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631. Declining new loans in Cyprus signals economic shifts

In April 2023, Cyprus experienced a notable decline in new lending, as reported by the Central Bank of Cyprus. ...

632. Cyprus housing prices rise amid increased demand

During the fourth quarter of 2022, housing prices in Cyprus continued their upward trend, driven by increased construction costs and higher demand....

633. Determined man makes a run for it at Ledra crossing

A man was arrested on Tuesday near the Ledra crossing point in divided Nicosia, but little is known about the incident which ended up with Greek Cypriot officers who blocked his way to the south getting injured as he tried to make a run for it...

634. 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....

635. 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....

636. Green party protests dog shelter conditions

The Green Party – Citizens' Cooperations is arranging a demonstration to bring attention to what they consider to be unacceptable conditions at the municipal dog shelter in Ayioi Trimithias, Nicosia....

637. Demolitions underway as Mykonos businesses tear down illegal structures

Businesses on the island of Mykonos are in a race against time to demolish illegally constructed structures on their premises and avoid being shut down by authorities....

638. Child deaths in Khartoum orphanage amid Sudan conflict

At least 60 infants, toddlers, and older children perished over the past six weeks while trapped in harrowing conditions in an orphanage in Sudan’s capital as fighting raged outside....

639. Local home buyers feel priced out in divided Cyprus

Cypriots on both sides of the divided island have been noticing real estate prices going up in recent years due to foreign buyers willing shell out more, with reports suggesting the trend is going nowhere but up...

640. Porsche Cyprus celebrates the Grand Opening of the new corporate architecture concept ''Destination Porsche'', in Limassol

It is the fourth Porsche Centre under the new retail ''Destination Porsche'' concept in the Central and Eastern Europe region and amongst first in the world. ...

641. Why are food prices so high in Europe?

It is the most basic of staple food items: sliced white bread. In Britain, the average price of a loaf was 28 percent higher in April, at 1.39 pounds, or $1.72, than it was a year earlier....

642. Cyprus unemployment higher than EU average

In 2022, the unemployment rate of people aged 15-74 in Cyprus was 6.8%, a little higher than the EU average (6.2%), according to data released by Eurostat, the statistical service of the EU, with data recording a large variation across the EU’s NUTS 2 regions. The unemployment rate among the young was also above the EU average in Cyprus....

643. An effective foreclosure framework is important, says FinMin

An effective and functional foreclosure framework is crucial for encouraging borrowers to restructure their debt, due to the high stock of non-performing loans (NPLs), the Cyprus Ministry of Finance said in a press release on Tuesday....

644. Luxury villas for sale by AstroBank

645. 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....

646. The self-sabotage of a President in less than 100 days

Nicos Anastasiades, undeniably one of the prominent political figures in the region, has faced criticism after many years in the Presidency, which, in some cases, rightly exceeded the boundaries of political deconstruction. ...

647. EU launches innovative support center for Green Line trade

The European Commission has announced the establishment of an information and support center, in collaboration with the Cyprus Chamber of Commerce and Industry (CCCI) and the Turkish Cypriot Chamber of Commerce (TCCC), to facilitate legal trade across the Green Line for Cypriot businesses and individuals....

648. Divestments trigger a risk of backlash in the Recovery Fund

As Cyprus races against time to secure €1.1 billion in grants and loans from the Recovery Fund (NextGenerationEU) by June 2026, a new challenge arises. ...

649. Inferno engulfs Sydney building near Central Station

An “apocalyptic” blaze engulfed a building near Central Station in Sydney on Thursday afternoon, sending a massive plume of smoke into the air and causing parts of the building to collapse....

650. Cyprus wages charm offensive on Turkmenistan

Nicosia’s ambassador to Turkmenistan presented his credentials this week, with the Cypriot diplomat who holds multiple ambassadorships in Central Asia already waging a charm offensive in a capital known for seeking neutrality on the global stage...

651. Christodoulides to drill EU peace role into Berlin

Cypriot President Nikos Christodoulides travels to Berlin this week where he is expected to push once again for active EU involvement in peace talks on the divided island, a proposal so far rejected by Turkish Cypriots who call for cooperation between two states...

652. President Christodoulides engages in crucial talks with German chancellor

President of the Republic Nikos Christoulides will hold talks on Thursday with German Chancellor Olaf Scholz in Berlin, during which they will discuss the Cyprus problem, the President's proposal for more active EU involvement in the Cyprus efforts and bilateral and international affairs....

653. US publishes new sanctions list with Cypriot entities, raises concerns

In a recent development, the United States released a new sanctions list on Friday (19/05), which includes the names of several Cypriot citizens and entities....

654. CBC urges banks to embrace transformation for sustainablefuture

Constantinos Herodotou, Governor of the Central Bank of Cyprus, emphasized the need for Cypriot banks to seize the current favorable circumstances and address impending challenges during his speech at the 2023 ICPAC Mediterranean Finance Summit held in Limassol on Thursday....

655. Houses and building land for sale by AstroBank

AstroBank is selling houses and building land in various areas of Cyprus such as Nicosia, Famagusta, Paphos, and Larnaca....

656. Cypriot economy maintains momentum but faces uncertainties

The Cypriot economy maintained a strong momentum in the first quarter of 2023 with real GDP registering an annual growth rate of 3.4%, marking however signs of a slowdown on the backdrop of the uncertain external environment and the restrictive monetary policy by the European Central Bank in a bid to place inflation under control....

657. May Newsletter of K. Treppides & Co Ltd: CySEC

A new issue is out from the newsletter by K. Treppides & Co Ltd, a leader in financial advisory and consulting services with offices in three countries....

658. Why do young people in Cyprus struggle to secure a home loan?

Young people are facing difficulties in securing mortgage loans due to a number of factors, according to economist Tasos Yasemidis....

659. Cypriots want less bureaucracy, better civil servants

Cypriots appear largely dissatisfied by the functioning of the country’s public administration, and believe that the way forward goes through the reduction of bureaucracy, better skills for civil servants and more communication with citizens, according to the findings of a flash Eurobarometer survey on how EU citizens perceive the support provided to member states through the European Commission’s Technical Support Instrument...

660. Non-compliance with US sanctions bad says CBC Governor

No impact to financial stability has been recorded so far by the US and UK sanctions against Cypriot persons and entities for assisting Russian sanctioned nationals apart from Cyprus’ credibility, Governor of the Central Bank of Cyprus Constantinos Herodotou said on Wednesday, noting that non-compliance would pose 'very negative consequences to the economy'...