The Cypriot labour ministry plans to increase inspections to combat undeclared work, despite a significant decline in such employment since 2017. Critics argue that these measures exacerbate existing labour shortages in the hospitality sector and unfairly target foreign workers.
The Republic of Cyprus is expected to lose approximately 30 million euros from the Recovery Fund due to the failure to implement green taxes and waste management fees. Critics argue that taxing citizens before establishing necessary public transport and waste infrastructure is unreasonable and misleading.
German automaker BMW is struggling to maintain its market share in China as local competitors rapidly innovate with advanced electric vehicle features. Despite efforts to launch the Neue Klasse platform, the company faces declining sales due to a perceived lack of alignment with shifting consumer preferences in the region.
Historic cooperative businesses in Cyprus are planning to invest in the new Cooperative Bank to support its establishment. The initiative aims to raise up to 42 million euros through a public stock offering starting on July 22.
Dimitris Vakis, representing the Cyprus Employers and Industrialists Federation, states that mandatory business contributions to provident funds are a deal-breaker for the organization. He emphasizes that pension reform must prioritize the fund's long-term sustainability while keeping social welfare separate from the contributory pension system.
Compensation payments for foot-and-mouth disease are facing significant delays, with seven files still pending resolution. Livestock farmers are expressing their frustration regarding this slow bureaucratic process.
The Parliament established the Cyprus Enterprise Development Agency with €60 million in funding but rejected a waste landfill tax. This rejection results in the loss of €23 million in European recovery funds intended for environmental projects.
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