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Delay And Legal Strife Derail Paphos–Polis Chrisochous Road Project

A year after the termination of the initial contract, not a single meter of the Paphos–Polis Chrisochous road has been constructed. Compounding the delays, the feasibility study for the project now faces significant legal entanglements that threaten to derail its overall timeline.

Contract Termination And Emerging Legal Battles

The project hit an early setback when the Ministry of Public Works terminated the contract with the company AktoR on November 11, 2024, due to non-fulfillment of contractual obligations. Despite the ministry’s subsequent efforts to re-initiate the bidding process, AktoR challenged the revised terms published in the Official Gazette on August 8, 2025. The company contended that the new conditions detracted from the fundamental principles of administrative law, specifically citing concerns over transparency, equal treatment, and fair competition.

Revised Schedules And Continued Delays

Originally, the adjusted schedule placed the submission deadline for bids on November 7, 2025. However, after legal interventions and a series of appeals, the Ministry of Public Works sought approval from the Review Authority to postpone the deadline to February 6, 2026. This change was rationalized by the need to avoid the necessity of a complete re-announcement, a situation that could trigger further delays. In addition, the timeline for submitting and clarifying questions by economic operators was extended significantly, underscoring the complexity of the procurement process.

Temporary Measures And Their Implications

In a bid to safeguard its interests, AktoR successfully obtained temporary measures that halted the acceptance of bids. The company’s legal argument, favoring the modification or supplementation of the tender terms, aimed to ensure compliance with established public procurement norms. Even though the Ministry of Public Works presented its case by highlighting the negative consequences that might arise from issuing such measures, it was left to the Review Authority’s judgment to decide the outcome. A hearing was set for November 3, 2025, with a decision expected by the end of November or early December, promising to minimize further delay.

Looking Ahead: A Stalled Construction Timeline

Despite attempts to expedite the project and commence construction promptly, the procedural complications have pushed the final bid submission date to February 6, 2026, marking a substantial postponement from the initial termination in November 2024. As debates continue and the Review Authority’s decision looms, stakeholders remain on edge, awaiting clarity on a project that is pivotal for the region’s infrastructure development.

The unfolding situation illustrates the persistent challenges in managing large-scale public infrastructure projects, where legal, administrative, and commercial interests often intersect, leading to significant delays and operational uncertainty.

Visa Shares Rise 5% After Earnings Beat And Outlook Increase

Visa Inc. reported second-quarter results above expectations, with shares rising about 5% in premarket trading following the release. The company also updated its full-year earnings outlook, supported by continued consumer spending despite broader macroeconomic uncertainty.

Strong Q2 Earnings And Strategic Momentum

Payment volume increased during the quarter, reflecting stable consumer activity. Ryan McInerney, CEO of Visa, said the company is monitoring geopolitical developments, including tensions in the Middle East. At the same time, he noted that changes in travel patterns are being offset by increased demand for travel to the United States. This shift is supported by factors such as major international events, including the FIFA World Cup, as well as stronger commercial travel volumes, which are helping sustain cross-border activity.

Cross-Border Payments And Market Indicators

Cross-border payment volume rose 12% year-on-year on a constant-dollar basis in the second quarter, compared with 13% growth in the same period last year. Analysts at J.P. Morgan said the data indicate that earlier concerns about a sharper slowdown in cross-border activity have not materialised.

Capital Allocation And Share Buybacks

Visa’s board approved a new $20 billion multi-year share repurchase programme. Chris Suh, Chief Financial Officer, said the company continues to balance investment in growth initiatives with returning capital to shareholders.

Embracing Innovation And Expanding Horizons

Looking ahead, the company is focusing on areas such as artificial intelligence and new commerce models, alongside growth in its marketing services segment. Analysts from TD Cowen and William Blair pointed to multiple sources of growth across Visa’s business.

Market Performance

Visa shares are down about 12% year-to-date in 2026 but remain ahead of peers such as American Express. At the same time, competitors, including Mastercard, also moved higher in early trading following the results.

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