By Hussein Sayed, Chief Market Strategist at FXTM World and US stocks continue to trend higher as investors become more optimistic about the pace of the economic recovery from the Covid-19 pandemic and gave little attention to the ongoing US-China confrontation over Hong Kong. Technicals vs. Fundamentals Looking at the S&P 500 index chart,
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Cyprus welfare spending spiked to €513 mln in the first four months as the state launched support programmes to safeguard employment as people stayed home during the coronavirus outbreak. According to data published by the Treasury, welfare spending for the period of January to April reached €513.6 mln a steep increase of 108% compared to
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Leaders in Cyprus financial services, healthcare and consulting have been targeted by government-backed ‘hack-for-hire firms’ exploiting the coronavirus pandemic, according to Google data. Security experts at Alphabet Inc’s Google sent 1,755 warnings in April to users whose accounts were targets of government-backed attackers, following a resurgence in hacking and phishing attempts related to the COVID-19
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Non-performing loans (NPLs) in the Cyprus banking system declined to €8.97 bln in 2019 but the NPL rate was still 27.9% of all loans. According to data released by the Central Bank of Cyprus, NPLs at end-December 2019 marked a reduction of €561 mln compared with end-September 2019 or 5.9%. Furthermore, the coverage ratio rose
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The Cyprus government announced an ‘improved plan B’ with a major input from the European Investment Bank to rescue the economy hurt by the coronavirus pandemic with loans worth €1.7 bln, as well as subsidies of interest rates for business and housing loans, after it failed to pass a smaller loans-guarantee scheme through parliament which
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As a result of the coronavirus pandemic, April and May 2021 have become the most popular months for Britons to book a package holiday and Cyprus is top of their list. That’s according to data gathered by TravelSupermarket, which revealed that the most booked destination is Paphos, followed by the Costa Blanca then Orlando. The rest of
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For the second time since the coronavirus outbreak in March, Cyprus has recorded zero COVID-19 cases as it gears up to welcome foreign tourists. No COVID-19 cases were recorded on Wednesday from a total of 2,640 tests, the Health Ministry announced. Therefore the total number of confirmed COVID-19 cases remains at 939, including 12 in
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Cyprus seeks to woo tourists post-coronavirus lockdown by pledging to cover medical costs of visitors who test positive for COVID-19 while enjoying a holiday on the island. The unusual move is outlined in a letter to tour operators and airlines charting health and safety protocols Cyprus is taking to make its tourism sector safe. The
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The European Bank for Reconstruction and Development, the EU’s indirect investment arm in developing markets, is helping a Turkish Cypriot detergents maker in the north cope with increasing demand, including spiralling demand for sanitisers because of the coronavirus pandemic. When the demand for sanitising products suddenly increased, Dağlı Trading had to triple production of sanitisers
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Greek and Turkish Cypriot experts on COVID-19 will exchange information next week about the epidemiological situation on both sides of Cyprus’ divide that will allow crossings to reopen. Ideas will be discussed during a teleconference of the bicommunal Technical Committee on Health on Monday, 1 June. Cyprus President Nicos Anastasiades and Turkish Cypriot leader Mustafa
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