BusinessPick

Cyprus Business Now

An estimated 3.6 million unemployed people in the European Union found employment in the fourth quarter of 2021, according to data released on Wednesday by Eurostat, the EU’s statistical service. This figure is about 24.6 per cent of all those registered as unemployed in the third quarter of 2021. A… Cyprus Mail …


Egypt natural gas exports to reach 7.5 mln tonnes this fiscal year

Egypt’s natural gas exports are expected to rise to 7.5 million tonnes by the end of this fiscal year, Petroleum Minister Tarek El-Molla said on Thursday. Egypt’s gas exploration plan for the fiscal year 2022/2023 is expected to add 450 million cubic feet to gas production per day and 17,200… Cyprus Mail …


ECB’s Lagarde keeps pushing back on rate hike bets and hopes

Tightening monetary policy now to rein in inflation could choke off the euro zone’s recovery, European Central Bank President Christine Lagarde said on Monday, pushing back on calls and market bets for tighter policy. With inflation already twice its 2 per cent target and likely rising further later this year,… Cyprus Mail …


Business travel to suffer from ‘carbon budget’ plans

As major companies look at drastic ways to cut carbon emissions from corporate travel, airlines are bracing for a major hit to business-class travel, a key revenue driver, industry executives and experts say. Several companies, such as HSBC (HSBA.L), Zurich Insurance (ZURN.S), Bain & Company and S&P Global (SPGI.N), have… Cyprus Mail …


Private equity’s falling out of love with plastic packaging

A decade ago, private equity couldn’t get enough of plastic packaging. They snapped up companies making bags, films and trays to contain everything from food and fashion to drink to drugs, drawn by reliable cash flows and consolidation prospects. But now the sector’s not quite so in vogue. Many buyout… Cyprus Mail …


Alitalia to restart with 45 planes, €1bn in aid, and new name

A revamped Alitalia, renamed ITA will start with 45 planes, have around 4,500 workers and get just over €1 billion ($1.2 billion) in state support, less than half of what was previously envisaged, newspaper La Repubblica reported on Tuesday. Newly-appointed Prime Minister Mario Draghi met with the transport, economy, industry… Cyprus Mail …




Turkish banks downgraded by Fitch to negative

  Fitch Ratings downgraded 20 Turkish banks to ratings below investment grade on Wednesday, citing the depletion of the central bank’s reserves as a contributing factor, and recognising the “deterioration of the Turkish economy.” Fitch downgraded the long-term outlook in foreign and domestic currency of two Turkish state-owned banks to… Cyprus Mail …