In October 2022, economic sentiment in Cyprus improved as confidence was driven by the services sector and retail trade gains. The Economic Research Centre of the University of Cyprus’ Economic Sentiment Indicator (ESI-CypERC) increased by 0.4 points compared with September. The index went from September’s 101.2 to 101.6, but below the October 2021 level of
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Short video-sharing platform TikTok now ranks among the social media apps generating the highest revenue, building on its recent global success. Data suggests that TikTok’s revenue also highlights the app’s position as a critical competitor to established social media companies. In particular, a Finbold survey indicates that in September 2022, TikTok generated $2.5 mln daily
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The number of beds available in tourist establishments across the EU decreased slightly in 2021 compared to 2019 but remained stable in Cyprus. Last year, the EU had an estimated 28.1 million beds available across 597,000 tourist establishments. The number of beds places in Cyprus (90,854) was stable compared to 2020 (90,900) and very slightly
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Lebanon is moving to settle its maritime borders with Cyprus and Syria, capitalising on the momentum from its deal to delineate its sea border with Israel. If Lebanon can successfully negotiate with Syria and Cyprus, it will have fully defined its Exclusive Economic Zone (EEZ), paving the way for future hydrocarbon exploitation. Lebanese President Michel Aoun announced that he and Syrian President Bashar al-Assad
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The Cabinet decided to freeze any new off-budget claims and requests from November 1 until the February presidential elections to ensure fiscal discipline and avert any electoral influence, said Finance Minister Constantinos Petrides. The cabinet decisions followed President Nicos Anastasiades’ announcement during the Economist Summit last week. “It is expected this decision will safeguard the
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By Edward Moya This bear market rally was about to run out of steam, but the Bank of Canada had other plans. A Canadian dovish surprise gave risky assets an unexpected boost. This bear market might last a little while longer, but traders can’t forget about what will drive the data-dependent Federal Reserve.
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Greek oil and gas company Energean confirmed that the first gas had been delivered at its operated Karish field offshore Israel. According to a company announcement, gas is being produced from the Karish Main-02 well, and gas flow is being steadily ramped up. Preparation for transmission through the gas sales pipeline is progressing, and gas sales
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Since the New Strategy for Attracting Businesses and Talents was launched in January, the government has received a bumper 9090 applications from foreign companies, with 97% examined. An event by the Cyprus Chamber of Commerce and Industry (KEBE) in Paphos was told that interest in residence permits for “digital nomads” is on the rise, with
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Deposits in the Cypriot banking network climbed to a nine-year high in September, boosting liquidity in the system to over €23 bln, said the Cyprus Central Bank. On the flip side, the data shows that total loans continued their downward path, declining to a five-month low. According to the Monetary Financial Institutions (MFIs), Deposits and
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The €1.2 bln integrated port-marina development project in Larnaca is the largest ever undertaken in Cyprus, said Transport Minister Yiannis Karousos. He expressed satisfaction that the Cyprus-Israeli venture is proceeding with implementing the redevelopment contract. Addressing a ceremony on Tuesday evening, during which Larnaca Marina opened its gates to the public, Karousos said this “integrated
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