ECB raises rates by 25 bps in inflation fight
The European Central Bank raised interest rates by 25 basis points to 3.25 per cent as expected on Thursday and said it would stop reinvesting cash from maturing debt in its 3.2 trillion ...
Europeans drain billions from banks, fed up with shrinking savings
European savers are pulling more of their money from banks, looking for a better deal as lenders resist paying up to hold on to deposits some feel they can currently ...
Fed raises rates to the highest level in 16 years
The Federal Reserve moved its management of the post-pandemic economic recovery into a new phase with what may be the last in a historic series of interest rate hikes and ...
AstroBank posts €21.7 million profit for 2022
AstroBank on Wednesday released its annual results for 2022, reporting strong profitability for the year, with net income reaching €12.2 million, and consequently increasing common shareholders’ equity to €203.7 million.
According to ...
Cyprus household financial assets reach €59.7 billion in 2022
Household assets in financial instruments amounted to €59.7 billion at the end of December 2022, according to an announcement by the Central Bank of Cyprus (CBC) released on Tuesday.
According to the ...
Soft lending and inflation data pave way for smaller ECB hike
Euro zone banks are turning off the credit taps and a key gauge of inflation is finally falling, data showed on Tuesday, boosting the case for a smaller interest-rate increase ...
HSBC rewards shareholders with dividend, buyback as profit triples
HSBC Holdings (HSBA.L) reported on Tuesday its quarterly profit tripled, beating expectations, as rising interest rates worldwide boosted the lender’s income and helped it pay a first quarterly ...
Deposits and loans in Cyprus increased in March 2023
The balance of deposits in Cyprus reached €51.9 billion in March 2023, while the balance of total loans amounted to €25.1 billion, according to a report published on Tuesday by the Central Bank ...
Cyprus a “potential rising star” for credit rating boost (updated)
Cyprus has been identified as a “potential rising star” for the rise of its credit rating in the investment category, according to a report released on Monday by global rating ...
Morgan Stanley to cut 3,000 jobs in second quarter
Morgan Stanley (MS.N) is planning to eliminate about 3,000 jobs in the second quarter, a source told Reuters on Monday, in its second round of job cuts in six months.
...
Too high for comfort: Five questions for the ECB
Inflation in the euro area is too high for comfort, meaning markets expect the European Central Bank to deliver its seventh straight interest rate hike on Thursday.
With some stability ...
Currencies in limbo awaiting packed week of central banks
Currencies were in limbo on Monday as holidays in most of Asia made for thin trading, while traders braced for a packed week of central bank meetings that would offer ...
JPMorgan to buy First Republic’s assets and assume deposits
JPMorgan Chase & Co (JPM.N) will buy most of First Republic Bank’s (FRC.N) assets in a last-ditch rescue led by US regulators, marking the third major US ...
US Treasury encouraged by First Republic resolution, says banking system remains sound
The U.S. Treasury Department is encouraged that First Republic Bank FRC.N was resolved with the least cost to the Deposit Insurance Fund, and believes the U.S. banking ...
JPMorgan snaps up First Republic’s assets in US auction
JPMorgan Chase & Co JPM.N said on Monday it will buy most of First Republic Bank’s FRC.N assets after regulators seized the troubled lender at the weekend, ...
Moving away from the dollar: the impact of sanctions and technology
By Maria Demertzis
“Every night I ask myself why all countries have to base their trade on the dollar,” Brazil’s President Lula da Silva said in a 13 April speech ...
Another scandal at the World Bank
By George M. Georgiou
In 2021 the World Bank became embroiled in a scandal involving its flagship publication Doing Business. An independent investigation by the law firm WilmerHale, published in September 2021, ...
Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting April 24:
Cyprus’ shipping industry will continue to improve, according to the country’s Deputy Minister of Shipping, as ...
Limassol event looks at prevailing economic trends
Exante, a global investment company with a presence in Cyprus, this week held an event in Limassol which sought to provide insights on current economic trends and what might be ...
Cyprus non-performing loans ratio steady at 9.5 per cent
Non-performing loans (NPLs) in Cyprus remained steady at 9.5 per cent of total loans at the end of January 2023, as in the previous month, while absolute NPL numbers rose by around €13 ...
Cyprus Business Now
The Cyprus Chamber of Commerce and Industry (Keve) this week announced that a tripartite business mission to Almaty, Kazakhstan is set to take place on 16-19 May 2023.
The mission, which ...
NatWest beats profit forecasts despite UK inflation squeeze
British bank NatWest (NWG.L) posted better than expected profit for the first three months of 2023 as income soared 37 per cent, even as inflation hammered households and fierce pricing competition ...
World’s biggest bond markets left picking up the pieces after March mayhem
In mid-March, as prices for US Treasury bonds swung wildly following the collapse of Silicon Valley Bank, the trading desk at Legal & General Investment Management hit its top limits ...
Hellenic Bank pledges support for Cypriot shipping industry
Hellenic Bank on Thursday released a statement in which it underlined its support for the shipping industry and its people, something which is reflected through its backing of this year’...