The Bank of England’s Monetary Policy Committee voted 7-2 to keep interest rates at 5.25 per cent, with Deputy Governor Dave Ramsden and Swati Dhingra voting for a cut to 5 per cent. The BoE hinted at a potential rate cut in June and emphasized the importance of upcoming economic data releases. Governor Andrew Bailey expressed optimism about the direction of inflation.
Labour Minister Yiannis Panayiotou reiterated his support for the trade union Segdamelin Peo during a meeting with the Larnaca marina and port managing company Kition Ocean Port. The issue discussed was the company’s decision to employ external contractors for overtime work, which violated the agreement made with the workers in February.
– An upcoming concert in Paphos celebrates Goddess Aphrodite with traditional folk songs and hymns with a modern twist.
– The concert will feature guitar and vocals by Marlia, as well as innovative Cypriot folk songs on the handpan, Cretan lyra, and traditional frame drums.
– The concert will take place at the Sanctuary of Aphrodite at the Archaeological site of Palaepaphos in Kouklia on May 16 at 7pm.
– Marlia Coeur, a Paphos-born artist, will perform live with special guests at the concert.
– The concert is organized by Technopolis 20 and is set to be a spectacular sunset event near Aphrodite’s birthplace.
Fact: DKNY, distributed in Cyprus by the Fais Group, hosted an opening party at its new store in Nicosia to debut its “Heart of NY Capsule” collection.
The vacation home sector in Cyprus has fully rebounded from the COVID-19 pandemic, with rental rates and sale prices reaching eight-year highs. Rental rates for vacation homes have surged, with prices more than doubling in Limassol. Sale prices for holiday homes have also climbed, with prices increasing by about 40% for apartments and 20% for homes.
Central Bank of Cyprus governor Christodoulos Patsalides met with President Nikos Christodoulides to brief him on an impending reorganization aimed at bolstering the CBC’s governance.
Cyprus’ real estate market experienced a notable resurgence in April, with sales reaching 5,000 across the island. Property sales in Limassol increased by 3% in April 2024 compared to the previous year, while Nicosia and Larnaca saw significant growth with sales increasing by 43% and 44% respectively. Conversely, property sales in Paphos declined by 13% in April 2024 compared to the previous year.
President Nikos Christodoulides stated that the construction sector, supported by the Cyprus Property Developers Association (LBDA), plays a vital role in attracting investments, promoting entrepreneurship, and positioning Cyprus as an investment destination.
Fact: Monks and their lawyers involved in the Avvakoum monastery scandal filed a memo to the church investigative committee arguing that the process being followed by the church was unlawful.
Fact: A 34-year-old man from Paphos was remanded in custody for eight days after cannabis and a loaded firearm were found in his house by police. Over 10 kilograms of cannabis stored in 44 packages were also discovered, along with a loaded gun and a set of scales.