The prospects of terminating Cyprus’ energy isolation through the creation of an energy union, together with its potential impact on enhancing energy security and contributing to lower energy costs for consumers were discussed during a seminar at the EU House in Nicosia. Already, three projects, a subsea cable and two natural gas projects, have neen
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The risks faced by developers of new electricity interconnectors in Europe, generally the national Transmission System Operators (TSOs), vary according to the specific features of the projects but are, in general, well mitigated by factors including the regulatory cost recovery mechanism, according to Moody’s. "Many of the European TSOs will be involved in developing additional
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The government has lowered the value added tax (VAT) for repair and reconstruction work on residential units from the universal 19% to 5%, valid for all homes, including non-primary. The Cabinet decided on Tuesday to issue a decree with immediate effect for the change, that was quickly praised by the employers’ federation (OEV), saying that
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By Lukman Otunuga, Research Analyst, FXTM Dollar bulls received some stability following Tuesday’s firm US Q3 GDP announcement of 2.1% which intensified the growing expectations of a US interest rate increase in December. Data from the States has pointed towards a recovery in the month of November, and with previous concerns regarding the potential slowdown
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By Lukman Otunuga, Research Analyst, FXTM The strengthening divergence in both monetary policy between the United States and Europe has encouraged sellers to continually harass the EURUSD, sending prices to fresh 7-month lows of 1.0592. Whilst Mario Draghi’s repetitive dovish rhetoric towards the Eurozone economy has consistently devalued the Euro, the intensifying expectations around the
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John Hourican has agreed to stay on as CEO of the Bank of Cyprus, the island’s biggest lender that under his watch concluded a major restructuring plan and boosted fundamentals. Board Chairman Josef Ackermann told a shareholders’ meeting that Hourican, who had submitted his resignation earlier this year and was about to step down in
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Bank of Cyprus announced profits of €73 mln for the first nine months of the year, marginally down from the same three quarters last year, hampered by the loss-making Russian subsidiary Uniastrum that was only disposed of in September. But improving fundamental suggest that the bank will not need any further capital increase, much to
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By Lukman Otunuga, Research Analyst, FXTM The resumption in optimism that the Federal Reserve might finally begin raising US interest rates in December has encouraged devoted bullish investors to reinvest in the Dollar. Sentiment remains bullish towards the US economy and with the acquired clarity from the mildly hawkish FOMC minutes concerning the potential rate
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The Ministry of Energy, Commerce, Industry and Tourism announced that it has received a request from Noble Energy International for a farm-out agreement with BG International, for a portion of its interest in Block 12 offshore Cyprus. According to the agreement, BG International will be acquiring a 35% interest in Block 12, which includes the
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Moody’s Investors Service has maintained its stable outlook on the Saudi Arabian banking system, reflecting the rating agency’s expectation that in the context of persistently low oil prices, banks’ profitability and capital buffers will remain resilient and underpin their solid credit profiles. “Countercyclical government spending will continue to support the non-oil sectors, to which most
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