Non-performing loans (NPLs) rose for a second consecutive month in May amounting to €8.05 bln with non-performing exposures (NPEs) dropping by €11 mln to €10.13 bln, or some 30.8% of total loans. NPLs, loans in arrears over 90 days. rose in May to €8.05 bln from €7.98 bln the previous month, marking the second consecutive
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By Han Tan, Market Analyst at FXTM Most Asian stocks are following their US counterparts higher, after strong earnings reports out of US banks gave equities another reason to climb higher, after the risk-on momentum from the US-China trade truce faded. Gains in riskier assets are coming at the expense of safe havens, with Gold
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Discovery of basic forms of life under the surface of Mars would have a similar impact of discovering the first planet around another star other than our Sun, a leading scientist said. Dr Dimitris Stamatellos, associate professor of Astrophysics at the University of Central Lancashire (UK), told the Cyprus News Agency that this would revolutionize
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A third of the state 2020 budget is to be spent on civil servants pay, with salary spending for the year projected to increase by 4.1% on 2019. The increase to €2.87 bln is due to the Cost of Living Allowance (CoLA) payments and additions, as well as recruitment. Following Cyprus’ exit from the bailout
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Cyprus President Nicos Anastasiades expects EU leaders to endorse sanctions against Turkey at a Brussels summit, as a response to its illegal energy drills and offensive in Syria. Anastasiades expressed “full satisfaction” with the decisions taken by the Council of EU Foreign Ministers on Monday. “I expect the heads of states at the European Council
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The International Monetary Fund downgraded its projections for the Cyprus economy as part of the slowdown of the global economy due to subdued trade and softer industrial production. In its World Economic Outlook (WEO), the IMF said Cypriot GDP will expand by 3.1% compared with 3.5% of GDP in its April edition, while in 2020
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Cyprus Airways has announced the launch of a new service from Paphos airport to the Greek capital Athens starting from December 21. The Cypriot carrier will operate three flights per week with its two Airbus A319 of 144 Economy seats. “As the only Cypriot carrier, we feel that it is our duty to respond to
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Cyprus and Lebanon on Tuesday agreed to work closer together to stem the influx of irregular migrants arriving on the island by boat following a recent upsurge of asylum seekers. During his visit to Nicosia, Lebanese National Defence Minister Elias Bou Saab said he discussed with Cypriot counterpart Savvas Angelides the refugee crisis which affects
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Only Italy has made more progress than Cyprus on the Gender Equality Index 2019 but the country still only ranks 20 in the EU28. With 56.3 out of 100 points, Cyprus ranks 20th with a score that is 11.1 points lower than the EU’s score. Between 2005 and 2017, Cyprus’ score increased by 10.4 points
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Although the immediate cost of a Supreme Court decision in favour of civil servants who sued the government over salary cuts, is manageable, such a ruling poses a threat to the state’s long-term fiscal stability. The Supreme Court is to rule over whether an Administrative Court ruling which found that pay cuts imposed on Cyprus
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