Shell and Turkey’s Botas to sign long-term LNG deal
Turkish state energy company Botas and British oil major Shell (SHEL.L) will sign a long-term LNG agreement on Monday, the Turkish Energy Ministry said.
It said Energy Minister Alparslan ...
Saudi Transport Minister visits Cyprus, discusses future collaboration
Saudi Arabian Transport Minister, Saleh Bin Nasser Al-Jasser, on Monday visited DP World Limassol’s general cargo and cruise terminal, where he discussed avenues for further cooperation in areas of ...
Cyprus GDP reaches €6.61 billion in Q2 — construction, ICT, finance key sectors
The Cypriot economy grew by 3.6 per cent in the second quarter of 2024, compared to the same period in 2023, according to a report released this week by the Cyprus Statistical Service (...
Bank of Cyprus completes 41 per cent of share buyback programme
The Bank of Cyprus completed approximately 41 per cent of its maximum share buyback programme value by the end of August, according to an announcement by the bank.
The announcement noted ...
UK tax on North Sea oil may cut revenue by £12 billion, group warns
British government plans to increase a windfall tax on North Sea oil and gas producers would lead to a nearly 12 billion pound ($16 billion) drop in revenue to the state and ...
Cyprus retail trade grows in July
Cyprus’ retail sector experienced growth in July, according to a report released on Monday by the Cyprus Statistical Service (Cystat).
According to the report, the retail trade turnover value index ...
Oil prices extend decline amid OPEC+ output hike expectations
Oil prices extended losses on Monday on expectations for higher OPEC+ production starting in October and as signs of sluggish demand in China and the US, the world’s two ...
French central banker calls for September ECB rate cut
The European Central Bank would be “wise” to deliver another interest rate cut in September, French policymaker Francois Villeroy de Galhau said, warning there was a risk of undershooting its ...
Cyprus industrial producer prices index rose in July
Cyprus’ Industrial Producer Prices Index (PPI) experienced a 0.9 per cent increase in July 2024 compared to the previous month, reaching 124.2 points, according to a report from the Cyprus Statistical Service (Cystat).
...
Financial institutions react to the FinTech challenge
By George Markides, George Kassinis, Andreas Soteriou
Over the past two decades, financial technology (FinTech) has transformed the established financial sector by introducing more efficient and innovative methods of providing ...
Global smart personal audio market rebounds with record growth in Q2
The global smart personal audio market, which includes True Wireless Stereo (TWS) devices, wireless earphones, and wireless headphones, experienced a robust recovery in the second quarter of 2024.
According to a ...
African smartphone market experiences modest growth
The African smartphone market experienced modest growth in the second quarter of 2024, with shipments rising by 6 per cent year-on-year to reach 17.8 million units, according to the latest research from Canalys.
...
Intel board member quit after differences over chipmaker’s revival plan
The sudden resignation of a high-profile Intel board member came after differences with CEO Pat Gelsinger and other directors over what the director considered the US company’s bloated workforce, ...
Meta Platforms strikes geothermal energy deal to power US data centres
Facebook owner Meta Platforms has struck a deal to buy geothermal power from Sage Geosystems to supply its US data centres, as it races to build out the infrastructure to ...
Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting August 26:
Starting with the economic landscape, the value of Cypriot bonds held by the Eurosystem has decreased to €6.38 ...
UBS increases US recession probability to 25 per cent
UBS Global Wealth Management has raised the odds of a US recession to 25 per cent from 20 per cent, citing weakness stemming from softer jobs growth and the July unemployment data ...
US to award HP $50 mln for semiconductor tech project
The US Commerce Department has announced that it plans to award $50 million to HP (HPE.N) to support the expansion and modernization of an existing company facility in Oregon that ...
South African digital platforms need testing grounds to speed innovation
South African authorities should introduce regulatory ‘sandboxes’, or controlled testing grounds, to spur innovation in the country’s growing digital platform sector, according to tech investor Naspers (NPNJn.J) and ...
Qatar to provide LNG to Kuwait for 15 years
Qatar has agreed to supply Kuwait with 3 million tons per annum (mtpa) of liquefied natural gas (LNG) for 15 years, the second such deal since 2020 as Kuwait imports the fuel to ...
Cyprus Business Now
Hellenic Bank on Friday posted a profit after tax of €189 million for the first half of 2024, marking an 18 per cent increase compared to the same period during the previous year.
...
OPEC+ expected to increase oil production in October
OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of ...
China’s BYD to use Huawei’s advanced autonomous driving system in off-road EVs
Chinese electric vehicle (EV) giant BYD (002594.SZ) has signed an agreement with Huawei (HWT.UL) to use the Chinese tech conglomerate’s advanced autonomous driving system in its off-road Fangchengbao ...
Nasdaq seeks SEC approval for bitcoin index options
Nasdaq (NDAQ.O) is seeking the green light from regulators to launch and trade options on a bitcoin index, according to an announcement from the exchange operator.
The US Securities ...
India to launch platform for rural, small business lending, cenbank governor says
India will launch a platform to transfer credit to small and rural borrowers, catering to the large unmet demand across various sectors, especially agricultural and small companies, according to the ...