By Lukman Otunuga, Senior Research Analyst at FXTM Words fail to describe the astonishing events over the past few days which have undoubtedly left a mark in the manuals of market trading history. Investors were already juggling with a busy week jampacked with key events and economic data from major economies. However, the extraordinary developments
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European prosecutors accuse Cyprus of inadequately monitoring how EU funds are spent, claiming one in 10 fraud cases against the European Union budget has a Cypriot connection, an accusation Nicosia denies. Cyprus has come under the spotlight for possible misuse of EU funding after the European Public Prosecutor’s Office (EPPO) implicated Cyprus in a significantly
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Bulgaria, Hungary, and Serbia have hailed the EastMed Agreement, an ambitious plan to build a €7 bln pipeline from Cyprus to mainland Europe, as they expect to benefit from the transfer of natural gas. During a teleconference on Thursday with Energy Ministers of Bulgaria, Hungary, and Serbia and their Cypriot, Greek and Israeli counterparts, the
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British Foreign Secretary Dominic Raab will pay a short visit to Cyprus to hold meetings on February 4 to plan the way forward ahead of a UN conference on reviving the peace process. It is the first visit of a British Foreign Secretary to Cyprus since Boris Johnson (now the Prime Minister) came in 2016.
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The UN Security Council mandate for Cyprus is to secure a bizonal, bicommunal solution but the parties can present new ideas at a conference in March, said UN Secretary-General Antonio Guterres. “It is my intention to convene early March a meeting of the 5+1. That meeting we decided to be an informal meeting without precondition,”
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Investors need to exercise the utmost caution before joining social media-led stock frenzies, warned the CEO of one of the world’s largest independent financial advisory and fintech organisations. The warning from Nigel Green, chief executive and founder of deVere Group, comes as a group of at-home retail investors on Reddit have been promoting a number
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President Nicos Anastasiades said his government would announce Friday major anti-graft reforms after it scrapped its controversial passport-for-investment scheme last year. Cyprus dropped the “golden passport” scheme in November after Al Jazeera aired a documentary showing reporters posing as fixers for a Chinese businessman seeking a Cypriot passport despite having a criminal record. Parliament speaker
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Alarmed at the increasing frequency of expulsions and pushbacks of asylum-seekers at Europe’s borders, UNHCR, the UN Refugee Agency, is calling for states to investigate and halt these practices. “UNHCR has received a continuous stream of reports of some European states restricting access to asylum, returning people after they have reached territory or territorial waters,
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Four people died of coronavirus in Cyprus on Thursday, with January just two short of becoming the deadliest month since the pandemic started. At the same time, the rate of new COVID-19 cases continued to rise, having seen a steady drop from the record 907 on December 29, with many doubting the government’s wisdom to
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Finance Minister Constantinos Petrides expects to see the Cyprus economy bounce back from the pandemic with 4.5% GDP growth in 2021 following a 5.5% contraction during last year’s health crisis. Addressing Invest Cyprus 5th International Investors Summit on Thursday, the Minister said although making projections at a time of uncertainty as the pandemic poses risks,
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