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151. Cypriot loan servicers struggle as red loans hit €21.2B

While non-performing loans (NPLs) in Cypriot banks are gradually declining, the situation remains dire for "red loans" held by loan acquisition companies, or "servicers." ...

152. Cyprus inflation falls to 2.2% in August

Inflation in Cyprus dropped to 2.2% in August, down from 2.4% in July, matching the overall trend in the eurozone. Across the EU, inflation also fell to 2.4%, compared to 2.8% the previous month, according to Eurostat. A year ago, inflation rates were higher, with Cyprus at 3.1% and the eurozone at 5.2%....

153. Building permits surge 150% in June amid major reform

Building permits issued in Cyprus saw a massive 150% jump in June 2024 compared to the same month last year, as authorities worked to clear a backlog ahead of a major reform. ...

154. Moody’s sees positive outlook for Hellenic Bank following Eurobank deal

Moody’s upgraded Hellenic Bank’s credit rating to Baa2 from Baa3 on Wednesday, citing the recent acquisition of a 56% stake by Eurobank S.A. The agency also revised the bank's outlook to positive. ...

155. Eurobank and India collaborate to create strategic business council

Mr. Ioannou raised concerns about whether the bank has a plan to maintain its strong profitability, which has largely come from rising interest rates......

156. IRS experts aid Cyprus in combating money laundering

In October 1931, notorious American gangster Al Capone was sentenced to 11 years in prison on five counts of tax evasion by the federal justice system, marking a pivotal moment in organized crime history in the U.S....

157. Von der Leyen unveils new European Commission lineup

European Commission President Ursula von der Leyen has unveiled the list of new commissioners, including Kostas Kadis from Cyprus, who has been appointed as Commissioner for Fisheries and Oceans. ...

158. Cyprus secures majority of EU funds, with minor tax reform pending

The European Commission has given Cyprus the green light for most of its request for €152 million in funding as part of the EU’s Recovery and Resilience plan, which aims to boost economies after the pandemic. Out of 38 goals Cyprus needed to meet, 37 were approved....

159. Homebuyers face mounting debts as developers' loans go unpaid

160. Bank of Cyprus to re-list on Athens exchange after seven years

The Bank of Cyprus will re-list on the Athens Stock Exchange (ASE) after a seven-year absence, following the approval of two resolutions by shareholders at an Extraordinary General Meeting on September 13, 2024. ...

161. Bank of Cyprus reduces loan rates to 3.65% amid ECB policy shift

The Bank of Cyprus is lowering the reference interest rate on loans linked to the European Central Bank’s (ECB) base rate, effective Sept. 18, 2024....

162. New Cyprus-Baltic business association to strengthen economic ties

The Cyprus Chamber of Commerce and Industry (CCCI) announced the establishment of the Cyprus-Baltic States Business Association aiming to promote, expand and encourage economic and trade relations between Cyprus and the Baltic States....

163. Wizz Air’s 7-hour flights start at £89 if you're up for a squeeze

Ultra-low-cost carrier Wizz Air will maintain its no-frills offering even as it introduces longer flights, betting that passengers will "suffer the pain" for cheaper fares....

164. Sales of locally produced goods jump 13.7% in 2022

In 2022, Cyprus saw a big jump in sales from local factories, reaching €4.29 billion, up 13.7% from the previous year’s €3.78 billion, according to the Statistical Service of Cyprus (Cystat)....

165. Cyprus invests €100M to end power project deadlock with Greece

Negotiators see a potential breakthrough to end the deadlock over the Crete-Cyprus electrical interconnection project, following discussions on Tuesday in Nicosia and continued talks via teleconference on Wednesday. ...

166. Cyprus banks praised by US for stronger sanctions enforcement

US sanctions imposed on entities and individuals in Cyprus are not targeting the country, but “oligarchs and arms traders” enabling “the Kremlin war machine” to continue the war in Ukraine......

167. ECB set to cut key interest rate by 0.25% in upcoming meeting

The European Central Bank (ECB) is expected to reduce its key interest rate by 0.25% on Thursday, according to most economists in Greece and the Eurozone....

168. President promises continued efforts for Cyprus peace as UAE summit approaches

Cyprus President Nikos Christodoulides will meet with UAE President Sheikh Mohammed bin Zayed Al Nahyan in Abu Dhabi on Wednesday to discuss the Cyprus issue......

169. Bank of Cyprus considers selling JCC to Euronet

Changes are imminent in Cyprus' payment sector as discussions unfold regarding the sale of JCC Payment Systems Ltd to Euronet. JCC Payment Systems......

170. Cyprus trade deficit drops 17% in 2024

Cyprus’ trade deficit dropped by 17% in the first seven months of 2024, falling to €4.31 billion compared to €5.19 billion during the same period last year, ...

171. Harris surges in polls, but faces key test in first debate with Trump

The June 27 debate between President Joe Biden and former President Donald Trump marked a turning point in the race, leading to Biden's exit from the campaign on July 21. ...

172. Christodoulides visits UAE for talks on Cyprus' economy

The Cyprus issue, the situation in the Eastern Mediterranean and bilateral relations will be among the topics that President of the Republic Nikos Christodoulides will discuss with the President of the United Arab Emirates, in Abu Dhabi....

173. Bounced cheques in Cyprus reach €57K in August

A total of 30 bounced cheques worth €57,129 were issued in August 2024, according to data published on Monday by the Central Bank of Cyprus....

174. Google's grip on 'googling' fades as Gen Z shifts online habits

Twenty years ago, Google achieved what few companies can: its name became a verb. Merriam-Webster dictionary officially recognized “Google” as a verb, synonymous with searching for something online. ...

175. 1st Women in STEM Cyprus Forum

Women in Tech® Cyprus and TechIsland are co-organizing the first Women in STEM Cyprus Forum, scheduled to take place on October 8th, 2024, at the Kolla Cultural Factory in Limassol. ...

176. President to tour rural areas for local development

President Nikos Christodoulides will soon start a tour of all Cyprus districts, beginning with rural areas, to talk with local leaders about recent changes to local government rules....

177. Tiny house, big rent: Limassol's housing crisis hits new heights

It's no secret that rental prices in Cyprus, especially in Limassol, have skyrocketed to absurd levels. With people struggling to find affordable housing amidst a sea of luxury apartments and inflated costs, one local decided to poke fun at the situation—and it's hilarious!...

178. Greece imposes 20-euro levy on cruise visitors to curb overtourism

Greece plans to impose a 20-euro levy on cruise ship visitors to the islands of Santorini and Mykonos during the peak summer season, in a bid to avert overtourism, Prime Minister Kyriakos Mitsotakis said on Sunday....

179. Cypriot bank officials to present AML progress in U.S.

Top officials from four major Cypriot banks are headed to the U.S. on Sept. 16 to present updates on their progress in anti-money laundering (AML) efforts, sanctions enforcement, and foreign account management. ...

180. Oil and potatoes lead price hikes in August

Olive oil and potatoes saw the steepest price increases in August 2024, according to the latest data from the Cyprus Consumer Association....