WTI nears week high, caution ahead of OPEC+ meeting
The West Texas Intermediate (WTI) futures on NYMEX were moving higher towards a weekly high near .25 in Tuesday’s European trading.
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Workers awaiting developments at Larnaca port
Workers at the Larnaca port are awaiting developments after the government terminated its contract with Kition Ocean Holdings for the port’s renovation. Trade union leaders are hoping that the current port workers will continue to be employed and that the port will remain open under state management.
CySEC issues decisions on firm license withdrawals, public takeover exemption
CySEC recently announced decisions to withdraw licenses from Ganita Global Gateways UCITS V.C.I.C Platform PLC, Oval Money (Europe) Ltd, and Forextime Ltd.
Our View: Larnaca marina project was far too ambitious
The termination of the contract for the development of the Larnaca port and marina was due to a loss of trust and breakdown in communication between the contractor Kition Ocean Holdings and the government. The government sought legal advice and decided to terminate the contract after the company refused to pay the guarantee amount. The Kition CEO blamed the government for the project’s failure, stating that changes were needed to make it viable. The government acknowledges mistakes were made and plans for the project were over-ambitious, making it unviable. If a new company takes on the project, plans need to be modified and scaled down.
Education ministry working on mobile phone ban in secondary schools
The education ministry in Cyprus is working on a bill to introduce the same penalties for secondary school students using mobile phones in class as those currently enforced in primary schools.
Trump’s new ‘deal’ could save Big Oil $110 billion in taxes
Donald Trump allegedly offered Big Oil executives 0 billion in tax breaks if they donated billion to his campaign. Congressional Democrats are investigating this potential quid pro quo deal. Joe Biden plans to eliminate these tax breaks for the oil and gas industry if elected. The fossil fuel industry is lobbying to maintain these tax breaks, which are set to expire next year. Some attendees at Trump’s fundraising dinner at Mar-a-Lago included executives of smaller oil companies focused on fracking and gas exporting. The event was also attended by individuals with controversial backgrounds in the oil and gas industry.
Tsitsipas, eases into French Open second round
Stefanos Tsitsipas won his French Open first-round match against Marton Fucsovics with a score of 7-6, 6-4, 6-1.
Euro steadies as markets eye Eurozone, US inflation data
The EURUSD pair is trading around 1.0850 in a tight range. ECB policymakers are hesitant to commit to further rate cuts beyond June due to concerns about reviving price pressures. Traders have lowered expectations of three rate cuts to two this year. Higher wage growth is leading to increased consumer spending and inflationary pressures. Germany’s Ifo Business Climate data for May missed estimates, with the Business Climate Index, Current Economic Assessment Index, and Expectations Index all falling short of expectations.
Larnaca Marina: Government activates “Plan B,” seeks new investors
The government has terminated a 1.2 billion euro investment contract with Kition Ocean Holdings for the development of Larnaca port and marina due to the contractor’s failure to renew a required guarantee. The government will seek compensation and pursue outstanding guarantees through legal channels. “Plan B” involves re-tendering the project, with the state ready to operate the port without interruption. Kition did not participate in a meeting to discuss the transition process. The government remains committed to the project and will evaluate what went wrong in the contract.
Emir of Qatar arrives in Cyprus (Update)
Fact: The Emir of Qatar Sheikh Tamim bin Hamad Al Thani arrived in Cyprus for an official visit.