euro

Euro steadies as markets eye Eurozone, US inflation data

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Euro steadies as markets eye Eurozone, US inflation data

The EURUSD pair is trading around 1.0850 in a tight range. ECB policymakers are hesitant to commit to further rate cuts beyond June due to concerns about reviving price pressures. Traders have lowered expectations of three rate cuts to two this year. Higher wage growth is leading to increased consumer spending and inflationary pressures. Germany’s Ifo Business Climate data for May missed estimates, with the Business Climate Index, Current Economic Assessment Index, and Expectations Index all falling short of expectations.

Larnaca Marina: Government activates “Plan B,” seeks new investors

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Larnaca Marina: Government activates “Plan B,” seeks new investors

The government has terminated a 1.2 billion euro investment contract with Kition Ocean Holdings for the development of Larnaca port and marina due to the contractor’s failure to renew a required guarantee. The government will seek compensation and pursue outstanding guarantees through legal channels. “Plan B” involves re-tendering the project, with the state ready to operate the port without interruption. Kition did not participate in a meeting to discuss the transition process. The government remains committed to the project and will evaluate what went wrong in the contract.

Tourists robbed at gunpoint inside their Paphos apartment

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Tourists robbed at gunpoint inside their Paphos apartment

Two Ukrainian women were victims of a home invasion and armed robbery at their holiday accommodation in Paphos, Cyprus. The incident took place around two in the afternoon when two men broke into their apartment, threatened them with pistols, and stole almost two thousand euros in cash. Police have issued arrest warrants for the perpetrators based on descriptions provided by the victims, and the Paphos CID is investigating the case as armed robbery and illegal possession of firearms.

Parked car thieves caught in Limassol and Larnaca, including a minor

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Four people have been arrested for stealing parked vehicles and taking property in Limassol and Larnaca. In Limassol, a 64-year-old man reported his van stolen with tools inside, which was later found with the tools missing. Two men, aged 31 and 28, were arrested in connection with the theft. In Larnaca, a 64-year-old man reported money stolen from his unlocked vehicle, leading to the arrest of a 19-year-old and a 17-year-old.

CCLEI: Negative growth trend continues

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CCLEI: Negative growth trend continues

The Cyprus Composite Leading Economic Index (CCLEI) remained negative for the third consecutive month in April, with a year-over-year decrease of 0.6%. This was driven by a slowdown in tourist arrivals and an increase in crude oil prices.

Oaktree takes over Inter Milan after Chinese owner missed payment

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Oaktree takes over Inter Milan after Chinese owner missed payment

Oaktree Capital Management has taken ownership of Italian soccer champions Inter Milan after a missed payment from the club’s Chinese majority shareholder. The loan granted by Oaktree in 2021 gave them the potential right to take control of the club in case of a default. Oaktree is committed to working with Inter Milan’s current management team and partners. Suning, the Chinese shareholder, had to get an emergency financing package from Oaktree due to financial difficulties. Inter Chairman Steven Zhang warned fans about the club’s stability being at risk. Oaktree’s move is similar to Elliott Management’s takeover of AC Milan in 2018 after a missed payment by the Chinese businessman.

Finance Ministry proposes corporate, excise tax hikes to fund Lithuania’s defence

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Finance Ministry proposes corporate, excise tax hikes to fund Lithuania’s defence

The Lithuanian Finance Ministry proposed raising additional funds for defense by increasing the corporate tax rate, hiking excise duty on fuel, and introducing a tax on some insurance contracts.

Dollar juggles as Fed officials support higher-for-longer

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Dollar juggles as Fed officials support higher-for-longer

EURUSD is trading near 1.0850 in a tight range as the US Dollar stabilizes ahead of the FOMC Minutes and preliminary S&P Global PMI data. ECB policymakers are considering extending the rate-cut cycle, while Fed officials are emphasizing the need to maintain a restrictive policy framework. US inflation declined in April, and policymakers want to see more good inflation data before making any changes to monetary policy. Fed Vice Chair Barr and Atlanta Fed President Bostic both expressed the need for more time to be certain that inflation will reach the 2% target.

North minimum wage now just , €25 lower than Republic

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North minimum wage now just , €25 lower than Republic

The north’s minimum wage was raised to a gross figure of 34,070TL (€975) per month, which is just €25 lower than that of the Republic. The new minimum wage is higher than that of 13 European Union member states, including Greece. The Cyprus Turkish Employers’ Union representative voted against the increase, stating that employers are not responsible for inflation in the country.

Real Madrid’s midfield maestro Kroos to retire after Euro 2024

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Real Madrid’s midfield maestro Kroos to retire after Euro 2024

Toni Kroos, 34, announced his retirement after the European Championship and confirmed that the Champions League final against Borussia Dortmund will be his last game for Real Madrid. Kroos joined Real Madrid in 2014 and has won over 20 trophies with the club, including four European Cups. He also won the 2014 World Cup with Germany and a Champions League title with Bayern Munich in 2013. Kroos expressed gratitude to the fans and Real Madrid in a statement on Instagram.