The CFA Society Cyprus organized an annual economic forum where the main topics of discussion were the financial outlook for the global economy and markets, as well as the key principles of financial forecasting. President Andreas Cleanthous highlighted the importance of financial forecasting in the investment process during the event.
Inflation in three German states inched up in May, with rates rising in North Rhine-Westphalia, Bavaria, and Saxony. However, inflation in Brandenburg nudged down. Economists forecast Germany’s harmonized inflation rate to be 2.7% in May, up from 2.4% in April.
Cypriot workers put in longer hours than the European average, with an average of 38.5 hours per week. In the EU, Greece, Romania, Poland, and Bulgaria had the highest working hours, while the Netherlands, Austria, and Germany had the lowest. Agriculture, forestry, and fishing had the highest average working hours in the EU, while household workers had the fewest. In Cyprus, agriculture, forestry, and fishing had the highest working hours, followed by household workers and mining and quarrying. Education, other services, and extraterritorial organizations had the fewest working hours in Cyprus.
The Tax Foundation’s International Tax Competitiveness Index (ITCI) measures the competitiveness of tax systems in 38 OECD countries based on low tax burdens on business investment and neutrality in tax codes.
Saudi Arabia’s government filed papers to sell a new stake in state oil giant Aramco that could raise as much as .1 billion.
Silver found temporary support near .20 after correcting from a weekly high of .30. The Dollar declined further after the U.S. Department of Labor reported higher jobless benefits claims for the week ending May 24. The slower US growth rate in the first quarter also weighed on the Dollar. The DXY Dollar Index corrected further to 104.76. A downside move in the US Dollar is favorable for dollar-denominated assets such as silver. The uncertainty over the near-term outlook of silver remains ahead of the U.S. core Personal Consumption Expenditure Price Index data for April. The Federal Reserve’s preferred inflation gauge will influence speculation for Fed rate cuts in September. Financial markets expect the Fed to start reducing interest rates from the last quarter of the year.
Gender Equality Commissioner Josie Christodoulou emphasized that gender equality is not a problem to be solved but rather the solution to existing inequality. She stated that empowering women strengthens both society and the economy, and highlighted that women face similar obstacles worldwide such as discrimination, sexism, violence, and inequalities. Christodoulou also mentioned that addressing gender equality is a horizontal priority for the Christodoulides government, and that integrating the gender dimension in public policies is crucial for promoting gender equality.
The 2024 election will involve a debate over whether to extend the tax cuts signed into law by Donald Trump in 2017, particularly the corporate tax cuts. If the tax cuts are extended, it could exacerbate a fiscal crisis for programs like Social Security and Medicare. The tax cuts were among the least popular major legislation Congress had considered in a generation.
Petrolina is the first company in Cyprus to be registered in the State Registry of Business/Organizations of Corporate Social Responsibility (CSR) after being certified by an accredited certification body. This certification confirms that Petrolina has developed and implemented a CSR Management System that complies with the National Specification of Cyprus. The certification is part of the “Corporate Sustainability Supporting Framework” project funded by the European Economic Area. Petrolina’s Executive Director, Georgia Lefkariti, emphasized the company’s commitment to supporting and contributing to the Cypriot society and economy for a sustainable future.
Israel plans to allow more oil tankers to dock at a Red Sea port in Eilat despite environmental risks. The government wants to revoke restrictions on the amount of oil that can be unloaded at a jetty in the city, which sits near a coral reef. The curbs imposed in 2021 were eased temporarily during the Gaza war. EAPC, the state-owned company operating the pipeline, wants to receive more oil, but environmental regulators and Eilat’s mayor oppose the plan. Israel is pushing to ensure energy security amid conflicts with various groups. Netanyahu’s office recommended easing restrictions to include fuel for trade and domestic use. The environment ministry expressed concerns about the risks of more oil deliveries and cited past mishaps. EAPC welcomed the government’s U-turn, emphasizing the strategic importance of the Eilat facility for energy delivery. Israel imports most of its oil through seaborne trade, and the Emirati oil deal could be worth about million a year for EAPC. The Energy Ministry emphasized the need to handle oil deliveries properly to sustain the terminal economically.