Safe-haven flows dominate financial markets at the beginning of the week as investors react to the latest news surrounding the Israel-Iran conflict. S&P will release revisions to July PMI data for the Euro area, Germany and the UK on Monday, while later in the day, the ISM Services PMI report for July will be featured in … Read more
Fact: Cyprus is among the EU countries with the lowest performance in the time required to resolve civil cases.
Illegal and undeclared work in Cyprus is a growing trend, particularly in the construction industry, where it is approaching 25%. The Cyprus economy relies on employing people other than Cypriots, but this needs to be done with appropriate regulations. Third country personnel are attracted through illegal procedures in the promise of a job. The construction sector contributes about 15% to the island’s GDP, with optimistic forecasts for 2024. There are currently 40 projects underway in the construction sector worth €862 million.
Moody’s upgraded the outlook on the government of Cyprus to positive from stable, reflecting confidence in strong fiscal and debt outcomes. Moody’s anticipates that Cyprus will continue to achieve significant fiscal surpluses, projected at around 2.3-2.4 percent of GDP for 2024-25. Finance Minister Makis Keravnos stated that the government will continue to responsibly support economic activity to ensure growth and employment while maintaining healthy public finances.
Energean plc announced a significant find in offshore Egypt, continued natural gas supply in Israel, and declared a first quarter dividend of 30 cents a share. The company’s production for the first quarter was 142,000 boed, with 82% gas, representing a 49% year-on-year increase. Success was recorded in the Abu Qir infill well drilling campaign in Egypt, with preliminary analysis indicating gas-initially-in-place volumes of approximately 87-129 billion cubic feet. The well encountered around 270 feet of net pay across formations, with first production expected in Q3 2024.
Energean, a London-based independent exploration and production company, announced the discovery of new gas findings in the Mediterranean during its first-quarter financial results disclosure.
Fact: The disruptions in global trade routes, such as those at the Suez Canal and Panama Canal, have significant tax implications for multinational corporations, affecting transfer pricing, profit attribution, intangible property, withholding taxes, and customs duties.
The Poseidonia 2024 World Expo will take place in Athens, Greece from June 3 to 7. Many Cypriot shipping companies and professionals will attend the event.
President Nikos Christodoulides expressed confidence in Cyprus’ ability to navigate the current global climate of uncertainty and instability. He stated that Cyprus aims to become one of the best places in the world to live, work, and conduct business, as outlined in the national strategy ‘Vision 2035′. Christodoulides highlighted the importance of bolstering the country’s reputation on the international stage and emphasized the need for a new development model to ensure a resilient, sustainable, and competitive economy. The government is engaging in dialogue with foreign investors and Cypriot entrepreneurs to attract quality investments and capitalize on their expertise. The government is also working on tax transformation to enhance economic competitiveness and align with the goals of the European Green Deal. Christodoulides mentioned the importance of restoring Cyprus’ reputation and credibility internationally, with plans for a major rebranding campaign led by Invest Cyprus.
The Japanese yen traded stronger against the euro at 164.90 on Monday. Bank of Japan Governor Kazuo Ueda made dovish remarks about the need to maintain accommodative monetary policies due to low inflation.