Debt restructuring declined to €545 mln in the first six months, with loan renegotiations slowing following a record year due to the pandemic as non-performing loans declined to their lowest point since the 2013 financial crisis. According to data published by the Central Bank of Cyprus, debt restructuring from January – June dropped by 59%
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The EU’s energy model must change to focus on renewable energy, expanding green energy infrastructure, and improving interconnections said European Parliament President Roberta Metsola. She told the newspaper Phileleftheros: “We definitely need to untie ourselves from Russian energy, but it will take time because Russia has gone from being one of our main energy suppliers
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After seeing maximum temperatures consistently hitting 40 degrees Celsius for two weeks, Cyprus has been given a respite from a heatwave gripping the island since 24 July. From Monday, maximum temperatures will drop below the average 39°C for the season as a low-pressure system surrounds the island. Temperatures are expected to drop to around 35°C
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By Craig Erlam A relatively slow start to the week as investors continue to digest Friday’s jobs report and what it means for financial markets, just as some optimism was returning. The report itself was strong almost across the board, with participation being the only outlier, but Federal Reserve officials were not so enthused which
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All three people who tested positive for monkeypox are responding well to their treatment, said the Health Ministry on Monday, after the first vaccinations against the virus were carried out. According to Health Ministry spokesperson Konstantinos Athanasiou, two more monkeypox cases identified are being treated in isolation, while three people have been vaccinated against monkeypox.
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A late medal surge at the Commonwealth Games in Birmingham saw Cyprus win 11 gongs, including two golds, to place them 17 in the table. The Games wrap up in Birmingham on Monday, with Cyprus in a credible position after the team’s gymnasts took nine of its 11 medals during the competition. Over the weekend,
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By 2030, a total of 125 billion devices could be connected to the internet, up from 27 bln in 2017, while 90% of people over six are expected to be online, according to the European Parliament. Cyberattacks are getting more complex and costly. The European Commission estimated the annual cost of cybercrime to the global
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While Cyprus is expected to pay more than €100 mln in fines for emissions released by its power plants, the Electricity Authority of Cyprus has come under scrutiny over failing filter systems costing millions. The environmental department has requested measurements be carried out by an accredited laboratory abroad, indicating that pollutants released into the atmosphere
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Despite claims that annexation of the Turkish-occupied north is not on its agenda, Ankara is stepping up its influence and control over the Turkish Cypriots economically and politically. In comments to the Financial Mirror, Professor in Middle Eastern Studies Dr Nikos Moudouros said that Turkey is currently intensifying its efforts to broaden its control over
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With the steep increase in the cost of electricity and with the uncertainty that exists, both for our “own” natural gas and that from Russia (with a hefty price), it is evident the use of renewable energy is a must with the cost difference widening between the EAC charge and solar energy. Government requirement for
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