Deposits and loans decline in Cyprus in July 2023

Both deposits and loans in the Cypriot banking system experienced a decrease last month, according to the August 2023 edition of ‘Monetary and Financial Statistics,’ published this week by the Central Bank of Cyprus (CBC). Total deposits in July 2023 witnessed a net decrease of €301.1 million, compared with a net increase of €399.2 million in June 2023. This shift was primarily

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OPEC chief says IEA should be ‘very careful’ about discouraging investment in oil

Oil producer group OPEC’s Secretary General Haitham al-Ghais said on Thursday (April 27) the International Energy Agency (IEA) should be “very careful” with repeated calls to discourage investment in the oil industry, which was vital for “global economic growth and prosperity in the decades to come, especially in the developing world.” The influential group of 23 oil-exporting exporting nations and Paris-based IEA have jousted

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World military spending sees dramatic rise in 2022 reaching $2.24 trillion

Total global military expenditure increased by 3.7% in real terms in 2022, to reach a new high of $2.24 trillion. Military expenditure in Europe saw its steepest year-on-year increase in at least 30 years. The three largest spenders in 2022—the United States, China and Russia—accounted for 56% of the world total, according to new data published today by the Stockholm International Peace

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StanChart chief warns banking sector may face fresh issues

UK bank Standard Chartered chief executive Bill Winters said on Monday (April 25) that the banking sector may face new problems even as the immediate risks from last month’s market turmoil have faded. “I think we can put the crisis behind us. I don’t think we can put the issue behind us,” he told CNBC’s Joumanna Bercetche. Winters also said other issues

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Foreign governments evacuate diplomats and citizens from Sudan

A growing list of foreign Governments are evacuating their diplomatic personnel and nationals from war-ravaged Sudan as fighting has entered into the second week. The United States, Canada, U.K., France, Germany, Italy and Spain have been evacuating diplomats and other nationals from the north-eastern African country in response to the deteriorating security situation there. A vicious power struggle between the Sudanese army

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Argentina and Brazil rejoin South American bloc UNADUR

Brazil announced on Friday (April 7) its official return to the Union of South American Nations (UNASUR), from which it formally withdrew in April 2019. “As Brazil resumes its main international alliances, it will once again join the Union of South American Nations,” the country’s foreign ministry said in a statement. It added that the measure will take effect on May 6

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Brazil’s Lula to visit China after the two countries sign pact to ditch dollar in trade

Brazilian President Luiz da Silva, sworn in on January, will visit China between April 11 and April 14, according to a report from AFP news agency. Lula and business representatives from Brazil were scheduled to visit Beijing last weekend. However, the trip was postponed after the president was diagnosed with pneumonia. Earlier this week, Brazil and China stroke a trade deal agreement to carry

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Mass protests grip Israel as defense minister urges govt to stop judicial reform

Israeli Defence Minister Yoav Gallant has called on the government to stop the controversial judicial reform legislation that has provoked mass protests across the country. “At this time, we must stop the process and sit down to talk,” Gallant who is a member of Prime Minister Benjamin Netanyahu’s own right-wing Likud party said. “I am committed to Likud values … and placing the

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