Cyprus has revamped its planning and building permit system, cutting approval times to just 40 working days for small-scale developments, Interior Minister Constantinos Ioannou announced this week.

The reforms target low-risk “Category A” developments, which include up to two residential units.

“The package of 22 measures of the plan to simplify the licensing procedure includes changing the way of examining planning and building applications in order to achieve a shortening of the time of issuing the permit,” Ioannou said.

Planning certificates will now be issued within 20 working days, with building permits granted within another 20 days.

Cypriot DIY retail chain Superhome Centre is set to change ownership in a €94 million deal, it emerged this week.

The investor was reportedly drawn to the acquisition by the store’s network, Cyprus’ strategic location, and the growth potential of the region.

In a statement to the Cyprus Stock Exchange (CSE), Ermes Department Stores Plc, a subsidiary of Cyprus Trading Corporation Plc (CTC), confirmed plans to sell its 51 per cent stake in Superhome Centre DIY Ltd to the international investor.

The total transaction value is €94 million, although €13 million will be allocated for future expenses and €7 million will cover outstanding bank obligations at the time of completion.

Cyprus continues to offer some of the lowest deposit interest rates in the eurozone, according to data published this week by the European Central Bank (ECB).

The report revealed that the interest rate for household time deposits of up to one year in Cyprus dropped to 1.76 per cent in October, down from 1.98 per cent the previous month.

This places Cyprus as having the second-lowest deposit rate in the eurozone, with only Slovenia offering a lower rate at 1.59 per cent.

In comparison, the average deposit rate for households across the eurozone stands at 2.74 per cent. The highest rates are recorded in Italy (3.69 per cent), Estonia (3.42 per cent), and Finland (3.15 per cent).

Cyprus is stepping up as a leading destination for international investment, president Nikos Christodoulides said on Wednesday.

Speaking at the ‘EY Cyprus Attractiveness Forum 2024,’ the president outlined the government’s strategic plans to bolster economic growth and investor confidence.

The president stressed the growing appeal of Cyprus to foreign investors, noting that foreign direct investment exceeded €3.5 billion in 2023.

“Key sectors such as information technology, professional services, renewable energy, agricultural technology, tourism, industry, and education offer outstanding opportunities for investors,” he said.

CySEC officer Elena Karkoti on Thursday highlighted the ongoing issue of underrepresentation of women on corporate boards and in leadership roles.

She described this phenomenon as “a profound social and political contradiction” during a time where equality has been in the spotlight.

Karkoti said that despite progress in gender equality, “women remain trapped on the margins of decision-making centres and are often a disheartening minority in boardrooms”.

She attributed this to both visible and invisible barriers stemming from “deeply ingrained societal perceptions and institutional shortcomings”.

The Central Bank of Cyprus (CBC) this week reported the registration of 16 bounced cheques worth €21,445 in November 2024.

This represents a significant drop compared to previous months, as well as the same period last year.

The preliminary list of the Central Information Register (CIR) for issuers of bounced cheques recorded nine entities in total, consisting of seven legal and two natural persons.

Inflation in Cyprus increased to 1.5 per cent in November 2024, compared to November 2023, the statistical service reported on Thursday.

This follows significant declines in September and October, when it stood at 0.7 per cent and 0.6 per cent, respectively.

For the period from January to November 2024, the Consumer Price Index (CPI) recorded an overall increase of 1.7 per cent compared to the same period in 2023.

In November 2024, the CPI decreased by 0.43 points to 118.21 points, down from 118.64 points in October 2024.

The Christodoulides administration has prioritised addressing climate change with targeted actions, a commitment echoed by Cyprus’ tourism industry, Deputy Minister Costas Koumis said on Thursday.

Koumis’ comments were delivered during a speech at a conference titled ‘Tourism in the Era of Climate Change: Challenges and Innovations‘, held under the auspices of President Nikos Christodoulides.

In his remarks at the event, co-organised by the Deputy Ministry of Tourism, the Office of the Environment and Animal Welfare Commissioner, and the Cyprus Sustainable Tourism Association, Koumis emphasised the importance of a balanced approach to tourism growth.

“The growth trajectory of tourism must continue with respect for the environment, recognising our responsibility to preserve our natural wealth for future generations,” he said.

Top App Games, a mobile game developer headquartered in Cyprus, has secured $10 million in funding to bolster its hit strategy RPG, Ludus: Merge Arena, and to spearhead the development of new titles.

The funding round was led by Vladimir Nikolsky, a prominent investor and the former CEO of MY.GAMES.

In an official announcement, Nikolsky lauded Top App Games’ potential to evolve into a billion-dollar enterprise.

“The funding will be used to improve and promote our hit strategy RPG Ludus, which we will continue to develop and grow its revenues,” stated Vladimir Markov, CEO of Top App Games.

The Cyprus Shipping Chamber (CSC) on Thursday announced that it will host its first-ever ‘Love Shuttle’ on Sunday, December 8, at the Limassol pier.

The event celebrates the chamber’s 35th anniversary while raising funds for the Pancyprian Organisation of people with disabilities.

Speaking at a press conference, director general Thomas Kazakos explained that the event coincides with the International Day of Persons with Disabilities.

It includes a 35-kilometre marathon, representing the chamber’s years of operation, and a 3.5-kilometre relay race featuring five children with mobility challenges.

“Each child, with the help of escorts, will cover a distance of 750 metres, passing the baton to the next child, while all of them will finish together at the place where the start will be given,” Kazakos said.

Opposition party Akel is bent on taxing banks’ historically high profits on Thursday, while critics argue the move intended to effect social justice is misguided.

Member of the House finance committee and Akel MP Andreas Kafkalias told the CyBC on Thursday his party had revised its earlier failed proposal to tax banks’ inordinate interest earnings through a temporary levy.

Elsewhere, committee chair and Diko MP Christiana Erotokritou reiterated previous criticism for the move, saying that it would backfire on the very people it was intended to help.

Digital Citizen, a new app available on Google Play and the App Store, was launched on Thursday, ushering in a “new era” in digital services for the public and businesses.

President Nikos Christodoulides said the app allowed people to issue and save official documents, initially identity cards, driver’s licences and MOT certificates, with more to be added later.

“The new era is here: easy, simple, digital,” he said.

The Electricity Authority of Cyprus (EAC) provided an update on Thursday regarding its modernisation efforts, cautioning that electricity prices will not significantly decrease without the introduction of natural gas.

EAC Chairman George Petrou and the vice-president of the Natural Gas Infrastructure Company (Etyfa) revealed on Radio Trito that the first batch of 30,000 smart meters is expected to arrive by the end of 2024.

Additional batches of the same quantity will be delivered monthly until March 2025, enabling installations for residential and medium-sized businesses. Funded by the European Union, the original plan envisioned the installation of approximately 400,000 smart meters during 2025 and 2026.

The Larnaca municipality on Thursday announced its intention to hold a demonstration to protest the government’s handling of the town’s marina and port.

The municipal council voted unanimously in favour of the move at its meeting on Wednesday, saying a protest will be held “in the event that the government’s decision on the port and marina is not changed or that new decisions are not satisfactory”.

As such, the council’s development committee is to meet on Friday to organise the protest.

The Cyprus Stock Exchange (CSE) ended Thursday, December 5 with profits.

The general Cyprus Stock Market Index stood at 211.83 points at 12:34, representing an increase of 0.51 per cent.

The FTSE / CySE 20 Index was at 129.06 points, reflecting a rise of 0.55 per cent.

The total value of transactions amounted to €162,068 at the aforementioned time during trading.

In terms of the sub-indexes, the main, alternative and investment firm index rose by 0.55 per cent, 0.33 per cent and 0.29 per cent respectively. The hotel index remained stable.

The biggest investment interest was attracted by the Bank of Cyprus (-0.23 per cent), Hellenic Bank (+1.07 per cent), Demetra Holdings (+0.3 per cent), Logicom (+0.63 per cent), and Blue Island (+3.67 per cent).