Economy

Hellenic Bank: Progress vital for a competitive tourism industry

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Hellenic Bank: Progress vital for a competitive tourism industry

– The recent annual tourism conference organized by the Association of Cyprus Tourist Enterprises (Stek) with the support of Hellenic Bank focused on discussing the future of Cyprus’ tourism industry and the new model needed to bolster it.
– The conference theme was ‘Tourism: New Realities Demand a More Competitive Model’ and delved into topics such as the green transition, sustainability, and resilience in tourism.
– Phivos Stasopoulos, Chief Banking Officer of Hellenic Bank, emphasized the need for evolution in Cyprus’ tourism industry, stating that everything has changed and the situation has fundamentally changed in the tourism industry.
– Hellenic Bank’s loans to the tourism industry represent more than 10% of its total loan portfolio, and the bank is committed to providing effective products and tailored solutions to the industry’s needs.
– The conference attracted over 250 participants, including Deputy Minister of Tourism Kostas Koumis, ambassadors, government officials, business leaders, and professionals from the hotel and wider tourism sectors of Cyprus and Greece.
– Koumis highlighted the significance of tourism to the economies of Cyprus and Greece, noting that tourism contributed 12.8% to the GDP of Cyprus this year.

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.

RRF funds in jeopardy as EAC-CyTA deal goes sour

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RRF funds in jeopardy as EAC-CyTA deal goes sour

A deal between state-owned companies for the supply of electricity smart meters has been ruled unlawful by a special court, putting €35 million in European taxpayers’ funds at risk.

€3.6 million park project to boost Ayia Napa’s tourism offering

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€3.6 million park project to boost Ayia Napa’s tourism offering

A multifunctional park with spiral pedestrian walkways, a lake, a botanical garden, and panoramic sea views is being constructed in Ayia Napa at a cost of €3.625 million. The project is part of the Cohesion Policy Programme THALIA 2021-2027, co-funded by the EU.

TIMELINE-History of Japan’s intervention in currency markets

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TIMELINE-History of Japan’s intervention in currency markets

The Bank of Japan has intervened in foreign exchange markets multiple times over the years to influence the value of the yen.

Turkey opposition aims to hit back at Erdogan in local elections

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Turkey opposition aims to hit back at Erdogan in local elections

The content discusses the upcoming local elections in Turkey, with a focus on the close race between Istanbul Mayor Ekrem Imamoglu and the AKP candidate, former minister Murat Kurum. The outcome of the elections could reinforce President Erdogan’s control or signal change in Turkey’s political landscape. The economy, Kurdish and Islamist voters, and Erdogan’s rhetoric against Israel are factors influencing the voters’ decisions. Imamoglu’s victory could revitalize the opposition, while Erdogan aims to extend his power to local administrations.

Japan makes strongest intervention warning as yen hits 34-year low

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Japan makes strongest intervention warning as yen hits 34-year low

Japan’s finance minister issued a warning about yen weakness as it fell to a 34-year low against the dollar, indicating that authorities could take decisive steps, similar to language used before intervention in the market in the past.

Economic sentiment declines for second consecutive month

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Economic sentiment declines for second consecutive month

The Economic Sentiment Indicator (ESI) in Cyprus decreased by 1.2 units in March 2024, falling to 102.1 units due to a deterioration in the business climate across all sectors.

Presidents of Cyprus and Estonia discuss deepening partnership

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Presidents of Cyprus and Estonia discuss deepening partnership

The Presidents of Cyprus and Estonia noted the similarities between their countries and agreed to deepen cooperation in areas such as investments, cybersecurity, and shipping. They expressed strong support for the reunification of Cyprus based on a bicommunal and bizonal federation. Estonia also appreciated Cyprus’s efforts to provide humanitarian assistance to Gaza and supported Cyprus as a frontline member state facing migration challenges. The two countries discussed enhancing bilateral relations in various fields, including cybersecurity, digitalization, maritime, and tourism. They also emphasized the importance of continuing solidarity towards Ukraine.

Call for money-laundering clampdown in north

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Call for money-laundering clampdown in north

The Cyprus Integrity Forum called for action over sanctions evasion and money laundering in the north, following a Deutsche Welle production that revealed Iranian and Russian nationals buy property in the north to avoid sanctions.