The island’s battered tourism industry is trying to recover from the coronavirus, as well as the impact from the war in Ukraine and sanctions on Russia, as it gets off to a stronger start than in 2021. But this is far from the first two months of 2020, according to figures released by the statistical
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RCB Bank has embarked on an “orderly winding down” of its Cyprus banking operations, following the announcement a month ago of the transfer of shares held by Russian entities to local stakeholders, and the sale earlier this week of a significant part of its loans’ portfolio to second biggest lender Hellenic Bank. This marks the
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Cyprus reported four coronavirus deaths on Wednesday, as new cases inched up to 4,704 after spiralling to a near-record 5,286 on Monday, pushing the infection rate to a new high of 5.6%, with official data showing that two thirds of reinfections involve people who had not been vaccinated. A report presented before scientists advising the
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By Craig Erlam European stocks posted losses of 1% on Wednesday, paring some of the gains we’ve seen over the last couple of weeks. We’ve clearly seen an improvement in sentiment recently as investors have become encouraged by the negotiations between Ukraine and Russia and the impact that’s had on commodity prices. There remains enormous
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Cyprus is among the countries warned by the World Health Organisation for lifting coronavirus restrictions too “brutally”, facilitating the spread of the highly transmissible Omicron 2 subvariant of COVID-19. Speaking at a conference in Moldova on Tuesday, WHO Europe Director Hans Kluge told participants to be “optimistic, but vigilant” about the pandemic’s development in Europe,
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Cyprus authorities will be taking legal action against cheese makers who continue to produce and sell halloumi which does not comply with the criteria set out in the newly adopted PDO file. Commenting on a failure to see eye to eye with dairy producers and livestock breeders over what defines halloumi, Agriculture Minister Costas Kadis
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Infection-acquired immunity has proven to be insufficient to protect against a re-infection from COVID-19, as more than two thirds of reinfections in Cyprus involve people who had not been vaccinated, according to data provided by the health’s ministry’s epidemiological surveillance unit. A report presented before scientists advising the government on handling the coronavirus pandemic showed
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By Han Tan, Chief Market Analyst at Exinity Group Bonds are extending their slump worldwide, driven by fears that central banks have to get more aggressive in quelling red-hot inflation. Earlier this week, Fed Chair Jerome Powell left the door open for a larger-than-usual 50-basis point hike at the FOMC meeting in May, with other
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Addiction to fossil fuels will drive the world’s “mutually assured destruction,” while it could also hit investment portfolios, according to the CEO of a leading financial advisory and fintech organisations, echoing the words of the United Nations chief. “Countries could become so consumed by the immediate fossil fuel supply gap that they neglect or knee-cap
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By Craig Erlam Stock markets made decent gains on Tuesday, bouncing back quickly from the disappointment late Monday as Fed Chair Powell turned the hawkish dial up a notch. It didn’t take long for investors to get over the latest disappointment as they prepared for interest rates rising to around 2% by the end of
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