Cyprus remains a prime destination for investors eyeing lucrative deals in the real estate sector, as the island offers a variety of investment opportunities for both local and foreign investors, according to a leading real estate company. The biggest opportunity at the moment is on the south east coast, in Larnaca, as the government moves … Read more
Hermes Airports partners with KEAN and Foody for the “Green Lemonade” project, selling homemade lemonades to support the Cyprus Department of Forests. The project involves collecting lemons from airport trees, producing lemonade without preservatives, and using proceeds for environmental initiatives. The collaboration aims to promote sustainable development and circular economy practices, giving back to nature through green actions.
Fact: Deputy Minister for Tourism Costas Koumis is optimistic that tourist arrivals in 2024 will equal the numbers registered last year, despite geopolitical crisis marking the region.
Hezbollah, a heavily armed non-state group in Lebanon, is a key player in the Iran-backed “Axis of Resistance” alliance against Israel and U.S. influence in the Middle East. Hezbollah possesses a vast arsenal of over 150,000 missiles and rockets, including precision weapons, anti-tank, anti-aircraft, and anti-ship missiles. The group also has around 45,000 fighters and has used drones in hostilities with Israel.
The air connection between Cyprus and Jordan, as well as Lebanon, has been restored after their airspace reopened. Flights to Amman and Beirut from and to Larnaca Airport are operating as usual. Other airlines have cancelled flights to Tel Aviv due to the current situation in the Middle East. Cyprus Airways has suspended all flights to and from Beirut, with an announcement expected regarding flights to Tel Aviv.
Israel launched air strikes on eastern Lebanon, targeting Hezbollah infrastructure sites after Hezbollah downed an Israeli drone. The Israeli army struck a military complex and three other sites in Baalbek. The conflict has resulted in casualties and displaced populations on both sides. The U.S. and other countries are seeking a diplomatic resolution to the situation.
The anti-money laundering unit (Mokas) is investigating suspicious transfers of shares in Cyprus-registered companies linked to the Predator spyware affair.
– Wizz Air established a base at Larnaca Airport in 2020.
– Since its establishment, Wizz Air has doubled its capacity at Larnaca Airport.
– Wizz Air is now the leading airline in Larnaca and the second overall in Cyprus.
– In 2023, Wizz Air experienced a significant increase in passenger numbers in Cyprus compared to 2022.
– The increase in passengers was attributed to new destinations, Cyprus’s tourism strategy, and Wizz Air’s low fares.
– Wizz Air navigated challenges such as the pandemic, Russia’s invasion of Ukraine, and the conflict between Israel and Hamas by quickly reallocating capacity and was the first airline to return to pre-COVID levels by volume.
– Wizz Air operates at 160% of its pre-COVID capacity.
– The airline is focused on sustainability and is investing in new technology for the future, including the potential development of hydrogen aircraft.
– Cyprus aims to attract tourists from a wider range of countries and has been successful during the 2023 tourist season.
– Operational challenges in summer 2022 led Wizz Air to invest in schedule resilience.
– Wizz Air plans to continue growing, with potential new routes and increased frequencies to existing destinations.
– The airline carried 60 million passengers in 2023 and operates a fleet of around 180 aircraft, with plans to grow by 30 to 40 aircraft per year.
– Over 75% of customers in the US consider a brand’s logo the most important identifier of a company, particularly for luxury brands.
– Recent research by Paurav Shukla and Dina Khalifa suggests that prominent logo displays can backfire for luxury brands, making them seem inauthentic and less appealing.
– The “quiet luxury” trend, characterized by subtlety and quality over prominent brand display, gained traction in 2023, influenced by fashion influencers and the HBO series “Succession.”
– Millennials and Gen Z, as the main customers of luxury brands, demand more sustainability and inclusivity, contributing to the rise of quiet luxury.
– Some luxury brands, like Hermes and Bottega Veneta, opt for muted prestige, while others like Balenciaga, Burberry, and Louis Vuitton flaunt their logos conspicuously.
– Prominent logo display can discourage consumers from buying items and sharing images of these items on social media.
– In the UK, Turkey, and China, purchase intentions decreased by almost 19% and social media sharing reduced by 17% when logos were displayed prominently.
– Customers may view luxury items with big logos as not genuine or true to their roots and believe that prominent logo display reduces exclusivity, glamour, and sophistication.
– Consumers strongly connected to a luxury brand tend to react negatively to loud logo displays.
– The relationship between price and brand prominence is an inverted U-shape, with logos becoming more subtle at a higher price point.
– Financial crises often lead to a shift towards understated luxury, as seen after the 2007/2008 crisis and during the current cost-of-living crisis.
– Wealthy newcomers to the upper class (‘parvenus’) and those aspiring to climb the social ladder (‘poseurs’) may prefer more visible logos to signal their status.
– Luxury brands need to carefully consider their logo display strategy to maintain authenticity and appeal, especially among loyal customers.
Wizz Air carried 2.2 million passengers to and from Cyprus last year, with 11,063 flights or an average of 7.5 daily from its Larnaca hub. This was nearly double the schedule for 2022. Wizz Air increased its Cyprus traffic by 71% from 2022 and contributed to the 11.6 million passengers that used Larnaca and Paphos airports in 2023. The airline offers 31 routes to 18 countries from its Larnaca base and achieved a 99.63% completed flights rate. Wizz Air finished 2023 with over 60 million passengers, a record for the airline and a 32% increase compared to 2022. They launched nearly 100 new routes, took delivery of 32 new aircraft, and achieved their lowest ever average annual carbon intensity result. Wizz Air will be celebrating its 20th anniversary in 2024.