Govt scraps Larnaca marina project (updated)
The multibillion Larnaca port and marina project was scrapped due to Kition Ocean Holdings being in breach of contract.
government
Union threat over civil servant retirement bill
Trade union “Isotita” has called on the government to withdraw proposed legislation that disadvantages civil servants, including a bill banning promotions in the 18 months leading up to retirement. Isotita warns of retaliation if the bill is not recalled and a substantive dialogue initiated.
Larnaca Marina project officially terminated
Kition Ocean Holdings’ investment project for Larnaca’s port and marina has been officially terminated by the Cypriot government due to Kition’s refusal to renew the guarantee for the port, which was considered a breach of contract.
LNG import blues
The LNG import project at Vasilikos in Cyprus has faced recurring problems and delays. The project, which aims to switch power generation from oil to natural gas, could reduce electricity prices by one-third, resulting in annual cost savings close to €300-€400 million. The project has faced issues due to a badly conducted tender, unclear terms of reference, and a contractor with no experience in such projects. The current contractor, CPP, has claimed additional costs and the project is not progressing as expected. The government is considering various options to complete the project, including finding a way to move forward with the present contractor, seeking independent expert advice, and exploring alternative plans if necessary.
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.
Lack of plan a , ‘danger to Akamas’
The lack of political will for a substantial revision of the sustainable development plan for the Akamas is putting the region in danger, according to the Federation of Environmental Organisations (Opok). They are not satisfied with the government’s intentions and are calling for a correction of mistakes made to avoid unfavorable results for the environment, communities, visitors, and nature lovers. Opok also calls for a ban on hunting in the park and the encouragement of sustainable development in surrounding communities.
Americans must pay higher taxes if they want to keep a high standard of living
The U.S. government faces fiscal challenges that will require higher taxes, regardless of the presidential election outcome. The federal deficit is projected to grow to 6% of GDP by 2033, and debt held by the public will increase to 114% of GDP. The 2017 Tax Cut and Jobs Act simplified and cut individual income taxes and lowered business taxes, with most individual tax cuts expiring in 2025. President Biden’s proposed budget includes repealing benefits for high-income families and raising taxes on the wealthy. If former President Trump is reelected, the TCJA is likely to be extended, costing at least .3 trillion through 2033. Trump has proposed tariffs on imports from China and lowering the federal corporate tax rate. These proposals could lead to a financial “train wreck” for the nation.
Confusion reigns in lead up to next month, ’s elections
There are more than 7,000 candidates running in the upcoming EU and local government elections in Cyprus. Voters will have to choose among 12 political party combinations and independent candidates. The ballot papers are printed in different colors to help voters differentiate between the various elections. Two communities did not have candidates, and others did not meet the required number of candidates for community council members, so a new date will be set for those elections.
President working , ‘tirelessly’ to restart talks
Cyprus’ president is working tirelessly to overcome the obstacles posed by the Turkish side and create conditions for the resumption of talks to find a solution to the Cyprus problem. The current state of affairs is not an option for the Greek Cypriot side.
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.