During a summit in Brussels, the EU and the US agreed that differences in the Eastern Mediterranean should be settled through dialogue in good faith and acceptance of international law. This is in response to Turkey’s tension-raising activities in the region where it has illegally entered Greek and Cyprus waters to search for oil and
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The highly promising Indian market is now within reach of Cypriot-regulated funds and regulated fund managers, signalling further growth for the sector. This week, India’s Ministry of Finance issued an order specifying the Republic of Cyprus is now classified as a “Category I” country for the purposes of SEBI (Foreign Portfolio Investors) Regulations. According to
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The pandemic and lockdown measures across Europe have left Cypriot holidaymakers with few choices for their summer getaways, but the Greek islands are proving popular. Travel agents are recording a sharp increase in bookings made by Cypriots for the Greek Islands for the busy months of July and August. In comments to the website Stockwatch,
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Cyprus reported no deaths attributed to COVID-19 on Tuesday with a small increase in hospitalisations and new infections rising from 57 to 64, as the country banned all arrivals from India. Cyprus has decided to ban entry to people arriving from India in a bid to keep the more contagious Delta variant of the coronavirus
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Transport Minister Yiannis Karousos on Tuesday relaunched inter-city bus routes connecting Cyprus towns with its two airports in Larnaca and Paphos, as COVID-affected air passenger traffic improves. Kapnos Airport Shuttle Ltd relaunched its services after going offline last November as COVID restrictions blighted air travel. At the relaunch, Karousos said: “The pandemic has taken a
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Cyprus’ recovery and resilience plan to make the economy socially and environmentally sustainable will increase GDP growth by 7% over the five-year implementation, said Finance Ministry official George Pantelis. At the online discussion “Europe Recovery Plan, an Economy at the Service of the People”, organised by Oxygono and Europe Direct Larnaca, Pantelis said reforms and
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DBRS Morningstar rating agency reports that Cypriot banks substantially accelerated the reduction of their legacy NPEs in 2020, dropping by 10 percentage points. It noted that NPEs not provisioned for reached their minimum for several years. DBRS Morningstar expects the sales of bad loans to non-bank institutions to be the main driver of NPE reduction.
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According to a diplomatic source, UN special envoy Jane Holl Lute will visit Cyprus on June 21 to hold contacts with the two Cypriot leaders to gauge whether a new summit to resume talks will succeed. Diplomats said the UN is “not very optimistic” of the possibility of convening a new informal 5 + 1
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President Nicos Anastasiades’ efforts to deliver a Cabinet reshuffle to create a government of wider appeal have hit a brick wall as opposition parties are unwilling to offer support. Anastasiades launched a campaign to bring opposition parties into government in the wake of public anger over corruption scandals and the need to execute reforms to
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By Lukman Otunuga, Senior Research Analyst at FXTM Asian shares were a mixed bag Tuesday morning even after Wall Street closed at record highs overnight. Caution will most likely remain a key theme as investors wait for this week’s FOMC meeting for clues on future monetary policy. Although the US Fed is widely expected to
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