Decisions will be taken and the interconnector linking Cyprus’ power supply to Greece and Israel will be clarified within August, Energy Minister George Papanastasiou said on Monday.

The minister’s statements come in the wake of intense debate and questioning over the project in recent weeks.

Experts have also raised concerns that for the Great Sea Interconnector (GSI) to go ahead as a two-way endeavour – that is both supplying and receiving electricity – Cyprus would have to rapidly maneuver itself into a position to supply cheaper electricity than its competitors, a seemingly daunting prospect at present.

As things stand now, the price of electricity from Cyprus would not be attractive to prospective buyers in Crete, the proposed first “link” of the interconnector, as they could readily find cheaper electricity from elsewhere, including the Greek mainland.

Larnaca was one of the most popular destinations for travellers flying from London’s Heathrow airport in July, according to an announcement released on Monday.

“Venice and Larnaca proved popular destinations for those jetting off for some summer sun, as Doha and Dublin joined Dubai and JFK as the latest routes with one million passengers travelling to and from Heathrow this year,” the airport said.

“There were also big boosts for Orlando and many other US destinations such as Chicago, San Francisco, Boston and Dallas,” it added.

Elsewhere, Heathrow Airport released stats showing that it was Europe’s busiest airport, handling nearly 8 million passengers in July.

“Almost 8 million passengers travelled through Heathrow in July, seeing the UK’s hub retain gold spot on the podium as the busiest airport in Europe in the first half of the year – ahead of Amsterdam Schiphol, Frankfurt, Madrid and Paris Charles de Gaulle by millions of passenger,” the announcement said.

Cyprus’ Deputy Ministry of Research, Innovation, and Digital Policy announced on Monday an open call for applications to recruit scientific collaborators.

According to the announcement, these positions are linked to Cyprus’ upcoming presidency of the EU Council in 2026.

The ministry said that successful candidates will be stationed at the permanent representation of Cyprus to the EU in Brussels, focusing on areas such as research and innovation, digital policy and communications, and cybersecurity.

In addition, the selected scientific collaborators will represent the ministry in EU institutions, participating in working groups and preparatory committees.

“They will also monitor developments in fields such as electronic communications, the digital economy, the internet, the European digital single market, cybersecurity, research and innovation, and space technologies,” the minister said.

“Additionally, they will be required to produce relevant studies, memos, and suggestions, alongside other duties as assigned,” it added.

Cyprus’ construction materials price index recorded a decrease of 1.45 per cent for the period from January to July 2024, when compared to the same period in 2023.

According to a report released by the Cyprus Statistical Service (Cystat), the index reached 117.65 points in July 2021, with 2021 being designated as the base year set at 100 points.

It should be noted that this represents a 0.15 per cent increase compared to June 2024.

Moreover, when compared to July of the previous year, the index experienced a decrease of 0.36 per cent.

When looking into the major product categories, and comparing to the prices recorded in July 2023, price reductions were observed in metal products, which fell by 3.94 per cent.

The report also showed that increases were reported in electromechanical goods by 3.35 per cent, minerals by 0.98 per cent, as well as mineral products, which rose by 0.75 per cent.

Paphos’ Regional Tourism Board (Etap) said that it is currently developing a digital strategy for the entire Paphos district, along with action plans for the years 2025-2027.

“Through this study, Etap Paphos aims to assess the digital competence of the destination and chart a course to remain at the forefront of digitalisation and the use of technological tools through a well-structured strategy”, the board’s announcement explained.

Specifically, the board said that the objectives of the study include evaluating the current level of digitalisation in the Paphos district as experienced by visitors, as well as assessing the effectiveness and use of digital tools by local stakeholders, partners, and businesses.

Additionally, the study will examine the digital tools and strategies used by international partners and portals to promote Paphos as a tourist destination.

The board also said that the study aims to prepare a strategic digital plan and action plans to enhance the digital presence and identity of the Paphos district.

Baker Tilly Klitou and Partners Limited has been appointed as the External Auditors of the Central Bank of Cyprus for the financial years 2023 to 2027, according to an announcement released on Monday.

The announcement noted that the appointment follows a public procurement procedure, identified as no. 03/2024, and is in accordance with applicable legislation.

The decision was confirmed on July 2, 2024, when the Governing Council of the European Central Bank (ECB) adopted Recommendation C/2024/4411 – ECB/2024/16, formally endorsing Baker Tilly Klitou and Partners Limited for the role.

The Cyprus Stock Exchange (CSE) ended Monday, August 12 with profits.

The general Cyprus Stock Market Index was at 164.02 points at 12:46 during the day, reflecting an increase of 0.42 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 99.83 points, representing a rise of 0.42 per cent.

The total value of transactions came up to €145,392, until the aforementioned time during trading.

In terms of the sub-indexes, the main and investment firm indexes rose by 0.57 per cent and 0.82 per cent respectively. The alternative index index fell by 0.13 per cent while the hotel index remained unchanged.

The biggest investment interest was attracted by Demetra (+0.84 per cent), the Bank of Cyprus (+1.24 per cent), Hellenic Bank (no change), Petrolina (+1.16 per cent), and the Cyprus Cement Company (-1.86 per cent).