The Week in Cyprus, 12 Jan 2024
Collated news links of interest to ‘outsiders looking in’
Politics: cabinet reshuffle. The Republic of Cyprus president, Nikos Christodoulides, announced a much awaited cabinet reshuffle on 8 January. Finance (Makis Keravnos), energy (George Papanastasiou) and foreign affairs (Constantinos Kombos) remain the same. Among the changes announced, defence went to Vassilis Palmas, an active member of the Democratic Party (DIKO); justice went to Marios Hartsiotis, a lawyer; and health went to another lawyer, Michalis Damianos. (Source: Kathimerini Cyprus.) We shall be reviewing how the cabinet reshuffle was handled and publicly received in the end-January issue of Sapienta Country Analysis Cyprus.
Politics: new UN envoy on the Cyprus problem. For the first time since 2017 Cyprus has a new UN envoy to focus on the Cyprus problem, following the announcement by the UN Secretary-General, Antonio Guterres, on 5 January. The “Personal Envoy” (PESG), Maria Angela Holguin Cuellar, is expected to visit for the first time in early February. (Source: UN.) In our Special Report, “Sapienta Cyprus Insights: The New UN Envoy”, we explain why it is significant and what to expect, including the likelihood of various scenarios.
Economy: booming car registrations. In the first statistics to be issued for the full year of 2023, the Statistical Service, Cystat, reported that motor vehicle registrations (mainly cars) had risen by 34.6% for the whole of 2023. (Source: Cystat.) In earlier issues of Sapienta Country Analysis Cyprus have discussed why sales have been booming.
Banks: how ready are they for ESG? Banks will face increasing compliance costs to comply with EU requirements on sustainable investment and environmental, social, and governance (ESG) rules. How are they handling this? We’ll find out at the second Green and Sustainable Conference on 18 January, where I shall be wrapping it up at the end. Details here. (Source: ideopsis.) We have analyzed the climate risks of Cyprus relative to the EU in previous issues of Sapienta Country Analysis Cyprus.
If you want more in-depth analysis and forecasts covering Domestic and geopolitics The Cyprus problem Public finances Natural gas Renewables Reforms The banking sector The macroeconomy The economy of northern Cyprus check out Sapienta Country Analysis Cyprus. We challenge to you to find anything else out there that can match its breadth and depth. There is really nothing else like it.