Cyprus has one of the highest net oil import dependency rates in Europe at 101%, although Estonia tops the EU list at 115%. Other countries with a higher dependency rate than Cyprus were; Malta (104%), Slovenia (103%) and Bulgaria (102%). In 2017 the EU relied on net imports for 87% of its oil consumption. This
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By Han Tan, Market Analyst at FXTM Asian equities are mixed, as markets await the next event that will sway risk sentiment. The Dollar is stronger against all its G10 peers, while Asian currencies are experiencing contrasting fortunes against the Greenback. The relative lull in the markets now belies investors’ anxiousness who are fretting over
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. A PUZZLING news story popped into my social media feed last week. It announced that the New Zealand government had introduced rules for the payment of salaries in cryptocurrencies and that this had been widely welcomed. Why on earth, I wondered, would anyone want to be paid in a highly volatile asset that regularly
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A multi-billion-dollar revised development and production plan for exploiting the Aphrodite gas field within six years is expected to be received by the government within days, said Energy Minister Giorgos Lakkotrypis. According to the timeframes given by the consortium, the gas field is expected to produce natural gas by 2025. Cyprus expects to earn $9.3
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Cyprus expects to start importing natural gas for power production in late 2021 if its complex tender procedure goes according to plan. The Cyprus Natural Gas Public Company (DEFA), announced last week that a Chinese-led consortium is the preferred bidder for the construction of a €300 mln LNG import terminal and related infrastructure. DEFA Chairman
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The island’s biggest lender Bank of Cyprus has posted after tax profits of €2 mln in Q2 2019 and €97 mln for the first six months to June as it forges ahead with reducing bad debt and a new CEO. The Bank said the non-performing exposure (NPE) ratio was reduced to 33%, while coverage increased
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A British teenager on Tuesday pleaded not guilty to causing public mischief for falsely accusing 12 Israeli tourists of gang rape in the Cyprus resort town of Ayia Napa. The court adjourned the trial hearing for October 2 and the 19-year-old Briton was released on 5,000-euro bail plus 15,000-euro bond on condition she surrenders her
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By Han Tan, Market Analyst at FXTM Asian stocks followed their US counterparts higher, as markets gave a measured response to US President Donald Trump’s latest comment about US-China trade talks restarting. The Dollar index was testing the 98 psychological level early Tuesday, with G10 and Asian currencies offering a mixed bag of results against
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UN special envoy Jane Holl Lute will arrive on the island at the weekend to hold talks with Cypriot leaders in a bid to open the door for dormant Cyprus talks to restart. CNA reported that Lute will first hold a meeting with Cypriot President Nicos Anastasiades on Sunday morning at the Presidential Palace. Lute
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Economic sentiment in August improved significantly, after consecutive months of negative territory, buoyed by stronger business confidence in services, retail trade and construction, according to the University of Cyprus benchmark index. The monthly Economic Sentiment Indicator (ESI-CypERC), calculated by the university’s Economics Research Centre increased by 3.6 points to 111.4 in August, compared with the
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