By Roland Jackson The Bank of England on Thursday hiked its main interest rate to its pre-pandemic level to combat runaway inflation that risks soaring far higher as the Ukraine conflict fuels energy costs. The BoE hiked borrowing costs by a quarter-point to 0.75%, its third increase in a row. The decision came one day after the
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Cyprus will be looking to upgrade its role as an alternative energy hub and supplier to the EU, making the most of its untapped natural gas reserves and upcoming electricity interconnectors with Israel, Egypt and Greece. Energy Minister Natasa Pilides said in an interview that the island’s energy projects have regained lost ground in the
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Oil prices soared Thursday on tensions surrounding key producer Russia, as equities diverged with traders also tracking interest rate decisions and China’s pledge to support volatile markets. The price of benchmark oil contract, Brent North Sea crude, jumped more than 5% to back above $100 per barrel after Russia rejected a ruling from the UN’s
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European stock markets climbed at the open Thursday, with investors widely expecting the Bank of England to announce a third straight interest rate rise to combat decades-high UK inflation. London’s benchmark FTSE 100 index climbed 0.5% to 7,330.57 points. In the eurozone, Frankfurt’s DAX index grew 0.4% to 14,500.41 points and the Paris CAC 40
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More than one out of ten adults in Cyprus have not been vaccinated against COVID-19, unfazed by the high number of cases and deaths that reached 900 on the second anniversary of the pandemic. Dr. Christos Petrou, government advisor on vaccinations, said that some 83,000 Cypriots over the age of 18, or around 11% of
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Cyprus reported no coronavirus deaths on Wednesday for the second time this week, as new daily cases remained above the 3,000 mark and rose further to 3,714, pushing the infection rate beyond 4%, with hospitalisations rising to 119, of whom 22 are critical. The Health Ministry said in its Covid bulletin that the March death
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By Danny Kemp and Emmanuel Duparcq Ukraine’s leader on Wednesday issued an emotive appeal to US lawmakers for greater Western intervention against Russia, which insisted its invasion was going “successfully” despite the West rallying to Kyiv’s side via arms and sanctions. In a landmark virtual address to Congress, President Volodymyr Zelensky invoked Pearl Harbor, the
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The Health Ministry’s ‘test to stay’ school testing programme will be extended to include public and private kindergarten and primary education children in Cyprus as of Monday, March 21. The cabinet decided on Wednesday that the measure, already applicable at all other levels of education, would be introduced for children over the age of three,
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By Heather Scott US central bankers on Wednesday are poised to take the first step to raise borrowing costs in a bid to cap rising inflation before it surges out of control. The Federal Reserve will have to walk a tightrope to ensure its efforts don’t derail the recovery from the Covid-19 pandemic as Russia’s
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Independent advisory and fintech deVere Group has launched dV Gems, a non-fungible token (NFT) platform that aims to give investors access to an emerging asset class and streamline digital ownership. An NFT is a digital asset that can be an image, audio clip, or GIF and whose ownership is recorded on a tamper-proof digital ledger
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