interest rates

Consumers face record Easter costs as food prices surge

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Consumers face record Easter costs as food prices surge

Consumers are facing the most expensive Easter in at least five years, as food prices have soared. A comparison with 2019 prices shows that consumers could pay 50% more for traditional Easter foods this year. The increase is attributed to global supply chain disruptions, inflation, the war in Ukraine, rising interest rates, and instability in the Middle East. The cost of 12 Easter staples has risen by 48.65% since 2019, with small, locally-reared lambs now costing €12.43 per kilogram, up 96% from 2019, and minced pork at €6.06 per kilogram, a 69.27% increase. The price of traditional flaounes has also gone up, with consumers now paying €13.27 per kilogram, a 56.29% increase from 2019.

Sterling holds ground on weaker dollar, Fed,  rate decision looms

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Sterling holds ground on weaker dollar, Fed,  rate decision looms

The GBPUSD pair is holding positive ground near 1.2520 in early trading in Asia, supported by a softer US Dollar. The US Federal Reserve is expected to leave interest rates unchanged, with speculation that the first cut might not come until September. The Bank of England may start lowering borrowing costs in its June meeting, as Governor Andrew Bailey mentioned the possibility of two or three rate cuts this year.

Microsoft, ’s AI lead puts Amazon cloud dominance on watch

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Microsoft, ’s AI lead puts Amazon cloud dominance on watch

Microsoft is closing the gap on cloud-computing market leader Amazon.com with its generative AI features powered by OpenAI’s technology.

Cyprus government and banks piling-up cash

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Cyprus government and banks piling-up cash

By end-February 2024, the government had accumulated cash deposits of over €3.5 billion at the Central Bank and €2.1 billion at commercial banks.

AKEL proposes taxing bank profits for public relief

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AKEL proposes taxing bank profits for public relief

AKEL has submitted a bill proposal to tax unexpected bank profits in order to help those struggling with high loan installments due to interest rate hikes. The proposal includes a 5% special levy on net interest income for 2023 and 2024, with expected revenues of €50 million per year going towards interest subsidies for housing loans. AKEL believes the government is not adequately addressing the issue and aims to provide real relief to households and small businesses.

Stricter oversight on cross-border credit services

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Stricter oversight on cross-border credit services

The processes for licensing and supervision of credit managers are becoming stricter, with new legislation being introduced to harmonize national law with European directives. Credit managers must be licensed by their member state of origin before starting their activities, meeting specific conditions such as robust governance and protection rules for borrowers. Buyers will not be licensed, except for those managing their own portfolios. Credit buyers will be supervised by the Central Bank and subject to penalties for any violations. Companies in the debt acquisition sector will be automatically recognized as licensed credit managers. The bills also ensure consumer protection, including timely information on credit agreement changes and the right to raise defenses against loan buyers.

Germany needs an economic turnaround, says finance minister Lindner

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Germany needs an economic turnaround, says finance minister Lindner

Germany’s economy was the weakest among its large euro zone peers last year, facing challenges like high energy costs and record high interest rates. The International Monetary Fund has cut its GDP forecasts for Germany, expecting 0.2% growth this year and 1.3% in 2025. German Finance Minister Christian Lindner emphasized the need for an economic turnaround to secure the country’s geopolitical position, especially in the face of Russian President Vladimir Putin’s aggression towards Ukraine. Lindner highlighted that economic strength plays a crucial role in geopolitics.

Real economic growth to pick up in 2025, says UCy

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Real economic growth to pick up in 2025, says UCy

Real activity growth in Cyprus is expected to continue at a similar pace as in 2023 and gather momentum in 2025, with real GDP growth forecasted at 2.6% in 2024 and 3.3% in 2025. The growth forecasts have been revised up from previous estimates.

WTI above $83.50 on disappointing US GDP, Gaza fears

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WTI above $83.50 on disappointing US GDP, Gaza fears

The benchmark US crude oil Western Texas Intermediate (WTI) is trading higher around .60 on Friday due to potential geopolitical risk from a looming Israeli invasion of the southern Gaza city of Rafah.

Eurozone consumers lower inflation expectations again, ECB survey shows

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Eurozone consumers lower inflation expectations again, ECB survey shows

Eurozone consumers lowered their expectation for inflation over the next 12 months in March but continued to see price growth above the European Central Bank’s 2 per cent target. The ECB is planning to cut interest rates in June.