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Date: 22.02.2020
Cyprus Economy
Cyprus Economy
Shipping Deputy Minister calls for action to maintain competitiveness

Day: 21/02/2020 10:51

Cyprus' Shipping Deputy Minister Natasa Pilides underlined "the need to maintain the competitiveness of European Shipping," during the debate on trade and competitiveness at a conference held within the framework of the European Maritime Week, in Brussels.In particular, Pilides called...

Eurobarometer: Cypriots distrust political parties

Day: 20/02/2020 07:39

Almost nine out of ten Cypriots say that they do not trust the political parties and point to the army as their most trusted institution, according to the Autumn 2019 Eurobarometer results for the Republic of Cyprus. Asked which the institutions and Media people trust more, the army comes...

Anastasiades raises Cyprus issue and halloumi case

Day: 21/02/2020 09:25

The Cyprus issue, Turkey`s illegal actions in the Exclusive Economic Zone of the Republic of Cyprus and within the Famagusta fenced off area, the EU`s next multiannual budget and the Commission`s halloumi dossier, were at the center of President Nicos Anastasiadis` meeting with President of the...

Inflation stable at 0.7%

Day: 21/02/2020 13:41

The euro area annual inflation rate was 1.4% in January 2020, up from 1.3% in December. A year earlier, the rate was 1.4%. European Union annual inflation was 1.7% in January 2020, up from 1.6% in December. A year earlier, the rate was 1.5%. In Cyprus inflation remained stable in January 2020...

Industrial turnover up by 7.3% in January – November 2019

Day: 21/02/2020 07:39

The Industrial Turnover Index rose by 7.3% in the period of January – November 2019 compared with the respective period of 2018, according to data released by the Cyprus Statistical Service (Cyprus) on Thursday.For November 2019, the Industrial Turnover Index reached 140.0 units (base 2015=...

Transport and storage value index declines in 2019

Day: 21/02/2020 07:38

The Turnover Value Index of Transport and Storage for 2019 declined by 1.8% year on year dragged down by a decrease in air transport.According to data released by the Cyprus Statistical Service (Cystat) the index for 2019 declined to 118 units from 121 the year before. Air transport recorded the...

The Cyprus Shipping Chamber supports EU Shipping Industry positions on the EU Green Deal

Day: 20/02/2020 11:11

The Cyprus Shipping Chamber fully supports EU Shipping Industry positions on the EU Green Deal, noting that the shipping industry is fully committed to eradicating its GHG emissions completely as soon as possible in this century.According to a Press Release of the Chamber, on the occasion of the...

Akamas National Park to open its doors by the end of 2022

Day: 19/02/2020 07:28

The Akamas National Forest Park will operate by the end of 2022, President of Cyprus Nicos Anastasiades said on Tuesday, adding that this is a feasible goal and the government remains committed in achieving it.The President was addressing a presentation regarding progress in 2019 in implementing...

CyStat starts data collection for Household Budget Survey 2020

Day: 19/02/2020 13:04

The Statistical Service of Cyprus started collecting data for its Household Budget Survey 2020,  in a bid to cover 4,800 households in the urban and rural areas of Cyprus.A relevant announcement says that the survey is conducted according to the European Union Statistical Office (EUROSTAT)...

Justice Minister: All complaints about fixing matches must be investigated

Day: 19/02/2020 13:16

Minister of Justice and Public Order George Savvides sent a clear message on Tuesday to the Police that each and ever case and complaint regarding match manipulation must be investigated, irrespective of who is involved, as is also the wish of President of the Republic Nicos Anastasiades and the...

European Economy
European Economy
Germany faces sluggish growth in 2020

Day: 19/02/2020 07:20

Germany’s DIHK Chambers of Industry and Commerce said on Wednesday it expected Europe’s largest economy to grow by 0.7% this year, up slightly from 0.6% in 2019, with export growth stagnant in the face of trade conflicts and Brexit.

HSBC to cut costs and shed assets in radical overhaul

Day: 18/02/2020 07:21

HSBC has announced its most radical overhaul in years, unveiling plans to shrink its operations in the US and Europe and warning the coronavirus outbreak and unrest in Hong Kong could hurt its business in 2020.

UK digital bank Monzo plans to hire 500 and relaunch paid accounts

Day: 17/02/2020 07:57

Fast-growing British digital bank Monzo plans to hire up to 500 people and forecasts it will get 5.5 million users this year, as it prepares to have another crack at charging some customers to turn a profit.

Problems for Macron as defecting MPs believe the party is over

Day: 12/02/2020 07:50

Emmanuel Macron’s ruling party has begun to crumble at the edges in a sign of the domestic difficulties piling up for the French president as his popularity ebbs.

TUI says strong holiday demand helps to offset MAX grounding cost

Day: 11/02/2020 07:50

 European travel company TUI (TUIT.L) said strong demand for holidays would help offset the impact of the grounding of the Boeing (BA.N) 737 MAX aircraft on its annual profit, enabling it to lift the bottom end of annual earnings guidance.

No phones, no leaks: How Lagarde is making her mark on ECB

Day: 10/02/2020 07:15

Gathered in a German mountain castle last November for an evening retreat that ended with a whiskey-tasting, rebel European Central Bank policymakers and Christine Lagarde, their newly confirmed president, made a pact.

Volvo Cars posts rise in fourth-quarter profit, helped by cost cuts and sales growth

Day: 06/02/2020 06:57

Sweden’s Volvo Car Group, owned by China’s Geely, reported an 18% rise in fourth-quarter operating profit as cost cuts and growing sales more than offset the impact of subdued global auto markets.

Cold Turkey: Investor exodus tests Erdogan's economic experiment

Day: 05/02/2020 07:30

A run on the lira proved a pivotal moment for Turkey’s financial markets in 2018, prompting action from Ankara that has tilted the economy inward and frightened off foreign investors.

Britain’s Productivity Decline Is the Worst in 250 Years

Day: 04/02/2020 06:55

The U.K.’s worst productivity slump in a quarter of a millennium may be caused by a “perfect storm” of three factors, according to a study to be published this week.

Credit Suisse proposes Richard Meddings for election to the board

Day: 03/02/2020 07:13

Credit Suisse Group (CSGN.S) said it was proposing Richard Meddings, chairman of British bank TSB, for election as a new non-executive member of its board of directors.

Greek Economy
Greek Economy
After Decade of Austerity, Greek Pensioners Will Get Benefit Hikes

Day: 19/02/2020 07:22

After losing up to 30 percent of their monthly benefits and lump sums – except for the protected – Greek pensioners will get small hikes under a measure filed in Parliament by the New Democracy government.

Piraeus Bank’s Tier 2 Issue “Credit Positive” for the Greek Bank, Moody’s Says

Day: 18/02/2020 07:29

A successful issue of a Tier 2 notes from Piraeus Bank, worth 500 million euros, is credit positive for the bank, Moody’s said in an analysis released on Monday. The credit rating agency said that the Tier 2 note issue supported the bank’s capital adequacty rarising its capital ratio by...

Greek Banks will Place over 7 Bln Euros in the Bond Market

Day: 17/02/2020 07:59

Greek banks will be able to place approximately 7 to 8 billion euros in the bond market from March when according to all indications the ceiling set by the European Central Bank on Greek banks’ purchases of Greek state long term bonds will be lifted.

Greek Gov’t Is Proceeding with the Reduction of VAT on Drugs, Petsas Says

Day: 12/02/2020 07:54

The government is proceeding with the reduction of VAT on drugs and services related to cancer, government spokesperson Stelios Petsas said during a press briefing on Tuesday.

Folli Follie Group Announces Resignation of Its Chairman

Day: 11/02/2020 07:55

Folli Follie Group on Monday announced that Mr Abraham C. Gounaris resigned from his position as president of the board of directors of the company, as well as member of all boards of the company’s subsidiaries.

Chief of Greece’s Bankrupt Folli Follie Wants Board Members Replaced

Day: 06/02/2020 06:59

The main shareholder of bankrupt Greek jewelry and accessory retailer Folli Follie, who’s facing criminal charges, is reportedly seeking to remove the President and three members of the company’s board and replace them with other executives.

Mitsotakis: Greek economy’s improvement an opportunity for foreign investments

Day: 05/02/2020 07:32

DUBAI – Greece’s collaboration with Gulf countries extends beyond economic issues to the sector of security, Prime Minister Kyriakos Mitsotakis told Al Arabiya TV in an interview during a tour that included Saudi Arabia and the United Arab Emirates (UAE).

Saudi Minister of Commerce: Riyadh Is Looking for Investment Opportunities in Greece

Day: 04/02/2020 06:58

The first meeting held by Prime Minister Kyriakos Mitsotakis and the Greek delegation in Riyadh, Saudi Arabia on Monday was that with the Saudi Minister of Commerce and Investment, Dr Majid bin Abdullah Al Qasabi.

Greece Suspends Visa Office in China over Coronavirus Fears

Day: 03/02/2020 07:14

After admitting Chinese tourists to the popular island of Santorini as the coronavirus outbreak was spreading, Greece’s government has temporarily closed visa centers in China and suspended applications for visas.

Greece Set to Ratify New Military Deal with United States

Day: 31/01/2020 06:58

Greece’s parliament is set to ratify an agreement with the United States for a major expansion of military cooperation as it faces an escalation of tensions with neighboring Turkey.

World Economy
World Economy
Donald Trump grants clemency to Milken and Blagojevich

Day: 19/02/2020 07:19

Donald Trump extended clemency to several high-profile white-collar criminals on Tuesday, pardoning one-time “junk-bond king” Michael Milken and commuting the sentence of former Illinois governor Rod Blagojevich.

SoftBank spends $2.5 billion to get second Vision Fund off the ground

Day: 18/02/2020 07:25

The Japanese technology conglomerate is also considering investing another $2.5 billion of its own money, one of the people said.

Japan’s GDP shrinks at 6% rate after consumption tax hike

Day: 17/02/2020 07:54

Japan’s economy shrunk at a 6.3 per cent annual rate in the fourth quarter after last autumn’s rise in consumption tax, raising fears of a deeper slowdown and putting pressure on Shinzo Abe and the Bank of Japan to mount a policy response.

Nissan seeks $91 million in damages from Ghosn over alleged financial misconduct

Day: 12/02/2020 07:51

Nissan Motor Co (7201.T) on Wednesday said it had filed a civil lawsuit in Japan against former Chairman Carlos Ghosn seeking 10 billion yen ($91.02 million) in damages over his alleged financial misconduct.

Safe haven dollar is headwind for US economy

Day: 11/02/2020 07:48

A surge in the dollar to a four-month high against other currencies has added another potential headwind to US growth, as the Federal Reserve weighs the risks to the economy of the intensifying coronavirus outbreak.

China seeks to restart economy despite coronavirus outbreak

Day: 10/02/2020 07:13

Many businesses across China are set to remain closed on Monday, despite the government’s efforts to restart the world’s second-largest economy following the deadly outbreak of coronavirus.

China to cut tariffs on US goods as coronavirus threatens economy

Day: 06/02/2020 06:55

China announced it would halve tariffs on some goods imported from the US in a move expected to bolster market sentiment that has been hit by the coronavirus epidemic.

Donald Trump hails economy during tense State of the Union

Day: 05/02/2020 07:29

Donald Trump claimed “incredible results” in boosting the US economy in an often tense State of the Union address that highlighted the president’s bet that resilient job growth and a pair of trade deals can propel him to re-election this year.

Hong Kong confirms first death from coronavirus outbreak

Day: 04/02/2020 06:49

Hong Kong has reported its first death from the coronavirus, marking the second fatality from the deadly epidemic outside of mainland China.

Chinese stocks have worst opening since 2007 on coronavirus fears

Day: 03/02/2020 07:11

Chinese stocks tumbled as traders returned from an extended lunar new year holiday, with the CSI 300 index of Shanghai- and Shenzhen-listed equities falling as much as 9.1 per cent on Monday to mark the worst opening in nearly 13 years.