Cyprus government records , €523 million first-quarter surplus
The Cyprus government’s surplus for the period January-March 2024 reached €523 million, equivalent to 1.7% of the GDP.
expenditures
Cyprus government reports , €45.1 million surplus for Q4-23
The Cyprus general government generated a surplus of €45.1 million during the final quarter of 2023, compared to a surplus of €29.2 million in the same period of 2022. Total revenue for the October-December 2023 period increased by €439.2 million (13 per cent), reaching €3.82 billion, compared to €3.38 billion in the corresponding period of 2022.
Cyprus residents spent , €1.39 billion on travel in 2022
Cyprus residents’ spending on travel abroad reached €1.39 billion in 2022, with a total of 158,294 residents embarking on international trips for personal reasons.
Biden Embraces a Wealth Tax to Address Racial Wealth Inequality
President Biden and Treasury Secretary Janet Yellen have proposed a massive wealth tax redistribution scheme, including taxes on unrealized gains, in their Fiscal Year 2025 proposal.
Sterling holds ground on weaker dollar, Fed, rate decision looms
The GBPUSD pair is holding positive ground near 1.2520 in early trading in Asia, supported by a softer US Dollar. The US Federal Reserve is expected to leave interest rates unchanged, with speculation that the first cut might not come until September. The Bank of England may start lowering borrowing costs in its June meeting, as Governor Andrew Bailey mentioned the possibility of two or three rate cuts this year.
Financial forecast by Innovate Change Casino: Navigating post-Malta gaming license shakeup
Fact: Innovate Change Casino and similar entities are facing increased operational costs due to the need to comply with enhanced regulatory standards, which include technology upgrades, compliance and legal advisory services, staff training, licensing and certification fees, and operational adjustments.
Cyprus government and banks piling-up cash
By end-February 2024, the government had accumulated cash deposits of over €3.5 billion at the Central Bank and €2.1 billion at commercial banks.
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.
Request to suspend Auditor General heads to Supreme Court
A request for the suspension of the Auditor General is expected to be filed with the Supreme Constitutional Court by the legal team of the Attorney General. The request is based on the complaint that the Auditor General exceeded his powers, which is not considered inappropriate behavior. The decision to suspend an independent state official must be initiated by the President of the Republic, according to the Trifonos case. The Attorney General does not have the authority to make such requests.
MPs approve Tepak budget amid transparency concerns
The House of Representatives approved the budget for the Cyprus University of Technology (Tepak) for 2024. The budget bill passed by unanimous vote, but MPs raised concerns about lack of transparency and financial scandals at the institution. The budget approval was delayed, leading to pressure on MPs to pass it to ensure university staff would be paid.