Oil prices extend 4 per cent plunge as demand concerns loom
Oil prices fell on Wednesday, extending a plunge of more than 4 per cent the previous day and hovering at their lowest since December, on expectations that a political dispute halting ...
Cyprus consumer loan rates increase in July
The Central Bank of Cyprus (CBC) has reported a rise in interest rates on consumer loans, which increased to 6.67 per cent in July, up from 6.18 per cent in the previous ...
KV Fund invests €300,000 in Paphos startup
Darefore, a Paphos-based startup founded by brothers Marios and Panayiotis Kyriakou, has been incorporated into the KV Fund portfolio.
According to an official announcement released this week, the company’s ...
Cyprus business & economy daily wrap-up
The Cyprus property market saw apartments emerge as the preferred choice among buyers during the second quarter of 2024, according to a report released on Tuesday from the Cyprus Real Estate ...
Eurozone manufacturing slump deepens, demand hits 2023 low
Eurozone manufacturing activity remained mired in contraction in August, a survey showed this week, with the data suggesting a recovery could be some way off as demand fell at its ...
Rising costs push Cypriot property buyers towards apartments, estate agents say
The Cyprus property market saw apartments emerge as the preferred choice among buyers during the second quarter of 2024, according to a report released on Tuesday from the Cyprus Real Estate ...
Cyprus petroleum sales increase by 4.6 per cent in July
Cyprus saw an increase in the sales of petroleum products during July, which totalled 134,484 tonnes, marking a 4.6 per cent increase compared to July 2023.
According to a report released on Tuesday ...
Globeducate expands Cyprus presence with acquisition of Olympion
Globeducate, one of the world’s leading K12 education groups, this week announced the acquisition of Cypriot educational group Olympion.
This notable group of private Greek schools, situated near Nicosia, ...
Cyprus lagging behind in EU recovery fund requests
The European Court of Auditors on Tuesday raised concerns about the slow absorption of the Recovery and Resilience Facility (RRF) funds across the European Union, warning of potential risks to ...
ECB policymakers split on growth outlook
European Central Bank policymakers are increasingly at odds on the outlook for growth, a rift that could shape the rate cut debate for months with some fearing a recession and ...
Cypriot AI startup raises €1 million in pre-seed funding
Cypriot startup Placy has secured €1 million in pre-seed funding, according to an announcement released on Tuesday.
The company provides an AI-powered virtual companion that aims to reshape how real estate ...
Cyprus business & economy daily wrap-up
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 ...
UK mortgage approvals hit post-2022 high
British lenders approved the highest number of mortgages in July since the start of the “mini-budget” crisis in 2022 under former Prime Minister Liz Truss, according to Bank of England data ...
Economic growth in Turkey cools to 2.5 per cent in second quarter
Turkey’s economy expanded by a less-than-expected 2.5 per cent in the second quarter of the year, data showed this week, cooling in the face of a year-long monetary tightening drive.
...
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 ...