By Lukman Otunuga, Senior Research Analyst at FXTM A wave of risk aversion is sweeping across financial markets Friday morning after US President Donald Trump announced a new round of tariff hikes on Chinese imports. In an unexpected move that dealt a crippling blow to global sentiment, Trump said he would impose a 10% tariff
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Cyprus’ Tourism Deputy Ministry has agreed with Israel, Egypt, Jordan and Lebanon to promote joint tourist packages mainly aimed at attracting visitors from Asia and North America. The deal to link key sites between the regional neighbours as part of a holiday package seeks to attract more tourists from the United States, Canada, China, Japan
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The Cyprus Space Exploration Organisation (CSEO) and the Canadian Aeronautics and Space Institute have agreed to cooperate in the field of space exploration. This is expected to expand Cyprus` cooperation with Canada in high-tech space technologies and enhance competitiveness in new fields of research, technology and international relations. The CSEO believes the agreement is expected
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New loans issued in H1 2019 were up 11.5% compared to the same period last year, while the thorny issue of non-performing loans is dissipating as toxic mortgages dropped about 30% of all loans, significantly down from the 50%-plus during the financial crisis in 2012. According to Central Bank of Cyprus data, new loans issued
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Ayia Napa has officially inaugurated its first casino in the popular holiday resort which is seen as an additional tourist leisure attraction. C2 Ayia Napa is the third licensed satellite casino to open its doors in Cyprus following Nicosia and Larnaca last year plus the original Limassol temporary casino. Ayia Napa opened its doors on
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Cyprus Attorney General Costas Clerides ordered a police probe into highly controversial comments by Morphou Bishop Neophytos about homosexuals, after the LGBTI Accept movement reported him for hate speech. Cyprus’ Attorney General on Thursday ordered a criminal investigation into statements of the bishop who claimed that “Homosexuality is usually a problem transferred to a fetus,
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Cyprus will set up more refugee reception centres with a capacity of about 1000 persons to tackle a spike in irregular migration, Interior Minister Constantinos Petrides said. Petrides said that infrastructure for refugees at the Kofinou Reception and Accommodation Centre has been greatly improved. The Centre now accommodates 330 people despite the fact that it
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Standard & Poor’s affirmed its `B+/B` long- and short-term issuer credit ratings on Bank of Cyprus noting that the outlook is stable but there are obstacles ahead. The rating agency also affirmed its `BB/B` resolution counterparty long- and short-term ratings on the bank. BoC recently successfully completed several actions to enhance its capitalization, however, the
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By Hussein Sayed, Chief Market Strategist at FXTM The Federal Reserve cut its interest rates by 25 basis points on Wednesday for the first time since the financial crisis in 2008. The US central bank also announced an immediate end to its balance sheet reduction, which was supposed to occur in September. Typically easing monetary
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Cairo will host the next Cyprus-Greece-Egypt heads of state trilateral Summit scheduled to take place in November to forge closer cooperation between the three neighbours especially on energy matters. Government Spokesman Prodromos Prodromou announced the possible date after Cyprus President Nicos Anastasiades met the Egyptian Foreign Minister Sameh Hassan Shoukry in Limassol. Shoukry, accompanied by
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