Inflation in Cyprus at 5.4% in October, according to Eurostat

Annual inflation in Cyprus is estimated to have stood at 5.4% in October 2026, up from 5.2% in September, according to the flash estimate published by Eurostat on Wednesday. On a monthly basis, the Harmonised Index of Consumer Prices in Cyprus increased by 0.2% in October.

Eurostat data show that annual inflation in Cyprus stood at 3.5% in May, 4.1% in June, 4.4% in July and 5.2% in both August and September, before rising to an estimated 5.4% in October. At the same time, annual inflation in Cyprus stood at 0.2% in October 2025.

In the euro area, annual inflation is estimated to have increased to 4% in October 2026, from 3.8% in September, according to Eurostat’s flash estimate.

Central Bank of Azerbaijan to keep inflation control as main monetary policy goal in 2027

The Central Bank of Azerbaijan (CBA) will continue to prioritise keeping inflation within its target range as the main objective of its monetary policy in 2027.

CBA Governor Taleh Kazimov made the remarks during a meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship, where lawmakers discussed the draft law on the state budget of the Republic of Azerbaijan for 2027.

Kazimov said price stability would continue to provide the foundation for balanced and sustainable economic growth.

‘Monetary policy will continue to be implemented within the framework of the eisting regime net year. Echange rate stability will remain the main anchor of price stability in 2027. A surplus in the current account of the balance of payments will continue to support equilibrium in the foreign echange market net year,’ he said.

The CBA Governor noted that short-term interest rates in the money market would remain an auiliary operational target of monetary policy in 2027.

He added that the Central Bank would make adequate and fleible use of its eisting instruments to ensure that short-term money market rates remain within the interest rate corridor. Measures to strengthen the interest rate channel in monetary policy transmission would also continue.

Kazimov further emphasised that monetary policy would remain coordinated with macroprudential policy and other areas of the Central Bank’s activities.

According to him, deeper financial sector development and stronger financial stability would have a positive impact on the effectiveness of monetary policy transmission.

Arda Turan to face former teammate Emre Belözoglu in Champions League

An interesting milestone is set to be recorded in UEFA Champions League history, as two Turkish head coaches will face each other for the first time in the competition’s main stage while managing opposing teams.

The fifth round of the league phase will see Shakhtar Donetsk take on Fenerbahçe, bringing Arda Turan and Emre Belözoglu together on opposite sides of the touchline.

The two coaches shared a long history as teammates in the Turkish national team during their playing careers. Arda represented Trkiye from 2006 to 2017, while Emre played for the national side between 2000 and 2019. Both were members of the Turkish squad that reached the semi-finals of UEFA Euro 2008.

Their paths crossed again in 2012 at Spanish club Atlético Madrid. Emre joined the Madrid-based side from Fenerbahçe that summer, where Arda was already playing. One of their most memorable achievements together came on August 31, 2012, when Atlético Madrid defeated Chelsea 4-1 in the UEFA Super Cup final.

Ahead of the upcoming encounter, Arda Turan also spoke about his relationship with Emre Belözoglu. He described his fellow coach as someone who holds a special place in his life, saying they had maintained a big-brother and younger-brother relationship since their playing days.

Turan revealed that facing Fenerbahçe had been a childhood dream. He also stressed that he had no negative feelings towards the Istanbul club.

He described the prospect of facing Belözoglu in the Champions League at Stamford Bridge as a particularly special occasion.

‘Regardless of the result, this match will be one of the most beautiful memories of my life. Emre’s children are like the children of my own siblings to me. I wish him and his family all the very best,’ Turan said.

The Shakhtar Donetsk-Fenerbahçe match is scheduled for November 25 at Stamford Bridge in London, England. Kick-off is set for 23:00 Baku time, with Arda Turan and Emre Belözoglu preparing to face each other as rival head coaches.

Holguín meets Erhurman ahead of leaders new meeting

The UN Secretary-General’s Personal Envoy for Cyprus, María Ángela Holguín, held a meeting on Wednesday with the Turkish Cypriot leader, Tufan Erhrman, ahead of Monday’s joint meeting with the leaders.

Regarding her meeting with Erhrman, Holguín said that they discussed how work could continue in view of Monday’s joint meeting with the leaders.

Asked about the meeting she held on Tuesday with the illegal ambassador of Turkey to the occupied areas of Cyprus, Holguín said that she had been informed by Turkey’s Deputy Minister for Foreign Affairs that a message had been sent to her via the ‘ambassador’.

‘That is why I came to meet him, simply to receive this message, something I also explained to Mr Christodoulides,’ she added.

Cyprus has been divided since 1974, when Turkey invaded and occupied its northern third. Repeated rounds of UN-led peace talks have so far failed to yield results. The latest round of negotiations, in July 2017 at the Swiss resort of Crans-Montana ended inconclusively.

UN Secretary-General Antonio Guterres, whose term nears its end, announced he would convene another meeting in broader format, after adequate preparation, but gave no timeline. He secured to that end the consensus of both sides and of the guarantor powers. María Angela Holguín, Guterres’ Personal Envoy on Cyprus, is tasked to engage with the parties. Executive Vice-President Raffaele Fitto acts as the European Commission’s Special Representative for Cyprus, succeeding EU special envoy Johannes Hahn.

Africa’s $102bn trade deficit with China exposes industrial weakness

Senior finance expert Brian Muloni has warned that growing dependence on imported machinery, electronics, and industrial equipment is threatening Africa’s quest for economic independence, as the continent’s trade deficit with China climbed to a record $102.01 billion in 2025.

Muloni, a Nairobi-based Senior Finance Business Partner, said in an analysis made available to our correspondent on Wednesday that Africa’s growing trade imbalance with China is not simply about the influx of cheap foreign goods but a deeper problem: the continent’s inability to manufacture the equipment needed to drive its own industries.

‘What China is selling to African markets is not primarily a wave of subsidised consumer products. It is, overwhelmingly, the machinery, electronics, and transport equipment that African economies cannot yet produce for themselves,’ Muloni observed.

He said China exported goods worth $225.03 billion to Africa in 2025, representing a 25.8 per cent increase over the previous year, while the continent’s trade deficit with Beijing widened by 64.5 per cent to $102.01 billion.

The development, according to him, has intensified concerns about Africa’s growing reliance on Chinese industrial products, particularly as the continent struggles to expand local manufacturing and reduce its dependence on imported production inputs.

According to Chinese customs data cited in Muloni’s analysis, electronic equipment accounted for the largest share of exports to Africa in 2025, valued at $67.83 billion, followed by transport equipment worth $42.86 billion, representing a 70.7 per cent increase, and textiles and apparel valued at $33.94 billion.

More significantly, intermediate goods accounted for about 45 per cent of exports, capital goods 30 per cent, and consumer goods only 25 per cent.

Interpreting the figures, Muloni argued that the nature of the imports posed a more serious economic concern than the popular narrative of cheap Chinese products flooding African markets.

‘This is not a flood of cheap finished products. It is a flood of the tools of production,’ he stated.

He explained that the distinction mattered in assessing allegations that China was dumping subsidised products in African markets, noting that there was no direct evidence the country was deliberately selling goods below production costs to target the continent.

Instead, he said China’s expanding exports reflected its enormous industrial capacity and search for alternative markets, with Africa a natural destination because of its growing population and infrastructure needs.

The analysis also examined how the trade relationship affects individual African economies, identifying varying levels of exposure and capacity to respond.

Nigeria imported a record $24.9 billion of goods from China in 2025, reversing three years of declining imports. Its leading imports included machinery valued at $3.12 billion, electrical equipment worth $1.94 billion and vehicles valued at $1.46 billion.

However, Muloni noted that Nigeria’s dependence on Chinese capital goods was complicated by reliance on oil revenues and foreign exchange availability.

According to him, restrictions on access to foreign exchange between 2022 and 2024 contributed to declining imports, while improved liquidity following economic reforms supported their recovery in 2025.

South Africa, another major African market for Chinese manufactured goods, imported $23.57 billion of products during the year, including electronics valued at $6.07 billion, machinery worth $4.65 billion and vehicles worth $2.05 billion.

Its relatively stronger industrial base gives it greater capacity to negotiate trade arrangements and develop alternatives to imported products.

Kenya imported Chinese goods worth about $5.2 billion in 2025, up from $4.5 billion the previous year, with steel, electronics, and heavy machinery accounting for a significant share.

Ghana, meanwhile, recorded an $8.71 billion trade deficit with China, importing more than four times the value of goods it exported to the Asian country.

Its major imports included machinery worth $1.75 billion, vehicles valued at $1.28 billion and electrical equipment worth $1 billion, while its exports to China consisted largely of crude oil and mineral ores.

Muloni observed that this arrangement reinforced an unequal trade structure in which African countries supplied raw materials to Chinese industries but depended on China for manufactured products and industrial equipment.

The pattern was also evident in Zimbabwe, Zambia and the Democratic Republic of Congo, where mineral exports dominate trade with China, while manufactured goods and machinery flow into African markets.

Zimbabwe’s bilateral trade with China reached $4.41 billion in 2025, with Chinese imports including lithium concentrate, tobacco, chrome and ferrochrome.

In the Democratic Republic of Congo, China accounted for about 35 per cent of imports, while exports to the Asian country were dominated by minerals used in battery and electronics production.

According to Muloni, the central weakness across these economies was their limited capacity to process natural resources and manufacture intermediate products before they entered international markets.

He warned that although importing machinery could support infrastructure development and industrial expansion, persistent trade deficits could restrict the financial resources available for further economic growth.

He further argued that South Africa had greater room to manoeuvre because of its deeper industrial base, while Nigeria’s exposure was heightened by foreign exchange vulnerabilities. Kenya and Ghana, meanwhile, were importing equipment needed for development while accumulating trade deficits.

For other mineral-dependent economies, the challenge was to move beyond exporting raw materials toward domestic processing and industrial diversification.

Muloni maintained that Africa’s trade imbalance with China would remain difficult to reverse without deliberate efforts to strengthen local manufacturing and develop the capacity to produce industrial machinery and intermediate goods.

‘Until African economies can make the machines they buy, the deficit will remain not because China is dumping, but because Africa is buying what it cannot build,’ he concluded.

Ogun reconstitutes Awujale interregnum council, names Adesanya chairman, Okunowo secretary

The Ogun State Government has announced the reconstitution of the Awujale Interregnum Administrative Council (AIAC), reaffirming the Council’s legal authority to oversee Ijebuland’s administrative and traditional affairs pending the appointment and coronation of a new Awujale.

The decision follows the reported withdrawal of some council members, established by the state government in August 2025, amid disagreements over the emergence of a group reportedly known as Adele Oba Awujale.

The reconstituted Awujale Interregnum Administrative Council (AIAC) include Chief Rasheed Adesanya (Olisa) – Chairman, Chief Chris Okunowo (Bobasuwa) – Secretary, Prof. Jide Ajayi (Jagun Aso) – Member, Chief Stephen O. Bakare (Babalaje) – Member, and Chief Alade Shote (Otun Balogun) – Member

A statement by the Commissioner for Local Government and Chieftaincy Affairs, Hon. Ganiyu Hamzat, said the withdrawal of some members did not invalidate the council, which remained the only legally recognised administrative body empowered to manage Ijebuland’s affairs during the interregnum.

The government clarified that Chief Chris Okunowo and Alhaji Rasheed Adeoye Adesanya, the Olisa of Ijebu-Ode, had publicly dissociated themselves from the reported mass withdrawal.

Addressing the emergence of the Adele Oba Awujale group, the government said the body has no legal or customary recognition under the Awujale Chieftaincy Declaration or existing chieftaincy legislation in Ogun State.

According to the statement, neither the Awujale Chieftaincy Declaration nor the Obas and Chiefs Law of Ogun State 2021 provides for an Adele Oba Awujale group or assigns it any recognised responsibility in managing the Awujale stool.

It further explained that the Chiefs Law of 1957, which some former members reportedly relied on to justify the group’s emergence, was pre-independence legislation that no longer applied to Ogun State, which has operated under its own laws since its creation in 1976.

The government also cited a consent judgment delivered by the Ogun State High Court in suit number HCJ/180/2025, involving Rasheed Adeoye Adesanya (the Olisa of Ijebu-Ode) against the Executive Council of Ogun State and 16 others, as judicial affirmation of the AIAC’s legality and authority.

It noted that all members of the council were parties to the suit and had consented to the judgment, which acknowledged the legality, validity and authority of the administrative body established by the state government to oversee the administrative and traditional responsibilities of Ijebu-Ode pending the appointment and coronation of a new Awujale.

The government further recalled that the court affirmed that where a conflict arose between the administrative body’s responsibilities and the Olisa’s traditional functions, the administrative body’s authority would take precedence.

It stressed that the judgment had not been appealed and remained binding on the parties.

While acknowledging individual members’ right to withdraw from the council, the government maintained that such decisions could not confer legal authority on another body to assume the AIAC’s responsibilities.

It consequently warned members of the public against engaging in official transactions or administrative dealings with individuals who had withdrawn from the council in their purported capacity as members of an alternative administrative body.

The government also urged the former members to refrain from actions that could contravene the law or undermine the peace and stability of Ijebuland.

To ensure continuity in the administration of Ijebuland during the interregnum, the government announced the reconstitution of the council with the following members:

The AIAC will assume the administrative and traditional responsibilities until a new Awujale is appointed and crowned.

It reaffirmed its commitment to upholding the rule of law, respecting established traditional institutions and ensuring a peaceful and transparent process in the succession to the vacant Awujale stool.

Dmitry Krymov’s ‘Bloody Mary’ captivates Baku audiences at BIAF [PHOTOS]

The Israeli theatre company Gesher, based in Tel Aviv, presented its production of ‘Bloody Mary’ at the Azerbaijan State Academic Musical Theatre as part of the Baku International Arts Festival (BIAF). Directed by Dmitry Krymov, one of the most influential theatre directors of his generation, the production was staged for Baku audiences on November 1 and 2.

The visit of the renowned Israeli theatre company was one of the highlights of the festival programme, which brought together diverse artistic traditions, theatrical languages and contemporary interpretations of world classics.

‘Bloody Mary’ premiered in June 2026. Inspired by Friedrich Schiller’s famous tragedy ‘Mary Stuart,’ the production goes far beyond a conventional stage adaptation or literal interpretation of the literary work. Krymov creates an independent theatrical universe in which fragments of the classical narrative intertwine with contemporary reality, personal and collective memory, grotesque imagery and absurdity.

The action begins in an emergency department, where people from different eras and worlds encounter one another. Among them are two actresses preparing to portray Mary Stuart. As the story unfolds, the boundaries between reality and theatrical space gradually disappear, giving the familiar themes of power, jealousy, rivalry and eecution an unepected contemporary dimension.

At the heart of the production are two queens: Elizabeth, portrayed by Israel (Sasha) Demidov, and Mary Stuart, played by Evgenia Dodina. Rather than conventional historical representations, the characters emerge as symbolic, grotesque and almost circus-like figures. Yet beneath their masks and theatrical performances, deeply human emotions and personal struggles gradually come to the surface.

Comedy and tragedy coeist throughout the production, while black humour meets confessional sincerity and theatrical illusion unepectedly transforms into an intensely vivid reality.

In addition to Demidov and Dodina, the cast includes Polina Pakhomova, Nikita Goldman, Nikita Oleinikov, Ruth Senderovich, Itay Tarkhanov and Boris Repetur.

During a meeting with journalists, the leading actors discussed their eperience of working on the production, Krymov’s distinctive directing style and their participation in BIAF.

Israel (Sasha) Demidov, who portrays Queen Elizabeth, described his collaboration with the director as a unique creative eperience.

‘Working with Dmitry Krymov is, I think, like eperiencing magic. Magic in terms of his method, energy and ability to transform material. He radiates a special personal energy that a good actor immediately senses. Creative ideas begin to emerge from it, and interesting concepts and unepected solutions are born,’ the actor said.

According to Demidov, the production involves numerous challenges and unusual artistic demands, but these very difficulties serve as a springboard for discovering new forms of theatrical epression.

One aspect that particularly attracted journalists’ attention was Krymov’s decision to cast a man in the role of a female character. Asked about this choice, Demidov said that he was already familiar with this kind of theatrical eperience.

‘I am actually a specialist in women’s roles. I once played Desdemona, as well as an actor performing female roles. It is very interesting. But I want everyone to know that I am a man,’ Demidov remarked with humour.

Speaking about Baku, the actor said that he was already familiar with the Azerbaijani capital. A year earlier, he had visited the city with the production of ‘Anna Karenina,’ in which he played Karenin.

‘Baku is some kind of oasis, a free space where I see many different and interesting energies and an incredibly rich and comple spirit,’ he said, also highlighting the importance of the international festival.

Evgenia Dodina, who plays Mary Stuart, emphasized that the most fascinating aspect of the production was the opportunity to work with Krymov’s distinctive artistic vision.

‘The most interesting part of this production for me was working with Dmitry Krymov. I always have some idea of how everything will begin, but I have absolutely no idea how it will end. Because this is true authorial theatre in the fullest sense of the word,’ the actress said.

According to Dodina, Krymov does not simply transfer a classical work to the stage. Instead, he enters into a dialogue with it, sometimes even challenging it through a fierce artistic confrontation.

‘He takes classical material and does not simply illustrate it. He enters into a dialogue with it, sometimes even a passionate argument. He always incorporates the reality surrounding us into his productions, filtering it through his own artistic vision. The creative journey he takes us on is incredibly captivating,’ Dodina noted.

The actress also revealed that ‘Bloody Mary’ was her first collaboration with Dmitry Krymov, epressing hope that they would work together again in the future.

Asked about her onstage interaction with Demidov, who portrays Queen Elizabeth, Dodina stressed that theatre has no conventional limitations when it comes to casting and character roles.

‘This is theatre, and anything is possible in theatre. I have played children, animals and men. I could probably even play an alien if I knew what they were like. Theatre has no limits,’ she said.

She added that the production’s artistic compleity lies in Krymov’s ability to bring seemingly incompatible elements together and transform them into a unified theatrical world.

The artists’ impressions of the Azerbaijani capital formed another important part of the meeting with journalists.

For Evgenia Dodina, the visit marked her first encounter with Baku. Despite her busy touring schedule, she managed to eplore parts of the city and form her own impressions.

‘I have a feeling of grandeur. Everything here is epansive, including people’s mentality. It is very beautiful, the people are pleasant and polite, and there is wonderful energy. That is the impression I have,’ she said.

Speaking about the atmosphere of BIAF, Dodina described it as festive, noting that the city itself seemed to reflect the spirit of the festival.

The actress also discussed the emotions she hoped audiences would take away from ‘Bloody Mary.’

In her view, the production does not offer ready-made answers, as every audience member enters the theatre with their own eperiences, concerns and questions.

‘I would like everyone to find an answer to whatever is troubling them. The production touches on many different themes, and everyone can discover something of their own in it. I would like people to leave the theatre and smile or eclaim, ‘A-ah!” Dodina said.

Journalists also asked about her consistently positive outlook on life. The actress acknowledged that maintaining an optimistic attitude is largely a conscious personal choice.

‘There is no other way; otherwise, we would sink into darkness. Everyone makes their own choice in life,’ she replied with a smile.

Commenting on the Baku audience, Dodina observed that its reactions differed noticeably from those of theatre-goers in Tel Aviv.

‘The audience is wonderful. It is very different from the audience in Tel Aviv. What makes people laugh in Tel Aviv is met with silence here, while things that are met with silence there make people laugh here. The reactions are different, and things resonate differently,’ she eplained.

The performances of ‘Bloody Mary’ offered Baku audiences more than an opportunity to discover a new production by Israel’s Gesher Theatre. They also demonstrated how classical literature can serve as a starting point for eploring contemporary realities.

Rather than offering a definitive interpretation of Schiller’s tragedy, Dmitry Krymov presents a multilayered theatrical eploration of human nature, power, rivalry and memory. In this artistic world, absurdity becomes a means of understanding reality, masks reveal personal identities, and laughter provides a way of approaching tragedy.

The encounter with Baku audiences demonstrated that a theatrical eperience does not end when the curtain falls. It continues through audience reactions, questions and individual interpretations.

Perhaps this is one of the defining characteristics of Krymov’s theatre: its ability to leave room for a personal and ongoing dialogue between the stage and the audience.

FULL STEPS: How to get FG’s N50,000 relief payments for vulnerable Nigerians

The Federal Government has begun disbursing N50,000 in cash relief to vulnerable Nigerians under its National Emergency Relief and Stabilisation Intervention.

The Minister of Humanitarian Affairs and Poverty Reduction, Dr Bernard Doro, announced the programme’s launch, describing it as a presidential initiative to provide immediate financial relief to vulnerable Nigerians.

According to information published on the official NERSI website, beneficiaries will be selected from verified national identity records and the National Social Register, then screened to identify poor and vulnerable households.

The government said it would select beneficiaries based on need, with payments made in phases.

Eligible beneficiaries will receive ?50,000 monthly, with the programme to be reviewed regularly.

According to the minister, the ministry is partnering with licensed digital financial service providers to ensure secure, transparent disbursement.

Beneficiaries will receive an SMS seeking consent before payment is made directly to their account or mobile wallet.

Bashir Ahmad, a former aide to ex-President Muhammadu Buhari, said on his verified X handle: ‘Eligible Nigerians can receive N50,000 in financial support under the Federal Government’s National Emergency Relief and Stabilisation Intervention (NERSI) programme.’

‘How to check your eligibility: dial the USSD code for your payment provider:

ALAT by Wema Bank – *945*23#

MTN MoMo PSB – *671*0#

NairaGram – *726*00#

OPay – *955*20#

Moniepoint – *5573*27#

‘Important Note: Eligibility is what matters. Not everyone will qualify for the relief fund. Beneficiaries are selected based on verified government records and eligibility criteria.

PSC sacks three senior police officers over misconduct

The Police Service Commission (PSC) has approved the dismissal of three senior police officers following established cases of serious misconduct and conduct unbecoming of officers of the law.

The Commission also demoted 16 officers, issued severe reprimands to 21 others and ordinary reprimands to two officers as part of its latest disciplinary actions.

Three officers were, however, exonerated of wrongdoing, while some previously suspended officers were reinstated into the Nigeria Police Force.

The Commission took these decisions at its plenary meeting, presided over by Chairman DIG Hashimu Argungu (rtd), at the Solomon Arase Conference Hall, the Commission’s corporate headquarters in Abuja.

In a statement issued on Wednesday by its Head of Protocol and Public Relations, Torty Kalu, the PSC said the disciplinary actions underscored its commitment to maintaining professionalism and accountability in the Nigeria Police Force.

Argungu reaffirmed the Commission’s zero tolerance for corruption, human rights abuses, interference in land and civil matters, and other forms of misconduct among police officers.

He assured Nigerians that the Commission would continue to ensure the speedy determination of disciplinary cases brought before it.

The PSC chairman also commended the Chairman of the Commission’s Standing Committee on Discipline and Legal Matters, Hon. Justice Paul Adamu Galumje (rtd), and other board members for their dedication to considering disciplinary cases and appeals.

Those commended included DIG (Dr) Taiwo Lakanu (rtd), Hon. Justice Christine Dabup (rtd), Alhaji Abdulfatah Mohammed, the Commission’s Secretary, Chief Onyemuche Nnamani, and the Director of the Police Discipline Department, Mr Ferdinand U. Ekpe.

Nariman Narimanov Memorial Museum hosts patriotic event in Baku [PHOTOS]

An event titled ‘Our Victory History – A Chronicle of Pride’ was jointly organized by the Nariman Narimanov Memorial Museum and the No. 2 Technical-Humanities Lyceum named after H. Mahmudbayli.

According to the museum, the event began with the national anthem of Azerbaijan, followed by a minute of silence in memory of the martyrs who sacrificed their lives for the country.

The gathering brought together cultural professionals, teachers and students of the lyceum, officers and cadets of the Baku Military College, as well as students from the Bulbul Secondary Special Music School and Secondary School No. 226.

As part of the programme, participants recited patriotic poems, performed musical pieces and presented literary and artistic compositions dedicated to Azerbaijan’s victory, national pride and patriotic spirit.

The event aimed to honour the country’s victory history, pay tribute to the fallen heroes and promote patriotic values among the younger generation.