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 ...
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.
...
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 ...
Central banks keep hiking rates amid banking turmoil
The Bank of England on Thursday followed the Federal Reserve and the Swiss National Bank in hiking interest rates, as policymakers ploughed on with their fight against inflation in the ...
Swiss regulator defends its decision to write off AT1 bonds
Switzerland’s financial market regulator FINMA defended its decision to impose steep losses on some of Credit Suisse’s bondholders on Thursday, saying the decision was legally watertight.
On Sunday, ...
Citigroup CEO declares ‘this is not a credit crisis’ after US bank failures
Citigroup Inc (C.N) CEO Jane Fraser on Wednesday expressed confidence in US banks after a series of closures rattled investors and fueled turmoil in global financial markets.
“The banking ...
Global Money Week 2023 wants to empower young people in Cyprus
The Global Money Week 2023 has begun in Cyprus, with the Central Bank of Cyprus coordinating the initiative, according to an announcement released on Wednesday.
This annual global campaign is held ...
Fed delivers small rate hike amid global banking turmoil
The Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point, but indicated it was on the verge of pausing further increases in borrowing costs after ...
Safe-havens and risk assets both rise as banking woes shift Fed expectations
Worries over the banking crisis are boosting disparate assets, with traditional safe-havens such as gold, Treasuries and money markets seeing high demand along with more speculative instruments such as tech ...
UBS buys back nearly $3 billion in bonds issued under a week ago
UBS Group (UBSG.S) said on Wednesday it would buy back 2.75 billion euros ($2.96 billion) worth of debt it issued less than a week ago, seeking to boost confidence among investors ...
Big investor in Credit Suisse bonds says ‘bail-in’ system worked
One of the largest investors of the Credit Suisse bonds that were wiped out in the UBS takeover of the troubled Swiss bank still believes in the value of the ...
CySEC joins global event to promote financial literacy
Cyprus’ financial watchdog, the Cyprus Securities and Exchange Commission (CySEC), is participating in the annual Global Money Week (GMW2023) campaign, aimed at raising awareness of the importance of financial education, ...
Cyprus banks and Junior Achievement educate students on smart spending
The Association of Cyprus Banks on Tuesday announced that it is teaming up with Junior Achievement Cyprus to carry out the “Spending Smartly” educational programme for the eighth consecutive year.
...
Switzerland’s secretive Credit Suisse rescue rocks global finance
Days before a hastily convened press conference late on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt ...
Britain’s financial industry plans blueprint for post-Brexit ‘kickstart’
Top officials from Britain’s financial sector said on Tuesday they would set out a blueprint later this year to “kickstart” London’s role as a post-Brexit global financial centre ...