Kornos on the Rise: The €20 Million Transformation Vision

by News Editor

May 27, 2025

Revitalizing Kornos: A €20 Million Investment in Progress

Kornos is poised for a transformative period with groundbreaking projects valued at over €20 million now underway, as confirmed by Lefkara mayor Sofoklis Sofokleous. Aiming to usher in significant changes, this investment heralds a bright future for the community over the next few years.

Investing in Sports and Community Spaces

A key project within this development is the highly anticipated €18 million Sports Centre led by the Cyprus Football Federation (Kop). Recently granted planning permission, construction is set to commence in early 2026, targeting a 2028 completion. This state-of-the-art facility will boast a stadium accommodating 1,500 spectators, multiple training fields, and housing for athletes.

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In conjunction, a €2 million multipurpose venue is under construction, destined to fill a void in the community’s event-hosting capabilities. This venue will be equipped with conference rooms, an event hall, and essential parking amenities.

Embracing Tradition and Modernity

The municipality endeavors to preserve Kornos’ cultural heritage by converting historic sites into interactive museums focused on traditional crafts, like the art of red clay vase making. Education is also being prioritized, with talks underway to establish a Technical School in Kornos, as announced by President Nikos Christodoulides.

Future Prospects

Additional projects include a Citizen Service Centre and new public parks, enhancing lifestyle and community wellbeing. Discover more about how Cyprus continues to evolve with strategic investments in our latest housing market insights.

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Bank Of England Holds Rates At 3.75% In Split Vote As Inflation Risks Rise

by THEFUTURE.TEAM

September 17, 2026

The Bank of England kept its benchmark interest rate at 3.75% on Thursday, but the decision was not unanimous. In a 6-3 vote, the Monetary Policy Committee kept rates unchanged, while three members backed a 25-basis-point increase to 4%. Renewed energy price pressures have added to concerns that inflation could remain elevated.

Inflation Pressures Remain

Policymakers said inflation “is likely to rise further over coming quarters,” citing higher and more volatile crude oil and refined energy prices since the conflict began.

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So far, there has been “little evidence” of significant second-round effects, such as broader wage and price increases. Inflation risks, however, are now “tilted to the upside” and have increased since the July Monetary Policy Report.

Energy Prices Add To Inflation Risks

Brent crude has risen 36% since July, reaching $106 a barrel on Sept. 14, while UK wholesale gas prices increased 78% to 207 pence per therm.

Higher energy costs can feed into transport, production and household expenses, raising costs across supply chains. Refinery pressures have also pushed crack spreads, the difference between refined fuel and crude prices, well above pre-conflict levels.

Economy Shows Resilience

Despite the inflation risks, UK economic activity has held up slightly better than the Bank expected. A softer labor market and higher borrowing costs are expected to help reduce inflation over time.

Previous monetary tightening is still working through the economy, according to policymakers. So far, the latest energy shock has not produced clear evidence of a broader wage-price spiral.

Major Central Banks Take Different Paths

The decision comes during a busy period for global monetary policy. The Federal Reserve raised rates Wednesday to 3.75%-4% in its first increase since 2023, while the European Central Bank recently lifted its deposit rate to 2.5%.

The Bank of Japan is due to announce its decision Friday, with markets expecting a rate increase. Thursday’s split vote shows that pressure for tighter policy remains within the Bank of England’s Monetary Policy Committee.

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