Can Russia pay its creditors, and what happens if not?
Russia is due to pay $117 million in interest on two dollar-denominated sovereign bonds on Wednesday – the first such payments since its invasion of Ukraine which sparked a raft of sanctions ...
Sanctions-savaged Russia teeters on brink of historic default
The economic cost of Russia’s assault on Ukraine was fully exposed on Wednesday as Vladimir Putin’s sanctions-ravaged government teetered on the brink of its first international debt default ...
Bank of Cyprus recognised for asset management services
International magazine Global Banking & Finance Review on Tuesday named the Bank of Cyprus’ asset management division (BOCAM) as the best asset management company in Cyprus.
The award was given ...
Hellenic Bank has little direct exposure to Russia
Hellenic Bank on Tuesday announced that it has negligible direct exposure to Russia, while its indirect exposure through any adverse effects on the Cypriot economy hinges on a number of ...
Turkey to keep policy rate at 14 per cent despite energy surge
Turkey’s central bank is expected to hold its policy rate at 14 per cent this week, a unanimous Reuters poll showed on Monday, despite the Ukraine conflict and soaring energy ...
JPMorgan to resume hiring unvaccinated individuals, drop mask mandate
JPMorgan Chase & Co (JPM.N) will resume hiring unvaccinated individuals from April 4, the bank said in an internal memo seen by Reuters on Monday, as it looks to ease ...
Russia warns it may be forced to pay FX debt in roubles due to sanctions
Russia’s finance ministry said on Monday it had approved a temporary procedure for repaying foreign currency debt, but warned that payments would be made in roubles if sanctions prevent ...
Brazil central bank announces tougher rules for fintechs
Brazil’s central bank announced tougher rules for fintechs on Friday, saying that payment institutions will be subject to regulations based on their size and complexity and raising standards for ...
Deutsche Bank bucks trend as it maintains ties to Russia
Deutsche Bank (DBKGn.DE) said it was not withdrawing completely from Russia, drawing anger from investors and contrasting with Wall Street banks which are severing ties with the country over ...
S&P downgrades RCB because of sanctions (updated)
Rating agency Standard & Poor’s on Thursday downgraded RCB Bank’s long-term issuer rating from BB- to B+ and placed the bank on negative watch, citing the lack of ...
Hellenic Bank and Etyk talks end in deadlock
The discussion between Hellenic Bank and the Cyprus Union of Bank Employees (Etyk) have broken down, resulting in the bank now seeking mediation from the Department of Labour Relations.
“It ...
Cyprus Business Now
RCB Bank announced on Tuesday that it has donated €50,000 to the Cyprus Red Cross Society (CRCS) in support of the organisation’s relief and humanitarian efforts on the ground for ...
Sovereign wealth funds likely to shun Russia, researcher says
Middle Eastern and Chinese sovereign wealth funds are likely to avoid new deals in Russia for now after its invasion of Ukraine, said the author of a report published on ...
Russian rouble hits new record low in thin offshore trade
Russia’s rouble tumbled to a fresh record low in thin offshore trade on Monday, with local markets closed for trading until at least Wednesday.
The rouble weakened to 133.5 to ...
Confusion, but not panic, reigns in global finance in Russia’s wake
Western allies’ sanctions against Russia have started to blowback in the form of large potential losses for their own banks, companies and investors, often in unexpected ways. In the past, ...
Accounting firms KPMG and PwC to exit Russia
Two of the Big Four accounting firms KPMG and PricewaterhouseCoopers LLP (PwC) on Sunday said they will no longer have a member firm in Russia due to the country’s ...
Euro slides as war in Ukraine stokes inflationary shock
The euro tumbled to a fresh 22-month low on the dollar while commodity currencies were swept to multi-month peaks as war in Ukraine sent oil prices spiking and stoked fears ...
Global banks face costly, arduous process to exit Russia
Global banks face an arduous and costly process if they decide to close businesses in Russia, banking sources and experts say, complicating decisions over whether they should withdraw.
Sanctions placed ...
Cryptocurrencies in a time of war
Cryptocurrencies have been close to the headlines since Russia invaded Ukraine, with the ever-volatile bitcoin in demand in Russia and beyond.
Here are some charts that look at how cryptocurrencies ...
Cyprus medium-term outlook strong despite crisis, S&P says
Credit rating agency Standard and Poor’s affirmed Cyprus’ long-term credit rating at BBB-, while maintaining a positive outlook, stressing that despite the Ukrainian crisis and economic sanctions against Russia, ...
Cyprus Business Now
The vice president of the European Investment Bank (EIB), Liliana Pavlova, visited the University of Cyprus this week in order to review the activities and funded projects of the EIB ...
Stranded assets: How many billions are stuck in Russia?
So far global companies, banks and investors have announced that they have exposure in some form to Russia of more than $110 billion. That number could rise. Data from research firm ...
Central Bank: unchanged deposit rate, small decrease to housing loans rate
The interest rate on deposits from households with an agreed maturity of up to one year remained unchanged at 0.06 per cent, compared to December 2021, according to Cyprus Central Bank. At ...
EU considering SWIFT exclusion for Belarus banks
The European Union is considering excluding banks in Belarus from the SWIFT messaging system that underpins the global financial transactions, as it has already done for seven Russian banks, an ...