October 2021 was the most profitable October for the tourism sector as income from tourists holidaying on the island hit an all-time high for the month.
According to data by the Cyprus Statistical Service, revenue from tourism in October exceeded those recorded for the same month pre-coronavirus.
It crushed income recorded in 2019, which saw record tourist arrivals.
Revenues from tourism in October was €310.2 mln, up from €77.4 mln in October 2020, recording an increase of 300.8%.
A small increase of 3.6% was recorded compared to tourist spending in October 2019 of €299.4 mln.
Last October, the increase in tourism revenues was largely due to the jump in visitors, as it was the best month for arrivals, surpassing July and August.
Arrivals in October reached 391,638, an increase of 288.6% from 2020.
Compared to October 2019, tourist arrivals were only by 10.3% less.
In the first nine months of 2021, the average amount tourists spent was €804, compared to €685 in January-September 2019, recording an increase of about 17%.
October’s tourism revenues ensured the shortfall was restricted to 46.5% from 2019.
For January – October 2021, revenues from tourism are estimated at €1.35 bln compared to €376.3 mln in 2020, an increase of 260.2%.
Compared to the same 10-months of 2019, there is a 46.5% revenue decrease (€2.5 bln).
In November, arrivals reached 148,973 from 8,952 in 2020 and 169,392 in November 2019.
For the 11 months January – November 2021, tourist arrivals reached 1.84 mln compared to 621,927 in 2020, an increase of 195.9%.
There was a decline of 52.4% compared to January – November 2019 (3,866,447 arrivals).
The cabinet on Wednesday took a series of new decisions regarding school and travel measures, and rules concerning visits to nursing homes.
The three changes are that from January 17 to February 16, a ‘test to stay’ policy is being introduced in primary and secondary schools with the aim of keeping schools operational and detecting positive cases in a timely manner, the cabinet said.
Under the rule, close contacts of confirmed cases that have no history of vaccination, instead of being restricted, will undergo a daily rapid test for a period of five days.
This decision concerns only the students, and the rapid test will be carried out by the mobile units of the ministry of health that will visit the schools.
Secondly, from January 13, the ban on visits to nursing homes and closed structure such as institutions will be lifted but only with entry to those who have completed their vaccination programme and that a period of seven months has not elapsed, or that they have a recovery cert not older than 90 days, or those who have had a third shot. The people in the three categories must also present a negative rapid test not older than 24 hours.
The third change relates to travel.
As of Friday from 5am and on, people travelling to Cyprus aged 12 and above will have the option of presenting the authorities on arrival either a PCR test taken no longer than 72 hours before departure or a rapid test taken no longer than 24 hours before departure, regardless of their vaccination history.
Arrivals, who may have been infected before travelling here, must have passed 10 days from the date they tested positive.
Passengers will still need to undergo a PCR test on arrival, regardless of their vaccination history. The cost of the test is €15 at Larnaca airport and €19 at Paphos airport.
In addition to that, all passengers aged 12 and above are required to undergo a rapid test 72 hours after their arrival, with the exception of those who have received the booster shot of the Covid-19 vaccine.
Passengers are reminded that filling in a Cyprus Flight Pass before their trip remains compulsory.
The cabinet decided to keep the other existing measures in place until January 31.
“The rapid deterioration of epidemiological indicators recorded in Cyprus in recent weeks due to the predominance of the Omicron variant leaves us no room for complacency,” a statement with the decisions said.
The ministry said it was constantly on alert and evaluating the scientific data with the team of experts.
“Our guide is the safest operation of society with the aim of protecting and safeguarding the health of all our citizens and especially of our vulnerable groups,” it added.
With a positivity rate of more than 3 per cent and more than 28,000 thousand cases since the last meeting of the Council of Ministers, the ministry said, the hospitals were working tirelessly to respond to the increased number of hospitalisations.
“Following the suggestions of the scientists, at this stage it was deemed necessary to take further protective measures in the schools, in order for the schools to remain in operation and to detect the positive cases of coronavirus in time, without depriving students of their basic right to education,” it concluded.
Cyprus’ mouflon population is estimated at some 3,000, the agriculture ministry said on Friday as it showcased the protected species as ‘animal of the month’ on its Facebook page and warned that though no longer in immediate danger of extinction, numerous threats remain.
These include illegal hunting, attacks from stray dogs and hunting dogs during the hunting season, transmission of disease from grazing in the same areas as sheep and goats, especially in north Cyprus, and lack of or low-quality water and food, especially in the summer.
As Haris Nicolaou writes on the ministry’s announcement, the mouflon has a nearly 10,500-year presence on the island where it flourished for centuries only to come dangerously close to extinction.
When it first reached the island, the abundance of vegetation, the absence of competitors and diseases and the absence of natural enemies formed an ideal environment. As a result, the mouflon appears to have spread pretty easily through the entire island and there are several references to a thriving population during the Greek-Roman period and during the Middle Ages when it was particularly popular for hunting by the ruling classes.
But the introduction of firearms led to a dramatic fall in its population, especially during Ottoman rule and through to 1939, Nicolaou added. Historical documents dating to 1878 suggest that its population was as low as 20 individuals in Troodos and a couple of flocks in the Paphos forest.
Changes to hunting laws in 1938 and the decision to prohibit all hunting in the Paphos forest in 1939 were to prove a lifesaver, and through concerted efforts to protect the animal through the years the population has grown.
A species of wild sheep that originated from the Asian wild sheep Ovis orientalis, the Cyprus mouflon is believed to have started its movement to the Mediterranean during the Neolithic era.
Excavations of neolithic settlements indicate it was introduced to the island by man around 8500BC either wild or domestic and as a result of the geographic isolation, adapted to the island’s special ecological conditions.
Today most of its population lives in the Paphos forest, while in recent years it has also been increasingly observed in the Troodos forest, mainly on the side bordering with Paphos forest.
The mouflon is described as a social species since it tends to form smaller or larger groups throughout the year.
The mating period usually starts in early October and lasts until late November. Females give birth after gestation of five to five and a half months to one or more rarely two baby mouflons, from early March to late May. Most births are in April.
Newborns can follow their mother into the forest from the first days of their lives, and after a few days can avoid almost any danger that threatens them. Females stay with their mother, usually for their entire lives. Young males stay with their mother for more than a year and it is quite common for someone to see a female together with the youngest of the two last generations.
Their diet varies depending on the seasons. In the summer, due to the intense drought, the mouflon supplements its diet with with bulbous plants, leaves, bushes and fruit. During this period, many are forced to leave the forest in search of food, resulting in damage to agricultural crops surrounding the forest, such as grapes, fruit and seasonal crops.
The Central Bank of Cyprus (CBC) announced on Friday that the total amount of non-performing loans (NPLs) decreased by €722 million at the end of the third quarter of 2021, reflecting a quarter-on-quarter decrease of 14.4 per cent.
Further, total loans decreased from €28.388 billion at the end of the second quarter to €27.902 billion at the end of the third, reflecting a decrease of €486 million or 1.7 per cent.
As a result of the fall in NPLs, the ratio of non-performing loans to total loans has decreased from 17.6 per cent at the end of the second quarter to 15.4 per cent at the end of the third quarter of this year.
Moreover, the coverage ratio reached 45.7 per cent at the end of the third quarter compared to 46.8 per cent at the end of the second quarter.
It is noted that between December 31, 2014, and September 31, 2021, non-performing loans decreased by a whopping €23 billion or 84.3 per cent.
The CBC explained that the downward trend in NPLs in the third quarter of 2021 was attributed to the sale and transfer of loan portfolios to credit-buying companies, to loans that have been successfully restructured and reinstated in the category of loans at the end of their monitoring period, as well as loan repayments, including debt swap agreements with assets (real estate).
In addition, loan write-offs, made either in the context of restructuring and often concerning amounts for which there are precarious provisions in the accounts of banks, or concerning non-contractual or “accounting” write-offs against amounts already included, also contributed to the decrease in NPLs.
The total loan amount restructured by the end of the third quarter of 2021 came up to €3.911 billion, of which € 2.085 billion are still included in the category of NPLs.
Of the total loans to banks by the end of the third quarter, €14.626 billion concern corporate loans, of which €1.762 billion are NPLs.
Regarding household loans, these amounted to €11.130 billion at the end of the third quarter of 2021, of which €2.187 billion are related to non-performing loans.
The CBC noted that when determining NPLs, banks were required to apply the definition used by the European Banking Authority (EBA).
The EBA stipulates that when a non-performing loan is restructured, it is not automatically transferred away from this categorisation, but remains unattended in the category of non-performing loans for an additional period of at least 12 months, even if the borrower follows the newly agreed repayment schedule without any delays.
This means that a part of the restructured loans is still deemed as non-performing even if the borrower adheres to the new repayment schedule.
Keeping to its live music agenda, Kafeneio to Leoforio has one more performance scheduled for this week. On Saturday at 8.30pm a new duo is arriving at the old Nicosia café-bar. Described as rowdy, exciting and loud, Denis and Pasi will deliver a tasty set full of Blues, Country, Grunge and Rock n’ Roll covers and originals. What’s more is that their set is expected to cover more songs in English – a rather uncommon repertoire for Kafeneio to Leoforio.
Next week, Larnaca has some live music planned. The Tudor Inn Bar reopens its doors after a brief Christmas break by welcoming The Steppin’ Out Jazz band on Wednesday 12. Vocalist Alice Ayvazian, saxophonist Marios Papares and pianist Dimitris Miaris prepare for an unforgettable night, honouring one of the greatest jazz composers of the 20th century, Duke Ellington. From 9pm onwards, the Larnaca bar will fill with music from The Duke Ellington Songbook.
A few days later, more music will sound in the capital. The Nicosian Studio Tapas Bar welcomes the Euikoa Ota band for some lively rock and blues on January 15. The 9pm set of the three-piece band with guest vocalist Ioanna Protopapa will feature Greek and foreign rock songs with a bluesy flavour. As the night develops, don’t be surprised if the evening’s repertoire completely changes mood and transforms from rock to pop and sing-a-long covers.
Denis and Pasi
Duo perform blues, country, grunge covers and originals. January 8. Kafeneio to Leoforio, Nicosia. 8.30pm. €3. Tel: 97-748177
The Steppin’ Out Jazz Band
Local band performs The Duke Ellington Songbook. January 12. The Tudor Inn Bar, Larnaca. 9pm. Tel: 96-511065
Euikoa Ota
Rock and blues band plays live. January 15. Studio Tapas Bar, Nicosia. 9pm. €3. Tel: 99-993815
Fusion Reactors CEO Christos Stavrou is unequivocal when he speaks about the potential value of fusion technology, both in terms of its use to the world, but also to Cyprus.
“A private fusion company in Cyprus would provide a significant boost to the island in a number of ways,” Stavrou told the Cyprus Mail, adding that the commercialisation of fusion has the potential to usher in a new era, similar in scope to that brought by the industrial revolution.
Stavrou grew up in Cyprus but left 20 years ago to study abroad, acquiring a PhD in Plasma Physics from Imperial College, a masters degree in Fusion Energy from the University of York, a PGCE in Physics from the University of Oxford, and a bachelor’s degree in Physics from the University of Bristol.
This was followed by taking up roles at the Joint European Torus (Jet), an operational magnetically confined plasma physics experiment at the Culham Centre for Fusion Energy in Oxfordshire, as well as Tomahak Energy, a major fusion energy company based near Oxford.
“Having worked in both the public and private fusion sectors, I identified significant improvements to existing devices, which I believe will significantly accelerate the commercialisation of fusion,” Stavrou said.
“Both I and the team at Fusion Reactors believe that fusion is absolutely crucial in reducing greenhouse gas (GHG) emissions and thus in helping us avoid a climate catastrophe,” he added, explaining that his desire to launch Fusion Reactors stems from his goal of delivering commercial fusion as early as feasibly possible.
Stavrou and the team at Fusion Reactors have been working over the past two years to finalise their designs and methodology and are now ready to begin operations.
“We intend to begin fundraising in the first quarter of 2022 and begin operations as soon as the funds have been raised,” Stavrou said.
The Fusion Reactors CEO added that while the company is currently based in the United Kingdom, they are open to relocating elsewhere, including Cyprus, if an investment opportunity arises.
Stavrou told the Cyprus Mail that Fusion Reactors aims to directly address the issue of greenhouse emissions resulting from the production of electricity. Approximately one-quarter of all greenhouse emissions are produced from power generation, with about two-thirds of this resulting from the burning of fossil fuels.
The company is developing a reactor that can generate heat similar to that produced during the burning of fossil fuels, from which then electricity can be generated.
“This means that it can like-for-like replace the fossil-fuel burning boilers in existing and new thermal power stations, thereby converting them to green, sustainable power generators,” Stavrou said.
“Using Cyprus as an example, imagine keeping the current power stations (e.g. Vassiliko) with their current capabilities (generating the same amount of electricity, using the same existing grid infrastructure and with the same reliability and availability), but not burning diesel or mazut to get this electricity,” he added, explaining the conversion of the same power station to one that is completely zero-carbon, green and sustainable.
Stavrou deems the level of current climate change efforts both in Cyprus and abroad to be far from sufficient.
“In Cyprus, for instance, we are working and planning to become a fossil fuel (natural gas) producing country, at a time when fossil fuels should be phased out, with this increasingly happening in other countries,” Stavrou said, qualifying it by saying that this is understandable from a short-term economic point of view.
Humanity is currently faced with the challenge of satisfying an ever-increasing energy demand while decreasing emissions. This has placed renewable energy at the forefront of this challenge. While Stavrou sees the value in renewables, his view is somewhat less enthusiastic than most, describing them as being part of the solution, not the solution on their own.
One of the examples Stavrou mentioned is that of the UK, where renewables penetration is already quite high, bringing up instances where the country had to rely on fossil fuels, including coal, to bridge the gap in electricity production during low wind and sunshine conditions.
“It is exactly this reason why fusion is crucial, considering that by directly replacing fossil fuels, it allows the continued use of existing infrastructure,” he said, adding that “this means we can quickly scale up to meeting future demand with no GHG emissions and no weather dependency”.
Fusion has progressed from state-owned labs, with little interest from the private sector, to an explosion in private ventures.
One example is TAE Technologies, which was founded in 1998 and has grown into a company employing more than 250 employees. As of 2021, TAE Technologies has raised $880 million in funding, an industry-leading amount.
As recently as November of 2021, Helion Energy, founded in 2013, received $500 million in Series E funding, with an additional $1.7 billion of commitments tied to certain milestones and benchmarks.
“We have had interest expressed in our company already, and we expect that this will increase further when we start fundraising,” Stavrou said, explaining that the aforementioned companies started with small amounts similar to those in Fusion Reactors’ first fundraising rounds.
“Our first fundraising round will allow us to complete the first phase of our roadmap, which includes setting up our main facility and completing experiments on two of our devices,” Stavrou added.
COMMENT:
Cyprus is perfectly placed to move in to renewable energy, but moving from the current Nuclear Fission to Nuclear Fusion may be harder than it seems, the world has been 30 years away from Nuclear Fusion for decades, so maybe a government backed incentive for all new buildings to have solar powered roofs, and paved areas fitted with solar tiles to ensure that they are almost self sufficient would make and immediate and progressive change.
Cyprus’ move to open up its power generation market and boost the share of renewable sources in its energy mix will face its first big test next year, when the European Union’s executive arm assesses the project.
Cypriot lawmakers in October approved a law aimed to decouple the power grid operator from the state-run Electricity Authority of Cyprus and enable private power generation companies to supply homes and businesses.
The decoupling was among the reforms Cyprus pledged under its national Recovery and Resilience Plan (RRP) that European leaders approved in July.
The European Commission told the Associated Press in an email Friday that it will “formally assess the compliance of this reform with the (RRP) commitments” when the Cypriot government seeks EU funding next year.
Previously almost exclusively dependent on fossil fuels for power generation, Cyprus has made strides in boosting the contribution of renewables. This year’s target of a 13% share in overall electricity generation was exceeded by 4 percentage points, according to Energy Minister Natasa Pilides. Solar and wind energy are the two primary renewable sources.
Cyprus is also keen to introduce natural gas as a cleaner-burning alternative fuel as the country continues to search for possible deposits off its southern shores.
University of Cyprus Economics Professor Sofronis Clerides said another key reform that Cypriot authorities need to undertake is to streamline how the Electricity Authority runs itself. That, he said, would reduce the type of nepotism and clientelism that political parties rely on to bolster their power base by meting out jobs to supporters.
Three out of four Cypriots prefer to live in a house rather than a flat, while more than two-thirds own their own home, according to a recent Eurostat survey.
In their annual report on EU citizens living conditions for 2020, Eurostat found that 73% of the island’s population lived in a house, while 25.6% lived in a flat.
In the EU, 53% of the population lived in a house, while 46% lived in an apartment (1% lived in other accommodation, such as houseboats, trucks).
Ireland recorded the highest share of the people living in houses with 92%, followed by Croatia (78%), Belgium (77%) and the Netherlands (75%).
The majority of people in more than two-thirds of EU countries live in houses.
The highest percentages of people living in apartments were in Spain (66%), Latvia (65%), Estonia (61%), Greece and Lithuania (both 59%).
When it came to cities, 72% of the EU population lived in an apartment and just 28% in a house, while in rural areas, 82% of the population lived in a house and 18% in an apartment.
Homeowners
More than two-thirds of people in the EU lived in their own homes.
Being the owner or tenant of your home differs significantly between the Member States.
In the EU, 70% of the population lived in their own home, while 30% lived in rented housing.
The highest homeownership rates were observed in Romania (96%), Slovakia (92%), Croatia and Hungary (both 91%).
Owning a home is the rule in all EU countries, except for Germany, where owners and tenants’ percentages are 50-50%.
Tenants in Austria and Denmark made up 45% and 41% respectively.
In Cyprus, 68.6% live in their own home, while 31.4% rent.
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Final preparations are being completed in the Cypriot capital of Nicosia ahead of a visit by Pope Francis due to begin on Thursday.
For the government of Cyprus, this visit constitutes an historic event.
According to the Cypriot Deputy Government Spokesman, 77 reporters will accompany the Pope’s mission, while more than 200 journalists have been accredited to cover the event.
Although a brief trip, the final official schedule shows several events, including a Holy Mass at GSP sports stadium on the outskirts of Nicosia, a leading venue for international football matches.
Hundreds of Catholics, many of them travelling from throughout the Mediterranean region, are expected to attend the event.
Events
Pope Francis will also meet with refugees and immigrants, followed by an Ecumenical prayer at the Catholic Church of the Holy Cross in Nicosia, a unique parish church where Mass is celebrated in eight different languages.
During the trip, the Holy Father will visit the Presidential Palace, where he will be greeted by President Nicos Anastasiades who is expected to brief him on protection of cultural heritage, efforts to promote interreligious dialogue, the on-going ‘Cyprus problem’ and the migration and refugee issue and human rights.
The challenges facing the world due to the new outbreak of the Covid-19 pandemic will also be discussed.
Pope Francis will then visit Archbishop Chrysostomos II, the leader of the Orthodox Church of Cyprus and hold meetings with the leaders of the Catholic Church on the island.
This is the second Papal visit to Cyprus, after Benedict XVI successful journey in 2010 aimed at strengthening ties between the Roman Catholic and Orthodox churches.
Pope Francis will depart from Cyprus on 4 December to travel Athens.
