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Boost
for Cyprus
tourism
July
2010
Revenue
from tourism recorded in May an increase of 4,2%, according to the
Statistical
Service of the Replublic of Cyprus.
On
the basis of the results of the Passenger Survey, revenue from tourism
reached
€164,8 mn in May 2010 compared to €158,1 mn in the
corresponding month of the
previous year, recording an increase of 4,2%.
For
the period January – May 2010 revenue from tourism is
estimated
to €383,0 mn
compared to €390,4 mn in the corresponding period of 2009,
recording a decrease
of 1,9%.
===================================================
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"Cyprus is a Property Buyers Market"
Buying
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to Price: EUR 116,000
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List Price: EUR 174,500 ~ reduced to Price: EUR 159,000
- Paphos Detached House List Price: EUR 345,500 ~ reduced
to Price: EUR299,000
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===================================================
Cyprus
'provides an ideal environment for UK companies'
June
2010
Cyprus
provides an ideal environment for UK companies
to grow and expand
their business activities, Minister of Commerce, Industry and Tourism
Antonis
Paschalides has said.
Addressing in London a seminar on ``The role of Cyprus as an
international
financial and business centre``, Paschalides noted the strong and
long-lasting
links between Cypriot and UK companies, as well as the Cypriot
government’s
commitment to support the strengthening of business relations between
Cyprus
and the UK. “Cyprus offers
international
investors the
core competitive advantages they seek before opting for an operational
or
business base”, he stressed.
The Cypriot Minister pointed out that such advantages include the
strategic
geographical location of the island, the well-developed socio-economic
infrastructure and the wide range and quality of professional services
offered,
the high educational level of its manpower, the low corporate tax at
10%, which
is the lowest in the whole of EU and the wide knowledge of the English
language. Referring to the world economic crisis, he said that even
under these
circumstances, Cyprus’ economy has maintained relative
stability
compared to
most EU member states. “Cyprus was not affected directly by
the
financial
crisis. The financial sector of Cyprus has remained sound throughout
the
crisis, with a strong liquidity position and a comfortable capital
adequacy, as
well as sufficient profitability”, he went on to say.
Paschalides
said that
Cyprus in 2008 enjoyed an economic growth rate of about 3.6% and as
such was
amongst the first three high performers in Eurozone, adding that the
average
growth during the past five years was over 3%.
In addition, he said that indirect effects of the crisis came through
with a
lag, especially affecting real estate and tourism. “Growth in
2009 is estimated
at -1,7% while we expect growth to pick up slightly to 0.5% in 2010,
and 1.5%
in 2011 and gradually reach 3% by 2013”, he
said. The Cypriot
Minister said
that despite the financial crisis, per capita income in 2009 reached
21.400
euros which, according to the World Bank, classifies Cyprus among the
high-income countries. “The stability of the Cyprus economy
is
reflected in the
long-standing low inflation rates”, he concluded.
===================================================
|
"Cyprus is a Property Buyers Market"
Buying
a home in Cyprus is buying into a lifestyle.
Just
three examples of the many reduced priced properties offered for sale
in the LIMASSOL district of Cyprus.
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out more about the many great property buying opportunities in Cyprus
and register for your FREE "Moving to Cyprus
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Just Click here |
===================================================
Smoking
cafe to open
in Debenhams
July 2010
DEBENHAMS’ stores in Limassol and Ledra
Street, Nicosia
are
planning to
install indoor
“smoking cafe” areas.
George Aniliades, Managing Director of Ermes which operates 10
Debenhams stores
in Cyprus,
said
yesterday “We respect the law (banning smoking in indoor
public
spaces) and we
respect both our smoking and non smoking customers.”
Asked why the stores were introducing closed-off indoor smoking areas
six
months after the smoking ban was put in place, Aniliades said
“We’re trying to
give the option to smoke within the law. Many of our customers are
smokers and
we are trying to give them the option within the law.”
A major reason for the law, however, he said was to protect non-smoking
workers, such as the restaurant manageress at the Olympia Debenhams in
Limassol, from second hand smoke while providing staff who smoke with a
place
to do so.
“We are a serious and very responsible employer. We employ
2,200
staff and what
we do is always within the law, and the Health and Safety
law.”
Under the ban, smoking is forbidden in all internal public spaces, but
is
allowed in internal courtyards and external areas that are covered by a
canopy,
such as the outside of cafés, courtyards of restaurants and
the
central
cafeteria area of the Parliament.
Employers are also obliged to provide a closed smoking area for
employees with
an appropriate ventilation system, in which exclusive access will be
granted to
employees who are smokers and who have submitted a written request to
be
permitted to smoke in that area.
In order to find the legal loophole, Debenhams’ management
employed a group of
“competent consultants”, who said that they could
legally
provide a smoking
area without infringing the rights of non-smokers, if it was separated
from
non-smoking areas and well ventilated.
However, Green Party Chairman George Perdikis, who initially tabled the
smoking
ban in Parliament, said yesterday that there was no such loophole.
“Actually my
first suggestion was to have separate smoking and non-smoking areas,
but then
DISY changed it so that smoking was banned in all [internal]
areas,” he said.
A senior source within the Shacolas Group, of which Ermes is a
subsidiary,
confirmed that the plans were going ahead, as did a Nicosia
store employee who said that a permit had been granted.
The move has caused outrage among some non smokers. After discovering
the new
smoking cafe under construction at her local Debenhams in Limassol,
Marion
Morse told the Cyprus Mail: “It is disgraceful, disgusting
and
immoral. If they
are allowed to do this it will drive a coach and horses through the
law.”
Referring to the Limassol store, Morse said “The aim of the
law
is to protect
staff, but they will have to walk through (the smoking area) It cannot
be
classed as an outside area.”
===================================================
|
"Cyprus is a Property Buyers Market"
Buying
a home in Cyprus is buying into a lifestyle.
Just
three examples of the many reduced priced properties offered for sale
in the LARNACA district of Cyprus.
- Larnaca Semi Detached House List Price: EUR 318,000 ~ reduced
to Price: EUR 318,000
- Larnaca
Apartment
List
Price: EUR 127,000 ~ reduced to Price: EUR 117,000
- Larnaca Townhouse
List Price: EUR 239,000
~ reduced
to Price: EUR 225,000
Find out more about
the many great property buying opportunities in Cyprus
and register for your FREE "Moving to Cyprus
Information Package".
Just Click here |
===================================================
Cyprus
has
second lowest tax rate in EU
June
2010
Cyprus imposes
the second
lowest tax rate
for individuals, and lower taxes on corporate profits among the euro
area
countries (E16), according to data published today by Eurostat the
statistical
office of the European Union.
The
maximum tax rate for individuals in Cyprus in 2010
is 30%, in Greece 45%,
while the average
in the
eurozone is 42.4% and 37.5% in the EU27.
In
the
euro area, Slovakia has the
lowest rate for
individuals
with 19%. In the EU27, Bulgaria imposes
the lowest taxes
for
individuals (10%) and Sweden the
highest (56.4%).
Regarding
the tax on corporate profits in 2010, the rate in Cyprus is 10%,
while the
average in the
eurozone is 25.7% and in the EU 23.2%.
The
highest
statutory tax rates on 2010 corporate income in the EU27 are recorded
in Malta (35.0%),
France (34.4%) and Belgium (34.0%), and the lowest in Bulgaria and
Cyprus (both
10.0%) and Ireland (12.5%).
Between
2000
and 2010, the largest decreases were registered in Bulgaria (from 32.5%
to 10.0%),
Germany (from 51.6% to 29.8%), Cyprus (from 29.0% to 10.0%) and Greece
(from 40.0%
to 24.0%).
Regarding
the amount of total tax revenues (2008 figures), Cyprus’
total
tax revenues
amounted to 39.2% of GDP, while in the EU27 was 39.7% and 39.3% in the
euro
area.
First
in
tax-revenue to GDP ratio was Denmark with 48.2%, followed by Sweden
with 47.1%.
Romania
ranked last with 28% of GDP.
Finally, the
standard rate of VAT in Cyprus (15%) is the lowest in the EU in
2010, which
has averaged at 20.2%.
Between 2000 and 2010, the VAT rate remained
unchanged
in 13 Member States, rose in 12 and fell only in Slovakia (from 23.0%
in 2000
to 19.0% in 2010) and the Czech Republic (from 22.0% to 20.0%).
The
highest increases were registered in Greece (from 18.0% to 23.0%) and
Cyprus (from
10.0% to 15.0%).
===================================================
|
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a home in Cyprus is buying into a lifestyle.
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in the AYIA NAPA & PROTARAS district
of Cyprus.
- Ayia
Napa & Protaras
Detached House List Price:
EUR 320,000 reduced to ~ Price: EUR 274,900
- Ayia Napa
& Protaras
Penthouse Apartment List Price: EUR 120,000 reduced
to ~ Price: EUR 99,850
- Ayia Napa
& Protaras
Detached House List Price: EUR 240,000 reduced
to ~ Price: EUR 189,950
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===================================================
Summer
nights in the city
July, 2010
NICOSIA Municipality is
making the most of
the cities
pleasant summer evenings by putting on a series of free entertainment
at
various open spaces in and around the old town.
‘Summer
Nights in Nicosia’, which runs from July until the end of
September, includes a
wide variety of musical, theatrical and other performances for all
tastes from
both local and international artists.
“These
unique nights in the capital promise a rich and enjoyable artistic
summer to
all those who choose to stay in Nicosia,”
said Nicosia
Mayor Eleni Mavrou. “Nights
in our city are truly special and I believe with cultural creativity
they
become unforgettable.”
Events
include an ethnic performance by the band “Van
Merwijk’s
Music Machine” in
Pallouriotissa Square on July 16, which will bring together rhythms and
percussionists from all over the globe, resulting in “a
swinging
combination of
blues, Latin and jazz with Cuban music in a contemporary interpretation
of some
of the best known Latin Soul and Boogaloo hits”.
Since
its
launch three years ago, the ‘Summer Nights’
programme has
become an
increasingly popular part of the summer experience.
“By
offering
this variety of cultural events every summer, I believe that, we are
teaching
people to love their city and neighbourhood in a different way: to care
about
what is going in their immediate and familiar environment,”
said
Mavrou.
A
new
addition to the events’ schedule this year is the
“Music
and Dance Afternoons” where
multinational bands will bring a different cultural feel to Eleftheria
Square every
Thursday between 7.30 p.m. and 8.30 p.m.
A
big
concert by Doros Dimosthenous on September 23 is also being organised
to
celebrate the last full moon of the summer and bid a
“romantic
goodbye” to the
hot nights.
=====================================================
Positive
start to new bus service
July 2010
THE
revamped island wide bus scheme was
with success launched to favorable public response yesterday in spite
of objections
from busmen opposing to the scheme, who parked outside the Presidential
Palace,
the Ministry of Communications and Works and Solomou public square in Nicosia.
Communications
government minister
Erato Kozakou-Markoulli, who was at Solomou Square in Nicosia yesterday
morning,
put forward that she was delighted with both the running of the new
system and with
the public reaction.
“A
revolution is happening in our country
and I hope everyone realises this,” she said. “All
the bus
drivers, who for years
now have contributed to the transportation system in Cyprus, will
take part in this
endeavour
to modernise transportation in our country.”
Markoulli
stated that she had met with
some of the drivers who had opted out of the system and that her
“sympathy remains
with all the un-enlisted drivers and my efforts will continue so they
can join
the new system as soon as possible”.
The
weekend demonstrations began after
the Communication Ministry announced on Friday the new service would
start as planned
yesterday, despite Parliament voting on Thursday to approve the bill
for the new
service, but postponing its launch until September 15. Deputies argued
more time
was needed to settle compensation disputes with those drivers choosing
not to join
the venture, known as OSEL.
The
hundreds of bus drivers that had
gathered from all over the island and parked their buses in Makarios
stadium over
the weekend moved forward with threats to block streets outside the
Presidential Palace and the Communications Ministry on Sunday evening.
More
buses joined the demonstrations
yesterday, causing confusion and problems at Solomou
Square
according to Road
Transport Department
Director Sotiris Kolettas.
“My
question is why they are rushing
to start today, when they aren’t ready, with no construction
plans or boarding areas?”
asked Marinos Constantinides, a coordinator of the protesting drivers.
“Maybe we
would have joined if they had just postponed like parliament suggested.
They’ve
put us in a very difficult position.”
A
police
spokesperson stated that
the buses did not cause any disruption to traffic in the capital, and
no measures
were needed to be taken.
Despite
resistance, Kolettas insisted
the new system had started very well. “If we exclude Nicosia, in the
other districts
everyone is
cooperating.”
He
said
the response had been more
positive than they expected and on certain pre-existing routes an
increase in passengers
has been noted.
The
new
service provides lower
priced tickets, with monthly tickets costing just €30, greater
frequency and newer
buses equipped with air-condition.
According
to Markoullis, the “formula
for determining compensation rates” considers various factors
and
that each case
will be considered separately.
Deciding factors include the
driver’s age, how many
years they were in the profession, the area where they served, the
number of
citizens they transported and their income.
The
Cyprus Employers and
Industrialists Federation issued a statement hailing the launch of the
new system
as a “positive development in the effort to modernise and
strengthen public transport”.
It added that the compensation that the dissenting bus drivers should
receive “will
have to be satisfactory depending on their life long contribution to
the field”.
Kolettas
affirmed that flyers and booklets
will soon be distributed informing the public about routes and
timetables of
the new system.
===================================================
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A wind
to make the world happy
May
2010
Standing
tall, graceful and white, the 25 windmill-like turbines of Orites wind
farm in
Paphos tower over the countryside and will soon be providing the island
with 83MW
of renewable energy.
Under
the
ownership of D.K.Windsupply Ltd founded by Akis Ellinas, the first
phase of the
project alone will cost €200 million. The project will be
finished
by the end
of June and be fully operational by September.
“I
have
always been concerned about climate change and when Cyprus joined
the EU, I saw it
as a
perfect opportunity,” said Ellinas. “Part of the EU
conventional agreement
stipulated that we should have a six per cent renewable energy source
by 2010.I
am fascinated by green energy, and so six years ago I started
developing this
project.”
The
EAC
will buy the energy from the new operator – Orites wind farm,
to
help Cyprus reach
the longer-term EU
renewable
energy target of 2020.
Orites Wind Park is
regarded as a big
project for
the wider Eastern Med region, as in Greece and Spain 20 to
30 MW production
is regarded
as a huge amount.
Ellinas
pointed out that upon completion of the first phase, the second phase
of the
project will begin, as long as approval has been received.
“I
also
have plans for a second wind farm in Larnaca,” he said.
The
married
father of three, who knew nothing about the technical side of a wind
farm, set
about finding the perfect location to realise his dream.
“It’s
hard
to find a large plot which has a constant wind blowing and to start
with I didn’t
have much luck.”
But,
then
Ellinas turned to his friend the priest of Kouklia for help.
“I’m
good
friends with Father Savvas, and after unsuccessfully looking for the
perfect
spot for the farm, I called him up to ask if he could suggest anywhere
I could
install the turbines, where there would be a good wind. He said he knew
just
the right place.’
In
2003,
Father Savvas took the businessman to Orites Mountain and
sure enough there
was a good
strong breeze.
“The
land
belonged to the government and I approached them, as part of this
renewable
scheme you are eligible to apply for government land.”
The
plot
is
large and covers around three donums of land.
“I
went
into partnership with a UK Company Platina partners and we raised funds
for the
project.”
In
addition, the European Investment Bank provided 50 per cent of the loan
under a
conventional project finance structure. Four other banks have also
invested in
the scheme.”
Ellinas
is
passionate about the project. “It’s so important
for
everyone’s future,
especially for us living on an island. It will mean that we
don’t
depend on
outside energy sources. You could say we are depending on energy coming
from
God,” he exclaimed.
Ellinas
estimates that wind capacity will power 50,000 households as well as
saving 100,000
tons of carbon emissions and produce 120,000 Kilowatt-hours of energy
annually.
“We
don’t
have a great amount of wind in Cyprus,”
he said.
“But I think we have
approximately 1,600 hours annually and the Vestas 2MW V90 turbines
which we
installed will all help,” Ellinas said.
This
project may seem like an odd path to take for the 49 year old, whose
father is
the well-respected and well-established Limassol based jeweller,
Phillipi
Ellinas.
A
graduate
of the London School of Economics, majoring in accounting and finance,
Ellinas
describes himself as “switched on”, and
“up to
date”.
Although
his family and friends may have thought the idea of a wind farm a
little wacky
at first, the former champion 400
metres hurdler
says they do
believe in him.
Orites
will
benefit from the new 20-year fixed rate tariff recently approved by the
government
and the EU Commission.
“One
of the
greatest risks about this project is that I’m investing in
wind,” he said.
Ellinas
says he is troubled by the high levels of CO2 being emitted in the
world today
and pointed out that many natural disasters, in his opinion, are
examples of
the fact that the “world isn’t happy”.
“We
need to
take care of the earth and try and press the governments, who are
sometimes not
so keen on these things, to help.”
There
is
also a second phase of Orites waiting for approval to add to the 25
turbines
already there.
Ellinas
often visits Orites to see how the project is coming along.
“It
was my
dream and it’s nearing completion, it’s a wonderful
feeling”’ he said.
Orites Wind Park will be
officially
inaugurated by
President Demetris Christofias, Members of Parliament, ministers, and
Ellinas’ UK
partners and investors.
===================================================
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Cyprus Economy resilient
May
2010
President
Demetris Christofias has stated that Cyprus’
economic system,
despite the world
economic crisis and in comparison to other countries, has shown to be
resilient, adding that the government does its level best to ensure
that the
fallout from the worldwide crisis will be curbed to the minimum.
Speaking
the AGM of the Republic of Cyprus
Employers and
Industrialists
Federation (OEB),
the President stated that the economic system has been affected by the
world
economic crisis, and will continue to be affected, remarking that
important
sectors of the economy, like tourism and the property and construction
fields,
have been worst affected.
“However,
in spite of the world economic crisis, our economy, compared to the
economies
of other countries, has proven to be resilient. We have done what we
can and we
will continue to do whatever possible to ensure that the present crisis
will
affect us at little as possible”, he stressed.
The
President said that the government aims to maintain the credibility of
the
economy by limiting the negative impact of the world economic crisis,
as well
as by promoting Cyprus as an
international
financial
center.
He
referred
to attempts to attract foreign capital, especially immediate
investment, saying
that this could play an important role in the effort to render the
economy more
competitive.
=============================================
Property
issue examined at Cyprus talks
June
2010
The
property issue was examined to some substance during
Wednesday’s
meeting between
the
leaders of the two communities in Cyprus, in the
framework of
UN-led direct
negotiations aiming at a political settlement, UN Secretary General`s
Special
Adviser on Cyprus Alexander Downer said after the meeting.
Cyprus
President Demetris
Christofias and
Turkish Cypriot leader Dervis Eroglu met
for
nearly two and a half hours and had, according to Downer, “a
frank and friendly
discussion about the property issue. They discussed the property issue
to
some
substance.”
Replying
to
questions, Downer said the talks are not losing their momentum,
adding
that
today was an illustration of the point he made yesterday that
“we like
to
see
momentum in the talks, the leaders have had a substantial discussion
on
the
issue of property and this is the way the process should work, so we
are happy
with
that”.
The
next
meeting of the two leaders will be held on 9th July while their
representatives
will have a further meeting fairly soon, to Downer “follow
up
on these substantial discussions”.
===================================================
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The
rights of people with
disabilities in Cyprus
May 2010
President
Christofias said on Friday that the authorities
were advancing a series of measures and actions towards the full
implementation
of the rights of persons with disabilities.
Addressing
an event in Nicosia to mark the 30th
anniversary of the establishment of the Pancyprian Organisation of the
Blind,
President Christofias said the social integration of persons with
disabilities
demanded support, the assessment of their needs, securing independent
living
and access in all sectors, training in order to join the labour market,
and the
provision of technical and other facilities.
President
Christofias said that a substantial step
towards accomplishing the professional and social integration of
individuals
with disabilities was the recent passing of a law regarding the
employment of
persons with disabilities in the broader public sector.
He
also
commented that a significant instrument in
promoting and protecting the rights and dignity of persons with
disabilities
was the UN Convention on the Rights of Persons with Disabilities, which
was
expected to be integrated in national legislation within the first six
months
of 2010.
Specifically
for the blind, President Christofias
said there have been important advances, primarily concerning
allowances, and
called attention to the need to take measures toward unhindered access
to
communication and information through technology.
"Our
aim
should be a society, which is open to
diversity. We are all different. We all have different needs. However,
we can
all live together and more importantly we can all work together for a
better
future, with an advanced sense of solidarity with and support to those
who are
in need," he concluded.
===================================================
|
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in the NICOSIA district of Cyprus.
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List Price: EUR 485,000 ~ reduced to
Price: EUR 439,500
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Price: EUR 467,000 ~ reduced to Price: EUR 430,000
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===================================================
Car
prices fell by 8.3
per cent
in 2009
July 2010
Actual
car prices in the
Republic of
Cyprus in 2009 came down
by 8,3 per
cent, considerably above the 2.1
per cent fall in the Euro
zone and the 0.6 per cent in EU 27 generally, according to the European
Commission's
car price report.
The
Commission said it was satisfied
with the “strong competition” in car sales sector,
the
report says. Even so,
Joaquin Almunia, Commission Vice President in charge of Competition
Policy, said
he was “dismayed” over the rise of the prices for
repairs
and spare parts during
the economic recession, it adds.
According
to a Commission press
release “prices for repair and maintenance services as well
as
spare parts continued
to rise well above inflation, confirming the need for the stricter
competition rules
in place for the sector since the 1st of June.”
Prices
for repairs and spare parts rose
by 1.5 per cent and 0.7 per cent respectively in real terms.
The
fall
in real prices was particularly
marked in Slovenia (-13.4
per cent), Lithuania (-11.1
per cent), Slovakia (-11.0
per cent) Romania (-10.1
per cent), the Czech Republic (-9.4
per cent), Malta (-9.2
per cent) and Bulgaria (-9.1
per cent). The
report notes
that “the fact that most new member states were harder hit by
the
recession
than the EU as a whole in 2009 may have contributed to these price
decreases”.
===================================================
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