The largest proportion of general government gross debt held by non-residents (rest of the world sector) was recorded in Cyprus (93%) at the end of 2022, compared to EU countries for which data are available, according to data released by Eurostat, th…
Category: Market
UK’s post-Brexit trading scheme for developing countries enters into force
The UK’s new post-Brexit trading scheme for developing countries entered into force on Monday, which includes cuts in tariffs on products entering the UK from 65 developing countries.The scheme aims to ‘simplify trading rules,’ a government statement …
Israel sees Cyprus as potential electricity exporter, says Energy Minister
Israel, due to its estimated shortages in its electricity generation capacity, desires interconnection with Cyprus, as it sees the island as a potential electricity exporter, Minister of Energy, Commerce and Industry George Papanastasiou has said, con…
Fitch affirms Cyprus credit rating at BBB with a Stable Outlook
International rating agency, Fitch, on Friday affirmed Cyprus’ Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB’ assigning a Stable Outlook, assuming that fiscal surpluses will continue despite economic slowdown, whereas the island’s dec…
What is ‘African Peace Mission’ to Russia, Ukraine all about?
Though Africa is thousands of miles away from Russia and Ukraine, the continent has felt the adverse economic effects of the ongoing war between the two countries.A group of African leaders traveled Thursday to Poland, en route to Ukraine and Russia, …
European stock exchanges close higher
The STOXX Europe 600, which includes around 90% of the market capitalization of the European markets in 17 countries, rose 2.47 points, or 0.53%, to finish at 466.80.The UK’s FTSE 100 added 14 points, or 0.19%, to end the session at 7,642. France’s CA…
President underlines reforms towards an innovative economic model for Cyprus
The President of the Republic, Nikos Christodoulides, said the 30th anniversary of the Cyprus International Business Association (CIBA) was as an opportunity to renew commitment to international business, innovation, and sustainable development, shapi…
New York manufacturing activity rebounds strongly in June
The New York Fed manufacturing index rose sharply in June, rebounding strongly from the previous month, according to a report released Thursday. The Empire State Manufacturing Index, which measures the level of general business conditions in the state…
Remittances to slow as economy in source countries soften: World Bank
Remittances remain resilient but likely to slow as economic activity in remittance source countries is set to soften, limiting employment and wage gains for migrants, the World Bank said in its latest Migration and Development Brief report released Tu…
Oil falls with economic slowdown fueling low demand concerns
Oil prices started the week on a decline, with weak economic data from the US and China fueling low demand concerns in the world’s largest oil consumers.International benchmark Brent crude traded at $74.03 per barrel at 9.51 a.m. local time (0651 GMT)…