Category: Business & Finance

Trkiye’s benchmark stock index ended the week at 7,959.95 points, up 0.78% from the previous close.

Starting the day at 7,902.36 points, Borsa Istanbul’s BIST 100 gained 61.36 points from Thursday’s close.

The index rose by 1.36% on a weekly basis as of Friday’s close.

The lowest value of the index during the day was 7,851.34, while its daily high was 7,996.08.

The total market value of the BIST 100 was around 6.8 trillion liras ($235.1 billion) by market close, with a daily trading volume of 79 billion liras ($2.74 billion).

The price of an ounce of gold was $1,999.05, while Brent crude oil sold for around $81.91 per barrel as of 7.18 p.m. local time (1618GMT).

The US dollar/Turkish lira exchange rate was at 28.8758, the euro/lira exchange rate at 31.5841, and the British pound traded at 35.4150 liras.

Source: EN – Anadolu Agency

The Mary Kay Ash Foundation?, a decades-long leader and advocate for finding cures for cancers affecting women, and UT Southwestern Medical Center, one of the nation’s premier academic medical centers, in Dallas, Texas, are celebrating five years of collaborative success on the International Postdoctoral Scholars in Cancer Research Fellowship program. Hosted at the Harold C. Simmons Comprehensive Cancer Center at UT Southwestern Medical Center, the fellowship is a two-year postdoctoral program sponsored by the Mary Kay Ash Foundation. Established in 2019, the program set out to recruit exemplary international researchers in their respective fields, provide them with invaluable experience, mentorship, and a return grant to continue their pursuits in their home country – bringing their knowledge and experience gained with them. To date, the program has successfully recruited 13 highly accomplished postdoctoral researchers from Brazil, China, Germany, Mexico, Singapore, Spain and Portugal – seven of which have successfully completed the program; six continue to actively pursue their respective research projects in Dallas; and all have made impactful contributions to notable research publications. ‘For more than two decades, the Mary Kay Ash Foundation and UT Southwestern Medical Center have partnered in a continued commitment to find cures for cancers affecting women,’ said Michael Lunceford, President, Mary Kay Ash Foundation Board of Directors. ‘Our partnership continues to bring pivotal innovations to the cancer research frontlines by removing barriers and encouraging information sharing across borders and the world. These findings will be shared on a global level and impact women in every corner of the world.’ Under the expert guidance of Dr. Jerry Shay, Professor of Cell Biology and The Southland Financial Corporation Distinguished Chair in Geriatrics at UT Southwestern Medical Center, the program has consistently attracted and recruited exceptional candidates, ensuring the participation of highly qualified individuals from diverse geographic areas. In the most recent recruitment efforts, two outstanding scholars were recruited to the program: Debora Andrade Silva, Ph.D., from the University of Sao Paulo in Brazil, and Quan Wang, Ph.D., from Shanghai Jiao Tong University in China. ‘We appreciate Mary Kay Ash Foundation’s continued investment in UT Southwestern Medical Center and the future of cancer research. With the foundation’s support, we can attract top international candidates, bring them to our state-of-the-art facilities to work with accomplished mentors, and make great strides in research advancements,’ said Dr. Jerry Shay. ‘The global postdoctoral grant allows diverse cancer research talent the opportunity to conduct cutting-edge cancer research at both UT Southwestern Simmons Cancer Center and back in their home country.’ The Mary Kay Ash Foundation is proud to continue its long legacy of making the world a safer, healthier place for women and their families.

Source: Cyprus News Agency

Cyprus Stock Exchange The Cyprus Stock Exchange (CSE) All Share Index closed at today`s stock exchange meeting as follows: MEETING DATE: 06/11/2023 INDICES BASE VALUES: FTSEMed=5000, OTH EURO (pound ) TRADED VALUE: 122,261.87 INDEX VALUE % DIFF. VALUE (pound ) FTSE/CySE 20 77.700 0.630 122,151.590 MAIN MARKET INDEX 96.250 0.550 99,330.550 INVESTMENT COMPANIES MARKET INDEX 1,277.330 2.310 3,113.850 CSE GENERAL INDEX 128.030 0.600 122,261.590 HOTELS INDEX 899.810 1.200 590.000 ALTERNATIVE MARKET INDEX 1,156.800 1.070 22,931.040 * The second column presents the percentage variation of the indices as compared to the last meeting.

Source: Cyprus News Agency

A percentage of 2.7% of the population (24,000 persons) lived in 2022 in conditions of severe material and social deprivation, compared to 2.6% in 2021, although this continues to be below EU27 average, based on the results of the Household Income and Living Conditions Survey of 2022. According to a press release from the Cyprus Statistical Service (CyStat), this indicator shows the percentage of the population that is deprived, due to financial difficulties, of at least 7 items from a list of 13 goods, services and social activities, examined in this survey. As reported, the survey conducted in 2022, with income reference period the year 2020, covered a sample of 4,128 households in all districts of Cyprus, in both urban and rural areas. According to the survey, the index of the population with severe material and social deprivation in Cyprus from 2015 to 2022, compared to the EU Member States, remains since 2015 consistently below the EU27 average and is on a downward trend. At the same time, the data from the survey on severe material and social deprivation by age group for the years 2015-2022 show that in Cyprus children under 18 years of age record the highest rates over time and specifically, for 2022 it was 4.4%. It is added that this is followed by persons aged 18-64 with a percentage of 2.7% and by persons aged 65 and over with a percentage of 0.9%, while since 2015, the greatest improvement has been observed in children, with a gradual decrease of 6.0 percentage points (from 10.4% in 2015 to 4.4% in 2022) and for persons aged 18-64, with a decrease of 5.5 percentage points (from 8.2% to 2.7%). Furthermore, according to the survey on the percentages of the population with material and social deprivation by deprivation component for the years 2021 and 2022 in Cyprus and the EU27 average for 2022, it is mainly noted the inability of the population, to afford facing unexpected but necessary financial expenses with 39.7% (EU27: 31.5%), to afford paying for one week holiday with 37.2% (EU27: 28.6%) and to afford replacing worn-out furniture with 31.5% (EU27: 22.0%). The survey also presents for the year 2022, the percentages of the population who are materially and socially deprived by component and by income category (total, above and below the at-risk-of-poverty threshold). As indicated, persons below the at-risk-of-poverty threshold (i.e. at-risk-of-poverty) are worse off than those above the at-risk-of-poverty threshold (non- at-risk-of-poverty). It is noted that the survey results have indicated the inability of the population who are at risk of poverty, to afford facing unexpected but necessary financial expenses with 76.8% (the non-at risk of poverty with 33.7%), to afford paying for one week holiday with 73.4% (the non-at risk of poverty with 31.4%), to afford replacing worn-out furniture with 58.8% (the non-at risk of poverty with 27.1%) and to afford keeping home adequately warm with 50.6% (the non-at risk of poverty with 14.1%).

Source: Cyprus News Agency

During the second quarter of 2023, the lending criteria for businesses and households remained strict, at similar levels observed in the previous quarter, indicating the caution of banks. At the same time, there was a decrease in loan demand, attributed to high interest rates and reduced consumer confidence. As reported in the Bank Lending Survey by the Central Bank of Cyprus (CBC), for the second quarter of 2023, loan demand decreased across all loan categories, primarily due to high interest rates and decreased demand for financing fixed investments and durable consumer goods. In detail, during the second quarter of 2023, lending criteria for both businesses and all household loan categories remained unchanged at the strict levels of the previous quarter. In the context of prevailing economic and financial conditions, banks seem to be cautious and particularly careful in extending new loans to maintain a low probability of non-performing loans. At the same time, they pursue sustainable loan renegotiations where necessary. The dual approach of banks aims to mitigate risks and ensure the quality of their loan portfolios. In the second quarter of 2023, the overall terms and conditions for granting new loans or credit limits to businesses became stricter, mainly due to an increase in banks’ margins for higher-risk loans. On the contrary, banks’ margins for ordinary loans decreased on a net basis, although there were differing opinions among banks. Increased competition from other banking institutions restrained the tightening of overall terms and conditions for granting new business loans, while the remaining factors had a neutral impact, with banks’ responses offsetting each other. During the same period, the overall terms and conditions for granting new housing loans remained unchanged on a net basis, despite the net decrease in banks’ margins for ordinary loans. Reduced loan demand ——————————- From the demand perspective, during the second quarter of 2023, net loan demand in Cyprus from businesses and households for housing loans, for consumer loans and other loans continued to decrease. According to the survey, the decrease in net demand for business loans during the second quarter of 2023 can be attributed to higher interest rates and reduced demand for financing fixed investments, although to a lesser extent than in the previous quarter. On the other hand, demand for working capital and inventory financing continued to increase during this quarter, possibly due to high energy prices and the high cost of raw materials/products. Regarding households, net demand for housing loans decreased during the second quarter of 2023, albeit to a lesser extent than in the previous five quarters. Banks attribute this decrease to high interest rates and worsening consumer confidence. Expectations for reduced loans in the third quarter —————————————————— For the third quarter of 2023, banks expect the lending criteria for business loans to remain unchanged compared to the previous quarter. However, stricter lending criteria are expected for all household loan categories, indicating that the moderation in new lending may continue. In parallel, net loan demand in Cyprus is expected, according to the survey, to decrease further, both from businesses and for all household loan categories. The CBC notes that the survey results reflect the perceptions and expectations of participating banks and do not necessarily reflect the views, expectations, or estimates of the CBC.

Source: Cyprus News Agency

Major stock exchanges in the US ended Wednesday with gains at the close of the fourth straight session. The Dow was up 65 points, or 0.19%, to finish at 33,804 and the S and P 500 added 18 points, or 0.43%, to 4,376. The tech-heavy Nasdaq, meanwhile, increased 96 points, or 0.71%, to end the session at 13,659. The VIX volatility index, also known as the fear index, fell 5.3% to 16.13. The 10-year US Treasury yield lost 2.1% to 4.556%. The dollar index shed 0.05% to 105.77, while the euro added 0.13% to $1.0617 against the greenback. Precious metals were in positive territory, with gold rising 0.7% to $1,873 an ounce and silver increasing 1% to $22.05. Oil prices fell around 2%, with global benchmark Brent crude at $86.06 per barrel and US benchmark West Texas Intermediate at $83.70.

Source: EN – Anadolu Agency

Total motor vehicle registrations rose 35% in September 2023 to 4,607 from 3,412 in September 2022, while passenger saloon car registrations increased 35.9% to 3,722 from 2,738 in September 2022, the Statistical Service said in a statement on Monday.

According to the statement, during the period January-September 2023 the total number of registered vehicles increased by 29.0% to 34,280, compared to 26,581 during the same period in 2022.

It is added that the registration of passenger saloon cars increased by 29.8% to 27,499, from 21,183 in the same period of 2022, while of the total passenger saloon cars, 11,487 or 41.8% were new and 16,012 or 58.2% were used cars. Rental cars, in particular, showed an increase of 38.3% to 4,811.

Similarly, it is reported that motor coach and bus registrations increased to 266 in the January-September 2023 period, up from 68 in the same period in 2022, while goods conveyance vehicle registrations increased to 3,226 in the January-September 2023 period, compared to 2,867 in the same period in 2022, an increase of 12.5%.

In particular, light goods vehicles increased by 8.7% to 2,514, heavy goods vehicles by 37.2% to 398, road tractors (trailers) by 68.3% to 106, and rental vehicles by 3.5% to 208.

Finally, it is noted that registrations of mopeds under 50 cc increased to 230 in the January-September 2023 period, compared to 199 in the same period in 2022, while registrations of motorcycles over 50 cc increased 33.3% to 2,651 in the January-September 2023 period, compared to 1,989 in the same period in 2022.

Source: Cyprus News Agency

We must highlight the historic connection between France and Cyprus, as the Kingdom of the Lusignans, Deputy Minister of Tourism Costas Koumis has said in the framework of is participation in the International and French Travel Market (IFTM) fair that took place in Paris. According to a press release by the Deputy Ministry, Koumis held a series of meetings with leading executives of tourism agencies, during which they exchanged views both on ‘this year’s impressive French market’ as well as on the prospects for the new year, ‘which according to the existing indications are positive’. In the framework of the exhibition, he participated in a panel discussion on sustainable tourism development. The panel discussion included Minister of Tourism and Antiquities of Jordan, Makram Al Queisi, Minister of Tourism of Costa Rica, William Rodriquez and Director of the French Tourist Development Agency (Atout France) Caroline Leboucher. During the discussion, Koumis, referred to the increased presence of French visitors this year in Cyprus and also spoke about the historical connection between the two countries, taking into account that Cyprus was a kingdom of the Lusignans for about three centuries. In statements after concluding his contacts in Paris, Koumis said that the exhibition is very important for Cyprus, and noted that the French market has grown in recent years. He added that the Cypriot delegation was informed by operators about the level of satisfaction of the French visitors saying that it is ‘very high’ which gives us optimism for the future. “I think that now is the right time to invest more in this market” he said, adding that the most important thing is to make widely known that there is a historical connection of Cyprus with France, such as the Kingdom of the Lusignans. Noting that French tourists to a large extent are ‘cultural visitors’ who prefer excursions with a focus on history, he said that there is a historical connection between the two countries, which must be highlighted. “Our responsibility is to develop product and advertising material for the French market!”, he concluded. Koumis also gave interviews to French Media referring to Cyprus’ comparative advantages. The Deputy Minister also had a meeting with Jordanian Minister of Tourism and Antiquities, Makram Al Queisi, during which they discussed ways of closer cooperation between the two countries in the field of tourism, with particular emphasis on the creation of joint tourism packages.

Source: Cyprus News Agency

The S and P 500 saw its best daily performance in three weeks as US stocks closed in the green Wednesday. The index added 34 points, or 0.81%, to finish the session at 4,263. The Dow was up 127 points, or 0.39%, to end the day at 33,129. The tech-heavy Nasdaq, meanwhile, soared 176 points, or 1.35%, to end mid-week at 13,210. The VIX volatility index, also known as the fear index, fell 6.2% to 18.55. The 10-year US Treasury yield shed 1.4% to 4.731%. The dollar index was down 0.27% to 106.71, while the euro increased 0.44% to $1.0511 against the greenback. Precious metals were in negative territory, with gold trimming 0.1% to $1,822 an ounce and silver falling 0.6% to $21.01. Oil prices plummeted more than 5% with global benchmark Brent crude at $86.24 per barrel and US benchmark West Texas Intermediate at $84.72.

Source: EN – Anadolu Agency

The Stellantis Group registered 44,406 cars in Italy in September – according to Dataforce’s calculations – 24.8% more than in the same month of 2022, a higher increase than the market (+22.78%).

The group’s market share rose from 32% to 32.5%.

Since the beginning of the year, the group’s registrations are 387,661, up 9.5% over the same period last year, with a market share of 32.9% compared to 36.3% a year ago.

Source: Ansa News Agency