Thousands of accounts to be closed because of sanctions
More than 4,000 accounts held by Russians in Cypriot banks could be closed over the next two months following the imposition of sanctions on a number of individuals in Cyprus, by ...
Contract clause usually allows closing of bank account
President of the Cyprus Bar Association Christos Clerides on Thursday said that the closing of bank accounts was strictly governed by the individual contract that a person has with a ...
Crypto firms scramble for banking partners as willing lenders dwindle
Crypto firms have been left scrambling to find banking partners after the collapse of three crypto-friendly lenders in the US last month, creating a risk their business will become concentrated ...
Banking crisis scars struggling US real estate stocks
US real estate stocks are struggling this year after a rough 2022, as fears that banks will tighten lending standards pile pressure on a sector already hit by higher interest rates.
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Cyprus Business Now
The first phase of a scheme to transition hotel businesses to a circular economic model has begun in Cyprus, aimed at strengthening their competitiveness and resilience through sustainable practices.
The ...
EY US to slash headcount days after nixing split
Ernst & Young’s US arm said on Monday it was shedding 5 per cent of its workforce, less than a week after the unit’s objection torpedoed the global accounting ...
UBS makes changes to buyback programme following Credit Suisse takeover
UBS (UBSG.S) on Tuesday said it was making changes to its $6 billion share buyback programme following its takeover of Credit Suisse (CSGN.S).
UBS said it will use some ...
US financial institutions hit by deposit flight as clients seek higher returns
Deposits at three financial institutions fell in the first quarter as the industry’s biggest crisis in more than a decade prompted a flight of funds, with customers seeking better ...
BoC, first bank in Cyprus and Greece to receive ECB’s approval to pay dividends
The Bank of Cyprus has become the first bank in Cyprus and Greece to receive approval from the European Central Bank (ECB) to pay dividends, it announced on Monday. The ...
Emergency Credit Suisse rescue shakes faith in Switzerland
Switzerland’s tradition of dependable consensus politics has taken a battering after the government used an emergency law to push through a state-backed mega-merger of UBS (UBSG.S) and Credit ...
CySEC imposes hefty fine on investment firm
The Cyprus Securities and Exchange Commission CySEC this week announced its decision to impose a fine of €1 million on the Cyprus Investment Firm Itrade Global (Cy) Ltd.
According to an ...
Stricter lending criteria lead to reduction in loans in Cyprus
The Central Bank of Cyprus (CBC) reported this week that its January 2023 Bank Loan Survey had recorded stricter lending criteria for all categories of loans, resulting in reduced supply and ...
Cyprus Business Now
Labour union Democratic Labour Federation of Cyprus (Deok) this week issued a statement expressing strong dissatisfaction with the “manifestly inadequate sentence” of suspended imprisonment imposed by the Larnaca permanent criminal ...
Turkey’s cenbank urges banks to avoid creating forex demand, bankers say
Turkey’s central bank has been urging banks in recent weeks to avoid steps that could create demand for foreign currency as May elections loom, and to instead focus on ...
ECB policymakers converging on 25-bps rate hike in May
European Central Bank policymakers are converging on a 25 basis point interest rate hike in May, even if other options remain on the table and the debate is not yet settled, ...
Deutsche Bank says cutting risks from Russian IT operations
Deutsche Bank (DBKGn.DE) is looking for ways to minimise business disruption as it reduces risks from its Russian technology operations in line with the law, Germany’s biggest lender ...
Qatar National Bank Q1 profit rises 7 per cent
Qatar National Bank (QNB) (QNBK.QA), the Gulf’s largest lender by assets, said on Monday that its first-quarter profit rose 7 per cent as revenue from a range of sources ...
Credit Suisse job cuts must be frozen, bank employees leader says
Credit Suisse (CSGN.S) and UBS (UBSG.S) must freeze any job cuts planned as part of their emergency merger, the Swiss Bank Employees’ Association (SBPV) said on Tuesday, in ...
Cyprus Business Now
Mining company Venus Minerals has noted that a recent study by archaeologists at the University of Gothenburg has revealed that a village in Larnaca was one of the most important ...
Short sellers play heroes and villains in the US bank crisis
As First Republic Bank’s share price fell by double-digits in the aftermath of the collapse of Silicon Valley Bank last month, some people close to the San Francisco-based lender ...
EU’s new crypto asset rules don’t go far enough – ECB’s McCaul
The European Union’s proposed regulations for crypto assets do not go far enough, and safeguards need to be strengthened to capture risks adequately, European Central Bank supervisory board member ...
Cyprus Business Now: weekly wrap-up
Here’s a summary of the top business news stories from the week starting April 3 in Cyprus:
Eurobank Cyprus was awarded the “Best Private Banking Boutique in Cyprus” award by ...
Cyprus deficit grew to €2.46 billion in 2022; ties with Russia still strong
The Central Bank of Cyprus (CBC) this week released a report stating that the country’s current account deficit reached €2.46 billion in 2022, equivalent to 9.1 per cent of the country’s ...
Cyprus Business Now
The Cyprus Chamber of Commerce and Industry (Keve) on Friday announced that it offering grants between €2,000 and €5,000 for the development of the domestic Bee Economy, through a new purpose-built scheme, ...