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571. Chevron and partners propose $4 billion plan for Aphrodite gas field

Chevron and its partners, Shell and NewMed Energy, have put forward a new $4 billion plan to develop the Aphrodite gas field off Cyprus,...

572. Hellenic Bank's profits surge amid higher lending rates

Hellenic Bank, Cyprus’ second-largest lender, has had a strong start to 2024, reporting a net profit of €189 million in the first half of the year—a solid 18% increase from last year. This boost in profit is mainly due to a 30% rise in interest income, driven by higher European Central Bank (ECB) interest rates....

573. The fate of the Greece-Cyprus energy link hangs in the balance

This week will be crucial to whether the power grid link between Greece and Cyprus via Crete will be implemented....

574. Government revenue boosts Cyprus surplus to €702.5 million

The Republic of Cyprus recorded a significant fiscal surplus of €702.5 million for the period of January to July 2024, according to preliminary General Government fiscal results, released on Friday by the Statistical Service of Cyprus....

575. ''Workers at Larnaca Marina were paid despite lack of work,'' says Vafeades

The €1.2 billion investment agreement with Kition for the Larnaca port and marina project is under renewed scrutiny due to the dispute involving 15 workers recently laid off. ...

576. Government greenlights patient advocate to oversee healthcare issues

577. Cyprus banks report €164.7 million deposit increase in July

Total deposits in Cyprus’ banks recorded a net increase of €164.7 million in July 2024, compared with a net decrease of €44.1 million in June 2024, according to figures released on Wednesday by the Central Bank of Cyprus (CBC)....

578. European Commission allocates €1B to flood-affected nations

The European Commission proposed on Tuesday over €1 billion in financial support from the EU Solidarity Fund (EUSF) to help Italy, Slovenia, Austria, Greece and France deal with the impacts of the severe floods that hit these countries in 2023....

579. ECB cuts Cypriot bond holdings to €6.38 billion

The value of Cypriot sovereign bonds held by the Eurosystem, as part of the Public Sector Purchases Programme (PSPP) and the Pandemic Emergency Purchases Programme (PEPP) declined to €6.38 billion......

580. FT: China set to hit PwC with record penalty amid Evergrande fallout

PwC China has informed its clients that it expects Chinese authorities to impose a six-month business ban starting as early as September, following its audit of the now-collapsed property developer Evergrande....

581. Suez Canal blockage and South China sea clashes threaten global trade

Although the pandemic-induced disruptions in global supply chains have eased and water flow in the Panama Canal has improved, new threats to international trade have emerged....

582. World’s largest solar farm approved: Australia to export energy to Singapore

Australia has approved a $13.5 billion (A$20 billion) solar project that aims to transmit energy from a massive solar farm in the country's Northern Territory to Singapore via a 4,300-kilometer (2,672-mile) undersea cable. ...

583. Ukraine passes law to ban Russia-linked church

Ukrainian lawmakers on Tuesday passed a law banning the activities of a Russia-affiliated branch of the Orthodox Church, marking a significant break with an institution Kyiv has accused of aiding Moscow's invasion of Ukraine. ...

584. Cypriot banks slash Eurosystem funding by €2.6 billion

Cypriot banks have almost zeroed funding from the Eurosystem via the Targeted Long-Term Refinancing Operations (TLTRO), with the latest data by the Central Bank of Cyprus (CBC) showing repayments amounting to €2.6 billion....

585. Ukraine intensifies fight against illicit tobacco trade

The illicit tobacco trade in Ukraine, one of Europe's most prominent black markets for cigarettes, is sending shockwaves through the economies of neighboring countries,...

586. Cyprus finalizes 2025 budget with focus on export growth

The Council of Ministers is set to finalize discussions on the 2025 state budget by mid-September, as confirmed by Finance Minister Makis Keravnos. ...

587. Lynch’s co-defendant killed in car crash before yacht tragedy in Sicily

Stephen Chamberlain, the former vice president of finance at Autonomy, was struck and killed by a car while jogging on Saturday, just days before his co-defendant, British tech tycoon Mike Lynch, went missing after a yacht sank off the coast of Sicily....

588. British tech mogul Mike Lynch missing after superyacht sinks in freak Sicilian storm

British tech magnate Mike Lynch and five others remain missing after their luxury superyacht sank during a freak storm off the coast of Sicily early Monday, Italian authorities reported. ...

589. The Cypriot Hill Station

"Next Thursday, His Excellency the High Commissioner will depart from here with his family to go to his residence in Troodos for a vacation."(June 25, 1910). ...

590. Scientists find massive underground water source on Mars

Geophysicists have uncovered a vast underground ocean beneath Mars' surface, a discovery that may hold significant implications for the search for life on the Red Planet....

591. U.S. approves $5 billion sale of patriot missiles to Germany

The United States has approved the sale of 600 Patriot air defense missiles to Germany, the Pentagon announced late Thursday. The deal is valued at approximately $5 billion (€4.6 billion) and aims to bolster Germany’s national and territorial defense, enhancing its interoperability with U.S. and NATO forces....

592. Twitter hit with €550,000 fine for firing worker over Musk’s email

Twitter has been ordered to pay a record €550,000 (£470,000) to Gary Rooney, a former senior employee at its Dublin office, after being found to have unfairly dismissed him....

593. Google faces potential breakup over monopoly findings

The U.S. Department of Justice is exploring the possibility of breaking up Google following a recent federal court ruling that found the tech giant guilty of violating antitrust laws....

594. Wealthy flee high-tax nations for new havens like Cyprus

A significant wave of wealthy individuals is migrating from high-tax countries, a trend expected to peak this year. ...

595. US greenlights $20 billion arms sale to Israel

The U.S. has approved a $20 billion arms sale to Israel, the State Department announced Tuesday. ...

596. Paris bids farewell to Olympics with stunning closing ceremony

The Olympic flame was extinguished Sunday as French swimmer Léon Marchand took one last breath, bringing an end to the Paris Summer Games....

597. No survivors after plane crashes in residential area in Sao Paulo

A tragic plane crash in the state of São Paulo, Brazil, has left all 62 people on board dead after the aircraft plummeted into a residential area in the municipality of Vinhedo, local authorities confirmed on Friday....

598. Trade deficit slashed by 20% in 2024 amid falling imports

Cyprus saw its trade deficit shrink by over 20% in the first half of 2024, according to the latest data from the Statistical Service. The trade deficit, which is the difference between what the country imports and exports, fell to €3.57 billion, down from €4.48 billion during the same period in 2023....

599. Bank of Cyprus sees 23% profit growth, raises financial targets

The Bank of Cyprus has announced a 23% increase in its profit after tax for the first half of 2024, reaching €270 million, compared to the same period in 2023. ...

600. Dubai Airport breaks record with 44.9M passengers in 2024

Dubai International Airport has broken a passenger record for the first half of the year, handling 44.9 million travelers from January to June, an 8% increase from the 41.6 million recorded during the same period in 2023....