The bankruptcy of German travel giant FTI Group has caused a potential shortfall of 30,000 bookings for Cyprus’ tourism industry. Hoteliers are facing uncertainty as tens of thousands of future bookings are at risk due to FTI’s collapse. The German market, an important source for Cypriot tourism, is further impacted by this situation, which could also affect Austria and Switzerland where the group operated.
FTI, a German tourism company, has filed for bankruptcy after failed negotiations with the government. The bankruptcy affects 11,000 employees and many travelers who have booked trips. The company had been struggling even before the pandemic and had received financial support from the government and other sources. Efforts are being made to ensure that current vacations can be completed and refunds will be handled by the Travel Insurance Fund.
The Ministry of Labour and Social Insurance has launched a “Holiday Subsidy Scheme for Low-Income Pensioners in mountain region resorts and Pyrgos Tyllirias.” The plan offers fully subsidized accommodation with full board for low-income pensioners at selected resorts during specific dates. Eligible beneficiaries include recipients of the Low-Income Pensioners Support Scheme, Minimum Guaranteed Income recipients, and pensioners with specific income thresholds. Applications can be submitted starting June 3, 2024, until funds are exhausted.
The Cyprus government has scrapped a €1.2 billion concession for the development of the Larnaca marina and port, leading to questions about the financial viability of public contracts and the administration’s cash flow.
Climate change is impacting the Canadian wine industry, with recent events like a cold snap in the Okanagan Valley causing significant damage to grapevines. The industry must adapt to changing environmental conditions by embracing new production methods, technologies, and sustainable farming practices. Policymakers should support the transition to a more sustainable future for the wine industry. Additionally, changing consumer trends, such as a decrease in wine consumption and a preference for quality over quantity, are also affecting the industry. Despite these challenges, there is hope that adaptation strategies and agritech innovation can help mitigate the impacts of climate change and lead to a more sustainable and innovative viticulture sector.
Clubs, music venues, and cabarets in Cyprus can now operate with extended hours, from 8:00 pm to 4:00 am on Mondays to Thursdays and Sundays, and until 5:00 am on Fridays and Saturdays. The extended hours were approved by the Deputy Ministry of Tourism and will be in effect until September 30. The Cyprus Association of Entertainment Venue Owners has not yet commented on the new regulations, which only apply to specific categories of venues.
The Limassol District Town Planning Department is dealing with a backlog of roughly 3,500 applications as the deadline for transferring planning authority to the Limassol District Self-Government Organisation approaches. The surge in applications is driven by public anxiety and the desire to secure approvals before the transition. Despite the increased workload, the department is prioritizing clearing existing applications and preparing for the transition on June 10. An additional 1,000 applications are pending with the Limassol Municipality, which is also experiencing a similar surge.
Saudi Arabia’s government filed papers to sell a new stake in state oil giant Aramco that could raise as much as .1 billion.
The Daleela passenger and car ferry has resumed its sailings from Limassol to Piraeus for the third season, with increased ticket sales compared to last year. The ferry will operate exclusively from Limassol, with departures on Wednesdays and Sundays from Limassol and Tuesdays and Fridays from Piraeus. Ticket prices have slightly increased from last year, with the ferry receiving a €5.5 million annual subsidy. The ferry link between Cyprus and Greece was reinstated in 2022 after 20 years, supported by a state subsidy approved by the European Commission.
Israel plans to allow more oil tankers to dock at a Red Sea port in Eilat despite environmental risks. The government wants to revoke restrictions on the amount of oil that can be unloaded at a jetty in the city, which sits near a coral reef. The curbs imposed in 2021 were eased temporarily during the Gaza war. EAPC, the state-owned company operating the pipeline, wants to receive more oil, but environmental regulators and Eilat’s mayor oppose the plan. Israel is pushing to ensure energy security amid conflicts with various groups. Netanyahu’s office recommended easing restrictions to include fuel for trade and domestic use. The environment ministry expressed concerns about the risks of more oil deliveries and cited past mishaps. EAPC welcomed the government’s U-turn, emphasizing the strategic importance of the Eilat facility for energy delivery. Israel imports most of its oil through seaborne trade, and the Emirati oil deal could be worth about million a year for EAPC. The Energy Ministry emphasized the need to handle oil deliveries properly to sustain the terminal economically.