Gold

Police arrest suspects in Paphos house burglary

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Police arrest suspects in Paphos house burglary

Police arrested a 37-year-old man and a 26-year-old woman on Monday for a residential burglary and theft committed on October 15 of the previous year. The burglary took place in Paphos, where various items including gold and jewelry were stolen. Some of the stolen items were identified by their owner after the police published photos on March 15, 2024. The items were found in the suspects’ home on March 11, leading to their arrest for illegal possession of property and subsequent re-arrest. The investigation is ongoing by Paphos CID.

From sunlight to energy, …or not

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From sunlight to energy, …or not

Cyprus, despite its abundant sunlight, has experienced a slow transition to renewable energy due to various issues. Two significant developments include the statement by the Electricity Authority of Cyprus (EAC) president regarding the new turbine at the Vasilikos power plant, which can operate on natural gas and potentially hydrogen after modifications, and a letter by ETEK to the Cyprus Energy Regulatory Authority (CERA) advocating for the acceleration of ‘Energy Communities’. The past decade has seen a lack of direction in renewable energy development in Cyprus, with the licensing process being restrictive and causing delays. This has resulted in renewable electricity being expensive and not contributing to the reduction of Cyprus’s high energy prices. The introduction of competitive bidding for future projects and the concept of ‘Energy Communities’ are deemed imperative. Green hydrogen, produced from water by electrolysis using renewable energy, has potential in various industries but faces challenges such as the need for large amounts of renewable energy and land, as well as the development of safe storage and transportation methods. The US Geological Survey (USGS) has announced the existence of ‘gold’ hydrogen in underground reservoirs, which could potentially meet global demand for hundreds of years. For Cyprus, developing green hydrogen production depends on land availability and increasing renewable power generation. Preparations for a long-term hydrogen production plan are necessary, focusing on reducing high electricity prices through the switch from diesel/HFO to natural gas and accelerating renewable projects.

The Cypriot village with a language of its own

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The Cypriot village with a language of its own

Tom Cleaver visited Kormakitis, a Maronite village in Cyprus, known for its unique language, Sanna, which is a derivative of Arabic brought to the island around 1,200 years ago from Mesopotamia. Kormakitis, once the largest of four majority-Maronite villages, has around 300 residents and is located in Cyprus’ northwestern corner. The village is significant as the spiritual capital of Maronite Cypriots, who are in full communion with the Catholic Church of Rome. The local church features two boxy cuboid bell towers and an interior with a statue of Saint George and writing in the Syriac script. The visit was organized by the Cyprus Bilingualism Association and the Cyprus Linguistics Society to highlight the linguistic uniqueness of Kormakitis.

WTI steady at $80.60, below YTD peak

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WTI steady at $80.60, below YTD peak

– West Texas Intermediate (WTI) crude oil prices are fluctuating just above the mid-.00s in Asian trading on a Friday.
– Prices are close to the highest level since November 6, as observed the previous day.
– The US Producer Price Index (PPI) was higher than expected, suggesting the Federal Reserve might maintain high interest rates to combat inflation, potentially reducing economic activity and fuel demand.
– Concerns about a slowdown in China also negatively impact crude oil prices.
– Factors supporting oil prices include a significant drop in US inventories, drone strikes on Russian refineries, and increased energy demand forecasts.
– The US Energy Information Administration reported a decrease of about 1.5 million barrels in US crude stockpiles for the week ending March 8.
– A drone attack attributed to Ukraine caused a fire at Rosneft’s largest refinery in Russia.
– The International Energy Agency has raised its 2024 oil demand growth forecast for the fourth time since November due to supply disruptions from Houthi attacks in the Red Sea.
– OPEC+ members have agreed to extend production cuts of 2.2 million barrels per day through the second quarter, supporting higher crude oil prices.
– Crude oil is on track for strong weekly gains, with market focus shifting to the upcoming FOMC monetary policy meeting.

Police deny delays over monk scandal

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Police deny delays over monk scandal

The police have been criticized for their handling of a scandal involving monks, with accusations of special treatment due to the church’s influence being denied by the police. Videos have surfaced showing a monk assaulting a woman and staging a fake miracle, but lawyers claim these videos are doctored and have criticized the police’s approach, suggesting evidence may have been tampered with. The police spokesman, Christos Andreou, stated that there is insufficient evidence for arrests and mentioned the possibility of issuing European arrest warrants to prevent implicated parties from fleeing the country. He confirmed that no police action would be taken until after a Holy Synod meeting, as agreed upon by the attorney general, police chief, and archbishop. Andreou also revealed that police leadership was unaware of officers in civilian clothes being present at the Osiou Avakoum monastery during an incident involving hooded individuals. This operation, ordered by Tamassos Bishop Isaias for transferring valuable items, unexpectedly included €800,000 in cash, which the police did not intervene to secure, leading to criticism from MPs. The presence of plainclothes officers and the far-right party leader, Christos Christou, at the scene has sparked further controversy. The involvement of the secret service has been rumored but not confirmed. The police have investigated the monastery multiple times but not the bishopric, and it is unclear when the money was taken into police custody for investigation.

Man found with valuable items arrested

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Man found with valuable items arrested

Police arrested a 40-year-old man in Limassol for possession of stolen jewelry. During a raid on his house, officers found ten wristwatches, four rings, an engagement ring with an engraving, a gold coin, three collector’s coins, a bike, an electric bike, and other items. The man could not explain how he acquired these items, leading to his arrest and the seizure of the items as evidence. Police are continuing their investigations.

Property theft suspect apprehended in Limassol

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Property theft suspect apprehended in Limassol

A 40-year-old man in Limassol was arrested for illegal possession of property suspected to be stolen, including ten wristwatches, four rings, one engagement ring with an inscription, one gold pound, three collectible coins, seven small coins, a bicycle, an electric bicycle, and other items. The arrest occurred after a police search of his residence under a judicial warrant. The suspect failed to provide satisfactory explanations for possessing these items and is currently in custody while investigations continue.

Gold poised to hit $2,250 Q2 target, say economists

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Gold poised to hit $2,250 Q2 target, say economists

Gold’s price decreased by 1.1% following a higher-than-expected US inflation report. Economists from TD Securities predict that the price of gold may decrease further to a range between ,025 and ,100. The February Consumer Price Index (CPI) showed core inflation at 0.4% month-over-month, reaching 3.8% year-over-year, and headline inflation also increased by 0.4% month-over-month to 3.2% year-over-year. This inflation data suggests the Federal Reserve may not reduce interest rates soon. Despite this, TD Securities still sees potential for gold to reach a ,250 target in the second quarter if economic data continues to weaken. ANZ Bank economists also noted that the unexpected US inflation figures have negatively impacted gold prices, affecting market expectations for a rate cut in June. Commerzbank analysts attribute the recent rise in gold prices to speculative financial investors, with net long positions in gold futures increasing significantly. However, they caution that higher-than-expected US inflation could lead to a decrease in gold prices, especially if speculative investors decide to take profits.

SEI and Optimism aim to beat their respective recent ATH while NuggetRush presale momentum shocks Crypto enthusiasts

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SEI and Optimism aim to beat their respective recent ATH while NuggetRush presale momentum shocks Crypto enthusiasts

– Sei’s upcoming upgrades could enhance its performance.
– Optimism’s (OP) market capitalization increased by .7 billion since late February.
– NuggetRush (NUGX) raised over .8 million in its presale.
– Sei reached a new all-time high in early March, with a significant price surge in late February and early March.
– Sei announced network upgrades on March 7, potentially increasing its value by 40.3%.
– Optimism (OP) recovered in February and announced a partnership with CyberConnect on March 8.
– NuggetRush (NUGX) aims to become a leading play-to-earn gaming network, offering NFT-earning opportunities and real-world gold rewards.

Gold rally could extend beyond recent highs

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Gold rally could extend beyond recent highs

Gold has increased by nearly 19% since a low in October and about 7% in the past month. UBS strategists suggest there might be a short-term pullback in gold prices, but the rally could continue over the year. Factors supporting gold include potential Federal Reserve rate cuts, central banks and investors buying gold, and increased geopolitical risks. Gold prices have surpassed ,180, reaching near ,200 highs in Asian trading. The Federal Reserve’s potential rate cuts this year and ongoing geopolitical tensions are supporting gold’s value. Fed Chair Jerome Powell indicated the U.S. economy is healthy, and rate cuts could begin once there is confidence in inflation’s downward trajectory. Futures markets anticipate a 70% chance of the Fed cutting rates by mid-June, with a total of one percentage point reduction by year-end. U.S. Nonfarm Payrolls (NFP) data for February showed 275,000 jobs added, exceeding expectations and potentially influencing Fed rate decisions. China’s inflation data for February indicates a return to normal consumption levels, positively affecting gold prices as China is a major consumer of gold. The Chinese Consumer Price Index (CPI) increased by 0.7% year-over-year in February, and the Producer Price Index (PPI) declined by 2.7% year-over-year in the same month. Upcoming U.S. CPI and Retail Sales data for February are awaited for further market direction, with CPI expected to increase by 0.4% month-over-month and Retail Sales projected to rise by 0.7% month-over-month.