Cyprus Business Now
With third country nationals receiving their work permits earlier through expedited procedures, the tourism industry is fully staffed and ready for the summer wave of tourists.
Labour Minister Yiannis Panayiotou said over 95 per cent of applications for the tourism industry had already been examined.
“Being fully staffed in view of the summer period has been secured,” he said.
Speaking after a meeting with representatives of the tourism industry, Panayiotou noted that the length of procedures had been shortened from over five to less than two months.
By the end of May this year, a total of 4,146 new permits had been issued, which confirmed labour ministry projections for 4,000-6,000 new permits.
Borrowers are receiving letters of approval for participation in the mortgage to rent scheme, running from December 2023 to September 6, 2024.
Through the scheme, eligible applicants transfer the ownership of their primary residence to the Cyprus Asset Management Company (Kedipes) while maintaining residency in their property. The rent is paid by the state.
Kedipes chairman Lambros Papadopoulos told the Cyprus News Agency (CNA) that letters are already being sent out to successful applicants.
He noted 2,092 applications have so far been received, of which 1,448 have been deemed eligible, however not all may receive final approval.
“We hope that we will surpass the aim of 800 applications because we want the most possible borrowers to enter the scheme,” Papadopoulos explained.
Workers are increasingly embracing artificial intelligence (AI) and prioritising skills growth amidst rising workloads and an accelerating pace of change, according to the results of a survey shared by consulting and advisory firm PwC Cyprus on Thursday.
According to the PwC 2024 Global Workforce Hopes & Fears Survey, which gathered responses from more than 56,000 workers across 50 countries and territories, 45 per cent of workers reported a significant increase in their workload over the past year.
In addition, almost two-thirds (62 per cent) said that they are experiencing an accelerated pace of change at work.
This rapid transformation, the survey explained, has led to heightened workplace pressures and an evolving set of daily responsibilities for many employees.
Nearly two-fifths (40 per cent) mentioned that their daily responsibilities have changed to a large or very large extent, and almost half (44 per cent) admitted they do not understand the purpose behind these changes.
Amidst these pressures, workers are increasingly looking for opportunities elsewhere and focusing on skills growth.
EMBIO Diagnostics, a Nicosia-based company at the forefront of diagnostic technologies, announced this week its acquisition of AG Catalytic Solutions, a firm specialising in the non-chemical treatment of ballast water.
According to the announcement, this key move transfers technology, know-how, and intellectual property between the two and also provides EMBIO’s research and development teams with a substantial boost in a highly promising area.
For years, the announcement explained, shipping and maritime industries have grappled with the issue of polluted ballast water, underscoring a global priority to find solutions that are environmentally safe, cost-efficient, and reliable.
This acquisition marks a significant milestone in addressing these longstanding challenges.
Total oil product sales in Cyprus saw a marginal year-on-year decrease of 0.2 per cent in May, while sales during the first months of the year are up compared to 2023, according to a report released on Thursday by the state’s statistical service.
According to the report, this decline was mainly driven by reduced sales in marine fuel supplies, and heavy fuel oil, as well as decreases in diesel and petrol sales.
Specifically, total oil product sales in May amounted to 122,359 tonnes. There was a notable drop in marine fuel supplies by 30.1 per cent and in heavy fuel oil sales by 26.5 per cent.
Additionally, heating oil sales decreased by 9.4 per cent, while diesel and petrol sales fell by 6.5 per cent and 2 per cent, respectively.
The Research and Innovation Foundation (RIF) on Thursday announced a new funding programme entitled ‘Commercial Proof of Concept – Energy’, which boasts a budget of €1.6 million to accelerate innovation in the energy sector.
According to the announcement, the primary objective of this initiative is to support the transition of solutions from pilot deployments to commercial readiness.
The foundation explained that this will significantly help intensify R&D efforts aimed at scaling up and optimising solutions that have already been deployed in the field.
Moreover, the ultimate objective of this programme, the announcement continued, is to enhance the performance, reliability, efficiency, and cost-effectiveness of existing technologies.
Deposits and loans in the Cypriot financial system both experienced an increase in May of this year, according to a report released this week by the Central Bank of Cyprus (CBC).
The data shows that deposits in May 2024 saw a net increase of €925.7 million, compared to a net increase of €209.1 million in April 2024.
The annual growth rate of total deposits reached 2.8 per cent, up from 1.4 per cent in April of this year. In addition, the total balance of deposits in May stood at €53.3 billion.
Deposits from Cypriot residents saw an increase of €778.8 million. More specifically, household deposits and deposits from non-financial corporations rose by €107.6 million and €315.1 million, respectively.
