ONE of the financial incentives for businesses with a permit to operate within a special economic zone is non-payment of corporate tax for 15 years, according to the Special Economic Zone Authority (SEZA). Board Director Vera Raga when giving a presentation during the Port Moresby Chamber of Commerce and Industry (POMCCI) breakfast yesterday highlighted that … Read more
The threats fired against Cyprus this week by Hezbollah leader Hassan Nasrallah, as far-fetched as they may seem, should not be taken lightly. The Shia cleric and leader of the militant group commands considerable influence in almost everything that happens in Lebanon, from politics to the economy and national defence. Apart from securing vast amounts … Read more
It is noticeable how city centres can change from one day to another, so to speak. Larnaca, the “poor” relative of all towns, partly due to its unfortunate vocal pressure groups and some municipal corruption in the past, has been left behind in its development. The very recent upgrade of the original town with numerous … Read more
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
West Texas Intermediate remains steady with thin trading, possibly due to anticipation of upcoming producer price figures from the US. The WTI crude oil hovers around $78.00 per barrel in European trading on Thursday. Oil traders have absorbed the hawkish stance maintained by the US Federal Reserve, with the Federal Open Market Committee (FOMC) keeping … Read more
Just 39 miles on the clock, trashed cars remain in limbo Eight-year-old Dickran Ouzounian treasured visiting his father Stefan’s garage, located a few metres from the bustling Ledra street, to admire the latest Toyota cars.He was fascinated by the brand-new, gleaming Corollas, Coronas, Crowns and Celicas. Now, 50 years later, as the CEO of the … Read more
Until recently we had the impression that foreign well-sounding brands were the criterion of buying e.g. clothing from €100 to €500, because they are of an international brand and therefore if you are show-off who seem to be the majority, not only will you buy the brand, but with great pride you will tolerate the … Read more
Humanitarian aid for Gaza collected in Cyprus is being loaded onto ships for delivery once a temporary pier in Israel is repaired. The United States is also working to recover two grounded vessels near the damaged pier. Repair efforts are underway, and the U.S. remains committed to ensuring aid reaches Gaza as soon as possible.
Options for Larnaca’s port and marina are being evaluated, with a commitment to inform the public about next steps soon. The Amalthea initiative at the port is currently not operating with cranes, but efforts are being made to increase output. Pay interruptions for employees are being handled by the labour ministry. Both a marina and a port will be the outcome of the project, with a re-evaluation of the types of cargo transported through Larnaca. The possibility of niche specialization for farmers and livestock operators is being considered. The project may involve breaking it down into smaller components and reducing its scale. The restart of the project may take time and changed circumstances must be taken into account. The state’s public works department may take on building roads and pumping stations to speed up the process.
The Cyprus government has scrapped a €1.2 billion concession for the development of the Larnaca marina and port, leading to questions about the financial viability of public contracts and the administration’s cash flow.