VAT reduction only solution, fuel industry stakeholders say
By George Pirishis
In an effort to contain costs from the rising fuel prices, the government has decided to temporarily reduce the excise tax on petrol and diesel by 7 cents ...
Nike, IKEA close Russian stores as sanctions, trade restrictions bite
Sneaker maker Nike and home furnishings firm IKEA shut down stores in Russia on Thursday, as trade restrictions and supply shutdowns added to political pressure for companies to stop business ...
Central Bank: unchanged deposit rate, small decrease to housing loans rate
The interest rate on deposits from households with an agreed maturity of up to one year remained unchanged at 0.06 per cent, compared to December 2021, according to Cyprus Central Bank. At ...
EU considering SWIFT exclusion for Belarus banks
The European Union is considering excluding banks in Belarus from the SWIFT messaging system that underpins the global financial transactions, as it has already done for seven Russian banks, an ...
Ladbrokes owner Entain’s profit rises on online gambling growth
Entain (ENT.L) rode the popularity of online betting during lockdowns to report higher annual core earnings on Thursday, but the British gambling firm refrained from paying shareholders a dividend.
...
Russian rouble falls to record lows after ratings downgrades
The Russian rouble slid further on Thursday, hitting record lows against the dollar and euro, after ratings agencies Fitch and Moody’s downgraded Russia’s sovereign debt to “junk” status ...
UK shuts out Russian companies from insurance market
Britain will ban Russian companies from the London insurance market, the world’s largest commercial and speciality insurance centre, its finance ministry said on Thursday.
Russian companies in the aviation ...
Russian firms rush to open Chinese bank accounts as sanctions bite
The Moscow branch of a Chinese state bank has seen a surge in enquiries from Russian firms wanting to open new accounts, a person familiar with the matter said, as ...
Ukraine war raises spectre of Russia’s first external debt default
With much of Moscow’s $640 billion reserves under lock and key in the West and sanctions crippling cross-border capital flows, investors fear Russia may be heading for its first ever ...
Importance of Russian titanium to global industry
The potential for disruptions to Russian commodity supplies has thrown a spotlight on the metal used in the aerospace, marine and auto industries.
The United States and Europe have imposed ...
Aviation industry prospects remain strong, IATA says
The total number of air passengers is expected to surpass that of 2019, the last pre-pandemic year, in 2024, reaching 4 billion passengers, the International Air Transport Association (IATA) said earlier this week.
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Cyprus Business Now
The vice president of the European Investment Bank (EIB), Liliana Pavlova, who oversees
financing operations for Cyprus, among other countries, will pay an official visit to the island on March 3, 2022, ...
CFOs working remotely in Cyprus for London based companies
In the age of Zoom, Google Drive, and Microsoft Teams, you can work from anywhere in the world. While companies were gradually becoming more flexible, the pandemic turbo-charged the transition ...
Cypriot banking system has no exposure to Russia, Finance Minister says
The economic sanctions imposed against Russia following its invasion of Ukraine are not affecting Cyprus to a large extent as the island’s banking system has no exposure to Russia, ...
Russia seeks to halt investor stampede as sanctions hammer economy
Russia said on Tuesday it was placing temporary restrictions on foreigners seeking to exit Russia assets, as it tried to stem an investor retreat driven by crippling Western sanctions imposed ...
Exxon to exit Russia, leaving $4 bln in assets, Sakhalin LNG project in doubt
Exxon Mobil (XOM.N) on Tuesday said it would exit Russia oil and gas operations that it has valued at more than $4 billion and halt new investment as a result ...
Which international banks are exposed to Russia?
The latest wave of sanctions on Russia over its Ukraine invasion has thrown the global banking industry deeper into turmoil, as Western countries try to squeeze Moscow’s access to ...
Partnership aims to promote sustainability in maritime industry
Safetytech Accelerator and CMMI are pleased to announce a partnership in which they will pool resources and expertise to support sustainable growth in marine and maritime sectors.
A focus on ...
Russian rouble slips past 100 vs dollar, banks hunt for FX
The rouble weakened past 100 to the dollar on Wednesday, heading back to record lows, and the stock market remained closed as Russia’s financial system staggered under the weight of ...
Russia’s No.1 lender Sberbank pulls out of Europe
Russia’s largest lender Sberbank SBER.MM said on Wednesday it was quitting almost all European markets, blaming big cash outflows and threats to its staff and property following Russia’...
Procedure for contempt of a court order
It is conducted on the basis of affidavits, save the right for cross-examination
Courts have the power to issue orders, interim or final, for parties to do or refrain from ...
Cypriot fintech first to use AI-powered analytics tool
Cyprus-based financial technology company SquaredFinancial announced on Tuesday that it will be the first organisation to utilise iQbyQi, an advanced retail trading analytics tool.
“SquaredFinancial, the fintech brokerage headquartered in ...
Cryptoverse: Bitcoin gains conflict currency credentials
Bitcoin has leapt since Russia’s invasion of Ukraine, bolstered by people in those countries looking to store and move money in anonymous and decentralised crypto.
Bitcoin trading denominated in ...
Cyprus Business Now
The services sector turnover index increased in 2021, compared to 2020, with particularly strong growth being observed in accommodation and catering services, according to data released this week by the Cyprus Statistical ...