Audit Office calls for revised study on Pentakomo development to protect seals

Audit Office calls for revised study on Pentakomo development to protect seals

The Audit Office has requested a revised site allocation study for proposed marine farm facilities in the Moni-Vassiliko area due to the area’s significance for the Mediterranean monk seal. Plans to develop aquaculture facilities in the environmentally sensitive area are facing scrutiny, with a project tender issued for €34 million. The Audit Office recommends updating the National Action Plan for Monk Seal Conservation and ensuring public access to relevant assessments. Delays in project implementation could risk losing funding. The Audit Office criticizes the lack of detail in alternative locations considered in a previous study and recommends a revised study to address the gap. The Department of Environment’s pre-screening report for the Environmental Impact Assessment is criticized for not adequately considering the importance of the area for the Mediterranean monk seal. The proposed project aims to serve seven of the nine existing marine aquaculture farms in Cyprus, providing necessary support infrastructure.

A look into the diverse tax reforms being implemented across Africa

A look into the diverse tax reforms being implemented across Africa

Countries in Africa have implemented various tax policy measures in the last 3 years, including new taxes on different sectors, increased taxes on certain goods and services, and changes to tax exemptions.

Cyprus government and banks piling-up cash

Cyprus government and banks piling-up cash

By end-February 2024, the government had accumulated cash deposits of over €3.5 billion at the Central Bank and €2.1 billion at commercial banks.

‘Cyprus is a reliable business centre’

‘Cyprus is a reliable business centre’

– Cyprus is considered a reliable business center by Commerce Minister George Papanastasiou.
– The Eastern Mediterranean region can play a role in ensuring Europe’s energy security.
– The Great Sea Interconnector project aims to connect the electricity systems of Cyprus, Greece, and Israel to aid Europe in becoming independent of Russian gas.
– Greek Energy Minister Theodoros Skylakakis warned the Cypriot government about missing deadlines for the interconnector project.
– The Cypriot government is still in the phase of discussing conditions and waiting for Greece’s transmission system operator Admie to submit a cost-benefit analysis of the project.

Putin’s War Will Soon Reach Russians’ Tax Bills

Putin’s War Will Soon Reach Russians’ Tax Bills

Russia’s president, Vladimir V. Putin, is planning to increase income and corporate taxes to help finance the war in Ukraine. This move demonstrates his control over Russian policy and reflects his confidence in his political control over the Russian elite.

Cyprus tourism , “cannot do without foreign labour”

Cyprus tourism , “cannot do without foreign labour”

Deputy Minister of Tourism Kostas Koumis acknowledged that the Cypriot tourism sector is in need of foreign workers due to an increase in tourist arrivals, leading to labor shortages.

Cyprus property market continues to be sustained by foreign buyers

Cyprus property market continues to be sustained by foreign buyers

Foreign buyers account for four out of ten property sales in Cyprus in the first quarter of 2024.

Lloyds Bank eyes house price rally as first-quarter profit drops

Lloyds Bank eyes house price rally as first-quarter profit drops

Lloyds Banking Group’s pretax profit decreased by 28% in the first quarter due to rising costs, peaking interest rates, and competition in the mortgage market.

Fixed yields attract investors ahead of rate cuts

Fixed yields attract investors ahead of rate cuts

Investors are rushing into fixed yield opportunities before interest rates are cut, as central banks signal looser monetary policies due to cooling inflation.

Large businesses to receive , €17 million to boost energy efficiency

Large businesses to receive , €17 million to boost energy efficiency

The Ministry of Energy has announced a €17 million grant scheme for energy upgrading and boosting the competitiveness of large businesses, funded by the EU Recovery and Resilience Plan. €10 million comes from the new EU REPowerEU Plan. The maximum grant awarded to a large enterprise is €750,000. The application period starts on April 26, 2024, and ends on June 28, 2024. Interested parties can obtain more information from the Industry and Technology Service website.