Property prices in Cyprus increased by 6.3% for apartments, 2.1% for houses, 3.0% for offices, 0.4% for retail, 3.6% for holiday apartments, 1.0% for holiday houses, and remained stable for warehouses in Q1 2024 according to the Ask Wire Index.
Since 2022, the huge deposits held by banks at the ECB have been earning millions in interest.
Hellenic Bank announced first quarter profits of €93.3 million, up 34% year on year, but 25% below the previous quarter. Net interest income rose to €151 million, up 40% year on year. The bank has reached agreements for the renewal of a labor collective agreement and to strengthen its insurance operations. New lending in the first quarter reached €208 million, with a focus on retail customers. The bank has a liquidity coverage ratio of 580%.
The text discusses the importance of building a solid financial foundation, investing wisely for future wealth, navigating debt management strategies, and optimizing financial potential.
The WTI crude oil price has been on a losing streak for the fifth trading session due to a hawkish outlook on interest rates by Federal Reserve policymakers. Fed officials are uncertain about the disinflation process and are considering further tightening of monetary policy. The next trigger for oil prices will be the OPEC meeting scheduled for June 1 to discuss supply policy.
Property values in Cyprus increased during the first quarter of 2024 compared to the same period in the previous year, with apartments seeing a rise of 6.3% and houses experiencing a more modest increase of 2.1%. Limassol emerged as the district with the highest percentage increase in prices for both apartments and houses. Rental values for apartments surged by 9.3%, while houses saw a 6.4% increase. Warehouse prices remained unchanged over the year.
The US Dollar strengthened due to upbeat PMI data, with the USD Index closing in positive territory for the fourth consecutive day. The S&P Global Composite PMI showed business activity expanding at an accelerating pace in May. Japan’s National Consumer Price Index rose 2.5% in April. The Reserve Bank of New Zealand stated that lowering interest rates was not being discussed in the near term. UK Retail Sales declined 2.3% in April. Gold fell more than 2% on Thursday.
The United Arab Emirates’ economy grew 4.3% year-on-year in the fourth quarter of 2023, with non-oil GDP surging 6.7% in the same period.
Google is considering acquiring HubSpot, a US marketing software maker with a market value of billion, to enhance its ability to compete against Microsoft in offering cloud-based applications to companies.
The Lithuanian Finance Ministry proposed increasing the corporate tax rate by one percentage point, hiking excise duty on fuel, and introducing a tax on some insurance contracts to raise additional funds for defense.