Are sanctions against Russia working?
By Maria Demertzis
When Russia first invaded Ukraine almost a year ago, many countries condemned the aggression and applied sanctions in an attempt to squash its economy and isolate it ...
Investors pull $2.5 bln in days from Binance’s stablecoin on regulatory scrutiny
About $2.5 billion flowed out from Binance’s stablecoin this week, Binance’s CEO said on Twitter, after US regulators turned their sights on the cryptocurrency.
Most of the money has ...
January tourist arrivals record massive rise, UK leads the way
Tourist arrivals to Cyprus amounted to 90,549 visitors in January 2023, compared with 43,944 during the same month of 2022, marking an increase of 106.1 per cent year-on-year, according to a report released on Friday ...
Goldman Sachs now expects three more Fed rate hikes in 2023
Goldman Sachs said it was expecting the US Federal Reserve to raise interest rates three more times this year by a quarter of a percentage point each, after data this ...
Central Bank issues warning about ‘Turkish investment bank’
The Central Bank of Cyprus (‘CBC’) on Friday released a statement informing the public, businesses and depositors that an entity under the name ‘Turkish International Investment Bank’, to which reference ...
Limassol port operator invested €8.7 million since taking over
Limassol port management company DP World Limassol on Friday announced that it has completed six years as operator of the multi-purpose and cruise terminal, stating that it remains committed to ...
G20 watchdog homes in on decentralised finance after FTX crash
The G20’s Financial Stability Board (FSB) said on Thursday it would take steps to tackle “vulnerabilities” and data gaps in decentralised finance (DeFi) highlighted by the collapse of cryptocurrency ...
How sanctions complicated day-to-day banking for Russians
Financial sanctions against Russia have strangled its banks’ profits and wrecked many lenders’ international operations, but one year after Moscow sent its troops into Ukraine how much do they matter ...
Portugal ends Golden Visas, curtails Airbnb rentals to address housing crisis
Portugal announced on Thursday a hefty package of measures to tackle a housing crisis, including the end of its controversial “Golden Visa” scheme and a ban on new licenses for ...
NatWest outlook drags down shares despite profit leap
NatWest (NWG.L) warned on Friday that rising interest rates may not deliver the long-lasting earnings bonanza investors hope for, even though profit jumped by 33 per cent last year.
Shares ...
Paphos real estate sector saw double-digit increase in sales in 2022
The real estate sector in Paphos experienced a double-digit increase in sales during 2022, with the volume of transactions rising by 31 per cent year-on-year, according to PwC Cyprus’ latest edition of ...
In EU car data tussle, insurers and others brace for delays, disappointment
A broad coalition of insurers, leasing companies, car repair shops and others are calling on the European Commission to propose rules for fair access to valuable vehicle data soon, fearing ...
Cyprus Business Now
The association of large investment projects (SMA) this week welcomed the decision by the cabinet of ministers to approve the creation of a marina in Paphos, a major project for ...
Nestle full year profit misses forecasts despite price increases
Nestle (NESN.S) reported weaker than expected full year net profit despite the world’s biggest food group passing on higher raw material costs by hiking prices for customers.
The ...
FTX customers sue financiers for giving bankrupt crypto exchange an ‘air of legitimacy’
Former customers of Sam Bankman-Fried’s FTX have sued three venture capital and private equity firms, accusing them in a proposed class action of fraudulently promoting the cryptocurrency exchange before ...
Germany’s oldest companies face fresh break-up calls
Activist investors are renewing their years-long efforts to break up some of Germany’s most venerable companies, seeing streamlining as a promising route to reviving share prices as Europe’s ...
Sticky inflation prompts EBRD to trim 2023 growth outlook for its region
High gas prices and persistent inflation eroding real wages will limit growth in emerging Europe, central Asia and north Africa, the European Bank for Reconstruction and Development (EBRD) said in ...
Founder of WallStreetBets, which helped ignite meme stock frenzy, sues Reddit
The founder of WallStreetBets, which has been credited with helping ignite investors’ frenzy into “meme” stocks, sued Reddit Inc on Wednesday, accusing it of wrongly banning him from moderating the ...
Turkey earthquake could result in loss of up to 1 per cent of country’s GDP in 2023
The potential economic effects of the earthquake in Turkey could result in a loss of up to 1 per cent of the country’s gross domestic product this year, the European ...
Tourism sector issues fresh warning about labour shortages
The Famagusta branch of the hotels’ association Pasyxe on Wednesday expressed concern ahead of the upcoming summer tourist season, noting that labour shortages remain an ongoing issue, despite the positive ...
EY expects ‘massive approval’ in vote to split up company
Partners in EY are expected to give approval for spinning off the company’s consulting arm and listing it on the stock market by the end of the year, a ...
Cyprus Business Now
The Association for the Protection of Borrowers (Syprodat) this week said that the new government should engage in dialogue with Cypriot banks in order to resolve the issue of non-performing ...
Barclays shares tumble 9 per cent as profit disappoints
Barclays (BARC.L) reported a 14 per cent fall in full-year pretax profit on Wednesday as earnings were poleaxed by surging costs, a collapse in deal fees and multi-million dollar fines ...
The deep freeze over UK assets is thawing
Britain’s stocks and bonds are drawing strong buying interest, not quite a vote of confidence in the economy but a reassuring sign for policymakers that a deep investment freeze ...