Cyprus Business Now

The Beau Rivage Hotel in Larnaca has begun to be demolished, a process estimated to take somewhere between two and three months to be completed.

As confirmed by NCH Managing Director Andreas Santis, the demolition of the erstwhile hotel will allow for the development of a new project.

The new project will include a hotel unit, as well as apartments, both of which will be managed by an unnamed hotel group described as ‘global’ in terms of its reach and brand name.

Reports of the hotel’s demolition and its replacement project first emerged in 2018.

“Pyla community leader Sinos Mytides told the newspaper that a company of US and Cypriot interests was behind the investment which is estimated at €25m,” Cypriot newspaper Phileleftheros wrote at the time.

“US investors are expected to put up most of the capital for what is expected to be the biggest investment in the Voroklini tourist area to date,” the paper added.

The unmet demand for employment (or labour market slack) came up to 14.5 per cent of the extended labour force (aged 15-74 years) in the EU during the second quarter of 2021, according to data published by the European Statistical Service (Eurostat).

Eurostat notes that a major component of the labour market slack is unemployment, which accounts for almost half of the labour market slack (7 per cent of the extended labour force in the EU) during the second quarter of 2021.

The remaining groups making up the labour market slack were: ‘persons available to work but not seeking employment’ (3.8 per cent of the extended labour force), ‘underemployed part-time workers’ (2.9 per cent) and ‘persons seeking work but not immediately available’ (0.8 per cent).

In Cyprus, the labour market slack amounted to 16.7 per cent of the extended labour force, higher than the European Union average.

The Cyprus Stock Exchange (CSE) ended Friday, October 29, with losses.

The main Cyprus Stock Market Index was at 65.53 points by 13:22 during the day, reflecting a decrease of 0.14 per cent over the previous day.

The FTSE / CySE 20 Index was at 39.14 points, representing a drop of 0.15 per cent. The total value of transactions came up to €13,190.

In terms of sub-indexes, the alternative and hotel indexes fell by 0.37 per cent and 0.94 per cent respectively, while the main and investment firm indexes remained stable.

The biggest investment interest was attracted by Vassiliko Cement Works (+0.78 per cent), Atlantic Insurance (-6.02 per cent), Frou Frou (-0.71 per cent) and Bank of Cyprus (no change).