tourism

Cyprus Business Now: weekly wrap-up

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Cyprus Business Now: weekly wrap-up

Here are the factual points extracted from the text:

1. The Cyprus Shipping Chamber (CSC) announced that it is marking 35 years of successful operation since its establishment on January 26, 1989.
2. The Cyprus real estate data analytics firm Ask Wire released a report outlining the ten most lucrative property transactions completed in Cyprus during 2023, with a focus on high-value deals in the district of Limassol.
3. The European Central Bank (ECB) kept interest rates unchanged at a record high on January 25 and did not indicate a shift towards policy easing.
4. Wargaming, an online game developer and publisher headquartered in Nicosia, announced opportunities for students and recent graduates in 2024, including six online gaming educational courses.
5. Cyprus’ Deputy Ministry of Tourism sees an opportunity for increasing tourist arrivals from Switzerland, estimating visits to reach 80,000 in 2023, up from 73,000 in 2022, marking a 20 percent increase.
6. The President of the Cyprus Institute, Stavros Malas, presented a proposal for the establishment of a Centre of Excellence for Smart and Sustainable Farming (SMARTFARM).
7. The Economic Sentiment Indicator (ESI) in Cyprus increased by 2.3 units in January 2024 compared to December 2023, primarily due to a stronger business environment in the services sector.
8. TechIsland and Adsterra launched an educational programme called “Advocate For Yourself” under the Women in Tech Cyprus initiative.
9. Mark Rachovides, chairman of Venus Minerals, explained that copper prices are expected to rise by approximately 75 percent over the next two years due to supply disruptions and increased demand.
10. Finance Minister Makis Keravnos and Cyprus Central Bank governor Constantinos Herodotou discussed a potential decrease in ECB interest rates during 2024, with an expectation that rates are likely to fall before the end of the year barring unforeseen events.
11. The Bank of Cyprus returned a total of €2.2 million to up-to-date mortgage borrowers as part of their ongoing reward plan.
12. A €6.6 million project to install solar panels in 405 schools has been completed, resulting in a 30 percent reduction in total energy consumption, and was funded under the national Recovery and Resilience plan.

Interest rate cuts likely to take place in 2024, CBC governor says

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Interest rate cuts likely to take place in 2024, CBC governor says

– Finance Minister Makis Keravnos and Cyprus Central Bank Governor Constantinos Herodotou discussed a potential decrease in interest rates by the European Central Bank during 2024.
– They agreed that interest rates are likely to fall before the end of the year, barring unforeseen events.
– Herodotou mentioned the positive trajectory of the Cypriot economy, which was echoed by Keravnos.
– Inflation in Cyprus was at 8.1% in 2022, peaking at 10.6% in July, then falling to 1.9% in December 2023, with a minimal increase expected in January due to the base effect.
– The positive progress in inflation was attributed to monetary policy and targeted support measures.
– Increased uncertainty exists due to geopolitical developments, including attacks on the Suez Canal and the situation in the Middle East.
– Herodotou indicated that interest rate cuts are expected within 2024, but cautioned against reducing them too soon to avoid a resurgence of inflation.
– The majority of Cypriot consumer products are imported from European countries, but the economy is affected by issues such as cruise ship tourism due to regional instability.
– There has been a decrease in the prices of basic products, including fuel, in Cyprus.
– Despite interest rate hikes, a surge in non-performing loans (NPLs) has not occurred, partly due to measures ensuring banks consider borrowers’ repayment capacity and increased savings.
– A new framework for NPLs has seen a positive response from borrowers and includes a stable foreclosure framework with a safety net.
– Banks and credit acquisition companies have restructured £2.4 billion worth of loans in 2023.
– The CBC, in collaboration with the Ministry of Finance, is working on a plan to help smaller banks reduce their NPL ratios, which is currently in its second phase.

Cyprus aiming for 80,000 Swiss tourists in 2024

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Cyprus aiming for 80,000 Swiss tourists in 2024

The Deputy Ministry of Tourism of Cyprus anticipates an increase in tourist arrivals from Switzerland, expecting to reach 80,000 visits this year. Deputy Minister of Tourism Kostas Koumis had meetings in Zurich, where Swiss tourist arrivals to Cyprus in 2023 were 73,000, a 20% increase from 2022. Koumis discussed the Swiss market’s progress, visitor satisfaction, special tourism forms, and air connectivity between Cyprus and Switzerland. He also gave an interview to a Swiss tourism magazine. Koumis highlighted the high average spending of Swiss visitors compared to the overall average. He suggested that with available airline seats, an increase in visitors is feasible, potentially reaching the highest performance in two decades for the Swiss market in Cyprus.

The Swiss Federal Statistical Office reported that in 2022, residents of Switzerland averaged 2.6 trips with overnight stays and eight day trips, with 40% of overnight trips and 92% of day trips occurring within Switzerland. The most visited destinations were Italy (13%), Germany (10%), and France (8%). A quarter of all trips were to other European countries, and 4% were to destinations outside of Europe. Visits to Southeast Europe increased by 0.2% to 1.2%, and to Southwest Europe by 0.5% to 1.6%, compared to 2021.

Additionally, Koumis held discussions in Brussels to promote tourism from Belgium, focusing on increased air travel and promotional programmes.

The prospects of the Greek economy in 2024

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The prospects of the Greek economy in 2024

The Greek economy continues to show positive performance despite global economic slowdown due to currency tightening, energy crisis, and conflicts in Ukraine and the Middle East. The International Monetary Fund (IMF), the European Commission, and the Organization for Economic Cooperation and Development (OECD) predict a growth rate of 2.0%-2.3% for 2024, slightly lower than 2023 but higher than the eurozone average. The positive performance is attributed to cheap financing from the Recovery and Resilience Fund, strong tourism, and ongoing reforms. The main challenges for the Greek economy include the investment gap, high public debt and non-performing loans, and high current account deficit. Reducing the debt will be difficult in the coming years due to various factors such as the need for primary surpluses, higher interest rates, and the expiration of certain financial support. The government's reform efforts have been praised, but further reforms are needed to attract investments and improve infrastructure. The article emphasizes the importance of balancing fiscal space for social benefits with the need to reduce debt.

Turkish Cypriot butchers protest as consumers buy from Republic

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Turkish Cypriot butchers protest as consumers buy from Republic

Turkish Cypriot butchers are experiencing a loss of customers as consumers opt to buy cheaper meat in the Republic of Cyprus. The butchers held a protest at the north’s slaughterhouse, where they slaughtered two lambs. They are urging the northern government to take urgent action to allow meat to be sold at competitive prices. The butchers’ association has highlighted that the high price of livestock in the north is causing economic difficulties for vendors, leading to potential bankruptcy. They are unable to sell meat, which leads to waste as the unsold meat spoils, and as a result, animal slaughter rates have dropped significantly. The butchers have expressed dissatisfaction with the government’s inaction to address the crisis, which is affecting their livelihood and the broader economy, including production and tourism sectors. They warn that if the situation does not improve, it could lead to more severe consequences.

Turkish Cypriot butchers protest as consumers buy from Republic

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Turkish Cypriot butchers protest as consumers buy from Republic

Turkish Cypriot butchers have called on their government to take action because consumers are buying cheaper meat in the Republic of Cyprus instead of from them. They held a protest at the north’s slaughterhouse, where they slaughtered two lambs. The butchers’ association is urging the government to find a solution that would allow them to sell meat at prices competitive with those in South Cyprus. They are experiencing a decline in sales, which is leading to financial difficulties such as being unable to pay for basic expenses. The price of livestock in the north has increased, forcing butchers to raise their prices, and as a result, the stock of meat has dropped due to low demand. They are discarding unsold meat that has spoiled, and the rate of animal slaughter has decreased significantly. The butchers have expressed dissatisfaction with the government’s lack of action to address the crisis and warned that if the situation continues, it could lead to more severe problems.

Strong reactions in Turkey for the ticket to Hagia Sophia – It has become a trading house

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Strong reactions in Turkey for the ticket to Hagia Sophia - It has become a trading house

The descendants of the conqueror Muhammad have turned the legacy of the great sultan into a political campaign, according to the newspaper Soztzou. The Turkish opposition press has criticized the interventions in the Hagia Sophia, which have caused dissatisfaction and confusion due to the separation of entry for religious worship or simple visits to the monument, as well as the imposition of a 25 euro ticket price, which is prohibitive for Turkish citizens. The Ministry of Culture and Tourism opened the entrance to the women's section of the Hagia Sophia as a museum, where 10 ceramics are exhibited, and it is managed by the company Dem Museology, in which a relative of the Minister of Culture and Tourism Mehmet Ersoy is a partner. The article also mentions that for the first time in Turkey, Turks are paying in foreign currency at museums.

President Christodoulidis announced the resumption of work in Akamas

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President Christodoulidis announced the resumption of work in Akamas

The President of the Republic visited the community of Ineia after 30 years and inaugurated three projects. The President stated that work on the Akamas region will resume soon for the completion of road projects. He also announced that he will visit the area again before June to evaluate the progress of the projects. The President inaugurated the Aphrodite thematic route, the revitalization project of the community's core, and the Exhibition and Educational Center of the Ineia-Lara Turtle. The projects were funded by national resources and the EU Recovery and Resilience Mechanism. The President expressed support for the development of the region and recognized the efforts of the local authorities. He emphasized the importance of sustainable rural development and the preservation of the region's environmental and cultural heritage. The President also mentioned the government's plans to further enhance tourism in the area and provide support to the communities in the Akamas region.

Cyprus Airways Strengthens Ties with Greek Travel Market

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Cyprus Airways Strengthens Ties with Greek Travel Market

Cyprus Airways plans to target the Greek market in 2024 and presented their plans to travel agents and journalists in Athens. The airline intends to expand and upgrade its services for Greek travelers. Cyprus Airways owner, Michael Alenkin, expressed gratitude for existing partnerships and plans to double its Airbus A220 fleet in 2024. The airline’s board member, Giorgos Hadjiyiiannis, spoke about their commitment to innovation, technology, and environmental responsibility. The summer flight schedule for 2024 includes daily flights between Larnaca and Athens, as well as air links with other Greek destinations.

Training Scheme for Hotel Industry Workers – Know Details

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Training Scheme for Hotel Industry Workers – Know Details

The Ministry of Labor and Social Insurance is implementing a training plan for hotel units that are fully or partially suspended during the period of December 2023 – March 2024 and January 2024 – May 2024 (for Mountain Resorts Hotels). The plan aims to provide training opportunities to employees of these hotel units in order to improve their professional skills and upgrade Cyprus' tourism product. The Social Insurance Services of the Ministry of Labor and Social Insurance are responsible for managing the plan. For more information, interested parties can visit the website of the Social Insurance Services.