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Cyprus Sees 10% Annual Decline In Registered Unemployed Persons In July

by THEFUTURE.TEAM

August 6, 2024

The latest data from Cyprus reveals a notable 10% annual decline in registered unemployed persons for July, signalling a positive trend in the nation’s labour market. This reduction reflects the ongoing recovery and resilience of the Cypriot economy, which has been navigating the complexities of post-pandemic challenges. The decrease in unemployment underscores the effectiveness of strategic economic policies and the adaptability of the workforce.

The decline in unemployment figures is a testament to the robust measures implemented by the government to stimulate job creation and economic growth. Various initiatives, including incentives for businesses to hire and retain employees, targeted support for key industries, and investment in training and education programs, have contributed significantly to this positive outcome. These efforts have not only provided immediate relief but also laid the groundwork for long-term economic stability.

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A crucial factor behind this improvement is the recovery of the tourism sector, a cornerstone of the Cypriot economy. As global travel restrictions have eased, there has been a resurgence in tourist arrivals, boosting employment in hospitality, retail, and related services. This uptick in tourism has had a multiplier effect, creating job opportunities and stimulating local businesses, thereby reducing the overall unemployment rate.

Additionally, the construction sector has shown remarkable resilience, driven by both public infrastructure projects and private investments. The demand for residential and commercial properties has remained strong, further supporting job creation in construction and allied industries. Government-backed infrastructure initiatives have also played a pivotal role in sustaining employment levels, demonstrating the importance of strategic public investment in economic recovery.

The technology and services sectors have also contributed to the decline in unemployment. With a growing emphasis on digital transformation, many companies in Cyprus have expanded their operations, leading to increased demand for skilled professionals in IT, finance, and business services. The government’s focus on fostering a conducive environment for startups and tech firms has further propelled job creation in these high-growth areas.

However, while the reduction in unemployment is a promising sign, the CBC Governor’s call for vigilance remains pertinent. It is essential to address potential challenges that could impact the labour market, such as global economic uncertainties, inflationary pressures, and potential disruptions from geopolitical tensions. Maintaining a proactive stance in monitoring and mitigating these risks is crucial to sustaining the positive employment trend.

Moreover, ensuring that the benefits of economic recovery are widely distributed across all segments of society is imperative. Policies aimed at promoting inclusive growth, such as supporting small and medium-sized enterprises (SMEs), enhancing workforce skills, and providing social protection for vulnerable groups, are vital for creating a resilient and equitable labour market.

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Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.