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541. The end of an era as Revlon files for bankruptcy

The US cosmetics group Revlon has filed for bankruptcy protection after battling supply chain problems and failing to compete with celebrity-backed and social media-savvy upstarts....

542. Central banks across Europe jack up interest rates to fight inflation

Central banks across Europe raised interest rates on Thursday, some by amounts that shocked markets, and hinted at even higher borrowing costs to come to tame soaring inflation that is eroding savings and squeezing corporate profits....

543. US Fed raises interest rates by .75%, largest hike in 30 years

The US central bank has announced its biggest interest rate rise in nearly 30 years as it ramps up its fight to rein in soaring consumer prices....

544. The dilemmas of war and pandemic

Cyprus is a small country with a large export sector of services, which makes it vulnerable to its external environment. An external shock is felt faster and more intensely. ...

545. Boris Johnson to face no-confidence vote tonight

British Prime Minister Boris Johnson will face a no-confidence vote Monday that could oust him from power, as discontent with his rule finally threatens to topple a politician who has often seemed invincible despite many scandals....

546. Nicos Anastasiades to convene National Council meeting on June 9th

President Nicos Anastasiades has decided to convene a National Council meeting on Thursday, June 9th to discuss the latest developments in the Cyprus issue and the increasing inflationary pressures on the economy, Government Spokesperson Marios Pelekanos said on Friday in a written statement....

547. Global IPO market experiences significant slowdown in Q1 2022

548. Government to grant one-time subsidy for children's tuition

During last week's cabinet meeting, the council of Ministers decided to impose measures to help mitigate inflationary pressures on the general population. ...

549. European unity tested as talks on Russian oil embargo drag on

Europe's united front against Moscow is being put to the test as countries struggle to agree on a ban on Russian oil imports....

550. 103 million euros in support measures for vulnerable households

Cyprus’ government announced a new package of financial support measures for vulnerable groups of the population, to the tune of 103 million euros on Friday, to offset the impact of inflation and the war in Ukraine....

551. RICS Cyprus Property Price Index with KPMG in Cyprus announces results of Q1 2022

KPMG in Cyprus announces that the “RICS Cyprus Property Price Index with KPMG in Cyprus” has been issued for Q1 2022...

552. EU official calls on Cyprus to implement recovery plan or lose funding

A European Commission official on Monday urged the Cypriot authorities to proceed with the implementation of Cyprus’ National Recover and Resilience plan, warning that Cyprus risks losing EU funds in case of new delays....

553. A new billionaire nearly every day during the pandemic

Some 573 people have joined the billionaire ranks since 2020, bringing the worldwide total to 2,668, according to an analysis released by Oxfam on Sunday. ...

554. Bank of Cyprus posts net profit of €21 million in Q1

Bank of Cyprus group announced on Thursday a net profit of €21 million for the first quarter of 2022, compared to net profit of €8 million in the first quarter of 2021....

555. Bank of Cyprus to reduce its employees by 500 in 2022

556. Thousands of Britain's 'fish and chip' shops could close within a year

The United Kingdom's fish-and-chip shops are under severe strain as the prices of key ingredients — including cod and cooking oil — soar as a result of the Russian assault on Ukraine....

557. EC projects economic slowdown and rising inflation in Cyprus

The European Commission has revised its economic projections for Cyprus citing a downward trend due to the effects of Russia’s invasion of Ukraine and the associated sanctions against Moscow on the island’s tourist and services sector....

558. Petrides: 'Things will be difficult in the coming years'

The government will continue supporting households, especially the vulnerable, amid rising inflation, Finance Minister Constantinos Petrides said, warning that tackling inflation is difficult due to its structural nature amid the Ukrainian crisis....

559. Trade deficit at €429 million in February and €729 million in March

The trade deficit in February amounted to €429 million, according to the final data on the month's trade published by the Statistical Service on Tuesday. Additionally, preliminary data from the Statistical Service show that the trade deficit for March 2022 reached €729 million....

560. Inflation in Turkey spikes to almost 70%

Inflation in Turkey reached record levels of almost 70% in April, rising by 8.83 points in a month, according to official statistics released today....

561. Petrides: Government to continue support measures for vulnerable groups

The government is determined to continue the support it has been providing to vulnerable population groups against rising inflationary trends said Finance Minister Constantinos Petrides, speaking on the sidelines of the presentation of the Sponsorship Scheme for Student Dormitories and Rooms in the old city of Nicosia....

562. Cyprus and EU economies facing a 'twin problem' following the war in Ukraine

The EU and Cyprus economies are facing a “twin problem” of rising commodity and energy prices and heightened uncertainty following the invasion of Russia in Ukraine, according to discussions held by the Nicosia Chamber of Commerce and Industry and the European Investment Bank (EIB)....

563. Cashing in: No payment problems for Russian tourists in Turkey

Turkey is trying to attract more Russian tourists by expanding the usage of the Russian Mir payment system in Turkey as it seeks to bypass the payment bottleneck created by Western sanctions....

564. Op-ed: Inflation welcomes 'Generation Z'

Inflation is the rate at which prices rise, which means that we need more money to buy the same product or service. Consequently, if your salary stays the same, then your purchasing power will decrease, as you will be able to buy fewer goods and services....

565. Property sales hit 14-year high in Cyprus

Property sales in March, as measured by the number of sale contracts deposited at Land Registry offices, hit a 14-year high according to figures released by the Department of Lands and Surveys....

566. Inflation hits historic high in Cyprus reaching 7.1% in March

Inflation in Cyprus soared to 7.1% in March 2022, continuing its upward trend for the twelfth consecutive month....

567. Medvedev: 'We will supply food and crops only to our friends'

Russian President Vladimir Putin said sanctions imposed by Western nations would lead to a global food crisis, Reuters reported....

568. The West’s critical endurance test

It’s always hard to see the big picture during a crisis that’s still unfolding, just as it’s difficult to remember some of history’s most fundamental lessons. ...

569. Cyprus growth expected to ‘slow sharply’

Economic growth in Cyprus will slow sharply before recovering, due to the shock associated with the war in Ukraine, the International Monetary Fund has said, adding that the key near-term challenge “is to calibrate a policy response to the economic fallout from the war in Ukraine.”...

570. Lagarde: Cyprus will be affected by inflation and rising energy costs

Cyprus will be affected by inflationary pressures and higher energy costs due to its dependence on oil imports for electricity generation, according to European Central Bank President Christine Lagarde....