Cyprus Business Now
Total deposits in Cyprus recorded a net increase of €357.1 million in February 2023, compared to the previous month, with their balance amounting to €51.9 billion, according to a report released this week ...
Cyprus 4.0: Christina Themistocleous
As Head of the Deloitte Academy, and member of the faculty team of the EMEA Deloitte University, Christina Themistocleous is responsible for developing strategic plans, which promote innovation through learning, ...
French prosecutors search banks over alleged dividend stripping
French authorities on Tuesday searched the Paris offices of five banks, including Societe Generale (SOGN.PA), BNP Paribas (BNPP.PA) and HSBC (HSBA.L), on suspicion of fiscal fraud, part ...
Cyprus Business Now
The Republic of Cyprus is looking for investors to issue a sustainable bond, the Financial Director of the Public Debt Management Office, Phaidonas Kalozois, said this week.
Kalozois had been ...
Banking rebound remains fragile as regulators review response to failures
Investor confidence in the banking sector remained fragile on Tuesday, with the European Central Bank (ECB) saying recent volatility highlighted the need for greater regulatory scrutiny.
European bank stocks (.SX7...
Interest rates on loans ‘are not going down’
MPs on Tuesday urged the government to do something about rising interest rates, particularly to shield vulnerable borrowers and prevent bad loans from proliferating – although none had a clear idea ...
After SVB sale, White House says banking system is ‘safe’
The White House said on Monday that the US banking system is safe despite stress on some institutions after two American banks collapsed, ratcheting up fears of a contagion that ...
Cyprus 4.0: Ugne M. Buračienė
Ugne M. Buračienė began her work in FinTech 15 years ago at a software and technology company. Since then, she was worked incredibly hard to become recognised as a thought ...
US banking concerns shift from crisis to growth woes
After the collapse of two US banks and record outflows from smaller lenders, the banking industry is shifting its concern from an immediate crisis to a medium-term worry: economic growth.
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How First Republic’s courtship of the wealthy led to meltdown
First Republic Bank (FRC.N) became the epicentre of the US regional banking crisis after the wealthy clients it courted to fuel its breakneck growth started withdrawing deposits and left ...
Finance minister calls on banks to amend lending rates, reduce charges (Updated)
Finance Minister Makis Keravnos on Monday said he has issued ‘strong advice’ to commercial banks to focus on loan restructuring for distressed borrowers, as well as to increase deposit rates ...
SVB deal soothes broader markets, but default stress haunts banks
A buyer for large chunks of Silicon Valley Bank’s deposits and loans helped cast an uneasy calm over fragile markets on Monday, which have been roiled by worries of ...
Turmoil in the financial sector and Cypriot banks
By Ioannis Tirkides
Surely the collapse of Silicon Valley and Signature banks in the United States, and even the takeover of Credit Suisse by UBS, have idiosyncratic elements that led ...
Consequences of persistent inflation and monetary policy
By Andreas Charalambous and Omiros Pissarides
With the easing of the pandemic and the gradual reactivation of economies, rising inflation was initially perceived as a transitory phenomenon. The authorities’ underestimation ...
Deposit rates to rise but not just yet
Banks have been criticised for being slow in responding to the recent ECB interest rates hike
Cyprus’ main banks are set to increase interest rates on deposits this year after ...
Cyprus’ non-performing loans drop to 9.5 per cent of total loans in 2022
Non-performing loans in Cyprus decreased to 9.5 per cent of total loans at the end of 2022, according to a report published this week by the Central Bank of Cyprus.
This marks ...
Bank of Cyprus detects and foils attempts at unauthorised transactions
The Bank of Cyprus on Saturday released a statement saying that it has detected numerous attempts to carry out unauthorised transactions, through cards of various banks, using online merchants, which ...
Cyprus Business Now
Deputy Minister of Tourism Costas Koumis this week visited the Limassol regional tourism board (Etal), pledging to provide solutions to longstanding issues in the district.
The meeting, which also saw ...
Central Bank revises projected growth for 2023 to 2.6 per cent
The Central Bank of Cyprus (CBC) on Friday announced that it has slightly increased its estimates for economic growth in 2023, citing a more positive external environment and expected lower energy ...
JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks
As a series of US lenders were besieged by customers yanking out their money this month, banking behemoths including JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and ...
ECB pressures Austria’s Raiffeisen bank to quit Russia
The European Central Bank is pressing Austria’s Raiffeisen Bank International (RBIV.VI) to unwind its highly profitable business in Russia, five people with knowledge of the matter told Reuters.
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Cyprus Business Now
Cyprus’ trade deficit for the period between January and December 2022 increased by €2 billion, marking a 34.5 per cent increase compared to the corresponding period in 2021.
According to data published by the ...
Investors cautious on US stocks, even though Fed hikes may soon end
The end of the Federal Reserve’s bruising rate hiking cycle may be in sight, yet investors are finding plenty to worry about when it comes to the US stock ...
Central banks hike rates as turmoil hits bank shares again
The Bank of England on Thursday followed the Federal Reserve and the Swiss National Bank in pressing on with interest rate hikes, arguing the UK banking sector was strong enough ...