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France: Farmers ready to suspend their protests – Government announcements are satisfactory

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France: Farmers ready to suspend their protests - Government announcements are satisfactory

The representatives of the main farmers' unions in France have announced their intention to suspend their protests on the condition that they receive written commitments from the government. The unions consider the government's announcements to be generally satisfactory, although there are still some points that need to be clarified. Two of the four unions are calling for the suspension of blockades. The Ecophyto plan, which aims to reduce the use of pesticides, will be suspended until a new indicator is found. There will also be a ban on the importation of agricultural products sprayed with the insecticide thiacloprid. France will propose the creation of a European coordinating control force to combat health fraud throughout the EU. Measures are being taken to protect French farmers from Ukrainian products. There will be inspections of supermarkets and food industry companies that bypass the law on fair remuneration for farmers. Misleading labels on food products will be subject to fines. Proposals for pension reforms and tax exemptions for the sale and inheritance of agricultural businesses are also being considered. The Prime Minister acknowledges that the cost of these measures is significant but believes it is an investment.

Interest rate cuts likely to take place in 2024, CBC governor says

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Interest rate cuts likely to take place in 2024, CBC governor says

– Finance Minister Makis Keravnos and Cyprus Central Bank Governor Constantinos Herodotou discussed a potential decrease in interest rates by the European Central Bank during 2024.
– They agreed that interest rates are likely to fall before the end of the year, barring unforeseen events.
– Herodotou mentioned the positive trajectory of the Cypriot economy, which was echoed by Keravnos.
– Inflation in Cyprus was at 8.1% in 2022, peaking at 10.6% in July, then falling to 1.9% in December 2023, with a minimal increase expected in January due to the base effect.
– The positive progress in inflation was attributed to monetary policy and targeted support measures.
– Increased uncertainty exists due to geopolitical developments, including attacks on the Suez Canal and the situation in the Middle East.
– Herodotou indicated that interest rate cuts are expected within 2024, but cautioned against reducing them too soon to avoid a resurgence of inflation.
– The majority of Cypriot consumer products are imported from European countries, but the economy is affected by issues such as cruise ship tourism due to regional instability.
– There has been a decrease in the prices of basic products, including fuel, in Cyprus.
– Despite interest rate hikes, a surge in non-performing loans (NPLs) has not occurred, partly due to measures ensuring banks consider borrowers’ repayment capacity and increased savings.
– A new framework for NPLs has seen a positive response from borrowers and includes a stable foreclosure framework with a safety net.
– Banks and credit acquisition companies have restructured £2.4 billion worth of loans in 2023.
– The CBC, in collaboration with the Ministry of Finance, is working on a plan to help smaller banks reduce their NPL ratios, which is currently in its second phase.

Cyprus Business Now

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Cyprus Business Now

– The Producer Price Index (PPI) in Cyprus’ industrial sector decreased by 4.5% in 2023 on an annual basis.
– The PPI for December 2023 was 138.5 units, with 2015 as the base year.
– The PPI in December 2023 increased by 0.2% compared to November 2023.
– The PPI in December 2023 decreased by 0.8% compared to December 2022.
– There were increases in the production of furniture, other processing activities, repair, installation of machinery and equipment (4.6%), non-metallic mineral products (4.5%), petroleum refining, chemicals, pharmaceuticals, and pharmaceutical preparations (4.1%), textile material production, clothing, and leather goods (2.2%), and the food and beverage industry (2.1%).
– There were declines in the production of basic metals and the construction of metal products (5.9%), paper and paper product manufacturing and printing (0.9%), production of rubber and plastic products (0.4%), and the manufacture of machinery and equipment, motor vehicles, and other transport equipment (0.2%).
– The Cyprus Statistical Service stated that the PPI can indicate inflationary pressures in the economy.
– The Deputy Ministry of Research, Innovation, and Digital Policy in Cyprus will hold an “Open Day” for the “ICT Re-Up Skilling” programme on February 02, 2024.
– The Cyprus Stock Exchange (CSE) ended with profits on Wednesday, January 31.
– The general Cyprus Stock Market Index was at 136.98 points, up by 0.56%.
– The FTSE/CySE 20 Index was at 83.13 points, up by 0.57%.
– The total value of transactions was €145,548.
– The main and alternative indexes rose by 0.56% and 0.42% respectively, while the investment firm index fell by 0.67%, and the hotel index remained unchanged.
– Investment interest was shown in the Bank of Cyprus, Hellenic Bank, Demetra Holdings, Logicom, and Petrolina.

AG denies corruption charges

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AG denies corruption charges

Attorney General George Savvides denied corruption charges after being accused by lawyer Efstathios Efstathiou of protecting Russian oligarch Oleg Boyko. Efstathiou claimed that 3.4 million worth of shares were stolen from his client, Ilya Alekseevitch Surkov, and illegally transferred to Boyko through Cyprus-registered companies. Boyko allegedly used false representations to transfer shares from Orlando Heights Ltd in Greencat Services Ltd to his company Finstroy Ltd, resulting in him holding 80% of the assets Orlando Heights had in Moscow’s Altufievo Mall. Criminal charges against Boyko were dropped due to insufficient witness material for prosecution in Cyprus. Efstathiou filed three complaints to the anti-corruption authority, which found no evidence of corruption. Boyko was subject to a Red Notice international arrest warrant but avoided questioning for four years until the warrant was scrapped. A private lawsuit filed by Efstathiou was also suspended by the AG. Surkov, who has a Greek passport and was wanted in Russia for alleged fraud, was granted political asylum in the UK. Boyko had been sanctioned by Canada and Australia but had the Canadian sanctions lifted following a lawsuit. The US Senate Intelligence Committee reported Boyko had ties to the Russian state and criminality.

Support for Germany’s far-right AfD reaches six-month low after protests

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Support for the Alternative for Germany (AfD) dropped below 20% for the first time since July, according to a poll. The drop in support comes after nationwide protests against the far-right party over the past three weeks. The AfD dropped one percentage point to 19% in the poll, remaining in second place behind the main opposition conservatives. The protests against the AfD gained momentum after news reports that two senior party members had discussed plans for mass deportation of citizens of foreign origin. German companies and their CEOs have also warned about the threat of right-wing extremism to the country’s economy. The popularity of the AfD is seen as damaging Germany’s reputation as an export nation. The AfD had previously placed first in recent polls in three eastern German states holding elections this year.

Opinion: The impact of disrupted routes through the Red Sea on international trade

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Fact: Attacks by Yemeni Houthi fighters on cargo ships in the Red Sea could disrupt maritime routes and have far-reaching consequences on global commerce, affecting economies, supply chains, and geopolitical dynamics.

Investors reassess strategies amid Middle East tensions

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Investors reassess strategies amid Middle East tensions

The recent surge in tensions in the Middle East, caused by attacks carried out by Iran-backed militants, is leading investors to reassess their strategies. The attacks have increased uncertainty and market volatility, prompting investors to adopt a more cautious approach and impacting various asset classes. The Middle East is a significant player in the energy market, and disturbances in the region can have a profound impact on energy prices. Rising oil prices could have cascading effects on markets, including increased production costs, higher transportation expenses, and a potential drag on consumer spending. Investors in energy-related stocks and commodities may experience increased levels of volatility. If the events in the Middle East continue to escalate, there may be a flight to safety, with investors reallocating their portfolios to mitigate risks. This could lead to increased demand for safe-haven assets such as government bonds and certain currencies like the US dollar. Diversification strategies become even more critical during periods of heightened geopolitical tension. Investors will also be monitoring the impact on trade and supply chains, as rising tensions can lead to increased shipping costs, delays, and potential disruptions in the flow of goods. Companies operating in or dependent on the affected regions may face challenges, while those with diversified supply chains may be better positioned to navigate uncertainties. The recent attacks in the Middle East are injecting a new level of uncertainty into financial markets, and investors are actively managing the potential ramifications of escalating tensions.

Investors eye , ‘critical season’ for Big Tech earnings

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Investors eye , ‘critical season’ for Big Tech earnings

Five Big Tech companies with a combined market value of over trillion will report earnings this week. Investors are interested in the potential benefits of artificial intelligence (AI) technologies from Microsoft, Google-parent Alphabet, Meta Platforms (formerly Facebook), Amazon, and Apple. These companies have been driving the S&P 500 index’s record gains in 2023. The CEO of deVere Group describes this earnings season as “critical” for Big Tech due to its influence on the broader market and the technology sector’s role in economic growth. Investors are also looking for updates on AI innovation, consumer behavior, and e-commerce trends. The performance of these tech giants will have significant implications for market and economic sentiment.

Limassol Del Mar is , “most Instagrammable building”

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Limassol Del Mar is , “most Instagrammable building”

The landmark Limassol Del Mar building in Cyprus has gained popularity on Instagram, with over a thousand posts about it. The building has a unique curvilinear design and offers residents views of the Mediterranean Sea from every angle. It is known for its luxurious amenities and commitment to five-star living. The building features a range of two to six-bedroom residences and penthouses with terraces and top-of-the-range finishes. It also includes an owner’s club, concierge services, spa areas, pools, gyms, tennis courts, and underground parking.

Solar panels and cheaper electricity

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Solar panels and cheaper electricity

The cost of electricity in Cyprus is increasing, leading the government to introduce incentives for investments in solar energy. Solar energy can significantly reduce household electricity costs. However, there are limitations to installing solar panels, such as lack of space or shading from trees. In Greece, investment companies develop solar parks and sell shares to homeowners, offsetting their electricity consumption. Similar approaches could be considered in Cyprus to install solar panels in apartment blocks and other buildings. Public pressure is influencing government decisions on this issue. The reduction in electricity costs benefits tenants and businesses, making them more competitive. Properties in mountain areas may face challenges due to shading and higher installation and maintenance costs. Seeking advice from specialized contractors or mechanical-electrical engineers can help estimate the capital investment and potential cost savings.