US jobs report signals one rate cut this year
Fact: The CEO of deVere Group predicts that there will be just one US interest rate cut by the Federal Reserve this year, following a stronger-than-expected jobs report for March.
Economy
Unlocking Value: ESG integration in Cyprus propels sustainable finance forward
Banking and financial institutions are introducing a tool to assess companies’ compliance with Environmental, Social, and Governance (ESG) criteria in Cyprus.
LARRY KUDLOW: Biden’s manic tax-hike policies would decimate the economy
Fact: Former 2024 GOP presidential candidate Vivek Ramaswamy criticizes President Biden’s energy and tax policies on ‘Kudlow.’
Cypriots still grappling with inflation woes
– Inflation rate in Cyprus dropped to 1.2% in March 2024, down from 1.8% in February and 5.8% in March 2023.
– The cost of living in Cyprus is 14% higher than it was four years ago when the COVID pandemic began.
– Food prices in Cyprus have seen significant increases, with olive oil doubling in price and sugar spiking by 59.2%.
– Prices of staple food items like bread, rice, dairy products, and eggs have also risen over the four-year period.
– Prices of agricultural products, fuel, and electricity have also increased in Cyprus over the same period.
Limassol gears up for second Cyprus Forum Cities conference
Fact: The 2nd Cyprus Forum Cities, the largest local government conference in Cyprus, is set to be held in Limassol on April 18-19, 2024.
Africa is on the verge of a building boom. Will it be green?
The building boom in African countries presents an opportunity to adopt green design techniques and climate-friendly materials to reduce emissions. However, challenges such as material shortages and under-investment hinder the transition to sustainable construction. Nigeria’s population is projected to double by 2050, creating a housing deficit, and innovative technologies are needed to green the building sector. Governments can play a key role by implementing mandatory building codes and investing in green alternatives.
Palta: pioneering ethical health tech with global impact from Cyprus
Fact: Palta is a London and Cyprus-based health and well-being technology company led by co-founder and CEO Yuri Gurski.
Fuel price hikes expected as Brent oil costs rise
The price of Brent crude oil for May deliveries has surpassed per barrel, with negotiations currently at .1. This marks the highest prices since January 1, 2024, and also a seven-month record. Retail fuel prices in Cyprus are expected to increase further due to the rise in international oil prices.
Parliament misled over 2019 tax legislation, audit office reveals
The Audit Office has requested a disciplinary investigation from the Ministry of Finance due to misleading statements made by ministry officials to Parliament regarding a 2019 bill proposal by DISY for deferred taxation. The report reveals that a specific banking institution benefited from the legislation, causing significant revenue loss to the state. The Tax Department’s 2022 report highlights that Parliament received incorrect information from the Ministry of Finance officials, resulting in the state losing millions in revenue. The Audit Office believes that Parliament was not adequately informed and was misled about the financial impact of amending the main law. Additionally, the report mentions implications such as converting accumulated losses into credits amounting to €417 million for bank “A” and a guarantee fee payment of approximately €6.25 million to the state. The Tax Commissioner had informed Parliament that no revenue losses were expected, and the Ministry of Finance spokesperson stated that the proposed regulations would have no fiscal impact. The Audit Office has called for an administrative investigation to determine responsible officials and conduct a disciplinary investigation for negligence.
Cyprus can become a leader in sustainability , – but we can’t afford to be complacent about climate change
Marios Tannousis is the CEO of Invest Cyprus, focusing on attracting and facilitating Foreign Direct Investment (FDI) in Cyprus. Cyprus has committed to spending €500 million by 2026 to combat climate change and foster the green transition. Cyprus aims to become the best place in Europe to live, work, and do business by transitioning towards a renewable energy system and implementing Environmental, Social, and Governance (ESG) criteria. The country is strategically positioned to help combat climate change in the Middle East and North Africa regions. Cyprus is working towards becoming a leader in sustainability and developing a circular zero-waste economy.