gdp

UK economy went into recession last year, data confirms

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UK economy went into recession last year, data confirms

Britain’s economy entered a shallow recession last year, with GDP shrinking by 0.1% in the third quarter and 0.3% in the fourth. The economy is expected to grow by just 0.25% this year, with inflation moving towards the point where the Bank of England can start cutting rates. Household real disposable income grew by 0.7%, prompting consumers to potentially increase spending and support the economy. The current account deficit in the fourth quarter was 21.18 billion pounds, equivalent to 3.1% of GDP.

Hellenic Bank: Progress vital for a competitive tourism industry

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Hellenic Bank: Progress vital for a competitive tourism industry

– The recent annual tourism conference organized by the Association of Cyprus Tourist Enterprises (Stek) with the support of Hellenic Bank focused on discussing the future of Cyprus’ tourism industry and the new model needed to bolster it.
– The conference theme was ‘Tourism: New Realities Demand a More Competitive Model’ and delved into topics such as the green transition, sustainability, and resilience in tourism.
– Phivos Stasopoulos, Chief Banking Officer of Hellenic Bank, emphasized the need for evolution in Cyprus’ tourism industry, stating that everything has changed and the situation has fundamentally changed in the tourism industry.
– Hellenic Bank’s loans to the tourism industry represent more than 10% of its total loan portfolio, and the bank is committed to providing effective products and tailored solutions to the industry’s needs.
– The conference attracted over 250 participants, including Deputy Minister of Tourism Kostas Koumis, ambassadors, government officials, business leaders, and professionals from the hotel and wider tourism sectors of Cyprus and Greece.
– Koumis highlighted the significance of tourism to the economies of Cyprus and Greece, noting that tourism contributed 12.8% to the GDP of Cyprus this year.

Sterling bows to dollar strength after UK GDP data

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Sterling bows to dollar strength after UK GDP data

The pound eased after data confirmed the UK economy entered recession in the second half of last year.

WTI turns red near $81.50 on hawkish Fed comments

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WTI turns red near $81.50 on hawkish Fed comments

– WTI is trading around .50 on Wednesday
– US Dollar recovery and surprise jump in U.S. crude and gasoline stocks are affecting WTI prices
– Fed Governor Christopher Waller’s hawkish comments are impacting the Greenback
– US crude oil inventories rose by 3.165 million barrels
– Geopolitical tensions in the Middle East and Russia-Ukraine war could tighten worldwide supply
– OPEC+ decided to extend output cuts until the end of June
– Oil traders will watch US GDP and PCE Price Index data for market direction

EXPLAINER-Turkey’s local vote a test for Erdogan and his main rival Imamoglu

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EXPLAINER-Turkey’s local vote a test for Erdogan and his main rival Imamoglu

Turkey is holding municipal elections across 81 provinces on Sunday, March 31. President Tayyip Erdogan’s AK Party is aiming to reclaim cities it lost in 2019, including Istanbul and Ankara. Polling stations will be open from 7 a.m. to 4 p.m. in eastern provinces and from 8 a.m. to 5 p.m. in the rest of the country. Initial results are expected by 10 p.m. Analysts see the vote as a gauge of Erdogan’s support and the opposition’s durability, especially in Istanbul. The budget of Istanbul metropolitan municipality is significantly larger than other cities in the country. Controlling big cities can give parties influence over financing and job creation. Istanbul holds special importance for Erdogan as he rose to the national political stage during his time as mayor. Imamoglu, the incumbent CHP Mayor of Istanbul, is facing a tight race against AKP’s Murat Kurum. The outcome of the elections could impact Erdogan’s pursuit of a new constitution that could potentially extend his rule beyond 2028.

Euro-dollar stabilises after ECB rate cut comments

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Euro-dollar stabilises after ECB rate cut comments

The European Central Bank (ECB) is considering cutting interest rates in June, causing weakness for the Euro and depressing the EURUSD pair. ECB officials have expressed dovish views on rate cuts, while the Federal Reserve in the US seems more split on the issue. Bargain hunters may see dips in the EURUSD pair as a buying opportunity, and economists at ING expect the pair to stabilize around 1.0850.

Finance Ministry welcomes review results, reaffirms commitment to economic stability

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Finance Ministry welcomes review results, reaffirms commitment to economic stability

– The European Commission’s recent in-depth review highlighted that Cyprus’ economy is on a healthy trajectory, with GDP expected to grow and inflation to decrease.
– The moderation in GDP growth in 2023 was primarily attributed to weaker external demand for financial and business services influenced by Russia’s invasion of Ukraine.
– The government is focused on implementing policies to correct imbalances and enhance the competitiveness of the Cypriot economy, with emphasis on green and digital transitions.
– The Cyprus Recovery and Resilience Plan includes significant reforms to reduce macroeconomic vulnerabilities and expand the productive base of the economy.
– Public and private debt have decreased and are expected to continue decreasing in the coming years.
– Non-performing loans in the banking sector have declined, and the possibility of new non-performing loans is viewed as remote.
– Cyprus’ integration with both EU and non-EU economies makes it vulnerable to risks from geopolitical and trade tensions.

British satisfaction with healthcare drops to new low

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British satisfaction with healthcare drops to new low

Fact: British satisfaction with the state-owned National Health Service (NHS) dropped to a record low for 2023, with only 24% of people being satisfied with the service.

President Biden’s FY 2025 Budget Proposal: Details & Analysis

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President Biden’s FY 2025 Budget Proposal: Details & Analysis

President Biden’s FY 2025 budget proposes tax hikes on businesses and high earners, amounting to a gross tax hike of over .1 trillion.

Beware Progressives Touting Tax Cuts – AAF

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Beware Progressives Touting Tax Cuts - AAF

The fact described in the text is that President Biden has imposed a stock buyback tax and a new corporation alternative minimum tax, but the tax cuts signed for individuals and corporations are larger than the tax increases imposed on big corporations and their shareholders.