By Craig Erlam We’re seeing plenty of different approaches from central banks as they wrap up their tightening cycles, with the Bank of England on Thursday surprising with a hold, while not adopting a particularly hawkish tone alongside it. More important than the tone is just how close the vote was, with five policymakers –
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Old Nicosia is in for a makeover, as the Interior Ministry plans to revitalise the area, including grants to boost business activity, student accommodation, town planning incentives and housing arrangements. Interior Minister Constantinos Ioannou said €30 mln is earmarked to revitalise the old town, strengthening its socio-economical structure. “The multicultural character of Nicosia requires the
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Projected GDP growth of the Cyprus economy has been revised downward to 2.6% from an initial 2.8%, while next year’s momentum is expected to pick up, said Finance Minister Makis Keravnos. The Finance Ministry’s macroeconomic projections have been revised slightly downwards to 2.6% GDP growth, whereas in 2024, growth is predicted to accelerate at around
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By Han Tan, Chief Market Analyst at Exinity Group Risk sentiment was forced to turn lower as the Federal Reserve delivered its higher-for-longer messaging to markets, projecting fewer-than-anticipated rate cuts for 2024. With potentially one more rate hike to come this year, the US dollar moved back closer to its year-to-date high while global equities
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From a necessity in every Cypriot kitchen, olive oil is becoming a luxury item as its price has doubled since last year, and farmers’ associations expect to see it reach €10 per litre by the end of the year. In comments to the Cyprus News Agency, the head of a farmers’ union, Panagrotikos, Kyriacos Kailas,
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The banking sector has enhanced its strength and resilience through 2023, despite the turmoil of recent economic and geopolitical events, Cyprus Central Bank governor Constantinos Herodotou said. In his speech on Wednesday at the TechIsland Summit in Limassol, the governor said the banking sector has maintained a high liquidity level, with its Liquidity Coverage Ratio standing at 318%
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Nicosia and Chevron International reaffirmed that developing the Aphrodite offshore natural gas field in Cyprus’ Exclusive Economic Zone (EEZ) is of “strategic importance”. The issue was discussed during a meeting that President Nikos Christodoulides had in New York with Chevron’s President Clay Neff and other officials of the US oil company. Chevron underlined that commercial development of
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By Craig Erlam Everyone at the Bank of England undoubtedly breathed a collective sigh of relief on Wednesday, joining the rest of us, as inflation subsided much more than expected in August. Not only did the headline CPI rate not rise last month, as was expected, it actually fell slightly, with the core rate falling
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President Nikos Christodoulides invited Turkish President Recep Tayyip Erdogan to work together, guided by a vision of peace, to build a brighter future for Cyprus. Addressing Wednesday’s 78th session of the UN General Assembly in New York, Christodoulides stressed that “working towards peace in Cyprus is my absolute priority, and he wanted to send a
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Cyprus’ governing football body said Wednesday it had averted an indefinite strike by top-tier referees over concerns about their personal safety following the alleged firebombing of a car belonging to a ref’s mother. The Cyprus FA said two days of talks and much “serious contemplation” resulted in referees’ agreeing to get back to work right
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