After a compliance check conducted by Odysseas Michaelides on multiple pensions, Andreas Antoniades says that the payment of pensions should be suspended for specific officials, according to CNA. The Auditor General has referred the recommendation of the Auditor General to the Attorney General for the termination of pension payments to officials appointed to another position.
The text discusses various topics related to the economy and business in Cyprus. It mentions the political reshuffle in the government and how the Minister of Finance, Makis Keravnos, has solidified his position. It also talks about the challenges faced by the Minister of Commerce, George Papanastasiou, and the criticism he received from members of the Commerce Committee. The text also mentions that the Cyprus Stock Exchange has created accounts on social media platforms to enhance its visibility and communication with interested parties. Additionally, it discusses the privatization process of the Cyprus Stock Exchange and the financial support provided by the European Investment Bank for projects in Cyprus. Finally, it mentions the increased mobility in the aviation sector, with Aegean and SKY express airlines offering more options for Cypriot travelers. Fact: The Cyprus Stock Exchange has created accounts on social media platforms to enhance its visibility and communication.
The text states that the lowest annual inflation rates among EU member states were recorded in Denmark (0.4%), Italy (0.5%), and Belgium (0.5%). The text also mentions that in December 2023, the annual inflation rate in Cyprus was 1.9%, down from 2.4% in November, and significantly lower than the 7.6% recorded in December 2022. In the eurozone, the annual inflation rate in December was 2.9 %, up from 2.4% in November, and much lower than the 9.2% recorded in December 2022. In the EU as a whole, the annual inflation rate was 3.4% in December, up from 3.1% in November, and significantly lower than the 10.4% recorded a year earlier. The highest annual inflation rates were recorded in the Czech Republic (7.6%), Romania (7.0%), and Slovakia (6.6%). In comparison to November, the annual inflation rate decreased in fifteen member states, remained stable in one, and increased in eleven. In December, the services sector had the largest contribution to the annual inflation rate in the eurozone, followed by food, alcohol, and tobacco, non-energy industrial goods, and energy.
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.
The text states that there is increased commercial activity in the market after the holidays, during which sales were not satisfactory for the clothing and footwear sector. Discounts this year range from 20% to 50%. The Secretary General of the Cyprus Retail Trade Association (POVEK) observed increased commercial activity after the holidays compared to the holidays themselves, during which sales were not satisfactory. The discounts offered by businesses are between 20% and a maximum of 40%-50%. The article also mentions complaints received by the Cyprus Consumers Association regarding return policies and incorrect pricing. The association suggests that a code of consumer ethics should be binding for businesses.
The budget of the Cyprus Addiction Authority (Authority) for 2024 is balanced, according to the Executive Director of the Authority, Konstantinos Stylianou. He explained that this is the first year that the budget is balanced, and the Ministry of Health increased the state grant by 600,000 euros. The President of the Parliamentary Health Committee, Euthymios Diplaros, expressed satisfaction with the increased budget of the Authority, highlighting that it is balanced and focused on enlightenment and funding specific rehabilitation and detoxification programs.
The United Arab Emirates has gained the most positions on the passport index in the last decade, adding 106 visa-free destinations since 2014 and ranking 11th this year. Six countries, including France, Germany, Italy, Japan, Singapore, and Spain, have the most powerful passports for 2024, allowing their citizens visa-free or visa-on-arrival access to 194 destinations worldwide. The Henley Passport Index, created by Henley & Partners, ranks Cyprus 12th out of 182 destinations. The gap in global mobility between countries at the top and bottom of the index is larger than ever. The Arton Capital Passport Index also ranks the United Arab Emirates first, followed by five European countries. Greece is ranked 5th in both indexes.
In 2023, Cyprus faced challenges in its financial system, particularly in managing non-performing loans (NPLs). While there has been a significant reduction in NPLs over the past decade, smaller banks still hold a high amount of NPLs, and Credit Acquiring Companies (CACs) manage a significant portfolio of non-performing loans. The private sector's over-indebtedness is a major vulnerability for the Cypriot economy, and addressing this issue involves reducing NPLs. Recent legislative interventions have provided additional tools for loan restructuring and resolved the issue of foreclosures. The focus now should be on effectively implementing these changes and maintaining a stable institutional framework. The European Commission and the Central Bank of Cyprus emphasize the importance of a functional foreclosure framework for managing NPLs and ensuring payment discipline. The high private debt in the non-financial sector poses additional challenges, especially for vulnerable households and businesses, given the high inflation and interest rates. However, there is currently no evidence of a new wave of defaults.
The fact described in the text is that there is no established culture of collaboration with the Ministry of Finance, but there are individuals willing to cooperate.
The BRICS group is expanding its membership and increasing its transactions among its members. The addition of new countries, such as Saudi Arabia and the United Arab Emirates, strengthens the economic power of the group. The BRICS+ now represents less than half of the world's population but accounts for nearly one-third of the global GDP. The group also has a significant position in oil production and reserves. The creation of a common currency and the use of local currencies in transactions are being discussed. The establishment of the BRICS bank aims to provide access to capital for member countries. The inclusion of new members coincides with Russia assuming the presidency of the political organization in 2024. The economic and geopolitical significance of the BRICS+ alliance should not be underestimated.