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Slow Pace of Vaccinations Pushes Europe Toward Second Economic Slump

The new year was supposed to bring improved economic fortunes across Europe, as coronavirus vaccines made their way into the bloodstream. Instead, the eurozone economy shrank at the end of 2020, according to official figures out Tuesday, raising fears of a double-dip recession and demonstrating that the pandemic is likely to remain a force for at least a few more months in the...

International Thursday, 04 February, 2021

Boris Johnson: New Relationship Between Britain And The EU As Sovereign Equals

Boris Johnson has urged MPs to "open a new chapter in our national story" by backing his post-Brexit trade deal with the EU in a Commons vote later. Parliament has been recalled to put the deal into law, a day before the UK severs ties with the European Union. The PM said the deal would allow the UK to take "control of our laws and our national destiny".  Labour leader S...

International Sunday, 03 January, 2021

Brexit: The Key Points Of The Deal

Almost at the 11th hour, the UK and EU have struck a Brexit deal that will have many implications for everyday life and the UK's future relationship with other countries. The full complicated agreement is more than 1,200 pages long, but here are some of the key points. Trade There will be no extra charges on goods (tariffs) or limits on the amount that can be traded (quotas) ...

International Tuesday, 29 December, 2020

Michel Barnier: The Moment Of Truth For The EU And Britain Has Arrived

British and EU negotiators are continuing talks over the weekend but remained divided on Sunday. British Prime Minister Boris Johnson's office said Sunday that the EU is "continuing to make demands that are incompatible with our independence. We cannot accept a deal that doesn't leave us in control of our own laws or waters." The EU parliament has set Sunday as a final deadline...

International Tuesday, 22 December, 2020

EBRD to end investment in Cyprus projects

The European Bank for Reconstruction and Development (EBRD) will end its engagement in Cyprus at the end of 2020 after completing a six-year mandate in which it invested about €600 mln. The end of the EBRD’s mandate means the bank will stop investing in new projects on the island but will continue to manage an existing portfolio. Odile Renaud-Basso, EBRD President,...

International Tuesday, 01 December, 2020

British Airways to cut back on flights in November

British Airways will reduce its flight schedule this month after the UK government put further restrictions on leisure travel to try to curb the spread of coronavirus. “Our focus is on keeping crucial air links open – bringing home the thousands of customers currently abroad, transporting vital goods, and ensuring people who are permitted to travel in and out of th...

International Friday, 06 November, 2020

No deal Brexit strips expats of UK bank accounts

Thousands of Britons living in the EU will have their UK bank accounts closed by the end of the year because of the UK’s failure to agree a post-Brexit trade deal. Statement from the British High Commission, Nicosia: “Some of our UK nationals in Cyprus may have seen recent media coverage about some UK banks’ decision to close accounts belonging to EU/EEA res...

International Thursday, 15 October, 2020

House prices in Euro area up 5 per cent

House prices, as measured by the House Price Index, rose by 5.0% in the euro area and by 5.2% in the EU compared with the same quarter of the previous year. In the first quarter 2020 house prices rose by 5.1% and 5.6% respectively. These figures come from Eurostat, the statistical office of the European Union. Compared with the first quarter of 2020, house prices rose by 1.7%...

International Friday, 09 October, 2020

Wealthy Britons turn to Cypriot citizenship

The number of British entrepreneurs looking to “buy” citizenship from countries offering visa-free access to the European Union has risen sharply, investment migration firms say, as prospects of a post-Brexit trade deal between Britain and the bloc darken. Investment immigration firm Astons said it had seen a 50% and 30% year-on-year increase in interest from clien...

International Monday, 05 October, 2020

EU Trade Surplus At €99.7 Billion For The First Seven Months Of 2020

In January to July 2020, euro area exports of goods to the rest of the world fell to €1 199.6 bn (a decrease of 12.4% compared with January-July 2019), and imports fell to €1 086.6 bn (a decrease of 13.1% compared with January-July 2019). As a result the euro area recorded a surplus of €113.0 bn, compared with +€119.3 bn in January-July 2019. Intra-euro area...

International Thursday, 17 September, 2020

Ryanair to increase flights to 60% of normal schedule in August

Ryanair will increase flights to over 60% of its normal schedule throughout August following what it said on Thursday was a successful resumption of services at 40% of capacity last month following COVID-19 lockdowns. Europe’s biggest budget airline flew 4.4 million passengers in July, a broadly expected 70% year-on-year fall. It slashed its target for the financial year...

International Friday, 07 August, 2020

Cyprus And Switzerland Signed Protocol Amending The Double Taxation Treaty

Cyprus and Switzerland signed on Monday a protocol amending the Treaty for the avoidance of double taxation, with the two sides stating that the amended treaty will boost their economic ties. The Protocol signed by the Minister of Finance Constantinos Petrides on behalf of Cyprus and Ambassador Pierre-Yves Fux on behalf of Switzerland, introduces, among others, the minimum sta...

International Tuesday, 21 July, 2020