Michael Welu worked at the IRS for decades as a specialist in helping agents identify and investigate possible tax crimes. In an agency known for offices working in their own silos, Welu had the rare ability to move between divisions, dissecting and learning each office’s particular customs and procedures. But that experience had its own … Read more
Over the objections of the auditor-general and environmental groups, it was reported on Monday that the government is going ahead with the tenders’ process for the construction of fish farms in the area of Pentakomo.The €34 million project is being run by the Department of Fisheries and Marine Research. Both the auditor-general as well as … Read more
800 tourists remain in Cyprus awaiting news about their return home after Germany’s third largest tour operator, FTI Touristik GmbH, announced insolvency proceedings. The company cooperated with 160 hotels on the island, but the bankruptcy will not have a significant impact on the market. The stranded holidaymakers are covered by a special fund and will not need to pay more to return home. The German Foreign Ministry and the German Travel Security Fund will manage the repatriation and support of affected tourists.
The proposed value-added tax (VAT) on betting and the increase in excise duty to 20 percent in Kenya could lead to the disappearance of at least 80 percent of sportsbook bets in the market, making investment in the sector unviable and triggering capital flight.
– British retail sales bounced back in May after a slump in April that could have been caused by the timing of Easter and bad weather.
– The Confederation of British Industry’s monthly retail sales balance recovered to +8 this month after tumbling to -44 in April.
– More retailers felt sales were normal for the time of year than at any other time in the past eight months.
– The CBI’s measure of selling price inflation was its slowest since August 2020 and was below its long-run average.
– The British Retail Consortium said its measure of shop prices showed the weakest increase in two-and-a-half years this month.
– Falling inflation and continuing real wage growth will contribute to a healthier consumer outlook, supporting the retail sector further.
The government is currently dealing with disputes with big project contractors, including the potential termination of contracts for the Larnaca port/marina and Vassilikos gas terminal projects. These disputes have arisen due to major disagreements over costs, with some projects heading for costly legal battles. The government has also faced challenges with road construction projects, with disagreements over costs and delays. The government has inherited these issues from the previous administration and may be facing significant financial consequences as a result.
Presidents of the Republic have historically acted as mediators in disputes, trying to find compromises and solutions. However, recent instances where the president intervened in disputes involving big companies from abroad, such as Kition Ocean Holdings and Chevron, did not yield positive results. This has raised questions about the president’s role in such matters and whether ministers should be left to handle them instead.
The construction of the liquefied natural gas terminal at Vassiliko in Cyprus has been plagued with delays and cost increases, with the project not even halfway completed. The project was awarded to a consortium of Chinese, Greek, and Norwegian interests, with the hope of reducing electricity costs for citizens. However, additional costs have been incurred, such as €25 million due to steel price increases during the pandemic. The Audit Office report highlighted serious political responsibilities for the management of the project by the government. The consortium has filed a case demanding an additional €200 million due to delays. The situation is similar with the Larnaca Port and Marina project, where the company has been collecting revenues without starting the agreed-upon works. Overall, these projects have put the Cypriot citizens at risk of bearing additional costs without seeing the completion of the projects.
The fact described in the text is that the north’s ‘parliament’ passed a law clamping down on foreigners buying property, limiting them to one house or apartment on less than 2,500 square meters of land.
Fact: The Cyprus Chamber of Commerce and Industry welcomed the signing of a Memorandum of Understanding between Enterprise Europe Network Cyprus and the European Digital Innovation Hub Cyprus, aiming to enhance the digital transformation and competitiveness of small and medium-sized enterprises in Cyprus.