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Tagseconomy
‘We will feel proud again’
IN a conscious effort to raise the country's dampened spirits, President Nicos Anastasiades yesterday pledged Cyprus would get out of the quagmire and once again be a proud nation with dignity.In a rousing speech before the 15th congress of the ruling Democratic Rally (DISY), where he was made honorary party president, Anastasiades acknowledged the country was going through challenging times. “We are without doubt living through the most difficult period since the 1974 invasion. Never before have we had to deal with so many cumulative challenges and impasses at the national, political and economic level... 14 comments
Anastasiades: joint action the way forward
IN A PACKED room at the Presidential Palace, in front of ministers, MPs, party leaders, and leading businessmen, President Nicos Anastasiades last night announced measures to help kick-start the economy.At the same time he officially announced the construction of a liquefied natural gas (LNG) plant. The measures, drawn up by the cabinet during two days of meetings at the beginning of the week, were five-fold and are aimed at helping vulnerable groups, training unemployed individuals, creating new jobs, helping stimulate economic growth and encouraging environmental development, Anastasiades said in a televised address... 27 comments
Green energy could save the economy
We live in very difficult times. It is a world marked by cut-throat competition, the pursuit of narrow, national interests, greater geopolitical rivalries and non-transparent financial dealings. This is the world we live in. To survive in such a world we need education, knowledge and sound judgement. We live in very challenging times. We, therefore, must plan for tomorrow. Development will not come from selling homes to Russians and Chinese; that was the old economic model that has just collapsed. The green economy and creativity of young people, who have remained unutilised resources, must feature and society itself should be the heart of the new economic model. ... 6 comments
Georgiades: time to pay the piper
THE time has come for Cyprus to foot the bill for past mistakes, Finance Minister Haris Georgiades said yesterday, as he warned that Cyprus could go bust if there was a delay in the ratification of a bailout deal with international lenders.State accountant-general Rea Georgiadou warned that the government needed an additional €80 million – on top of an €85 million reserve -- before April 24 to avoid a default.But the finance minister said this would not happen. “There is certainly no question of a default if everything goes according to schedule,” Georgiades told reporters after a lengthy discussion before the House Finance Committee. “We will face a risk if for some reason, either in Cyprus or in the eurozone, this agreement is not ratified... 20 comments
CIPA working on ways to boost the economy
THE CYPRUS Investment Promotion Agency (CIPA) is due to present a series of measures and actions on the economy and attracting foreign investment, Commerce Minister Giorgos Lakkotrypis said yesterday following a meeting with CIPA brass and President Nicos Anastasiades. “We have agreed that by mid-next week (CIPA) will present a series of measures to the President of the Republic, as well as give a series of outstanding projects to try to implement as soon as possible,” Lakkotrypis said. He said this included looking at golf courses and marinas, as well as incentives to foreign investors including tax breaks... 6 comments
Measures announced to boost economy
THE government will soon approve measures aimed at boosting the crippled economy, that are expected to include casinos, fast-tracking permits for large projects, tax breaks, and relaxation of measures to encourage foreign investment.“I have already made some announcements but the essence of the measures will be decided by the cabinet,” President Nicos Anastasiades said yesterday.The president said the government’s drive would focus on incentives for growth.Anastasiades outlined the government’s intentions in an interview he gave on Sunday.The first would be to fast-track permits concerning pending large projects, aiming to at least give the okay within 30 days... 16 comments
Labour ministry braces for the worst
THE ISLAND’S economy will inevitably go into deeper recession, Labour Minister Haris Georgiades warned yesterday, as he announced that the government would be reviewing all allowance schemes to ensure that available assistance goes to those who need it.“Consequently, we have an obligation to at least find ways to prioritise the real needs,” Georgiades said. “We are obliged to ensure that every euro spent on social support is directed where there is a real need or where there is a bigger need.”The minister chaired a meeting yesterday aimed at coordinating and mobilising the various departments so as to tackle the emergency more effectively.Georgiades said the situation was bound to worsen even more... 13 comments
Businesses staring down the abyss
COMPANIES are no longer receiving payments and neither will their employees be paid at the end of the month because of bank closures according to the Employers’ and Industrialists Federation, OEV. It called on the government and the Central Bank to open the banks, as every day that passes the damage to businesses and the economy increases. It also recommended that business owners take suitable measures in facing the new situation and that people be calm and patient... Read on
