Big rate hike won’t save euro as energy shock deepens
The hit to the euro zone economy and its currency from a deepening energy crisis is so severe that more aggressive monetary tightening from the European Central Bank will do ...
Credit Suisse expands in Qatar, launches tech hub
Credit Suisse (CSGN.S) will expand in Qatar via a partnership with the Gulf country’s Investment Promotion Agency (IPA Qatar), the Swiss bank said on Monday.
It will create ...
Sterling slides to post-pandemic low before new PM revealed
Sterling plumbed a fresh post-pandemic low on Monday as Russia kept one of its main gas supply routes to Europe shut, adding to recession fears on the day that Britain ...
Use Bank of Cyprus app to deposit cheques yourself
As the Bank of Cyprus continues efforts to steer customers away from its branches, it on Monday reminded customers they can deposit a cheque themselves using the bank’s app.
...
Misguided policies aggravating euro area problems
Cyprus borrowed heavily with low-cost bond issues to finance their excessive current expenditures
Economic and financial crises in the euro area are fast developing. With supply-side problems most strikingly reflected ...
Lagarde, ECB board due in Cyprus next month
President of the European Central Bank (ECB), Christine Lagarde, will be in Cyprus next month.
This will be her second visit to the island this year.
This time the President ...
Cyprus Business Now
There was an increase in lending rates and a decrease in new loans in July 2022, according to a report released this week by the Central Bank of Cyprus.
According to ...
Banks battle back-to-office fatigue with ping pong, snacks, indoor gardens
Finance bosses are offering more incentives, including free meals, ping pong and “contemplative spaces” as they battle to get staff back to the office, while concerns about the cost and ...
Standard Chartered rolls out digital bank in hot Singapore market
Standard Chartered (STAN.L) and FairPrice Group on Thursday rolled out their digital bank focusing on Singapore’s retail segment, a move that comes on the heels of digital bank ...
Turkish cenbank’s net FX reserves drop to $12.62 bln
The Turkish central bank’s net international reserves fell $1.26 billion to $12.62 billion in the week to Aug. 26, central bank data showed on Thursday.
The exchange rate used by Reuters on ...
Bond bear market? ‘Worst year in history’ for asset as inflation bites
An accelerating decline in bond markets is bringing fresh pain for fixed income investors in a year when global bonds have already lost a fifth of their value.
Yields on ...
Lebanon banking secrecy law retains key problems – IMF
The International Monetary Fund told the Lebanese state on Thursday its banking secrecy law has not resolved “key deficiencies,” urging officials to make new changes to their first attempt at ...
Russian banks lost $25 bln in first half, central bank tells RBC
Russia’s banks lost a combined 1.5 trillion roubles ($24.95 billion) in the first six months of 2022, a top official at Russia’s central bank said on Friday in an interview with ...
Cyprus sees surplus of €141.8 million in first seven months of 2022
The fiscal accounts of the general government generated a surplus of €141.8 million for the period of January – July 2022, marking a sizeable improvement compared to a deficit of €711 million in the ...
Central bank seeks tenders for digital system to verify data of bank clients
The Central Bank of Cyprus (CBC) has issued a call for tenders for a project to digitally verify the data of bank clients.
The successful bidder will get the contract ...
Qatar central bank issues first license for digital payments
Qatar’s central bank has issued its first license for digital payments services to iPay by Vodafone Qatar and Ooredoo Money, it said in a tweet on Tuesday.
Lebanon president, amid financial meltdown, returns amended bank secrecy law to parliament
Lebanon’s president on Wednesday returned to parliament an amended banking secrecy law that lawmakers passed around a month ago, saying it needed further tweaks to strengthen it.
Parliament’s ...
Bank of Cyprus posts €50 mln half-year profit
The Bank of Cyprus on Wednesday released its financial results for the first half of 2022, posting a profit after tax of €50 million, marking a significant improvement over the €1 million loss ...
Fintech firm Wise fined $360,000 by Abu Dhabi regulator
The regulator of Abu Dhabi’s free zone financial centre said on Tuesday it had fined the local subsidiary of fintech firm Wise $360,000 for breaching anti-money laundering (AML) requirements.
Abu ...
Gulf banks with Turkey exposure to suffer further losses, Fitch says
Gulf banks with exposure to Turkey are expected to make further net monetary losses on their investments in the second half of this year and into 2023, ratings agency Fitch said ...
Rouble firms in early Moscow trade, Russian stocks hit 2-month high
The rouble firmed towards 60 against the dollar and euro in early Moscow trade on Tuesday, while higher oil prices helped push Russia’s benchmark stock index to its highest point ...
Surging energy prices create perfect storm for UK bonds
British government bonds are on course for their biggest monthly fall since 1994, as surging energy prices create a perfect storm of higher inflation, tighter monetary policy and the prospect of ...
Cyprus Business Now
CarVal, an established global alternative investment manager, on Monday, increased its stake in the Bank of Cyprus to 9.07 per cent, up from the previous percentage of 8.57 per cent, through the ...
ECB policymakers make the case for a big rate hike
European Central Bank policymakers made the case on Saturday for a large interest rate hike next month as inflation remains uncomfortably high and the public may be losing trust in ...