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Larnaca port and marina in flux as state replaces Kition

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Larnaca port and marina in flux as state replaces Kition

Larnaca’s port and marina are now under state control following the collapse of a major development project. The Port Authority has taken over operations, deploying additional staff and private machinery services. The future management of the marina is uncertain, with discussions on potentially separating the port and marina projects gaining traction. The fate of Kition Ocean Holdings’ employees remains unclear, with trade unions advocating for their rights. The government is re-evaluating the initial development plan and considering future steps for the projects.

Larnaca port workers handed termination letters

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Larnaca port workers handed termination letters

Employees of Larnaca’s port and marina received termination letters from Kition Ocean Holdings Ltd following the project’s collapse. The meeting between the workers’ representatives and the Ministers of Labour and Transport was postponed until Thursday afternoon. The workers were assured that a solution would be found to ensure they are not victimized, and discussions were held regarding their employment status. The new operator taking over the port’s operations should employ the current workers under the same terms and conditions. The President of the Republic reassured that there should be no concern for the workers regarding the port issue. The €1.2 billion contract with Kition Ocean Holdings was terminated by the Minister of Transport, Communications, and Works.

Larnaca port workers anxious after marina project collapse

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Larnaca port workers anxious after marina project collapse

The government terminated its contract with Kition Ocean Holdings, causing concern among employees about their future. Trade unions met with the Minister of Labour to ensure workers’ continued employment would be prioritized. The government plans to follow labor laws in handling the situation. The Municipality of Larnaca expressed solidarity with the employees, while PEO opposes the privatization of Larnaca Port and demands protection for Kition workers. The General Secretary of OMEPEGIE-SEK stated that the Minister of Labour assured them that the workers would be employed under a new regime to prevent victimization.

Our View: Larnaca marina project was far too ambitious

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Our View: Larnaca marina project was far too ambitious

The termination of the contract for the development of the Larnaca port and marina was due to a loss of trust and breakdown in communication between the contractor Kition Ocean Holdings and the government. The government sought legal advice and decided to terminate the contract after the company refused to pay the guarantee amount. The Kition CEO blamed the government for the project’s failure, stating that changes were needed to make it viable. The government acknowledges mistakes were made and plans for the project were over-ambitious, making it unviable. If a new company takes on the project, plans need to be modified and scaled down.

US Treasury Secretary Janet Yellen blames India, China for hindering ‘Pillar 1’ tax deal: Report

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US Treasury Secretary Janet Yellen blames India, China for hindering 'Pillar 1' tax deal: Report

US Treasury Secretary Janet Yellen is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms, but India is refusing to engage on issues important to US interests. The negotiations for Pillar 1 of the OECD corporate tax deal involve reallocating the taxing right on US-based digital giants, allowing about 0 billion of corporate profits to be taxed in the countries where the companies do business. The US has two “red line” issues in the talks related to transfer pricing and the “Amount B” system for simplifying the calculation of transfer pricing. If the negotiations fail, it could prompt the return of digital services taxes in some countries and reignite potential trade tensions. Italy wants to negotiate an agreement with Washington to stop tariffs on imports from countries that agreed to suspend their digital taxes while details of the tax deal were worked out.

Crude oil pares losses, WTI rebounds into congestion

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Crude oil pares losses, WTI rebounds into congestion

West Texas Intermediate (WTI) rebounded on Friday, recovering from a fresh 12-week low set early in the day at .03. The benchmark US crude remains down on the week, in the red by -2.38% from Monday’s opening bids.

Yellen says India and China hindering ‘Pillar 1’ tax deal

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Yellen says India and China hindering 'Pillar 1' tax deal

U.S. Treasury Secretary Janet Yellen is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms, but India is refusing to engage on issues important to U.S. interests.

Frustrated US says India, China hindering global corporate tax deal

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Frustrated US says India, China hindering global corporate tax deal

US Treasury Secretary Janet Yellen is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms. India is refusing to engage on issues important to US interests in the negotiations. China has also been “all but absent” in the negotiations for the OECD corporate tax deal. The Pillar 1 negotiations aim to reallocate the taxing right on US-based digital giants, allowing about US0 billion of corporate profits to be taxed in the countries where the companies do business. If the negotiations fail, it could lead to the return of digital services taxes in some countries and potential trade tensions. Italy is seeking to negotiate an agreement with Washington to stop tariffs on imports from countries with digital taxes.

Building collapses in Spain, ’s Balearic Islands, killing at least 4 people

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Building collapses in Spain, ’s Balearic Islands, killing at least 4 people

A two-storey restaurant building collapsed on the beach in Palma de Mallorca, Spain, killing at least four people and injuring 16.

Mass claim from 2013 haircut victims dismissed at World Bank

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Mass claim from 2013 haircut victims dismissed at World Bank

Fact: An ‘unprecedented mass claim’ of Laiki and Bank of Cyprus depositors and bondholders amounting to US0 million was dismissed at the International Arbitral Tribunal of the World Bank.