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Date: 28.05.2020
Cyprus Economy
Cyprus Economy
NPLs in the Cyprus banking system decline below €9 billion

Day: 28/05/2020 06:16

Non-performing loans (NPLs) in the Cypriot banking system declined to €8.97 billion in the end of 2019, with the NPL rate amounting to 27.9% of total loans.According to data released by the Central Bank of Cyprus (CBC) NPLs in end-December 2019 marked a reduction of €561 million compared...

Cyprus recorded zero COVID-19 cases on Wednesday

Day: 28/05/2020 06:17

No COVID-19 cases were confirmed on Wednesday in Cyprus from a total of 2.640 tests, the authorities announced. Therefore the total number of confirmed cases remains at 939.A press release issued by the Health Ministry said that 539 tests were carried out in the framework of the programme for...

Cyprus sends COVID-19 destination protocol to tourism partners abroad

Day: 27/05/2020 10:58

Cyprus government has sent to its tourism partners abroad a letter concerning the protocols that will allow the country to safely re-open for tourists and avoid the need for quarantining of visitors, signed by Foreign Minister Nikos Chirstodoulides, Minister of Transport Yiannis Karousos and Deputy...

Change of culture for telework

Day: 27/05/2020 12:00

Kyriakos Kokkinos, Deputy Minister of Research, Innovation and Digital Policy, has spoken to CNA about the advantages and disadvantages of telework, noting that implementing it in Cyprus is possible, as long as it is the result of social dialogue, preparation and a change of culture.In an interview...

Fiscal package in line with EU framework and government’s capacity

Day: 27/05/2020 11:01

The new financial stimulus package, to be unveiled on Wednesday in response to the impact of the pandemic on the economy, is in line with the government’s capacity and is compatible with the European framework, Deputy Government Spokesman Panayiotis Sentonas said, ahead of a Cabinet meeting,...

Two COVID-19 cases out of 2,214 tests confirmed on Tuesday

Day: 27/05/2020 06:09

Two more people were found positive to COVID-19 in Cyprus, after conducting 2,214 laboratory tests, authorities announced on Tuesday. The total number of cases in Cyprus since the beginning of the pandemic rose to 939. Both cases were detected after conducting 125 tests following referrals from...

No violations of COVID-19 measures reported by Police

Day: 27/05/2020 06:10

Police checked 657 establishments island wide as part of the country’s measures against COVID-19 in the last 12 hours, reporting no violations.A Police spokesman told CNA that 211 checks were carried out in Nicosia, 169 in Larnaca, 56 in Paphos, 135 in Famagusta and 86 in Morphou.  

Suspended credit facilities in Cyprus rise to €1.19 billion on May

Day: 26/05/2020 06:50

Suspended credit facilities at the request of borrowers on May 8 amounted to €1.19 billion from €894 million on April 24, according to data released Monday by the Central Bank of Cyprus (CBC).Under the emergency measures announced by Government to control the spread of COVID-19 in Cyprus...

Bank of Cyprus CEO: Covid-19 presents an “unprecedented external economic shock”

Day: 26/05/2020 13:04

The coronavirus outbreak is first and foremost a health crisis, presenting an unprecedented external economic shock, Bank of Cyprus’ Chief Executive Officer Panicos Nicolaou said, with the Bank’s chairman Takis Arapoglu noting that the Covid-19 would slow the bank’s progress in...

Cyprus extends flight ban until June 8

Day: 26/05/2020 13:01

Cyprus has extended a flight ban in place to contain the COVID-19 pandemic until June 8.In a press release, the Ministry of Transport, Communications and Works announces that a new decree has been published extending the flight ban for another 11 days from May 29, 2020.

European Economy
European Economy
Volkswagen in final talks to seal biggest M&A deals in China EV sector - sources

Day: 27/05/2020 05:44

Volkswagen AG (VOWG_p.DE) is in final talks to seal its largest investment deals with Chinese electric vehicle (EV) firms, two sources said, as the German automaker accelerates its push into the world’s largest market for environmentally friendlier cars.Πηγή: Reuters

HSBC board rethinks overhaul and seeks even sharper cuts

Day: 26/05/2020 06:02

HSBC’s board is set to deepen the biggest restructuring in the bank’s 155-year history after deciding that the coronavirus crisis requires more drastic measures.Πηγή: Financial Times

Germany's confirmed coronavirus cases rise by 289 to 178,570

Day: 25/05/2020 05:42

The number of confirmed coronavirus cases in Germany increased by 289 to 178,570, data from the Robert Koch Institute (RKI) for infectious diseases showed on Monday.Πηγή: Reuters

German tax revenues fall 23.5% due to coronavirus pandemic

Day: 22/05/2020 05:40

 Tax revenues of the German government and the 16 federal states declined by 23.5% in April from a year earlier to around 39 billion euros ($43 billion) due to the coronavirus pandemic, the finance ministry’s monthly report showed on Friday.Πηγή: Reuters

Coronavirus: Time running out on track and trace, NHS leaders warn

Day: 21/05/2020 05:36

Time is running out to finalise a track and trace strategy that would avoid a potential second surge in coronavirus cases, NHS leaders have said.Πηγή: BBC

Outlook for European corporate profits worsens further

Day: 20/05/2020 06:23

Expectations for second- and third-quarter corporate profits are deteriorating further in Europe, despite a gradual easing across the continent of lockdowns aimed at curbing the coronavirus pandemic, Refinitiv data showed on Wednesday.Πηγή: Reuters

Merkel Offers Breakthrough Deal to Shield EU From Virus Fallout

Day: 19/05/2020 05:10

German Chancellor Angela Merkel and French President Emmanuel Macron agreed to support a 500 billion-euro ($546 billion) aid package to help the European Union recover from the coronavirus pandemic in a major step toward tighter integration.Πηγή: Bloomberg

Ordinary Joe no cure for Italy's debt disease

Day: 18/05/2020 05:58

As Italy’s already massive public debt soars further due to the coronavirus crisis, its authorities are calling on ordinary citizens to help fund recovery efforts. The plan could aid immediate financing needs but will do little to allay eventual default risks.Πηγή: Reuters

Coronavirus Sanofi: French drug giant rows back after vaccine storm

Day: 15/05/2020 05:52

The French pharmaceutical giant Sanofi has rowed back on an apparent promise to prioritise the US market with any potential Covid-19 vaccine.Πηγή: BBC

We will have summer tourist season, promises EU

Day: 14/05/2020 05:46

A gradual lifting of borders has been proposed by the EU's executive in an attempt to kick-start a tourist industry hit hard by the coronavirus pandemic.Πηγή: BBC

Greek Economy
Greek Economy
PM Mitsotakis to Bild: "We Will Open Tourism to Countries with Similar Epidemiological Data as Greece"

Day: 27/05/2020 05:50

The safe comeback of tourism flows in Greece and economic recovery from the coronavirus pandemic were the focal point of Prime Minister Kyriakos Mitsotakis' Tuesday interview in the German newspaper Bild.Πηγή: The National Herald

Greece Ready for a Big First Wave of Tourists, Varvitsiotis Tells BBC

Day: 26/05/2020 06:05

Greece is now reopening to welcome the first big wave of tourists after its successful handling of the Covid-19 pandemic, Alternate Foreign Minister Miltiadis Varvitsiotis told BBC News TV on Monday.Πηγή: The National Herald

COVID-19 Wind-Down: Greece Reopening Restaurants, Bars, Taverns, Islands

Day: 25/05/2020 05:47

Two months after a lockdown was imposed to prevent the spread of the COVID-19 Coronavirus, a further gradual lifting of restrictions on May 25 will see the opening of bars, restaurants, taverns and travel to and from Greece's islands.Πηγή: The National Herald

Georgiadis: Government Working on a Plan to Help Aegean Airlines

Day: 22/05/2020 05:45

"We will not let companies, such as Aegean Airlines, without help," stated Development and Investments Minister Adonis Georgiadis at a press conference on Thursday, during which there was a presentation of the financing tools for the support of the economy.Πηγή: The National Herald

Greek Finance Minister Presents Third Phase of Economic Support Measures

Day: 21/05/2020 05:38

Greek Finance Minister Christos Staikouras on Wednesday presented a new package of "15 policies" to be implemented from June until October 30 in the framework of the third phase of a plan for economic recovery.Πηγή: The National Herald

Eurobank Unveils Plan to Support Greece's Tourism Sector

Day: 20/05/2020 06:25

Eurobank on Tuesday presented a comprehensive plan to support Greek tourism, worth 750 million euros, focused on hotels. Presenting the plan, during an online news conference, Eurobank's CEO Fokion Karavias said the bank was standing by tourism and enterprises in the sector not only on sunny...

Greek State Budget Hit by Impact of Coronavirus Pandemic

Day: 19/05/2020 05:12

The Greek general government budget recorded a deficit of 6.014 billion euros in the January-April 2020 on a cash basis, after a deficit of 1.138 billion in the corresponding period in 2019, the Bank of Greece said on Monday.Πηγή: The National Herald

FinMin Staikouras Rules out Salaries or Pensions' Cuts

Day: 18/05/2020 06:02

"There is no thought, no plan, for reduction of salaries or pensions," Finance Minister Christos Staikouras said on Sunday in an interview with SKAI TV. He also said that there were tax interventions in the government's plans, such as the reduction of VAT on restaurants and referred...

PM Mitsotakis: "The Better You Manage the Health Crisis, the Faster the Economy Will Revive"

Day: 15/05/2020 05:53

Greece was two weeks ahead of most European countries in decisive action to fight the coming Covid-19 pandemic, Prime Minister Kyriakos Mitsotakis said on Thursday, in a key address at a teleconference by the Athens office of the Boston Consulting Group (BCG).Πηγή: The National Herald

Greek Institutions Welcome EU's Restart of Tourism Industry

Day: 14/05/2020 05:48

Greek tourism leaders welcomed the European Commission's announcements and recommendations on restarting tourism in Europe on Wednesday, and said they confirmed the importance of tourism in country economies.Πηγή: The National Herald

World Economy
World Economy
NYSE reopens trading floor after two-month Covid shutdown

Day: 27/05/2020 05:46

The New York Stock Exchange has partially reopened its famous Wall Street trading floor, with around a quarter of brokers returning after a two-month shutdown caused by the coronavirus crisis.Πηγή: Financial Times

China says banks' bad loans at high level due to virus, credit risks accumulate

Day: 26/05/2020 06:03

China’s banking and insurance regulator said on Tuesday that bad loans at banks now stand at a high level due to the impact of the coronavirus pandemic.Πηγή: Reuters

Fate of Global Economy Rests More Than Ever on Finding Vaccine

Day: 25/05/2020 05:44

As sections of the global economy tip-toe toward reopening, it’s becoming clearer that a full recovery from the worst slump since the 1930s will be impossible until a vaccine or treatment is found for the deadly coronavirus.Πηγή: Bloomberg

China scraps annual economic growth target for first time

Day: 22/05/2020 05:44

China will not set an economic growth goal for this year as it deals with the fallout from the coronavirus pandemic.Πηγή: BBC

Australia banks' capital buffers expected to fall over coming year

Day: 21/05/2020 05:33

Australian banks’ will see a fall in their capital buffers over the year ahead due to likely loan losses as hundreds of thousands lose their jobs due to the COVID-19 pandemic, the head of the prudential regulator said on Thursday.Πηγή: Reuters

Trump says US topping world virus cases is 'badge of honour'

Day: 20/05/2020 06:24

President Donald Trump has argued it is "a badge of honour" that the US has the world's highest number of confirmed Covid-19 infections.Πηγή: BBC

Trump threatens permanent freeze of WHO funding, review of U.S. membership

Day: 19/05/2020 05:09

U.S. President Donald Trump threatened on Monday to permanently halt funding for the World Health Organization (WHO) if it did not commit to improvements within 30 days, and to reconsider the membership of the United States in the body.Πηγή: Reuters

Jay Powell warns US recovery could take until end of 2021

Day: 18/05/2020 05:59

Federal Reserve chair Jay Powell has warned that a full US economic recovery may take until the end of next year and require the development of a Covid-19 vaccine.Πηγή: Financial Times

Pandemic stirs Wall Street’s social conscience

Day: 15/05/2020 05:50

The need to restart production lines and reopen offices idled by the coronavirus pandemic mean issues such as sick pay and working conditions are suddenly a top priority for the C-suite and, for some investors, a golden opportunity to apply the principles of ethical investing.Πηγή: Reuters

Fed's credit operation launched, but job already done

Day: 14/05/2020 05:45

As part of an unprecedented stimulus endeavor, the Fed announced it would support the ETF market in March, and on Tuesday launched the backstop.Πηγή: Reuters