, the amendment could lead to press violations, increased selfcensorship, and compromise democratic processes, according to the Association of Newspapers and Periodicals Publishers.
The tragic drowning incident in Larnaca claimed the life of a young 15yearold swimmer in a heartwrenching turn of events. Despite a prompt emergency response involving various rescue teams, the young woman was pronounced dead at Larnaca general hospital, highlighting the need for vigilance, preparedness, and water safety education in preventing such tragedies.
The Council of Ministers has approved new legislative proposals to combat illegal employment, including a digital monitoring system, stricter penalties, and holding main contractors accountable for subcontractors’ activities. These measures aim to streamline work permit processes for foreign nationals and improve employer access to information on employees’ residency statuses, marking a crucial step in strengthening the fight against illegal work practices.
BEONIX Festival in Limassol promises an electrifying experience with top DJs like Tale of Us and Fatboy Slim. Get ready for three stages of diverse beats under the September sky – tickets available now at www.beonix.art!
Cyprus is advancing with its economic recovery plan by requesting €77 million from the EU’s Recovery and Resilience Facility. The country has met 16 milestones towards a total of €1.2 billion aimed at digital transformation, environmental sustainability, and economic resilience, showcasing its commitment to EU goals.
The cooperative banking sector in Cyprus is experiencing a resurgence with plans to establish a new cooperative savings bank by unions. This initiative aims to offer easier loan access for the middle class and create a communityoriented banking experience based on solidarity and mutual benefit.
