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Monthly Archives: June 2009

If you want to hear the latest news from Cyprus, whether it’s good, bad or just an interesting fact about what’s happening on the island, then tune in to our weekly news blog. The team at Cyprus Property World will be scanning the most authoritative English-language newspapers and websites, such as the Cyprus Mail and the Financial Mirror and the Cyprus News Agency to keep you in touch with what’s going on. It won’t just be property news, but any kind of news for those interested in Cyprus. If you’d like to comment, feel free to Contact Us, we’d love to hear from you.

Cyprus Nicosia Jazz Festival

Jazz lovers should head off to Nicosia on two evenings this week – Monday 22nd and Tuesday 23rd June – when the streets of the traditional suburb of Aglandjia will be brought to life with the sweet sounds of live jazz.

The Aglandjia jazz festival has only been a regular event for a couple of years and, according to the Cyprus Mail, has proved to be a considerable success, attracting music lovers from all walks of life. The live music festival takes place in the streets of an otherwise quiet residential area in Nicosia. Old Aglandjia is one of the areas in the capital that retains traditional charm, with little cobbled streets and tiny houses, which give way to Old Aglandjia Square. The festival offers live music for free with the aim of getting ordinary people together to enjoy music in a wonderful atmosphere. It also attracts serious jazz fans; the kind who are prepared to go out of their way to enjoy these kind of events.

So, if you want to try something a little different, why not make your way to Aglandjia on Monday or Tuesday evening this week and enjoy great music in a wonderful setting! On Monday night, you can hear The Outer Soul Ensemble and Elizabeth Simonian Quintet and on Tuesday it’s the turn of the World Music Quartet and Andreas Georgiou Ethnic Jazz Trio.

There are also some talented local bands playing at the festival, mixing styles and giving audiences the chance to get to know the jazz talent from across the island. First to perform on Monday evening is the Outer Soul Ensemble, a seven-piece groove band that incorporates jazz, funk and afro soul. Well-known names include Charis Ioannou, Lefteris Moumtzis and Ioannis Vafeas. Then it’s the turn of the Elizabeth Simonian Quintet – an intimate but dynamic group that mixes calm and intensity in their performances. Elizabeth is well known for her great voice and while many will have seen her sing at the Paradise Jazz Festival, others will know of her from various other performances across the island. Then there’s the World Music Quartet performing on Tuesday with original composition and traditional melodies. The newly formed band from Limassol also consists of well known names including Savvas Houvartas and Alkis Agathokleous. Last up on Tuesday is the Andreas Georgiou Ethnic Jazz Trio, mixing European musical styles with ethnic characteristics of the Mediterranean, India and Africa.

In true Cypriot style, drinks and souvlaki will be available for everyone on both nights. Enjoy!

Aglandjia Jazz Festival 2009
22nd and 23rd June, Old Aglandjia Square, Nicosia. 9pm.
Entrance Free, more information on (00357) 22-462058

Author: Anne Hall

If you want to hear the latest news from Cyprus, whether it’s good, bad or just an interesting fact about what’s happening on the island, then tune in to our weekly news blog. The team at Cyprus Property World will be scanning the most authoritative English-language newspapers and websites, such as the Cyprus Mail and the Financial Mirror and the Cyprus News Agency to keep you in touch with what’s going on. It won’t just be property news, but any kind of news for those interested in Cyprus. If you’d like to comment, feel free to Contact Us, we’d love to hear from you.

Cyprus Economy Fares Better than Most                               

A report published this month by PricewaterhouseCooopers showed that, unlike most European economies, positive growth is expected for Cyprus in 2009, although it will be at a weaker pace than in recent years. They anticipate a slowdown in tourism and the construction sectors and say this is the likely to be the main cause for weaker economic growth.

These predictions concur with first quarter 2009 figures published this week by the Cyprus government. The Financial Mirror, the popular Cyprus business website, reported a very mixed bag of positive and negative growth across a number of sectors. In terms of real GDP growth, figures confirmed the ‘flash estimate’ released in May and showed that Cyprus is narrowly avoiding recession, although it recorded 0% real GDP growth in the first quarter of 2009. Year-on-year growth was 1.5%.

Recession is technically defined as two consecutive quarters of negative growth. In the fourth quarter of 2008, GDP growth was 0.5% and the Cypriot economy one of only three in the Euro zone to show positive growth (the others were Greece and Slovakia). Many financial experts believe that government spending – which was up by 12.2% in the first quarter of 2009 – is an important reason why growth hasn’t contracted more.

In stark contrast, private consumption – which accounts for 70% of GDP – slowed very sharply in 2009, down to just 2.7%, compared with 9.8% in the same period of 2008. In addition, retail spending and car sales have both shown significant decreases as Cypriot consumers tighten their belts to weather the economic storm.

Although there was an increase in non-construction investment (mainly public projects) of 9%, construction growth slowed to 3.4% and there was a 2% decline in housing construction investment. The banking sector and real estate and rental activities did rather better than expected and rose by 4.5%.

So despite troubled economic times, Cyprus is holding its own. Head of Macro Consulting at PricewaterhouseCoopers, Yael Selfin, said that consumer spending will weaken over the coming months as unemployment rises, but he added that, “The Cypriot economy is expected to fare better than most European economies over the next 2 years.”

Author: Anne Hall

Construction works on Limassol marina are expected to start at the beginning of September, Commerce Minister Antonis Paschalides said yesterday.

According to the minister, who yesterday briefed the House Commerce Committee on the matter, the government is determined to complete the Limassol, Paphos and Agia Napa marinas as soon as possible.

MPs welcomed plans to finally start in Limassol, but all expressed their disapproval of the fact that the minister had no clear timeframes for when works on the other marinas are set to begin.

Referring to the Limassol marina, Paschalides said all the relevant government departments had been coordinated in a bid to avoid delays. “We are currently in the final stages and it is a matter of weeks for everything to have a happy ending for Limassol Marina,” he said.

Referring to the Ayia Napa port, Paschalides said the ministry was awaiting the Attorney-general’s advice on whether the project could be assigned directly to the contractor who applied for the job over five years ago, as opposed to going through the tenders’ procedure. There have been delays, he added, as the Local Plan was being finalised.

“We positively support the creation of the Ayia Napa marina and we want works to start immediately,” said Paschalides. “If the tenders’ procedure is followed, the construction will be delayed for many years.”

The government, he added, is not to blame for the delays, as just three days after the Local Plan was approved the Cabinet decided that negotiations with the contractor should start immediately.

But Committee Chairman Lefteris Christoforou of DISY said his Committee would be sending a letter to President Demetris Christofias listing its concerns and requesting immediate solutions for Ayia Napa.

“It isn’t right for the marina of the free Famagusta area to move ahead at a slower rate than marinas in other areas,” said Christoforou.

“We are not concerned with whether the Attorney-general or anyone else is to blame for these delays; we are concerned with the works going ahead,” he added. Christoforou called on the government to pull all the stops so works can begin in September in Agia Napa too.

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