Turkey’s cenbank to deliver another substantial rate hike to 20 per cent
Turkey’s central bank is expected to raise its policy rate by 500 basis points to 20 per cent this week, a Reuters poll showed on Monday, making good on its pledge ...
Fitch Ratings: Positive outlook for Cypriot banks in second half of 2023
Fitch Ratings on Monday released a new report stating that the stable quality of Cypriot banks’ assets in the second half of 2023 will be supported by positive prospects for the ...
Research spending in Cyprus remains low — private businesses lead the way
Research spending in Cyprus remained at a low level of 0.83 per cent of Gross Domestic Product (GDP) in 2021, despite a significant 8 per cent increase compared to 2020, according to the latest ...
Cyprus Business Now
The Cyprus Securities and Exchange Commission (CySEC) on Monday announced that in recognition of the importance of financial education and academic excellence, it recently handed out awards to two exceptional ...
UBS investors warm to Credit Suisse deal
UBS’s (UBSG.S) emergency takeover of Credit Suisse may lead to thousands of job losses, departures of key staff and a risky integration challenge, but for many UBS investors ...
Fashion retailer H&M to launch in Brazil
Fashion retailer H&M (HMb.ST) will launch stores and online trade in Brazil in 2025, the company said this week.
H&M opened its first store in Latin ...
Cyprus tourist arrivals soar in June — Poland and Sweden among top five markets
Tourist arrivals in Cyprus experienced a significant increase of 22.7 per cent in June 2023 compared to the same period last year, although they remained 10.6 per cent lower than the record-breaking arrivals ...
PwC Cyprus showcases investment opportunities at NY summit
New York City played host to the Economist’s annual Eastern Mediterranean Business Summit on July 10, with PwC Cyprus serving as the platinum sponsor, according to an announcement released by ...
Global rules leave crypto firms with no place to hide, says G20 watchdog
Globally agreed rules leave crypto firms with no option but to introduce basic safeguards to prevent the blow-ups seen at FTX exchange and other crypto casualties, the G20’s Financial ...
For markets, BoE communication is bottom of the class
As markets navigate a likely end to the steepest interest rate rises in decades, investors say the Bank of England has been less consistent in its messaging than other major ...
Dollar licks wounds as policy peak looms
A bruised dollar took respite on Monday after suffering its worst weekly drop of the year, as traders waited on economic data and policy decisions before selling it down any ...
Moscow takes control of Russian subsidiary of Danone and Carlsberg’s stake in brewer
The Russian state has taken control of French yoghurt maker Danone’s (DANO.PA) Russian subsidiary along with beer company Carlsberg’s (CARLb.CO) stake in a local brewer, according ...
Crypto ransom attacks rise in first half of 2023, Chainalysis says
Crypto crime fell overall in the first six months of 2023, but the volume of payments to ransomware attackers surged and is on track for its second-biggest annual total on record, ...
AI startups bringing dollars but lean workforces to ailing San Francisco
In a frenzy unseen since the birth of social media in the early 2000s, investors are pouring billions into generative AI and fueling a startup boom in San Francisco.
At ...
Italy’s luxury groups set aside rivalries to keep it local
Italy’s luxury fashion groups, which for decades jealously guarded their independence, have started teaming up to protect their supply chains and the Italian roots of smaller companies, showing a ...
BYD proposes $1 billion India plan to build EVs, batteries
China’s BYD Co (002594.SZ) has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge ...
Cyprus Business Now: weekly wrap-up
Here are the top business stories in Cyprus from the week starting July 10:
Invest Cyprus, the national investment promotion agency, on Friday released a statement expressing its support for a ...
In greening air travel, small parts can make a big difference
Aircraft flaps and emergency power units are part of efforts to reduce the aviation industry’s contribution to global warming.
By Tom Cassauwers
Each time a plane takes off or ...
EU looks to take lead in metaverse world, avoid Big Tech dominance
The European Commission on Tuesday set out a plan in a bid to take the lead in the metaverse – shared virtual worlds accessible through the internet – and to prevent Big ...
LG Electronics targets $77 bln sales by 2030, holds high hopes for vehicle components
LG Electronics (066570.KS) said this week that it is targeting 100 trillion won ($77 billion) in sales by 2030 and plans some 50 trillion won of investment as the South Korean company announced its ...
Cyprus Business Now
The Cyprus Chamber of Commerce on Friday announced that it successfully held its Journey Towards Sustainable Tourism conference, detailing grants, support schemes and best practices in this space.
The conference, ...
Limassol business delegation visits Sofia Tech Park — aspires for local equivalent
The Vice President of International Relations at the Limassol Chamber of Commerce and Industry, Heros Miltiadous, met with the Vice President of the Bulgarian Chamber of Commerce and Industry, Todor ...
Cyprus falling down the freedom and prosperity ladder
By Charles Ellinas
To many, it may not sound surprising, but it is a sad reflection of the last ten years. Cyprus continues its freefall global rankings, in a number ...
KPMG to invest $2 billion in AI, cloud services
KPMG said this week that it will spend $2 billion on artificial intelligence and cloud services through an expanded partnership with Microsoft (MSFT.O), closely following Accenture (ACN.F) in betting ...