The Deputy Ministry of Tourism this week announced the launch of the nomination process for the Cyprus Hospitality Awards 2025, a national initiative that recognises and rewards excellence in the tourism and hospitality sectors.

The awards are organised by the Deputy Ministry of Tourism in collaboration with the Cyprus Hospitality Body (Kypria Filoxenia).

According to the announcement, the awards will focus on two core pillars.

The first pillar centres on hospitality experience, and the public is invited to nominate individuals or teams who went above and beyond during the year 2024 to deliver exceptional service and create unforgettable moments for visitors to Cyprus.

Nominations must include a justified proposal that highlights personal or team-based stories of excellence in categories such as accommodation, catering, travel, agrotourism, and general hospitality excellence.

The environmental authority has approved the demolition of the former Nemitsas foundry in Limassol, paving the way for the construction of a new building for the Deputy Ministry of Shipping.

Located in Tsiflikoudia, within a mixed-use zone that combines light industry and economic activities, the 17,737-square-metre plot was previously owned by Nemitsas Industries Ltd.  

The company specialised in manufacturing industrial machinery, such as turbines, pumps and concrete mixers, along with cast products like iron and brass components for mining. 

Currently, the site is used for material storage and houses several government services, including the departments of electromechanical services and public works.

The European Union collected more than €33 billion in VAT revenue during 2024 through its e-commerce VAT systems, according to new data published this week, underscoring the impact of its 2021 VAT reform package.

The One Stop Shop (OSS) and Import One Stop Shop (IOSS) mechanisms, which were introduced to simplify cross-border VAT compliance, allow businesses to declare and remit VAT for cross-border sales of goods and services within the EU, as well as for low-value imports, through a single registration in any one Member State.

According to the European Commission, the results show that the 2021 reforms are delivering on their promise to simplify compliance, support businesses, and ensure fairer taxation across the EU.

“These latest figures are a clear sign that the 2021 reforms are delivering on their promise of simplifying compliance, supporting businesses, and ensuring fairer taxation,” the commission said in a press release.

A recent study by the University of Cyprus’ Economics Research Centre (CypERC) has explored the relationship between changes in global commodity prices and domestic inflation in Cyprus.

According to the findings published in the centre’s latest bulletin, recent geopolitical tensions, primarily due to the Russia-Ukraine war and other regional conflicts, have pushed global oil and food prices higher.

The report highlighted that these countries play a crucial role in global trade in those specific commodities.

The study examines how fluctuations in food and oil prices influence inflation in Cyprus.

To assess how these external shocks are transmitted to domestic prices, the researchers used data based on the Harmonised Index of Consumer Prices (HICP) in Cyprus, including its main subcategories, from January 2008 to December 2021.