meeting

UK economy went into recession last year, data confirms

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UK economy went into recession last year, data confirms

Britain’s economy entered a shallow recession last year, with GDP shrinking by 0.1% in the third quarter and 0.3% in the fourth. The economy is expected to grow by just 0.25% this year, with inflation moving towards the point where the Bank of England can start cutting rates. Household real disposable income grew by 0.7%, prompting consumers to potentially increase spending and support the economy. The current account deficit in the fourth quarter was 21.18 billion pounds, equivalent to 3.1% of GDP.

Christodoulides and Tatar continue with parallel, antithetical narratives

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Christodoulides and Tatar continue with parallel, antithetical narratives

The fact described in the text is that President Christodoulides reiterated his goal of reunifying Cyprus and ensuring a common future for all Cypriots, while Ersin Tatar insisted on Greek Cypriots and Turkish Cypriots living in two separate states.

President urges swift progress on tax reform

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President urges swift progress on tax reform

President Nikos Christodoulides met with the advisory committee on tax reform and asked for progress to be accelerated in order to reap benefits at the earliest opportunity. The tax reform aims to encourage entrepreneurship, relieve households, have a strong social character, and contribute to the fair distribution of income. The reform also aims to address tax evasion and avoidance and be fiscally neutral. The University of Cyprus has been asked to intensify the pace of work on the tax reform. The green transition and green taxation are part of the tax report, with compensatory measures under consideration. The committee assesses proposals from various groups to form a comprehensive opinion. Tax reform is not just about tax collection but aims to improve the finances of households and businesses and keep the economy competitive.

Electricity subsidy extended until end of June

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Electricity subsidy extended until end of June

The electricity subsidy is being extended until the end of June and will cover more than 400,000 households and 100,000 businesses.

Sterling bows to dollar strength after UK GDP data

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Sterling bows to dollar strength after UK GDP data

The pound eased after data confirmed the UK economy entered recession in the second half of last year.

WTI turns red near $81.50 on hawkish Fed comments

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WTI turns red near $81.50 on hawkish Fed comments

– WTI is trading around .50 on Wednesday
– US Dollar recovery and surprise jump in U.S. crude and gasoline stocks are affecting WTI prices
– Fed Governor Christopher Waller’s hawkish comments are impacting the Greenback
– US crude oil inventories rose by 3.165 million barrels
– Geopolitical tensions in the Middle East and Russia-Ukraine war could tighten worldwide supply
– OPEC+ decided to extend output cuts until the end of June
– Oil traders will watch US GDP and PCE Price Index data for market direction

Cabinet to meet to discuss cost of living measures

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Cabinet to meet to discuss cost of living measures

The Cabinet is set to hold an extraordinary meeting to discuss and approve a new package of measures to alleviate the cost-of-living crisis. One of the measures being considered is extending the electricity subsidy until the end of June, which currently provides an average consumer with around a €14 reduction on their bill. Additionally, the government is looking into extending the scrapping of VAT on basic products until the end of June, which has had significant benefits for consumers. They are also considering extending various social welfare measures that were implemented in February.

OPAP initiative sees top athletes inspire youth in remote meeting

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OPAP initiative sees top athletes inspire youth in remote meeting

Fact: Students from Cyprus’ sports schools had a virtual meeting with six of the island’s top athletes as part of OPAP Cyprus’ “Great Just Like You” initiative.