Hellenic Bank announced that it had a “marginally profitable” first half of 2016, realising a profit of €1.1 mln, approving €152 mln in new and with further restructurings of €334 mln. “Overall, the bank is on the right track, given the challenging economic environment both in Cyprus and internationally,” it said in an announcement.
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Former Central Bank Governor Athanasios Orphanides is back in town, giving testimony in parliament over the banking crisis, saying that the Christofias administration could have averted the haircut on deposits and that important facts were withheld from the successor government. Orphanides drew the ire of the opposition AKEL party that grilled the former centralbanker
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Economic sentiment in Cyprus improved in August as the Economic Sentiment Indicator (ESI) of the University of Cyprus Economics Research Centre increased by 5.1 points to 115 points compared to July’s 109.9, as a result of the pickup of business confidence in services, retail trade and industry. But construction remained in the doldrums, while consumer
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Industrial production was up in June, as well as in the first half of the year, according to the Statistical Service Cystat. The Index of Industrial Production for June reached 89.3 units, a year-on-year increase of 11.3% from June 2015. For the January–June period, the index increased 9.9% compared to the same period last year.
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. As municipal elections loom and with almost all political parties losing ground in the parliamentary polls in May, it is no wonder that opposition AKEL has deployed its counter measures to fend off criticism of its handling of the economy and the Cyprob talks under President Christofias. But the revelations made by former
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. Antonis Loizou – Antonis Loizou & Associates Ltd – Real Estate & Project Managers Since 2000, the Cyprus Land Registry Dept. publishes monthly property sales by district, separating sales into local and foreign (based on title deeds). This information is very useful and is a market instrument, showing trends and fluctuations in demand.
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By Lukman Otunuga, Research Analyst, FXTM WTI Crude was vulnerable to losses on Monday with prices challenging $47 as Iraq’s ongoing quest to reclaim market share dampened expectations for September’s informal OPEC meeting concluding with a freeze deal. Oil’s weakness was complimented with the Dollar’s resurgence from the renewed hopes over the Federal Reserve raising
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. Watching the Olympic Games these past two weeks and judging from the performance of a number of foreign athletes, it is clear that although Cyprus may have sportsmen and women with the potential to win medals, the island lacks in facilities, support and identifying talent in general. The blind approach to support anything
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* Stages 1 and 2 to cost EUR 3.5 bln, fully funded by EuroAsia Interconnector * The biggest investment in Cyprus is finally taking shape as the final and comprehensive investment dossier has been submitted in Nicosia for the first electricity interconnection license that will provide a secure and stable supply of energy between Israel,
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By Lukman Otunuga, Research Analyst at FXTM Dollar bulls and bears were both restrained this week with prices stuck in a tight range as investor anxiety mounts ahead of Friday’s heavily anticipated Jackson Hole meeting of central bankers. This event has seized centre stage with markets most likely searching for key hints on US rate
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