Bank of England to cut rates in August but June a very close call
The Bank of England is expected to start bringing down interest rates in August, with a majority of economists predicting a rate cut next month.
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Bank of Cyprus posts , €133 million profit —new lending hits €676 million
The Bank of Cyprus released its financial results for the first quarter of 2024, reporting a profit after tax of €133 million.
Dollar tumbles on soft inflation, weak retail sales
The EURUSD pair reached a monthly high near 1.0870 as the US Consumer Price Index eased and Retail Sales remained stagnant in April.
President calls for private sector involvement to tackle housing crisis
President Nikos Christodoulides praised the Cyprus Association of Large Investment Projects for its contribution to the economy and stressed the importance of public-private sector collaboration to address affordable housing challenges.
ECB says stress in home loans manageable despite high rates, lax checks
Stress in the euro zone market for home loans is considered manageable by the European Central Bank, despite higher interest rates and lax checks by some banks. The ECB reviewed the mortgage books of 37 euro zone banks and found deficiencies in how mortgages are originated. Specifically, the ECB found that some banks were not adequately weighing up risks before granting a mortgage, leading to concerns about borrowers being able to meet higher interest rates. Banks were also found to be taking more risks just before or when rates started rising. The ECB has asked banks to address these deficiencies, but overall, the banking sector’s response suggests a commitment to mitigating risks and maintaining stability in the residential real estate landscape.
‘Choose France’ investment push bags record $16 billion in pledges
France won a record 15 billion euros in foreign investment pledges, with Microsoft announcing a 4 billion euro investment in cloud and AI infrastructure. Other companies like Amazon, Pfizer, AstraZeneca, and Novartis also pledged investments in France. Macron’s administration has faced criticism over public finances but has focused on attracting foreign investments to create jobs and boost the economy.
13 May crucial for Cyprus problem developments
Monday 13 May will be crucial for the Cyprus problem, with meetings in Nicosia and Ankara focusing on the outcome and future developments. The Greek Cypriot side expects Turkey to make a move to push Ersin Tatar back to the table, while Tatar insists on his conditions being met before entering talks. The UN and international actors expect both sides to make moves to break the deadlock. President Christodoulides mentioned exchanging ideas with the UN envoy, emphasizing the agreed framework for a solution. The focus is on gestures that will facilitate a joint meeting between the two leaders and the UN side.
Ferrari sticks to 2024 guidance after Q1 earnings rise, shares fall
Ferrari’s core earnings rose 13% in the first quarter of the year.
On This Day: Israel was admitted to the UN in 1949
On May 11, 1943, U.S. amphibious forces recaptured Attu in the Aleutians, marking the first American territory taken back from the Japanese.
Greece to bring in Egyptian farm workers amid labour shortage
Greece will bring in 5,000 seasonal farm workers from Egypt to address a labor shortage, with plans to expand the scheme to other sectors. The countries aim to cooperate on preventing illegal migration flows, as Egypt has successfully reduced migrants attempting to cross into Europe since 2016.