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Budget 2024 Capital Gains taxation: Corporate tax for foreign companies slashed to 35%, charities, cruise operations taxation revised

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Budget 2024 Capital Gains taxation: Corporate tax for foreign companies slashed to 35%, charities, cruise operations taxation revised

Simplifying the tax regime for corporate industries, Union Finance Nirmala Sitharaman on Tuesday, proposed new tax structures for charities, foreign shipping companies, rationalisation of capital gains in her 2024 Budget speech. She also reduced corporate tax on foreign companies from 40 to 35%. Ms. Sitharaman’s speech lasted just shy of ninety minutes Also read: Budget … Read more

Cyprus remains a prime investment destination

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Cyprus remains a prime investment destination

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

Gaza aid loaded in Cyprus as US repairs broken pier

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Gaza aid loaded in Cyprus as US repairs broken pier

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.

Israel aims to boost Red Sea oil deliveries despite environmental risks

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Israel aims to boost Red Sea oil deliveries despite environmental risks

Israel plans to allow more oil tankers to dock at a Red Sea port in Eilat despite environmental risks. The government wants to revoke restrictions on the amount of oil that can be unloaded at a jetty in the city, which sits near a coral reef. The curbs imposed in 2021 were eased temporarily during the Gaza war. EAPC, the state-owned company operating the pipeline, wants to receive more oil, but environmental regulators and Eilat’s mayor oppose the plan. Israel is pushing to ensure energy security amid conflicts with various groups. Netanyahu’s office recommended easing restrictions to include fuel for trade and domestic use. The environment ministry expressed concerns about the risks of more oil deliveries and cited past mishaps. EAPC welcomed the government’s U-turn, emphasizing the strategic importance of the Eilat facility for energy delivery. Israel imports most of its oil through seaborne trade, and the Emirati oil deal could be worth about million a year for EAPC. The Energy Ministry emphasized the need to handle oil deliveries properly to sustain the terminal economically.

Qatar , ‘interested’ in taking on Larnaca port

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Qatar , ‘interested’ in taking on Larnaca port

Qatar has shown interest in taking on the running of the Larnaca port. President Nikos Christodoulides wants the issue to be handled immediately. Kition sent notice of dismissal to all its workers at the port on Tuesday night.

Larnaca port workers handed termination letters

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Larnaca port workers handed termination letters

Employees of Larnaca’s port and marina received termination letters from Kition Ocean Holdings Ltd following the project’s collapse. The meeting between the workers’ representatives and the Ministers of Labour and Transport was postponed until Thursday afternoon. The workers were assured that a solution would be found to ensure they are not victimized, and discussions were held regarding their employment status. The new operator taking over the port’s operations should employ the current workers under the same terms and conditions. The President of the Republic reassured that there should be no concern for the workers regarding the port issue. The €1.2 billion contract with Kition Ocean Holdings was terminated by the Minister of Transport, Communications, and Works.

Amalthea aid initiative to determine timing of state recovery of Larnaca port

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Amalthea aid initiative to determine timing of state recovery of Larnaca port

The Cyprus Port Authority has regained control of Larnaca Port after terminating the concession agreement with Kition Ocean Holdings. The transition is going smoothly, with collaboration between CPA and Kition to ensure uninterrupted service provision. Pending issues include the handling of the ‘Amalthea’ aid initiative, with an American ship being loaded and set to depart soon. CPA has started procuring services from private companies and reinforcing existing staff with personnel from other locations. The government’s decision to terminate the concession was due to delays and disagreements, bringing Larnaca Port back under state control.

Workers awaiting developments at Larnaca port

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Workers awaiting developments at Larnaca port

Workers at the Larnaca port are awaiting developments after the government terminated its contract with Kition Ocean Holdings for the port’s renovation. Trade union leaders are hoping that the current port workers will continue to be employed and that the port will remain open under state management.

US highlights Cyprus’ vital role in transfer of Gaza aid

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US highlights Cyprus’ vital role in transfer of Gaza aid

Cyprus is playing a significant role in coordinating international efforts to deliver humanitarian aid to Gaza. The United States is involved in creating a maritime humanitarian corridor to Gaza, with the construction of a temporary pier for aid transfer. Cyprus is facilitating the use of its port facilities and leading coordination efforts with various countries, including the US, the UK, the EU, and the United Arab Emirates. The European Union is actively participating in the corridor, with discussions ongoing to increase overall assistance. The construction of a pier on the Gaza coast will enable the mass transfer of aid to Palestinians in Gaza, emphasizing that the aid will be transported through sea, land, and air routes.

The mother of all climate feedbacks?

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The mother of all climate feedbacks?

The global temperature has been increasing, with the past eleven months experiencing the hottest temperatures ever recorded. The cause of this increase in temperature is uncertain, with potential factors including the reduction of pollution reflecting sunlight, unknown feedback mechanisms, and the release of heat from the oceans. The exact cause is still unknown, highlighting the depth of our ignorance and the danger of the situation.