cost-of-living-crisis

High-net-worth individuals hit record numbers in 2023

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High-net-worth individuals hit record numbers in 2023

The global population of high-net-worth individuals (HNWIs) grew by 5.1% to 22.8 million in 2023, with their collective wealth reaching a record .8 trillion. This surge was driven by strong stock market performance, with major indices such as the Nasdaq and S&P 500 experiencing significant gains. North America led the growth in millionaires, surpassing Asia-Pacific and Europe. Discussions about taxing the ultra-wealthy have been reignited, with Brazil and France advocating for a global minimum tax on large fortunes, which could generate an additional 0 billion if implemented.

In heated debate, Sunak, Starmer lock horns on the economy

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In heated debate, Sunak, Starmer lock horns on the economy

Prime Minister Rishi Sunak and Labour challenger Keir Starmer debated over how to boost Britain’s economy, with Sunak accusing Labour of wanting to increase taxes if they win power. Sunak claimed that Labour would raise taxes by £2,000, but Starmer called this figure “nonsense.” Starmer criticized the Conservative Party for presiding over economic chaos and opposed Sunak’s plan for mandatory national service. Sunak also discussed tackling immigration by sending illegal asylum seekers to Rwanda, while Starmer said he had a plan to address immigration concerns. An opinion poll after the debate suggested that Sunak had won.

Housing policy and strengthening of the HFC

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Housing policy and strengthening of the HFC

The Housing Finance Corporation has lost its social character due to understaffing, leading to delays in loan processing that frustrate potential borrowers. This issue was highlighted in a recent report, emphasizing the urgent need to address housing as a social issue. AKEL and SEK are calling for the government to strengthen the HFC and implement measures to help middle and lower-income households acquire housing. The state must provide immediate solutions to address the critical housing problem faced by citizens, especially the youth.

“Anti-government” protests in occupied north gain momentum

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“Anti-government” protests in occupied north gain momentum

Animal producers in the occupied north are in the eighth day of their protests, supported by unions, civil society organizations, and political parties. The protests gained momentum despite a government decree postponing a planned strike by the Air Traffic Controllers’ Union. The producers are demanding affordable, domestic meat and criticizing the government for importing frozen meat. Union leaders accused the administration of neglecting the people’s needs and prioritizing special interests. The protesters are calling for the government to resign and are emphasizing the importance of supporting domestic producers and the economy.

Cyprus mulling urban tolls to reduce car use

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Cyprus mulling urban tolls to reduce car use

The Environmental Impact Assessment for Cyprus’ National Strategic Land Transport Plan is open for public consultation until June 14, 2024. The plan aims to increase public transport usage to 17% and reduce car usage by 14%. The primary objective is to identify potential environmental impacts and propose measures to prevent or offset them. The plan includes increasing electric vehicle and hydrogen stations to reduce greenhouse gas emissions, as well as improving public transport with dedicated lanes and increased service frequencies. Measures like urban tolls and low-emission zones are proposed to discourage car use and reduce air pollution. The plan also includes incentives for sustainable transport modes and creating new job opportunities.

Cost of living, energy prices, top concerns for Cypriots

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Cost of living, energy prices, top concerns for Cypriots

Cypriots are most concerned about soaring prices and energy costs, according to a recent survey. 84% are worried about rising prices, while 72% are concerned about energy bills. Other concerns include crime, corruption, and poverty, with less immediate anxiety about issues like climate change and the Russia-Ukraine war. The survey also shows a sense of cautious optimism about household finances, with more households feeling comfortable with their income compared to the previous year. Consumer spending habits have shifted slightly, with a decrease in overall purchases and a focus on essentials and long-term goals such as home maintenance, improving quality of life, children’s education, and savings.

Labour developments in Geneva

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Labour developments in Geneva

The upcoming elections will halt various developments, including those related to labour issues. Despite important pending matters such as collective agreements renewal and measures against undeclared labour, decisions will be delayed until after the elections. However, a preview of upcoming developments will be presented at the ILO Assembly in Geneva, attended by trade union heads, employer organizations, and the Minister of Labour.

Ryanair boss says ‘recessionary feel’ could be limiting air ticket price rises

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Ryanair boss says ‘recessionary feel’ could be limiting air ticket price rises

Ryanair CEO Michael O’Leary mentioned a “recessionary feel around Europe” as a possible reason for slower airfare growth. The airline posted record annual profits slightly above expectations, with a forecast of flat to modest summer price growth. Ryanair will be 23 jets short of Boeing’s delivery target by the end of July, with potential compensation for delays. The airline flew a record 184 million passengers contributing to a 34% increase in annual profit. Ryanair also announced a 700 million euro share buyback.

Rising food costs leave hungry Americans $33 billion behind, report says

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Rising food costs leave hungry Americans $33 billion behind, report says

Hungry people in the U.S. faced a .1 billion shortfall in funds for basic food needs in 2022, with nearly half of them not qualifying for aid. This was the highest shortfall in 20 years due to higher food prices. Hunger rose in 2022 amid high food price inflation and the end of federal financial support and expanded food aid programs during the COVID-19 pandemic. Nearly half of food-insecure people may not qualify for the Supplemental Nutrition Assistance Program. Congress has expanded funding for a key nutrition program serving mothers and young children to address the issue.

ECB says stress in home loans manageable despite high rates, lax checks

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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.