Cyprus Foreign Minister Nikos Christodoulides has asked for practical help from the US to ensure that Turkey terminates its illegal energy exploration activities in the Eastern Mediterranean. Nicosia requesting decisive action came during Thursday’s meeting Christodoulides and US Assistant Secretary of State for Energy Resources, Francis Fannon. The US official departed for Turkey where he
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The eurozone’s bailout fund agreed on Thursday to Cyprus repaying €6.3 bln of costly crisis loans from the International Monetary Fund, so it can replace them with cheaper loans from the market. Under the European Stability Mechanism (ESM) deal, Cyprus can pay back the 2013 bailout loans it drew from the IMF during the sovereign
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Turkish Cypriot leader Mustafa Akinci argues that failure to reach a Cyprus solution based on the principles of a bizonal and bicommunal federation will see partition on the island take on a permanent form as differences widen. “We need to hurry up. After all these years we have come to a crossroads, a decisive moment,”
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By Hussein Sayed, Chief Market Strategist at FXTM The panic seems to be over. US stocks are back to record highs, Treasury yields have risen, Gold has sold off and equities across Asian and European markets are recovering from last week’s sell-off. Interestingly though, no vaccine for the coronavirus which triggered the sell-off has been
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Cyprus has one of the lowest rates in the EU for people employed to work from home with only 1.2% usually doing so In 2018, 5.2% of employed persons aged 15 to 64 in the EU usually worked from home, Cyprus is well below this average. This share has remained constant at around 5% throughout
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The number of registered Cyprus unemployed in January fell to a new 10-year low, according to seasonally adjusted data, mainly due to the decline in public administration jobless figures. Unemployed people, registered at the District Labour Offices on 31 January 2020, reached 26,214. This is the lowest number of registered unemployed for that month, since
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Cyprus Central Bank Governor Constantinos Herodotou called on Cypriot banks to bolster their efforts to further reduce non-performing loans (NPLs) while the current economic environment remains favourable. Addressing a conference on “Indebtedness and NPLs”, Herodotou said Cypriot banks may have reduced their NPLs by €19 bln since their peak in December 2014 but “there is
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By Ivanka Pittelkau Coronavirus fears hit the markets hards causing sharp declines in equity markets, plunging stock prices and even affecting the Fed. On the other hand, investors have been flocking towards safe-haven assets such as Gold causing them to shine. Memories of the SARS outbreak of 2003 have been haunting Asia since January 20,
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In a show of strength French aircraft carrier, ‘Charles de Gaulle’ sailed through block 8 of Cyprus’ exclusive economic zone (EEZ) close to where the Turkish drillship Yavuz is illegally operating. The Cyprus News Agency said the French aircraft carrier, escorted by six accompanying vessels, continued its course due west of EEZ block 8, off
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New mortgage lending in Greece, Ireland, Austria, and Spain is offered at a higher rate than the average rate for outstanding mortgages, while for Cyprus, Belgium and Finland, the difference between new and outstanding mortgage rates is very low, according to the European Central Bank. However, for countries such as the Netherlands, outstanding mortgages have
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