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1201. Trade deficit jumps to €6.17 billion in January – October 2022

Cyprus’ trade deficit jumped to €6.17 billion for the period from January to October 2022, surpassing the deficit for the full year 2022 amounting to €5.24 billion, amid price hikes mainly driven by the war in Ukraine....

1202. Prices of basic consumer goods fluctuating wildly

The average retail price levels in effect on December 7, 2022, compared to November 9, 2022, show that prices for basic consumer goods are staggering....

1203. Shipping tycoon wants to transfer biz to Cyprus

A Norwegian-born Cypriot billionaire wants to move his shipping company to Cyprus to reap benefits, including an EU-approved tonnage tax regime available only to tax residents of the island, which is scrambling to keep its industry afloat amid sanctions against Russia...

1204. The 2023 Budget in the vortex of the elections

The government of President Anastasiades has just submitted its final budget, for 2023. DISY will undoubtedly support the budget, but it will be interesting to see what position it will take if and when the polls are confirmed....

1205. CBC Governor: 'Any recession is expected to be mild and short-lived'

Constantinos Herodotou, Governor of the Central Bank of Cyprus, talked about the ECB objective and actions to restore and stabilize inflation at 2% in the medium term and maintain financial stability, saying that any recession is expected to be mild and short....

1206. Insurance premiums expected to rise slightly

Inflation-related losses are also occurring for general insurance policies. Cyprus' insurance policies will specifically follow the broad pattern of other nations and other international insurance companies,...

1207. Tying up loose ends at Hellenic

Hellenic Bank experienced several changes in 2022, as it closed outstanding issues while also opening new chapters. Hellenic Bank made changes to its top management, staff, shareholding composition, and labor issues in the fourth quarter of 2022, ...

1208. The EU will retaliate if Turkey's unilateral actions in Cyprus continue

A local source in Brussels said that if Turkey continues to take unilateral actions against Cyprus in violation of existing UN Security Council resolutions, there will be a reaction, noting that Nicosia "has no better ally than Brussels." ...

1209. Hellenic CEO cleared of any wrongdoing

Oliver Gatzke, CEO of Hellenic Bank, has not been linked to any suspicious activity, according to the Cyprus Securities and Exchange Commission (CySEC)....

1210. G7 price cap on Russian oil kicks in

The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production....

1211. EU: The price of Russian oil has been capped at $60

The European Union has agreed to cap the price of Russian seaborne oil at $60 per barrel, a Polish official stated....

1212. Cyprus gets taste of EU’s €85 million with a caveat

Cyprus will get Friday the first tranche of €85 million from the EU's Recovery and Resilience Mechanism, with European Commission technocrats also pointing to repeated suspensions of foreclosures in Cyprus that create problems in terms of achieving the goal of further reduction of NPLs...

1213. Hellenic Bank soon to be under the control of Eurobank

Eurobank is gaining control of Hellenic Bank after purchasing Wargaming's 13.4% stake. With the addition of the 12.6% it held from the purchase of all shares in Third Point Hellenic Recovery Fund in the summer of 2021, it now stands at 26%....

1214. When the ink dries, this will be the new archaeological museum

1215. Fuel price cuts have begun

Following a month of price volatility, the Cypriot market should see a reduction in the cost of motor and heating fuels in the coming days....

1216. World's largest crypto exchange platform to set up shop in Cyprus

The FTX bankruptcy scandal a few weeks ago rocked the entire crypto world to its core, after its founder Sam Bankman-Fried, the "wonderboy" of the crypto trading world,...

1217. Candidates continue their quest for votes as elections draw near

The pre-election campaign of the candidates for February's 2023 Presidential elections continued over the weekend with meetings and contacts in cities and communities on the island and abroad....

1218. MEPs vote not to accept passports issued by Russia in occupied areas

The European Parliament has endorsed a decision not to accept passports and other travel documents issued by Russia in illegally-occupied regions of Ukraine and Georgia....

1219. Black Friday: See how the annual shopping event is shaping up (photos)

On Thursday afternoon, sales began to increase significantly, particularly in shopping centers that benefited from favorable weather conditions, however, as of Friday morning, traffic appears to be somewhat subdued, at least in comparison to the corresponding images from 2019....

1220. EU struggles with Russian oil price cap

European Union governments remained split on Thursday over what level to cap Russian oil prices at to curb Moscow’s ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge...

1221. Small number of banks meeting new loan demand

The net demand for loans from businesses in Cyprus decreased in the third quarter of 2022, and banks anticipate a similar decline in the net demand for loans from businesses and households in all loan categories in the fourth quarter of 2022 compared to the third quarter. ...

1222. EC proposing a ceiling of 275 euros per megawatt hour for natural gas

Energy Commissioner Kadri Simson announced at a press conference in Brussels yesterday that the European Commission is proposing to cap the price of natural gas at 275 euros per megawatt hour for next month's TTF contracts....

1223. Complaints about Black Friday deals have begun

The Consumer Association had begun receiving complaints about deceptive product offers as Black Friday draws near....

1224. European Institute of Management and Finance establishes the Centre of Good Governance

Considering the need to tackle weak and precarious governance structures evident in both private and public entities, the European Institute of Management and Finance (EIMF) has established the Centre for Good Governance (CGG) in an effort to enhance governance at all levels and in all fields. ...

1225. Rift over gas cap looms over EU energy crisis plans

EU energy ministers meet in Brussels on Thursday to approve the latest set of emergency measures to mitigate an energy crisis, but the plans risk being eclipsed by disagreements over whether and how to cap gas prices...

1226. November Newsletter of K. Treppides & Co Ltd: European Banking Authority

A new issue is out from the newsletter by K. Treppides & Co Ltd, a leader in the field of auditing and accounting services with offices in three countries....

1227. Ukraine's grain agreement with Russia extended 4 months

A diplomatic agreement that restarted Ukraine's maritime food exports will continue for at least another four months, keeping the economic lifeline open as the major food producer faces its first full winter at war with Russia....

1228. What do Cypriots buy on Black Friday?

Only eight more days until the much-anticipated Black Friday shopping day, and ads for discounted goods continue to pound the public. Every year, many people look forward to this day in order to find the best deals on products they need....

1229. 50 products specified in Cyprus' 'Household Basket'

The Consumer Protection Service will present its initial proposal for the Household Basket in Cyprus to the stakeholders - the Hypermarkets Association, the Retailers Association, the OEB, and the CEB - at 12 noon on Wednesday. ...

1230. Immigration as a matter of national survival

The migration issue, along with Turkey's ongoing threats and galloping inflation due to the explosion in energy prices, undoubtedly ranks first in the hierarchy of Cypriot citizens' concerns....