Exploring the transformative impact of SAP Clean Core on financial data management for streamlined operations and improved compliance. ← Blog home In the realm of financial data management, SAP Clean Core is changing the way businesses handle their financial information. This new strategy simplifies and streamlines financial data within SAP systems, propelling organizations towards enhanced … Read more
French politicians need to listen to bond markets – and keep them on side – or face a potentially catastrophic ‘Liz Truss scenario’, the CEO of a leading independent financial advisory and fintech has warned. The stark warning from Nigel Green of deVere Group comes as the political chaos in France is driving the gap between French … Read more
Businesses must innovate and adapt to the changing indirect tax landscape to stay competitive. Corporate tax departments are using technology increasingly as a strategic partner to address these issues. Insight on how indirect tax departments intend to use technology to transform their operations can be found in a recent study conducted by the Thomson Reuters … Read more
The OECD is developing ways to increase taxes on international businesses, cross-border investment and global levies on wealth and energy generation. Mathias Cormann, former finance minister of Australia, is the sixth secretary-general of the OECD, in office since June 2021, appointed by the member governments for a five-year term. On his watch, the organization continues its … Read more
Fitch has raised the sovereign credit rating for Cyprus by a notch, with the country’s president saying this is a “vote of confidence” and a reward for maintaining a resilient economy. The rating agency said it upgraded Cyprus from ‘BBB’ to ‘BBB+’, which indicate that expectations of default risk are currently low. According to Fitch, … Read more
The Commissioner for Administration, Maria Stylianou-Lottides, has ignited a firestorm within the Asylum Service after a scathing report revealed significant delays in processing international protection applications from Syrian refugees. The report, prompted by a surge of complaints from frustrated applicants, exposes a bureaucratic nightmare with some Syrians waiting two to five years for a decision … Read more
– The General Health System (GHS) in Cyprus was established five years ago.
– The GHS remains financially viable for the next seven years, with reserves of €590 million.
– The GHS has increased confidence among the public, with 60% of beneficiaries visiting a specialist in the past year.
– The GHS has improved access to health services and quality of life for citizens.
– Plans are underway to reduce waiting times at specialist physicians and publish a strategic plan for 2024-2026.
– The GHS has added four hospitals, two A&E departments, day care centers, at-home palliative care, and additional healthcare professionals and therapies.
– The GHS has imposed fines, carried out investigations, and suspended contracts to ensure oversight and quality of services provided.
A total of 50 British politicians have penned a letter to the UK Foreign Secretary urging him to allow direct flights between the United Kingdom and the north of Cyprus. The letter highlights that Ercan (Tymbou) airport abides by international aviation security standards and that the north is not a risk with no history of poor safety.
Cyprus has managed to promote important reforms and launch public investments through the Recovery Plan, with more than 40 sponsorship projects announced. The amount available through the sponsorship projects is €460 million. The country has received €262 million from the European fund, with additional tranches expected to be disbursed later this year.
China Petroleum Pipeline Engineering (CPP) is seeking a financial settlement and termination of its involvement in the Vasilikos LNG terminal project in Cyprus. CPP may link the settlement to the delivery of the Floating Storage and Regasification Unit (FSRU) vessel named “Prometheus.” There are concerns that CPP withholding the FSRU could undermine previous assurances about the vessel’s readiness and certification. Technical interventions and modifications estimated at €10-15 million are needed for the FSRU to operate in Vasilikos. CPP has also requested an additional €200 million in a separate London arbitration. The situation could potentially escalate into a “hostage situation” involving the FSRU if CPP demands more payment for its delivery.