Cyprus banks are feeling the heat from political parties and the government to absorb part of the increased cost of borrowing created by interest rate hikes burdening the economy and households. According to reports, Finance Minister Makis Keravnos has renewed calls to the island’s banking institutions to shoulder part of the cost of borrowing, while
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New major investment plans in Cyprus are underway by the largest hospitality organisation in Israel and one of the fastest-growing hotel groups – with 270 hotels in 117 destinations. It is now further expanding its portfolio in Cyprus. The company owns nine hotel units in Paphos, Larnaca, Protaras and Limassol. The latest investment has been
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There was calm in the Pyla buffer zone on Monday, with UNFICYP saying the force is monitoring the situation and will take action to stop any unauthorised resumption of construction. Speaking to CNA, UNFICYP Spokesperson Aleem Siddique said it has been quiet with “no change” since Sunday. “There is no construction equipment or personnel inside
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By Edward Moya US stocks ended the week lower lower as Wall Street gets anxious over what the Jackson Hole Symposium on August 24-26 might do to soft landing hopes. Just look at tech stocks and you can see some traders are throwing in the towel and taking advantage of some of these short-term rates.
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There is stability in the number of new COVID-19 cases in Cyprus, averaging around 1,000 per week, a Ministry of Health official said. In statements to CNA, Elisabeth Constantinou, Director of Medical Services at the Health Ministry, said: “Stability is reflected in the number of new coronavirus cases”. According to official data, an average of
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Britain, France and the US issued a joint statement expressing serious concern over violence aimed at British and Slovak UN peacekeepers from Turkish Cypriot forces in Pyla. The British High Commission, the French and US Embassy expressed serious concern at the launch of “unauthorised construction of a road leading from the north into the UN-delineated
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The Finance Ministry fended off accusations fired by the opposition that government policy has taken its toll on the economy. “The Cypriot economy continues its upward trend, and unlike other European countries which are entering a recession, Cyprus recorded during the first half of the year the second highest GDP growth rate in the Eurozone,
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Former Commerce Minister Stelios Kiliaris has died, aged 72, after a battle with cancer. Born in Nicosia in 1951, Kiliaris had a lasting influence on the island’s political and financial life. Apart from serving as Commerce Minister under the late President Glafcos Clerides from 1993-1995, Kiliaris was on the Central Bank of Cyprus board of
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The United Nations has condemned the attack on its peacekeepers on divided Cyprus Friday, saying personnel were assaulted by Turkish Cypriots when blocking a controversial road project. Peacekeeping Force in Cyprus (UNFICYP) patrols the buffer zone between the Turkish-occupied north of the island and the Cyprus Republic. Peacekeepers are blocking the construction of a road
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By Edward Moya Now that we heard from Walmart, it is clear that the US consumer is still willing to spend. Expectations for robust consumer spending in Q3 have been confirmed and that should keep growth estimates trending higher. With COVID-19 savings still expected to be used over the next couple of months and a
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