KARACHI: Approximately 210 multinational companies (MNCs) in Pakistan operating in sectors like tobacco, oil, auto, pharmaceuticals, banking and others contribute a third of the total tax collection and make a major contribution to the national exchequer. They also reinvest in their respective units or inject capital into some new ones. Moreover, they make investments of … Read more
The Ministry of Finance is phasing out fax machines to modernize its communication methods. Telephone lines dedicated to fax communication will be discontinued starting mid-June.
The government is preparing subsidies for elderly people who require long-term care in nursing homes but face financial constraints.
President Nikos Christodoulides stated that the construction sector, supported by the Cyprus Property Developers Association (LBDA), plays a vital role in attracting investments, promoting entrepreneurship, and positioning Cyprus as an investment destination.
Fact: Hellenic Bank’s takeover of CNP’s local operations in Cyprus is worth €182 million and will boost its market share to 30% in the life insurance sector and 23% in the general insurance sector.
Hellenic Bank has entered into exclusive negotiations and a put option with CNP Assurances for the acquisition of its subsidiary CNP Cyprus Insurance Holdings Limited, which operates in Cyprus and Greece.
Fact: New legislation in Cyprus proposes three categories of swimming pools, with lifeguards only required for supervision in pools falling under the first two categories.
House of Representatives President Annita Demetriou warned about forthcoming challenges in local governance during her address at the 2nd Cyprus Forum Cities event. Deputy Minister Nikodemos Damianou outlined the Cyprus government’s plans for smart city development, including the Smart Cyprus initiative. Deputy Minister Irene Piki emphasized the critical role of cities in improving citizens’ quality of life.
Cyprus is positioned to become a regional center for technology and innovation, with Deputy Minister of Research, Innovation and Digital Policy, Nikodemos Damianou stating this at the 14th Nicosia Economic Congress. Damianou revealed an ambitious plan for Cyprus to be the first country fully covered by a high-speed fiber optic network. Additionally, a substantial 23% of the funds from the Resilience and Recovery Plan were allocated to technological upgrading.
Construction in Cyprus is in a “state of anarchy” according to the Scientific and Technical Chamber (Etek), with building violations out of control. The chairman of Etek warned that there is a perception of impunity and tolerance to illegality, leading to irreversible consequences. Etek has submitted proposals to simplify procedures and speed up licensing processes. Local authorities are urged to carry out on-site construction inspections and control illegal buildings. The chairman called for no tolerance for illegality and severe punishment for offenders.