Breaking news

New Operating Hours Law To Transform Cyprus Hospitality Industry

Legislative Overhaul Targets Sectoral Modernization

The parliamentary Energy Committee is reviewing a proposal that could significantly reshape operating hours for hospitality and entertainment venues across Cyprus. The initiative also includes provisions for the establishment of recreational centres and is intended to close existing regulatory gaps while strengthening the competitiveness of the tourism and dining industries.

Industry Categorization and Operational Adjustments

The draft law introduces a new classification of service venues and adjusts operating schedules according to season. Following strong reactions from professional associations and other stakeholders, the government revised the bill before its submission for closed-door committee discussions. In line with parliamentary procedure, the detailed debate and final amendments will be decided exclusively by elected members of parliament.

Seasonal Flexibility And Specific Amendments

Under the revised proposal, pubs and bars would operate on different seasonal timetables. From May 1 to September 30, opening hours would run from 7:00 AM to 2:30 AM on weekdays and Sundays, with an extension until 3:30 AM on Fridays and Saturdays. From October 1 to April 30, weekday and Sunday operations would end at 2:00 AM, while weekend hours would extend until 3:00 AM. These changes replace earlier rules that allowed restaurants, taverns, cafés, pizzerias and snack bars to operate from 6:00 AM to 1:30 AM.

Refined Hours For Entertainment Venues

The legislation also sets updated schedules for event halls, reception venues and music or dance centres. During the summer period, these establishments would be permitted to operate from 8:00 PM to 2:30 AM on weekdays and Sundays, with later closing times on weekends. In winter, weekday and Sunday operations would end at 2:00 AM, again with extended hours on Fridays and Saturdays. Earlier drafts proposed uniform early closures, but the revised version introduces more flexibility to better reflect market demand.

Local Authority Flexibility

Municipal councils would retain the right to temporarily adjust operating hours for recreational venues for up to six months per year. This provision is designed to give local authorities room to respond to tourism peaks, festivals or regional economic needs while maintaining a consistent national framework.

Final approval of the reform is expected to come from the full House of Representatives, with the bill scheduled for submission before the April session ahead of the upcoming parliamentary elections.

Adidas Q1 Performance Exceeds Expectations Amid World Cup Momentum

Strategic Inventory Moves Pay Dividends

Adidas reported first-quarter results above market expectations, with operating profit increasing by 16% and sales supported by demand for its World Cup product range. Inventory was positioned ahead of the tournament, allowing the company to manage supply and logistics more effectively. Harm Ohlmeyer, Chief Financial Officer, said this approach supported the quarter’s performance.

Driving Growth Through Innovation

Beyond football-related products, the running category sales increased by more than 10%. Product development in performance footwear contributed to this growth, including demand for lightweight racing models. These products were also visible in competitive events, including the London Marathon, where athletes used Adidas equipment.

Disciplined Market Strategies Amid Volatile Conditions

Market conditions remain affected by pricing pressure and cautious consumer demand. In this environment, inventory management has been a central focus. Bjorn Gulden, Chief Executive Officer, said the company continues to limit excess supply to retailers, supporting full-price sales. This approach differs from competitors such as Nike, which has increased promotional activity to reduce inventory levels.

Navigating Global Challenges

Quarterly sales reached €6.6 billion (approximately $7.7 billion). External factors, including geopolitical developments in the Middle East, affected operations in some markets. Store activity was impacted in certain locations, while emerging markets accounted for approximately 13% of first-quarter sales.

Outlook And Strategic Vision

Operating profit reached €705 million, compared with analyst expectations of €647 million. The results reflect continued demand for performance footwear and the company’s approach to inventory management across key markets.

The Future Forbes Realty Global Properties
Uol
eCredo
Aretilaw firm

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter