Inflation in three German states inched up in May, with rates rising in North Rhine-Westphalia, Bavaria, and Saxony. However, inflation in Brandenburg nudged down. Economists forecast Germany’s harmonized inflation rate to be 2.7% in May, up from 2.4% in April.
Eurofast is a regional business advisory organization with local advisers in over 21 cities in South East Europe, Middle East & the Baltics. They serve as a one-stop shop for investors and companies seeking professional services.
Fact: The Bulgarian Corporate Income Tax Act has been amended to introduce an additional tax for multinational and large national enterprise groups, effective from January 1, 2024.
The Daleela passenger and car ferry has resumed its sailings from Limassol to Piraeus for the third season, with increased ticket sales compared to last year. The ferry will operate exclusively from Limassol, with departures on Wednesdays and Sundays from Limassol and Tuesdays and Fridays from Piraeus. Ticket prices have slightly increased from last year, with the ferry receiving a €5.5 million annual subsidy. The ferry link between Cyprus and Greece was reinstated in 2022 after 20 years, supported by a state subsidy approved by the European Commission.
Fact: ECB policymaker Francois Villeroy de Galhau stated that the European Union could delay the implementation of certain bank capital rules if the US does not fully implement the Basel III rules.
A total of 50 British politicians have penned a letter to the UK Foreign Secretary urging him to allow direct flights between the United Kingdom and the north of Cyprus. The letter highlights that Ercan (Tymbou) airport abides by international aviation security standards and that the north is not a risk with no history of poor safety.
Israel plans to allow more oil tankers to dock at a Red Sea port in Eilat despite environmental risks. The government wants to revoke restrictions on the amount of oil that can be unloaded at a jetty in the city, which sits near a coral reef. The curbs imposed in 2021 were eased temporarily during the Gaza war. EAPC, the state-owned company operating the pipeline, wants to receive more oil, but environmental regulators and Eilat’s mayor oppose the plan. Israel is pushing to ensure energy security amid conflicts with various groups. Netanyahu’s office recommended easing restrictions to include fuel for trade and domestic use. The environment ministry expressed concerns about the risks of more oil deliveries and cited past mishaps. EAPC welcomed the government’s U-turn, emphasizing the strategic importance of the Eilat facility for energy delivery. Israel imports most of its oil through seaborne trade, and the Emirati oil deal could be worth about million a year for EAPC. The Energy Ministry emphasized the need to handle oil deliveries properly to sustain the terminal economically.
Juicy Button Games, a new independent games studio based in Cyprus, has successfully completed a million seed round led by The Games Fund. The investment will fuel the development of an innovative mobile-first 4x strategy game from their headquarters in Limassol, Cyprus. The founding team of Juicy Button Games includes Alexander Kravchuk, Anton Sinelnikov, and Aleksandr Zaytsev, who have a track record of creating successful mobile games. The Games Fund is a specialist early-stage VC fund with offices in Cyprus and New York that invests in outstanding video game developers and GameTech companies.
Borussia Dortmund are clear underdogs in the Champions League final against Real Madrid, but they have been more consistent in Europe despite finishing fifth in the Bundesliga.
Olympiakos beat Fiorentina 1-0 in the Europa Conference League final with a late winner from Ayoub El Kaabi, giving the Greek club their first major European trophy.
Artists and arts professionals in Cyprus are demanding the government establish a ‘Status of the Artist’ to improve working conditions, including access to social security, medical care, and retirement benefits. The lack of a defined status has led to financial insecurity and a lack of healthcare for many in the arts sector. The Cypriot government plans to set a professional status for artists as a priority for 2024, following EU developments calling for improved living and working conditions for cultural and creative professionals.