US Congress Moves to Fortify Ties with Cyprus Through New Legislation

by News Editor

May 16, 2025

A recent legislative initiative in the United States Congress aims to bolster the nation’s connections with Cyprus through the ‘Eastern Mediterranean Gateway Act.’

Introduced by Congressman Brad Schneider from Illinois, and backed by Greek-American legislators, this bill seeks to strengthen ties across the Eastern Mediterranean, recognized as an emerging strategic hub linking Europe, the Middle East, and Asia.

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Schneider stated, “This region is rapidly becoming a critical node for energy and infrastructure, necessitating stronger US diplomatic engagements with countries like Greece, Cyprus, and Israel.”

While details of the bill remain limited, it underscores the significance of the India-Middle East-Europe Economic Corridor (IMEC), a pivotal connection for global trade and energy supply chains, as highlighted by co-sponsor Gus Bilirakis from Florida.

Though Cyprus is not a signatory to IMEC’s initial memorandum, this bill could elevate its regional influence, especially within forums like the Eastern Mediterranean Gas Alliance. Cyprus’s strategic positioning is further emphasized in the context of US foreign policy interests.

Lifting of Arms Embargo on Cyprus

A related legislative effort aims to permanently lift the long-standing US arms embargo on Cyprus, a move set to change the regional security dynamics and investment prospects in Cyprus.

This legislative package, if enacted, will likely make Cyprus an even more crucial ally in the US’s strategic endeavors across the eastern Mediterranean.

The bill’s implementation could mark a turning point, transforming Cyprus into a central figure in regional infrastructure and security collaborations.

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Bank Of England Holds Rates At 3.75% In Split Vote As Inflation Risks Rise

by THEFUTURE.TEAM

September 17, 2026

The Bank of England kept its benchmark interest rate at 3.75% on Thursday, but the decision was not unanimous. In a 6-3 vote, the Monetary Policy Committee kept rates unchanged, while three members backed a 25-basis-point increase to 4%. Renewed energy price pressures have added to concerns that inflation could remain elevated.

Inflation Pressures Remain

Policymakers said inflation “is likely to rise further over coming quarters,” citing higher and more volatile crude oil and refined energy prices since the conflict began.

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So far, there has been “little evidence” of significant second-round effects, such as broader wage and price increases. Inflation risks, however, are now “tilted to the upside” and have increased since the July Monetary Policy Report.

Energy Prices Add To Inflation Risks

Brent crude has risen 36% since July, reaching $106 a barrel on Sept. 14, while UK wholesale gas prices increased 78% to 207 pence per therm.

Higher energy costs can feed into transport, production and household expenses, raising costs across supply chains. Refinery pressures have also pushed crack spreads, the difference between refined fuel and crude prices, well above pre-conflict levels.

Economy Shows Resilience

Despite the inflation risks, UK economic activity has held up slightly better than the Bank expected. A softer labor market and higher borrowing costs are expected to help reduce inflation over time.

Previous monetary tightening is still working through the economy, according to policymakers. So far, the latest energy shock has not produced clear evidence of a broader wage-price spiral.

Major Central Banks Take Different Paths

The decision comes during a busy period for global monetary policy. The Federal Reserve raised rates Wednesday to 3.75%-4% in its first increase since 2023, while the European Central Bank recently lifted its deposit rate to 2.5%.

The Bank of Japan is due to announce its decision Friday, with markets expecting a rate increase. Thursday’s split vote shows that pressure for tighter policy remains within the Bank of England’s Monetary Policy Committee.

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