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511. Divestments trigger a risk of backlash in the Recovery Fund

As Cyprus races against time to secure €1.1 billion in grants and loans from the Recovery Fund (NextGenerationEU) by June 2026, a new challenge arises. ...

512. EY: 4th Women Fit for Business Program Successfully Completed

513. 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. ...

514. Italians come clean on EastMed gas

Turkey cannot be left out of the natural gas game in the eastern Mediterranean according to ENI’s newly re-elected CEO Claudio Descalzi, whose recent comments during a parliamentary hearing committee echoed latest developments but also gave credence to Rome’s previous doubts over Cypriot endeavors that bypass Ankara...

515. President acknowledges hiring mistakes: Promises reforms for transparency

President Nicos Christodoulides has acknowledged errors in the hiring process of advisers within the Presidency and ministries. Addressing the issue of hiring a consultant at the Deputy Ministry of Culture during his statements in Larnaca,...

516. Over 1.2 billion in Russian assets frozen in Cyprus

Some 1.2 billion euros ($1.3 billion) in Russian-owned assets managed by Cyprus-registered companies were frozen in compliance with sanctions imposed on Russia following its invasion of Ukraine, Cyprus’ Finance Ministry said Tuesday...

517. Interest rates rise for housing and corporate loans

Interest rates for housing loans in March 2023 increased by 1.25% compared to February 2023, while interest rates for corporate loans also rose, according to statistics released Friday by the Central Bank of Cyprus....

518. Banks announce measures on interest rates

Since July 2022, lending rates in Cyprus have risen by 3.5%, putting borrowers in a difficult position with dangerously increasing loan repayments....

519. Turkey says it ‘KANN’ deliver on air defence

A fifth generation stealth fighter jet developed and produced in Turkey was shown off on Monday, with Ankara delivering on a promise made two years ago when the first indigenous engine was put to the test amid F16 restrictions...

520. Davis Cup playoffs return to Cyprus

The Cypriot Davis Cup Team will fight in Cyprus for qualification at the European Zone Group B promotion play-offs....

521. Hacked data from Cyprus up for grabs on darknet

Encrypted folders with stolen information from Open University of Cyprus may be available on the dark web, where data brokers and identity thieves can now buy access to private information of students and staff after the institution failed to pay ransom...

522. Finance Minister considers lowering VAT rates for basic necessities

The Minister of Finance of Cyprus, Makis Keravnos, has announced that the Ministry is considering measures for banks and credit-acquiring companies to absorb high-interest rate increases, as well as reducing value-added tax (VAT) for basic necessity products to tackle high prices....

523. Finance Minister requests containment of lending rates for housing loans

The Finance Minister of Cyprus, Makis Keravnos, has written letters to the Director General of the Cyprus Banks Association and the Director General of the Association of Credit Acquisition Companies and Credit Facility Managers, requesting measures to control rising lending rates for serviceable loans up to €350,000....

524. Numerous foreclosure sales expected in 2023 and 2024

The COVID-19 pandemic and the subsequent suspension of divestments since 2020 have led to the creation of a considerable volume of properties for disposal that banks and credit purchase companies have on their balance sheets....

525. Three major concerns of ECB regarding Cypriot banks

Although Cypriot banks have made great progress over the last decade, foreign supervisors have reservations and summarise their concerns in three areas....

526. Greek banks freeze mortgage installments for 12 Months

Eurobank, Piraeus and Alpha Bank have announced that they will be keeping mortgage installments at their current levels for 12 months. As pledged by the first two banks, the baseline rates of serviced mortgage loans will remain at the levels they were on March 31, 2023, minus 20 basis points, for 12 months, starting in May. National Bank is expected to follow suit....

527. FBI warns against using free mobile charging stations

The FBI is warning people to steer clear of free cell phone charging stations....

528. What is the future for banks?

Banks have suffered significantly in the last 15 years. Some have been forced to shut down, while others had to reduce deposits. In some countries, banks have been subject to capital controls, and many have had to change their shareholder structure due to state intervention....

529. Philip Lane: Next ECB decisions on interest rates will be based on data (Video)

Philip Lane, the Chief Economist and member of the European Central Bank's (ECB) executive board has said the bank's next monetary policy decisions will be based on incoming data,...

530. Cypriots prepare for a sunny Greek Easter of biblical proportions

With Greek Easter just around the corner, Cypriots are preparing for a feast of biblical proportions. This holiday marks the end of a 40-day fasting period for many, and the locals are eagerly anticipating indulging in all of their favorite Easter treats....

531. Cyprus raised 1 billion with a 10-year sustainability bond

Cyprus has raised €1 billion through its first-ever 10-year sustainable bond, which saw demand exceed supply by 12.5 times. The bond yielded 4.20% and will finance a range of "green" and social projects,...

532. Prem Watsa: 'Greek banks are safer'

Greece has entered a virtuous cycle of growth, and the next few years will be especially beneficial to the economy and Greeks if political stability is maintained and business-friendly policies are implemented....

533. Turks cry foul over Cypriot army link to New Jersey

Ankara says it will 'never allow any harm to come to the Turkish Cypriots' while condemning US policy towards Cyprus, including an agreement last week between Greek Cypriot and New Jerseyan armies on a program viewed as a potential precursor to NATO...

534. Cyprus unemployment drops to 7.3% in February 2023, but 18.6% youth unemployment persists

According to Eurostat, the seasonally-adjusted unemployment rate in Cyprus fell slightly to 7.3% in February 2023, compared to 7.4% in January 2023. However, the rate had increased from 6.1% in February 2022....

535. Completion of Project Starlight

536. Herodotou: 'European banking system in good health'

Governor of the Central Bank of Cyprus (CBC) Constantinos Herodotou said on Wednesday that there’s concern that the banking problems with some European banks could evolve into something bigger....

537. 'Property issues can only be resolved through reunification'

The UK Minister for Europe Leo Docherty has described the property issue in the occupied part of Cyprus as “one of the most complex and sensitive subjects in the Cyprus Problem” and said that the most effective way to resolve it is through reunification talks....

538. FinMin stresses importance of stable legislation for out-of-court auctions

The Finance Ministry has stressed the importance of having stable legislation regulating out-of-court auctions, in tandem with an effective insolvency framework in order to achieve a reduction of bad loans....

539. Keravnos urges banks to restructure loans and keep rates low

Cyprus Finance Minister Makis Keravnos has urged banks to restructure loans, maintain low lending rates and bank charges, and increase deposit rates in light of continued basic rate hikes by Central Banks. He warned that otherwise the government "would make different thoughts."...

540. March Newsletter of K. Treppides & Co Ltd: CySEC

A new issue is out from the newsletter by K. Treppides & Co Ltd, a leader in the field of auditing and accounting services with offices in three countries....