The rate of growth of the Cyprus shipping sector, due mainly to the attractive tonnage tax regime, is very encouraging, Transport Minister Marios Demetriades told the island’s vibrant community of ship owners, ship managers and maritime service providers. Addressing the annual general meeting of the Cyprus Shipping Chamber, an umbrella organisation that incorporates
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. By Costis Stambolis In a recent op-ed article in the Financial Times, Greek Prime Minister Alexis Tsipras painted a deceptively rosy picture of the country’s economic prospects and his government’s ground-breaking achievements. A person reading the article and unfamiliar with the country’s travails – especially over the last 14 months when the far left
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By Lukman Otunuga, Research Analyst, FXTM The Euro/Dollar swung erratically on Thursday following Mario’s Draghi’s dovish remarks on Eurozone growth that left investors pondering the likelihood of further central bank interventions in the future. Although the European economy is engrossed in a losing battle against falling inflation and economic growth displaying tepid signs of recovery,
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A study is underway to prepare a new long-term national strategy for tourism, President Nicos Anastasiades said on Tuesday, noting that the number of tourists in the first quarter of 2016 increased by 32% compared to the corresponding period last year. Addressing the general assembly of the Association of Cyprus Tourist Enterprises (ACTE), the
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The Bank of Cyprus has reduced the Emergency Liquidity Assistance (ELA) it inherited from now-bankrupt Laiki by a further 100 mln euros in March to EUR 3.3 bln. According to Central Bank of Cyprus data, the Bank of Cyprus ELA dropped to EUR 3.3 bln from 3.4 bln in February and 3.5 bln in
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By Lukman Otunuga, Research Analyst, FXTM Stock markets were offered a welcome boost on Tuesday following the sharp appreciation in oil prices that temporarily elevated confidence towards the global economy, consequently heightening investor risk appetite. In Europe, stocks displayed resilience ahead of the looming ECB press conference despite expectations fading over the central bank
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After last month’s hilarious hijack of an Egyptair flight that was diverted from Alexandria to Larnaca, the biggest airplane in the world, the Airbus A380 operated by Emirates, also made an unexpected visit in Cyprus twice in a row. Monday’s flight from Dubai to Manchester made an emergency landing after a passenger suffered a
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The old Larnaca airport, that was supposed to be undertaken by Chinese investors who backed out of the plan several years ago, now has three new foreign bidders who will decide how best to utilise the grounds. Transport Minister Marios Demetriades said that government favours the opening of a small hotel, shops and exhibition
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. Two weeks ago, Transport Minister Marios Demetriades spoke about the need for the Cyprus flag and the island’s shipping sector to “evolve” and recover its past glory as a maritime leader. Since then, we have had two press conferences by President Anastasiades to defend his policies since taking office in the dreadful days of
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. By Oren Laurent President, Banc De Binary Crude oil has been plagued by extreme levels of volatility this year. Crude oil prices have endured a roller coaster ride since 2015, reaching a nadir in Q1 2016. Such was the precarious predicament of the world’s most highly watched commodity that oil ministers from OPEC and
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