government

Canada plans to reduce temporary residents, cap future intake

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Canada plans to reduce temporary residents, cap future intake

Canada plans to reduce its temporary residents and set a cap on temporary immigration for the first time, aiming to address a housing shortage and stretched essential services. The government intends to decrease temporary residents to 5% of the total population over the next three years from 6.5% in 2023, which is about a 20% cut from the 2.5 million temporary residents in 2023. Immigration Minister Marc Miller announced the plan and will meet with provincial and territorial counterparts in May to finalize it. The government will also include temporary resident arrivals in the immigration levels plan starting this fall. Additionally, Canada announced a two-year cap on the intake of foreign students and will stop issuing work permits to some students after graduation.

Venezuela creates new state in territory under dispute with Guyana

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Venezuela creates new state in territory under dispute with Guyana

Lawmakers in Venezuela allied with President Nicolas Maduro approved the creation of a new state in the Esequibo region, which is disputed with Guyana. This decision aligns with Maduro’s claims over the 160,000-square-km territory but has no immediate effect. Venezuela and Guyana agreed to avoid force and not escalate tensions after a meeting between Maduro and the Guyanese leader. Despite an International Court of Justice (ICJ) case pending on the territory’s ownership, Venezuela does not recognize the ICJ and cites a December referendum, which allegedly had over 10 million voters, as justification for its actions, including oil exploration in Esequibo. Guyana maintains its borders are non-negotiable and will defend its sovereignty. The new state, named Guayana Esequiba, will have its temporary capital in Tumeremo, Bolivar, and its creation will be official upon publication in the gazette. Its borders will be the Atlantic Ocean, Brazil, Guyana, and the Venezuelan states of Delta Amacuro and Bolivar. This move comes as Venezuela revives its claim to the territory following significant oil and gas discoveries.

Traffic camera fines generate , €9.3 million

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Traffic camera fines generate , €9.3 million

Revenues from fines issued for traffic violations caught by cameras from January 1, 2022, to March 14, 2024, amounted to €9,329,369. Within this period, 323,176 violations were detected, with fines issued for 320,447 of them. Of these, 147,188 fines have been paid, 149,094 are pending payment, and 24,165 are being contested in court. The majority of the fines, totaling 244,665, were for speeding, followed by 38,726 for traffic light violations. Fixed cameras recorded 137,838 violations, while mobile cameras recorded 202,172. Concerns were raised about the system being more focused on collecting fines than deterring traffic violations.

Pound tumbles, gilts rally after BoE nods at rate cut ahead

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Pound tumbles, gilts rally after BoE nods at rate cut ahead

– The Bank of England (BoE) kept its benchmark interest rate at 5.25%, the highest since 2008.
– The decision followed data showing inflation fell to its lowest in almost two-and-a-half years but remained high.
– After the BoE’s decision, the pound fell by as much as 0.48% to a session low of .2726 and was down 0.3% against the euro at 85.63.
– Two-year gilt yields dropped by as much as 12.8 basis points to 4.103%.
– The BoE’s interest rate-setters voted 8-1 to keep borrowing costs at 5.25%.
– Britain’s headline inflation rate fell to 3.4% in February from 4.0% in January, the highest in the Group of Seven.
– Money markets were pricing a 75% chance of a BoE rate cut in June after the decision.
– The Swiss National Bank delivered a surprise quarter-point rate cut, the first major central bank to dial back tighter monetary policy aimed at tackling inflation.
– The Bank of Japan raised rates for the first time in 17 years, and the Federal Reserve indicated it might cut rates three times this year.
– A survey showed British businesses continued to recover from recession, with inflationary pressures persisting.

Cyta defends data centre plans in House committee meeting

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Cyta defends data centre plans in House committee meeting

Telecommunications company Cyta is conducting a study on establishing a new data centre, with interest from ten companies. Cyta aims to find a strategic partner for the project, holding a 51% stake. An initial feasibility study was conducted but withdrawn for further scrutiny. Cyta approached 39 companies, with eight initially showing interest. The project focuses on sustainable development, including renewable energy sources. The Auditor General described Cyta as a healthy organization but criticized the previous board and highlighted issues with a submarine data cable project involving political connections. Cyta withdrew from this project due to changed financing terms, denying any political influence.

Final bills on local govt reform heading for House

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Final bills on local govt reform heading for House

The law on local authority reform in Cyprus is nearing approval, with the final set of bills scheduled to be presented to the plenum on March 28. This development comes after delays and disagreements among members of parliament. The committee chair, Akel MP Aristos Damianou, criticized the government for submitting the bills to parliament late. Despite previous controversies over amendments to the legislation, the majority of these amendments now have the support of all political parties and independent MPs. Lawmakers, including Disy MP Nikos Sykas and Diko MP Panicos Leonidou, expressed their focus on achieving reform and highlighted the cooperative spirit of the discussions.

Sewerage board merger welcomed

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Sewerage board merger welcomed

Interior Minister Constantinos Ioannou announced the merger of the Dali and Pera Chorio-Nisou sewerage boards with the main one in Nicosia, effective from July 1. This merger is part of local government reform and is expected to benefit the new municipality of South Nicosia-Dali, which includes Dali, Pera Chorio, Nisou, Alambra, Lympia, and Potamia. The merger aims to improve the quality of service for residents by implementing the European Directive for the treatment of urban wastewater, ensuring necessary sewerage network extensions to meet environmental and public health objectives.

‘, A very big and increasing presence of Israeli businesses in Cyprus’

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‘, A very big and increasing presence of Israeli businesses in Cyprus’

The Israel Tax Authority (ITA) is investigating Israeli assets in Cyprus due to the increasing presence of Israeli businesses on the island. Cyprus’ finance ministry and accounting associations acknowledge this growth. Finance ministry spokesperson Michalis Papadopoulos stated that the ITA’s operation is a result of the increased presence of Israeli nationals in Cyprus but clarified that Cyprus is not directly involved in the operation. The head of the accountants’ association, Nikos Chimarides, mentioned the significant presence of Israeli businesses in sectors like fintech, investment, real estate, and foreign exchange trading in Cyprus and noted that these businesses do pay their taxes in Cyprus. However, he also highlighted the absence of a double tax treaty between Cyprus and Israel, which has been a longstanding issue. The ITA’s operation is part of a wider campaign against tax evasion and the black economy in Israel. The investigation involves analyzing travel patterns of businesspeople between Cyprus and Italy, examining offshore companies linked to Israelis, and leveraging information sharing agreements with several countries. It is estimated that between 10,000 to 20,000 Israelis reside in Cyprus.

Cyprus Stock Exchange introduces government bonds worth , €25 million

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Cyprus Stock Exchange introduces government bonds worth , €25 million

The Cyprus Stock Exchange (CSE) announced the introduction of 25,000 new government bonds by the Republic of Cyprus. These bonds are part of the 13 Weeks 1st Issue, Series 2024, with each bond having a nominal value of €1000, totaling €25 million. The bonds were derived from an auction conducted on March 15, 2024, and will be valid from March 22, 2024, to June 21, 2024. They do not bear interest, and their trading will commence on March 22, 2024. The trading code for these bonds will be GD13A24/TB13A24, with the unique ISIN code CY0240880811.

Electricity cable from Turkey , ‘will mark a new era’

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Electricity cable from Turkey , ‘will mark a new era’

The construction of an electricity cable between Turkey and the north is seen as marking a new era, according to Turkish Cypriot Leader Ersin Tatar. This statement was made after an Iftar meal in Istanbul, attended by various dignitaries including Turkey’s Vice President Cevdet Yilmaz and Turkey’s ambassador in Nicosia Metin Feyzioglu. Tatar highlighted the support from Turkey in bringing big ideas to life in the north, such as the completion of a water pipeline in 2020 and investments in infrastructure and communication. He emphasized the ongoing efforts to make the TRNC worthy for future generations and stated that Turkish Cypriots remain an integral part of Turkey. Yilmaz spoke of the historical ties between Turkish Cypriots and Turkey and mentioned the celebration of the 50th anniversary of the Cyprus peace operation. He also referred to the construction of a new ‘presidential’ palace and ‘parliament’ building in Ayios Dhometios, expected to be completed by November, and the commencement of feasibility studies for the planned electricity cable. Additionally, both Tatar and Yilmaz praised Murat Kurum for his contributions, particularly in the opening of Varosha. The local elections in Turkey are scheduled for March 31, with Kurum challenging the incumbent mayor Ekrem Imamoglu.