Business owners in the north filed an objection to the new minimum wage, which is set to be raised to a gross figure of 34,070TL (€975) at the end of the month. The new minimum wage is now just €25 lower than the Republic of Cyprus’s minimum wage.
Small boat owners at the Larnaca marina are asking for reduced fees, which were increased by as much as 25% in March by the previous operator. They have not received a positive response when requesting a meeting with the Transport Minister and the transport ministry’s permanent secretary. Boats are beginning to run aground as sand accumulates on the seafloor due to the lack of dredging at the marina.
Interest in Larnaca’s marina and port remains high despite the divorce between the Government and Kition Ocean Holdings. The Emir of Qatar has shown interest in the project, along with other suitors within the country. The proposal to separate the project and focus on the marina has gained ground, with the Government open to discussions and forming a working group to expedite the process. The Larnaca Municipality demands greater involvement in the project’s future, with plans for a committee to conduct a techno-economic study. The matter will be discussed in the House Transport Committee, and the Ministry of Transport will take over the management of the marina.
Workers at Kition Ocean Holdings, operator of the Larnaca marina and port concession, will be rehired by the state, securing 70 jobs just before the next mayoral and European elections.
The government reached a deal with Larnaca port and marina workers who were fired by Kition Ocean Holdings. Talks lasted for four hours and the agreement ensures that the 72 dismissed workers will transition their employment to the Larnaca and Famagusta District Development Agency.
The EURUSD pair fell to 1.0830 in European trading after failing to reach a two-month high near 1.0900. ECB governing council member Klaas Knot suggested a gradual rate-cut approach based on recent data showing wage growth and improved Manufacturing PMI. The Dollar’s DXY Index recovered to 104.80 due to market sentiment. Investors are now expecting the Fed to start reducing interest rates in the last quarter of the year.
Oil prices rose on Wednesday as major producers are expected to extend output cuts at a meeting on Sunday. Traders and analysts anticipate the OPEC+ group to keep voluntary production cuts of about 2.2 million barrels per day in place. The onset of the northern hemisphere summer season, when demand for road and aviation fuels peaks, is also supporting prices.
Newly revised housing plans were approved by the cabinet to regenerate mountain villages, rural areas, and areas on the Green Line. 1,500 applications have been approved under the schemes, corresponding to the granting of €55 million in financial assistance. 14,000 households, corresponding to 29,500 people, benefited from the allowances in 2023, with a total grant of €7.5 million. The plan has been extended until December 31, 2025, and becomes a two-year plan to allow interested parties sufficient time to secure the necessary planning and building permits required to apply.
The Emir of Qatar’s visit to the Presidential Palace focused on discussing concrete projects rather than indulging in rhetoric. During the meeting, both leaders emphasized specific references and tangible results, agreeing to establish a working committee to review progress every six months. Qatar expressed interest in energy, ports, the financial sector, and technology collaborations. They also discussed political issues such as the Cyprus problem and the situation in Gaza. The Emir’s visit marked a strategic step towards further developing strong bilateral ties between Qatar and Cyprus.
Cyprus and Greece are pushing the European Union to prioritize its own defense industry in providing military aid to Ukraine. Despite an existing agreement allowing arms purchases from non-EU countries, the two countries argue that aid should benefit the European defense sector. Hungary is currently hindering the release of a €500 million package from the European Peace Facility intended for Ukraine’s military, citing concerns about discrimination against Hungarian companies in Ukraine as a reason for blocking the disbursement. Discussions are ongoing to bypass a potential Hungarian veto and expedite the flow of funds to Ukraine.