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271. 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. ...

272. 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....

273. Philippos Soseilos: Significant investment opportunities in Cyprus

274. 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....

275. 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....

276. 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....

277. Loan demand in Cyprus falls, interest rates rise

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

278. 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. ...

279. Cyprus unveils culinary brilliance at Gastronomos Awards

The anticipation reached a fever pitch as Cyprus braced itself for the grand culmination of the year-long journey celebrating its prodigious producers....

280. Interest rate increases boost Cypriot banks' 2022 profits to €177 million

Bank of Cyprus and Hellenic Bank generated a combined profit of €164.7 Million in Q1 2023, Driven by interest rate increases....

281. Experts to take charge of high-profile corruption cases

The Anti-Corruption Authority has initiated investigations and assessments of the complaints it has received....

282. MPs move forward with divestment changes

MPs are displaying a resolute determination to press ahead with crucial changes to the divestment framework before the parliamentary summer recess....

283. Total loans increase by €71 million, reaching €24.4 billion

Non-performing loans decreased by €105 million end of March 2023, compared to the end of December 2022, reaching €2.2 billion, according to data published by the Central Bank of Cyprus on Tuesday. ...

284. Cyprus banks to double net interest income in Q1 2023

Net Interest Income (NII) for the Cypriot banking sector nearly doubled in the first quarter of 2023, driven by the ECB’s rising interest rates in a bid to contain inflation....

285. Nicosia attracts millions in investment opportunities

A new investment exceeding 60 million euros is currently in the study phase, focusing on the development of a strategically positioned plot in Nicosia. ...

286. Cyprus economy thrives: FinMin foresees robust growth and fiscal stability

During the 2023 Annual General Meeting of the Cyprus Bankers Association, the Minister of Finance, Mr. Makis Keravnos, discussed the current state and future prospects of the Cyprus economy, particularly focusing on the banking sector. ...

287. Christodoulides' pledge to safeguard Cyprus' reputation

President of the Republic Nikos Christodoulides has stressed that the government will not allow a very small minority of people in the country to tarnish Cyprus' reputation, which was built after many years of effort....

288. Former US-based bank executive to lead Turkey's Central Bank

Turkish President Recep Tayyip Erdogan on Friday appointed a former U.S.-based bank executive to head Turkey’s central bank, in another sign that his administration might pursue more conventional economic policies....

289. Cyprus banking sector maintains stable solvency ratio

The overall solvency ratio of the Cyprus banking sector stood at 21.2% at the end of December 2022, the same as September 2022, according to data published by the Central Bank of Cyprus on Wednesday....

290. 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....

291. IMF says Cyprus untouched by war fallout

The economy of Cyprus is expected to slow to around 2.5% in 2023, reflecting an erosion in household incomes, tighter financial conditions, and delayed impacts from sanctions against Russia, International Monetary Fund forecasts, after the conclusion of the Article IV consultation with Cyprus...

292. New plan to safeguard vulnerable groups' homes nears approval

The Director of the Press Office of the President of the Republic, Victor Papadopoulos, announced that a new plan to safeguard the first homes of vulnerable groups in Cyprus is on the horizon. ...

293. EBA tightens its grip in response to sanctions

Following the uproar caused by the lists of sanctions issued by the US, UK, and European authorities, the European Banking Authority (EBA) is tightening its standards in response. ...

294. 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....

295. Deutsche Bank agrees to $75M settlement in Epstein abuse lawsuit

Deutsche Bank AG has agreed to pay $75 million to settle a lawsuit by women who say they were abused by the late financier Jeffrey Epstein and accused the German bank of facilitating his sex trafficking....

296. BOC: First quarter of 2023 yields €95 million in profit

Bank of Cyprus has released its financial report for Q1 2023, showcasing robust performance and positive indicators across various key metrics....

297. 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....

298. 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'...

299. Whistleblower says Biden got Burisma money through Cyprus

A former White House stenographer has doubled down on allegations against US President Joe Biden and a VP trip to Cyprus in May 2014, with the whistleblower blatantly speculating that a kickback payment from Burisma came out of the island...

300. BOC appoints Bank of America as joint corporate broker, resumes dividend payments

The Bank of Cyprus has announced the appointment of Bank of America Europe DAC (BofA Securities) as a joint Corporate Broker, along with NUMIS Securities Limited (NUMIS) and Keefe, Bruyette & Woods (KBW, acting through Stifel Nicolaus Europe Limited), with immediate effect....