Budget deficit for next three years
Deficit spending will be the norm for the next three years, according to finance minister Constantinos Petrides who presented the state budget for 2022 to the council of ministers as well ...
Britain’s Sainsbury’s makes it personal in price battle with rivals
British supermarket group Sainsbury’s (SBRY.L) will offer lower prices to customers using its digital loyalty scheme and self-scanner service, deepening ties with shoppers and cutting costs in the ...
NatWest chair sees digital pound piloted within five years
Britain will be piloting a digital version of the pound within a few years to cut the cost of money transfers, NatWest bank chairman Howard Davies said on Tuesday.
Central ...
New CySEC chairman appointed
The cabinet has appointed George Theocharides as the Cyprus Securities and Exchange Commission’s (CySEC) new chairman, promoting him from the post of vice chairman, which he held since July ...
Microsoft shares edge higher on $60 billion buyback scheme
Microsoft (MSFT.O) shares rose 1 per cent in early trading on Wednesday after the company announced a $60 billion share repurchase plan, its biggest ever.
The announcement comes just days after ...
UK COVID-19 business insurance payouts top one billion pounds
Small companies in Britain, which demanded that their insurers cover claims for losses accrued during the COVID-19 pandemic, have received more than one billion pounds ($1.4 billion) in full and interim ...
Cyprus missing out on Schengen benefits, Paphos economy still reeling
Cyprus’ inability to join the group of Schengen countries has adverse effects on its economy, Paphos Chamber of Commerce and Industry (PCCI) chairman George Mais has said.
Speaking to the ...
Zara owner Inditex outshines H&M as sales top pre-pandemic levels
Fashion brand Zara owner Inditex (ITX.MC) has outpaced Swedish rival H&M (HMb.ST) in its efforts to bounce back from the coronavirus crisis, with second-quarter sales rising ...
UK inflation soars to 9-year high on rebound from restaurant discount scheme
British inflation hit a more than nine-year high last month after the biggest monthly jump in the annual rate in at least 24 years, largely due to a one-off boost reflecting ...
Billions blown as Macau casino investors fold amid gambling review
Macau casino operator stocks plummeted by as much as a third on Wednesday, losing around $14 billion in value, as the government kicked off a regulatory overhaul that could see its ...
Coinbase upsizes debt offering to $2 bln
US cryptocurrency exchange Coinbase Global Inc (COIN.O) said on Tuesday it increased the size of its debt offering to about $2 billion from previously announced $1.5 billion, citing market interest.
The ...
UK Culture Secretary makes case for Channel 4 privatisation
Channel 4, Britain’s publicly owned but commercially funded broadcaster, will be able to access more money to compete with streaming giants Amazon (AMZN.O) and Netflix (NFLX.O) under private ...
Cyprus Business Now
CyprusInno has launched a new coworking space called The Base in Nicosia’s Ledra Palace buffer zone.
The centre will not be limited to coworking elements as it wil also ...
UK employee numbers surge above pre-pandemic level
British employers added a record 241,000 staff last month, lifting the total number of employees on company payrolls to just above the level before Britain first went into a COVID-19 lockdown ...
Israel Q2 GDP revised upwards as economy rebounds from COVID
Israel’s economy grew faster than previously estimated in the second quarter, bouncing back strongly after most COVID-19 related restrictions were lifted.
Gross domestic product grew 16.6 per cent at an ...
Lebanon to sign contract for central bank forensic audit in days
Lebanon’s outgoing finance minister Ghazi Wazni said on Tuesday a contract for a forensic audit of the central bank would be signed in a few days by the new ...
Banks expect London to remain a top financial centre, says survey
London will remain a leading global financial centre despite uncertainty over regulation due to Brexit, Lloyds Bank’s annual sentiment survey of financial firms showed on Monday.
Britain fully left ...
UK employers, stung by new levies, call for overhaul of tax system
British businesses demanded that finance minister Rishi Sunak stop raising their taxes and instead offer more help to meet the challenges of Brexit, COVID-19 and climate change when he makes ...
EU allocates €22 million for new sewerage system in Cyprus
The European Commission has approved a budget of more than €22 million for the creation of a collection of sewage networks in the Kokkinochoria region in Cyprus.
The Commission approved the ...
Passengers down 71 per cent at Heathrow, asks for changes to travel rules
Britain’s biggest airport Heathrow said on Monday passenger numbers were still 71 per cent lower in August compared to the same month before the COVID-19 pandemic, as it demanded that ...
Turkish factory output and current account disappoint
Turkish industrial output rose 8.7 per cent annually in July, much less than forecast after a recent strong rebound, while the current account deficit was wider than expected, data showed on ...
Doers back in Limassol to Reflect
Attendees at annual tech, business and future casting festival creating a lasting impact in Cyprus
Cyprus has been through its share of challenges, as have many other countries throughout the ...
US Treasury, financial industry discuss cryptocurrency ‘stablecoins’
The US Treasury Department met with a number of industry participants this week to quiz them about the risks and benefits posed by stablecoins — a rapidly growing type of cryptocurrencies, ...
EU okays Alitalia successor and says it’s not liable for illegal aid
EU competition regulators on Friday gave the green light to a slimmed down successor to Alitalia and said the new state-owned airline was not liable for repaying 900 million euros ($1.1 billion) ...