By Hussein Sayed, Chief Market Strategist at FXTM After cutting interest rates for a third time on Wednesday, the Federal Reserve Chairman Jerome Powell said he believes “monetary policy is in a good place”. The initial reaction to the policy statement was negative for stocks and provided some support to the US Dollar. That’s because
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Parliament is set to pass an amendment to the rent control law next month that would make it easier for landlords to evict tenants who fall into arrears or deliberately don’t pay. Landlords will no longer be obliged to provide evidence that tenants are inconsistent towards their rent obligations, which made eviction of occupants, a
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Cyprus’ ESTIA scheme subsidising borrowers with toxic mortgages is failing to generate the expected interest with less than 3% of loan defaulters applying for government help. ESTIA was launched in September in an attempt to reduce Cyprus’ bad debt mountain. Analysts attribute the failure of the government plan to a large number of strategic borrowers
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For Zahar Talin’s family from Syria, Cyprus means hope. On a boat from Lebanon with her husband and young daughter, they were lost at sea for three days before rescued by an American vessel and picked up by Cypriot marine police. “We did not care where we would go, as long as it was land”,
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A team from the Turkish civil aviation experts are due in the north of Cyprus to investigate the crash of a light aircraft which cost the lives of the two pilots onboard during a training flight Tuesday. The two men were killed when their small plane crashed near the airfield at the village of Lefkoniko
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By Tatiana der Parthogh Nicosia’s A. G. Leventis Gallery hosts a temporary exhibition ‘Metamorphosis’ of major Greek artist Pericles Pantazis’ life in Belgium in the latter half of the 19th century, together with works by other important Belgian artists of the time. Myrto Hatzaki, Curator of the Paris Collection of the A. G. Leventis
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As borrowing has become cheaper, Finance Minister Harris Georgiades said a process has been launched for the early and full repayment of an IMF loan after settling a €2.5 bln loan from Russia before time. “After repaying the outstanding Russian loan, we have planned and initiated the formal process for an early and full repayment
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Hellenic Bank has signed a share-purchase agreement with MetLife Services Cyprus for the acquisition of its 27.5% participation in the share capital of Hellenic Alico Life Insurance giving it a 100% control. According to a statement, the transaction is subject to regulatory approvals and is expected to be completed in the first quarter of 2020.
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By Han Tan, Market Analyst at FXTM Asian stocks were mixed early Wednesday after US stocks came off record highs, as investors await the Federal Reserve’s latest policy decision and forward guidance. Safe-haven assets have also mostly been trading sideways, with Gold not straying too far from the $1500 psychological level, while the Japanese Yen
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The European Union is a strong believer and supporter of the Eastern Mediterranean’s energy prospects, a senior official told a conference in Nicosia. Anne-Charlotte Bournoville, head of the International Relations and Enlargement Unit of the EU Commission’s DG Energy described natural gas discoveries in the region as “a game-changer” for Cyprus, Israel and Egypt. “The
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