Cypriots are facing difficulties in the property market due to climbing rents, high construction costs, and interest rates. The government is being urged to intervene to address the issue. In Limassol, renting a one-bedroom flat costs a minimum of €850 a month, making it unaffordable for many locals. The government has introduced new construction incentives to stimulate affordable housing development.
The European Parliament has been instrumental in enacting reforms to enhance the lives of people in Europe, including managing the COVID-19 pandemic by endorsing the Recovery and Resilience Mechanism and contributing to the NextGenerationEU financial plan. Key achievements also include advancements in Green and Digital Transitions, implementing measures for health, welfare, and daily experiences of EU citizens, and supporting young people through initiatives like the European Year of Skills.
Elam is currently polling at 11 per cent, slightly ahead of Diko at 10 per cent.
Almost half of British firms plan to raise their prices over the coming year as they struggle with high wage bills, according to a survey by the British Chambers of Commerce.
Chrystia Freeland is likely to raise taxes on the country’s largest companies and wealthiest citizens in the upcoming budget to increase government revenues and pay for new programs.
President Nikos Christodoulides will chair a meeting with stakeholders to push ahead with the stalled €1.2 billion Larnaca port and marina project. The bone of contention is the renewal of a €10 million guarantee by Kition, with the company stating they have no intention to renew it without amending the concession agreement. Transport Minister Alexis Vafeades has called on Kition to renew the guarantee, warning of potential damages to the state if not done. An ad hoc committee has been set up to help break the deadlock, while the Cyprus Chamber of Commerce president criticized the company for not being clear about their intentions. Another issue is the preservation of the historical pier in Larnaca, which is part of the town’s heritage and is being restored as part of the wider development plan for the port and marina.
European Central Bank policymakers will discuss green monetary policy and their upcoming strategy review at a retreat in Ireland next month.
The U.S. Department of the Treasury and IRS have proposed regulations on the stock buyback excise tax, which applies at a rate of one percent of the fair market value of stock repurchased by a covered corporation. This is part of the Inflation Reduction Act aimed at ensuring large corporations pay their fair share in taxes and reinvest profits in workers, growth, and innovation.
Fact: Pfizer reported more than billion in revenue from its U.S. sales in 2023 but owes nothing in federal income taxes.
Fact: Passive ETF strategies aim to replicate the performance of a specific index, such as the S&P 500, by holding the same securities in the same proportion as the index.