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331. Eurozone economic snapshot - November 13, 2023

Inflation in the Eurozone, which stood at 10.6% in October 2022, has decreased to 2.9% in October 2023, sparking optimism among central bankers....

332. Elizabeth McCaul unveils hidden financial dangers

A strong signal highlighting the need for closer scrutiny of non-bank financial institutions comes from Frankfurt, as Elizabeth McCaul, a member of the European Central Bank's Supervisory Board, emphasizes the potential risks....

333. Minister unleashes 4% boost for retirees

In a significant move to enhance the well-being of pensioners, Labor and Social Insurance Minister Yiannis Panayiotou declared a nearly 4% increase in basic pensions for the upcoming year....

334. Seven ways to boost Cyprus’ economy and competitiveness

The Cyprus economy needs seven important pillars to respond to the increasingly volatile environment, achieve greater growth, gain a more resilient and competitive economy, and develop innovation and more growth potential, according to PwC CEO Philippos Soseilos....

335. Championing consumer rights in the digital era

A Consumer Dialogue event titled "New Consumer Agenda - Challenges ahead" took place at the EU House in Nicosia, addressing critical aspects of consumer protection, consumer rights and obligations in an era marked by the challenges of digitalization and the green transition....

336. Cyprus banks bracing for profit squeeze according to Moody's

Moody's believes that Cyprus' small and saturated banking sector, the banks' limited loan portfolio, and low fee and commission income will restrict opportunities for growth in domestic banks' activities and profitability in the long term....

337. Ministry secures €245 million boost for business growth in 2027

A total of €245 million has been secured by the Ministry of Energy, Commerce and Industry for the new programming period up to 2027, which will be made available to businesses through targeted grant plans with an emphasis on absorbing and utilising as many resources as possible from European Funds, including the Recovery and Resilience Fund, Energy Minister George Papanastasiou said on Friday, speaking at the General Electoral Assembly of the Paphos Chamber of Commerce and Industry....

338. Explosion rocks ancient St. Porphyrius Church in Gaza City

An explosion rocked the grounds of one of the world's oldest churches, the St. Porphyrius Greek Orthodox Church in Gaza City, on Thursday evening while numerous Palestinian families sought refuge on the premises....

339. €3.93 billion windfall from EU on the horizon

The funds absorbed by Cyprus from European funds have exceeded the amount of Cyprus's contributions to the EU, said member of the EU Court of Auditors, Lefteris Christoforou, presenting the annual report of the Court for 2022 to President of the House of Representatives Annita Demetriou on Thursday....

340. Piki shares the government's tech-powered 6-year plan

The government is ramping up the execution of a series of projects, bolstering resources and expertise in collaboration with the Deputy Ministry of Research, Innovation, and Digital Policy, according to Irene Piki, Deputy Minister to the president....

341. Investment funds hit record high at €2.9 billion

Assets investment by investment funds in Cyprus rose to €2.9 billion in the second quarter of this year, reaching the highest point ever, manifesting the sector’s growing contribution to the Cypriot economy....

342. Real estate market remains unpredictable despite economic chaos

Everything around us exudes a sense of precision. Costs are on the rise, from the basic materials used in production to the final products we consume. ...

343. Larnaca port welcomes cruise ship carrying foreign nationals escaping Israeli war

In a historic moment at Larnaca Port, the very first cruise ship arrived, marking a significant event in the midst of the Israeli conflict....

344. Israeli-Hamas war puts Cyprus and Egypt at forefront of credit risks

Cyprus and Egypt are currently facing the most direct credit risks among countries rated by Scope Ratings due to the Israeli-Hamas conflict, warns the German firm....

345. Government unveils inflation relief plan for October's end

At the end of October, the government is expected to announce measures to alleviate the impact of inflation, while at the beginning of 2024 the government plans to implement the new green tax on fuels, together with compensatory measures, said the Minister of Finance, Makis Keravnos, while handing over the 2024 state budget to the President of the Parliament, Annita Demetriou. ...

346. Cyprus banks secure Moody's upgrade to investment status

After 12 years, Moody's has upgraded the ratings of Cyprus' two major banks, Bank of Cyprus and Hellenic Bank, placing them in the investment category....

347. Moody's boosts Bank of Cyprus and Hellenic Bank ratings to Baa2

Moody’s Investors Service has upgraded Bank of Cyprus’ and Hellenic Bank’s long-term deposit ratings to Baa3 from Ba1, citing the continued resilience of the Cypriot economy and credit conditions, which are leading to supportive operating conditions for Cypriot banks....

348. Moody's double upgrade ignites investor interest

Last Friday, Moody's delivered a double upgrade for Cyprus, propelling the nation into the investment-grade category recognized by all four major financial firms. Although these rankings may appear modest, their real-world impact is substantial....

349. US Secretary of State commits to reunified Cyprus on Independence Day

U.S. Secretary of State Anthony Blinken extends best wishes to Cyprus on its 63rd Independence Day, expressing America's commitment to a united Cyprus....

350. EAC brings 400,000 smart meters for all

Demetris Nathaniel, EAC's Deputy Press Spokesman, informed K that the first 40,000 smart meters will be operational by the first half of 2024, with the remainder to be installed within 2-3 years....

351. Cyprus government approves 24-hour care facilities for disabled adults

The Council of Ministers has given its nod to a proposal by the Ministry of Social Welfare, paving the way for the acquisition of five buildings designated for 24-hour care facilities for adults with disabilities. Deputy Minister Marilena Evangelou made this announcement following the Council of Ministers' meeting on Tuesday....

352. Keravnos expects more from banks to boost Cyprus economy

The Cyprus economy has proven its resilience in recent years, Finance Minister Makis Keravnos said Tuesday at the 4th Conference "Banking System: New Challenges and Opportunities", that takes place in Nicosia, noting that there are still challenges that the banking sector must address....

353. TechIsland Summit 2023: Cyprus on the fast track of becoming a tech island

TechIsland held its annual TechIsland Summit within the framework of the Reflect Festival on 20 September 2023....

354. Gatwick airport cuts flights amid covid outbreak

355. CBC lowers GDP growth projections for 2023 and 2024

The Central Bank of Cyprus has revised its growth projections for 2023 and 2024. They now expect GDP growth to be 2.4% in 2023 and 2.7% in 2024, down from their previous forecasts of 2.6% and 2.8%. This is due to Western sanctions against Russia and the fragile external environment affecting professional and non-tourism services....

356. Sheep's surprise attack on medicinal cannabis

A herd of sheep descended upon a partially flooded greenhouse in the vicinity of Almyros, Magnesia, Greece, with a peculiar appetite for medicinal cannabis. ...

357. €369 million EIB loan for smart investments

The government has secured a €369 million loan from the European Investment Bank (EIB) with favorable terms to support expenditures and investments within the framework of the "Thalia" program. ...

358. Focus on growth, employment control, and surplus in the 2024 budget

The 2024 state budget to be tabled to the Council of Ministers for approval next week will have three key characteristics, Minister of Finance Makis Keravnos told CNA....

359. Liquidity cover hits 318% in banking

Konstantinos Herodotou, the Governor of the Central Bank of Cyprus, delivered a robust message at the TechIsland conference in Limassol....

360. SSM chief urges banks to be prudent amidst soaring profits

The Chairman of the Single Supervisory Mechanism (SSM), Andrea Enria, has emphasized that the gains from high interest rates for banks will eventually come to an end....