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61. As 2023 ends, banks and unions lock horns on pay structures

The banks and bank employees' unions are at odds over labor issues and the signing of new collective agreements. As we approach the end of 2023, no significant progress has been made in renewing collective agreements during the outgoing year....

62. 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....

63. 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....

64. President launches state-sponsored arts opportunities for youth

President Nikos Christodoulides announced the initiation of the much-anticipated youth culture card, marking a significant step towards supporting the arts and engaging young minds in the cultural richness of Cyprus. ...

65. CBC warns of non-performing loan surge amid economic challenges

The Central Bank of Cyprus (CBC) issued a warning on Monday, cautioning about the potential influx of non-performing loans (NPLs) driven by high-interest rates and inflation, which are impacting households' disposable income and businesses' profitability....

66. Themis Themistocleous signals potential 2024 interest rate cut

In their ''Year Ahead 2024'' forecast, analysts at Swiss financial giant UBS anticipate a slowdown in the strength of the US economy throughout 2023. ...

67. One to three-star hotels dominate Greece’s accommodations

Three in four Greek hotels belong in lower categories of one to three stars, representing 50% of the country’s total capacity in terms of rooms, according to data from the Institute of Tourism Research and Forecasts (ITEP) of the Hellenic Chamber of Hotels....

68. Non-performing loans take a €95M dive

As of the end of September 2023, the total Non-Performing Loans (NPLs) in the banking system of Cyprus further decreased to €2.02 billion compared to €2.08 billion at the end of August. ...

69. BOC to revitalize former Orphanides building by 2026

Thoughts from the past year and a half are taking concrete form for the Bank of Cyprus, particularly concerning its plans for the creation of a new central headquarters (BOC Headquarters - Q H)....

70. Is the digital Euro the ECB's game-changer or a banks' ally?

The digital euro would not be a threat to the role of banks as financial intermediaries, Constantinos Herodotou, Governor of the Central Bank of Cyprus (CBC) and ECB Governing Council member, has said, stressing that the digital euro will be issued and guaranteed by the ECB and not at the level of the member state....

71. Surge in bounced checks worth €1.6 million in 2023

72. Cypriot bonds hold firm at €6.75 billion amid ECB moves

As of the end of November, data from the Cypriot Central Bank reveals that the Eurosystem maintained its holdings of Cypriot bonds valued at €6.75 billion...

73. ''The path to fighting inflation is difficult''

In an insightful dialogue about the economic landscape, Joachim Nagel, a prominent figure in the financial realm and a member of the ECB Governing Council, shares his perspectives on inflation, interest rates, and the challenges facing the European economy....

74. Mortgage rates soar to 4.91%, deposits decline in October 2023

Mortgage interest rates in Cyprus climbed to 4.91% in October 2023, according to data released by the Central Bank of Cyprus in its November 2023 edition of Monetary and Financial Statistics....

75. Government to appeal Limassol court granting compensation for Laiki Bank depositors

In a significant legal development, the Attorney General of the Republic of Cyprus is set to file an appeal against the recent decision of the Limassol District Court....

76. Nigerian gang exploits Facebook connections in elaborate scam

Greek authorities have dismantled a criminal organization consisting of Nigerian and Sierra Leonean nationals accused of duping women out of substantial sums of money through an elaborate online scam....

77. No plans to cut interest rates amid inflation worries

The perspective advocated by many young individuals, endorsing a declaration of victory over inflation, is articulated by Dr. Jensen, the president of the German Bundesbank....

78. Lagarde's stance on cryptos revealed amidst family investment fallout

European Central Bank President Christine Lagarde disclosed that her son experienced significant losses while investing in cryptocurrency, as reported by Reuters on November 24. ...

79. Israel releases 17 hostages, including Russian and Thai nationals

In the latest chapter of the ongoing conflict, the third exchange of hostages and prisoners between Hamas and Israel unfolded amidst a fragile four-day truce in Gaza....

80. Cyprus faces double-digit sanctions violations chaos

Cyprus’ Law Office has received complaints on possible sanctions violations amounting to double-digits, Attorney-General George Savvides told a parliamentary committee which discussed the “Cyprus confidential” publication, involving millions of leaked files on financial transactions investigated by the International Consortium of Investigative Reporters (ICIJ)....

81. Decoding the secrets of 'Confidential' oligarch deals

Hours before Cyprus faced criticism in the European Parliament for alleged involvement of Cypriot companies in the movement of funds for Russian oligarchs, officials in Nicosia defended their reputation. ...

82. Cyprus gets BBB+ boost in latest ratings, but challenges persist

The German Scope Ratings have given a positive sign for Cyprus by upgrading the country to BBB+ last Friday from the previous BBB while keeping the outlook of the economy stable. ...

83. Turkish Cypriots question policies amidst cultural shifts

Former president Ali Erel raises alarm about the declining status of Turkish Cypriots, emphasizing the growing population and housing struggles. Tricombe sees a rise in foreign buyers, a trend that could escalate with an influx of 100,000 Russians, affecting Nicosia. ...

84. Banks eye over 1 billion euro profits in 2023

Cypriot banks, including the Greek bank, are poised to rake in substantial profits for 2023, benefitting from the European Central Bank's interest rate hikes....

85. Hellenic Bank rakes in €240.7M in 2023's first 9 months

Hellenic Bank announced on Tuesday a profit of €240.7 million for the first 9 months of 2023....

86. Argentina elects maverick economist Javier Milei as president

Argentina has chosen controversial libertarian Javier Milei as its president for the next four years. ...

87. Unlocking the future of fintech with ECOMMBX: Where money meets innovation

Are you ready to embark on a fintech adventure like no other? Welcome to ECOMMBX, where we’re not just another Electronic Money Institution but game-changers of the industry! Regulated by the Central Bank of Cyprus under license no. 115.1.3.20/2018, we consider ourselves pioneers of innovation in Electronic Money Services....

88. Creditors dispute foreclosure laws and strategic defaults

Creditors reluctantly agree to extend the freeze on main residence foreclosures up to €350k, but tensions arise over proposed legislative changes....

89. Demetriou's challenge for Cyprus to rise from the credibility ashes

The need for a collective and comprehensive effort to reclaim the credibility of Cyprus is more urgent than ever, pledged on Thursday President of the House of Representative Annita Demetriou....

90. Michalis Persianis: 'The wet firecracker'

The Cyprus Confidential revelations turned out to be a 'petard mouille', a wet firecracker failing to generate the anticipated excitement. This disappointment surpassed the one we experienced when we photographed accountants, politicians, lawyers, and bankers up to their chests while in the nude....