https://knews.kathimerini.com.cy/en/business/cyprus-gets-bbb-boost-in-latest-ratings-but-challenges-persist
The German Scope Ratings have given a positive sign for Cyprus by upgrading the country to BBB+ last Friday from the previous BBB while keeping the outlook of the economy stable. ...
https://knews.kathimerini.com.cy/en/news/banks-eye-over-1-billion-euro-profits-in-2023
Cypriot banks, including the Greek bank, are poised to rake in substantial profits for 2023, benefitting from the European Central Bank's interest rate hikes....
https://knews.kathimerini.com.cy/en/news/hellenic-bank-rakes-in-€240-7m-in-2023-s-first-9-months
Hellenic Bank announced on Tuesday a profit of €240.7 million for the first 9 months of 2023....
https://knews.kathimerini.com.cy/en/news/creditors-dispute-foreclosure-laws-and-strategic-defaults
Creditors reluctantly agree to extend the freeze on main residence foreclosures up to €350k, but tensions arise over proposed legislative changes....
https://knews.kathimerini.com.cy/en/comment/opinion/create-a-superministry-to-reduce-bureaucracy
In Cyprus, the proliferation of committees, excessive bureaucracy, and overlapping responsibilities of high-ranking officials have reached unprecedented levels, especially when problems are on the rise....
https://knews.kathimerini.com.cy/en/news/icij-shakes-up-european-parliament
The findings of the Cyprus Confidential investigation by the International Consortium of Investigative Journalists (ICIJ) will be discussed on Wednesday during the Plenary of the European Parliament which will be held in Strasbourg, in the presence of representatives of the Commission and the Council of the EU....
https://knews.kathimerini.com.cy/en/news/government-prepares-compensation-relief-for-clipped-depositors
In a recent press briefing at the Presidential Palace, Government Spokesman Konstantinos Letymbiotis provided crucial updates on the impending compensation for clipped depositors....
https://knews.kathimerini.com.cy/en/news/cyprus-central-bank-challenges-court-ruling-on-laiki-bank-haircuts
The Central Bank of Cyprus (CBC) declared on Tuesday its intention to appeal the Limassol District Court's decision favoring the claimant in the Laiki Bank deposit impairment case from 2013....
https://knews.kathimerini.com.cy/en/news/boc-reports-€349-million-in-profits-plans-employee-bonuses-for-2024
In a significant financial turnaround, Bank of Cyprus reported a notable profit of €349 million for the nine months ending September 30, 2023, marking a substantial improvement from the €19 million loss in the same period last year. ...
https://knews.kathimerini.com.cy/en/business/eurozone-economic-snapshot-november-13-2023
Inflation in the Eurozone, which stood at 10.6% in October 2022, has decreased to 2.9% in October 2023, sparking optimism among central bankers....
https://knews.kathimerini.com.cy/en/news/elizabeth-mccaul-unveils-hidden-financial-dangers
A strong signal highlighting the need for closer scrutiny of non-bank financial institutions comes from Frankfurt, as Elizabeth McCaul, a member of the European Central Bank's Supervisory Board, emphasizes the potential risks....
https://knews.kathimerini.com.cy/en/news/central-banks-across-europe-hold-firm-amidst-rate-cut-speculations
Europe's top central bankers have affirmed that despite market expectations for a reduction due to weakening growth, interest rates will persist at elevated levels. ...
https://knews.kathimerini.com.cy/en/news/why-astrobank-and-cdb-bank-couldn-t-agree-on-a-price
The deal between Astrobank and CDB Bank fell apart over a few million euros, even though they had given a "reason" and had agreed on the price in September 2023....
https://knews.kathimerini.com.cy/en/news/russian-depositor-triumphs-over-laiki-bank-s-2013-haircut
The Legal Service, on behalf of the Republic of Cyprus and the Central Bank of Cyprus (CBC), will appeal the decision of the Limassol District Court, which awarded compensation to a depositor of the former Laiki Bank for the 2013 deposit haircut, according to CNA....
https://knews.kathimerini.com.cy/en/news/rising-number-of-bounced-checks-a-growing-concern
A total of 36 bad cheques, worth €566,732, were issued in October 2023, with 21 persons (14 legal entities and 7 natural persons) being registered in the preliminary list of the Central Information Register for the Issuers of Dishonoured Cheques (CIR), maintained by the Central Bank of Cyprus (CBC)....
https://knews.kathimerini.com.cy/en/business/cyprus-banks-bracing-for-profit-squeeze-according-to-moody-s
Moody's believes that Cyprus' small and saturated banking sector, the banks' limited loan portfolio, and low fee and commission income will restrict opportunities for growth in domestic banks' activities and profitability in the long term....
https://knews.kathimerini.com.cy/en/news/will-foreclosures-plague-2023
There is a race against time, with only a few weeks left to address the issue of foreclosures and enhance the framework....
https://knews.kathimerini.com.cy/en/comment/opinion/from-ill-considered-posts-to-digital-faux-pas
In the Cypriot digital political arena of Facebook, Twitter, Instagram, and lately, TikTok, national anniversaries, the Cyprus issue, and other significant events in a historical context or related to tumultuous international developments have perennially been fertile ground for blunders. ...
https://knews.kathimerini.com.cy/en/news/bank-of-cyprus-and-hellenic-bank-upgraded-by-fitch
Fitch Ratings has delivered significant upgrades to the two largest Cypriot banks, Bank of Cyprus and Hellenic Bank, signaling a positive turn in Cyprus's economic landscape and a bright outlook for both financial institutions....
https://knews.kathimerini.com.cy/en/news/fitch-upgrades-hellenic-s-long-term-rating-to-bb-with-stable-outlook
In a recent announcement, Fitch Ratings raised Hellenic Bank's long-term rating from "BB-" to "BB+" and assigned a stable outlook to the bank. The agency also upgraded the bank's Viability Rating (VR) to "bb+" from "bb-."...
https://knews.kathimerini.com.cy/en/news/hellenic-employees-want-share-of-bank-s-excess-profits
The Cyprus Bank Employees' Union (CBCU) has called for a three-hour work stoppage at all Hellenic Banks on Monday, November 6, 2023, from 3:00 p.m. to 6:00 p.m....
https://knews.kathimerini.com.cy/en/news/will-czech-republic-embrace-the-euro
Despite being part of the European Union for nearly two decades, the Czech Republic remains staunchly opposed to adopting the euro as its official currency. ...
https://knews.kathimerini.com.cy/en/news/cyprus-records-€253-8m-in-new-loans-for-september-2023
Pure new loans in September 2023 increased to €253.8 million compared to €207 million in August 2023, according to the latest data released by the Central Bank of Cyprus on Thursday.
...
https://knews.kathimerini.com.cy/en/news/no-foreclosures-on-first-homes-until-the-end-of-2023
In a development concerning foreclosures, four months after the summer 2023 decisions, the data remains unchanged. Banks and credit redemption companies have been urged to provide a two-month grace period for first homes and properties up to 350 thousand euros. ...
https://knews.kathimerini.com.cy/en/news/freeze-on-home-foreclosures-likely-to-continue
As the year comes to a close, it seems likely that the freeze on foreclosures of primary homes valued up to €350k will be extended....
https://knews.kathimerini.com.cy/en/news/un-warns-of-potential-war-crimes-amid-israel-gaza-violence-surge
The United Nations has warned that there was “clear evidence” that war crimes may have been committed in “the explosion of violence in Israel and Gaza”....
https://knews.kathimerini.com.cy/en/news/key-economic-issues-dominate-the-headlines
Despite various actions taken and a decrease in inflation, there are worries about the central bank's ability to achieve its goals. Some experts suggest that the target of 2% price growth, ...
https://knews.kathimerini.com.cy/en/business/kedipes-calls-for-stability-in-foreclosure-framework-to-safeguard-borrowers-homes
Lambros Papadopoulos, Chairman of the Board of Directors of KEDIPES (Cyprus Asset Management Company), emphasized the importance of maintaining consistency in the 2018 divestment framework within the Parliament....
https://knews.kathimerini.com.cy/en/business/ecb-maintains-interest-rates-amid-tightening-impact
The European Central Bank (ECB) has opted to maintain interest rates unchanged for the first time in over a year, marking a shift following 10 consecutive rate hikes. ...
https://knews.kathimerini.com.cy/en/news/tightened-lending-criteria-and-reduced-loan-demand-in-q2-2023
During the second quarter of 2023, lending criteria for both businesses and households in Cyprus remained stringent, with banks exercising caution....
