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Streamlined Procedures For Workers From Third Countries Boost Cyprus’s Tourism Industry

Cyprus has made significant strides in expediting the process for granting work permits to nationals from third countries, particularly benefiting its vital tourism sector. Labour Minister Yiannis Panayiotou announced that over 95% of applications related to the tourism industry had been processed by the end of May, ensuring full staffing for the peak summer season. This improvement has reduced processing times from over five months to less than two, thanks to enhanced IT systems and international agreements.

The tourism industry in Cyprus relies heavily on seasonal workers, and delays in work permit processing have historically caused staffing shortages, impacting service quality and business operations. The new streamlined procedures ensure that the sector can meet demand, maintaining high standards of service for tourists and supporting the broader economy.

Minister Panayiotou noted that this efficiency boost is part of a broader initiative to improve the labour market’s functionality and responsiveness. The implementation of upgraded IT systems plays a crucial role in this effort, enabling faster application processing and better resource allocation. Additionally, Cyprus has engaged in bilateral agreements with several countries to facilitate the recruitment of foreign workers, further enhancing the labour supply for the tourism industry.

These improvements reflect Cyprus’s commitment to bolstering its tourism sector, a critical component of the nation’s economy. By ensuring a steady and timely influx of workers, the country can better manage the seasonal influx of tourists and maintain its reputation as a premier travel destination. The enhanced processes not only benefit the tourism industry but also contribute to overall economic stability and growth by addressing labour market needs more effectively.

Bitcoin Surges 23% In A Week As Investor Optimism Returns

Bitcoin was on track for a weekly gain of around 23% on Friday as a series of positive macroeconomic and policy developments boosted investor sentiment.

The cryptocurrency was trading about 6% higher at roughly $77,000, up from around $62,800 at the start of the week. Crypto-related stocks also rallied, with Coinbase and Circle gaining more than 9%, while Strategy rose 7%.

Macro Factors Fuel Rally

Bitcoin’s latest surge began Wednesday after Treasury yields fell sharply following a major intervention by the U.S. Treasury in the bond market. Lower yields eased pressure on risk assets and helped trigger a broader move into cryptocurrencies.

The rally was further amplified by a major short squeeze. Around $2.7 billion in crypto short positions were liquidated, according to CoinGlass.

Max Stuedlein, head of Partnerships at Sygnum APAC, said the move reflected an alignment of macroeconomic and policy catalysts, including the Treasury’s decision to increase buybacks of longer-dated government debt.

Clarity Act Boosts Sentiment

Investor confidence improved further on Thursday as the White House and crypto industry leaders made a final push to advance the Clarity Act in the coming weeks.

The legislation is widely viewed as a potential catalyst for the crypto market, although its chances of passing remain relatively limited.

Despite the rally, bitcoin remains well below its 2026 high of $94,820 reached in January and its all-time high of $126,198, set last October.

Analysts See More Volatility Ahead

Lucy Gazmararian, founder and managing partner at Token Bay Capital, said the crypto market may be approaching the end of its bear cycle.

She expects bitcoin could experience one more decline of around 20% before the market turns, pointing to historical cycles and the recent liquidation of heavily leveraged short positions.

Gazmararian also described bitcoin as a long-term hedge against monetary debasement, while warning that its short-term price remains highly volatile and driven by market cycles.

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