Cyprus Business Now
There was a net increase of €173.7 million in total deposits and a net decrease of €100 million in total loans in August 2022, according to a report released on Tuesday by the ...
Pummelled pound faces long road back as investor confidence shredded
Sterling’s slide to record lows leaves it staring at parity with the dollar. Whether or not it hits the symbolic level, investors say Britain’s new government has dealt ...
Lone Star will not submit new bid for Bank of Cyprus (updated)
Private equity firm Lone Star, in a statement issued on Tuesday to the London Stock Exchange, said that it is not intending to submit a revised offer for the acquisition ...
Reversing UK confidence crash requires policy U-turn: economists
Rock-bottom investor confidence in Britain will only recover with a U-turn of the economic plan announced last week by finance minister Kwasi Kwarteng, US economist Larry Summers and J.P. ...
A history of UK currency crises and crashes
Britain’s pound plunged to an all-time low early on Monday as international investors reacted to plans laid out by the country’s new prime minister and finance minister to ...
Pound plunge the latest ill omen as stocks slide
Sterling slumped to a record low on Monday, prompting speculation of an emergency response from the Bank of England, as confidence evaporated in Britain’s plan to borrow its way ...
Brokerages jump on report SEC stops short of banning PFOF deals
Shares of retail brokerage Robinhood Markets Inc and market maker Virtu Financial (VIRT.O) jumped following a media report that the US Securities and Exchange Commission (SEC) will stop short ...
Russia’s SWIFT alternative expanding quickly this year, central bank says
The reach of Russia’s alternative to the SWIFT international messaging system has grown at record pace this year, the central bank said on Friday, as Moscow ramps up efforts ...
Nicholas Pavlidis: Head of Shipping, Bank of Cyprus
After 25 years in the United Kingdom and a career focused on shipping finance, Nicholas Pavlidis moved to Cyprus and joined Bank of Cyprus in April 2017. “My aim was to set ...
British borrowing costs surge, sterling plunges after new economic plan
British government bond yields surged by the most in a day in over three decades on Friday, the pound slid to a fresh 37-year trough against the dollar and stocks ...
Britain sends investors fleeing with historic tax cuts and borrowing (Updated)
Britain’s new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, with sterling and British ...
Cyprus GDP to grow as unemployment falls and inflation normalises
The Central Bank of Cyprus (CBC) on Thursday said that the Cypriot economy’s primary macroeconomic figures for the years 2022-2024 are favourable according to its projected medium-term forecasts, which ...
HSBC fund arm toughens thermal coal policy to curb climate change
HSBC Holdings Plc told Reuters on Thursday it will stop financing the expansion of thermal coal from funds it manages actively with immediate effect, marking an acceleration of a broader ...
No relief for bruised markets as Fed signals higher rates for longer
A Federal Reserve dead-set on fighting inflation is leaving little hope that this year’s rocky markets will end anytime soon, as policymakers signal rates rises faster and higher than ...
Bank of Cyprus bid makes case for lender buyouts
By Liam Proud
Banks usually make for tricky private equity targets. Turnoffs include demanding regulators and high leverage, which stops buyers from piling on further debt. But when prices are ...
Cyprus Business Now
Cypriot company Point Nine this week announced that its third annual conference was successfully held at the Four Seasons Hotel in Limassol on Friday, September 16, attracting a number of stakeholders ...
Fiscal Council: ‘next state budget should focus on building resilience’
The Cyprus Fiscal Council on Wednesday said the 2023 state budget should be designed in such a way that it bolsters the Cypriot economy’s presently-satisfactory resilience, primarily to the worrying ...
Nasdaq bets big on digital assets despite crypto turmoil
Nasdaq Inc (NDAQ.O) is placing a big bet on the cryptocurrency market, with the launch of a digital assets business that is aimed at tapping institutional investors.
The new ...
Dollar sails at two-decade high as Putin rattles markets before Fed
The dollar jumped to a new two-decade high on Wednesday, as a decision by Russia’s President Vladimir Putin to mobilise more troops for the conflict in Ukraine rattled markets ...
Cyprus Business Now
There was an increase of 16.69 per cent in the Construction Materials Price Index in August 2022, compared to the corresponding period in 2021, according to a report released this week by the ...
Hellenic Bank posts €55.4 mln half-year profit, new lending surpasses €500 mln
Hellenic Bank on Tuesday released its financial results for the first half of 2022, posting a profit of €55.4 million, compared to a profit of €21 million in the corresponding period of 2021.
The ...
Two Turkish banks suspend Russian Mir payments after U.S. sanctions
Turkish lenders Isbank and Denizbank have suspended the use of Russian payment system Mir, the banks said late Monday, following a U.S. crackdown on those accused of helping Moscow ...
Stocks tense, dollar bullish for central bank binge
Shares slipped in Asia on Monday and the dollar firmed as investors braced for a packed week of central bank meetings that are certain to see borrowing costs rise across ...
State of the Union: politics and realities
By Ioannis Tirkides
Ursula von der Leyen, President of the European Commission, delivered her annual State of the Union address before the European Parliament, on September 14. This is the occasion ...