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Floor pending investigations into the CYP 9.2 mln shortfall discovered in the EAC Provident Fund that it managed, while a further shortfall of CYP 650,000 in the Cyprus Airways pilots’ provident fund is also being probed. The problems are directly related to the 12% annual guarantees given by Suphire to the provident funds of the EAC, the pilots, the Forest Industries and the doctors’ union.
Jorgen Jorgensen, General Manager of the CYP 150 mln InterContinental Aphrodite Hills Resort that opens this month said that there is a need for more golf courses on the island as this adds value to a tourist destination. Jorgensen said he expected the first ten months of operation to have an
occupancy rate of 50%.
Home selling prices continued to stabilize in February, recording a marginal decline of 0.3% from January, according to the BuySell index, bringing the average price to CYP 82,936.
Good corporate governance can add 11% to a company’s share price and even 7% to GDP, according to research, with Derek Braddon of the University of the West of England also warning that too rigorous a system could have a detrimental effect on economies.
A UN expert who had been advising Cypriot farmers on technical matters said that the export potential of halloumi is so big that exports could increase five-fold with more efficient and health systems. Sales in 2013 reached CYP 10.5 mln or 5.1% of all domestic exports.