By Craig Erlam The Bank of England hiked interest rates by another 25 basis points on Thursday, taking the base rate to 4.5% while making significant tweaks to their economic forecasts. The MPC is now of the belief that the economy will avoid recession this year and significantly revised up its GDP forecast, albeit to
More
By Jameel Ahmad, Chief Analyst at CompareBroker.io There were no surprises that the Bank of England increased interest rates once again on Thursday. It was widely expected, and they were raised 25 basis points to 4.5%. UK interest rates now stand at the highest level since late 2008, which was during the early stages of
More
Social partners are reportedly ready to settle a dispute over the Cost of Living Allowance (CoLA), by accepting the mediation proposal tabled by Labour Minister Yiannis Panayiotou. According to news reports, Panayiotou’s proposal on the automatic wage indexation system will be accepted by the majority of unions, while one of the two major organisations representing
More
Cyprus Police have filed the alleged murder case of 31-year-old Angelos Pericleous with the Nicosia Criminal Court, despite not finding the victim’s body or a murder weapon. Premeditated murder charges have been brought against a 25-year-old, who is the main suspect in the case, while his 71-year-old uncle and his 59-year-old mother face charges of
More
Bitcoin, the premier cryptocurrency, had an impressive 72.4% quarter-over-quarter gain in Q1 2023, according to a BitcoinCasinos.com report, compared to the NASDAQ index that jumped 15.7%, while gold had an 8.4% increase. Buoyed by positive inflation data, the US Dollar Index (DXY) remained fairly unchanged. And while all major asset classes ended the quarter with positive returns, crude oil
More
Cyprus President Nikos Christodoulides wants the European Union to establish an executive branch that would be dedicated to maritime and shipping affairs. Speaking to reporters after his address to the Cyprus Shipping Chamber’s annual general meeting in Limassol, Christodoulides said, “I often describe [shipping] as the most silent and yet most productive industry. “Within this
More
China is increasingly expanding its gold reserves and ditching the dollar in moves that could have implications on investments, the CEO and founder of a leading financial advisory and fintech has warned. China’s gold reserves increased by 8.09 tons in April, according to data from the State Administration of Foreign Exchange. Total gold stockpiles reached
More
Demand for housing loans dropped by almost 40% in the first quarter of the year, as Cypriot households are put off by rising interest rates, according to the Central Bank of Cyprus. Last Thursday, the European Central Bank pushed interest rates up by 0.25%, announcing its seventh increase since July 2022 in a bid to
More
By Han Tan, Chief Market Analyst at Exinity Group The incoming US inflation report is set to be a major telltale sign on the Federal Reserve’s next move. Wednesday’s top tier data release warrants the market’s collective focus, even as US debt limit talks as well as regional banking fears continue to simmer in the
More
Car sales in the first four months of 2023 have increased by 23.4% compared to the same period last year, giving hope to importers that the market is reviving following a tough three-year period with the COVID19 pandemic and the war in Ukraine. According to the island’s statistical services Cystat, the total registrations of motor
More
