By Tyler Cowen, Bloomberg Opinion (TNS) [Editor’s note: This opinion piece was published before President Joe Biden announced he would be dropping out of the 2024 presidential race.] Donald Trump’s 2017 Tax Cuts and Jobs Act was the biggest corporate tax cut in U.S. history. How did it affect the economy? The question has taken … Read more
The political landscape in Cyprus remains uncertain a week before the double election showdown. The top spot in the European elections is a close contest between DISY and AKEL, with DIKO and ELAM battling for third place. The percentages that DIKO and ELAM achieve are crucial, as their race could result in higher-than-expected percentages for both parties. The smaller parties are also uncertain about the support they will receive. A key factor in the upcoming elections is the turnout of Turkish Cypriot voters, with an estimated increase in participation expected. This increase could potentially influence the final results, especially in the battle between AKEL and DISY for the top spot. DISY’s level of voter consolidation will also play a critical role in the election outcome, as it could impact the percentages of other parties. Discontent and disagreements within DISY may lead to alternative votes going to parties like ELAM or independent candidate Phidias Panayiotou.
The Cyprus Port Authority has regained control of Larnaca Port after terminating the concession agreement with Kition Ocean Holdings. The transition is going smoothly, with collaboration between CPA and Kition to ensure uninterrupted service provision. Pending issues include the handling of the ‘Amalthea’ aid initiative, with an American ship being loaded and set to depart soon. CPA has started procuring services from private companies and reinforcing existing staff with personnel from other locations. The government’s decision to terminate the concession was due to delays and disagreements, bringing Larnaca Port back under state control.
The government is currently dealing with disputes with big project contractors, including the potential termination of contracts for the Larnaca port/marina and Vassilikos gas terminal projects. These disputes have arisen due to major disagreements over costs, with some projects heading for costly legal battles. The government has also faced challenges with road construction projects, with disagreements over costs and delays. The government has inherited these issues from the previous administration and may be facing significant financial consequences as a result.
The rate of progress on the under-construction road between Paphos and Polis Chrysochous is worrying, with difficulties in finding suitable materials for construction of embankments causing delays. The contractor has requested a 33-month extension for the project’s completion time. The project may be divided into two separate sections to expedite progress.
The US presidential elections are scheduled for November 2024 and are considered instrumental for the global economy due to the size of the US economy, the central role of the US dollar, and the country’s vast energy reserves and geopolitical importance.
Fact: Turkish President Recep Tayyip Erdogan told Greek Prime Minister Kyriakos Mitsotakis during talks in Ankara that there were “no unsolvable problems” between their countries.
Israeli forces have re-entered the northern edge of Gaza to prevent fighters from returning, resulting in intense fighting on both the northern and southern edges of the enclave. Hundreds of thousands of Palestinians have fled, and aid groups warn of a looming humanitarian crisis. The death toll has surpassed 35,000, with many more feared buried under rubble. Israel’s assault on Rafah has strained its relationship with the United States, leading to a temporary hold on weapon shipments. Hamas fighters are engaged in battles with Israeli forces in various areas of Gaza.
Greek Prime Minister Kyriakos Mitsotakis will visit Turkey on Monday for talks with Turkish President Tayyip Erdogan aimed at maintaining positive momentum in bilateral ties. During the visit, they will discuss issues ranging from technology, tourism, and economic ties to counter-terrorism and migration.
Fact: Thanasis Nicolaou was found dead under Alassa bridge in September 2005, and his death was ruled as a suicide by a forensic pathologist.