The number of registered unemployed decreased by 10,880 individuals in April 2024, dropping by 17.2% compared to the previous year. This marks the lowest number of registered unemployed since June 2021.
In March, consumer loan rates increased while mortgage rates decreased in Cyprus. Deposit rates for households also rose, with new lending decreasing by €79 million compared to the previous month. The interest rate for fixed-term deposits for households increased to 2.24%, while the interest rate for non-financial corporations decreased to the same percentage. Total new loans in March amounted to €496.4 million, with new consumer loans decreasing to €22.2 million and new housing loans decreasing to €119.6 million. New loans to non-financial corporations for amounts up to €1 million increased, while loans for amounts above €1 million decreased. These statistics were published in the April 2024 edition of ‘Monetary and Financial Statistics’ by the Central Bank of Cyprus.
Larnaca port is at a standstill due to a strike by dockworkers demanding overtime pay. The strike has caused concerns for the port and the island’s economy. The matter may be referred to the Labour Ministry. Trade unions claim the port operator violated labour agreements regarding overtime schedules and pay. Employers and industrialists criticize the strike as unnecessary and in violation of the Industrial Relations Code. The Cyprus Chamber of Commerce and Industry also condemns the strike and calls for legislative regulation of strikes in essential services.
Fact: 30 kilograms of smuggled lamb meat was seized at the Ayios Dhometios crossing point by Turkish Cypriot police.
The Olympic flame reached Marseille, just outside the Old Port, 79 days before the Paris 2024 Games Opening Ceremony.
Shell paid .09 billion in corporate taxes and royalties to the Federal Government in 2023, with SPDC contributing 2 million and SNEPCo remitting 9 million.
Opposition Leader Ralph Thorne criticized the Mia Mottley administration for lack of clarity and transparency in the government’s corporate tax reforms through the Corporation Top-Up Tax Bill. He accused the administration of mismanaging taxpayers’ money and called for more precise information on whether the legislation would lead to a rise or fall in taxation. Thorne also urged the government to provide specific details about the tax legislation and its broader purpose, shifting the focus away from blaming external factors for economic challenges.
Stocks in China have made a strong comeback this year, with the MSCI China index gaining around 9%. The CEO of a financial advisory and fintech firm predicts that there is more upside potential for Chinese markets due to pro-growth and pro-reform policies, particularly in sectors like artificial intelligence and utilities. China’s investments in AI and green energy initiatives are seen as key drivers of market growth, with the country transitioning to a consumption-based economy. The CEO believes that China’s urbanization strategy and reform of state-owned companies present significant investment opportunities for global investors.
The biggest collective owners of UK shares have warned the London Stock Exchange against weakening its listing rules and governance standards to attract fresh business.
ExxonMobil announced the closure of its Hunterdon County research facility to consolidate operations at its headquarters in Houston, resulting in most jobs being offered the opportunity to relocate.