Freedom Finance Europe recently announced that it continues to improve the conditions for its clients to keep free cash on the Freedom 24 investment platform, with the interest paid on the USD and EUR fund placements now being linked to the floating SOFR and EURIBOR rates.
According to the announcement, the new rates are more than 1.5 times higher than the company’s previous offering. Additionally, it was noted that the changes came into effect on January 8, 2024.
Thus, the holders of savings D-accounts will receive the interest equal to the floating SOFR rate on their USD placements and the interest equivalent to the EURIBOR rate on their EUR placements.
As of January 22, the SOFR and EURIBOR rates were 5.31 per cent and 3.885 per cent, respectively.
Previously, the D-account provided investors with a yield of 3 per cent per annum for USD placements and 2.5 per cent for EUR placements. Interest is accrued daily.
The yield on long-term fund placements also increased and now is 1.5 times higher than the SOFR and EURIBOR rates for a fixed term of 12 months.
For 3-month and 6-month placements, coefficients of 1.1 and 1.25 respectively are applied to the SOFR and EURIBOR rates to calculate interest.
In addition, the holders of long-term fund placements of more than 100,000 EUR/USD are eligible for a bonus of 0.4 per cent to 0.8 per cent per annum, depending on the currency and term of placement.
Thus, as of 8 January, the maximum yield of Freedom24’s long-term fund placement plan, including bonuses, was 8.795 per cent for USD and 6.422 per cent for EUR.
Previously, investors who chose this investment instrument received up to 6.12 per cent for USD placements and up to 4.21 per cent for EUR placements.
Moreover, the company said that for both instruments, there is no limit on the maximum investment amount, which favourably distinguishes Freedom24’s offer from similar products on the market.
The minimum investment amount to receive interest is USD/EUR 150 for a D-account and USD/EUR 1,000 for a long-term fund placement product.
Finally, Freedom Finance Europe has also changed its margin lending fee to 0.049315 per cent per day in the Smart (EUR/USD) tariff and 0.041095 per cent in the other tariffs, compared to the previous fee of 0.032877 per cent per day.
P.G. Economides & Co Ltd, a Limassol-based firm operating in the professional services sector, this week announced that it has officially rebranded itself as PGE&Co.
According to the announcement, the rebranding initiative marks a significant evolution for the firm, noting that it is a reflection of its dedication to its clients and the industry in general.
The firm was established in 1972, providing a range of services, including audit, accounting, tax, and advisory services, to clients both in Cyprus and abroad.
The announcement noted that the rebranding comes as the firm celebrates its success in the field, while also navigating into the future.
The firm explained that the new identity is characterised by a fresh logo that symbolises the firm’s values and approach.
Andry Panteli, the firm’s newly-appointed CEO and who spearheaded this strategic move, shared insights on the significance of this milestone.
“Considering the ongoing industry developments and the renewal of our corporate image, the decision to rebrand to PGE&Co felt not only natural but essential,” she said.
“The transformation of our brand, website and communication strategy emphasises our commitment to staying at the forefront of our field,” she added.
The Cyprus Stock Exchange (CSE) ended Tuesday, January 23 with profits.
The general Cyprus Stock Market Index was at 135.74 points at 13:18 during the day, reflecting an increase of 0.42 per cent over the previous day of trading.
The FTSE / CySE 20 Index was at 82.35 points, representing a rise of 0.44 per cent.
The total value of transactions came up to €44,595 until the aforementioned time during trading.
In terms of the sub-indexes, the main, investment firm, and alternative indexes rose by 0.57 per cent, 1.38 per cent and 0.12 per cent respectively. The hotel index remained stable.
The biggest investment interest was attracted by the Bank of Cyprus (+0.89 per cent), the Cyprus Cement Company (no change), Hellenic Bank (no change), Demetra (+1.41 per cent), and Vassiliko Cement Works Public Company (no change).
