Economy

Germany needs an economic turnaround, says finance minister Lindner

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Germany needs an economic turnaround, says finance minister Lindner

Germany’s economy was the weakest among its large euro zone peers last year, facing challenges like high energy costs and record high interest rates. The International Monetary Fund has cut its GDP forecasts for Germany, expecting 0.2% growth this year and 1.3% in 2025. German Finance Minister Christian Lindner emphasized the need for an economic turnaround to secure the country’s geopolitical position, especially in the face of Russian President Vladimir Putin’s aggression towards Ukraine. Lindner highlighted that economic strength plays a crucial role in geopolitics.

Real economic growth to pick up in 2025, says UCy

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Real economic growth to pick up in 2025, says UCy

Real activity growth in Cyprus is expected to continue at a similar pace as in 2023 and gather momentum in 2025, with real GDP growth forecasted at 2.6% in 2024 and 3.3% in 2025. The growth forecasts have been revised up from previous estimates.

Cypriots more pessimistic, but trust EU and Euro

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Cypriots more pessimistic, but trust EU and Euro

Cypriots are pessimistic about the future, the economy, and geopolitical crises, but maintain trust in European institutions and the single currency. The two traditional political parties, DISY and AKEL, are expected to dominate the upcoming elections for members of the European Parliament, mayors, and councillors. DISY is in the lead for the election of the six MEPs with 20%, followed by AKEL with 19%.

Putin’s War Will Soon Reach Russians’ Tax Bills

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Putin’s War Will Soon Reach Russians’ Tax Bills

Russia’s president, Vladimir V. Putin, is planning to increase income and corporate taxes to help finance the war in Ukraine. This move demonstrates his control over Russian policy and reflects his confidence in his political control over the Russian elite.

Cyprus tourism , “cannot do without foreign labour”

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Cyprus tourism , “cannot do without foreign labour”

Deputy Minister of Tourism Kostas Koumis acknowledged that the Cypriot tourism sector is in need of foreign workers due to an increase in tourist arrivals, leading to labor shortages.

Cyprus sees Surge in deposits and loans in March

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Cyprus sees Surge in deposits and loans in March

In March 2024, total deposits in Cyprus increased by €252.1 million, with a total balance of €52.2 billion. Total loans also increased by €133.1 million, reaching a balance of €25.1 billion. Deposits from residents of Cyprus rose by €318.5 million, while loans to Cypriot residents increased by €134.0 million.

Yen falls on BoJ inaction, focus on US PCE inflation

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Yen falls on BoJ inaction, focus on US PCE inflation

The Japanese Yen is trading at its weakest level in over three decades against the US Dollar after the Bank of Japan decided to leave monetary policy settings unchanged.

WTI above $83.50 on disappointing US GDP, Gaza fears

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WTI above $83.50 on disappointing US GDP, Gaza fears

The benchmark US crude oil Western Texas Intermediate (WTI) is trading higher around .60 on Friday due to potential geopolitical risk from a looming Israeli invasion of the southern Gaza city of Rafah.

Invest Cyprus to spearhead campaign to bolster country, ’s reputation

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Invest Cyprus to spearhead campaign to bolster country, ’s reputation

President Nikos Christodoulides expressed confidence in Cyprus’ ability to navigate the current global climate of uncertainty and instability. He stated that Cyprus aims to become one of the best places in the world to live, work, and conduct business, as outlined in the national strategy ‘Vision 2035′. Christodoulides highlighted the importance of bolstering the country’s reputation on the international stage and emphasized the need for a new development model to ensure a resilient, sustainable, and competitive economy. The government is engaging in dialogue with foreign investors and Cypriot entrepreneurs to attract quality investments and capitalize on their expertise. The government is also working on tax transformation to enhance economic competitiveness and align with the goals of the European Green Deal. Christodoulides mentioned the importance of restoring Cyprus’ reputation and credibility internationally, with plans for a major rebranding campaign led by Invest Cyprus.

Ormidia fishing shelter upgraded, government pledges support

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Ormidia fishing shelter upgraded, government pledges support

Fact: The Ormidia fishing shelter in Cyprus received a €1.6 million upgrade, co-financed by the European Maritime and Fisheries Fund 2014-2020, as part of a larger operational program for fisheries and aquaculture with a budget of €54.7 million.