Cyprus Business Now
Cyprus-based ship management company Intership Navigation, founded 35 years ago by German ship owner Alfred Hartmann, recently announced its separation from the Hartmann Group through a management buyout by its long-term ...
Google signs its largest offshore power agreement with Dutch wind projects
Technology giant Google (GOOGL.O) has signed its largest ever power purchase agreement (PPA) with offshore wind projects off the coast of the Netherlands as part of efforts to green ...
Deutsche Bank to cut 3,500 jobs and reward shareholders
Deutsche Bank (DBKGn.DE) said on Thursday it would cut 3,500 jobs, buy back shares and pay dividends, in its latest pitch to investors that its turnaround remains on track.
The ...
German manufacturing downturn eases in January
The downturn in Germany’s manufacturing sector, which accounts for about a fifth of the country’s economy, eased in January, a survey showed on Thursday.
The HCOB final Purchasing ...
Interest rate cuts likely to take place in 2024, CBC governor says
Finance Minister Makis Keravnos and Cyprus Central Bank (CBC) governor Constantinos Herodotou held a meeting on Thursday, discussing a potential decrease in interest rates by the European Central Bank (ECB) ...
Cyprus non-performing loan ratio stable at 8.3 per cent in November
The Non-Performing Loan (NPL) ratio in Cyprus remained unchanged at 8.3 per cent in November 2023, according to a report released on Thursday by the Central Bank of Cyprus (CBC).
According to ...
Cyprus can benefit from soaring copper prices, industry stakeholder says
Copper prices set to soar by more than 75 per cent over next two years
Mark Rachovides, chairman of Venus Minerals and a member of Euromines, the voice of the European ...
Cyprus private debt standing at 206 per cent of GDP
Private debt in Cyprus, including households and non-financial companies, reached 206 per cent of GDP at the end of the third quarter of 2023, according to a report released this week by ...
Women In Tech Cyprus launches educational programme “Advocate for Yourself”
TechIsland, the largest technology association in Cyprus, and member company Adsterra, on Thursday announced the launch of “Advocate For Yourself,” an educational programme under the Women in Tech Cyprus initiative.
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Wall Street explores novel ways to repackage bank loan risk
A financial product that enables banks to shed risk from loan portfolios is gaining more popularity among lenders in the United States, with investors and lawyers devising new structures to ...
Oil buoyed higher by US rate cut expectations
Oil prices rose on Thursday, supported by signals from the US Federal Reserve on a possible start to rate cuts and on new support measures for China’s embattled property ...
Dollar rises as March Fed cut bets unwind, euro at seven-week low
The euro hit a seven-week low on Thursday as the dollar rose after Federal Reserve Chair Jerome Powell pushed back against bets of a US rate cut as soon as ...
Russian oil flows through Red Sea still face lower risks
Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and ...
Cyprus economic climate improves in January
The economic climate in Cyprus showed signs of improvement in January 2024, according to a report released this week by the University of Cyprus’ Economic Research Centre (CypERC).
The Economic Sentiment ...
Cyprus Business Now
The Producer Price Index (PPI) in Cyprus’ industrial sector for the year 2023 witnessed a notable decrease of 4.5 per cent on an annual basis, according to a report released on Wednesday ...
Starbucks cuts sales view due to Middle East conflict, warns of weak Q2
Starbucks (SBUX.O) cut its annual sales forecast on Tuesday as the Israel-Hamas war hurt its Middle East business, while warning that softer demand in January and slow recovery in ...
H&M CEO quits as sales keep sliding, shares drop
H&M’s (HMb.ST) CEO unexpectedly quit on Wednesday and company veteran Daniel Ervér took over with immediate effect, as the Swedish fashion retailer struggles to boost ...
Judge voids Elon Musk’s ‘unfathomable’ $56 billion Tesla pay package
A Delaware judge tossed out Elon Musk’s record-breaking $56 billion Tesla (TSLA.O) pay package on Tuesday, calling the compensation granted by the EV maker’s board “an unfathomable sum” ...
Cyprus tourism revenue approaches €3 billion in 2023
Tourism revenue in Cyprus surged to nearly €3 billion during the January-November 2023 period, indicating a remarkable 22.5 per cent annual increase, according to a report released on Wednesday by the state’s ...
Cyprus Institute proposes smart farming Centre of Excellence
President of the Cyprus Institute Stavros Malas this week presented an innovative proposal for the establishment of a Centre of Excellence for Smart and Sustainable Farming (SMARTFARM) to the House ...
Saudi Arabia’s Q4 GDP shrinks 3.7 per cent year-on-year
Saudi Arabia’s real gross domestic product (GDP) shrunk 3.7 per cent in the fourth quarter, government data showed on Wednesday, marking a second consecutive quarter of contraction, as a decline ...
Cyprus aiming for 80,000 Swiss tourists in 2024
Cyprus’ Deputy Ministry of Tourism on Wednesday stated that it sees a feasible opportunity for a further increase in tourist arrivals from Switzerland, estimating the number of visits from the ...
Universal Music, TikTok fail to reach new licensing agreement
Universal Music Group (UMG) (UMG.AS) will cease licensing its content to TikTok and TikTok Music services, as the music label said on Tuesday that its agreement with the social ...
Euro area governments smash bond sale records in hefty funding year
Eurozone governments sold a record amount of bonds directly to investors in January, seeing the highest demand ever, as hopes grow for interest rate cuts to support a weakening economy.
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