Paphos Embarks on EU Project to Revolutionize Tourism Sustainability

by News Editor

May 20, 2025

Paphos has partnered with nine other European regions to join the EU-supported Smart-Tour initiative. This venture aims to revolutionize digital and sustainable tourism, steering Paphos towards a visionary destination.

The 36-month endeavor involves the Paphos Regional Tourism Board (Etap) and emphasizes enhancing accessibility, digital transformation, environmental consciousness, cultural heritage, and creative industries. More about Cyprus’s strategic initiatives can be found here.

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The project, dubbed ‘Smart Tourism – Smart Destinations’, seeks to embed digital solutions in local tourism policies, aspiring to elevate Europe’s tourism landscape.

This ambitious initiative provides essential infrastructure upgrades and the integration of smart tourism practices into regional strategies. With co-funding from the European Union, covering 80% of the costs, the program unites partners from Italy, France, Germany, Hungary, Greece, Romania, Albania, Ukraine, Belgium, and Cyprus.

Paphos anticipates receiving close to €200,000 in EU funding under this scheme.

The inaugural coordination meeting will occur in Heraklion, Crete, from May 20 to 22, with Etap Marketing Officer Lucas Nikiforos representing Paphos.

Explore Cyprus’s growth projections starting in 2025 here.

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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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