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541. Credit Suisse guilty of money laundering

Credit Suisse has been found guilty and fined for involvement in money laundering related to a Bulgarian drugs ring....

542. Russia defaults on foreign debt for the first time since 1918

Russia has defaulted on its foreign debt for the first time in more than a century as the country can't pay creditors due to sanctions over the war in Ukraine, according to media reports. ...

543. RCB finalizes sale of its loan portfolio to Hellenic

RCB Bank Ltd announced that the sale of Tranche B of its performing loan portfolio to Hellenic Bank Public Company Ltd has been successfully completed....

544. Central banks across Europe jack up interest rates to fight inflation

Central banks across Europe raised interest rates on Thursday, some by amounts that shocked markets, and hinted at even higher borrowing costs to come to tame soaring inflation that is eroding savings and squeezing corporate profits....

545. US Fed raises interest rates by .75%, largest hike in 30 years

The US central bank has announced its biggest interest rate rise in nearly 30 years as it ramps up its fight to rein in soaring consumer prices....

546. The 15 branches of Bank of Cyprus that are closing

The restructuring plan will go ahead by July 4 - There will be 60 left while it will also reduce ATMs...

547. EY announces 4 new Partners in Cyprus and welcomes new Head of Consulting

EY Cyprus Country Managing Partner, Ronald Attard, has welcomed the announcement of 4 new partners to the Cyprus practice....

548. An increasing number of bounced checks were recorded by the CBC

The number and amount of bounced cheques recorded in the Central Bank of Cyprus' (CBC) preliminary Central Information Register (CIR), showed an upward trend in the first five months of 2022, according to data released Tuesday....

549. CBC: New loans drop by almost 50% in April

Cypriot banks granted 50% fewer loans this month in comparison to last month due to a sizeable reduction in new housing loans....

550. Efforts continue for the release of the Cypriot captain on one of the seized ships

Cyprus' Ministry of Foreign Affairs is continuing its diplomatic efforts for the release of a Cypriot captain, a member of the crew of one of two Greek oil tankers recently seized by Iran's Revolutionary Guards in the Gulf. ...

551. Europe agrees to ban 90% of Russian oil

European Union leaders agreed Monday to embargo most Russian oil imports into the bloc by year-end as part of new sanctions on Moscow worked out at a summit focused on helping Ukraine with a long-delayed package of new financial support....

552. CBC: Cryptocurrencies are a potential risk to the economy

Losing 26% of its value in the last month, Bitcoin and other cryptocurrencies are in danger of dragging the "real economy" with their unpredictable fluctuations....

553. Lebanese banks in Cyprus to shut down amid the country's financial crisis

Branches of Lebanese banks operating in Cyprus will shut down following a decision by the country’s Central Bank. A Central Bank of Cyprus (CBC) official has confirmed to CNA the decision taken by the country’s banking regulator....

554. Bank of Cyprus posts net profit of €21 million in Q1

Bank of Cyprus group announced on Thursday a net profit of €21 million for the first quarter of 2022, compared to net profit of €8 million in the first quarter of 2021....

555. Bank of Cyprus to reduce its employees by 500 in 2022

556. Op-ed: ESG, DEI and other acronyms and why we need to know about them IMHO*

Quite a few times I found myself receiving messages and having to pause and google search an acronym to understand its meaning. I’m sure I’m not alone, and it’s surely not just a Gen X symptom....

557. Cyprus will request EC permission to implement mortage-to-rent scheme

Cypriot authorities plan to submit in June an official request to the European Commission for the implementation of a mortgage-to-rent scheme, aiming to address non-performing loans collateralized by primary residences and SME business premises with an estimated contractual value of €3 billion....

558. Cyprus' RCB Bank and its Kremlin ties

On March 24, Cyprus’s fourth-largest bank announced it would wind down its banking operations in the wake of the “volatile geopolitical situation” caused by Russia’s invasion of Ukraine a month earlier....

559. EU to propose import ban on all Russian oil

Brussels will propose a phased-in ban on imports of all Russian oil as member states prepare to discuss a sixth package of penalties against Moscow for its invasion of Ukraine....

560. Cyprus and EU economies facing a 'twin problem' following the war in Ukraine

The EU and Cyprus economies are facing a “twin problem” of rising commodity and energy prices and heightened uncertainty following the invasion of Russia in Ukraine, according to discussions held by the Nicosia Chamber of Commerce and Industry and the European Investment Bank (EIB)....

561. Cashing in: No payment problems for Russian tourists in Turkey

Turkey is trying to attract more Russian tourists by expanding the usage of the Russian Mir payment system in Turkey as it seeks to bypass the payment bottleneck created by Western sanctions....

562. Consulco’s London Credit Fund Q1 2022 Results

Consulco achieved a remarkable first quarter of 2022, during which our London Credit Fund achieved a dividend of £ 13.07 per unit of its Class A shares, $ 11.14 per unit for its Class C shares and € 9.00 per unit for its Class E shares. ...

563. Op-ed: Inflation welcomes 'Generation Z'

Inflation is the rate at which prices rise, which means that we need more money to buy the same product or service. Consequently, if your salary stays the same, then your purchasing power will decrease, as you will be able to buy fewer goods and services....

564. EIB ready to offer funding to mitigate effects of Ukrainian war on Cyprus

New investment opportunities in Cyprus, as well as funding to mitigate the effects of the war in Ukraine, were discussed on Monday by President Nicos Anastasiadis, Finance Minister Constantinos Petridis and European Investment Bank (EIB) President Werner Hoyer. ...

565. 'The Cypriot economy must be diversified'

An International Monetary Fund (IMF) mission met virtually with the Cypriot authorities on March 11–28, 2022 to discuss recent economic developments and policy priorities....

566. Property sales hit 14-year high in Cyprus

Property sales in March, as measured by the number of sale contracts deposited at Land Registry offices, hit a 14-year high according to figures released by the Department of Lands and Surveys....

567. Russia teetering on brink of default as US stops bond payments

The United States stopped the Russian government on Monday from paying holders of its sovereign debt more than $600 million from reserves held at U.S. banks, in a move meant to ratchet up pressure on Moscow and eat into its holdings of dollars....

568. Bucha atrocities bring about fresh sanctions and deportations

Following the revelations about the atrocities against civilians that took place in Bucha and other areas near Kyiv, the EU is preparing fresh sanctions against Russia to "hit them where it hurts". ...

569. Credit Suisse in the hot seat for telling its clients to shred evidence

Just weeks after Credit Suisse was caught telling clients to shred evidence of its loans to Russian oligarchs, the embattled investment bank has decided to pull out of the country....

570. Russia to bar entry for people from growing list of 'unfriendly' nations

Russia said on Monday it was preparing to restrict entry into Russia for nationals of "unfriendly" countries, which include Britain, all European Union states and the United States. ...