meeting

Stricter oversight on cross-border credit services

by
Stricter oversight on cross-border credit services

The processes for licensing and supervision of credit managers are becoming stricter, with new legislation being introduced to harmonize national law with European directives. Credit managers must be licensed by their member state of origin before starting their activities, meeting specific conditions such as robust governance and protection rules for borrowers. Buyers will not be licensed, except for those managing their own portfolios. Credit buyers will be supervised by the Central Bank and subject to penalties for any violations. Companies in the debt acquisition sector will be automatically recognized as licensed credit managers. The bills also ensure consumer protection, including timely information on credit agreement changes and the right to raise defenses against loan buyers.

Socialist supporters call on Spanish prime minister to stay

by
Socialist supporters call on Spanish prime minister to stay

Prime Minister Pedro Sanchez considered resigning after a court launched a business corruption probe into his wife’s private dealings. However, thousands of Socialist Party supporters gathered in Madrid to urge him to stay, denying the allegations against his wife and stating he will announce his decision on Monday. Opposition parties condemned Sanchez’s move, while Madrid’s prosecuting authority appealed the court’s decision to investigate the complaint against his wife.

Yen falls on BoJ inaction, focus on US PCE inflation

by
Yen falls on BoJ inaction, focus on US PCE inflation

The Japanese Yen is trading at its weakest level in over three decades against the US Dollar after the Bank of Japan decided to leave monetary policy settings unchanged.

Christodoulides creates , ‘political group’ for Cyprus problem

by
Christodoulides creates , ‘political group’ for Cyprus problem

Fact: A “political group” for the Cyprus problem has been created by President Nikos Christodoulides.

Government ramps up crackdown of undeclared work

by
Government ramps up crackdown of undeclared work

– Around eight per cent of the workforce, or 40,000 people, are illegally employed in Cyprus, resulting in a loss of revenue to the social insurance fund of €10 million a year.
– The government has approved a plan to strengthen measures to combat undeclared work, including implementing a system of extra-judicial fines for employers.
– The fine for each instance of undeclared work will increase from €500 to €1,000 and will be doubled in the event of a future offence by the same employer.
– Authorities will increase the number of inspections to target specific work sites and times, and there will be increased coordinated inspections between different departments.
– The government will conduct an outreach campaign for third-country nationals legally in Cyprus who are not identified as legal workers.
– The government will investigate employers of undeclared workers for links to people-smugglers.
– Legislative changes will be submitted to the House, including the creation of a digital census of all employees and liability for main contractors and subcontractors in cases of undeclared work.

Invest Cyprus to spearhead campaign to bolster country, ’s reputation

by
Invest Cyprus to spearhead campaign to bolster country, ’s reputation

President Nikos Christodoulides expressed confidence in Cyprus’ ability to navigate the current global climate of uncertainty and instability. He stated that Cyprus aims to become one of the best places in the world to live, work, and conduct business, as outlined in the national strategy ‘Vision 2035′. Christodoulides highlighted the importance of bolstering the country’s reputation on the international stage and emphasized the need for a new development model to ensure a resilient, sustainable, and competitive economy. The government is engaging in dialogue with foreign investors and Cypriot entrepreneurs to attract quality investments and capitalize on their expertise. The government is also working on tax transformation to enhance economic competitiveness and align with the goals of the European Green Deal. Christodoulides mentioned the importance of restoring Cyprus’ reputation and credibility internationally, with plans for a major rebranding campaign led by Invest Cyprus.

Larnaca mayor criticizes Kition over new marina fees

by
Larnaca mayor criticizes Kition over new marina fees

Kition Ocean Marina plans to introduce new fees for coastal boat operators at Larnaca Marina, angering Mayor Andreas Vyras. The mayor expressed disappointment, stating that no fee increases should be implemented, especially as major projects are uncertain. The contracting company has notified boat operators of a €100 monthly rent for kiosks, with a deadline to settle debts by April 30 or risk kiosk removal. The mayor plans to meet with the Boat Operators Association and propose an alternative space for them provided by the Municipality.

The burned the forest with a flare, but it was an unfortunate moment

by
The burned the forest with a flare, but it was an unfortunate moment

A flare thrown into a quarry started a forest fire due to a mistake made during the destruction of smoke bombs and flares. The Mines Service admitted the error, unlike the Electricity Authority in a previous incident. The forest fire season has been extended to 8 months due to high-risk periods expanding. Plans to purchase 10 firefighting aircraft will be implemented gradually over five years. Despite efforts to combat organized crime, concerns are raised about leaks to journalists and limited information.

National council to convene

by
National council to convene

The National Council is set to convene on Friday morning, with President Nikos Christodoulides briefing party leaders on the latest developments regarding the Cyprus problem and the results of the latest European Council meeting regarding EU-Turkey relations. Christodoulides called the meeting to inform party leaders of discussions before the arrival of UN envoy Maria Angela Holguin. Opposition parties Disy and Akel have repeatedly called for the National Council to be convened in response to Christodoulides agreeing to UN proposals on the Cyprus problem. The government initially resisted calls for the meeting until “the facts differ” from the last National Council meeting.

Tax reporting transparency reaches a tipping point

by
Tax reporting transparency reaches a tipping point

Tax transparency is becoming more common globally, with regulators, investors, and the public demanding greater visibility into corporate tax profiles. Companies are facing new tax reporting and disclosure requirements, such as expanded Financial Accounting Standards Board disclosures in the U.S. and public Country-by-Country Reporting legislation in the EU. Adapting to these changes and investing in suitable technology tools can help companies communicate their tax narrative effectively and enhance trust with stakeholders.