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Monthly Archives: April 2012

Euro sterling rate

Euro sterling rate

Cyprus Euro V Sterling pound currency

The Pound has remained resilient following the surprise announcement last week that the UK economy slumped into a technical recession during the first quarter. That’s either a sign of the increased demand for the Pound as a safe haven from the crisis in the Euro-zone or it’s indicative of just how weak the Euro and the U.S Dollar are at the moment.

The UK currency has traded up to a fresh 20-month high versus the Euro

A report this morning showed that UK house prices rose in April for a second consecutive month, with values up a modest 0.1% from the previous month. The report added to the overall optimism that the UK economy will bounce back from the slump and that the figures on GDP will be revised higher anyway over the coming weeks.

However, the Bank of England May announcement in 10-days will be watched closely, as policy makers will deliberate over whether to increase stimulus measures in light of the recent contraction in growth. Sterling sellers might be well placed to take advantage of the Euro sterling rate  to protect against the Pound losing a bit of appeal over the days, or at least consider the benefits of a stop order to protect against a reversal.

If you need any further assistance about your Euro sterling rate currency or how to lock in the current hig rates please contact us for further details and please note there are no charges for sending money for our clients.

The Pound has given the Euro a battering over the past week following news that further UK central bank stimulus now seems unlikely. The Bank of England’s Monetary Policy Committee voted 8-1 in favour of maintaining its current asset purchasing target of 325 billion pounds which gave Sterling the push it needed to grow against the Euro to a fresh 19-month high of 1.2251.

UK Consumer Price Inflation grew from 3.4% to 3.5% in March which boosted the Pound but put pressure on the BoE’s target of bringing inflation down to 2.0% by the end of 2012. The unexpected rise in Consumer Price Index appeared to be a major factor in the MPC’s decision to halt QE. Sterling’s dogmatic performance last week was given further support as the Office for National Statistics announced a drop in the UK Unemployment Rate from 8.4% to 8.3%, and UK Retail Sales in March grew by an impressive 3.3% compared to an expected increase of only 1.3%.

The Euro continued to be held back by its peripheral nation states, with Spanish 10-year bond yields rising above 6.0% which raised concerns as to the ability of the newly-built firewall to contain the sovereign debt crisis. The 17-nation bloc was dealt another blow this morning as Eurozone debt reached the worst level ever at 87.2%, Greece’s debt to GDP rate was by far the weakest at a staggering 165.3%, with Italy following up with the Eurozone’s 2nd most profligate budget deficit of 120.1%.

Over the coming week Eurozone PMI’s in Manufacturing and Services are expected to drop, Italian Consumer Confidence is predicted to weaken and the German Consumer Inflation Index is forecast to fall; all of which will negatively impact the Euro sterling rate should the UK’s Gross Domestic Product show that the economy returned to growth in the first 3 months of 2012. If the ONS report reflects positively on UK GDP then it is possible that we could see Euro sterling rate push towards a 41-month high around the 1.2400 mark in the near future. However, if the report shows stagnation or worse for the UK economy, then expect the Pound to Euro exchange rate to fall back down to around 1.2000 where technical resistance levels are strong.

Euro sterling rate

Cyprus Airport taxi Ryanair Cyprus flights

Cyprus Airport taxi more than Ryanair cyprus flights.

THE LONG-STANDING issue of overcharging by taxis at Paphos airport when Cyprus flights arrive is being compounded by the recession, and drivers taking advantage customers coming in on the recently-arrived Ryanair Cyprus flights.

Taxi drivers say they are being pushed to the limit between the recession, illegal drivers at the airport, and the increased competition from airport shuttle services. They concede that these factors, which contribute to lack of business, might push some Cyprus taxi drivers to charge more when the do manage to pick up a customer. 

Complaints against the taxis have increased in recent weeks, tourism bosses say. And the drivers could have another form of competition about to eat into their fares.

The Kapnos airport shuttle service is considering starting a bus service from Nicosia to Paphos airport from June so that people can take advantage of the 15 new destinations Ryanair is offering for Cyprus flights.

Complaining customers using taxis in recent weeks have cited overcharging as the primary problem, although others have also complained about drivers using excessive speed, dangerous driving and smoking, sources in the tourism industry said.

Some passengers are now paying more for their taxi from the airport into Paphos than the price of their cyprus flights with the low-cost carrier.

Sharon Boston recently used a taxi after her Cyprus flights into Paphos airport to the centre of Paphos and says she was charged €50.

“I came to Cyprus visiting friends, and I was horrified when the driver asked me for €50. He became nasty when I questioned the fare as I had been told it should be about €30. I was scared, so I just gave him the money. I would never use a taxi from the airport again.”

Overcharging by taxis is a well known problem in Paphos but the phenomena seems to be increasing due to the economic crisis.

“Sometimes drivers are waiting 20 or so hours at the airport just for one fare arriving on Cyprus flights. There really isn’t a lot of work for us. Some day drivers don’t even earn €10 and the price of petrol is going up. If there’s no work, of course people may feel the need to charge more,” said Tassos Anastasiou, the vice president of the Paphos taxi drivers union

According to one airport official, who said he would rather not be named, to travel by taxi from Paphos airport to Kato Paphos should be around €18, but drivers often charge between €35- €50.

But Anastasiou said the journey taken in a small taxi with luggage, should be about €25.

 “We (the union) do not support any drivers who are not working correctly. But, as with any job, there are always good and bad workers,” he said.

“The drivers who are causing problems are not professional drivers working full time and are only working on a part time basis.”

Anastasiou said taxi drivers were suffering because of the bus services and also because of competition from private drivers which he says are operating illegally and are not licensed.

“These drivers are undercutting us and taking our customers. We have lost about 50 per cent of our custom to these people.”

Last week, Anastasiou says he witnessed two unlicensed drivers collecting customers from the airport. One of them charged €25 from Paphos to Latsi.

“How can they do that? It would cost me about €47for the same fare,” he said.

Anastasiou complained that the government was supporting the bus services and not the taxi drivers.  “It’s very unfair. We agreed to have the buses but despite our complaints to the government, they say there is nothing they can do to help us,” he said.

Taxi drivers may soon feel the pinch further as a new shuttle service connecting Paphos airport with the capital could get underway.

The head of Kapnos Airport shuttle, Bambos Kapnos, which currently operates shuttle transfers between Larnaca airport and Nicosia said, “We are considering starting an airport shuttle service connecting Nicosia with Paphos airport. This is mostly due to the start of the new Ryanair Cyprus flights.” 

Kapnos added: “We will make our decision by the beginning of May. If we start the new route it will get underway at the beginning of June.”

If the service does get the green light, it will cover most of the morning and afternoon flights.

A one way ticket will cost in the region of €16 and will take around one hour twenty minutes to an hour and a half, depending on whether the journey is made by mini bus or coach. Kapnos will operate both for various Cyprus flights.

In addition, new bus routes from Limassol to Paphos airport are already being operated by the Limassol Urban Bus Company (EAL). Tickets cost €8 per adult and €4 for children aged between three and 12.

Article about Cyprus flights and taxis

Courtesy Cyprus Mail.

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