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Archive for 2013

Indefinite strike by construction workers

Construction workers voted to strike indefinitely on Thursday while trouble broke out in Paphos where unemployed builders were prevented from entering a hotel renovation site by a private security force.

Fitch cuts Cyprus sovereign credit rating to ‘B’

Ratings agency Fitch has downgraded the Republic of Cyprus’ sovereign credit rating two notches on its belief that it may cost the government more to bailout the island’s banking sector than previously anticipated.

Cyprus Property Action Group report

In its latest update, the Cyprus Property Action Group (CPAG) says that as a result of the persistent lobbying of the European Union and MEPs that changes will come about to resolve the problems in the island’s property industry.

Construction workers strike

Workers in the island’s ailing construction industry are taking part in a 48 hour strike in efforts to protect their jobs from cheap labour, while cement makers warn that a strike may deal a death blow to the industry.

MEP calls for Cyprus land law reform

During his review of the Cyprus presidency of the European Union, Sir Graham Watson MEP called for a reform of the island’s land laws and the establishment of a banking ombudsman.

MPs reject property tax bill

MPs have rejected a government request to discuss and vote on the bill designed to increase Immovable Property Tax as part of the island’s bailout deal saying they needed more time to consider its ramifications.

Chinese developers have their sights set on Cyprus

Cyprus may soon be welcoming a number of property developers from China who are planning to buy land on the island or work with local property developers to build homes for Chinese families.

Revised property tax bill vote

The House plenum will vote today on an amended bill to increase the rate of Immovable Property Tax, which was part of the preliminary agreement between Cyprus and its international lenders.

Moody’s downgrade piles on the junk

Moody’s Investor Service has downgraded Cyprus’ top three banks citing uncertainty over the country’s bailout talks with international creditors, bringing them closer to the bottom of junk status.

Construction industry loans under microscope

Loans given to the construction industry by the Bank of Cyprus and the Cyprus Popular Bank will be discussed today at a meeting between the banks’ management and representatives from Pimco.

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