Cyprus wetlands are in danger of being destroyed due to climate change, with the Mediterranean region being described as the hot spot of the hotspots where rising temperature and water levels are more than dramatic, according to press reports.

Hermes Airports was honoured with two accolades at the Business4Climate & Energy Efficiency Network Awards, in an awards ceremony that was held on 24 October, 2019 in Nicosia.

In its judgment in Gazprom case, the European Court of Justice (“ECJ”) held inter alia that an antisuit injunction issued by an arbitral tribunal prohibiting a party from bringing certain claims before a court of a Member State, is not covered by the EU Regulation 44/2001 -(i.e. which is now replaced by EU Regulation 1215/2012)- and it’s up to the national courts of each Member State, whether such an award may be recognized and enforced under its own national laws and the New York Convention.

We are pleased to announce that ‘World Tax 2020’, the International Tax Review’s (“ITR”) comprehensive guide to the world’s leading tax advisory firms has elevated the status of our Tax Advisory Team from ‘Highly Recommended Firm’ to ‘Top Tier Firm’.  Additionally, the team’s work in areas of tax controversy has been specifically lauded.

Cyprus is satisfied with the outcome of London's World Travel Market, but the holiday island was urged to offer more than just sun, sea and sand to compete, said Deputy Tourism Minister Savvas Perdios.

Cyprus ship management revenues decreased slightly by 0.95% to €523m in the first six months of 2019 corresponding to 4.9% of GDP (as turnover) which is unchanged.

Cyprus recently granted the first hydrocarbon exploitation licence to the consortium that owns the Aphrodite concession, with a view to pipe gas to Egypt and export it in the form of LNG.

As of October 30th 2019, the parliament of Ukraine passed a draft law endorsing the amending Double Tax Treaty Protocol, signed on December 11th 2015, to the Cyprus – Ukraine Income Tax Treaty. Consequently, the amending protocol is now in operation and will come into full effect by 1st January, 2020.

The European Stability Mechanism (ESM) will begin its assessment of Cyprus’ intention to repay the remainder of its 2013 bailout to the International Monetary Fund of over €700m, its Managing Director Klaus Regling said.

Cyprus credit card transactions in October 2019 increased by 4%, reflecting stable consumer confidence while online payments to the state did not play a significant role in the rise.