US energy giant ExxonMobil and Qatar Petroleum have detected the largest exploitable natural gas reserves found offshore Cyprus in one of the biggest finds globally in last two years, Cypriot authorities said Thursday. It is only the island’s second confirmed commercially viable gas find since 2011 but much bigger, it is also one of the
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By Lukman Otunugam Research Analyst at FXTM A negative vibe swept across financial markets Thursday morning after the US-North Korea summit ended abruptly and with no agreement reached. With US President Donald Trump stating that the US is unwilling to lift sanctions and North Korea “unprepared” to meet his demands, the chances of a breakthrough
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Officials from the European Union, Cyprus energy agencies and the EuroAsia Interconnector have called on Greece to “resume discussions to implement the [Israel-Cyprus-Greece electricity cable] project under the PCI TEN-E Regulation and following the Roadmap of the European Commission”. After a meeting held in Nicosia, the European Commission, the Cyprus authorities and the official Project
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While members of the UN Security Council welcomed the leaders meeting of 26 February it encouraged them toward speedy agreement on the core issues, stressing that the status quo is unsustainable. A statement issued, said the UNSC welcomed the progress made by the two leaders on confidence- building measures, particularly their decisions on mobile phone
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Despite recent economic improvements, Cyprus’ vulnerabilities, due to long-lasting stock-imbalances, continue to be significant, says the European Commission. A report by the Commission to the Council said, "stock imbalances remain high, mainly in terms of non-performing loans, private, public and external debt". It said government, private and external debt ratios are still high. “The large,
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MTN Cyprus and Chinese telecoms giant Huawei have agreed on a strategic cooperation on the development of a 5G network in Cyprus, initially through a joint research programme and then using a commercial set of services. According to the Memorandum of Cooperation (MoC), signed during the Mobile World Congress 2019 in Barcelona, a task force
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. In 1973 the Norwegian Government and the local Parliament, denoting that oil resources should be used to build a better society on a long-term basis, agreed and recorded the "10 Commandments for Hydrocarbons" in a White Paper which are as follows: • First commandment: Continuous monitoring and control of all relevant processes for
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Total deposits in the Cyprus banking system amounted to €47.53 bln in January marking a net reduction of €342.7 mln compared to December, data released by the Central Bank of Cyprus (CBC) showed. In December 2018 deposits had risen by €392.7 mln to 47.86 bln before falling 0.69% in January. The annual growth rate reached
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Cyprus President Nicos Anastasiades travels to London on Sunday to take part in a special event dedicated to Cyprus at Buckingham Palace. As a guest of the Royal Family, he will have meetings with Queen Elizabeth, Prince Charles, in his capacity as future head of the Commonwealth, and Duke of Cambridge William, as well as
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When it comes to e-commerce Cyprus business is lagging behind most of Europe with web sales below the EU average at only 3% turnover putting it among the bottom four. In 2017, one out of every five EU enterprises made sales using computer networks such as the Internet or other forms of electronic data exchange.
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