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91. Cyprus Apartment Showdown: Nicosia vs. Limassol

In our previous report, we delved into a comparative analysis of apartment sales in the Paphos, Larnaca, and Famagusta districts for 2022 and the first 7.5 months of 2023. Today, we shift our focus to the Nicosia and Limassol provinces, two significant players in the local real estate market....

92. Cyprus-Greece-Israel trilateral meeting ends on high note

The Cyprus-Greece-Israel trilateral meeting led by Nicos Christodoulides, Kyriakos Mitsotakis, and Benjamin Netanyahu has successfully concluded its discussions....

93. Potential bank tax discussed amidst rate dissatisfaction

Leaving the door open for potential action, the Finance Ministry is considering an additional tax on banks due to dissatisfaction with their current approach to deposit and lending rates....

94. Eurobank acquires 17.3% stake in Hellenic Bank for €167.9 million

The Eurobank has agreed to acquire an additional stake of around 17.3% (equivalent to 71,428,572 shares) in the Hellenic Bank at a total price of 167.9 million euros, or 2.35 euros per share. ...

95. Dumping dilemma as Cyprus struggles to break the cycle of illegal waste

The problem of the existence of three illegal dumpsites in the Akamas community area has been trapped in a vicious circle of blame for years....

96. City of Dreams Mediterranean partners with Cablenet

97. Court dismisses depositors' claims in controversial Laiki bank case

On August 10, 2023, the Nicosia District Court rendered a judgment dismissing a claim pertaining to the impairment of plaintiffs' deposits in the former Laiki Bank back in 2013. The plaintiffs had brought the case to challenge the constitutionality of the resolution measures implemented by the State in accordance with the "Resolution of Credit and Other Institutions Law of 2013."...

98. Italy surprises banks with 40% windfall tax

Italy's rightwing coalition sent shockwaves through the financial markets as it announced an unforeseen 40% tax on bank profits derived from higher interest rates. ...

99. Fake rental contract lands woman in custody

The Police in Limassol are investigating a case of fraud and embezzlement involving false representations and money transfers. They have arrested a suspect in connection with the case....

100. NYU expedition uncovers remarkable archaeological finds on Geronisos Island

The Department of Antiquities announced on Wednesday the impressive findings brought to light by the New York University archaeological dig on Geronisos Island, in the area of Agios Georgios of Pegeia. ...

101. Eurobank Cyprus reports soaring profits amid rising interest rates

Eurobank Cyprus posted soaring profitability after tax for the first half of 2023 with net profits approaching the profitability of full year 2022, due to rising interest rates and the high remuneration of its liquidity held at the ECB....

102. ECB dilemma with core inflation at 5.5%

The European Central Bank (ECB) is almost certain to raise interest rates by 25 basis points in its meeting tomorrow, though what happens next is unclear....

103. Cyprus banks witness €52.3B growth

Deposits in the Cyprus banking system rose significantly in June totalling €52.3 billion, while liquidity in the banking system amounted to €27.2 billion....

104. Vandals target cat feeders in Strovolos park

In an unfortunate incident, unidentified individuals vandalized the feeders placed in the Strovolos Grammiko Park, designated to provide sustenance for the area's stray cats. The act of vandalism was made public when a picture surfaced, showing the broken device with its lock rendered non-functional....

105. NPL crisis highlights tug of war between borrowers and legislation

The concealment, or "camouflage," of non-performing loans (NPLs) in commercial banks before 2013 and their subsequent explosion have been, and may continue to be, the most significant challenge for the Cypriot economy. ...

106. Banking on success: Greek and Cypriot banks show remarkable credit improvement

Fitch Ratings released a new report on Monday stating that the credit profiles of Greek and Cypriot banks have significantly improved over the past year due to de-risking and restructuring....

107. Eurobank's vision: Controlling Hellenic Bank and conquering new markets

According to Bloomberg, Eurobank's deputy chief executive, managing director, and head of international operations, Stavros Ioannou, expressed the bank's desire to eventually gain full control of Hellenic Bank in Cyprus....

108. Cyprus’ neighbor to add another lane for gas export

Partners in the Israeli offshore gas project Leviathan said on Sunday they would invest $568 million to build a third pipeline that will allow increased natural gas production and exports...

109. Interest rate increases boost Cypriot banks' 2022 profits to €177 million

Bank of Cyprus and Hellenic Bank generated a combined profit of €164.7 Million in Q1 2023, Driven by interest rate increases....

110. ECB raises interest rate to 3.20% in ongoing tightening campaign

The European Central Bank (ECB) has announced its decision to raise the interest rate to 3.20%, marking another step in its ongoing monetary policy tightening campaign. ...

111. AstroBank raises deposit interest rates

New 18-month term deposit product at 1.50% annual interest irrespective of amount...

112. JPMorgan chase settles $290M lawsuit with Epstein victims

JPMorgan Chase (JPM) reached a tentative $290 million settlement with victims of Jeffrey Epstein, one of two lawsuits alleging the nation's largest bank ignored warnings about its longtime client and facilitated his alleged sex trafficking....

113. Cyprus banking sector maintains stable solvency ratio

The overall solvency ratio of the Cyprus banking sector stood at 21.2% at the end of December 2022, the same as September 2022, according to data published by the Central Bank of Cyprus on Wednesday....

114. FinMin underlines the importance of disciplined policy

The contact circle with the banks has not been completed, and there will be a new one to adopt measures that will provide relief to borrowers regarding the increased interest rates....

115. April records a decrease in loan volumes

The Central Bank of Cyprus announced in a press release on Tuesday that total new loans decreased to €473.9 million in April 2023, compared to €922.5 million in the previous month....

116. New plan to safeguard vulnerable groups' homes nears approval

The Director of the Press Office of the President of the Republic, Victor Papadopoulos, announced that a new plan to safeguard the first homes of vulnerable groups in Cyprus is on the horizon. ...

117. Natural gas a priority for affordable electricity generation

The Cyprus Chamber of Commerce and Industry (CCCI) agrees with the government's priority to bring natural gas το Cyprus, in order to produce cheap electricity, said CCCI President Christodoulos Angastiniotis, after a meeting held between CCCI and President of the Republic, Nikos Christodoulides, on Tuesday....

118. Cyprus sees decline in total deposits and loans

Total deposits in April 2023 recorded a net decrease of €173.3 million, compared with a net increase of €59.8 million in March 2023, the Central Bank of Cyprus said in a press release....

119. Is there an energy plan, or isn't there?

When in 2011 Cyprus discovered natural gas in "Aphrodite," the discussion about geopolitical upgrading was so intense that it led to the creation... of a movie titled "Block 12" and the establishment of specialized studies in oil & gas....

120. EBA tightens its grip in response to sanctions

Following the uproar caused by the lists of sanctions issued by the US, UK, and European authorities, the European Banking Authority (EBA) is tightening its standards in response. ...