The European Central Bank (ECB) is considering cutting interest rates in June, causing weakness for the Euro and depressing the EURUSD pair. ECB officials have expressed dovish views on rate cuts, while the Federal Reserve in the US seems more split on the issue. Bargain hunters may see dips in the EURUSD pair as a buying opportunity, and economists at ING expect the pair to stabilize around 1.0850.
MPs pressured Agriculture Minister Maria Panayiotou to reveal information about the investigation on the Akamas road works. Auditor General Odysseas Michaelides requested the report last year to investigate irregularities in the road works. The government has not handed over the investigation to Michaelides, who aims to determine irreversible damages to Akamas and hold responsible parties accountable. The contractor chosen by the government is expected to make claims for delays that he caused. The government’s priority is to protect Akamas’ natural wealth and ensure projects have minimal impact on the environment. MPs raised concerns about the lack of transparency regarding the cause of the damage and who will be held accountable.
More than 4,600 asylum seekers have arrived in Britain on small boats in the first three months of 2024, a record total.
Chinese e-commerce vendors selling on TikTok Shop in the U.S. are upset by the platform’s tighter enforcement of rules for overseas sellers. TikTok now requires U.S. entities registered by sellers to be 51% U.S. owned and chaired by a U.S. passport holder, putting Chinese sellers at a disadvantage compared to U.S. sellers. TikTok has not changed its policies for international sellers since introducing TikTok Shop in the U.S. in September 2023.
A municipality in the north is set to hold a census, breaking ranks with the current ‘government’ policy of calculating populations via projection and avoiding censuses. The mayor of the combined Lapithos, Karavas, and Myrtou municipality announced the move, stating that a comprehensive census will be organized to better understand the population structure in the region and direct municipal services according to demands and needs. Turkish Cypriot ‘MP’ Serhat Akpinar believes the north’s population to be a million, while the official estimate is around 400,000.
The Audit Office found financial mismanagement in the defence ministry and failure to follow safety guidelines in the national guard. One major finding was the failure to sign an agreement with Cyta for services to the national guard, resulting in indirect state aid to Cyta. Safety rules in ammunition depots were not followed, with grenades not being returned as instructed. Inventory cards were marked incorrectly and numerical errors were identified. Personnel were missing from units, with no sign-in sheet kept for shifts.
The Supreme Court rejected a request from two Helios orphans seeking compensation from the government over the plane crash that killed their parents. The siblings had received €1.8 million from the insurance company after the crash, waiving their right to seek compensation from the Republic.
Fact: More than 4,600 asylum seekers have arrived in Britain on small boats in the first three months of 2024, a record total for the year.
The Cyprus government is ending an 8 cent subsidy on fuels after it expires on March 31, resulting in an initial increase of 7 to 8.3 cents a litre for motor petrol and diesel, along with a 6.3c hike on heating oil. The government also plans to introduce a green tax on fuel, which has been delayed until after the summer holidays. The impact of the green taxation on businesses and households is expected to be small, with compensatory measures provided to vulnerable population groups.
The Cyprus Integrity Forum called for action over sanctions evasion and money laundering in the north, following a Deutsche Welle production that revealed Iranian and Russian nationals buy property in the north to avoid sanctions.