finance

Min. Council: Continuation of the debate on participation in the Great Sea Interconnector will be given in today's session

by
Min. Council: Continuation of the debate on participation in the Great Sea Interconnector will be given in today's session

The modified proposal of the Ministries of Energy and Finance was presented to the Cabinet last Friday. The proposal is about the participation of the Republic of Cyprus in the Great Sea Interconnector project, which involves the electrical interconnection between Cyprus and Greece (via Crete) in the first phase and Cyprus and Israel in the second phase. The Cabinet is currently discussing the proposal. The Great Sea Interconnector project aims to connect the national electricity networks of Cyprus, Israel, and Greece through submarine cables. The project has a capacity of 2,000 MW and is being implemented by the Independent Power Transmission Operator of Greece. The distance between Cyprus and Israel is 380 km, while the distance between Cyprus and Crete is approximately 900 km. The water depths between Cyprus and Crete range from 3-3.5 km, and between Israel and Cyprus, they range from 2-2.5 km. The cable for the project is being manufactured by the French company Nexans in Norway.

Britain invests 100 million pounds in AI research and regulation

by
Britain invests 100 million pounds in AI research and regulation

Britain announced it would invest over 100 million pounds in launching nine new research hubs focused on artificial intelligence (AI) and in training regulators about the technology. Nearly 90 million pounds will be allocated to the hubs, which will concentrate on AI applications in healthcare, chemistry, mathematics, and a partnership with the U.S. on responsible AI. An additional 10 million pounds will be used to help regulators manage AI risks and opportunities across various sectors. Britain also hosted an international AI safety summit in November, resulting in over 25 countries signing the “Bletchley Declaration” to address and mitigate shared AI risks. The exchange rate mentioned is 1 dollar to 0.7987 pounds.

Cyprus Business Now: weekly wrap-up

by
Cyprus Business Now: weekly wrap-up

Here are the factual points extracted from the text:

1. The Cyprus Shipping Chamber (CSC) announced that it is marking 35 years of successful operation since its establishment on January 26, 1989.
2. The Cyprus real estate data analytics firm Ask Wire released a report outlining the ten most lucrative property transactions completed in Cyprus during 2023, with a focus on high-value deals in the district of Limassol.
3. The European Central Bank (ECB) kept interest rates unchanged at a record high on January 25 and did not indicate a shift towards policy easing.
4. Wargaming, an online game developer and publisher headquartered in Nicosia, announced opportunities for students and recent graduates in 2024, including six online gaming educational courses.
5. Cyprus’ Deputy Ministry of Tourism sees an opportunity for increasing tourist arrivals from Switzerland, estimating visits to reach 80,000 in 2023, up from 73,000 in 2022, marking a 20 percent increase.
6. The President of the Cyprus Institute, Stavros Malas, presented a proposal for the establishment of a Centre of Excellence for Smart and Sustainable Farming (SMARTFARM).
7. The Economic Sentiment Indicator (ESI) in Cyprus increased by 2.3 units in January 2024 compared to December 2023, primarily due to a stronger business environment in the services sector.
8. TechIsland and Adsterra launched an educational programme called “Advocate For Yourself” under the Women in Tech Cyprus initiative.
9. Mark Rachovides, chairman of Venus Minerals, explained that copper prices are expected to rise by approximately 75 percent over the next two years due to supply disruptions and increased demand.
10. Finance Minister Makis Keravnos and Cyprus Central Bank governor Constantinos Herodotou discussed a potential decrease in ECB interest rates during 2024, with an expectation that rates are likely to fall before the end of the year barring unforeseen events.
11. The Bank of Cyprus returned a total of €2.2 million to up-to-date mortgage borrowers as part of their ongoing reward plan.
12. A €6.6 million project to install solar panels in 405 schools has been completed, resulting in a 30 percent reduction in total energy consumption, and was funded under the national Recovery and Resilience plan.

Taxpayers will pay the cost of LNG debacle

by
Taxpayers will pay the cost of LNG debacle

The contract for the liquified natural gas (LNG) terminal in Vasiliko was signed with the China Petroleum Pipeline Engineering Company (CPP) in December 2019. The project has encountered significant issues, leading to potentially high costs for the taxpayer. The tender process was controversial, with two of the three bidding consortiums excluded for compliance reasons before technical and financial assessments. The estimated cost of the project was half a billion euros, with €289 million allocated for construction and €210 million for operation and maintenance over 20 years. However, the cost has risen to €542 million, with CPP demanding an additional €200 million. The terminal is only 45 to 50 percent complete, and the completion date has been pushed back multiple times, with the latest being July 2024. The consortium led by CPP lacked experience in such projects. Despite irregularities in the tender evaluation, former President Nicos Anastasiades decided to proceed with CPP. The European Investment Bank (EIB) raised concerns about the financials and legitimacy of the deal. The project’s cost was considered high compared to market rates. The European Commission had offered a €101 million grant, conditional on the EIB approving a €150 million loan. An alternative, more cost-effective solution was proposed by Norwegian company Hoegh but was not pursued due to ineligibility for EU grants. The final cost of the LNG Vasiliko terminal remains uncertain.

Interest rate cuts likely to take place in 2024, CBC governor says

by
Interest rate cuts likely to take place in 2024, CBC governor says

– Finance Minister Makis Keravnos and Cyprus Central Bank Governor Constantinos Herodotou discussed a potential decrease in interest rates by the European Central Bank during 2024.
– They agreed that interest rates are likely to fall before the end of the year, barring unforeseen events.
– Herodotou mentioned the positive trajectory of the Cypriot economy, which was echoed by Keravnos.
– Inflation in Cyprus was at 8.1% in 2022, peaking at 10.6% in July, then falling to 1.9% in December 2023, with a minimal increase expected in January due to the base effect.
– The positive progress in inflation was attributed to monetary policy and targeted support measures.
– Increased uncertainty exists due to geopolitical developments, including attacks on the Suez Canal and the situation in the Middle East.
– Herodotou indicated that interest rate cuts are expected within 2024, but cautioned against reducing them too soon to avoid a resurgence of inflation.
– The majority of Cypriot consumer products are imported from European countries, but the economy is affected by issues such as cruise ship tourism due to regional instability.
– There has been a decrease in the prices of basic products, including fuel, in Cyprus.
– Despite interest rate hikes, a surge in non-performing loans (NPLs) has not occurred, partly due to measures ensuring banks consider borrowers’ repayment capacity and increased savings.
– A new framework for NPLs has seen a positive response from borrowers and includes a stable foreclosure framework with a safety net.
– Banks and credit acquisition companies have restructured £2.4 billion worth of loans in 2023.
– The CBC, in collaboration with the Ministry of Finance, is working on a plan to help smaller banks reduce their NPL ratios, which is currently in its second phase.

Opposition slams president, ’s lack of vision

by
Opposition slams president, ’s lack of vision

– President Nikos Christodoulides presented government goals for 2024, outlining a series of 80 points for action.
– Opposition parties responded critically to the presentation, with Akel suggesting the government has previously failed to meet its own standards and Disy accusing the president of repeating previously stated plans.
– Disy noted that the budget passed reflects the actions to be taken in 2024 and includes development projects and implementation of previously voted reforms.
– Disy was partially satisfied with the extension of maternity leave to 22 weeks from the first child, a proposal they supported.
– Disy has also proposed legislative changes to allow voting rights at 17, with proposals tabled since June 1, 2023.
– Finance Minister Makis Keravnos stated that the ministry is prepared to meet the goals set for 2024 and emphasized the importance of moving forward with goals for the benefit of Cyprus.
– The 2024 budget includes a significant primary surplus to support the announced goals and respond to the needs of the Cypriot people within the context of a modern, evolving European country.

Opposition slams president, ’s lack of vision

by
Opposition slams president, ’s lack of vision

– President Nikos Christodoulides presented government goals for 2024, outlining a series of 80 points for action.
– Opposition party Akel criticized the government for not achieving previously set high standards and for not presenting anything new beyond the election campaign promises.
– Disy, another opposition party, labeled the president a “copycat” for repeating statements made by ministers during budget presentations and expressed skepticism about the creation of a new vision.
– Disy was pleased with the partial acceptance of their proposal to extend maternity leave to 22 weeks from the first child.
– Disy has submitted recommendations for the budget review, including further support for families with three or more children, and has tabled legislative proposals for voting rights at 17 since June 1, 2023.
– Finance Minister Makis Keravnos stated that his ministry is prepared to meet the goals set by Christodoulides for 2024 and emphasized the importance of moving forward with goals for the benefit of Cyprus.
– The 2024 budget includes a significant primary surplus to support the president’s goals and the country’s obligations as a European nation.

Opinion: The impact of disrupted routes through the Red Sea on international trade

by

Fact: Attacks by Yemeni Houthi fighters on cargo ships in the Red Sea could disrupt maritime routes and have far-reaching consequences on global commerce, affecting economies, supply chains, and geopolitical dynamics.

BlackRock, ’s Bitcoin ETF gains as GBTC loses assets; Filecoin and Borroe Finance gear up for major progress

by
BlackRock, ’s Bitcoin ETF gains as GBTC loses assets; Filecoin and Borroe Finance gear up for major progress

The text discusses the following facts:

1. BlackRock has launched a Bitcoin ETF that is gaining popularity as it picks up steam in the market.
2. Grayscale Bitcoin Trust (GBTC) has transitioned to an exchange-traded fund (ETF) but is facing asset depletion, particularly during a period referred to as the ‘crypto winter.’
3. Filecoin is developing decentralized storage solutions, positioning itself as a notable entity in the altcoins space.
4. Borroe Finance is a new platform built on the Polygon blockchain, focusing on connecting investors and creators through the use of AI.
5. Borroe Finance is involved in NFT gaming, CrossFi, liquidity pools, and token swaps.
6. The Borroe Finance presale offers $ROE tokens at a price of [openai_gpt model=”gpt-4-1106-preview” prompt=”Summarize the content and extract only the fact described in the text:

The world of cryptocurrency is always buzzing with new developments and this week is no exception. From BlackRock’s gains to the intriguing moves of Borroe Finance ($ROE), there’s a lot to catch up on. So, buckle up as we dive into the latest crypto trends!

>>BUY $ROE TOKENS NOW

BlackRock ETF: The rising Star

Let’s kick things off with BlackRock’s Bitcoin ETF. It’s making waves and for good reason. As Grayscale Bitcoin Trust (GBTC) faces a bit of a rough patch, losing assets post its transition to an exchange-traded fund (ETF), BlackRock’s Bitcoin ETF is picking up steam. It’s like watching a thrilling horse race where one stallion suddenly surges ahead, leaving others in the dust.

The GBTC Challenge

GBTC, once the heavyweight of the Bitcoin ETF arena, is now grappling with asset depletion. The recent market dynamics, often referred to as the ‘crypto winter,’ haven’t been kind to them. Their shift from a closed-end trust to an ETF was meant to be a game-changer, but it looks like they’re still finding their footing.

Filecoin’s leap forward

In other news, Filecoin is gearing up for some serious progress. They’re tapping into the potential of decentralized storage solutions, making them a name to watch in the altcoins space. Think of it as a digital locker, but with way more cool tech and blockchain magic!

Borroe Finance: A new player on the Polygon

Now, let’s talk about the new kid on the blockchain – Borroe Finance. Built on the sturdy foundations of the Polygon blockchain, Borroe Finance is not just another platform; it’s a revolution in the making. They’re all about connecting the dots between investors and creators, thanks to their savvy use of AI.

What’s really turning heads is Borroe Finance’s foray into NFT gaming and CrossFi. Imagine playing a game and earning real-world value through NFTs. That’s the kind of innovation Borroe Finance is bringing to the table.

Borroe Finance is also diving into the deep end of liquidity pools and token swaps. This means smoother transactions and more opportunities for investors and creators alike. It’s like having a financial Swiss Army knife in the world of crypto.

>>BUY $ROE TOKENS NOW

The Borroe Finance presale: A golden opportunity

Alright, let’s zoom in on the Borroe Finance presale. This is where things get really exciting. Their $ROE presale is priced attractively at $0.019, making it a hot ticket item for anyone looking to invest in something fresh and promising.

For starters, the presale offers a chance to buy $ROE tokens at a price that’s hard to beat. And you’re not just limited to using Bitcoin; you can hop in using USDT, BNB, ETH, or even your card. It’s all about making the process as smooth as possible.

This is where the fear of missing out (FOMO) might actually be a good thing. With Borroe Finance’s potential, missing this boat isn’t something you’d want. And let’s not forget the governance tokens, which give you a voice in the platform’s future.

Wrapping it up

In a nutshell, the crypto world is as dynamic as ever. BlackRock’s ETF is soaring, GBTC is adjusting to new realities, Filecoin is making bold moves, and Borroe Finance is setting up a fascinating play with its presale. If you’ve been HODLing onto your assets, now might be the time to consider these exciting opportunities.

Remember, whether it’s NFT gaming, Dapp development, or diving into liquidity pools, the crypto landscape is ripe with potential. So, whether you’re a seasoned crypto enthusiast or a newcomer, keep your eyes on these developments. 

Learn more about Borroe Finance ($ROE) here:

Visit Borroe Finance Presale | Join The Telegram Group | Follow Borroe Finance on Twitter 

DISCLAIMER – “Views Expressed Disclaimer: Views and opinions expressed are those of the authors and do not reflect the official position of any other author, agency, organization, employer or company, including NEO CYMED PUBLISHING LIMITED, which is the publishing company performing under the name Cyprus-Mail…more

Follow the
Cyprus Mail on Google News” max_tokens=”3500″ temperature=”0.3″ top_p=”1.0″ best_of=”1″ presence_penalty=”0.1″ frequency_penalty=”frequency_penalty”].019, and the tokens can be purchased using various cryptocurrencies or a card.
7. Borroe Finance also offers governance tokens, which allow holders to have a say in the platform’s future.

The rest of the text contains promotional material, opinions, and calls to action, which are not factual information.

Government needs a new economic agenda

by
Government needs a new economic agenda

The trade unions and the Minister of Finance in Cyprus are in disagreement over the automatic wage indexation policy. The government had previously agreed to adjust salaries and pensions of public employees at a cost of 1.2 billion euros, but now the finance ministry is reconsidering this decision due to warnings from the European Commission, the IMF, and the country’s Fiscal Council about the risks to fiscal stability. The unions are trying to reverse reforms that were made as part of the country’s rescue package by the EU, IMF, and ECB. The author suggests that the government should implement policy measures to address fiscal risks and drive growth and competitiveness, such as incentivizing employees to work past retirement age and creating a sovereign fund. Additionally, the author recommends addressing the demographic risk by providing affordable housing to new couples with EU citizenship. It is unclear if the president has the vision and priorities to implement these policies.