The Turkish Lira dived against the dollar this week as the Turkish state took control following the conviction of Istanbul’s Mayor, the biggest threat to President Recep Tayyip Erdogan’s 2023 re-election. The Lira fell to a record low against the dollar this week, trading at 18.63 on Friday. Turkey’s economy has been badly strained by
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We have studied the Forest Department report and the Auditor General’s (with his negative position) on creating a golf course in Cape Greco between Paralimni and Ayia Napa; and the need for such infrastructure projects in the area. IN FAVOUR OF GOLF It is a fact that the tourist season of the Famagusta region is
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By Craig Erlam Stock markets are going into the festive period in a downbeat mood, as central banks this week reaffirmed their commitment to raising rates. The prospect of a Santa rally is fading as we near the end of 2022, very much in keeping with how the rest of the year has unfolded. Going
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Cyprus’ economy has grown by 6% GDP in the first nine months, despite the ongoing fallout from the war in Ukraine and the subsequent sanctions on invading Russia, said the Central Bank. Releasing its December 2022 Macroeconomic Forecast for the economy, the Central Bank said the consequences of the war have not been reflected significantly
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Cyprus reported six COVID-19 deaths this week and a drop in new infections, as health authorities warn of a possible increase during the Christmas and New Year holiday breaks. The health ministry said in its bulletin on Friday that the latest victims were three men and three women, aged 72 to 90, raising the death
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The Transport Ministry is launching a tender to introduce smart traffic light systems to ease worsening congestion in the island’s two largest cities, Nicosia and Limassol. This project is estimated to cost €6 mln with a timeframe of a maximum of 24 months and cover the busiest junctions in the centres of the two cities.
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Unemployment in Cyprus in Q3 rose to 6.8%, compared with 6.6% in the same period last year, according to official data. The trends show that youth unemployment is around 20%, more women are in part-time work, and most jobless are unemployed for less than six months. The number of unemployed reached 32,868 in Q3 2022
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An air defence exercise codenamed APHRODITE SHIELD, with the participation of the National Guard and aircraft from the Royal Air Force, took place Thursday for the first time. The purpose of the exercise was to train the air defence personnel of the National Guard in air force deployment tactics, increase operational readiness and the level
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Fears that the Bank of England is driving the UK economy into a deep recession are growing, despite the central bank voting in favour of a more moderate 0.5 percentage point interest rate hike. The Bank on Thursday delivered a half-point increase in the key rate, putting the benchmark at 3.5%. “The Bank of England’s
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Delivery service Wolt denied reports that its platform could not provide services on Thursday, as drivers took to the streets protesting salary cuts. Although the company denied a disruption to services, its website told a different story. Around 150 Wolt drivers were in Nicosia protesting for the third day in a row, with drivers claiming
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