demand

Our View: MPs, ’ ATM gripe undermines profitable business model

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Our View: MPs, ’ ATM gripe undermines profitable business model

Deputies in Cyprus criticized banks for not having enough ATMs, especially in rural areas, during a House commerce committee meeting. The chairman of the committee stated that banks were lacking social responsibility and prioritizing profit over serving the community. Despite the criticism, banks explained that operating ATMs is costly and they plan to reduce them to improve profitability, which is necessary for a dynamic economy. The closure of the cooperative bank was also mentioned as a result of prioritizing social responsibility over profits.

Tesla strike in Sweden continues, union says, contradicting Musk

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Tesla strike in Sweden continues, union says, contradicting Musk

A strike by Tesla mechanics in Sweden, one of the country’s longest labor disputes, continues to disrupt operations despite Elon Musk saying the storm is over. The strike has led to sympathy actions from various other workers, causing disruptions in Tesla’s operations. The strike is still ongoing, according to IF Metall, the union representing the mechanics, who are considering ramping up action. Investor pressure is mounting on Tesla, with Norway’s wealth fund, a significant investor, raising concerns about the strike and backing a shareholder proposal on respecting rights to collective bargaining. Some Nordic pension funds have also voiced concerns and one has even sold its shares in Tesla over the issue. The disruption caused by the strike has forced Tesla to find alternative ways to handle its operations, including changing the way cars are brought into Sweden and having employees handle waste and garbage themselves.

New report mostly positive on Gesy

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New report mostly positive on Gesy

The latest evaluation report on Cyprus’ national health scheme Gesy stated that in the past three years, direct healthcare expenses for patients were reduced from 50 to around 15 per cent.

Easter food spending lifts UK retail sales by most since August

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Easter food spending lifts UK retail sales by most since August

An early Easter boosted food spending in Britain last month, lifting retail sales by the most since August.

Euro zone banks lower bar on mortgages but demand keeps falling , – ECB

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Euro zone banks lower bar on mortgages but demand keeps falling , – ECB

Euro zone banks lowered the bar on mortgage approvals last quarter for the first time in over two years, but demand for credit kept falling amid high borrowing costs and a stagnant economy.

Wizz Air’s success story has a Cypriot flavour

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Wizz Air’s success story has a Cypriot flavour

Wizz Air is celebrating its 20th anniversary next month and has been a key player in Cyprus’ aviation industry since establishing a base at Larnaca International Airport in 2010. The airline has received awards for its environmental practices and sustainability efforts. In 2023, Wizz Air played a significant role in Cyprus’ record-breaking tourist season by transporting passengers from various key markets. The airline increased its seat capacity by 70% in 2023 and is estimated to have injected €200 million into the Cypriot economy. Wizz Air holds the leading position for passenger numbers at Larnaca Airport and is set to offer 1.3 million seats on 25 routes to 16 countries from Cyprus in 2024. The airline’s presence has created 130 direct jobs and is estimated to support an additional 5,500 jobs in related sectors.

2023 record year for property sales in Cyprus

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2023 record year for property sales in Cyprus

Limassol dominated the real estate market in 2023, accounting for 41% of total sales value across the country. Larnaca showed a remarkable increase in sales value, surpassing 2022 by 28%. The market for luxury apartments in high-rise developments is expected to decline.

Turning camels into cows: megafarms are being set up to produce camel milk on industrial,  scales

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Turning camels into cows: megafarms are being set up to produce camel milk on industrial,  scales

Camels are increasingly being enclosed in large dairy farms in the Middle East, where they are milked by machine. This industrialized farming model is driven by the growing demand for camel milk as an alternative to cow, sheep, and goat milk. The traits of camels make them resilient to climate change, but there are concerns about the loss of traditional knowledge and cultural heritage associated with mobile camel herders. The camel milk market is expected to grow rapidly, with estimates ranging from US billion to billion by the end of the decade.

EU leaders to demand sweeping competitiveness drive at summit

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EU leaders to demand sweeping competitiveness drive at summit

European Union leaders will call for decisive action on the bloc’s long-term competitiveness and global leadership during a summit next week. They will focus on economic challenges from geopolitical tensions, rivals’ subsidies, and the shift to green and digital technologies. The leaders will push for deepening the EU single market by 2025 and closing growth, productivity, and innovation gaps compared to rivals like China and the United States. They will also emphasize reducing barriers, creating a capital markets union, decarbonizing industry, investing in digital infrastructure, promoting AI, increasing labor market participation, open trade policies, and fostering innovation.

Silver climbs to near $28, tracking rally in gold

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Silver climbs to near $28, tracking rally in gold

Silver is trading at a two-year high near .00 per ounce, driven by heightened consumer and industrial demand as well as central banks increasing their reserves in gold. US Treasury yields have corrected after two days of gains, with the 2-year and 10-year yields standing at 4.78% and 4.39%, respectively. Traders are eagerly awaiting the release of the US Consumer Price Index data scheduled for Wednesday, with expectations of an acceleration in the headline CPI and a cooling down in the core measure. Geopolitical tensions in the Middle East have eased, with peace talks between Israel and Hamas resuming in Egypt. Traders will focus on the upcoming US inflation data and the release of FOMC minutes this week to gain more clarity on the timing of the Fed’s monetary policy adjustments.