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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Growth in 2016 is expected to strengthen, as real GDP is forecasted to expand by 2.4%, according to the April economic outlook issued by the Economics Research Centre of the University of Cyprus. The y-o-y percentage change of GDP is projected at 2.2% and 2.1% for the first and second quarter of 2016, respectively,
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By Lukman Otunuga, Research Analyst, FXTM An undeniable feeling of disappointed engulfed the global markets during trading on Monday following the unsuccessful Doha meeting on Sunday which erased any remaining credibility OPEC had to offer. Despite Iran’s absence in the meeting, expectations were high for a freeze deal to be struck, but the visible dispute
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Cobalt, the new flag carrier of Cyprus, will start commercial flights on June 1 on board its first Airbus A320 that arrived this week, with the schedule increasing to 14 destinations by July and has set its sights on flights from at least two Chinese destinations by next year. The airline’s chairman Gregoris Diacos said
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