Category: Cyprus News Agency

An agreement in principle over the Cost-of-living allowance (COLA) was signed Thursday at the Presidential Palace by the social partners and the Ministers of Labor and Social Insurance and Finance.

President of the Republic, Nikos Christodoulides, said that this is a permanent agreement on an issue that has been pending for 15 years, and added that COLA is being extended to 55,000 low-wage earners, through its interconnection with the minimum salary.

Today, he stressed, an important effort is completed and a permanent agreement on the COLA is being achieved through responsible and constructive dialogue.

He said that the Government received the COLA at 50%, amidst conditions of insecurity and risk of disruption of labor peace, but today the full restoration of COLA at 100% is being achieved, within 18 months, in a balanced and sustainable manner.

Based on the new framework, more than 55,000 beneficiaries are being included, essentially expanding the institution to the benefit of broader groups of employees.

President Christodoulides noted that the positive course of the economy, reflected in continuous growth, the reduction of public debt and the achievement of full employment conditions, create the possibilities for the implementation of policies that improve the daily lives of citizens.

‘The responsible fiscal policy and the confidence that has been regained both domestically and internationally, with the successive upgrades by the Rating Agencies, allow the Government to proceed with determination in supporting workers, households and businesses, without undermining the stability of the economy,’ he noted.

The President said that the agreement gradually increases COLA payment rate to 100%, links COLA to the minimum wage, which extends to almost 55,000 low-wage earners, with incentives and policies for expansion to more employees.

The agreement, he pointed out, was not an easy task, noting that convergences and compromises between different aspirations and approaches between the employers and the trade unions were needed, thus making today’s outcome even more important.

“It is a product of responsibility and mutual respect between the social partners and proves that through social dialogue, solutions can be achieved that serve the collective interest,’ he stressed and thanked the Ministers of Labor and Social Security and Finance, as well as the social partners.

Concluding, he said that this effort was part of the government’s reform policy and effort for a fairer distribution of national income, for the further strengthening of the middle class and low-income earners, with the aim of achieving social cohesion.

CYPRUS DEPARTMENT OF METEOROLOGY

FORECAST FOR THE SEA AREA OF CYPRUS (C)

FOR THE PERIOD FROM 1800 13/11/2025 UNTIL 1800 14/11/2025

Area covered is 8 kilometers seawards.

Winds are in BEAUFORT scale. Times are local times.

Atmospheric pressure at the time of issue: 1014hPa (hectopascal)

Weak low pressure and an unstable air mass are affecting the area. Isolated showers or thunderstorm are expected. Risk of hail in a thunderstorm. IN STORMS WIND MAY BE VARIABLE INCREASING TO 5-6 BEAUFORT WITH STRONGER GUSTS.

Visibility: Good, but moderate to poor in showers

Sea surface temperature: 24°C

Warnings: NIL

Sierra Leone President, Julius Maada Wonie Bio, pays on Thursday an official visit to Cyprus, and is expected to be received in the morning by Cyprus President, Nikos Christodoulides, at the Presidential Palace, in Nicosia.

According to the schedule announced by the presidency, the two men will have a private meeting in the morning.

Extended talks between delegations from Cyprus and Sierra Leone are expected to follow.

Afterwards, President Christodoulides will accompany President Bio in a tour of Nicosia Municipality and along the buffer zone, before a formal dinner to be held in Bio’s honour.

Also, President Bio is scheduled to visit the House of Representatives at 2:00 pm, where he will meet with House President, Annita Demetriou.

FOR THE PERIOD FROM 1200 13/11/2025 UNTIL 1200 14/11/2025

Atmospheric pressure at the time of issue: 1017hPa (hectopascal)

Weak low pressure and an unstable air mass are affecting the area. Local showers and isolated thunderstorms are expected in the afternoon. Risk of hail in thunderstorms. Overnight onward showers and thunderstorms are becoming more isolated. IN STORMS WIND MAY BE VARIABLE INCREASING TO 5-6 BEAUFORT WITH STRONGER GUSTS.

Visibility: Good, but moderate to poor in showers

Sea surface temperature: 24°C

Warnings: NIL

The Committee on Rules of Procedure, Immunities and Institutional Affairs of the Parliamentary Assembly of the Council of Europe (PACE) is holding a two – day meeting in Limassol with the participation of parliamentarians from member states of the Council of Europe as well as senior officials and experts.

The meeting was opened on Thursday morning by President of the House of Representatives Annita Demetriou. According to a press release by the Cypriot Parliament, PACE General Secretary Despina Hadjivassiliou, referred to the work of the Committee, stressing that the cooperation between PACE and national parliaments is very important and mutually beneficial.

Former Cypriot EU Commissioner Stella Kyriakides underlined the importance of ethical governance, diversity and pluralism in public life, as well as the need to further strengthen the links between national parliaments and PACE.

In her address, Commissioner for Administration and the Protection of Human Rights Maria Stylianou Lottides spoke about the ethics as a factor in regaining the prestige and credibility of public figures.

Head of the Cypriot delegation to PACE, Nikos Tornaritis, referred to the active participation of the House of Representatives in the activities of international parliamentary organisations and in particular PACE, noting that PACE constitutes a unique space for democratic dialogue between 46 parliaments with different traditions, political cultures and approaches.

There is an increased degree of convergence of the average interest rates of credit institutions in Cyprus in relation to the corresponding average of credit institutions in the eurozone, both in deposits and loans, the Central Bank of Cyprus said Thursday in a press release.

It notes that with the aim of further enhancing transparency, it publishes detailed interest rate data for deposits and loans for each credit institution from July 2024.

According to the data published by the CBC, interest rates on fixed term deposits of up to one year from households (new business), the average of all monetary financial institutions (MFIs) in Cyprus was 1.10%, while the average in all MFIs in the eurozone was 1.74%.

Interest rates on fixed term deposits of up to one year from non-financial corporations (new business) were 1.24% in Cyprus on average and 1.90% in the eurozone.

With regard to interest rates on loans for house purchase to households, residents of the eurozone, in euro, regardless of the initial determination period, (new business – new contracts) was 3.03% on average in Cyprus and 3.34% in the eurozone.

Interest rates on loans of up to one million euros to non-financial corporations, residents of the eurozone, in euros, regardless of the initial determination period, (new business – new contracts) were on average 4.20% in Cyprus, while interest rates on loans of over one million euros to non-financial corporations, residents of the eurozone, in euros, regardless of the initial determination period, (new business – new contracts) were in average 3.84%.

The monthly publication of detailed interest rate data, the CBC states, contributes to easier public information, providing households and businesses with direct access to more comprehensive information.

The PHAETHON Centre of Excellence (CoE), University of Cyprus, proudly launches the flagship PHAETHON Energy Days, a new series of thematic workshops aimed at fostering dialogue on critical issues in the clean energy transition. The series of thematic workshops will bring together experts, stakeholders, and policymakers to delve into the technological, regulatory, and societal dimensions of the energy transformation in Cyprus and beyond.

The inaugural workshop, titled ‘Electric Vehicles in Cyprus: Where We Are and the Road Ahead,’ will take place on Thursday, 27 November 2025, at 17:00 at the University of Cyprus (Amphitheatre ENG 10 – ??? 10). The session will examine the accelerating shift to electromobility, highlighting the country’s progress to date and the prospects for further integration of electric vehicles within Cyprus’s transport and energy systems.

Dr Henrik Bindner of the Technical University of Denmark (DTU) will present insights from Denmark’s leading experience in energy system flexibility and the role of EVs in driving innovation.

A Stakeholder Roundtable Discussion will follow, featuring representatives from:

The Department of Electrical and Mechanical Services, Ministry of Transport, Communications and Works

The Ministry of Energy, Commerce and Industry

The Electricity Authority of Cyprus (DSO)

The Association of Electric Vehicle Companies and Professionals (S???)

The discussion, moderated by Dr Venizelos Efthymiou of PHAETHON CoE, will explore Cyprus’s initial steps towards electromobility, current infrastructure challenges, and prospects ahead.

‘We are proud to launch PHAETHON Energy Days as a platform for collaboration and knowledge-sharing between academia, government, and industry’, noted Dr Efthymiou. ‘This initiative reflects our commitment to accelerating the clean energy transition in Cyprus through research, innovation, and stakeholder engagement’.

Participation is open to professionals, academics, and stakeholders interested in the energy and transport sectors, offering an opportunity to engage directly with experts and decision-makers shaping Cyprus’s clean mobility future.

For more information and to registration:

https://www.phaethon-coe.eu/event/electric-vehicles-in-cyprus-where-we-are-and-the-road-ahead-phaethon-energy-day/

The PHAETHON Energy Days are organised by the PHAETHON Centre of Excellence, University of Cyprus, and made possible with the financial support of the Hydrocarbons Service of the Ministry of Energy, Commerce and Industry.

Weather Temperature for Cyprus

Today’s weather and temperatures for Cyprus according to the Department of Meteorology

Date 13/11/2025

Deputy Minister of Tourism, Kostas Koumis, signed a Memorandum of Understanding in the field of tourism with his Saudi counterpart, Ahmed Al Khateeb, during his official visit to Saudi Arabia.

The Memorandum of Understanding focuses on strengthening cooperation between the two countries and promoting joint actions for the development of the tourism sector, with an emphasis on sustainable tourism development, the exchange of know-how, cooperation in tourism education, the use of technology, and other areas.

According to a press release issued by the Deputy Ministry, Kostas Koumis carried out an official visit to Saudi Arabia, which wrapped up on Tuesday. During his visit, he participated in the 26th General Assembly of the World Tourism Organization (UN Tourism) in Riyadh, which ratified the election of the new Secretary-General of the Organization, Shaikha Al Nowais.

As part of his visit, Koumis met with his Saudi counterpart, Ahmed Al Khateeb, with whom he co-signed the Memorandum of Understanding in the field of tourism. In statements to Arab media immediately after the signing of the Memorandum, the Deputy Minister said that the Saudi Arabian market is an emerging and very promising market, “which I believe will, in the short term, become an important source of tourists for the entire European continent.”

The Deputy Minister noted that Saudi Arabia is a vast country with a very sound economy, currently accounting for 20% of outbound overnight stays from the Middle East region, and is on an upward trajectory. He also noted that Cyprus’ tourism sector is likewise experiencing steady growth.

“The government believes that it is beneficial for our country’s tourism to pursue closer relations with neighboring countries and to lay the foundations for the growth of the Saudi Arabian market in Cyprus. I also hope that the number of Cypriot citizens visiting Saudi Arabia will increase, as the country, as I have seen, is developing its tourism sector rapidly, based on a long-term plan,” said Koumis.

He added that with the signing of the Memorandum of Understanding, a solid foundation has been established for the development of closer cooperative relations between the two countries in the field of tourism.

The Deputy Minister of Tourism also met with Saudi Arabia’s Deputy Minister of Investments, Yousef Almubarak, with whom he discussed a range of issues concerning both countries.

Additionally, during the Assembly, Koumis had the opportunity to discuss tourism policy matters with other Saudi officials as well as his counterparts from other countries.

The Deputy Minister also had the opportunity to extensively explain the progress of Cyprus’ tourism sector to Saudi journalists, who showed particular interest following the signing of the Memorandum of Understanding.

Alongside the above, the Deputy Minister of Tourism held a series of official meetings aimed at finding strategic partners from the Saudi Arabian market, according to the press release.

On Thursday, Parliament adopted its position on the Commission’s proposal for an amendment to the EU Climate Law, setting a new, intermediate and binding 2040 EU climate target of reducing net greenhouse gas (GHG) emissions by 90% compared to 1990 levels.

Flexibility for member states

MEPs believe the green transition and improving EU competitiveness go hand in hand. They therefore agree with the Commission’s proposal to introduce new flexibilities in how these targets can be met.

From 2036, up to five percentage points of net emissions reductions could come from high-quality international carbon credits from partner countries, but Parliament wants assurances that this will be subject to robust safeguards. The Commission had proposed a cap of up to three percentage points.

MEPs also want the possibility for domestic permanent carbon removals to be used to compensate for hard-to-abate emissions in the EU emissions trading system (EU ETS) as well as enhanced flexibility within and across sectors and instruments to achieve targets that are as cost effective as possible.

Parliament supports a proposal by member states to postpone the introduction of the EU’s ETS2 by one year from 2027 to 2028. ETS2 covers CO2 emissions from fuel combustion in buildings and road transport.

Review of the 2040 target

Parliament wants the Commission to assess progress towards intermediate targets every second year, taking into account the most recent scientific data, technological developments, and the EU’s international competitiveness.

Among other aspects, the review will assess the status of net removals at the EU level compared with what is necessary to meet the 2040 goal, as well as emerging difficulties and the potential for enhancing EU industrial competitiveness. The review will also take into account trends in energy prices and their repercussions for both businesses and households.

Following the conclusions of the review, the Commission will propose an amendment to the EU climate law if appropriate. This could involve modifying the 2040 target or taking additional measures to strengthen the supporting framework – for instance to safeguard the EU’s competitiveness, prosperity, and social unity.

Next steps

The text was adopted by 379 votes to 248 and with 10 abstentions. Parliament is now ready to start negotiations with member states on the final shape of the law.

Background

The European Climate Law makes the goal of climate neutrality by 2050 a legally binding obligation for all EU member states. It also establishes a legally binding target for the EU to reduce net GHG emissions by at least 55% by 2030, compared to 1990 levels.

Setting an ambitious 2040 EU climate target is also important for the EU to deliver on the international climate commitments that are on the agenda of the 30th UN climate conference, which takes place from 10 to 21 November in Belém, Brazil. A Parliament delegation will attend from 17 to 21 November.