The Cyprus Stock Exchange (CSE) and the Hellenic Energy Exchange (HEnEx) will sign a Memorandum of Understanding (MOU) governing negotiations on the secondary market of Guarantee of Origin certificates from renewable energy sources.
Carlos Alcaraz advanced to the second round of the French Open after overcoming concerns about his forearm injury.
The LNG import project at Vasilikos in Cyprus has faced recurring problems and delays. The project, which aims to switch power generation from oil to natural gas, could reduce electricity prices by one-third, resulting in annual cost savings close to €300-€400 million. The project has faced issues due to a badly conducted tender, unclear terms of reference, and a contractor with no experience in such projects. The current contractor, CPP, has claimed additional costs and the project is not progressing as expected. The government is considering various options to complete the project, including finding a way to move forward with the present contractor, seeking independent expert advice, and exploring alternative plans if necessary.
Child cancer charities are deeply concerned about changes planned for the Makarios children’s hospital in Nicosia, specifically regarding extensions and upgrades that may affect the health and safety of children in the paediatric oncology clinic. They are worried about high levels of dust, toxic gases, and microparticles created by construction, as well as the risk of aspergillosis. The charities are calling for active and passive protection measures to be implemented before construction begins.
Since 2022, the huge deposits held by banks at the ECB have been earning millions in interest.
Taiwan President Lai Ching-te extended goodwill towards and offered cooperation with China following Chinese war games near the island. China carried out military drills in response to Lai’s inauguration speech, which Beijing viewed as a push for Taiwan’s independence. Lai rejects Beijing’s claims of sovereignty and has offered talks, but has been rejected. Lai called on China to share responsibility for regional stability and expressed a desire for mutual understanding and reconciliation through cooperation. Taiwan condemned China’s war games and discovered a cardboard box with political slogans written in simplified Chinese characters suspected to be dropped by a drone. China’s military has been releasing propaganda videos directed at Taiwan since the drills began.
US Treasury Secretary Janet Yellen is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms, but India is refusing to engage on issues important to US interests. The negotiations for Pillar 1 of the OECD corporate tax deal involve reallocating the taxing right on US-based digital giants, allowing about 0 billion of corporate profits to be taxed in the countries where the companies do business. The US has two “red line” issues in the talks related to transfer pricing and the “Amount B” system for simplifying the calculation of transfer pricing. If the negotiations fail, it could prompt the return of digital services taxes in some countries and reignite potential trade tensions. Italy wants to negotiate an agreement with Washington to stop tariffs on imports from countries that agreed to suspend their digital taxes while details of the tax deal were worked out.
The G7 is considering using future income from frozen Russian assets to support Ukraine, with the potential of providing Kyiv with a loan of up to billion. The group is also addressing concerns about China’s industrial practices and aims to sign off on a global minimum tax rate for multinationals. Additionally, the G7 is urging Israel to maintain banking links between Israeli and Palestinian banks to ensure vital transactions can continue.
UN Secretary-General’s personal envoy, Maria Holguin, is set to brief Antonio Guterres on the Cyprus issue, probably in the first half of June. President Nikos Christodoulides reiterated that the Greek Cypriot side is ready for dialogue. There has been no response from the Turkish Cypriot side so far. The most recent contact with the Turkish side was after a meeting between Turkish President Tayyip Erdogan and Greek Prime Minister Kyriakos Mitsotakis. Christodoulides stated that if there is a genuine interest in the resumption of talks, he should not say more, especially in public.
U.S. Treasury Secretary Janet Yellen is trying to save a part of the global corporate tax deal focused on highly profitable multinational firms, but India is refusing to engage on issues important to U.S. interests.