expansion

Paphos tourism from Central Europe on the rise in 2024

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Paphos tourism from Central Europe on the rise in 2024

Tourism from Central Europe to Paphos is expected to grow in 2024, based on early-year figures. This growth follows a trend of increasing arrivals from countries like Poland, Hungary, Austria, France, and Italy. Factors contributing to this growth include the expansion of Ryanair’s low-cost flights between Paphos and Central European airports, Paphos’s popularity as a year-round destination due to its mild climate and diverse attractions, and promotional efforts by the Paphos Tourism Board. In 2023, Paphos received over 120,000 tourists from Poland, a number expected to rise in 2024 with Ryanair operating at least 14 flights per week from six Polish airports.

Bank of England to start cutting in Q3 but strong chance of Q2 move

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Bank of England to start cutting in Q3 but strong chance of Q2 move

The Bank of England is expected to start reducing borrowing costs in the third quarter, with a Reuters poll indicating that while 40% of economists anticipated an earlier cut, it is more probable that the first reduction will occur later than sooner. This aligns the Bank of England with the Federal Reserve and the European Central Bank, which are both expected to begin cutting interest rates in June. Inflation in the UK has decreased from a 41-year high of 11.1% in October 2022 to below the Bank’s 2% target, anticipated to be 1.8% next quarter, and is expected to stay around this target until at least the end of 2025. All but three of 68 economists forecast at least one reduction in the Bank Rate from its 16-year peak of 5.25% by the end of September, with a significant minority suggesting the first cut could be as early as the next quarter. No changes are expected on March 21, nor are any further increases after 14 hikes from December 2021 to August 2023. The Bank Rate is predicted to be 4.75% by the end of September, 4.50% by the end of 2024, and to decrease steadily to 3.25% by the end of 2025. The UK economy showed growth in January after a shallow recession in the second half of 2023, with expectations of 0.2-0.3% expansion each quarter through to 2026. Growth forecasts for 2024 and 2025 are 0.3% and 1.2%, respectively. A survey published earlier this month indicated businesses had their strongest month in February since the previous year, but inflation pressures remain a concern for the Bank of England.

Record year for Cablenet with 16.2 per cent increase in revenue and 52 per cent increase in its mobile subscription base

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Record year for Cablenet with 16.2 per cent increase in revenue and 52 per cent increase in its mobile subscription base

In 2023, Cablenet achieved a revenue of €74.3 million, marking a 16.2% increase from €63.9 million in 2022. This growth is attributed to a 29% increase in its total subscriber base. The company also reported a 52% increase in mobile subscribers, surpassing 142,000 contract and prepaid subscribers. Cablenet’s revenue from Mobile Telephony service increased by 54%. The company completed the migration of subscribers to its proprietary 4G frequency spectrum and invested in additional coverage and capacity capabilities. Cablenet offers coverage to approximately 228,000 households nationwide, up from about 205,000 at the end of 2022, aiming for 80% household coverage in Cyprus. By the end of 2023, around 85,000 households and 5,100 businesses used Cablenet for broadband and other Fixed Services. Cablenet’s Purple Max Internet won the Most Innovative Operator Cloud Offering category at the 11th Annual Global Telecoms.com Awards, Glotel Awards. Cablenet ranked first in overall customer satisfaction and Net Promoter Score (NPS) in the Cypriot telecommunications market according to CYMAR market research.

Eurobank growing into a regional powerhouse , — Cyprus central to its plans

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Eurobank growing into a regional powerhouse , — Cyprus central to its plans

– Eurobank’s financial results for 2023 exceeded initial expectations.
– Eurobank has a business plan for 2024-2026 aiming to become a regional banking powerhouse.
– The bank has a strong presence in Cyprus, which is expected to deepen.
– The bank’s board of directors will meet in Cyprus on March 20-22.
– Eurobank’s 2023 financial highlights include a per-share net profit of €0.31 and a return on equity of 18.1%.
– Earnings per share increased by 21.1% compared to 2022, reaching €2.07.
– 37% of net profits came from international activities.
– The Capital Adequacy Ratio (CAD) was 20.2% and the Common Equity Tier 1 (CET1) ratio was 17%.
– Non-performing exposures (NPEs) were at 3.5%, with a coverage ratio for non-performing loans of 86.4%.
– The loans-to-deposits ratio was 72.3%, and the liquidity coverage ratio was 178.6%.
– The business plan for 2024-2026 includes integrating Hellenic Bank in Cyprus and expanding in the region.
– About 50% of profits are expected to come from international operations.
– The plan targets a capital return of about 15% on a recurring basis and a dividend payout ratio of nearly 50% by 2026.
– Net interest income increased by 46.9% compared to 2022, reaching €2.17 billion.
– Fee and commission income grew by 4.2% in 2023, totaling €544 million.
– Organic revenues increased by 35.8% annually, reaching €2.71 billion.
– Operating expenses increased by 5.2% compared to 2022, reaching €902 million.
– The cost-to-income ratio improved to 33.2% in 2023.
– Organic pre-provision operating income increased by 58.6% annually, totaling €1.816 billion.
– Provisions for impaired loans increased by 24.7% compared to 2022, reaching €345 million.
– Organic pre-tax operating profits surged by 69.4% in 2023, totaling €1.47 billion.
– Adjusted pre-tax profits amounted to €1.55 billion, with adjusted net profits increasing by 6.6% to €1.256 billion.
– Adjusted net profits from international activities increased to €468 million in 2023.
– Operational performance in Cyprus and Bulgaria showed substantial improvement.
– Eurobank acquired a majority stake in Hellenic Bank and completed the acquisition of BNP Paribas Personal Finance in Bulgaria.
– Eurobank’s regional presence is significant, contributing approximately 37% to its profitability in 2023.
– Eurobank Cyprus began operations in 2007 and is the third-largest bank on the island.
– Eurobank Cyprus operates in five core business pillars.
– Eurobank has no intention of using Hellenic Bank’s excess liquidity elsewhere in the group.
– Eurobank and Hellenic Bank will continue to operate separately until conditions are met for their merger.
– Eurobank signed a Memorandum of Understanding with NPCI International Payments Limited to enhance remittances from Greece to India.

US expected to impose new sanctions against occupied West Bank outposts, Axios reports

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US expected to impose new sanctions against occupied West Bank outposts, Axios reports

The Biden Administration is expected to impose new sanctions on two illegal outposts in the occupied West Bank and on three Israeli settlers. These sanctions are in response to attacks by “extremist” Israeli settlers against Palestinians. The U.S. aims to target entities and individuals providing logistical and financial support to these attacks. Previously, in February, the administration imposed sanctions on four Israeli men for settler violence and criticized Israel’s settlement expansion as inconsistent with international law. Since the 1967 Middle East war, Israel has occupied the West Bank, where it has built settlements deemed illegal by most countries, a claim Israel disputes. Recent increases in raids in the West Bank have been noted since the Gaza war began in October, with significant casualties reported in both the West Bank and Gaza.

House to vote on expansion of pre-primary education

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House to vote on expansion of pre-primary education

The Cyprus Parliament is expected to vote next week on a bill to expand free and compulsory pre-primary education to include children aged four years old and above. This follows a letter from Education Minister Athena Michaelidou to the House Education committee, urging them to advance the matter. The committee, led by Diko MP Pavlos Mylonas, discussed the initiative, which aims to address issues within the education sector through collaboration between relevant ministries and deputy ministries. Support for the bill was expressed by MPs, highlighting its potential benefits for low-income families and the necessity of the reform. Concerns were raised about the need for proper consultation and the impact on nursery schools, with a meeting planned between the Education ministry, the Social welfare deputy ministry, and the private preschools association (Sipek) to discuss these issues. The government plans to gradually lower the age of acceptance into nursery schools to four years old over the next few years.

UK digital bank Monzo valued at $5 bln after new funding round

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UK digital bank Monzo valued at $5 bln after new funding round

The British digital bank Monzo has raised 340 million pounds (1.26 million) at a valuation of 4 billion pounds (.07 billion). The funding round was led by CapitalG, owned by Alphabet (GOOGL.O), with additional investment from GV (Google Ventures) and HongShan Capital. Monzo, which became profitable in March 2023, plans to use the funds for expansion and to introduce new products. The company was previously valued at .5 billion in late 2021.