The Japanese Yen weakened against the US Dollar, reaching its highest level since 1990 near 152.00. Finance Minister Shunichi Suzuki stated that they won’t rule out any steps, including decisive ones, to respond to disorderly moves in the foreign exchange market. BoJ board member Naoki Tamura mentioned the possibility of hiking rates again if certain conditions are met.
– The European Commission’s recent in-depth review highlighted that Cyprus’ economy is on a healthy trajectory, with GDP expected to grow and inflation to decrease.
– The moderation in GDP growth in 2023 was primarily attributed to weaker external demand for financial and business services influenced by Russia’s invasion of Ukraine.
– The government is focused on implementing policies to correct imbalances and enhance the competitiveness of the Cypriot economy, with emphasis on green and digital transitions.
– The Cyprus Recovery and Resilience Plan includes significant reforms to reduce macroeconomic vulnerabilities and expand the productive base of the economy.
– Public and private debt have decreased and are expected to continue decreasing in the coming years.
– Non-performing loans in the banking sector have declined, and the possibility of new non-performing loans is viewed as remote.
– Cyprus’ integration with both EU and non-EU economies makes it vulnerable to risks from geopolitical and trade tensions.
Fact: British satisfaction with the state-owned National Health Service (NHS) dropped to a record low for 2023, with only 24% of people being satisfied with the service.
Ontario Minister of Finance Peter Bethlenfalvy tabled the province’s 2024 budget on Tuesday, March 26, 2024. The budget, titled “Building a Better Ontario,” includes investments in workers and key public services without raising taxes or fees. The province is investing in infrastructure to get more homes built faster and help keep costs down for families and businesses.
Six workers were missing and presumed dead after a cargo ship collided with a bridge in Baltimore Harbor, causing a section of the bridge to collapse. Active search-and-rescue operations were suspended due to treacherous conditions in the water. The ship reported a power failure before impact, and all 22 crew members were accounted for. The closure of the port could have a major impact on supply chains. President Biden promised to visit Baltimore and rebuild the bridge. The incident may be the worst U.S. bridge collapse since 2007.
Jordanian anti-riot police beat and arrested demonstrators trying to march towards the Israeli embassy in Amman.
– A terrorist attack in Moscow resulted in the death of 137 people
– Marios Pelekanos is leaving DISY and joining ELAM in Cyprus
– A commercial ship struck a bridge in Baltimore causing it to collapse
– Battles continue in Ukraine for two years
– A princess in Britain announces she has cancer
– Pelekanos is a former banker with far-right views joining ELAM in Cyprus
– The rise of the far-right is a dangerous phenomenon worldwide
The European Commission’s report on the Cypriot economy highlights the observed economic growth, reduction in inflation, and ongoing correction of macroeconomic imbalances. The report identifies macroeconomic imbalances in public, private, and external debt, with improvements seen in the net international investment position and decreasing levels of public and private debt. The review also emphasizes Cyprus’ vulnerability to geopolitical developments due to its trade ties with European and third-country economies. The EC forecasts a growth rate of 2.4% for 2023, increasing to around 3% in 2024 and 2025, with a reduction in inflation and unemployment expected. The Ministry of Finance welcomes the results of the review, noting the government’s efforts to correct imbalances and strengthen the competitiveness of the Cypriot economy through policies focused on green and digital transition. The Cypriot Recovery and Resilience Plan includes reforms aimed at reducing vulnerabilities and ensuring macroeconomic stability and public finance sustainability.
The USA abstained from the first ceasefire resolution in Gaza, angering Netanyahu who wanted Washington to exercise its veto. As a retaliatory measure, Netanyahu cancelled his delegation’s trip to Washington. The ceasefire did not hold as Israel continued its attacks on Gaza. The Security Council’s decision remained on paper, similar to the situation in Cyprus in 1974. The US government claimed there was no reason to believe Israel committed acts of genocide in Gaza. The situation in Gaza is dire, with people facing hunger and desperation. The head of European diplomacy denounced Israel’s use of hunger as a “war weapon” in Gaza. Netanyahu’s actions are seen as trying to save his political career, but the international community’s response allows the occupying power to continue its actions, which is considered a crime.
The Federal Reserve reported a record loss of 4.3 billion in 2023, mainly due to expenses related to managing the US central bank’s short-term interest rate target.