The Cyprus general government generated a surplus of €45.1 million during the final quarter of 2023, compared to a surplus of €29.2 million in the same period of 2022. Total revenue for the October-December 2023 period increased by €439.2 million (13 per cent), reaching €3.82 billion, compared to €3.38 billion in the corresponding period of 2022.
– President Nikos Christodoulides and British Prime Minister Rishi Sunak discussed migration on Tuesday.
– 80% of asylum seekers arrived in Ireland by crossing its land border with Northern Ireland.
– The UK is not interested in accepting the return of asylum seekers who enter the EU from their country.
– Ireland’s High Court ruled that the UK should no longer be designated as a “safe country” for returning asylum seekers.
– The Cypriot government believes that Syria is now a safe country to which migrants can be returned.
Disy MP Averof Neophytou proposed a legislative amendment to provide partial restitution to those who lost their bank savings in the 2013 ‘haircut’. The Solidarity Fund, which has cash reserves of about €200 million, could immediately pay out €8,000 for every €100,000 lost in the haircut. The Solidarity Fund was initially allocated €55 million in start-up funds and aims to provide relief to legacy Laiki depositors and bank bondholders affected by the 2013 bail-in.
President Nikos Christodoulides met with Eni CEO Claudio Descalzi in Nicosia to discuss gas findings. The meeting reviewed the discoveries made in 2022 by Eni and TotalEnergies, leading to the drilling of the Cronos 2 appraisal well in late 2023. A production test in early 2024 showed excellent performances and increased volumes. The meeting also discussed a fast-track approach to drilling the appraisal well and outlined preferred solutions to meet energy priorities in the short and longer term. Eni has been present in Cyprus since 2013, operating in various blocks.
A total of 7,280 candidates are contesting 3,227 public offices in the upcoming June elections in Cyprus.
The Scottish government will face a no-confidence vote on Wednesday, expected to be won after First Minister Humza Yousaf’s resignation. His resignation sparks another leadership contest in the SNP, giving an opportunity for the UK opposition Labour Party to regain ground. The motion of no confidence was submitted by Scottish Labour after Yousaf ended a coalition with the Scottish Green Party. Yousaf’s resignation prevents a separate vote of no confidence in his position as first minister. The wider motion of no confidence in the government is likely to fail, allowing the SNP to form a new minority government under a different leader. If the Labour motion were to pass, it would result in the resignation of the government and likely Scottish elections thereafter.
The Public Debt Management Office (PDMO) released its annual report for 2023, stating that the robust cash reserves of the Republic of Cyprus are expected to support the government in addressing uncertainty in the global economy. The report highlighted that the strong cash position of Cyprus will help limit negative impacts on cost-risk indicators to moderate levels. Additionally, the reduction in debt in 2023 amounted to €740 million, mainly due to strong economic growth. The majority of Cyprus’ short-term debt is distributed over the period 2024-2028, with 2028 representing the year with the highest annual debt maturity concentration. The PDMO intends to issue at least one benchmark bond per year to cover the government’s financing needs. The surpluses of the Social Insurance Fund are invested in the government annually, with investments amounting to €10.61 billion at the end of 2023.
Fact: The body of 24-year-old Anisur Rahman was being repatriated to his native Bangladesh.
The Cyprus Real Estate Agents Registration Council supports a new government bill that proposes changing property valuations from every three years to every five years to lighten the workload on the Department of Land and Surveys.
Tax revenue in South Korea fell by 2.5 percent in the first three months of 2024, mainly due to weak corporate performances. Corporate taxes collected decreased by 22.8 percent, while income taxes also went down by 2.5 percent. However, value-added tax and stock exchange tax collections increased during the same period.