Cyprus’ Finance Ministry is preparing for the worst as the country’s economy is expected to take a much bigger hit from the coronavirus crisis than the initially anticipated ceiling of 9.7% GDP. In the early stages of the outbreak, Finance Minister Constantinos Petrides said that he expected the country’s GDP to shrink between 5-9.7% depending
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By Lukman Otunuga, Senior Research Analyst at FXTM Caution and unease are set to engulf financial markets ahead of one of the most uncertain earnings seasons for years, as it is expected to offer a bitter appetiser of the painful blow the coronavirus outbreak has dealt to US corporations. Nevertheless, investors remain somewhat hopeful that
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By Michael J. Hadjihannas As we witness the global economy plunging into what could easily become one of the deepest recessions in modern times, there is no accurate economic model to compare with what is currently unfolding. The unprecedented challenges brought upon us by COVID-19 are having a profound effect, equally on our global community
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Cyprus on Monday saw a steep increase in daily new COVID-19 cases as government shifted its focus on testing frontline workers such as medics, supermarket staff and bakeries. Cyprus health authorities reported 29 new confirmed cases – up from 19 the day before – and one more death from coronavirus on Monday. A 79-year-old man
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A downward trend in new coronavirus cases offers a glimmer of hope but it does not justify Cyprus relaxing social distancing measures immediately after the April 30 deadline. In comments to Active Radio, Cyprus Health Ministry advisor virologist Peter Karayiannis said that it is difficult to predict when Cyprus should relax measures. He added that
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Cyprus Finance Minister Constantinos Petrides appealed to political party leaders for unity on Monday in tackling the financial implosion brought on by the coronavirus crisis. All non-essential businesses have been shut down, including bars, clubs, restaurants, retail shops, construction, hotels and gyms. Effective the Cyprus economy is running on fumes while most Cypriots stay home.
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Cyprus has started testing healthcare professionals in a scheme to check 20,000 frontline workers in a bid to contain the coronavirus. A total of 276 COVID-19 tests for coronavirus were conducted on Sunday among health professionals and personnel working at Nicosia and Larnaca General hospitals, spokesperson of the State Health Services Organisation (SHSO), Pambos Harilaou
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Cyprus energy plans have suffered a setback after major player ExxonMobil postponed until September 2021 two Cypriot gas drills scheduled for July due to cutbacks triggered by the coronavirus pandemic. ExxonMobil informed Nicosia in a letter sent to the government that due the spread of coronavirus, it has been forced to postpone two drills planned
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Cyprus will be sending medical supplies and protective gear to hospitals in the occupied north to help Turkish Cypriot authorities in their fight to stem the spread of coronavirus. President Nicos Anastasiades discussed over the phone the situation with Turkish Cypriot leader Mustafa Akinci regarding the outbreak in the two communities. Following the discussion, government
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About 300 Russian nationals who want to return home are stranded in Cyprus amid the novel coronavirus pandemic, the Russian embassy in Nicosia said. It said on April 10, as many as 169 Russians returned home from Cyprus on an Aeroflot flight from Larnaca to St. Petersburg-Moscow. “The embassy spared no effort to organize the
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