Economy

Republic to simplify widowhood pension process for Turkish Cypriots

by
Republic to simplify widowhood pension process for Turkish Cypriots

Labour Minister Yannis Panagiotou discussed measures to support Turkish Cypriots, including the distribution of widowhood pensions to eligible spouses of Turkish Cypriots who contributed to the Social Insurance Fund. The Ministry of Labour is simplifying the application process by allowing married Turkish Cypriot contributors to submit a joint affidavit. Additionally, vocational training programs in Turkish are being offered between May and December 2024 to equip up to 1,000 Turkish Cypriots with green and digital skills.

UK GDP growth shines

by
UK GDP growth shines

The UK economy has emerged out of recession with a marginal GDP growth of 0.6%, which is better than the forecast of 0.4%. Governor Andrew Bailey stated that rates are likely to come down rapidly. Traders should feel confident about riskier assets, but should be cautious as the UK economy’s fundamentals are still weak. The FTSE 100 is likely to experience a pullback, but as long as it trades above key levels, there may be more improvements in price action.

Nurses , ‘often treated with contempt’

by
Nurses , ‘often treated with contempt’

Nurses in Cyprus are often treated with contempt despite being the cornerstone of the health system. There are significant shortages of nurses and midwives in the country, and efforts are being made to attract, recruit, and retain them. The government has expressed support for nurses, but there are concerns about reducing the number of training hours for nurses, which could endanger patient safety and infringe upon their human rights. Cypriot nurses’ EU freedom of movement may be jeopardized if the directive is discarded.

UK construction growth hits 14-month high in April, PMI survey shows

by
UK construction growth hits 14-month high in April, PMI survey shows

Fact: British construction companies experienced their fastest expansion in over a year in April, with the S&P Global UK Construction Purchasing Managers’ Index rising to 53.0 from 50.2 in March.

Biden White House highlights a coming showdown with GOP over 2017 tax cuts that are due to expire

by
Biden White House highlights a coming showdown with GOP over 2017 tax cuts that are due to expire

The winner of November’s presidential election will face a challenge with the expiration of nearly trillion in tax cuts next year. Biden’s White House is highlighting the issue and emphasizing differences with Republicans over taxes. Biden wants to raise taxes on corporations and the ultra-wealthy to support the middle class. Trump argues that tax increases would harm the economy. The 2017 tax cuts failed to deliver the promised growth. Biden wants to extend middle-class tax cuts while raising taxes on profitable companies and the richest Americans. Trump believes growth comes from choices made by companies and wealthy investors, while Biden believes it comes from spending and saving by middle-class households. Extending all of Trump’s tax cuts would add .6 trillion to budget deficits through 2034. Biden’s plan does not include the cost of extending tax cuts for those making under 0,000. Republicans may need to consider spending cuts to address the higher debt load from extending tax cuts.

Owners of large industries in Tanzania seek government protection against cheap imports

by
Owners of large industries in Tanzania seek government protection against cheap imports

Some owners of large industries in Tanzania have asked the government to protect them against cheap imports by increasing import taxes.

White House begins push for corporate tax hike in earnest

by
White House begins push for corporate tax hike in earnest

Fact: Lael Brainard, director of the White House National Economic Council, stated that President Biden is considering raising the corporate tax rate and increasing the federal tax on stock buybacks if he wins a second term.

Shipping industry to gather in Athens

by
Shipping industry to gather in Athens

The Poseidonia 2024 World Expo will take place in Athens, Greece from June 3 to 7. Many Cypriot shipping companies and professionals will attend the event.

Greece to bring in Egyptian farm workers amid labour shortage

by
Greece to bring in Egyptian farm workers amid labour shortage

Greece will bring in 5,000 seasonal farm workers from Egypt to address a labor shortage, with plans to expand the scheme to other sectors. The countries aim to cooperate on preventing illegal migration flows, as Egypt has successfully reduced migrants attempting to cross into Europe since 2016.

Sterling rises after UK economy beats expectations and exits recession

by
Sterling rises after UK economy beats expectations and exits recession

The British economy grew by 0.6 per cent in the first quarter of the year, beating expectations and leaving behind a mild recession in 2023.