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61. Eurozone economic snapshot - November 13, 2023

Inflation in the Eurozone, which stood at 10.6% in October 2022, has decreased to 2.9% in October 2023, sparking optimism among central bankers....

62. Elizabeth McCaul unveils hidden financial dangers

A strong signal highlighting the need for closer scrutiny of non-bank financial institutions comes from Frankfurt, as Elizabeth McCaul, a member of the European Central Bank's Supervisory Board, emphasizes the potential risks....

63. Russian depositor triumphs over Laiki bank's 2013 haircut

The Legal Service, on behalf of the Republic of Cyprus and the Central Bank of Cyprus (CBC), will appeal the decision of the Limassol District Court, which awarded compensation to a depositor of the former Laiki Bank for the 2013 deposit haircut, according to CNA....

64. Will foreclosures plague 2023?

There is a race against time, with only a few weeks left to address the issue of foreclosures and enhance the framework....

65. Bank of Cyprus and Hellenic Bank upgraded by Fitch

Fitch Ratings has delivered significant upgrades to the two largest Cypriot banks, Bank of Cyprus and Hellenic Bank, signaling a positive turn in Cyprus's economic landscape and a bright outlook for both financial institutions....

66. Fitch upgrades Hellenic's long-term rating to ''BB+'' with stable outlook

In a recent announcement, Fitch Ratings raised Hellenic Bank's long-term rating from "BB-" to "BB+" and assigned a stable outlook to the bank. The agency also upgraded the bank's Viability Rating (VR) to "bb+" from "bb-."...

67. No foreclosures on first homes until the end of 2023

In a development concerning foreclosures, four months after the summer 2023 decisions, the data remains unchanged. Banks and credit redemption companies have been urged to provide a two-month grace period for first homes and properties up to 350 thousand euros. ...

68. Freeze on home foreclosures likely to continue

As the year comes to a close, it seems likely that the freeze on foreclosures of primary homes valued up to €350k will be extended....

69. Key economic issues dominate the headlines

Despite various actions taken and a decrease in inflation, there are worries about the central bank's ability to achieve its goals. Some experts suggest that the target of 2% price growth, ...

70. Austria allocates €33m for wrongly convicted gay men

A historic proposal by the Austrian Ministry of Justice sees €33m set aside to compensate those who were wrongly convicted - but critics say the amount on offer is not enough....

71. KEDIPES prepares 60 million euro 'Mortgage-to-Rent' initiative

The sale of primary residences worth up to 350 thousand euros faces a potential new suspension. As of the end of October, no additional steps have been taken regarding divestments....

72. Central Bank's remote ID project to take off

The Central Bank of Cyprus (CBC) has officially announced that it has signed an agreement to start the Digital On-boarding project for remote customer identification. The agreement was signed between the CBC and the appointed consortium....

73. Suspense builds as foreclosure deadline nears, and creditors seek solutions

Cyprus is nearing the end of the suspension of divestments of primary residences worth up to 350 thousand euros, but a solution remains elusive regarding open funds tied to the divestment framework. ...

74. Walt Disney's 100-year story of success

The Walt Disney Company is celebrating its 100th anniversary....

75. Israeli-Hamas war puts Cyprus and Egypt at forefront of credit risks

Cyprus and Egypt are currently facing the most direct credit risks among countries rated by Scope Ratings due to the Israeli-Hamas conflict, warns the German firm....

76. ECB keeps watchful eye on non-performing loans

The European Central Bank (ECB) is closely monitoring non-performing loans (NPLs) and related legislation, including the divestment framework. ...

77. President vows to improve shipping registry

The President of the Republic of Cyprus, Nikos Christodoulides, reaffirmed the government’s dedication to enhancing the services provided by the Cypriot Shipping Registry, while addressing on Monday evening a dinner hosted at the Presidential Palace on the occasion of the "Cyprus Shipping 2023" International Conference....

78. October Newsletter of K. Treppides & Co Ltd: ESMA

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. ...

79. Christodoulides celebrates Cyprus as a maritime powerhouse at Maritime Cyprus 2023

President Nikos Christodoulides addressed the Maritime Cyprus 2023 Conference in Limassol, highlighting Cyprus as a major ship management center in Europe and worldwide. ...

80. 4-day 3D-printed homes with eco friendly materials

A recyclable 3D-printed home made from natural materials has been revealed to the public, and this may only be the beginning....

81. Deadly mirage for birds with over 1,000 fatal collisions in a single day

In a grim escalation of tensions, the Israel Defense Forces (IDF) have accused Hamas of taking "hostages and prisoners of war," according to Brig. Gen. Daniel Hagari, the IDF spokesperson....

82. Cyprus banks secure Moody's upgrade to investment status

After 12 years, Moody's has upgraded the ratings of Cyprus' two major banks, Bank of Cyprus and Hellenic Bank, placing them in the investment category....

83. Moody's boosts Bank of Cyprus and Hellenic Bank ratings to Baa2

Moody’s Investors Service has upgraded Bank of Cyprus’ and Hellenic Bank’s long-term deposit ratings to Baa3 from Ba1, citing the continued resilience of the Cypriot economy and credit conditions, which are leading to supportive operating conditions for Cypriot banks....

84. Finance Ministry's new measures for the vulnerable in the works

The Finance Ministry is considering new measures to support particularly the vulnerable groups of society amid the continuing pressures from high prices and inflation, Makis Keravnos Minister of Finance said on Monday, adding the measures were in the pipeline irrespective of the rating upgrades by Moody’s and DBRS Morningstar....

85. Real estate boom in Greece and Cyprus

The real estate landscapes of Greece and Cyprus are undergoing significant transformations, with both nations showcasing promising growth and recovery. However, beneath the surface of these top-line numbers, there are underlying challenges and disparities that need to be addressed....

86. Moody's double upgrade ignites investor interest

Last Friday, Moody's delivered a double upgrade for Cyprus, propelling the nation into the investment-grade category recognized by all four major financial firms. Although these rankings may appear modest, their real-world impact is substantial....

87. CBC Governor Herodotou reveals breakthrough in digital finance

The Central Bank of Cyprus has completed the tender for a new digital platform for customer compliance, said CBC Governor Constantinos Herodotou, speaking at an event organized by the Association of Cyprus Electronic Money and Payment Institutions, on Thursday afternoon....

88. SYPRODAT and Government join forces to end non-performing loans

Finance Minister Makis Keravnos expressed satisfaction with the progress made in divestments and the reduction of non-performing loans (NPLs) during a meeting at the Ministry of Finance with SYPRODAT President Costas Melas and Association Director Jenny Papacharalambous....

89. Consulco’s London Credit Fund; Existing & New Investment Opportunities

90. €5,000 fine for flashing your lights? This is Cyprus!

The news quickly spread, landing somewhere between the wildly unbelievable and downright absurd. Yet, in Cyprus, a place where the unusual is just another day in paradise, it gained traction....