Cyprus is witnessing its highest inflation rate, at nearly 9%, in the past four decades, while consumer associations fear that the worse is yet to come. The news comes as the European Union announces a new set of sanctions on Russia, with stakeholders fearing a further increase in the price of goods. According to the
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Cyprus reported 12 deaths in the weekly Covid bulletin on Friday, raising the death toll since the pandemic started to 1,027, five of which were in the final days of April. Hospitalisations continued to drop within a week from 89 to 60, critical cases decreased from 20 to 16, while intubated patients were down four
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Cyprus and the EU are expediting the process to transform the state-owned Asset Management Company (KEDIPES) into a nationwide AMG to launch a mortgage-to-rent scheme. The scheme will cover non-performing loans collateralised by primary residences and mainly SME business premises with a value up to €350,000. KEDIPES will launch a call for banks and credit
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By Jeffrey Halley A massive risk aversion wave swept markets overnight, with the Bank of England raising rates by 0.25% to 1.0% in a split decision (three members wanted 0.50%), in line with expectations. It’s what they said, and not what they did, that saw Sterling slump by 2.0%. The bombshell was the 2023 growth
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The percentage of fully vaccinated adults against COVID-19 in Cyprus has reached 86.7%, according to the Health Ministry. Evagoras Tambouris, deputy director of Nursing Services at the Health Ministry, told CNA that 12,553 people have been vaccinated with the fourth booster dose against coronavirus. The vaccination rollout continues daily at centres across the island for people
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There is a large consensus among Europeans in favour of the EU’s swift united response to Russia’s invasion of Ukraine, according to a Flash Eurobarometer survey. The majority of Europeans think that since the war started, the EU has shown solidarity (79%) and has been united (63%) and fast (58%) in its reaction. Respondents are
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Former Cyprus problem negotiator Andreas Mavroyiannis is AKEL’s choice of candidate for the Presidential elections in February 2023. Following a two-day session, the left main opposition party’s political bureau decided to back Mavroyiannis to defeat the ruling right-wing DISY, which has been in power since 2013 with President Nicos Anastasiades. AKEL’s politburo decided to back
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The rate of non-performing loans in the Cyprus banking sector increased to 11.7% of total loans in January from 11.1% at the end of 2021, data released by the Central Bank of Cyprus on Thursday show. NPLs, as defined by the European Banking Authority – non-payment for over 90 days – in January rose to €3.006 bln from €3
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A 25-year-old British tourist was arrested as a suspect in the hit and run fatal accident in Ayia Napa that cost the life of 46-year-old Camilla Christina Pamdahl from Sweden. The 25-year-old man was the driver of a buggy which had hit the woman at a pedestrian crossing on Nisi Avenue in Ayia Napa. The
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Real estate stakeholders are concerned over the immediate prospects of the construction sector and warn against being duped by an upward trend in property sales, as the war in Ukraine will harm the industry. According to the data published by the Land Registry Office, real estate sales increased by 40.1% in the first four months
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