Hellenic Bank has achieved impressive financial success in 2023, with aftertax profits reaching €240.7 million in the first nine months of the year. Key factors contributing to this success include higher interest income, a decrease in total expenses, strong capital ratios, a low nonperforming exposure ratio, credit rating upgrades, robust lending growth, and effective balance sheet management.
The Trikomo property market is experiencing soaring prices due to new luxury highrise developments, an influx of international buyers seeking refuge from regional conflicts, the “Famagusta, Trikomo, and Ayios Sergios Zoning Plan” regulating development, and historical complexities potentially reducing property supply. This surge in demand has led to apartments now selling for upwards of £200,000, marking a substantial rise from just a couple of years prior.
Welfare offices in Paphos were vandalized, causing substantial damage estimated at €1,400. The police are currently investigating the motive behind the breakin and searching for the perpetrators, while maintaining a vigilant presence at the site. Meanwhile, the local federation representing employers and industrialists has expressed opposition to proposals suggesting a reduction in the operating hours of shops, highlighting the positive impact of extended hours on employment and investment in the retail sector. Critics, however, raise concerns about the potential impact on smaller businesses. The federation argues that Cyprus’ high retail density demonstrates the vitality of flexible shop hours in catering to consumer needs and choices.
The Paphos welfare offices in the quiet city of Paphos were burglarized, resulting in approximately €1,400 in damages. Police are investigating the breakin, seeking community assistance to apprehend the suspects, and ensuring public and employee safety. No items have been reported missing at this time.
The Supreme Court upheld the dismissal of former police chief Michalis Papageorgiou due to his inadequate response to violence at an event, reflecting a broader pattern of neglect and disrespect for official duties. The ruling confirmed the President’s act was beyond judicial merit scrutiny, emphasizing the expectation for public servants to uphold their duties with integrity.
The Health Insurance Organisation (HIO) warns the public about an increase in fraudulent text messages claiming to be from Gesy. These messages ask for personal information and payment, but Gesy will never request this through text messages. It is important to report and ignore these messages to protect your information.
This Tuesday, expect a refreshing shift to cooler weather with interior regions enjoying 23C, coastal areas around 22C, and mountain altitudes dropping to a crisp 12C. Gentle winds will transition from northwesterly to southwesterly, with evening temperatures declining to 10C interiorly, 13C along the coast, and 5C in the mountains.
The CyprusPhilippines Business Association, established by the Cyprus Chamber of Commerce & Industry, aims to strengthen socioeconomic and commercial bonds between Cyprus and the Philippines. It seeks to expand trade, boost imports and exports, foster economic collaboration, and unlock potential opportunities for Cypriot enterprises. Dominique Laconico, of Cleverpath Holdings, has been elected as the inaugural president of the association, with the vision of intensifying the socioeconomic and commercial bonds between the two countries.
The Pentakomo waste treatment plant is facing numerous issues including lack of governmental cooperation and unresolved licensing problems. The joint venture operating the plant has raised concerns about environmental and health risks, while financial troubles and technical challenges further threaten the plant’s sustainability. The Green Party is calling for cooperation between the government and the company to address these issues, while a parliamentary probe and potential contract cessation are being considered as governmental responses.
The cost of the public sector is straining social welfare, limiting resources for vulnerable populations. A reevaluation of budget allocations is needed for a more equitable distribution of resources, bridging the gap between fiscal responsibility and social empathy.
