#business

District local authorities are now issuing building permits within 48 hours for low-risk developments of up to two residential units (Category A). This is provided that applications were submitted before July 1, 2024, ...

Rising costs are driving restaurants and bars in Paphos to the brink, with 50-60 expected to close permanently in 2024, according to Angelos Onisiforou, chairman of the regional association of recreation ...

Hellenic Bank on Monday announced a reduction in its reference rate for loans linked to the European Central Bank’s (ECB) base rate. Effective from December 18, 2024, the rate will decrease ...

Labour costs and job vacancies in Cyprus experienced significant increases in the third quarter of 2024, according to a report released by the state’s statistical service on Monday. According to ...

Britain officially became the 12th member of a trans-Pacific trade pact which includes Japan, Australia and Canada on Sunday as it seeks to deepen ties in the region and build ...

Bitcoin surged to a record high above $106,000 on Monday after President-elect Donald Trump suggested he plans to create a US bitcoin strategic reserve similar to its strategic oil reserve, stoking ...

The Commissioner of State Aid Control Stella Michaelidou on Monday approved a €3 million grant scheme to boost rural tourism. Specifically, the scheme seeks to provide support for the renovation or ...

Limassol’s share of the 2025-2027 state budget has drawn the ire of the Limassol Chamber of Commerce & Industry (Evel), which called for action to address traffic, infrastructure, and ...

Capital Intelligence Ratings has upgraded Hellenic Bank’s foreign currency long-term rating to “BBB-” from “BB”, citing significant improvements in financial stability and capitalisation. This took place on the same ...

CyRIC and bialoom, two Cypriot organisations, are contributing to the PhotonMed project, a major initiative in healthcare innovation, according to an official announcement. PhotonMed is a €32 million international project aimed ...

The Cyprus Chamber of Commerce and Industry (Keve) on Monday announced the appointment of Philokypros Rousounides as its new secretary general. The chamber said that Rousounides will assume his duties ...

The Bank of England looks set to keep interest rates on hold this week as it moves more slowly to cut borrowing costs than central banks in Europe and the ...

The threat of soaring government debt supply destabilising financial markets has intensified, according to the world’s top central banking advisory body, as it urged policymakers to act swiftly to ...

President-elect Donald Trump could be the “president of this AI generation” as he will take office at a time when critical infrastructure to developing artificial general intelligence (AGI) is built ...

Alphabet’s (GOOGL.O) Google, along with TPG Rise Climate and other investors, is backing clean energy developer Intersect Power as part more than $800 million funding round, the company has ...

Here are the top business stories in Cyprus from the week starting December 9: The European Union’s Digital Operational Resilience Act (DORA), taking effect on January 17, 2025, will impose tougher cybersecurity ...

Global airline body IATA is expecting an industry-wide 2025 revenue of more than a trillion dollars and record passenger numbers, despite what its chief Willie Walsh said were “unacceptable” difficulties in ...

Policymakers aiming to recommend safeguards for artificial intelligence are facing a formidable challenge: science that is still evolving. AI developers themselves are grappling with how to prevent abuse of novel ...

Europe’s Airbus (AIR.PA), Thales (TCFP.PA), and Leonardo (LDOF.MI), are exploring plans to set up a new joint space company as they look to compete with Elon ...

The Bank of Cyprus on Friday announced that it has “swiftly reacted to the European Central Bank’s (ECB) latest decision to cut interest rates,” announcing a reduction in the ...

S&P Global Ratings this week downgraded chipmaker Intel Corp’s (INTC.O) credit rating to ‘BBB’ from ‘BBB+’, on slow business recovery and uncertainty following management changes. The ...

London’s Canary Wharf district will borrow 610 million pounds ($777 million) from US investment giant Apollo (APO.N) to repay bonds due over the next two years, raising its funding costs ...

General Motors (GM.N) announced that it will end robotaxi development at its majority-owned, money-losing Cruise business, a blow to the ambitions of the largest US automaker which had made ...

All new buildings across the European Union must achieve zero emissions by 2030, while public buildings face an even tighter deadline of 2028. This ambitious plan forms part of the EU’s ...