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1591. KEDIPES successfully sells €58.4M portfolio to reduce debt

The Cyprus Asset Management Company (KEDIPES) announced Thursday the successful completion of a sale of performing and restructured loan portfolios to Bank of Cyprus Public Company Limited, with a combined gross book value of €58.4 million as of December 31, 2022....

1592. Cyprus: A familiar economic space for Greece

In an interview conducted by Kathimerini reporter Panayiotis Rougalas, Greece's Central Bank Governor, Mr. Yiannis Stournaras, sheds light on various aspects of the country's monetary policy and economic landscape....

1593. Eurobank Cyprus reports €199.4M profits in 2023

Eurobank Cyprus unveiled its financial results for 2023, boasting a profit of €199.4 million, marking a significant increase of €105.1 million or 111% compared to 2022. ...

1594. KEDIPES preps for major loan sell-off, boosting Cyprus banks

In a strategic move to streamline its assets, KEDIPES is gearing up to offload a second batch of performing loans, hot on the heels of its €58 million deal with the Bank of Cyprus....

1595. Job market improves and industrial sector grows

In good news for Cyprus, the latest data from the Cyprus Statistical Service (CyStat) reveals a positive trend in the job market. In February 2024, the number of people registering as unemployed dropped by 13.8%...

1596. Deposit rates down, mortgage rates up

Deposit interest rates dropped in January, whereas lending rates rose except interest rates for consumer lending, according to data published by the Central Bank of Cyprus....

1597. EY survey: Cybersecurity tops global CROs' concerns

EY Global Bank Risk Survey 2023 finds CRO role has expanded and evolved....

1598. Cyprus banks push for green standards with ESG certification

Artemis Credit Bureau, a subsidiary of the Association of Cyprus Banks, announced it will launch an interbank project for the corporate certification on ESG (Environmental – Social – Governance) criteria. ...

1599. EY seminar explores green tax impact on businesses

EY Cyprus Academy of Learning and Development Organized a Seminar on Sustainability and Green Taxes Affecting Business – As – Usual: The EU Role of Cyprus. ...

1600. Hellenic Bank posts impressive 2023 profit of €365.4 million

Hellenic Bank reported a substantial profit of €365.4 million for the year 2023, marking a significant upswing from €21.8 million in 2022. The Return on Tangible Equity (ROTE) for 2023 soared to 28.7%, a stark contrast to the 2.0% recorded in 2022....

1601. 8-year-old chess prodigy makes history defeating grandmaster

In a groundbreaking achievement, 8-year-old chess prodigy Aswath Kaushik has entered the record books as the youngest player ever to defeat a chess grandmaster. ...

1602. Phone ringing, debt ignored: Cyprus faces loan repayment hurdles

Despite efforts to reduce Non-Performing Loans (NPLs) in Cyprus, the lingering burden continues to weigh heavily on the country's economy and society....

1603. EC approves interest subsidy scheme for housing loans

In a significant development, the European Commission's DG Competition has approved an interest subsidy scheme aimed at housing loans in Cyprus....

1604. Banks urged to accelerate loan restructurings

The governor of the Central Bank has shed light on the strategy for restructuring Non-Performing Loans (NPLs) and navigating credit risk management....

1605. Parliament passes law to remove property restrictions in Occupied Areas

In a unanimous decision, the Plenary Session of the Greek Parliament passed a law abolishing the right of encumbrance of ''memorandum'' on properties held by banks and credit acquisition companies, located in the occupied territories. ...

1606. February 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....

1607. Consulco’s London Credit Fund continues to grow

London Credit Fund, Consulco Group’s successful alternative investment fund, continues its dynamic growth....

1608. School becomes sanctuary for abandoned boy

In a heartbreaking tale from France, a resilient nine-year-old boy managed to endure two years of abandonment, living alone in a council flat during the Covid pandemic. ...

1609. Parliament enacts law granting tax exemption on loan repayments

The House of Representatives has unanimously approved a law exempting individuals who sold real estate or transferred shares to repay Non-Servicing Loans from the 0.4% tax designated for the Central Equal Weight Sharing Agency...

1610. Dr. Anastasatos forecasts bright future for Cyprus economy

Eurobank group's chief economist, Dr Tasos Anastasatos, expresses optimism about the Cyprus economy, emphasizing that the decision to expand the group's banking presence in Cyprus is linked to these positive economic prospects....

1611. Cyprus real estate booms in Q3 2023

Cyprus experienced a real estate boom in the third quarter of 2023, with housing prices soaring and a surge in demand from both domestic and foreign buyers, according to data released by the Central Bank of Cyprus (CBC) on Wednesday....

1612. Trump's 'miracle' reshapes abortion politics

In a recent Fox News town hall in Des Moines, Iowa, former President Donald Trump proudly claimed credit for the 2022 overturning of Roe v Wade, describing it as a ''miracle.''...

1613. EU implements new VAT transparency rules targeting e-commerce fraud

The EU’s new transparency rules against Value-Added Tax (VAT) fraud have come into effect starting on January 1st, the European Commission has announced....

1614. Cyprus grapples with lingering private debt woes

In Cyprus, the European Commission consistently highlights the significant economic challenge of private debt through regular post-program or post-memorandum reports....

1615. New details emerge in Menendez's Qatari bribery allegations

In a complex legal saga, U.S. Senator Bob Menendez finds himself ensnared in deeper troubles as fresh allegations unfold....

1616. Finance Ministry undergoes administration overhaul

1617. Annita Demetriou pays tribute to Jacques Delors

The EU has lost one of its most authentic visionaries and architects of modern European integration, Cyprus House President Annita Demetriou said, over the death of former Commission Head Jacques Delors. ...

1618. Prague University shooting leaves 14 dead in tragic massacre

In a horrifying incident, a lone gunman unleashed a barrage of gunfire in the philosophy department building of Charles University in downtown Prague, ...

1619. Half of Cyprus loans vulnerable to Euribor and ECB rates

Half of the loans in Cyprus are "vulnerable" to euribor and the European Central Bank's (ECB) key rates. In 2024 and 2025, we may not expect further increases, but rather possible decreases, according to the Central Bank of Cyprus' Financial Stability Report for 2022....

1620. AG appeals ruling holding state liable for 2013 Laiki Bank ''haircut''

The Attorney General of the Republic of Cyprus has filed an appeal challenging a decision by the Limassol District Court dated November 8, 2023....