Christodoulos Patsalides was appointed as the new Central Bank Governor of Cyprus, replacing Constandinos Herodotou. Patsalides, a former deputy CEO of the Bank of Cyprus, was sworn in just in time to attend the ECB monetary policy meeting in Frankfurt.
Fact: Labour Minister Yiannis Panayiotou received an “initially positive response” from stakeholders on the issue of using workers from third countries to fill gaps in the labour market.
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.
Interior Minister Constantinos Ioannou stated that Cyprus understands Lebanon’s position and will work with EU allies to address migration flows. Lebanon has promised increased surveillance and cooperation to dismantle migrant smuggling rings. Cyprus is preparing for various scenarios related to migration. President Nikos Christodoulides may visit Lebanon again with European Commission President Ursula von der Leyen to discuss migration. The next stop will be the informal European council meeting on April 18-19, where immigration and Lebanon’s actions will be evaluated. Lebanon recognizes the need to intensify and monitor the situation on its borders.
The Great Sea Interconnector project will offer triple benefits to Cyprus, including better energy security, a ‘green mix’ of power generation, and cheaper energy for all consumers.
The government of Cyprus is proposing new regulations to standardize sick leave in the public sector, reducing annual sick leave from 42 to 28 days and sick days without a doctor’s certificate from 8 to 6. Unions are opposing these changes and calling for broader consultations, which the government believes will prevent the regulations from being updated or standardized. The government argues that the abuses of sick leave entitlement are costly to the taxpayer and should be addressed through imposition of regulations rather than prolonged dialogue with unions.
Spain’s Prime Minister Pedro Sanchez announced the scrapping of the golden visa programme, which grants residency rights to foreigners who make large investments in real estate. The programme, which required a minimum investment of 500,000 euros, will be eliminated to make access to affordable housing a right instead of a speculative business. Portugal has also revamped its golden visa scheme, excluding real estate investment to address a housing crisis.
Saudi Crown Prince Mohammed bin Salman emphasized the need for dialogue to ease tensions between Pakistan and India, particularly regarding the Kashmir dispute. India and Pakistan have a history of conflict over the region, with recent escalation following a bombing in Kashmir traced back to Pakistan-based militants. Indian Defence Minister Rajnath Singh stated that India would pursue militants into Pakistan if necessary. The two countries have also been at odds over allegations of cross-border killings. Pakistan is seeking a billion investment package from Saudi Arabia to address financial difficulties.
Cyprus and Lebanon are cooperating to address the issue of growing migrant flows, particularly Syrian refugees coming from Lebanon. Cyprus has seen an increase in migrants arriving by sea, causing tension between the two countries. Lebanon hosts a large number of Syrian refugees, putting strain on its economy. Cyprus is seeking greater financial assistance from the European Commission to help Lebanon manage the situation. Both countries have agreed to coordinate actions and work with the EU to address the issue.
Gold hit a new all-time high above ,350 at the weekly opening after gaining over 4% in the previous week, reaching a record high of ,330 on Friday.