Financial Crisis is Driving People Abroad

We do not need to inform you that hundreds of Cypriots who are unemployed are abandoning the Island in search of a better future abroad.

Case in point, a EURES study contacted by the Ministry of Labor and showed that 742 Cypriots aged 18-29 left Cyprus back in June to December 2012. This number then doubled in 2013 and in particular after the Eurogroup fiasco 65 to 142 people left Cyprus each month to seek new opportunities, compared to 14-54 people each month from June to December 2012.

The study also shows:
  • 28% of people aged 18-28 intend to leave
  • 62% of these same people have a degree 
  • Moreover younger aged youths in the 22-25 bracket are also considering leaving the island.
Its important to mention that people who live in the cities that have been most affected by the current recession are subsequently more likely to leave the island.
  • 33% in Famagusta
  • 31% in Paphos
  • 29% in Larnaca
  • 28% in Limassol
  • 27% in Nicosia of people took part in the survey plan to abandon Cyprus in the near future
While the Government have taken some measures to address this critical problem, they have so far been wholly insufficient and impotent.Moreover, with the various Tax hikes and challenging measures that are crippling local small businesses, one wonders who will be able to employ young people in the future!

Chairman Tony Antoniou resigns from Cyprus Airways amidst an expenses scandal

Cyprus Airways (CY) chairman Tony Antoniou has resigned over claims he had charged personal expenses on the airline and had not followed proper procedures when assigning a project, the government said on Saturday.

His resignation was accepted by President Nicos Anastasiades despite a probe finding nothing incriminating against Antoniou.

A government statement said the cabinet was informed of the probe’s findings on Friday.

“It appears that Mr. Antoniou had not acted with malice or the intention to make personal gain,” the statement said.

It had been determined, the statement added, that proper procedures when assigning a project had not been followed to the letter because the relevant article had been misinterpreted.

In June, reports claimed the CY chairman had charged personal expenses to the company’s books, including speeding fines and his car servicing tab, which had cost over €1,000, as well as the purchase of 480 bottles of wine.

The report also claimed that the chairman had personally assigned a project worth more than €86,000 without engaging the carrier’s tender department.

Antoniou denied the claims.

Source article: Cyprus Mail

Armed co-op robbery in Larnaca

A man wearing a ski mask and armed with what police believe was a fake pistol, robbed a Larnaca co-operative bank at lunchtime on Friday, getting away with around €20,000.

 Police said the man, who wore blue shorts with white stripes on the sides and a long-sleeve black shirt, entered the Kontea co-op in Dromolaxia just as a woman was going through the door, which is controlled from inside.

He is around 1.90 metres tall, police said.

“Wielding a gun, which is apparently a replica, he asked the three tellers for the money in broken English,” Larnaca police deputy director Christakis Papademetriou said.

The man took the money and left the branch on foot.

Source: Cyprus Mail

The Government is hell bent on destroying small businesses in Cyprus

Ever since the recession started in Cyprus and the disastrous bail-out crisis that followed, small and medium sized businesses (SME's) have been under constant attack by the Government. Tens of thousands have gone bankrupt and cannot afford to operate, yet the Government directed by the Troika are hell bent on destroying the small businessman through a series of Corporate Tax increases, new company taxes, increases in VAT, property taxes, international banking restrictions, theft from bank accounts, no credit facilities and tough tactics to collect funds when the man on the street is trying to survive. 

Cyprus was once the land of the small businessman, but that has now dramatically changed. It seems that no allowances are made for the SME's and the result is a mass of closures. It seems that the banks and Government who brought the country to into the mes we are in, are making the rules up as they go along by forcing the man on the street to pay for what they have done.

Now the story continues to get worse with the Annual Government Levy that was €350 until 30/06/2014 will be increased as from 01/07/2014 until 31/08/2014 to €385.

Then as from 01/09/2014 until 30/11/2014 the amount will be increased to €490.

A company that generates millions pays effectively the same as one that generates hundreds or even dormant. Of course to a large company €490 is nothing, but to a small business its the difference between surviving or not and another major blow.

In summary Cyprus is no longer SME friendly and it appears that the agenda is to squeeze out as many SME's as possible to bolster the business advancements of the mega companies and multinationals, so that the new workforce can be placed on the minimum wage.

The Daxi Business Awards 2014 - at last some positive news on the horizon

Small Businesses have been going through hard times in recent years, due to the economic crisis that has embroiled our Island and the unforeseen Roller Coaster train of events involved, many of which are still playing out today.

There are however a number of survivors and some businesses have even prospered, while offering a great service to our community, during such a difficult period. The forthcoming Daxi Business Awards 2014 is a timely reminder to vision the best and an occasion whereby the communities for Famagusta and Larnaca combined, can spread some positive news concerning the businesses that did succeed!

Here is a overview of the DAXI Business Awards:

The Daxi Business Awards were founded in 2011 as a way of giving recognition to small to medium size businesses originally in the Famagusta region.

After two successful awards events, the scheme has now been extended to include businesses from the Larnaca region also, bringing together the people & businesses of the Eastern Cyprus community. This promises to be the biggest Awards event ever seen in Cyprus!

Initially the public will have the opportunity to nominate businesses for various categories who they feel are worthy of recognition in relation to each award criteria. Any legitimate business within Eastern Cyprus can be nominated whether they have many staff or are a ‘one man band’. Businesses DO NOT have to be Daxi advertisers or have any business relationship with a panel member to be eligible for nomination, this is purely the choice of the general public.

A panel of experts will then research all nominated companies in relation to their various award categories & each business will have a one to one interview on their premises with a member of the Business Awards Panel.

Panel members are selected for their knowledge experience & expertise in dealing with a large variety of businesses in various fields. Where possible panel members will interview businesses they have little or no knowledge of to give an impartial view on each business & their eligibility for the award. This years panel will be announced over the coming weeks.

The panel will meet after all interviews & research has been carried out to discuss each award category, the nominees & the results & findings. The panel will then debate each award until a unanimous decision is made in relation to the winner of each category. All category winners will receive a hand made Award & a framed certificate. Business Of The year will receive over €5,000 worth of business prizes including €2,000 advertising in Daxi Magazine, €700 cash & 1 Years Gold advertising membership on Cyprus Eastern Forum plus one years premium advertising package on The winner of the Outstanding Contribution To The Community Award will receive a €500 donation towards their charity or organisation from Daxi Magazine. There will also be a charity raffle on the night with proceeds being divided between all nominated charities.

The winners are then a closely guarded secret of the panel until the awards evening itself. This year the Eastern Cyprus Daxi Business Awards will be held on 31st January 2015 at The Zappieon Palace in Dherynia. A bus service will be arranged for those traveling from the Larnaca area.

Nominated businesses along with groups, associations & members of the general public are able to purchase tickets & join in with this prestigious event, designed to bring a community together in celebration of the businesses & non profit organisations within the Eastern Cyprus region.

This years categories are as follows:
  1. Best Newcomer: For businesses aged 12 - 24 months at the time of nomination.
  2. Innovation: For businesses demonstrating innovation in their products &/or services
  3. Outstanding Customer Service: For businesses that have gone over & above for their customers.
  4. Outstanding Achievement: For businesses 24 months old or over who have demonstrated Outstanding Achievement.
  5. Employer of the Year: Ideally nominated by their employees for demonstrating outstanding commitment to training, working conditions & rewards & recognition structure towards their employees.
  6. Lifetime Achievement Award: For companies established 20 Years or more.
  7. Investment In People Award: For companies who demonstrate exceptional investment in the progress, training development & rewarding & recognition of people.
  8. Commitment To Tourism: For active businesses that promote and serve the tourism industry in Eastern Cyprus.
  9. Heart Of Gold Award: This award is unrelated to business. This will be someone who gives selflessly to others for no personal gain or gratification & who will most probably be unaware of the magnitude of their contribution.
Each award will be sponsored by one specific company... Sponsors will be announced very soon! There are still 4 sponsorship places left. If you are a business owner & wish to be considered for sponsorship please contact Natalie on : 99019608.

There will be 2 other awards both sponsored by the Daxi Magazine itself:

The Peoples Choice Award/Outstanding Contribution To The Community - Public vote award for charities/non profit organisations only.
Business Of The Year 2014 - Overall winning business 2014

Instructions on how to nominate (or vote in the case of the charity award) will be detailed in the September Daxi Magazine as well as on our website & on various other websites from mid August, ready for nominations categories to open on 1st September .

Tickets will also go on sale on 1st September although companies, groups or organisations can pre-book tables (12 people per table) by calling: 99019608 or e-mailing:

Tickets are €35 & include:

F & B Package, Activities & Entertainment
  • Banquet Dinner
  • Unlimited local beers & wines as well as soft drinks, coffee, tea & water. (Spirits can be purchased separately at the bar)
  • Awards Ceremony
  • Live Entertainment with Chris Andre 
  • Disco with DJ John Lime
The dress code is STRICTLY FORMAL.
Gentlemen: Shirt, tie & Trousers or a suit or tuxedo.
Ladies: Evening or cocktail dresses.

A professional video & photographs from the night will be available for purchase after the event.

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