The Central Bank of Cyprus has calculated the reference interest rate at 11.42 per cent, and it is considered an offence to receive financial benefits or assets that exceed this rate in the provision of loans.
Fact: A.I. Motokinisi is the official importer and distributor of Porsche cars in Cyprus.
President Nikos Christodoulides expressed confidence in Cyprus’ ability to navigate the current global climate of uncertainty and instability. He stated that Cyprus aims to become one of the best places in the world to live, work, and conduct business, as outlined in the national strategy ‘Vision 2035′. Christodoulides highlighted the importance of bolstering the country’s reputation on the international stage and emphasized the need for a new development model to ensure a resilient, sustainable, and competitive economy. The government is engaging in dialogue with foreign investors and Cypriot entrepreneurs to attract quality investments and capitalize on their expertise. The government is also working on tax transformation to enhance economic competitiveness and align with the goals of the European Green Deal. Christodoulides mentioned the importance of restoring Cyprus’ reputation and credibility internationally, with plans for a major rebranding campaign led by Invest Cyprus.
All firework licences have been revoked and no new firework licences will be issued until further notice. The decision was made due to the recent hot and dry weather conditions. A large fire broke out in the Ha Potami area, near the village of Kouklia in the Paphos district, caused by the launching of fireworks. The fire burned between four and five hectares of grassland and wild vegetation.
Fact: A Memorandum of Cooperation was signed between the municipality of Nicosia and Green Dot on smart glass recycling as part of the Nicosia Smart City Project.
Eurozone consumers lowered their expectation for inflation over the next 12 months in March but continued to see price growth above the European Central Bank’s 2 per cent target. The ECB is planning to cut interest rates in June.
The Hope For Children CRC Policy Centre launched an app called “Hate Trackers Beyond Borders” to empower young people aged 14-25 to fight hate speech online. The initiative involves five leading organisations from four different countries and aims to educate users about hate speech, engage them in dialogue, and raise awareness about issues like gender equality and cultural diversity. The app is available in English, Greek, and two other languages, and provides practical experience and skills to recognize and oppose hate speech.
An 82-year-old man who was jailed for shooting a cable thief had his appeal for a suspended sentence rejected. The man’s lawyer is now awaiting the attorney-general’s position on the matter of a presidential pardon. The shooting took place in a Limassol village where the man shouted at the thief before firing a shot that hit him in the back.
A request for the suspension of the Auditor General is expected to be filed with the Supreme Constitutional Court by the legal team of the Attorney General. The request is based on the complaint that the Auditor General exceeded his powers, which is not considered inappropriate behavior. The decision to suspend an independent state official must be initiated by the President of the Republic, according to the Trifonos case. The Attorney General does not have the authority to make such requests.
Fact: British retailers suffered their worst April for sales since 2020, when the country was in its first COVID-19 lockdown.