CBC eyes higher capital requirements for Cypriot banks
The Central Bank of Cyprus (CBC) on Friday said that it is assessing the capital needs of banks in light of escalating macroeconomic and geopolitical risks.
Speaking during a briefing ...
Tesla Models 3, Y, and Cybertruck affected in 700,000-vehicle recall
Tesla (TSLA.O) said on Friday it was recalling 694,304 vehicles in the United States over an issue with the tire pressure monitoring system (TPMS).
The TPMS warning light may not ...
Limassol tourism rebounds despite loss of key market
Tourist arrivals in Limassol are rising, offsetting the loss of the Russian market, according to Anthi Theocharous, VP of Tourism at the Limassol Chamber of Commerce (Evel).
“Limassol absorbed a ...
UK consumers ease back into spending after budget concerns
British retail sales rose by a weaker-than-expected 0.2 per cent in November, according to official data which suggested consumers had overcome their worries about the new government’s first budget but ...
Cyta adopts digital ID verification process
Cyta on Friday announced that it will adopt digital identity verification through the government’s Digital Citizen application
This new service will start on December 23, 2024, with Cyta saying that this ...
Kato Pyrgos hoteliers raise concerns to tourism ministry
Hoteliers in Kato Pyrgos Tilliria raised key concerns over staffing, connectivity, and beach upgrades during a meeting with Deputy Minister of Tourism Costas Koumis on Thursday.
According to a statement, ...
Scheme helps Cypriot businesses participate in international events
The Cabinet has approved a new De Minimis Grant Scheme to support Cypriot businesses in participating in international trade fairs, following a proposal by Energy Minister George Papanastasiou.
The scheme, ...
Cyprus GDP growth forecast for 2024 revised upwards
The Central Bank of Cyprus (CBC) has revised its GDP growth forecast for 2024 upwards by 0.2 percentage points, now expecting growth of 3.7 per cent.
The revision is attributed to stronger domestic ...
CBC launches strategy for electronic money sector
The Central Bank of Cyprus (CBC) on Friday announced the launch of a comprehensive licensing and supervisory strategy aimed at enhancing oversight and governance of electronic money institutions and payment ...
Tax rate adoption good for Cyprus’ credibility, bolsters state coffers
Cyprus’ adoption of the 15 per cent minimum tax for multinationals entails both challenges and opportunities, according to Stelios Violaris, Tax Advisory Services Partner at PwC Cyprus.
Violaris also highlighted the ...
Cyprus public sector workforce hits 73,137 in third quarter
The workforce in Cyprus’ broader public sector totalled 73,137 employees in the third quarter of 2024, according to a report released this week by the Cyprus Statistical Service (Cystat).
For the first ...
Cyprus Business Now: Kedipes update, Invest Cyprus, shipping appointment
Invest Cyprus on Thursday announced that it has being re-elected to the board of the ANIMA Investment Network.
Invest Cyprus CEO Marios Tannousis, stated that “our re-election to the ANIMA ...
Trump, not yet in office, already a figure in global economic policy
The world’s economic reckoning with the incoming Trump administration kicked off in earnest this week, with the US Federal Reserve flagging fewer rate cuts, a resignation in Canada over ...
Morgan Stanley taps Al-Abdulla to head Qatar business
Morgan Stanley (MS.N) has hired fund manager Abdulrahman Al-Abdulla as head of its business in Qatar, as the Wall Street bank continues its expansion in the region and tries ...
UK house prices to rise by up to 3 per cent next year
British house prices are set to grow by up to 3 per cent next year as property remains in short supply across much of the country and new home building has ...
FCA extends motor finance complaints deadline to December 2025
The Financial Conduct Authority (FCA) is giving customers who struck historic finance deals to lease motor vehicles additional time to complain about commission payments, widening a review that could lead ...
Dovish BoE dents buoyant sterling but soothes battered gilts
A dovish message from the Bank of England on Thursday dented the outlook for sterling, one of the year’s best performing major currencies against the dollar, while bringing a ...
UAE cenbank cuts base rate by 25 bps
The central bank of the United Arab Emirates cut its base rate applied to the overnight deposit facility by 25 basis points on Wednesday, from 4.65 per cent to 4.40 per cent, effective ...
Fed’s hawkish tilt has emerging markets scurrying to save currencies
Central banks from Brazil to Indonesia scrambled to defend their struggling currencies on Thursday, hours after the Federal Reserve jolted markets by indicating it may not cut rates by much ...
Invest Cyprus re-elected to ANIMA board
Invest Cyprus on Thursday announced that it has being re-elected to the board of the ANIMA Investment Network.
Launched in 2006 within the framework of the Barcelona Process-Euromed partnership, ANIMA has ...
Kedipes state aid repayment hits €1.47 billion
State-owned asset management company Kedipes has repaid €1.47 billion in state aid since the start of its operations in September 2018, according to an announcement released on Thursday.
This includes €310 million repaid ...
Cyprus opens labour market to foreign students, skilled workers
The Cabinet this week approved measures to expand labour market access for students and attract skilled professionals from abroad.
These initiatives aim to address growing employment demands and boost economic ...
Fed’s hawkish stance weighs on oil prices
Oil prices fell in Asian trade on Thursday after the US Federal Reserve signalled it would slow the pace of interest rate cuts in 2025, which could hurt economic growth and ...
Bank of England to keep rates steady as price pressures linger
The Bank of England looks set to hold interest rates at 4.75 per cent on Thursday, despite signs of a slowing economy, as persistent inflation pressures limit it to a “gradual” ...