With Turkey’s President Recep Tayyip Erdogan close to winning Turkey’s runoff election on Sunday, his ruling AKP appears to be split over his economic policies, leading to a massive inflation hike and national currency freefall. Turkey is heading for a runoff vote on Sunday, as incumbent President Tayyip Erdogan unexpectedly led over his opposition rival
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By Craig Erlam Investors may have underestimated the pace of disinflation this year if economic data this week is anything to go by, with US figures on Friday further enforcing the view that price pressures are stubborn and spending healthy. The headline PCE price index brought the biggest surprise, jumping 0.4% on the month against
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A large-scale mixed-use development project is in the pipeline in Limassol’s Agia Fyla aims to transform the area into an innovation and business hub. Costing €856 mln, the project’s developers envision world-class educational facilities and a leading business park infrastructure. According to reports, behind the ambitious project is Nicosia-based Rofeno Properties Ltd. A detailed environmental
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Former Larnaca Bishop Chrysostomos will be sentenced on June 1 after being found guilty of sexually assaulting a teenage girl in a historic case dating 42 years. The Larnaca District Court, following a hearing for mitigating his sentence, said it would deliver its decision on June 1 after examining the defence’s arguments. The former bishop
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The European Commission recommends that Cyprus speeds up the implementation of its recovery and resilience plan by reducing reliance on fossil fuels and developing electricity interconnections. The country-specific recommendations in the 2023 European Semester Spring Package focuses on what needs to be done for member states to build a robust and future-proof economy that secures
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President Nikos Christodoulides has exchanged views with other EU leaders on ideal European personalities that could contribute to breaking the deadlock of Cyprus talks. In an interview with DW in Berlin on Thursday before meeting with the German Chancellor, President Christodoulides spoke about his proposal for a European role in the Cyprus issue. Asked if it could
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A 44-year-old Greek Cypriot man caught on video physically assaulting and racially abusing a Congolese woman holding her 11-month-old baby last July was sentenced to eight months in prison. Larnaca District Court found the man guilty on four charges, namely assault and causing actual bodily harm to the 29-year-old asylum seeker. He was also found
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Cyprus had the highest rate of new asylum seekers compared to its population in February, but new applications have significantly reduced from last year, according to Eurostat data. In February 2023, Germany (25,335), Spain (12,840), France (10,520), and Italy (9,840) received the highest number of first-time asylum applicants, accounting for over three-quarters (77%) of all
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By Craig Erlam We saw very mixed trade on Thursday, with the Nasdaq making strong gains of more than 1.5%, the Dow and S&P treading water, and Europe mostly in the red. Once more there’s a heavy focus on central banks and whether investors have been too optimistic about when and where the peak in
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Two British legal experts tasked with helping Cypriot authorities investigate corruption allegations involving controversial ‘golden passports’ will focus complaints on high-ranking officials, including former President Nicos Anastasiades. According to local media, the anti-corruption watchdog has decided that complaints against the former President and the current assistant Attorney General take priority in the investigation to be
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