Category: Business

In the second quarter of 2023, the job vacancy rate in Cyprus stood at 2.9% (3.0% in the eurozone, 2.7% in the EU), according to figures published by Eurostat, the statistical office of the EU. The job vacancy rate in Cyprus increased compared to the first quarter of 2023 (from 2.8%) and compared to the second quarter of 2022 (from 2.7%). In the eurozone, the job vacancy rate declined from 3.1% in the previous quarter and 3.2% in the second quarter of 2022. In the EU, there was a drop from 2.8% in the previous quarter and from 3.0% in the second quarter of 2022. The job vacancy rate in Cyprus stood at 1.6% in industry and construction and at 3.8% in services during the second quarter of 2023. In the euro area, the job vacancy rate in the second quarter of 2023 was 2.6% in industry and construction and 3.3% in services. In the EU, the rate was 2.4% in industry and construction and 3.0% in services. Among the Member States for which comparable data are available, the highest job vacancy rates in the second quarter of 2023 were recorded in the Netherlands (4.7%), Belgium (4.6%), and Austria (4.4%). The lowest rates were observed in Bulgaria and Romania (0.8% in both of them), Spain and Poland (0.9% in both of them) and Slovakia (1.0%). Compared with the same quarter of the previous year, the job vacancy rate increased in four Member States, remained stable in four Member States and decreased in nineteen Member States. The increases were observed in Greece (+0.4 pp), Cyprus (+0.2 pp), Portugal and Italy (both +0.1 pp). The largest decreases were recorded in Czechia (-1.2 pp), Denmark, Luxembourg and Finland (-0.8 pp in all of them). By economic activity, the highest job vacancy rates, for both the EU and the euro area, were recorded during the second quarter of 2023 in administrative and support service activities, which includes temporary employment agencies (4.5% in the eurozone, 4.3% in the EU), followed by professional, scientific and technical activities (4.0% in the eurozone, 3.7% in the EU), construction (4.0% in the eurozone, 3.6% in the EU), accommodation and food service activities (3.9% in the eurozone, 3.7% in the EU) and information and communication (3.4% in the eurozone, 3.1% in the EU).

Source: Cyprus News Agency

Trade at Russia's three largest ports has been surging and is approaching prewar levels despite sweeping sanctions by the Group of Seven (G7) leading economies, according to a new report.

"Activity in Russia's ports is surprisingly high. For the first time since the outbreak of the Ukraine war, the volume of goods unloaded at Russia's three largest container ports, St. Petersburg, Vladivostok, and Novorossiisk, is approaching the levels seen at the outbreak of the war," the Kiel Institute for the World Economy in Germany wrote in a report published on September 7.

The United States and its allies imposed harsh economic sanctions on Russia after it launched a full-scale invasion of Ukraine in February 2022, banning high-tech exports needed for industrial production and cutting off many of its banks from Western financial markets.

Many economists expected a steep contraction in Russian economic activity now that it was isolated from the West.

But after an initial steep fall in imports following the imposition of sanctions, Russia has been able to evade the restrictions and build new supply chains to get its hands on key technology and other goods.

Moscow has rerouted Western goods through third countries such as Turkey and Kazakhstan, data shows, and Russia's economy is now forcast to grow more than 2 percent this year.

"Where the goods are coming from is not clear from the container ship movements, but Russia seems to be rejoining world trade," the Kiel Institute wrote.

The surge in imports has been driven by both the needs of Russia's military-industrial complex as well as citizens' demand for consumer goods.

Russia has been splurging on the military, causing a large budget deficit, as its nearly 19-month invasion of Ukraine falters. The massive government spending has been a boon for Russian workers, who have seen their household income jump, giving them the financial means to buy greater amounts of foreign goods.

But the jump in spending and imports has hammered the ruble, whose value fell below one U.S. cent in August, making the Russian currency one of the worst performers among emerging markets this year.

It has also led to a spike in inflation to 5.2 percent, forcing the Russian Central Bank last month to hike rates a whopping 3.5 percent at an emergency meeting.

Higher rates cool economic activity, including import demand, and bolster the currency. Russia's ruble has slightly strengthened since the rate hike and is now worth 1.02 cents. ($0.0102)

Source: Radio Free Europe/Radio Liberty

Chinese Premier Li Qiang and Indonesia's President Joko Widodo on Friday met in the capital Jakarta to boost cooperation and trade, with a focus on expanding imports from Southeast Asia's largest economy.

Li Qiang expressed China's readiness to collaborate with Indonesia in preparing for the official operation of the Jakarta-Bandung High-Speed Railway, state-run Xinhua reported.

He emphasized China's dedication to making the Regional Comprehensive Economic Corridor and "Two Countries, Twin Parks" key projects within the Belt and Road Initiative cooperation with Indonesia.

Regional Comprehensive Economic Corridor is a free trade agreement among the Asia-Pacific nations, while "Two Countries, Twin Parks" is a bilateral trade arrangement between China and Indonesia.

Meanwhile, Widodo said that his country will collaborate with Beijing to promote regional cooperation while ensuring peace, stability, and prosperity in the region.

Widodo also affirmed Indonesia's adherence to the one-China principle.

Source: Anadolu Agency

Calling for expansion of the world's largest free trade zone, China on Wednesday urged the ASEAN member states to support the inclusion of Hong Kong into the Regional Comprehensive Economic Partnership (RCEP), a trade partnership of Asia Pacific countries.

?"It is hoped that all parties will support Hong Kong's accession to the agreement as the first batch of new members,' Chinese Prime Minister Li Qiang said while addressing the 26th ASEAN Plus Three (APT) Summit in Jakarta, according to Beijing-based Xinhua News Agency.

Signed in November 2020 after eight years of negotiations, the RCEP, which comprises 15 Asia Pacific countries, accounts for about 30% of the world's population and 30% of the global GDP, making it the world's largest trade bloc.

?Li said that China is ready to work with "all parties" to jointly build an economic growth center, while taking the implementation of the newest APT cooperation work plan as an "opportunity."

?Enumerating Beijing's "three priorities" for that, he stressed the need to continue to promote regional economic integration, unleash the dividends of the RCEP, vigorously promote the free flow of factors of production, and promote the expansion and upgrading of trade and investment.

?"Second, we should continue to deepen regional industrial division and coordination, uphold the spirit of openness and win-win cooperation, continue to leverage geographical proximity and economic complementarity and other advantages, and promote the optimization and upgrading of regional industrial and supply chains in a stable manner," Li was quoted as saying.

?Calling for strengthening the leading role of scientific and technological innovation, Li said that Beijing stands ready to "deepen" innovation cooperation with other parties on digital economy, clean energy and new energy vehicles to jointly promote the development of emerging industries and foster more new economic growth points.

Source: Anadolu Agency

Industrial Turnover Index in June 2023 has increased by 4.4% to 194.3 units (base 2015=100), compared to June 2022, according to data released Tuesday by the Statistical Service of Cyprus.

The Index has registered a substantial increase of 10.5% for the first half of 2023 compared to the same period in the previous year.

In June 2023, the Industrial Turnover Index for manufacturing reached 199.1 units, showcasing a remarkable year-on-year growth rate of 9.2%.

The mining and quarrying sector has also experienced a significant boost, with the Industrial Turnover Index recording an 23.5% increase compared to June 2022.

Furthermore, the water supply and materials recovery sector showed a more modest increase of 1.1%.

However, the electricity supply sector faced challenges in June 2023, with the Industrial Turnover Index indicating a notable decline of 15.8%

Source: Cyprus News Agency

Cyprus, Greece, and Isael on Monday agreed to intensify collaboration in fields such as energy, security, defence as well as academia and the Diaspora, with Irael's Prime Minister Bejnamin Netanyahu announcing that his country along with Cyprus will be taking decisions on exporting natural gas to Europe in six months the latest.

The three leaders in a joint press conference, after the 9th Trilateral Summit held in Nicosia, announced they will also examine the broadening of '3+1' format meetings with the inclusion of India. As it was announced the next Trilateral Summit will be held next year.

The host of the Summit, Cyprus President Nikos Christodoulides said the three countries 'reaffirmed our aim to intensify our collaboration in fields such as energy, security, defence economy as well as academia and our Diasporas.'

He added that they agreed that the issue of energy sector and renewable energy 'is prime pillar of cooperation in the region especially in light of the recent geopolitical developments and energy insecurity especially in Europe dictating the need for energy diversification and increased connectivity.'

On his part, Netanyahu referred on the issue of natural gas and electricity interconnection.

Referring to natural gas, the Israeli PM said they will have to decide soon about how Isael will exports its gas while the Cyprus will be called to take the same decisions.

'We are looking on the possibility of cooperating on this and those decisions will be made, I think in the next three to six months, probably closer to three months,' he said.

Kyriakos Mitsotakis, the Greek Prime Minister on his part stated that the issue of energy is of 'common interest,' noting that significant investments are underway in all countries.

'So, we have a great interest in seeing how the Israeli and Cypriot gas will be exported to the EU and to respect solutions that have the blessing of the two governments but they will also be tested by the markets,' he said.

Source: Cyprus News Agency

Türkiye's economy has grown more than expected in the second quarter, as it slowly recovers from the devastation of February's earthquakes. That's as many other economies are contracting. It's putting pressure on exports and as Omer Bakkaloglu reports, economic managers may have their work cut out for them to ensure that the economic momentum continues through the rest of the year.

Source: TRTworld.com

Poland's agriculture minister said that Warsaw will call on the EU to extend the import ban on Ukrainian grain, local media reported on Sunday.

Speaking at a news conference in Czestochowa, southern Poland, Robert Telus said that extending the import ban until the end of 2023 is beneficial for the country's farmers and for the EU, public broadcaster Polish Radio reported.

His remarks, calling them "a message from Prime Minister Mateusz Morawiecki," came ahead of the next week's meeting of the EU agricultural ministers in Spain.

Telus said that even if the EU decides to end the import ban on Ukrainian grain, Poland will not allow the import of Ukrainian grain.

He added that "the interest of Polish farmers is more important than any of the bloc's regulations."

According to the report, Slovakia, Hungary, Romania, and Bulgaria also support the extension of the ban besides Poland.

In June, the European Commission announced that it would extend the ban on Ukrainian grain until Sept. 15, an arrangement allowing five of Ukraine's EU neighbors - Poland, Bulgaria, Hungary, Romania, and Slovakia - to ban domestic sales of some Ukrainian grains.

The "exceptional and temporary preventive measures" was adopted on May 2 on imports of wheat, maize, rapeseed, and sunflower seed from Ukraine under the exceptional safeguard of the Autonomous Trade Measures Regulation.

Source: Anadolu Agency

A Turkish defence company, STM, has reached an agreement to export its unmanned surveillance and reconnaissance system to an Africa country for the second time.

STM has sold its multi-rotor unmanned aerial system for tactical surveillance and reconnaissance, named Togan, to Nigeria previously, and now agreed to export to another African country, Ozgur Guleryuz, the general manager of the company, told Anadolu.

The projects, carried out in the sector under the leadership of the Turkish Defence Industry Agency, have maturated, Guleryuz said, adding: "We have gained confidence in ourselves, from now on, we are all motivated in exports."

STM has exported its another unmanned aerial system, IHA KARGU, to more than 10 countries so far, while it is in negotiations with some other countries to sell Togan, he said.

The company, he said, has also achieved significant export successes, particularly in the area of naval platforms. "We believe that there will be very important developments in this area as well.

"There are very large and important projects we are discussing, I think that as our defence industry and platforms prove themselves, the exports of the sector will increase much faster."

Togan: Uninterrupted and long-term surveillance

Togan has a unique flight control system and mission planning software.

The system, which can autonomously change/reverse missions in the air, offers operators uninterrupted and long-term surveillance.

A single Togan platform can operate for 45-minute mission at a range of 10 kilometers (around 6.21 miles).

Thanks to its unique autopilot and software, the platform can track moving targets autonomously by performing target detection, recognition, diagnosis and technical analysis.

Source: TRTworld.com