Cyprus Business Now
The Cyprus Maritime and Maritime Institute (CMMI) has released a statement saying that it has launched the Adaptation project, which seeks to promote the green transition in the shipping industry.
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Global banking turbulence prompts Wall Street banks to trim hawkish Fed bets
Goldman Sachs is expecting a pause this week from the US Federal Reserve after a year-long rate increase campaign as Wall Street banks scale back their hawkish expectations in the ...
Did SVB break the Fed? Officials mull risks of more rate increases
At an early January meeting of the Virginia Bankers Association, executives were already nervous that Federal Reserve interest rate increases were making it hard to compete for deposits.
“Everywhere I ...
European supervisors say shares should be wiped out before bonds
European supervisors tried to stop a rout in the market for convertible bank bonds on Monday, saying owners of this type of debt would only suffer losses after shareholders have ...
UBS swallows doomed Credit Suisse, casting shadow over Switzerland
UBS Group (UBSG.S) emerged as Switzerland’s one and only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss ...
Big money captivated by banking drama as investors brace for more turmoil
Hedge fund managers and other large investors believe it is far too soon to call an all-clear on turmoil in the global financial sector even after more than a week ...
US sees deposits stabilizing as some regional banks reel
A US official said on Sunday that the deposit outflows that left many regional banks reeling in the wake of Silicon Valley Bank’s failure had slowed and in some ...
Cyprus’ lenders begin 14th post-programme surveillance mission
The Finance Ministry on Monday said that Cyprus’ lenders, the European Commission, the ECB and the International Monetary Fund, began the 14th post-programme surveillance of the Cypriot economy
According to ...
Relief over Credit Suisse deal crumbles as focus shifts to bond risks
Banking stocks tumbled on Monday as initial relief over a historic state-backed rescue of troubled lender Credit Suisse by Swiss rival UBS Group gave way to new worries about the ...
Switzerland wakes to new era after historic bank merger; employees “shocked”
Switzerland awoke on Monday to a new era after UBS (UBSG.S) agreed to take over the ailing Credit Suisse (CSGN.S), with a bank employee association saying it was “...
Credit Suisse says some clients may want to move wealth assets after UBS deal-memo
Credit Suisse told staff its wealth assets are operationally separate from UBS for now, but once they merged clients might want to consider moving some assets to another bank if ...
Santander’s Mexico arm to launch digital bank by March 2024
The Mexican arm of Spain’s Banco Santander (SAN.MC) plans to launch digital lender Openbank by the end of March 2024 to offer checking accounts, credit cards and other services ...
UBS agrees to buy Credit Suisse for more than $2 bn – FT (Update 5)
UBS UBSG.S has agreed to buy Swiss banking giant Credit Suisse CSGN.S after increasing its offer to more than $2 billion, the Financial Times reported on Sunday, as authorities ...
The tortuous and pricey road to saving Cyprus in 2013
Ten years ago almost to the day, international lenders made Cyprus an offer it couldn’t refuse – close your second largest commercial bank and seize almost half of uninsured deposits ...
There are no shortcuts to finance
By Maria Demertzis
The three Rs of regulation, reserves and (legal) recourse are crucial for the smooth functioning of financial markets. These basic underpinnings are missing in decentralised finance, or ...
UK businesses mull moving cash after SVB chaos
British banks are seeing a pick-up in enquiries to switch cash between institutions after the collapse of US tech lender Silicon Valley Bank, as contagion fears prompt some depositors to ...
Bank rescues ease crisis fears but investors worry it’s not enough
Analysts worried that a banking crisis is still a possibility despite interventions
A $30 billion lifeline for First Republic Bank (FRC.N) hosed down market fears about an imminent banking collapse ...
CySEC issues statement on crowdfunding service providers
The Cyprus Securities and Exchange Commission (CySEC) has released a Policy Statement, PS-01-2023, regarding the application of Regulation (EU) 2020/1503 on European Crowdfunding Service Providers for Business, and Directive DI73...
Interest rate hikes were expected, albeit at slower pace, says economist
The rise in interest rates is impacting many organisations’ investment portfolios, and by extension, the economy as a whole, economist and KPMG board Tassos Yiasemides said on Thursday.
“The reduction ...
Major US banks inject $30 bln to rescue First Republic Bank
Large U.S. banks injected $30 billion in deposits into First Republic Bank FRC.N on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by ...
For Goldman Sachs, SVB’s botched stock sale had a silver lining
As SVB Financial Group (SIVB.O) wrestled with a capital shortfall and the prospect of a downgrade to its credit rating last week, it went to Goldman Sachs Group Inc (...
Cyprus Business Now
National Bank of Greece (Cyprus) on Thursday announced that George Agioutantis has been appointed to the position of managing director and executive member of the board of directors of the ...
Argentina hikes interest rate 300 basis points after inflation breaks 100% barrier
Argentina’s central bank board said it agreed to hike the country’s benchmark interest rate by 300 basis points to 78% on Thursday after annual inflation hit 100% for the first time ...
US banking system sound but not all deposits guaranteed, Yellen says
The U.S. banking system remains sound and Americans can feel confident that their deposits are safe, Treasury Secretary Janet Yellen said on Thursday, but she denied that emergency actions ...