Economy

Our View: Failure to help Lebanon would be disaster for Cyprus

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Our View: Failure to help Lebanon would be disaster for Cyprus

President Nikos Christodoulides visited Lebanon to address the increased flow of Syrian refugees to Cyprus, with over 15 boats carrying 800 migrants arriving in the last week. The president discussed ways to stop the influx with European Commission president Ursula von der Leyen and agreed on messages to convey to the Lebanese government. Cyprus would push for a bigger EU assistance package for Lebanon if the flow of migrants stopped, implying that lack of action from Lebanon could affect the aid. Lebanon, home to two million Syrian refugees, has received minimal EU support compared to other countries like Turkey and Egypt. The effectiveness of Lebanon’s government in tackling trafficking networks remains uncertain.

Euro zone banks lower bar on mortgages but demand keeps falling , – ECB

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Euro zone banks lower bar on mortgages but demand keeps falling , – ECB

Euro zone banks lowered the bar on mortgage approvals last quarter for the first time in over two years, but demand for credit kept falling amid high borrowing costs and a stagnant economy.

More increases in fuel prices incoming

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More increases in fuel prices incoming

Fuel prices are expected to increase further, with an importing company already announcing a rise of one and a half cents per litre for petrol and diesel. The President of the Cyprus Consumer Association expressed concerns about potential unjustified increases in basic goods, as current supermarket prices were set when fuel prices were higher. He also warned against profiteering by some businesses. Prices for Easter table products, such as lamb, may see a small increase, but the catering sector is not expected to raise prices, with some restaurants even reducing the quantity or variety of dishes to cut costs due to decreased dining out.

Wizz Air’s success story has a Cypriot flavour

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Wizz Air’s success story has a Cypriot flavour

Wizz Air is celebrating its 20th anniversary next month and has been a key player in Cyprus’ aviation industry since establishing a base at Larnaca International Airport in 2010. The airline has received awards for its environmental practices and sustainability efforts. In 2023, Wizz Air played a significant role in Cyprus’ record-breaking tourist season by transporting passengers from various key markets. The airline increased its seat capacity by 70% in 2023 and is estimated to have injected €200 million into the Cypriot economy. Wizz Air holds the leading position for passenger numbers at Larnaca Airport and is set to offer 1.3 million seats on 25 routes to 16 countries from Cyprus in 2024. The airline’s presence has created 130 direct jobs and is estimated to support an additional 5,500 jobs in related sectors.

30,000 companies face fines for non-compliance

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30,000 companies face fines for non-compliance

Almost 30,000 companies have yet to make updated disclosures about their Ultimate Beneficial Owners (UBOs) and could face fines for non-compliance.

Cyprus appoints new ECB member, just in time

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Cyprus appoints new ECB member, just in time

Christodoulos Patsalides was appointed as the new Central Bank Governor of Cyprus, replacing Constandinos Herodotou. Patsalides, a former deputy CEO of the Bank of Cyprus, was sworn in just in time to attend the ECB monetary policy meeting in Frankfurt.

‘Step in right direction’ for third country nationals

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‘Step in right direction’ for third country nationals

Fact: Labour Minister Yiannis Panayiotou received an “initially positive response” from stakeholders on the issue of using workers from third countries to fill gaps in the labour market.

Keravnos targets enrichment of economic model

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Keravnos targets enrichment of economic model

Fact: The finance minister of Cyprus, Makis Keravnos, emphasized the importance of enriching Cyprus’ economic model and maintaining investment levels as part of the government’s economic policy.

Germany denies complicity in Gaza genocide at U.N. court

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Germany denies complicity in Gaza genocide at U.N. court

Germany denied allegations of aiding genocide in Gaza by selling arms to Israel, with a lawsuit filed by Nicaragua at the U.N. court. Germany is a major arms supplier to Israel but claims its exports are scrutinized for adherence to international law. The country emphasizes its responsibility to both Israeli and Palestinian people, with a focus on Israel’s security due to historical reasons. An ICJ ruling on Nicaragua’s case is expected in weeks, but enforcing it may take years.

EU leaders to demand sweeping competitiveness drive at summit

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EU leaders to demand sweeping competitiveness drive at summit

European Union leaders will call for decisive action on the bloc’s long-term competitiveness and global leadership during a summit next week. They will focus on economic challenges from geopolitical tensions, rivals’ subsidies, and the shift to green and digital technologies. The leaders will push for deepening the EU single market by 2025 and closing growth, productivity, and innovation gaps compared to rivals like China and the United States. They will also emphasize reducing barriers, creating a capital markets union, decarbonizing industry, investing in digital infrastructure, promoting AI, increasing labor market participation, open trade policies, and fostering innovation.