Kyriacos Kiliaris

Climate change is reshaping the world in extreme ways, and one industry feeling the heat, quite literally, is the real estate industry.

“As a society, we are at a learning curve. Universities cannot adapt their curriculum to cover AI and emerging technologies overnight” At the threshold of a new era characterised by swift technological progress and evolving global dynamics, stakeholders assert that the employment landscape is undergoing a profound transformation, surpassing our wildest expectations. Emerging technologies, such as artificial intelligence (AI) and blockchain, have already started to shape the jobs of the future, with experts urging the government and the business world to adapt sooner, rather than later. According to the Cyprus Employers and Industrialists Federation (OEB), surveys conducted over a

Russian investor returns with ‘Larnaca Tower’ plans, boosting city’s transformation Larnaca’s pursuit to catch up with the rapid development in other towns could get a significant boost from the return of a Russian investor, planning to revive plans for a €170 mln hotel and luxury residence project on the Phinikoudes seafront. The project had been cancelled three ago years with Russian investor Nikolai Potapenko backing out after a dispute with the municipality. The investor, Nikolai Potapenko, alleged local authorities buried him in red tape, accusing the municipality of a lack of vision for the city. At the time, the

2024 has challenges and opportunities for Cypriot businesses Cyprus businesses are facing a significant task ahead as environmental, social and governance (ESG) policies take centre stage in Europe’s regulatory landscape. According to local experts, ESG has become a top priority for European regulators, dominating the EU’s agenda. On November 28, the European Council approved a directive proposal outlining regulations for the period between 2024 and 2028. Starting from January 1, 2024, large public-interest companies (with over 500 employees) already subject to the non-financial reporting directive must comply, with reports due in 2025. Beginning January 1, 2025, large companies not

The island’s traditional cheese PDO status at stake The future of Cyprus’ flagship export, halloumi, is hanging in the balance as EU courts are set to rule on February 21 on a lawsuit filed by cow breeders and cheesemakers challenging the traditional cheese’s status as a Product of Designated Origin. The ongoing tug-of-war over the cow-to-sheep milk ratio in the recipe between cheesemakers and dairy farmers and the government poses, once again, a threat to halloumi’s PDO status, with imitators to the crown waiting on the sidelines. Dairy producers on the island are frustrated with the agriculture ministry and

Cyprus soon to feel impact of Red Sea disruptions Market stakeholders warned against early celebrations over a downward trend in inflation, citing that ongoing attacks by Yemen’s Houthi rebels on vessels crossing the Red Sea are set to have an imminent impact on Cypriot consumers. In December, Cystat published an inflation rate of 1.6%, slightly lower than Eurostat’s harmonised consumer price index, which recorded 1.9%. However, the trend is more likely to be reversed as retailers warn that they are forced to push up prices. In comments to the Financial Mirror, Marios Antoniou, the general secretary of the Cyprus

Concerns rise as consumers grapple with high cost of living The consumers’ association is deeply concerned over the rise in the cost of living, as a deceleration of inflation seems to be coming to a halt amid fears of a new hike cycle boosted by conflicts in the region. In comments to the Financial Mirror, the head of the Cyprus Consumers Union and Quality of Life, Loucas Aristodemou, said that, “although the general inflation and food price indices are on the decline, households and consumers continue to perceive that prices remain elevated”. The recent announcement of inflation data by the

Junior ministry confident despite challenges ahead Cyprus’ tourism boss, Costas Koumis, is confident that the island will keep its head above war clouds in 2024, with arrivals expected to come close to the record 3.97 mln holidaymakers seen in 2019, for a second year in a row. Koumis said during a press conference that the Deputy Ministry and stakeholders are aiming to maintain tourist arrivals at the same levels as last year, despite ongoing geopolitical unrest and other unpredictable factors affecting flight schedules. “In general, the goal for 2024, as the situation has developed, is to achieve a performance similar

State borrowing must be reduced, says Fiscal Council The Fiscal Council, advising the Cyprus government on economic policies, has renewed a warning call that borrowing from the Social Insurance Fund has reached critical levels, threatening to derail public finances if action is not taken. In an announcement on Thursday, it urged the government to act on the suggestions of an actuarial study, submitted to the authority earlier in the week. The authority has warned that it needs to address its dependency on the Social Insurance Fund, as it now owes over €10 bln to it. Revealing part of the actuarial

Cypriots are being squeezed out of the property market as they can’t afford climbing rents. Hiking construction costs and interest rates are making homes unaffordable, with the need for the government to step in, more than ever.