ECB poised for another big rate hike as inflation soars
The European Central Bank will raise interest rates again on Thursday to fight runaway inflation and, with a big move and a record one under consideration, the only question is ...
Oil prices climb on tight supply worries
Oil prices rose by as much as $1 per barrel on Thursday after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia ...
Britain borrows big again to ease energy shock
Britain’s new leader Liz Truss capped soaring consumer power bills for two years on Thursday in a package to limit the economic shock of war in Ukraine that could ...
Some Paphos hotels will close during the winter due to higher costs
Paphos hoteliers association president (Pasyxe) Thanos Michaelides this week said that the hotel occupancy rate in the district is expected to hit 70 per cent during September.
Michaelides said that in ...
S&P upgrades Bank of Cyprus, praises NPL reduction
Rating agency S&P Global Ratings this week announced that it has revised upwards its long-term issuer credit rating on the Bank of Cyprus (BoC) to ‘BB-‘ from ‘B+’, ...
Europe’s banks dim lights as they brace for winter blackout
Some of Europe’s biggest banks are preparing back-up generators and to dim the lights as they brace for potential power cuts and energy rationing that threaten the money system ...
Cyprus Business Now
Employment in Cyprus increased by 1.9 per cent in the second quarter of 2022, compared to the corresponding quarter of 2021, while actual working hours recorded a percentage increase of 5.2 per cent, according ...
Apple unveils iPhone 14 with satellite SOS, Ultra Watch for outdoors
Apple Inc (AAPL.O) introduced new iPhone 14 models capable of using satellites to send emergency messages and an adventure-focused Ultra Watch for sports like diving and triathlons.
The outdoor-focused products ...
Apple’s new iPhones, watches are coming at a tough time for consumers
Apple Inc (AAPL.O) on Wednesday is expected to unveil a new range of iPhone 14 models and Apple Watches that will test how willing consumers are to upgrade gadgets in ...
Bitcoin’s no longer the king of the swingers
Bitcoin’s been called a lot of things. Buzzy, beguiling, baffling, even bogus. But never boring.
Yet, of late, it’s been eerily subdued.
The king of the swingers has ...
Cyprus airlines reject claims of potential collapse
A story by global media company Bloomberg released on Monday, in which it claimed a Cypriot airline was in danger of collapse due to higher fuel and labour costs, has ...
Lone Star considering revised offer for the Bank of Cyprus
Private equity firm Lone Star, in a statement issued on Tuesday to the London Stock Exchange, said that it is considering its options in terms of submitting a revised offer ...
Murmurs of ‘sterling crisis’ no longer fanciful
By Mike Dolan
Even though fears of another “sterling crisis” have been wide of the mark for decades, they are harder to bat away this time around as a fourth ...
Oil slides to 7-mth low on renewed demand fears, rate hike expectations
Oil prices fell more than $1 on Wednesday to their lowest since before Russia invaded Ukraine as COVID-19 curbs in top crude importer China and expectations of more interest rate hikes ...
UK heads for return to “trickle-down” economics under low-tax Truss
New British Prime Minister Liz Truss and her finance minister Kwasi Kwarteng look set to revive Margaret Thatcher’s 1980s experiment in “trickle-down” low-tax economics, the results of which have ...
Cyprus banks tighten lending criteria due to geopolitical uncertainty
The Central Bank of Cyprus (CBC) on Tuesday announced that it has recorded a tightening of lending criteria, combined with a decline in net demand for loans, during the second ...
Cyprus Business Now
A bill to regulate matters concerning start-ups and their investments is expected to be submitted to the House of Representatives within this year, according to an update received on Tuesday ...
Inside Tesla’s drive to keep Musk’s battery promise
The secret behind Elon Musk’s goal of selling 20 million Tesla’s a year by 2030 lies in its pioneering battery technology.
The good news is that by using bigger cells ...
OPEC+ seems to want $90 crude oil. It may end up defending $50: Russell
By Clyde Russell
It’s tempting to dismiss the decision by the OPEC+ group to cut crude oil production by 100,000 barrels per day (bpd) in October as a statistical insignificance ...
Big rate hike won’t save euro as energy shock deepens
The hit to the euro zone economy and its currency from a deepening energy crisis is so severe that more aggressive monetary tightening from the European Central Bank will do ...
Oil prices inch lower on symbolic OPEC+ output cut
Oil prices edged lower on Tuesday, paring gains from the previous session, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely ...
Sterling shows signs of life as Truss hints at energy relief
Sterling lifted on Tuesday as media reports offered new details on how incoming Prime Minister Liz Truss is planning to tackle Britain’s growing energy crisis.
Household bills are due ...
Volkswagen triggers landmark Porsche IPO plan, defying market doubts
Volkswagen (VOWG_p.DE) on Monday announced its intention to float sports car brand Porsche, triggering what could become one of the world’s largest listings even as record inflation ...
Euro plunges to new 20-year low after Russian gas halt
The euro sank below $0.99 to a new 20-year low on Monday after Russia’s halt to gas supplies down its main pipeline to Europe heightened fears about a deepening energy ...