Economy

Legal issue affects continued employment for Larnaca port workers

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Legal issue affects continued employment for Larnaca port workers

A legal dispute has arisen regarding the future of workers at Larnaca Port and Marina after a development project collapsed. The contracting company, Kition Ocean Holdings, transferred the workers to the state instead of sending termination letters. Trade unions argue that proper termination letters are needed for the workers to be reassigned to the Development Company. The company claims they followed the TUPE law to protect the workers’ rights during the transfer. The workers met with the Mayor to express their concerns, and further discussions are scheduled.

He once sold tea, now India, ’s Modi seeks his own ‘tryst with destiny’

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He once sold tea, now India, ’s Modi seeks his own ‘tryst with destiny’

Narendra Modi aims to set India on the path to abolishing poverty and becoming a fully developed nation by 2047, the 100th year of independence from British colonial rule.

Qatar , ‘interested’ in taking on Larnaca port

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Qatar , ‘interested’ in taking on Larnaca port

Qatar has shown interest in taking on the running of the Larnaca port. President Nikos Christodoulides wants the issue to be handled immediately. Kition sent notice of dismissal to all its workers at the port on Tuesday night.

Government approves subsidised holidays for pensioners and employees

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Government approves subsidised holidays for pensioners and employees

The Council of Ministers approved two subsidised holiday schemes to boost domestic tourism and support low-income residents. The Low-Income Pensioners’ Holiday Subsidy Scheme offers free four-day stays in mountain resorts and Pyrgos Tillyrias for eligible individuals. The Employed Persons’ Leave Subsidy Scheme provides fully subsidised six-day stays for employed persons who received leave benefits in 2023. Labor Minister Yiannis Panagiotou stated that the aim of the schemes is to provide quality services to low-income residents and employees, while supporting mountain resorts and off-season tourism. Application procedures will be announced by the Ministry of Labour and Social Insurance.

Qatar, other suitors interested in Larnaca marina

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Qatar, other suitors interested in Larnaca 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.

Artists in Cyprus demand professional recognition and better working conditions

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Artists in Cyprus demand professional recognition and better working conditions

Artists and arts professionals in Cyprus are demanding the government establish a ‘Status of the Artist’ to improve working conditions, including access to social security, medical care, and retirement benefits. The lack of a defined status has led to financial insecurity and a lack of healthcare for many in the arts sector. The Cypriot government plans to set a professional status for artists as a priority for 2024, following EU developments calling for improved living and working conditions for cultural and creative professionals.

‘Higher-for-longer’ rates policy to stay for rest of 2024

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‘Higher-for-longer’ rates policy to stay for rest of 2024

Higher-for-longer interest rates are likely to remain central banks’ main strategy for the rest of the year, according to the CEO of a leading financial advisory and fintech firm.

Island Oil offers Maritime Studies scholarships at Frederick University

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Island Oil offers Maritime Studies scholarships at Frederick University

Island Oil and Frederick University signed a Memorandum of Understanding to collaborate in the field of Maritime and Blue Economy. Island Oil offers scholarships covering 50% of tuition fees for students pursuing a BSc in Maritime Studies at Frederick University, as well as financial support for educational field trips. Island Oil and Frederick University will also hold educational workshops and collaborate in research. Island Oil’s CFO stated that the scholarship reflects their commitment to sustainability and social responsibility, while Frederick University aims to educate future leaders in the maritime sector and contribute to sustainability efforts.

Services boost May economic sentiment

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Services boost May economic sentiment

The Economic Sentiment Indicator (ESI-CypERC) in Cyprus increased by 1.6 points in May to 104.5, up 1.4 points from the previous year.