Cyprus private debt standing at 206 per cent of GDP
Private debt in Cyprus, including households and non-financial companies, reached 206 per cent of GDP at the end of the third quarter of 2023, according to a report released this week by ...
Women In Tech Cyprus launches educational programme “Advocate for Yourself”
TechIsland, the largest technology association in Cyprus, and member company Adsterra, on Thursday announced the launch of “Advocate For Yourself,” an educational programme under the Women in Tech Cyprus initiative.
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Wall Street explores novel ways to repackage bank loan risk
A financial product that enables banks to shed risk from loan portfolios is gaining more popularity among lenders in the United States, with investors and lawyers devising new structures to ...
Oil buoyed higher by US rate cut expectations
Oil prices rose on Thursday, supported by signals from the US Federal Reserve on a possible start to rate cuts and on new support measures for China’s embattled property ...
Dollar rises as March Fed cut bets unwind, euro at seven-week low
The euro hit a seven-week low on Thursday as the dollar rose after Federal Reserve Chair Jerome Powell pushed back against bets of a US rate cut as soon as ...
Cyprus Business Now
The Producer Price Index (PPI) in Cyprus’ industrial sector for the year 2023 witnessed a notable decrease of 4.5 per cent on an annual basis, according to a report released on Wednesday ...
Starbucks cuts sales view due to Middle East conflict, warns of weak Q2
Starbucks (SBUX.O) cut its annual sales forecast on Tuesday as the Israel-Hamas war hurt its Middle East business, while warning that softer demand in January and slow recovery in ...
H&M CEO quits as sales keep sliding, shares drop
H&M’s (HMb.ST) CEO unexpectedly quit on Wednesday and company veteran Daniel Ervér took over with immediate effect, as the Swedish fashion retailer struggles to boost ...
Byron Allen submits $30 bln offer for Paramount Global, including debt
Media entrepreneur Byron Allen has submitted a $30 billion offer for Paramount Global (PARA.O), including debt and equity, Allen Media Group said in an emailed statement to Reuters on Tuesday.
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Judge voids Elon Musk’s ‘unfathomable’ $56 billion Tesla pay package
A Delaware judge tossed out Elon Musk’s record-breaking $56 billion Tesla (TSLA.O) pay package on Tuesday, calling the compensation granted by the EV maker’s board “an unfathomable sum” ...
Cyprus tourism revenue approaches €3 billion in 2023
Tourism revenue in Cyprus surged to nearly €3 billion during the January-November 2023 period, indicating a remarkable 22.5 per cent annual increase, according to a report released on Wednesday by the state’s ...
Cyprus Institute proposes smart farming Centre of Excellence
President of the Cyprus Institute Stavros Malas this week presented an innovative proposal for the establishment of a Centre of Excellence for Smart and Sustainable Farming (SMARTFARM) to the House ...
Saudi Arabia’s Q4 GDP shrinks 3.7 per cent year-on-year
Saudi Arabia’s real gross domestic product (GDP) shrunk 3.7 per cent in the fourth quarter, government data showed on Wednesday, marking a second consecutive quarter of contraction, as a decline ...
Universal Music, TikTok fail to reach new licensing agreement
Universal Music Group (UMG) (UMG.AS) will cease licensing its content to TikTok and TikTok Music services, as the music label said on Tuesday that its agreement with the social ...
Euro area governments smash bond sale records in hefty funding year
Eurozone governments sold a record amount of bonds directly to investors in January, seeing the highest demand ever, as hopes grow for interest rate cuts to support a weakening economy.
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Cyprus Business Now
Limassol-based Tototheo Maritime, a leading provider of maritime satellite communications and technologies, on Tuesday announced its partnership with Orion Reederei, a prominent ship management company based in Germany.
The company ...
HSBC failed to protect $142 billion in deposits, receives bumper fine
HSBC (HSBA.L) has been fined 57.4 million pounds for “serious failings” in protecting up to 112 billion pounds ($142 billion)of deposits over several years, in the first penalty of its kind ...
Saudi Arabia asks Aramco to lower its maximum capacity target
Saudi Arabia’s government on Tuesday ordered state oil company Saudi Aramco (2222.SE) to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels ...
UPS to cut 12,000 jobs, explores options for Coyote business
United Parcel Service (UPS.N) is to cut 12,000 jobs and explore strategic options for Coyote, its truckload freight brokerage business, after the company forecast full-year revenue below estimates.
Shares in ...
IMF says global ‘soft landing’ in sight, raises 2024 economic growth outlook
The International Monetary Fund on Tuesday edged its forecast for global economic growth higher, upgrading the outlook for both the United States and China – the world’s two largest economies – ...
Finance Minister discusses recent developments with Jordanian ambassador
Finance Minister Makis Keravnos and Ambassador of Jordan to Cyprus Basheer F. Zoubi on Tuesday met at the ministry’s offices in Nicosia, with the discussions primarily focusing on economic ...
Wargaming announces six gaming educational programmes in Cyprus
Wargaming, an award-winning online game developer and publisher headquartered in Nicosia, on Tuesday announced a number of opportunities for students and recent graduates, which are set to take place in 2024.
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Cyprus Business Now
The Cyprus Association of Electronic Money Institutions and Payments (ACEMPI), a member of the Cyprus Chamber of Commerce and Industry (Keve), on Monday introduced a significant tool for the electronic ...
Goldman Sachs cuts Europe Inc’s 2024 profit growth forecast to 3 per cent
Goldman Sachs lowered its 2024 earnings growth forecast for European STOXX 600 (.STOXX) companies to 3 per cent from 7 per cent, citing headwinds from lower oil prices and inflation.
Oil prices gained last ...