Month: June 2023

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UN’s Alliance of Civilizations condemns burning of Quran in Sweden

The high representative of the UN's Alliance of Civilizations has unequivocally condemned the burning of Quran in Sweden. Miguel Moratinos in a statement said "such vile act is disrespectful to Muslims who are celebrating the holy occasion of Eid Al-Adha," the festival of sacrifice. Moratinos reiterated the importance of upholding the freedom of expression as a fundamental human right, but added that the "desecration of sacred books and places of worship as well as religious symbols is unacceptable and can lead to incitement of violence." A person identified as Salwan Momika burned a copy of the Muslim holy book under police protection in front of a Stockholm mosque on Wednesday. The extremist's provocative act was timed to coincide with Eid al-Adha, one of the major Islamic religious festivals celebrated by Muslims worldwide. The act has elicited widespread condemnation from the Islamic world, including Trkiye, Jordan, Palestine, Saudi Arabia, Morocco, Iraq, Iran, Pakistan, Senegal, Morocco, and Mauritania.

Source: EN - Anadolu Agency

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First cruise ship from Israel docks in Larnaca with 1,600 passengers

The first cruise ship from Israel arrived at the port of Larnaca on Friday, carrying 1,600 passengers, who will spend the night on board and take part in excursions around the island. In statements upon the cruise ship's arrival at the port, the General Manager of Kition Ocean Port, Paris Demetriou, described the arrival of the cruise ship "Crown Iris" at the port of Larnaca as "very important" and added that "it is the first of 25 cruise ships that will arrive in Larnaca and Limassol this summer. Kition Ocean Port is trying in this area to develop the product and bring as many tourists and passenger ships as possible, something that will strengthen both the city's tourism product and tourist traffic." Responding to a question, Demetriou said that the Israeli company Mano Cruises supports the port of Larnaca "since it carried passengers last year as well". "We had received very good feedback from the passengers of the ship," he added and noted that there are always some small organisational problems in the first cruises, nevertheless "we are at a very good level." Asked to comment on whether the port of Larnaca is ready to receive such large cruise ships, Demetriou answered positively and noted that "with the completion of the first phase of the works, the new terminal will be ready, which will further help the development of cruise tourism both in the port and the city". In response to another question, he said that "always when ships approach the port they are refuelled and this is a service we offer. There is definitely an economic benefit from this service and a multi-level activity with ships of this size". For his part, General Manager of Louis Travel Pambos Charalambous explained that "today the first itinerary for this year from Israel took place", adding that this particular route with the 'Crown Iris' ship has been offered by the company "for decades", and noted that the ship is full, as it is every time. 'This year we will have a total of ten arrivals and the route departs on Thursday from Haifa, Israel, arrives in Larnaca port on Friday around noon and leaves on Saturday afternoon", he said. In response to a question, Charalambous said that "a total of ten cruise ships will arrive in the port Larnaca from Israel by September. In October and November the company will operate similar cruises from Limassol," he said. He also noted that this year the company will carry out a total of 25 routes which will carry over 40 thousand tourists. 'The company has been supporting for decades both the city of Larnaca and Cyprus in general, since during the time the ships are in port there are several excursions, while those passengers who do not go on them, visit the shops, restaurants and cafes of Larnaca". He also said that Louis Travel organises excursions to Lefkara, Nicosia and Ayia Napa, among other areas.

Source: Cyprus News Agency

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Fiscal surplus up by pound 173.5 million in first five months of this year

The fiscal surplus of the General Government of Cyprus amounted to pound 315.1 million, representing 1.1% of GDP, according to preliminary financial results released on Friday by the Statistical Service for the period January-May 2023. The surplus has increased by pound 173.5 million compared to the same period last year when a surplus of pound 141.6 million, equivalent to 0.5% of GDP, was recorded. Revenue up by 14.1% ---------------------- The revenue of the General Government for the period January-May 2023 increased by 14.1%, reaching a total amount of pound 4.6 billion. This increase is mainly attributed to the rise in production and import taxes, as well as income and wealth taxation. Specifically, taxes on production and imports increased by pound 210.9 mn (+13.8%) and amounted to pound 1,741.6 mn, compared to pound 1,530.7 mn in 2022, of which net VAT revenue increased by pound 153.8 mn (+14.9%) and amounted to pound 1,187.9 mn, compared to pound 1,034.1 mn in 2022. Revenue from taxes on income and wealth increased by pound 180.3 mn (+20.5%) and amounted to pound 1,059.4 mn, compared to pound 879.1 mn in 2022. Social contributions increased by pound 182.4 mn (+14.8%) and amounted to pound 1,412.4 mn, compared to pound 1,230.0 mn in 2022. Property income increased by pound 2.0 mn (+4.8%) and amounted to pound 43.7 mn, compared to pound 41.7 mn in 2022. Current transfers increased by pound 25.2 mn (+29.0%) and amounted to pound 112.2 mn, compared to pound 87.0 mn in 2022. However, capital transfers decreased by pound 22.8 mn (-59.2%) to pound 15.7 mn, from pound 38.5 mn in 2022. Revenue from the sale of goods and services decreased by pound 4.0 mn (-1.5%) to pound 260.5 mn, from pound 264.5 mn in 2022. Expenditure up by 10.2% -------------------------------- The total expenses for the period January-May 2023 increased by 10.2%, reaching pound 4,3 billion. This increase is mainly due to the rise in social benefits and personnel remuneration. Specifically, social benefits increased by pound 139.7 mn (+8.7%) and amounted to pound 1,753.7 mn, compared to pound 1,614.0 mn in 2022. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by pound 127.2 mn (+10.5%) and amounted to pound 1,333.6 mn, compared to pound 1,206.4mn in 2022. Intermediate consumption increased by pound 4.3mn (+1.0%) and amounted to pound 425.4 mn, compared to pound 421.1 mn in 2022. Subsidies increased by pound 30.6 mn (+96.5%) and amounted to pound 62.3 mn, compared to pound 31.7 mn in 2022. Interest payable increased by pound 9.6 mn (+5.5%) and amounted to pound 185.1 mn, compared to pound 175.5 mn in 2022. The capital account increased by pound 95.4 mn (+45.8%) and amounted to pound 303.5 mn, compared to pound 208.1 mn in 2022. In detail, gross capital formation increased by pound 75.6 mn (+51.0%) and amounted to pound 223.8 mn, compared to pound 148.2 mn in 2022 and other capital expenditure increased by pound 19.8 mn (+33.1%) and amounted to pound 79.7 mn, compared to pound 59.9 mn in 2022. On the contrary, current transfers decreased by pound 6.3 mn (-2.3%) to pound 266.8 mn, from pound 273.1 mn in 2022

Source: Cyprus News Agency

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Industrial output prices show annual increase of 7.3% in May

Producer prices in industry continue their upward trend, with the relative index showing an increase of 7.3% year-on-year in May. According to data released on Friday by the Statistical Service of Cyprus, the Index of Industrial Output Prices for May 2023 reached 143.0 units (base 2015=100), marking a 2.3% increase compared to April 2023. Furthermore, compared to the same month of the previous year, the index recorded a substantial annual increase of 7.3%. For the period of January to May 2023, the index displayed a notable rise of 14.2% compared to the corresponding period in 2022. In May 2023, when compared to April 2023, the index remained unchanged in the manufacturing sector. However, the sectors of electricity supply recorded a significant increase of 8.5%, and mining and quarrying saw a marginal rise of 0.1%. On the other hand, the sector of water supply and materials recovery recorded a decrease of 1.7%. Compared to the corresponding month of the previous year, an increase was recorded in the sectors of mining and quarrying (15.8%), electricity supply (14.8%) and manufacturing (5.5%) and a decrease in the sector of water supply and materials recovery by 10.4%. By division of economic activity in manufacturing, in May 2023 compared to the corresponding month of the previous year, increases were recorded in the manufacture of other non-metallic mineral products (14.8%), the manufacture of paper and paper products and printing (8.1%), the manufacture of food products and beverages (7.5%), the manufacture of furniture, other manufacturing and repair and installation of machinery and equipment (6.5%) and the manufacture of refined petroleum products, chemicals and chemical products and pharmaceutical products and preparations (4.3%). On the other hand, a decrease was recorded in the manufacture of basic metals and fabricated metal products (-5.6%).

Source: Cyprus News Agency

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Agriculture Minister discusses cooperation with WFP Executive Director

Cyprus Minister of Agriculture held a meeting on Thursday with the Executive Director of the World Food Program (WFP) of the United Nations during which they discussed ways to strengthen the cooperation between Cyprus and the WFP. According to an official press release, Minister of Agriculture, Rural Development and the Environment Petros Xenophontos held on Thursday a meeting with Executive Director of the World Food Program (WFP) of the United Nations Cindy McCain, in Rome. During the meeting, the Minister expressed Cyprus' strong commitment to the fight against world hunger and malnutrition. They also discussed ways to strengthen cooperation between the Organisation and Cyprus.

Source: Cyprus News Agency

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US hails ‘further progress’ in Azerbaijan-Armenia talks, stresses ‘hard work’ ahead

Secretary of State Antony Blinken on Thursday hailed the "further progress" made during the Azerbaijan-Armenia talks in the US but acknowledged that "hard work" remains to be done to reach a final agreement. Speaking at the closing plenary session of the three-day peace talks at the George P. Shultz National Foreign Affairs Training Center in Arlington, Virginia, Blinken expressed his appreciation for the "important and hard work" that has been ongoing in the effort to reach a durable peace agreement between Armenia and Azerbaijan. "I appreciate [...] further progress toward this shared objective of an agreement, as well as deepening understanding of the positions on other outstanding issues, as well as the recognition that there remains hard work to be done to try to reach a final agreement," Blinken said. The second round of US-brokered peace talks commenced on Tuesday, with Blinken engaging in bilateral and trilateral meetings with his Azerbaijani and Armenian counterparts, Jeyhun Bayramov and Ararat Mirzoyan, respectively. During these meetings, he emphasized the importance of reaching a "durable and dignified agreement." Bayramov and Mirzoyan also met US National Security Advisor Jake Sullivan. Shortly after the closing session, foreign ministries of Azerbaijan and Armenia released a joint statement, saying that they "reached an agreement on additional articles and achieved mutual understanding on the draft agreement, meanwhile acknowledging that the positions on some key issues require further work." "Both Ministers expressed their appreciation to the US side for hosting negotiations between Azerbaijan and Armenia, and their commitment to continue their negotiations," the statement added. 'Tangible progress' Bayramov and Mirzoyan participated in five-day peace talks at the George P. Shultz National Affairs Foreign Affairs Training Center last month, following which Blinken commended the "tangible progress" achieved. Relations between the two former Soviet republics have been tense since 1991 when the Armenian military occupied Karabakh, which is internationally recognized as part of Azerbaijan, and seven adjacent regions. Most of the territory was liberated by Baku during a war in the fall of 2020 which ended after a Russian-brokered peace agreement and opened the door to normalization. But the establishment of a checkpoint on the border between Azerbaijan and Armenia in the South Caucasus region last month sparked tensions. The Azerbaijani Foreign Ministry said the checkpoint was created in response to security threats from Armenia, citing the transfer of weapons and ammunition to the Karabakh region. Yerevan denied the charges. Washington said previously that it was "deeply concerned" by Azerbaijan establishing a checkpoint on the Lachin corridor.

Source: EN - Anadolu Agency

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Iran would welcome restoration of ties with Egypt, Morocco: Foreign minister

Iran's Foreign Minister Hossein Amir-Abdollahian said Thursday that the Islamic Republic would welcome the resumption and expansion of ties with Egypt and Morocco. Speaking at an event in Tehran to mark the Muslim Eid al-Adha holiday in the presence of foreign diplomats, Amir-Abdollahian said the government of President Ebrahim Raisi prioritizes relations with countries in the region and the Muslim world. "We (would) welcome the expansion and normalization of relations with other regional and Muslim countries, including Egypt and Morocco," he said, referring to two countries that are yet to restore ties with Iran. The friction in ties between Iran and Egypt can be traced back to 1979, when Egypt became the first Arab country to recognize Israel and signed the controversial Camp David Accords. After the 1979 revolution, Cairo's decision to welcome deposed Iranian monarch Mohammad Reza Pahlavi and Tehran's move to name a street after former Egyptian President Anwar Sadat's assassin further deteriorated relations between them. In recent months, following the restoration of diplomatic ties between Iran and Saudi Arabia, Tehran and Cairo have stepped up efforts to bury the hatchet and revive ties. Morocco severed ties with Iran in May 2018 over what it termed Tehran's alleged support for the Polisario Front, an armed group fighting for self-determination of Western Sahara, which is claimed by Morocco. Iran has repeatedly denied the allegation. Amir-Abdollahian also expressed concern over the ongoing civil war in Sudan. He added that Iran follows the policy of "neither East nor West" and pays "special attention" to the expansion of ties with regional and Muslim countries. He asserted that relations with the West and East must be based on "mutual benefits, cooperation and interaction." Amir-Abdollahian also said that Iran and Saudi Arabia and other Muslim countries must play a greater role in the region and the world and "continue to support the oppressed people of Palestine." He blamed "enemies of the Muslim world" for "designing plots to divide Muslim countries," referring to Afghanistan, Iraq and Syria as examples. Earlier this month, Iranian government spokesperson Ali Bahadori Jahromi said President Raisi had tasked the Foreign Ministry with initiating the formal process for the full restoration of ties with Egypt. Jahromi said Iran is ready to resume full diplomatic ties with the Arab country, signaling its desire to boost ties with regional countries amid the normalization wave. The announcement came a day after Sultan of Oman Haitham bin Tariq Al Said met Iran's Supreme Leader Ayatollah Ali Khamenei during his two-day visit to Iran.

Source: EN - Anadolu Agency

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ROSEN, GLOBAL INVESTOR COUNSEL, Encourages Futu Holdings Limited Investors with Losses to Secure Counsel Before Important Deadline in Securities Class Action First Filed by the Firm – FUTU

NEW YORK, June 29, 2023 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, reminder purchasers of the securities of Futu Holdings Limited (NASDAQ: FUTU) between April 27, 2020 and May 16, 2023, both dates inclusive (the “Class Period”), of the important August 11, 2023 lead plaintiff deadline, in the securities class action commenced by the Firm.

SO WHAT: If you purchased Futu securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Futu class action, go to https://rosenlegal.com/submit-form/?case_id=16261 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 11, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose, among other things, that: (1) Futu’s business was, quite simply, illegal as it related to operations in China as a result of its failure to obtain the proper licenses; (2) it did not fully disclose to investors that it was engaging in unlawful activity and instead falsely characterized the applicable Chinese laws as ambiguous; (3) the foregoing subjected the Company to a heightened risk of regulatory enforcement; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Futu class action, go to https://rosenlegal.com/submit-form/?case_id=16261 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————–

Contact Information:

        Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8867116

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AROW INVESTOR NEWS: ROSEN, A LEADING LAW FIRM, Encourages Arrow Financial Corporation Investors with Losses to Secure Counsel Before Important Deadline in Securities Class Action – AROW

NEW YORK, June 29, 2023 (GLOBE NEWSWIRE) —

WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of securities of Arrow Financial Corporation (NASDAQ: AROW) between March 12, 2022 and May 12, 2023, both dates inclusive (the “Class Period”). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 22, 2023

SO WHAT: If you purchased Arrow securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Arrow class action, go to https://rosenlegal.com/submit-form/?case_id=17331 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 22, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants made false and/or misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) Arrow maintained defective disclosure controls and procedures and internal controls over financial reporting; (2) the foregoing increased the risk that the company could not timely file one or more of its periodic financial reports with the SEC as required by the NASDAQ’s listing requirements; (3) accordingly, Arrow was at an increased risk of being delisted from the NASDAQ; (4) following the disclosure of deficiencies in the Company’s disclosure controls and procedures and internal controls over financial reporting, Arrow downplayed the severity of these issued and the associated risks; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Arrow class action, go to https://rosenlegal.com/submit-form/?case_id=17331 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————–

Contact Information:

        Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8867110