The OPEC+ group of oil producers has extended its production cuts totaling 3.66 mln bpd until 2025, maintaining a controlled supply while taking advantage of the current price of the benchmark Brent crude at over $85/barrel. OPEC forecasts that cumulative oil-related investment requirements from now until 2045 will amount to about $14 trln, or around … Read more
Bulgaria has a unique and rich cultural heritage and a growing tech industry. The country is known for its vibrant folklore traditions and the rapid development of its IT sector. Many entrepreneurs are attracted to Bulgaria and consider it a prime location for starting a business. However, there are specific factors to consider, such as … Read more
Unhedged podcast episode: ‘The billionaires’ tax’[MUSIC PLAYING]Robert ArmstrongThe G20 group, which represents the world’s largest economies, is discussing a billionaires’ tax for the first time. Today on the show, why are the very, very rich so very, very rich? Is it a problem and what should we do about it? This is Unhedged, the finance … Read more
Fact: A permanent tax on European companies’ excess profits could generate more than €100 billion per year, or over half of the EU’s annual budget.
French right-wing lawmaker Jean-Paul Garraud expects nationalist and eurosceptic parties to gain influence in the upcoming EU assembly election. Polls predict radical right parties will increase their seats across the EU, including France, Germany, and Italy. Garraud anticipates far-right parties could have positions in committees or even hold key roles in the European Parliament, allowing them to influence policies related to green initiatives, free trade, and immigration. The rise of radical right parties is fueled by a growing gap between mainstream parties and distrustful voters, as well as concerns over issues such as the cost of living, illegal migration, and changing geopolitical dynamics. Critics warn that the influence of the hard right could weaken Europe and potentially lead to closer ties with China and Russia.
– Large numbers of Cypriots are spending the Easter holidays abroad.
– The number of Cypriots holidaying abroad will be comparable to 2023.
– Cypriot travelers’ top destinations are traditionally Greece followed by the United Kingdom.
– Reservations for summer holidays are in full swing.
– Domestic tourism bookings for the Easter period are relatively limited.
– Overseas visitors bookings for 2024 show a reduction compared to 2023.
– Travel to Cyprus is expected to remain at lower levels due to limited available flights and airlines facing an aircraft shortage.
Cypriots are facing difficulties in the property market due to climbing rents, high construction costs, and interest rates. The government is being urged to intervene to address the issue. In Limassol, renting a one-bedroom flat costs a minimum of €850 a month, making it unaffordable for many locals. The government has introduced new construction incentives to stimulate affordable housing development.
Fact: Deputy Minister of Tourism, Kostas Koumis emphasized the importance of international collaboration to overcome challenges facing the tourism sector during the 70th Session of the Europe Commission of the World Tourism Organisation (UNWTO) in Tirana.
Shell argued in a Dutch court that a 2021 order to cut greenhouse gas emissions lacks legal basis and would hinder the fight against climate change. The order required Shell to reduce carbon emissions by 45% by 2030 from 2019 levels, including emissions from its products’ buyers and users. Shell’s lawyer stated that implementing the ruling would force the company to shrink its business and customers to switch to other fuel suppliers. Despite objections, the environmental group behind the case expressed confidence in convincing the judges that Shell must comply with international climate agreements. Shell recently revised its carbon reduction targets, aiming for a 15-20% reduction in net carbon intensity of its energy products by 2030. The court is expected to issue a verdict later this year, with a potential further appeal to the Supreme Court.
Fact: Israel’s Energy Minister emphasized that connecting the electricity cable from Israel to Europe through Cyprus strengthens Israel’s position in the region and contributes to Israel’s energy independence.