Economy

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.

German business sentiment stagnates in May

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German business sentiment stagnates in May

German business morale stagnated in May, with the Ifo institute reporting that the business climate index remained constant at 89.3, falling short of the forecasted improvement. The German economy is expected to have slow progress in its recovery this year, with companies being less satisfied with the current business situation. Despite some sectors recovering, the overall outlook remains cautious.

Trump’s new ‘deal’ could save Big Oil $110 billion in taxes

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Trump's new ‘deal’ could save Big Oil $110 billion in taxes

Donald Trump allegedly offered Big Oil executives 0 billion in tax breaks if they donated billion to his campaign. Congressional Democrats are investigating this potential quid pro quo deal. Joe Biden plans to eliminate these tax breaks for the oil and gas industry if elected. The fossil fuel industry is lobbying to maintain these tax breaks, which are set to expire next year. Some attendees at Trump’s fundraising dinner at Mar-a-Lago included executives of smaller oil companies focused on fracking and gas exporting. The event was also attended by individuals with controversial backgrounds in the oil and gas industry.

🔒 Why Biden is the best president that business could hope for

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🔒 Why Biden is the best president that business could hope for

Fact: No Democratic president since at least Grover Cleveland in the late 19th century has been beloved by American business.

Husic calls for lower corporate taxes

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Husic calls for lower corporate taxes

Industry Minister Ed Husic has called for a lowering of corporate tax, either via direct reduction in the company tax rate or through an economy-wide investment allowance, saying either would be easier to sell politically today given Labor has gotten wages moving again.

Three MEPs headed for re-election

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Three MEPs headed for re-election

Three of the six outgoing Cyprus MEPs seem set for re-election, with incumbents Loucas Fourlas, Giorgos Georgiou, and Costas Mavrides expected to retain their seats. The far-right party ELAM could win its first European seat.

Missing warranties in ‘Photovoltaics for All’ scheme, Consumers’ Association warns

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Missing warranties in ‘Photovoltaics for All’ scheme, Consumers’ Association warns

The Cyprus Consumers’ Association warns consumers about companies in the ‘Photovoltaics for All’ scheme not providing the mandatory seven-year warranty on installations. Consumers are advised to carefully review offers and contact the association for help securing their rights.

“Anti-government” protests in occupied north gain momentum

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“Anti-government” protests in occupied north gain momentum

Animal producers in the occupied north are in the eighth day of their protests, supported by unions, civil society organizations, and political parties. The protests gained momentum despite a government decree postponing a planned strike by the Air Traffic Controllers’ Union. The producers are demanding affordable, domestic meat and criticizing the government for importing frozen meat. Union leaders accused the administration of neglecting the people’s needs and prioritizing special interests. The protesters are calling for the government to resign and are emphasizing the importance of supporting domestic producers and the economy.

Illegal work , ‘a problem for all’

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Illegal work , ‘a problem for all’

Illegal and undeclared work in Cyprus is a growing trend, particularly in the construction industry, where it is approaching 25%. The Cyprus economy relies on employing people other than Cypriots, but this needs to be done with appropriate regulations. Third country personnel are attracted through illegal procedures in the promise of a job. The construction sector contributes about 15% to the island’s GDP, with optimistic forecasts for 2024. There are currently 40 projects underway in the construction sector worth €862 million.

A bank windfall tax is not the answer in Cyprus

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A bank windfall tax is not the answer in Cyprus

Since 2022, the huge deposits held by banks at the ECB have been earning millions in interest.