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1. EY achieves record global revenue of nearly $50 billion

EY reports record global revenue results of just under US$50b...

2. Money blues: Why's the economy going South?

"Currency developments validate predictions made some time ago. The high interest rate environment will be a new reality accompanying us for several years," former Minister of Finance Constantinos Petrides stated in a post on the platform 'X'....

3. Russia implements bold rate hike amidst economic challenges

Russia's central bank took swift action today, increasing its key interest rate by 350 basis points from 8.5 percent to 12 percent. This urgent move aimed to counteract the recent decline of the ruble, which was triggered by the Kremlin's call for stricter monetary policy....

4. Russia's ruble drops to lowest level since 2022 conflict

The Russian ruble slid past 100 against the dollar Monday, its lowest level since March 23, 2022 -- weeks after Moscow unleashed full-scale hostilities in Ukraine....

5. 20-year-old arrested for fake money

Yesterday, the police made a third arrest in connection with an investigation into the illegal possession and circulation of counterfeit currency and obtaining goods through false representations....

6. EU Commission proposes digital euro as cash alternative

Digital currencies have grown in popularity. Unlike bitcoin, the digital euro would be a central bank digital currency (CBDC), essentially, electronic cash. ...

7. European stocks rally on hope of interest rate peak

Eurozone inflation fell more than expected to 5.5 percent in June, its lowest rate since the start of last year, but a slight rebound in core consumer price growth tempered any relief for policymakers....

8. €10 banknote most counterfeited bill in Cyprus

In a recent annual report, the Central Bank of Cyprus shed light on the prevalence of counterfeit bills and coins circulating in the country. The report, according to an article on Philenews, highlighted the €10 banknote as the most counterfeited bill, making up 40.8 percent of the total counterfeit pieces....

9. Russia's use of Chinese yuan to bypass western sanctions may come to an end

Russia has been using China's yuan to get around sanctions — but at least one major Chinese bank has halted transfers from Russia over fears of secondary sanctions from the West....

10. 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....

11. 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. ...

12. May Newsletter of K. Treppides & Co Ltd: CySEC

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....

13. Sanctions have exposed our hypocrisy

The initial wave of sanctions, enforced by the UK and the US against Cypriot entities (individuals, law firms, service companies) for facilitating transactions to those impacted by the sanctions imposed on Russia following the invasion of Ukraine,...

14. Turkey faces runoff election with Erdogan leading

Turkey headed for a runoff vote after President Tayyip Erdogan led over his opposition rival Kemal Kilicdaroglu in Sunday's election but fell short of an outright majority to extend his 20-year rule of the NATO-member country...

15. Here comes the Digital Euro!

The digital euro is set to be a new form of digital currency from the European Central Bank. It will aim to provide a secure, fast and efficient method of payment in the European Union and will be based on a distributed ledger technology,...

16. Cyprus' 2022 household assets reach €59.7B, debt at €20B

In December 2022, the total value of financial assets held by households was €59.7 billion. Out of this amount, 62% was invested in currency, deposits, and loans, 2% was allocated to debt securities, 19% was invested in stocks, and the remaining 17% was invested in other types of financial instruments....

17. Deutsche Bank to slash 800 jobs as part of new cost-cutting initiative

Deutsche Bank to cut 800 jobs in a new cost-saving drive after reporting a bigger-than-expected rise in profit for the first quarter, a volatile period globally for finance companies....

18. Glitch gone wrong: Japan's largest airline cancels $10,000 tickets sold for $300

Japanese airline All Nippon Airways will not honor the deeply discounted first and business-class tickets mistakenly sold in a currency glitch last week, the airline announced Tuesday....

19. Cypriot hourly wages still below EU average

In 2022, the average hourly wages and salaries in the whole economy were estimated to be 15.6 euros in Cyprus, 22.9 euros in the EU and 25.5 euros in the euro area, according to data released by Eurostat, the statistical service of the EU. Compared with 2021, they increased by 7.5% in Cyprus, by 4.4% in the EU and by 4.0% in the euro area...

20. K. Treppides & Co Ltd: Sustainable Finance

Sustainability is the key to a better, healthier, and more viable future as it improves the quality of our lives with the use of natural resources which protect our ecosystem in general. By taking into consideration the three pillars of economic viability, environmental protection, and social well-being, we can preserve the future generations’ needs while, from a corporate perspective, the development of sustainable strategies can lead to a company’s longevity....

21. Partnership between New York Times and Kathimerini turns 25

Aristides Alafouzos, the late owner of Kathimerini, loved challenges. In 1988, a critical period for the Greek press, he bought Kathimerini, ensuring that the prestige and integrity of this historic newspaper would be preserved. ...

22. Saudi Arabia puts $5 billion into Turkish central bank

Saudi Arabia said Monday it deposited $5 billion into the Turkish central bank, likely helping Ankara firm up its long-weakening currency, the lira, after last month’s massive earthquake that struck southeast Turkey and northern Syria....

23. G7 price cap on Russian oil kicks in

The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production....

24. World's largest crypto exchange platform to set up shop in Cyprus

The FTX bankruptcy scandal a few weeks ago rocked the entire crypto world to its core, after its founder Sam Bankman-Fried, the "wonderboy" of the crypto trading world,...

25. Investors lost $1 billion on FTX, prompting calls for industry regulation

The turmoil in the cryptocurrency world continues unabated following the bankruptcy of the FTX platform, which landed its founder, Sam Bankman-Freid, bankrupt almost overnight. ...

26. A Memorandum of Understanding was signed between UCLan Cyprus and Wargaming

A Memorandum of Understanding was signed between UCLan Cyprus and Wargaming at the premises of UCLan Cyprus on the 31st of October. ...

27. Initial PEGA report - Cyprus is an appealing destination for spy goods

28. EY achieves highest growth in nearly two decades, reports record global revenue of US$45.4b

EY announced combined global revenues of US$45.4b for the financial year ending June 2022 (FY22), an increase of 16.4% in local currency (13.7% in US dollars). This marks one of the most successful years in the history of the organization with the highest growth seen in nearly two decades attributed to the EY NextWave strategy to deliver long-term value for EY people, clients and society....

29. ECOMMBX celebrates its 5th birthday with its new partner CITI

On 22 September, ECOMMBX, a progressive Electronic Money Institution in Cyprus, celebrated its 5th year in business. ...

30. ECOMMBX opens new horizons enabled by its new banking agreement with Citi

ECOMMBX, a progressive Electronic Money Institution based in Nicosia, proudly announces that it has concluded a correspondent banking agreement with Citi, the world’s most global bank. This new collaboration delivers a range of benefits for both ECOMMBX as well as Cyprus, as a jurisdiction....