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1021. Global economy faces $590 trillion storm

A $590 trillion storm threatens the global economy as rising interest rates make more corporate debts problematic. ...

1022. 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. ...

1023. 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....

1024. Philippos Soseilos: Significant investment opportunities in Cyprus

1025. Cyprus Parliament rejects bills on borrowers' rights

The Cyprus Parliament voted against two non-government bills regarding borrowers' rights on Thursday, disregarding warnings from the government and the Central Bank about potential threats to the stability of the financial sector....

1026. Shazam founder at the Digital Agenda Cyprus Summit '23

Dhiraj Mukherjee, the co-founder of Shazam Entertainment, pioneered the development of the world's first mobile phone-based music recognition service. This groundbreaking technology caught the attention of Apple, leading to its acquisition in 2017 for a staggering $400 million....

1027. EY Cyprus announces five new partners

EY Cyprus is pleased to announce that its management team has been strengthened with the addition of five new partners and five new directors in 2023, reaching the total number of 31 partners of whom 6 are women, and 17 directors of whom 8 are women....

1028. Applications open for 'Rent in Exchange' program

"The submission of applications for the 'Rent in Exchange for Installment' program will begin in October," said Ioanna Markidou, Chief Economist A' at the Ministry of Finance, in a statement to CNA....

1029. Building and agricultural land for sale by AstroBank

1030. Rising scams in Cyprus

Telephone and online scams are on the rise in Cyprus, targeting vulnerable elderly individuals and attempting to swindle their hard-earned money....

1031. Relief for vulnerable households with non-performing loans

The ''Rent vs Instalment Scheme'' was approved by the Council of Ministers today, as announced by Government Spokesperson Konstantinos Letymbiotis following the conclusion of the Council. The European Commission's Directorate General for Competition also granted approval on July 6....

1032. Loan demand in Cyprus falls, interest rates rise

The Cypriot banking institutions are holding a small basket for demand in new loans....

1033. Proposed foreclosure reforms spark debate in Cyprus

Three proposals will be discussed at the last Plenary Session of the House of Representatives before the summer recess, along with three scenarios regarding the outcome of the foreclosure framework....

1034. Major banks hit by large-scale cyberattack

The banks Deutsche Bank, Commerzbank, and ING are among the dozens of companies that have suffered a large-scale cyberattack....

1035. Biden whistleblower accused of being foreign agent, arms dealer

A missing witness into the investigation of Hunter Biden's business dealings who claims he has proof of the President's son's corrupt connections to the Chinese government has reappeared after he himself was accused of being a Chinese agent and fled custody....

1036. President appoints Dr. Vasiliki Kassianidou as Deputy Minister of Culture

The Presidential Office issued a statement today announcing the resignation of Michalis Hatzigiannis from his role as Deputy Minister of Culture....

1037. From ''lovers'' to ''doctors'': Cyprus confronts rising online fraud

Cyprus is witnessing a significant annual increase in online fraud cases, according to Andreas Anastasiades, the Director of the Electronic Crime Sub-Directorate. ...

1038. High stakes for Cyprus at Vilnius and New York

All eyes are turned towards Vilnius, Lithuania, and the NATO Summit, as the negotiation deadlock between Turkey and the West, with Sweden's accession to the Alliance in the background, largely determines Erdogan's grid of relations with NATO and the EU in the coming months. ...

1039. Criminals steal $20M from Revolut

Organized criminals exploited a vulnerability in Revolut's payment systems to steal over $20 million from the fintech company, as reported by the Financial Times, citing multiple anonymous sources knowledgeable about the incident....

1040. Contentious foreclosure legislation sparks debate in Parliament

The issue of foreclosures remains unresolved and will be the focal point of the upcoming plenary session on Thursday, July 13. ...

1041. Cyprus sees decrease in bounced checks

A total of 35 dishonoured cheques, with a total value of €67,609, were issued in June 2023, while 16 persons (10 legal and 6 natural) were recorded in the preliminary list of the Central Information Register (CIR) for dishonoured cheques, maintained by the Central Bank of Cyprus (CBC)....

1042. Google DeepMind CMO at the Digital Agenda Cyprus summit

Dex Hunter-Torricke, the Chief Communications Officer of DeepMind and a close associate of Elon Musk and Mark Zuckerberg, is coming to Cyprus....

1043. TechIsland announces TechIsland Awards Finalists

TechIsland is happy to announce the shortlist of finalists for the 1st TechIsland Awards. The 260+ members of TechIsland were asked to submit their nominations for 7 different categories of awards, based on specific criteria, aiming to bring forward and shine a spotlight on individuals, projects and companies that are shaping the tech and innovation landscape of Cyprus....

1044. 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....

1045. Parliament approves foreclosure law

A significant mobilization by the Government and the Central Bank of Cyprus took place this week regarding the framework of foreclosures, primarily to withdraw the "problematic" proposal that, according to the state and banks, would have negative consequences for the Cypriot economy....

1046. Cyprus inflation at 1.9%

Inflation in Cyprus reached its lowest level in 25 months in June 2023 and stood at 1.9% on an annual basis, mainly due to the decline in food prices....

1047. The government's seven proposals for vulnerable individuals

Finance Minister Makis Keravnos submitted seven government actions aimed at addressing issues related to non-performing loans to Parliament yesterday....

1048. EU Commission proposes digital euro as cash alternative

Digital currencies have grown in popularity. Unlike bitcoin, the digital euro would be a central bank digital currency (CBDC), essentially, electronic cash. ...

1049. Parliament to vote on law for borrowers' foreclosure appeal

The news from the "Oikonomiki Kathimerini" about the suspension of first home foreclosures up to €350,000 until the end of October has been confirmed. ...

1050. President urges solution as foreclosure laws vote approaches

Cyprus is heading towards suspending first residence property foreclosures up to 350,000 euros until the end of October....