Major technology firm sets up shop in Nicosia
DataArt, a global software engineering firm, this week announced the opening of a new office in Cyprus.
The company, which has received support from Invest Cyprus, the country’s investment ...
Oil prices and financial markets brace for recession
US economic data remains strong but a range of financial indicators point to a sharp slowdown over the next year that would dampen oil consumption and lead to lower prices.
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Bad tenant register suggested as way to normalise rental prices
Council for Registration of Real Estate Agents president Marinos Kineyirou this week released a statement addressing the issue of soaring rental costs in Cyprus.
“The troubling situation with rents is ...
Just how bad is Lebanon’s economic crisis?
Savers held up two banks in Lebanon on Wednesday to demand access to their own deposits frozen in the country’s paralysed financial system, underlining desperation among citizens unable to ...
‘Cypriot banks should remain prudent due to Ukraine war’
Central Bank of Cyprus (CBC) governor Constantinos Herodotou on Wednesday addressed the Association of Cyprus Banks, during the latter’s annual general meeting, touching on the uncertainty plaguing the current ...
Oil prices inch lower on prospect of rising US interest rates
Oil prices inched lower on Wednesday on concerns of another US Federal Reserve interest rate hike next week after consumer prices unexpectedly rose in August, outweighing support from a robust ...
Paphos hotels able to meet winter demand
Paphos tourism board (Etap) managing director Nasos Hadjigeorgiou on Tuesday said that despite the fact that certain hotels and tourist accommodation units will close during the winter, the district will ...
Fed set for another 75-basis-point rate hike; early pivot unlikely
The Federal Reserve will deliver another 75-basis-point interest rate hike next week and likely hold its policy rate steady for an extended period once it eventually peaks, according to a ...
International travel nears pre-pandemic levels despite lingering restrictions
International Air Transport Association (IATA) director general Willie Walsh this week said that international passenger demand was very satisfactory during July, especially when factoring in any lingering restrictions, as confirmed ...
Euro jumps to 3-week high amid hawkish ECB signals, dollar idles
The euro jumped to a more than three-week peak versus the dollar on Monday, and sterling rose to the highest this month as European Central Bank officials pushed the case ...
ECB governors see rising risk of rate hitting 2 per cent to curb inflation
European Central Bank policymakers see a rising risk that they will have to raise their key interest rate to 2 per cent or more to curb record-high inflation in the euro ...
US ban on Nvidia, AMD chips seen boosting rivals
The US ban on exports to China of Nvidia and AMD’s flagship artificial intelligence chips will create new business opportunities for domestic startups jockeying for a piece of China’...
Finance Minister praises strong foreign direct investment performance
Finance Minister Constantinos Petrides on Friday described Cyprus’ impressive score in the Greenfield foreign direct investment (FDI) performance index as exceptionally important for both jobs and incomes, particularly during the ...
Euro leaps parity on ECB, world stocks hit one-week high
The euro rose back above parity to a two-week high against the dollar on Friday following a large rate hike and hawkish comments from the European Central Bank, while a ...
3D Global CEO: ‘Risk cannot be eliminated, but it can be understood’
3D Global, a financial services and wealth management advisory firm headquartered in Limassol, has gone from strength to strength according to its new CEO.
The company recently announced that founder ...
ECB lifts rates by unprecedented 75 bps to fight inflation
The European Central Bank raised its key interest rates by an unprecedented 75 basis points on Thursday and signalled further hikes, prioritising the fight against inflation even as the bloc’s ...
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 ...
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+’, ...
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 ...
EU to propose mandatory cut in electricity use
By Kate Abnett
The European Commission will propose a price cap on Russian gas, alongside measures including a mandatory EU cut in electricity use and a ceiling on the revenue ...
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 ...
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 ...
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 ...
OPEC+ agrees small oil production cut
OPEC and its allies led by Russia on Monday agreed a small oil production cut to bolster prices that have slid on fears of an economic slowdown.
The oil producers ...