Europe

Eurozone bonds dance to the beat of US markets

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Eurozone bonds dance to the beat of US markets

Eurozone bonds are trading in sync with US bonds, with correlations between the markets reaching a record high. The 52-week correlation between German and US two-year bond yields has hit a record, with longer bonds also showing high correlations. The US economy has grown more than Europe’s, with US GDP rising 2.5% and Eurozone GDP growing 0.5% in 2023. Inflation, which surged in both regions in 2021, has become a key focus for markets. The Federal Reserve raised rates in March 2022, followed by the European Central Bank in July. Inflation peaked at 9.1% in the US in June 2022 and at 10.6% in the eurozone before falling to around 3% in both regions. The US bond market, with .9 trillion of government securities outstanding, influences global borrowing costs. Investors expect the correlation between Eurozone and US bonds to decrease as macro and policy outcomes diverge. The European Central Bank is anticipated to cut interest rates in April, ahead of the Federal Reserve in June.

Deloitte reports European private credit bounces back to mid-2022 levels

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Deloitte reports European private credit bounces back to mid-2022 levels

European private lending activity has rebounded to levels last seen in mid-2022, according to new data from Deloitte. In the final quarter of 2023, private debt funds extended 189 loans, the most since the second quarter of 2022. This increase in private debt deal volumes is attributed to credit markets opening up to riskier borrowers, despite the European Central Bank (ECB) keeping interest rates at record highs. Additionally, sales of European junk bonds rose 51 per cent in January from the same month last year, as per data from ratings agency S&P Global. The iTraxx Europe Crossover index, which measures the cost of insuring against debt defaults in a basket of European junk bonds, is trading at around a two-year low of 302 basis points, down from 406 bps in September. A fifth of European private debt transactions in the final quarter of last year were refinancing deals.

The Heritage Private School

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The Heritage Private School

The Heritage Private School and Institute is located along the Limassol to Troodos road in Cyprus, offering views of the mountains and sea. It serves over 1,500 students aged 2 to 19 from diverse cultural backgrounds. The school is approved by the Cyprus Ministry of Education and is academically selective, aiming to provide a high-quality education comparable to reputable UK private schools. Instruction is in English, following the Cambridge International Primary Programme and the National Curriculum for England. Students can earn qualifications such as Cambridge International Checkpoints, IGCSEs, A Levels, and a formal School Leaving Certificate (Apolytirion) at the end of Year 13. The Heritage is a Cambridge International Fellowship Centre and a center for Cambridge and Pearson Edexcel International Examinations, as well as ICDL. Most students advance to universities in the UK, Europe, the USA, and other parts of the world, including prestigious institutions like the University of Cambridge, Imperial College London, MIT, Berklee College of Music, Johns Hopkins University, and Sciences Po.

The school incorporates technology into the curriculum, including an iPad 1-1 program, and collaborates with Engino® in the Early Years and Primary School to integrate STEM principles and develop robotics and computer programming skills. Outdoor learning is emphasized, especially in the School Forest. The Secondary School offers a Gifted and Talented Programme for identifying and nurturing gifted students.

The school’s ethos focuses on academic excellence, personal and social development, respect, collaboration, and self-discipline. It has a well-qualified staff, a School Counsellor, and a Special Education Needs Coordinator to support student mental health and learning. Over 100 after-school clubs and academic Institute classes are available, along with sports teams, drama and music classes, a school choir, and an orchestra. The school participates in various EU educational and community projects, Model United Nations Conferences, and offers the Duke of Edinburgh’s International Award Scheme.

The Heritage Private School holds the British Council International School Award (ISA) since 2008, is the only APSnet UNESCO certified private school in Cyprus, and one of two PASCH accredited schools in the country. It has received 11 Cyprus Education Leaders Awards, eleven CY GPP environmental awards, and several Cambridge International and Pearson Edexcel Outstanding Learner Awards. The Executive Head was a member of the Cambridge International Education Advisory Board.

Cyprus tourism ministry announces plan to improve beaches

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Cyprus tourism ministry announces plan to improve beaches

Cyprus’ tourism ministry has launched an incentive plan for the qualitative and aesthetic improvement of beaches for 2024, targeting local authorities. The plan is part of actions for sustainable beach development and the national coordination of the Blue Flag programme. It supports the Sand and Sea plastic-free initiative and aligns with the Tourism Strategy 2030. Eligible expenses include equipment purchase and infrastructure projects, with a submission deadline of March 29, 2024. Applications can be made on the Ministry of Tourism’s website, and further information is available from Vakis Loizides and Anthi Charalambous.

Mercedes-Benz warns geopolitics, trade tensions to weigh in 2024

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Mercedes-Benz warns geopolitics, trade tensions to weigh in 2024

Mercedes-Benz has revised its electric vehicle (EV) demand expectations, now anticipating that electrified vehicles, including hybrids, will make up to 50% of its sales by 2030. This adjustment marks a significant shift from its earlier goal of preparing for all-electric sales by the same year, contingent on favorable market conditions. CEO Ola Kaellenius highlighted challenges such as inadequate charging infrastructure and a lack of appealing electric models as reasons for the slower transition to EVs. Consequently, Mercedes-Benz plans to continue producing combustion engine cars and update its technology into the next decade, with a refreshed lineup expected in 2027. Following this announcement, the company’s shares increased by 5.9%, further buoyed by a 3 billion euro share buyback program. Despite the automotive industry’s investment in EVs, actual demand has not met expectations, leading to increased cost-cutting pressures. Mercedes-Benz also cited slower economic growth, supply chain issues, and geopolitical tensions as factors affecting its 2024 outlook, predicting lower sales returns. For 2023, the company reported an adjusted return on sales of 12.6% in its car division, meeting its forecast despite inflation and supply chain challenges. However, it anticipates a lower adjusted return of 10-12% for cars and 12-14% for vans in 2024. Additionally, Mercedes-Benz raised its average vehicle price to 74,200 euros and increased its research and development spending, particularly on its MB.OS platform. Group earnings before interest and taxes decreased to 19.7 billion euros from 20.5 billion euros the previous year, even as revenue rose by 2%.

Swedish PM to visit Hungary before ratification of NATO bid

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Swedish PM to visit Hungary before ratification of NATO bid

Fact: Swedish Prime Minister Ulf Kristersson is scheduled to travel to Budapest on Friday to meet Hungarian Prime Minister Viktor Orban before Hungary’s parliament votes on Sweden’s NATO membership bid the following Monday.

Fact: Sweden applied to join NATO nearly two years ago following Russia’s invasion of Ukraine.

Fact: Hungary is the last NATO member that has not ratified Sweden’s accession, with delays attributed to criticism from Sweden regarding Hungary’s rule of law.

Fact: Orban expressed it would be a pleasure to welcome Kristersson and mentioned plans to discuss defense and security policy cooperation, the Hungarian Presidency of the Council of the European Union, and the EU’s Strategic Agenda.

Fact: Orban’s Fidesz party, which has a significant majority in the Hungarian parliament, proposed a vote to ratify Sweden’s NATO membership for February 26 and indicated support for the motion.

Fact: The delay in ratification has affected Budapest’s relations with the United States and caused concern among allies.

Fact: The visit by Kristersson follows an invitation from Orban, and they plan to hold a joint press conference.

Fact: Hungary leases Gripen fighter aircraft from Sweden’s SAAB under a contract that was signed in 2001.

Fact: There are reports of a potential new defense deal between Sweden and Hungary, but a Hungarian government spokesman has not responded to inquiries.

Eni, Total confirm , ‘excellent’ natgas well at Cronos-2

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Eni, Total confirm , ‘excellent’ natgas well at Cronos-2

Italy’s Eni and French TotalEnergies have confirmed the extension and excellent well deliverability at their joint natural gas field within the Cronos discovery in the Cyprus offshore exclusive economic zone. The Cronos-2 well was drilled to appraise the nearby Cronos discovery in Block 6, and it has high production capability estimated at over 150 million standard cubic feet per day of gas. Eni Cyprus Limited is the operator of Block 6 with a 50% participation, with partner TotalEnergies EP Cyprus B.V. holding the remaining 50%. The government’s main goal is to enable access to cheaper energy for Cypriot citizens. Cyprus is behind schedule in converting its infrastructure to import natural gas, resulting in significant carbon emission fines. Eni aims to tap into and export natural gas from the Cronos gasfields through a subsea pipeline to its Zohr field in Egyptian waters.

Cyprus has youngest population in Europe

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Cyprus has youngest population in Europe

– Cyprus has the youngest population in the European Union.
– The median age of Cyprus’ population is 38.4 years old.
– The EU’s median age is 44.5 years old, with Italy having the oldest population at a median age of 48.4 years.
– Cyprus’ median age has increased by 2.2 years over the last decade.
– The EU’s median age has increased by 2.3 years in the same period.
– Except for Malta, Sweden, and Germany, all EU member states have seen an increase in median age over the last 10 years.
– The proportion of working-age people (aged 15-64) in Cyprus is the third lowest in the EU at 24.7%.
– Luxembourg and Ireland have lower proportions of working-age people than Cyprus, with 21.5% and 23.2% respectively.
– Portugal has the highest proportion of working-age people in the EU at 38%.

Cyprus has youngest population in Europe

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Cyprus has youngest population in Europe

– Cyprus has the youngest population in the European Union.
– The median age of Cyprus’ population is 38.4 years old.
– The EU’s median age is 44.5 years old.
– Italy has the oldest population in the EU with a median age of 48.4 years.
– Cyprus’ median age has increased by 2.2 years over the last decade.
– The EU’s median age has increased by 2.3 years in the last decade.
– The median age increased in all EU member states over the last 10 years, except for Malta and Sweden, where it decreased, and Germany, where it remained the same.
– The proportion of working-age people (15-64 years old) in Cyprus is the third lowest in the EU at 24.7%.
– Luxembourg and Ireland have lower proportions of working-age people than Cyprus, with 21.5% and 23.2%, respectively.
– Portugal has the highest proportion of working-age people in the EU at 38%.

Explainer: What is the space-based nuclear weapon the US says Russia is developing?

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Explainer: What is the space-based nuclear weapon the US says Russia is developing?

The United States has warned Congress and allies in Europe about new intelligence related to Russian nuclear capabilities that could pose a threat. The warning is specifically related to Russian attempts to develop a space-based anti-satellite nuclear weapon. The exact nature of the weapon is unclear, and it is uncertain whether it actually exists. The United States does not have the ability to counter such a weapon. Russia has dismissed the warning as a “malicious fabrication” and a tactic to secure more funding from Congress.