The Cyprus Shipping Chamber is calling for the immediate release of the 25 crew members on board the Portuguese-flagged containership MSC Aries, which was seized by Iran in retaliation for Israel’s bombing of the Iranian consulate in Damascus.
The text discusses a small market relief rally following Iran’s missile and drone strike on Israel, with US stock futures rising and gold and oil prices slightly lower. The CEO of deVere Group warns investors not to be complacent, as the situation in the Middle East remains volatile and any disruption in oil production could have significant implications for energy prices worldwide. The ripple effects on financial markets could impact investor sentiment, corporate profits, consumer spending, inflation, and central bank monetary policy. Investors are advised to seek refuge in sectors less sensitive to geopolitical risks and to conduct thorough research, diversify portfolios, and consult with a financial advisor before making investment decisions.
Three subsidised patients from the Ministry of Health being treated in Israeli hospitals are in good health, according to General Director Christina Giannaki. The Ministry will stay in touch with the patients and be ready to handle any problems. Three patients are at Sheba Medical Center, while a fourth patient returned to Cyprus. Giannaki personally spoke with Sheba Hospital and is updated on the patients’ health. All patients want to stay in Israel for further treatment.
The forestry department currently has a single operational firefighting plane at its disposal.
– Growing expectations for a delay in the Federal Reserve’s policy pivot and escalating geopolitical tensions fueled an impressive US Dollar rally last week.
– Iran launched an assault with dozens of drones in retaliation to a suspected Israeli attack on Iran’s consulate in Damascus.
– UN Secretary-General Antonio Guterres condemned Iran’s drone attacks targeting Israel as a “serious escalation” and called for restraint.
– US stock index futures trade modestly higher after a sharp decline on Wall Street.
– Gold opened higher and advanced above ,370 before retreating.
– EURUSD broke below 1.0700 and stabilized around 1.0650.
– GBPUSD lost 1.5% last week and stays below 1.2500 on Monday.
– Japanese Finance Minister Shunichi Suzuki is closely watching FX moves, particularly the broad Yen weakness.
– USDJPY closed the previous week higher and continued to push higher, trading at its highest level in over three decades near 154.00.
The government of Cyprus is taking all necessary measures for security following Iran’s attack on Israel. Current indications do not point to immediate danger, and Cyprus is not involved in any attacks. Cyprus does not believe in solving problems with attacks.
Fact: Finance Minister Makis Keravnos stated that there is no immediate threat to the Cypriot economy from developments in the Middle East, following a snap meeting with ministry officials.
The air connection between Cyprus and Jordan, as well as Lebanon, has been restored after their airspace reopened. Flights to Amman and Beirut from and to Larnaca Airport are operating as usual. Other airlines have cancelled flights to Tel Aviv due to the current situation in the Middle East. Cyprus Airways has suspended all flights to and from Beirut, with an announcement expected regarding flights to Tel Aviv.
The current year is considered lost for the cruise sector due to significant losses in tourist arrivals compared to previous years. The decrease in cruise ships at Limassol port is attributed to the war in Gaza since late 2023, affecting the wider Eastern Mediterranean region. The number of cruise ships expected to arrive in 2024 is significantly reduced, with only 68 ships and an estimated 120,000 passengers. The Government has established a Cruise Tourism Working Group to develop a National Cruise Strategy. The goal is to become competitive and utilize cruise tourism to contribute to the economy and promote culture. The Deputy Minister of Shipping participated in discussions on decarbonising the cruise industry and increasing tourist arrivals via cruise ships in the coming years. The war in Israel has led to a decrease in Cypriots traveling by cruise ships, with only 25,000 expected to travel in 2024, mainly during the summer period.
Over 17,000 people from 75 countries participated in the Limassol Opap marathon, with more than 17,000 runners completing the six routes over the weekend.