Cyprus Business Now

The Electricity Authority of Cyprus (EAC) has confirmed that the Cyprus Energy Regulatory Authority has approved the EAC’s new fuel rates and basic prices for energy produced from renewable sources.

The rates help regulate the price of each unit of energy produced and for every cent the price changes beyond the base cost of €300 per metric ton.

The revisions to prices and fuel rates are reviewed on a bimonthly basis and are affected by the prices the EAC pays to buy fuel.

This has also coincided with the revelation that one out of every ten euros the EAC is spending goes to fines for violating European Union emission rules.

Moreover, it has been revealed that the EAC spent roughly €92,600,000 on salaries and other employee contributions in 2020 alone.

The National Bank of Greece’s Cyprus division will be drastically restructured and downsized according to the latest reports.

The bank will shut down a total of seven stores on the island, leaving two stores open, one in Nicosia and one in Limassol.

The downsizing is part of the bank’s overall restructuring plan which was the result of financial assistance it received from both the Greek government and the European Commission.

Part of that restructuring plan included the option of either selling the shares of its Cyprus division to external investors or a major reduction to its operations.

The bank did attempt to sell 100 per cent of its shares in Cyprus but this did not prove to be successful.

Cyprus police are investigating around 100 reports of telephone fraud involving the use of Microsoft.

The perpetrators invoke the US company during their telephone call to victims, claiming that they represent them and then try to either extract money or private information.

Successful fraud attempts have extracted as much as €20,000 from a single victim.

“The suspects make phone calls to subscribers in Cyprus and present themselves as engineers of the Microsoft Support Center and offer to help solve computer problems and remove allegedly malicious software (virus) or even to install special software for alleged data protection,” the police’s cyber division’s Andreas Anastasiades said.