By Jeffrey Halley The procession of central banks hiking rates in an attempt to see off inflation has continued over the last 24 hours. The Bank of Canada hiked by 0.50% overnight, and the Bank of Korea sprung a surprise 0.25% hike Thursday morning. The Monetary Authority of Singapore also tightened policy by recentering the
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The war in Ukraine is hurting the Cyprus real estate industry, with the already inflated cost of building materials pushed even higher as obstacles for international trade increase. According to the Central Bank of Cyprus (CBC), the annual cost of building materials has gone up by 17.3% in March compared to last year. “Given that
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Cyprus reported two coronavirus deaths on Wednesday, with new infections dipping further to 1,414 cases, while hospitalisations dropped for the second day in a row to 183. The Health Ministry said in its Covid bulletin that the latest victims were two women, 82 and 83, raising the April death toll to 30 and 984 to
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Tributes continue to pour in for Lellos Demetriades, the longest-serving mayor of modern Nicosia and an accomplished lawyer since the 1960s, who died aged 89, with officials and the public praising his dedication to uniting the country. His funeral takes place in Nicosia on Thursday, with the family requesting that donations instead of flowers be
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The number of government staff increased by 2.3% as demand for substitute teachers and other public sector jobs reached an all-time high, as people recovered from COVID-19 or stayed home to look after their children. A Cystat survey said that in March, total government employment increased by 1,237 (2.3%) from a year ago, reaching 53,881.
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Cyprus will issue its first-ever Green Bond in 2023, aiming to yield up to €1 bln to finance climate-related or special environmental projects. Following the cabinet’s approval last week, the Finance Ministry is working to prepare the edition of a bond known as a “EUGB” pursuing environmentally sustainable investments or environmentally friendly business activities. As
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President Nicos Anastasiades’ administration remains committed to introducing a national minimum wage before the end of its term, reaffirmed Labour Minister Zeta Emilianidou. Following a meeting of the Labour Advisory Body set up by social partners to reach an agreement on the matter, Emilianidou said it had been pushed back due to the war in
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Some 21 Russians holding a ‘golden passport’ will be stripped of their Cypriot nationality due to sanctions imposed by the European Union on Russia for invading Ukraine. The government has decided to revoke the passports of 21 Russian nationals awarded citizenship through the island’s now-defunct Citizenship for Investment scheme. The decision involves four Russian investors,
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British High Commissioner, Stephen Lillie, has presented British Empire Medals to Michael and Pamela Groves for their extensive commitment and service to the expat community as leading members of the Cyprus Residency Support Group (CRSG). The medal ceremony comes only weeks after the High Commissioner presented fellow Brit Tina Graham with a BEM for her
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By Craig Erlam European stock markets braced for a second day of losses at the start of the week, while the US is enjoying a boost following the latest inflation data. I never thought I’d see markets responding positively to inflation rising 1.2% on the month and 8.5% on the year, but these are not
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